# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001711
**Filing Date:** 2025-12
**Character Count:** 2862685
**Document Hash:** 643f4b9d8272297311aad7af88e000ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001711.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0002066578-25-001711

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251542752

**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      | NSRKX           |
| 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      |  |

?xml version='1.0' encoding='ASCII'? 884beb70-c394-4ec7-bac3-7a5bad161a5a

#### 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:

#### September 30, 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_7628.jpg)

### U.S. GOVERNMENT MONEY MARKET FUND

### SHARES/NOGXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the U.S. Government Money Market Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| U.S. GOVERNMENT MONEY MARKET FUND (SHARES/NOGXX) | $18 | 0.35% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$20881652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;119 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 45.9% |
| U.S. Government Agencies | 39.4% |
| U.S. Government Obligations | 15.5% |
| 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_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

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 SAR-TSR NOGXX (11/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_7628.jpg)

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

### SHARES/NOSXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the U.S. Government Select Money Market Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| U.S. GOVERNMENT SELECT MONEY MARKET FUND (SHARES/NOSXX) | $18 | 0.35% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$4673043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;114 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 49.0% |
| U.S. Government Agencies | 37.0% |
| U.S. Government Obligations | 14.1% |
| 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_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

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 SAR-TSR NOSXX (11/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_7628.jpg)

### SMALL CAP CORE FUND

### CLASS I/NSGRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Small Cap Core Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>1,2</sup>** |
| SMALL CAP CORE FUND<br>(CLASS I/NSGRX) | $27 | 0.50% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$362886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14.38% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 17.9% |
| Industrials | 17.4% |
| Health Care | 15.7% |
| Information Technology | 14.2% |
| Consumer Discretionary | 10.7% |
| Short-Term Investments | 6.7% |
| Real Estate | 5.1% |
| All other industries less than 5%<sup>\*</sup> | 17.3% |
| 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. |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NSGRX (11/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_7628.jpg)

### SMALL CAP CORE FUND

### CLASS K/NSCKX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Small Cap Core Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>1,2</sup>** |
| SMALL CAP CORE FUND<br>(CLASS K/NSCKX) | $22 | 0.40% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$362886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14.38% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 17.9% |
| Industrials | 17.4% |
| Health Care | 15.7% |
| Information Technology | 14.2% |
| Consumer Discretionary | 10.7% |
| Short-Term Investments | 6.7% |
| Real Estate | 5.1% |
| All other industries less than 5%<sup>\*</sup> | 17.3% |
| 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. |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NSCKX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### HIGH YIELD FIXED INCOME FUND

### SHARES/NHFIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the High Yield Fixed Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| HIGH YIELD FIXED INCOME FUND (SHARES/NHFIX) | $31 | 0.60% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2341070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21.79% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 76.6% |
| Foreign Issuer Bonds | 13.1% |
| Investment Companies | 6.9% |
| Other less than 5%<sup>\*</sup> | 3.4% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NHFIX (11/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_7628.jpg)

### CORE BOND FUND

### SHARES/NOCBX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Core Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| CORE BOND FUND (SHARES/NOCBX) | $21 | 0.41% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$93215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;51.62% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| U.S. Government Agencies | 22.8% |
| Corporate Bonds | 16.3% |
| U.S. Government Obligations | 13.9% |
| Asset-Backed Securities | 12.2% |
| Foreign Issuer Bonds | 7.2% |
| Futures Contracts | 12.4% |
| Futures Contracts Sold Short | 6.2% |
| Other less than 5%<sup>\*</sup> | 9.0% |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOCBX (11/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_7628.jpg)

### SHORT BOND FUND

### SHARES/BSBAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Short Bond Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| SHORT BOND FUND (SHARES/BSBAX) | $20 | 0.40% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$228408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;60.40% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 24.6% |
| Asset-Backed Securities | 10.6% |
| Foreign Issuer Bonds | 8.9% |
| U.S. Government Obligations | 8.3% |
| U.S. Government Agencies | 5.6% |
| Futures Contracts | 23.2% |
| Futures Contracts Sold Short | 14.0% |
| Other less than 5%<sup>\*</sup> | 4.8% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR BSBAX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### GLOBAL TACTICAL ASSET ALLOCATION FUND

### SHARES/BBALX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Global Tactical Asset Allocation Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>1,2,3</sup>** |
| GLOBAL TACTICAL ASSET ALLOCATION FUND (SHARES/BBALX) | $14 | 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.*

 *<sup>3</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$78456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16.02% |

---

ASSET CLASS WEIGHTINGS AS A % OF INVESTMENTS

---

| | |
|:---|:---|
| U.S. Equity | 41.1% |
| U.S. Bonds - Investment Grade | 23.6% |
| Non U.S. Equity - Developed | 16.6% |
| Non U.S. Equity - Emerging Markets | 7.4% |
| Cash | 4.2% |
| Global Infrastructure | 3.1% |
| U.S. Bonds - Inflation Protected | 2.0% |
| U.S. Bonds - High Yield | 1.9% |
| Cash Equivalent | 0.1% |

---

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR BBALX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND

### SHARES/NMHYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Multi-Manager High Yield Opportunity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND (SHARES/NMHYX) | $35 | 0.68% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$150512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23.90% |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Corporate Bonds | 78.6% |
| Investment Companies | 12.0% |
| Foreign Issuer Bonds | 8.7% |
| Term Loans | 5.0% |
| Other less than 5%<sup>\*</sup> | 3.5% |
| 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. |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NMHYX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### SMALL CAP INDEX FUND

### SHARES/NSIDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Small Cap Index Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| SMALL CAP INDEX FUND (SHARES/NSIDX) | $6 | 0.10% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1366962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14.88% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 17.7% |
| Industrials | 17.2% |
| Health Care | 15.6% |
| Information Technology | 15.2% |
| Short-Term Investments | 11.3% |
| Consumer Discretionary | 9.7% |
| Real Estate | 5.9% |
| All other industries less than 5%<sup>\*</sup> | 16.8% |
| 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. |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NSIDX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### U.S. QUALITY ESG FUND

### CLASS I/NUEIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the U.S. Quality ESG Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>1,2</sup>** |
| U.S. QUALITY ESG FUND<br>(CLASS I/NUEIX) | $27 | 0.49% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$417176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;10.85% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 34.3% |
| Financials | 14.0% |
| Consumer Discretionary | 11.7% |
| Industrials | 10.5% |
| Health Care | 10.4% |
| Communication Services | 8.4% |
| All other industries less than 5%<sup>\*</sup> | 10.7% |
| 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. |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NUEIX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### U.S. QUALITY ESG FUND

### CLASS K/NUESX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the U.S. Quality ESG Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>1,2</sup>** |
| U.S. QUALITY ESG FUND<br>(CLASS K/NUESX) | $21 | 0.39% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$417176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;10.85% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 34.3% |
| Financials | 14.0% |
| Consumer Discretionary | 11.7% |
| Industrials | 10.5% |
| Health Care | 10.4% |
| Communication Services | 8.4% |
| All other industries less than 5%<sup>\*</sup> | 10.7% |
| 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. |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NUESX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### SMALL CAP VALUE FUND

### SHARES/NOSGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Small Cap Value Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| SMALL CAP VALUE FUND (SHARES/NOSGX) | $27 | 0.50% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$672752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;40.35% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 25.0% |
| Industrials | 13.0% |
| Consumer Discretionary | 10.8% |
| Information Technology | 8.7% |
| Real Estate | 8.6% |
| Health Care | 8.6% |
| Short-Term Investments | 8.4% |
| Energy | 6.3% |
| All other industries less than 5%<sup>\*</sup> | 14.4% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOSGX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### INTERMEDIATE TAX-EXEMPT FUND

### SHARES/NOITX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Intermediate Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| INTERMEDIATE TAX-EXEMPT FUND (SHARES/NOITX) | $23 | 0.45% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1096026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15.81% |

---

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| New York | 12.6% |
| Florida | 8.2% |
| California | 7.5% |
| Illinois | 7.4% |
| Texas | 5.5% |
| Colorado | 5.1% |
| All other states less than 5%<sup>\*</sup> | 53.7% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOITX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND

### SHARES/NMFIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Multi-Manager Global Listed Infrastructure Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (SHARES/NMFIX) | $51 | 0.96% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$941160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;31.40% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 45.7% |
| Euro | 22.0% |
| British Pound | 8.8% |
| Australian Dollar | 5.8% |
| All other currencies less than 5%<sup>\*</sup> | 17.5% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NMFIX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### INCOME EQUITY FUND

### SHARES/NOIEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Income Equity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| INCOME EQUITY FUND (SHARES/NOIEX) | $27 | 0.49% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$264845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;25.37% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 36.0% |
| Financials | 11.2% |
| Consumer Discretionary | 8.7% |
| Industrials | 8.5% |
| Health Care | 8.4% |
| Communication Services | 8.4% |
| Consumer Staples | 5.4% |
| All other industries less than 5%<sup>\*</sup> | 13.6% |
| 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. |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOIEX (11/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_7628.jpg)

### INTERNATIONAL EQUITY FUND

### SHARES/NOIGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the International Equity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| INTERNATIONAL EQUITY FUND (SHARES/NOIGX) | $27 | 0.50% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$164963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37.61% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Euro | 30.8% |
| Japanese Yen | 19.3% |
| British Pound | 12.6% |
| Canadian Dollar | 11.3% |
| Swiss Franc | 7.1% |
| All other currencies less than 5%<sup>\*</sup> | 16.8% |
| 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. |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOIGX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### FIXED INCOME FUND

### SHARES/NOFIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Fixed Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| FIXED INCOME FUND (SHARES/NOFIX) | $23 | 0.45% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$292329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;44.32% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| U.S. Government Agencies | 28.0% |
| Corporate Bonds | 21.3% |
| Asset-Backed Securities | 12.2% |
| Foreign Issuer Bonds | 7.8% |
| U.S. Government Obligations | 6.5% |
| Commercial Mortgage-Backed Securities | 5.5% |
| Futures Contracts | 11.5% |
| Futures Contracts Sold Short | 6.6% |
| Other less than 5%<sup>\*</sup> | 0.6% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOFIX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### U.S. GOVERNMENT FUND

### SHARES/NOUGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the U.S. Government Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| U.S. GOVERNMENT FUND (SHARES/NOUGX) | $22 | 0.43% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$29199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;29.24% |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| U.S. Government Obligations | 94.0% |
| U.S. Government Agencies | 5.1% |
| Other less than 5%<sup>\*</sup> | 0.2% |
| 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. |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOUGX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### STOCK INDEX FUND

### SHARES/NOSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Stock Index Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| STOCK INDEX FUND (SHARES/NOSIX) | $3 | 0.05% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$17166083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;1.86% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 33.9% |
| Financials | 13.2% |
| Consumer Discretionary | 10.2% |
| Communication Services | 9.9% |
| Health Care | 8.6% |
| Industrials | 8.3% |
| All other industries less than 5%<sup>\*</sup> | 15.9% |
| 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. |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOSIX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### TAX-EXEMPT FUND

### SHARES/NOTEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| TAX-EXEMPT FUND (SHARES/NOTEX) | $23 | 0.45% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.* 

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$749479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18.38% |

---

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| New York | 11.4% |
| California | 8.8% |
| Florida | 8.7% |
| Illinois | 8.0% |
| Colorado | 6.9% |
| Texas | 6.6% |
| All other states less than 5%<sup>\*</sup> | 49.6% |

---

<sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOTEX (11/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_7628.jpg)

### CALIFORNIA TAX-EXEMPT FUND

### SHARES/NCATX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the California Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| CALIFORNIA TAX-EXEMPT FUND (SHARES/NCATX) | $23 | 0.46% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$125538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13.98% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Revenue Bonds | 63.4% |
| General Obligation Unlimited Bonds | 26.4% |
| All other issuers less than 5%<sup>\*</sup> | 10.2% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NCATX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### ARIZONA TAX-EXEMPT FUND

### SHARES/NOAZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Arizona Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| ARIZONA TAX-EXEMPT FUND (SHARES/NOAZX) | $24 | 0.47% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$55595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19.19% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Revenue Bonds | 74.8% |
| General Obligation Unlimited Bonds | 22.6% |
| All other issuers less than 5%<sup>\*</sup> | 2.6% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOAZX (11/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_7628.jpg)

### CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND

### SHARES/NCITX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the California Intermediate Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND (SHARES/NCITX) | $23 | 0.45% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$240476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17.50% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Revenue Bonds | 61.5% |
| General Obligation Unlimited Bonds | 29.3% |
| All other issuers less than 5%<sup>\*</sup> | 9.2% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NCITX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### ULTRA-SHORT FIXED INCOME FUND

### SHARES/NUSFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Ultra-Short Fixed Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>1,2</sup>** |
| ULTRA-SHORT FIXED INCOME FUND<br> (SHARES/NUSFX) | $13 | 0.25% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1766279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21.60% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 51.8% |
| Foreign Issuer Bonds | 35.3% |
| Asset-Backed Securities | 9.9% |
| Other less than 5%<sup>\*</sup> | 3.0% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NUSFX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### ULTRA-SHORT FIXED INCOME FUND

### SIEBERT WILLIAMS SHANK SHARES/SWSFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Ultra-Short Fixed Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>1,2</sup>** |
| ULTRA-SHORT FIXED INCOME FUND<br> (SIEBERT WILLIAMS SHANK SHARES/SWSFX) | $13 | 0.25% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1766279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21.60% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 51.8% |
| Foreign Issuer Bonds | 35.3% |
| Asset-Backed Securities | 9.9% |
| Other less than 5%<sup>\*</sup> | 3.0% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR SWSFX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

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

### SHARES/NTAUX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Tax-Advantaged Ultra-Short Fixed Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND (SHARES/NTAUX) | $13 | 0.25% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$3115028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;53.26% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Municipal Bonds | 74.9% |
| Corporate Bonds | 6.6% |
| Foreign Issuer Bonds | 6.2% |
| Short-Term Investments | 5.7% |
| Other less than 5%<sup>\*</sup> | 6.6% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NTAUX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### MULTI-MANAGER GLOBAL REAL ESTATE FUND

### SHARES/NMMGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Multi-Manager Global Real Estate Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| MULTI-MANAGER GLOBAL REAL ESTATE FUND (SHARES/NMMGX) | $48 | 0.92% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$85053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;20.80% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 64.8% |
| Japanese Yen | 9.5% |
| Australian Dollar | 8.2% |
| Euro | 6.6% |
| British Pound | 6.1% |
| All other currencies less than 5%<sup>\*</sup> | 5.8% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NMMGX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### ACTIVE M EMERGING MARKETS EQUITY FUND

### SHARES/NMMEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Active M Emerging Markets Equity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| ACTIVE M EMERGING MARKETS EQUITY FUND (SHARES/NMMEX) | $63 | 1.11% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$184683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;39.34% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 20.4% |
| Hong Kong Dollar | 16.8% |
| Taiwan Dollar | 14.3% |
| Korean Won | 12.6% |
| Indian Rupee | 10.4% |
| South African Rand | 6.6% |
| All other currencies less than 5%<sup>\*</sup> | 19.5% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NMMEX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### WORLD SELECTION INDEX FUND

### CLASS I/NSRIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the World Selection Index Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>1,2</sup>** |
| WORLD SELECTION INDEX FUND<br> (CLASS I/NSRIX) | $16 | 0.29% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1918366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;3.81% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 73.0% |
| Euro | 8.1% |
| Japanese Yen | 5.6% |
| All other currencies less than 5%<sup>\*</sup> | 12.8% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NSRIX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### WORLD SELECTION INDEX FUND

### CLASS K/NSRKX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the World Selection Index Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>1,2</sup>** |
| WORLD SELECTION INDEX FUND<br> (CLASS K/NSRKX) | $13 | 0.24% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1918366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;3.81% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 73.0% |
| Euro | 8.1% |
| Japanese Yen | 5.6% |
| All other currencies less than 5%<sup>\*</sup> | 12.8% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NSRKX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### LIMITED TERM TAX-EXEMPT FUND

### SHARES/NSITX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Limited Term Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| LIMITED TERM TAX-EXEMPT FUND (SHARES/NSITX) | $23 | 0.45% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$336306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;11.95% |

---

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Texas | 13.9% |
| New York | 8.3% |
| Alabama | 6.6% |
| California | 5.9% |
| Oklahoma | 5.3% |
| Florida | 5.2% |
| Colorado | 5.0% |
| All other states less than 5%<sup>\*</sup> | 49.8% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NSITX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### LIMITED TERM U.S. GOVERNMENT FUND

### SHARES/NSIUX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Limited Term U.S. Government Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| LIMITED TERM U.S. GOVERNMENT FUND (SHARES/NSIUX) | $22 | 0.44% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$25069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;35.92% |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| U.S. Government Obligations | 95.8% |
| Other less than 5%<sup>\*</sup> | 3.6% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NSIUX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### BOND INDEX FUND

### SHARES/NOBOX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Bond Index Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| BOND INDEX FUND (SHARES/NOBOX) | $4 | 0.07% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2306263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;3667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24.22% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| U.S. Government Obligations | 44.1% |
| U.S. Government Agencies | 25.0% |
| Corporate Bonds | 20.2% |
| Foreign Issuer Bonds | 6.1% |
| Other less than 5%<sup>\*</sup> | 4.6% |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOBOX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### ACTIVE M INTERNATIONAL EQUITY FUND

### SHARES/NMIEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Active M International Equity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| ACTIVE M INTERNATIONAL EQUITY FUND (SHARES/NMIEX) | $47 | 0.84% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$597562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;28.74% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Euro | 29.9% |
| British Pound | 20.5% |
| United States Dollar | 15.5% |
| Japanese Yen | 13.9% |
| All other currencies less than 5%<sup>\*</sup> | 19.6% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NMIEX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### EMERGING MARKETS EQUITY INDEX FUND

### SHARES/NOEMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Emerging Markets Equity Index Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| EMERGING MARKETS EQUITY INDEX FUND (SHARES/NOEMX) | $8 | 0.15% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2327424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18.28% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Hong Kong Dollar | 26.9% |
| Taiwan Dollar | 19.0% |
| Indian Rupee | 14.8% |
| Korean Won | 10.7% |
| United States Dollar | 5.0% |
| All other currencies less than 5%<sup>\*</sup> | 23.6% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOEMX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### LARGE CAP CORE FUND

### SHARES/NOLCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Large Cap Core Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| LARGE CAP CORE FUND (SHARES/NOLCX) | $25 | 0.45% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$343887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;27.96% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 34.2% |
| Financials | 13.2% |
| Communication Services | 10.5% |
| Consumer Discretionary | 10.2% |
| Health Care | 9.0% |
| Industrials | 7.9% |
| All other industries less than 5%<sup>\*</sup> | 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOLCX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### MID CAP INDEX FUND

### SHARES/NOMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Mid Cap Index Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| MID CAP INDEX FUND (SHARES/NOMIX) | $5 | 0.10% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2050740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;7.44% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Industrials | 23.0% |
| Financials | 16.6% |
| Information Technology | 13.1% |
| Consumer Discretionary | 12.1% |
| Health Care | 8.6% |
| Real Estate | 6.5% |
| All other industries less than 5%<sup>\*</sup> | 22.2% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOMIX (11/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_7628.jpg)

### INTERNATIONAL EQUITY INDEX FUND

### SHARES/NOINX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the International Equity Index Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| INTERNATIONAL EQUITY INDEX FUND (SHARES/NOINX) | $5 | 0.10% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$6092678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9.44% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Euro | 34.7% |
| Japanese Yen | 21.7% |
| British Pound | 14.4% |
| Swiss Franc | 9.2% |
| Australian Dollar | 6.7% |
| All other currencies less than 5%<sup>\*</sup> | 12.3% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOINX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### LARGE CAP VALUE FUND

### SHARES/NOLVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Large Cap Value Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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>** |
| LARGE CAP VALUE FUND (SHARES/NOLVX) | $30 | 0.57% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$65885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;43.20% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 12.3% |
| Health Care | 12.2% |
| Information Technology | 11.1% |
| Communication Services | 9.0% |
| Consumer Discretionary | 7.3% |
| Consumer Staples | 6.5% |
| Real Estate | 5.1% |
| All other industries less than 5%<sup>\*</sup> | 14.2% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NOLVX (11/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_7537.jpg)

### GLOBAL REAL ESTATE INDEX FUND

### SHARES/NGREX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Global Real Estate Index Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?
(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 REAL ESTATE INDEX FUND (SHARES/NGREX) | $25 | 0.47% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* <br> *<sup>2</sup>* *Expense ratio is expressed on an annualized basis.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$754362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;2.05% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 57.5% |
| Japanese Yen | 9.8% |
| Australian Dollar | 5.3% |
| Euro | 5.0% |
| Hong Kong Dollar | 5.0% |
| All other currencies less than 5%<sup>\*</sup> | 17.5% |
| 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. |

---

 <sup>\*</sup> *Includes derivatives and categories rounding to less than 5%, if any.*

Where can I find more information?

![TSR - QR Code - NF](images_7629.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.

#### Householding
If we have received appropriate written consent, we send a single copy of all materials, including annual and semi-annual reports, to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center by telephone at 800-595-9111 or by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986. You also may send an e-mail to northern-funds@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

NF SAR-TSR NGREX (11/25) NORTHERN FUNDS

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(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.
Not applicable for the reporting period.

------

#### &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.
Not applicable for the reporting period.

------

#### &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.
Not applicable for the reporting period.

------

#### &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**

**SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION** 

September 30, 2025

![](img6998969a1.gif)

---

| | |
|:---|:---|
| ![](img72af6edc2.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](imgf9d11e2b3.gif)<br>|

---

------

**EQUITY FUNDS** <br>

**TABLE OF CONTENTS**<br>

---

| | |
|:---|:---|
| **2** | **[STATEMENTS OF ASSETS AND LIABILITIES](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_FS-FundBookHeader_1)** |
| **6** | **[STATEMENTS OF OPERATIONS](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_FS-FundBookHeader_5)** |
| **10** | **[STATEMENTS OF CHANGES IN NET ASSETS](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_FS-FundBookHeader_9)** |
| **16** | **[FINANCIAL HIGHLIGHTS](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_FS-FundBookHeader_15)** |
| **38** | **[SCHEDULES OF INVESTMENTS](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_1)** |
| **38** | **[ACTIVE M EMERGING MARKETS EQUITY FUND (Ticker Symbol: NMMEX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_1)** |
| **42** | **[ACTIVE M INTERNATIONAL EQUITY FUND (Ticker Symbol: NMIEX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_5)** |
| **51** | **[EMERGING MARKETS EQUITY INDEX FUND (Ticker Symbol: NOEMX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_14)** |
| **71** | **[GLOBAL REAL ESTATE INDEX FUND (Ticker Symbol: NGREX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_34)** |
| **80** | **[GLOBAL TACTICAL ASSET ALLOCATION FUND (Ticker Symbol: BBALX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_43)** |
| **82** | **[INCOME EQUITY FUND (Ticker Symbol: NOIEX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_45)** |
| **87** | **[INTERNATIONAL EQUITY FUND (Ticker Symbol: NOIGX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_50)** |
| **92** | **[INTERNATIONAL EQUITY INDEX FUND (Ticker Symbol: NOINX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_55)** |
| **103** | **[LARGE CAP CORE FUND (Ticker Symbol: NOLCX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_66)** |
| **107** | **[LARGE CAP VALUE FUND (Ticker Symbol: NOLVX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_70)** |
| **112** | **[MID CAP INDEX FUND (Ticker Symbol: NOMIX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_75)** |
| **120** | **[MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (Ticker Symbol: NMFIX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_83)** |
| **124** | **[MULTI-MANAGER GLOBAL REAL ESTATE FUND (Ticker Symbol: NMMGX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_87)** |
| **127** | **[SMALL CAP CORE FUND](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_90)[(](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_90)[Ticker Symbols:](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_90)[Class I](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_90)[:](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_90)[NSGRX](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_90)[, Class K:](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_90)[NSCKX](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_90)[)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_90)**  |
| **150** | **[SMALL CAP INDEX FUND (Ticker Symbol: NSIDX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_113)** |
| **177** | **[SMALL CAP VALUE FUND (Ticker Symbol: NOSGX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_140)** |
| **185** | **[STOCK INDEX FUND (Ticker Symbol: NOSIX)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_148)** |
| **194** | **[U.S. QUALITY ESG FUND](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_157)[(](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_157)[Ticker Symbols:](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_157)[Class I](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_157)[:](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_157)[NUEIX](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_157)[, Class K:](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_157)[NUESX](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_157)[)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_157)**  |
| **198** | **[WORLD SELECTION INDEX FUND](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_161)[(](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_161)[Ticker Symbols:](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_161)[Class I](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_161)[:](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_161)[NSRIX](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_161)[, Class K:](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_161)[NSRKX](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_161)[)](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_SOI-TOC-SOI_161)**  |
| **209** | **[NOTES TO THE FINANCIAL STATEMENTS](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_NTF-NotestoFinancialStatements_1)** |
| **236** | **[FORM N-CSR - ITEMS 8-11](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_NCSR811-FormNCSRTOC_1)** |
| **237** | **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_e62ca273-d7e8-4418-a825-0b8fa63cf2aa_BFA-TOC-BasisforApproval_1)** |

---

NORTHERN FUNDS SEMIANNUAL 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; $179760 | &nbsp;&nbsp; $573778 | &nbsp;&nbsp; $2270382 | &nbsp;&nbsp; $732060 |
| Investments in affiliates, at value | &nbsp;&nbsp; 6068 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 20019 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 57637 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 23095 <br><sup>(1)</sup><br>|
| Cash | &nbsp;&nbsp; 853 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash held at broker for future contracts  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4312 | &nbsp;&nbsp; 1261 |
| Foreign currencies, at value  | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 1611 | &nbsp;&nbsp; 3479 | &nbsp;&nbsp; 1554 |
| Dividend income receivable | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 1233 | &nbsp;&nbsp; 3263 | &nbsp;&nbsp; 2613 |
| Securities lending income receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 4 |
| Receivable for capital gains tax | &nbsp;&nbsp; 30 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 1 |
| Receivable for foreign tax reclaims | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 2188 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 1095 |
| Receivable for securities sold | &nbsp;&nbsp; 9495 | &nbsp;&nbsp; 1931 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 56 |
| Receivable for fund shares sold | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 7863 | &nbsp;&nbsp; 40 |
| Receivable from investment adviser | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 9 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 9 |
| Prepaid and other assets | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| Total Assets | &nbsp;&nbsp; 196591 | &nbsp;&nbsp; 600958 | &nbsp;&nbsp; 2347443 | &nbsp;&nbsp; 761810 |
| LIABILITIES: |  |  |  |  |
| Cash overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 2 |
| Payable upon return of securities loaned | &nbsp;&nbsp; 1682 | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 6458 |
| Payable for securities purchased | &nbsp;&nbsp; 9705 | &nbsp;&nbsp; 2114 | &nbsp;&nbsp; 301 | &nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for fund shares redeemed | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 787 | &nbsp;&nbsp; 612 |
| Payable to affiliates: |  |  |  |  |
| Management fees | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 49 |
| Custody fees | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 2 |
| Shareholder servicing fees | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 19 |
| Transfer agent fees | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 24 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 6 |
| Outstanding options written, at value (premiums received $(72)) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deferred foreign capital gains tax payable | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 16551 | &nbsp;&nbsp; 217 |
| Accrued other liabilities | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 58 |
| Total Liabilities | &nbsp;&nbsp; 11908 | &nbsp;&nbsp; 3396 | &nbsp;&nbsp; 20019 | &nbsp;&nbsp; 7448 |
| Net Assets | &nbsp;&nbsp; $184683 | &nbsp;&nbsp; $597562 | &nbsp;&nbsp; $2327424 | &nbsp;&nbsp; $754362 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |
| Capital stock | &nbsp;&nbsp; $145136 | &nbsp;&nbsp; $397614 | &nbsp;&nbsp; $1818777 | &nbsp;&nbsp; $665671 |
| Distributable earnings | &nbsp;&nbsp; 39547 | &nbsp;&nbsp; 199948 | &nbsp;&nbsp; 508647 | &nbsp;&nbsp; 88691 |
| Net Assets | &nbsp;&nbsp; $184683 | &nbsp;&nbsp; $597562 | &nbsp;&nbsp; $2327424 | &nbsp;&nbsp; $754362 |
| **Net Assets:** |  |  |  |  |
| Shares | &nbsp;&nbsp; $184683 | &nbsp;&nbsp; $597562 | &nbsp;&nbsp; $2327424 | &nbsp;&nbsp; $754362 |
| **Total Shares Outstanding ($.001 par value, unlimited authorization):** |  |  |  |  |
| Shares | &nbsp;&nbsp; 9789 | &nbsp;&nbsp; 43140 | &nbsp;&nbsp; 162734 | &nbsp;&nbsp; 72880 |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |
| Shares | &nbsp;&nbsp; $18.87 | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $14.30 | &nbsp;&nbsp; $10.35 |
| Investments, at cost | &nbsp;&nbsp; $134314 | &nbsp;&nbsp; $414705 | &nbsp;&nbsp; $1280727 | &nbsp;&nbsp; $485023 |
| Investments in affiliates, at cost | &nbsp;&nbsp; 6068 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 20019 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 57637 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 23095 <br><sup>(1)</sup><br>|
| Foreign currencies, at cost | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 1532 | &nbsp;&nbsp; 3487 | &nbsp;&nbsp; 1546 |
| Securities on loan, at value | &nbsp;&nbsp; $1500 | &nbsp;&nbsp; $1371 | &nbsp;&nbsp; $9697 | &nbsp;&nbsp; $6891 |

---

<br> <sup>(1)</sup> *Investments in affiliates, at value and Investments in affiliates, at cost include securities purchased using cash collateral received from securities lending activities.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **2** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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>|
| $10967 | &nbsp;&nbsp; $259439 | &nbsp;&nbsp; $160997 | &nbsp;&nbsp; $6007347 | &nbsp;&nbsp; $339357 | &nbsp;&nbsp; $65626 |
| 67499 | &nbsp;&nbsp; 5908 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 519 | &nbsp;&nbsp; 22976 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 4150 | &nbsp;&nbsp; 1086 <br><sup>(1)</sup><br>|
|  — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 259 | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 941 | &nbsp;&nbsp; 24319 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 18 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 13575 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 67 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 29520 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 945 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1 |
| 2 | &nbsp;&nbsp; 1427 | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 2571 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
| 3 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 2 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 12 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 9 |
| 78501 | &nbsp;&nbsp; 267124 | &nbsp;&nbsp; 165091 | &nbsp;&nbsp; 6107384 | &nbsp;&nbsp; 344010 | &nbsp;&nbsp; 66793 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; 2079 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8046 | &nbsp;&nbsp; — | &nbsp;&nbsp; 856 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4572 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 4 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 1392 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 10 |
| 3 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 6 |
|  — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2 |
| 11 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 7 |
| 3 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2 |
| 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 7 |
|  — | &nbsp;&nbsp; 55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 17 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 18 |
| 45 | &nbsp;&nbsp; 2279 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 14706 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 908 |
| $78456 | &nbsp;&nbsp; $264845 | &nbsp;&nbsp; $164963 | &nbsp;&nbsp; $6092678 | &nbsp;&nbsp; $343887 | &nbsp;&nbsp; $65885 |
| $65474 | &nbsp;&nbsp; $156087 | &nbsp;&nbsp; $157982 | &nbsp;&nbsp; $3911579 | &nbsp;&nbsp; $155716 | &nbsp;&nbsp; $49856 |
| 12982 | &nbsp;&nbsp; 108758 | &nbsp;&nbsp; 6981 | &nbsp;&nbsp; 2181099 | &nbsp;&nbsp; 188171 | &nbsp;&nbsp; 16029 |
| $78456 | &nbsp;&nbsp; $264845 | &nbsp;&nbsp; $164963 | &nbsp;&nbsp; $6092678 | &nbsp;&nbsp; $343887 | &nbsp;&nbsp; $65885 |
| $78456 | &nbsp;&nbsp; $264845 | &nbsp;&nbsp; $164963 | &nbsp;&nbsp; $6092678 | &nbsp;&nbsp; $343887 | &nbsp;&nbsp; $65885 |
| 5495 | &nbsp;&nbsp; 13892 | &nbsp;&nbsp; 12984 | &nbsp;&nbsp; 349658 | &nbsp;&nbsp; 10342 | &nbsp;&nbsp; 2879 |
| $14.28 | &nbsp;&nbsp; $19.06 | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp; $17.42 | &nbsp;&nbsp; $33.25 | &nbsp;&nbsp; $22.89 |
| $10783 | &nbsp;&nbsp; $167119 | &nbsp;&nbsp; $124980 | &nbsp;&nbsp; $3184611 | &nbsp;&nbsp; $175248 | &nbsp;&nbsp; $52015 |
| 53570 | &nbsp;&nbsp; 5908 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 519 | &nbsp;&nbsp; 22976 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 4150 | &nbsp;&nbsp; 1086 <br><sup>(1)</sup><br>|
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 938 | &nbsp;&nbsp; 24210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  $— | &nbsp;&nbsp; $2005 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26682 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $842 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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; $2021993 | &nbsp;&nbsp;&nbsp;&nbsp; $904517 | &nbsp;&nbsp;&nbsp;&nbsp; $82952 | &nbsp;&nbsp;&nbsp;&nbsp; $357142 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp; 72062 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 34640 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2968 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 23834 <br><sup>(1)</sup><br>|
| Cash | &nbsp;&nbsp;&nbsp;&nbsp; — | &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; 2892 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Interest income receivable | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend income receivable | &nbsp;&nbsp;&nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp;&nbsp; 1614 | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| Receivable for foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1639 | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10631 | &nbsp;&nbsp;&nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1538 | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &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; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 2097460 | &nbsp;&nbsp;&nbsp;&nbsp; 956186 | &nbsp;&nbsp;&nbsp;&nbsp; 86851 | &nbsp;&nbsp;&nbsp;&nbsp; 381471 |
| LIABILITIES: |  |  |  |  |
| Cash overdraft | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &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 upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp; 45468 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 | &nbsp;&nbsp;&nbsp;&nbsp; 998 | &nbsp;&nbsp;&nbsp;&nbsp; 18411 |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13483 | &nbsp;&nbsp;&nbsp;&nbsp; 729 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; 1003 | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 54 |
| Payable to affiliates: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &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; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 46720 | &nbsp;&nbsp;&nbsp;&nbsp; 15026 | &nbsp;&nbsp;&nbsp;&nbsp; 1798 | &nbsp;&nbsp;&nbsp;&nbsp; 18585 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $2050740 | &nbsp;&nbsp;&nbsp;&nbsp; $941160 | &nbsp;&nbsp;&nbsp;&nbsp; $85053 | &nbsp;&nbsp;&nbsp;&nbsp; $362886 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |
| Capital stock | &nbsp;&nbsp;&nbsp;&nbsp; $1212231 | &nbsp;&nbsp;&nbsp;&nbsp; $802473 | &nbsp;&nbsp;&nbsp;&nbsp; $80688 | &nbsp;&nbsp;&nbsp;&nbsp; $182741 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; 838509 | &nbsp;&nbsp;&nbsp;&nbsp; 138687 | &nbsp;&nbsp;&nbsp;&nbsp; 4365 | &nbsp;&nbsp;&nbsp;&nbsp; 180145 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $2050740 | &nbsp;&nbsp;&nbsp;&nbsp; $941160 | &nbsp;&nbsp;&nbsp;&nbsp; $85053 | &nbsp;&nbsp;&nbsp;&nbsp; $362886 |
| **Net Assets:** |  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; $2050740 | &nbsp;&nbsp;&nbsp;&nbsp; $941160 | &nbsp;&nbsp;&nbsp;&nbsp; $85053 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193112 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169774 |
| &nbsp;&nbsp; **Total Shares Outstanding ($.001 par value, unlimited** <br> **authorization):**<br>|  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; 93726 | &nbsp;&nbsp;&nbsp;&nbsp; 68133 | &nbsp;&nbsp;&nbsp;&nbsp; 7897 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7050 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6206 |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; $21.88 | &nbsp;&nbsp;&nbsp;&nbsp; $13.81 | &nbsp;&nbsp;&nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;27.39 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;27.36 |
| Investments, at cost | &nbsp;&nbsp;&nbsp;&nbsp; $1294494 | &nbsp;&nbsp;&nbsp;&nbsp; $781941 | &nbsp;&nbsp;&nbsp;&nbsp; $73451 | &nbsp;&nbsp;&nbsp;&nbsp; $222541 |
| Investments in affiliates, at cost | &nbsp;&nbsp;&nbsp;&nbsp; 72062 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 34640 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2968 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 23865 <br><sup>(1)</sup><br>|
| Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2867 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities on loan, at value | &nbsp;&nbsp;&nbsp;&nbsp; $44604 | &nbsp;&nbsp;&nbsp;&nbsp; $1073 | &nbsp;&nbsp;&nbsp;&nbsp; $975 | &nbsp;&nbsp;&nbsp;&nbsp; $18083 |

---

<br> <sup>(1)</sup> *Investments in affiliates, at value and Investments in affiliates, at cost include securities purchased using cash collateral received from securities lending activities.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **4** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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<br>|
| $1342171 | &nbsp;&nbsp;&nbsp;&nbsp; $643122 | &nbsp;&nbsp;&nbsp;&nbsp; $16711166 | &nbsp;&nbsp;&nbsp;&nbsp; $413280 | &nbsp;&nbsp;&nbsp;&nbsp; $1894684 |
| 153671 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 54229 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 454633 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3753 | &nbsp;&nbsp;&nbsp;&nbsp; 13252 |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2282 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2157 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1209 | &nbsp;&nbsp;&nbsp;&nbsp; 1018 | &nbsp;&nbsp;&nbsp;&nbsp; 7412 | &nbsp;&nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp; 1844 |
| 114 | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 2865 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; 2563 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 687 |
| 50 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 1745 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| 121 | &nbsp;&nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp;&nbsp; 2081 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3034 |
| 12 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| 14 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| 1497367 | &nbsp;&nbsp;&nbsp;&nbsp; 701605 | &nbsp;&nbsp;&nbsp;&nbsp; 17177355 | &nbsp;&nbsp;&nbsp;&nbsp; 417321 | &nbsp;&nbsp;&nbsp;&nbsp; 1920891 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| 129687 | &nbsp;&nbsp;&nbsp;&nbsp; 25505 | &nbsp;&nbsp;&nbsp;&nbsp; 3681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 185 | &nbsp;&nbsp;&nbsp;&nbsp; 2121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 392 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| 370 | &nbsp;&nbsp;&nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp;&nbsp; 6265 | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 1809 |
| 20 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| 20 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| 36 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
| 42 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 529 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| 7 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 38 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| 130405 | &nbsp;&nbsp;&nbsp;&nbsp; 28853 | &nbsp;&nbsp;&nbsp;&nbsp; 11272 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 2525 |
| $1366962 | &nbsp;&nbsp;&nbsp;&nbsp; $672752 | &nbsp;&nbsp;&nbsp;&nbsp; $17166083 | &nbsp;&nbsp;&nbsp;&nbsp; $417176 | &nbsp;&nbsp;&nbsp;&nbsp; $1918366 |
| $838279 | &nbsp;&nbsp;&nbsp;&nbsp; $251436 | &nbsp;&nbsp;&nbsp;&nbsp; $3993106 | &nbsp;&nbsp;&nbsp;&nbsp; $200928 | &nbsp;&nbsp;&nbsp;&nbsp; $885124 |
| 528683 | &nbsp;&nbsp;&nbsp;&nbsp; 421316 | &nbsp;&nbsp;&nbsp;&nbsp; 13172977 | &nbsp;&nbsp;&nbsp;&nbsp; 216248 | &nbsp;&nbsp;&nbsp;&nbsp; 1033242 |
| $1366962 | &nbsp;&nbsp;&nbsp;&nbsp; $672752 | &nbsp;&nbsp;&nbsp;&nbsp; $17166083 | &nbsp;&nbsp;&nbsp;&nbsp; $417176 | &nbsp;&nbsp;&nbsp;&nbsp; $1918366 |
| $1366962 | &nbsp;&nbsp;&nbsp;&nbsp; $672752 | &nbsp;&nbsp;&nbsp;&nbsp; $17166083 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 359293 | &nbsp;&nbsp;&nbsp;&nbsp; 915060 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57883 | &nbsp;&nbsp;&nbsp;&nbsp; 1003306 |
| 88931 | &nbsp;&nbsp;&nbsp;&nbsp; 48035 | &nbsp;&nbsp;&nbsp;&nbsp; 253197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15201 | &nbsp;&nbsp;&nbsp;&nbsp; 34609 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2455 | &nbsp;&nbsp;&nbsp;&nbsp; 37976 |
| $15.37 | &nbsp;&nbsp;&nbsp;&nbsp; $14.01 | &nbsp;&nbsp;&nbsp;&nbsp; $67.80 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;23.64 | &nbsp;&nbsp;&nbsp;&nbsp;26.44 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;23.58 | &nbsp;&nbsp;&nbsp;&nbsp;26.42 |
| $796846 | &nbsp;&nbsp;&nbsp;&nbsp; $434968 | &nbsp;&nbsp;&nbsp;&nbsp; $3785387 | &nbsp;&nbsp;&nbsp;&nbsp; $247748 | &nbsp;&nbsp;&nbsp;&nbsp; $931194 |
| 153680 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 54229 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 441595 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3753 | &nbsp;&nbsp;&nbsp;&nbsp; 11667 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1853 |
| $128235 | &nbsp;&nbsp;&nbsp;&nbsp; $25006 | &nbsp;&nbsp;&nbsp;&nbsp; $10081 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $833 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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; $2968 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $8424 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $31048 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $17716 <br><sup>(1)</sup><br>|
| Income from securities loaned (net of fees) (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 5 |
| Non-cash dividend income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividend income from investments in affiliates (Note 9) | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 183 |
| Interest income (Note 6) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 30 |
| Tax reclaims | &nbsp;&nbsp; — | &nbsp;&nbsp; 801 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investment Income | &nbsp;&nbsp; 3075 | &nbsp;&nbsp; 9662 | &nbsp;&nbsp; 32203 | &nbsp;&nbsp; 17934 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 2231 | &nbsp;&nbsp; 1366 | &nbsp;&nbsp; 1742 |
| Custody fees | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 132 |
| Transfer agent fees | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 168 |
| Blue sky fees | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12 |
| Printing fees | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6 |
| Audit fees | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |
| Legal fees | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Shareholder servicing fees (Shares) | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 53 |
| Trustee fees and expenses | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| Other | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 15 |
| Total Expenses | &nbsp;&nbsp; 1124 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2581 | &nbsp;&nbsp; 2165 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp; (207)<br>| &nbsp;&nbsp; (204)<br>| &nbsp;&nbsp; (1138)<br>| &nbsp;&nbsp; (103)<br>|
| Less custodian credits | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 2296 | &nbsp;&nbsp; 1443 | &nbsp;&nbsp; 2062 |
| **Net Investment Income** | &nbsp;&nbsp; **2158** | &nbsp;&nbsp; **7366** | &nbsp;&nbsp; **30760** | &nbsp;&nbsp; **15872** |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp; 8672 <br><sup>(2)</sup><br>| &nbsp;&nbsp; 18893 <br><sup>(2)</sup><br>| &nbsp;&nbsp; (12806 )<sup>(2)</sup><br>| &nbsp;&nbsp; 73814 <br><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; 560 | &nbsp;&nbsp; 2383 | &nbsp;&nbsp; 10001 | &nbsp;&nbsp; 647 |
| Foreign currency transactions | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; (94)<br>| &nbsp;&nbsp; (273)<br>| &nbsp;&nbsp; 102 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; (220)<br>|
| Net changes in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp; 26047 <br><sup>(3)</sup><br>| &nbsp;&nbsp; 74298 <br><sup>(3)</sup><br>| &nbsp;&nbsp; 388963 <br><sup>(3)</sup><br>| &nbsp;&nbsp; (21265 )<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; 84 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 2412 | &nbsp;&nbsp; 300 |
| Foreign currency translations | &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; 224 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 91 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 | &nbsp;&nbsp; (9)<br>|
| Net Gains | &nbsp;&nbsp; 35301 | &nbsp;&nbsp; 95916 | &nbsp;&nbsp; 388333 | &nbsp;&nbsp; 53460 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; **$37459** | &nbsp;&nbsp; **$103282** | &nbsp;&nbsp; **$419093** | &nbsp;&nbsp; **$69332** |

---

<sup>(1)</sup> *Net of $303, $412, $4,158, $760, $3, $246 and $7,774, respectively, in foreign withholding taxes.*

<sup>(2)</sup> *Net of foreign capital gains tax paid of $67, $33, $2,023 and $479, respectively.*

<sup>(3)</sup> *Net change in unrealized of deferred foreign capital gains tax of $(219), $18, $(1444) and $263, respectively.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **6** NORTHERN FUNDS SEMIANNUAL REPORT

------

**For the Six Months Ended September 30, 2025 (UNAUDITED)** <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; $242 | &nbsp;&nbsp; $2586 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $2594 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $89386 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $2522 | &nbsp;&nbsp; $778 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 826 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 274 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 2513 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 7374 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 1069 | &nbsp;&nbsp; 2653 | &nbsp;&nbsp; 2773 | &nbsp;&nbsp; 105699 | &nbsp;&nbsp; 2579 | &nbsp;&nbsp; 793 |
| &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 2553 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 4347 | &nbsp;&nbsp; 838 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp; (174)<br>| &nbsp;&nbsp; (112)<br>| &nbsp;&nbsp; (1409)<br>| &nbsp;&nbsp; (145)<br>| &nbsp;&nbsp; (65)<br>|
| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 2938 | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; **968** | &nbsp;&nbsp; **2075** | &nbsp;&nbsp; **2393** | &nbsp;&nbsp; **102761** | &nbsp;&nbsp; **1886** | &nbsp;&nbsp; **616** |
| &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp; 13495 | &nbsp;&nbsp; 9049 | &nbsp;&nbsp; 13667 | &nbsp;&nbsp; 14192 | &nbsp;&nbsp; 1119 |
| &nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (350)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp; 529 | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 6977 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 2124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 176 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp; 24880 | &nbsp;&nbsp; 15021 | &nbsp;&nbsp; 769549 | &nbsp;&nbsp; 46630 | &nbsp;&nbsp; 4405 |
| &nbsp;&nbsp;&nbsp; 6754 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 1962 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 2403 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 7303 | &nbsp;&nbsp; 38591 | &nbsp;&nbsp; 24510 | &nbsp;&nbsp; 796868 | &nbsp;&nbsp; 61258 | &nbsp;&nbsp; 5642 |
| &nbsp;&nbsp;&nbsp; **$8271** | &nbsp;&nbsp; **$40666** | &nbsp;&nbsp; **$26903** | &nbsp;&nbsp; **$899629** | &nbsp;&nbsp; **$63144** | &nbsp;&nbsp; **$6258** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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; $14696 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $20165 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $1703 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $2617 <br><sup>(1)</sup><br>|
| Income from securities loaned (net of fees) (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| 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 (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 335 |
| Interest income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 14983 | &nbsp;&nbsp;&nbsp;&nbsp; 20860 | &nbsp;&nbsp;&nbsp;&nbsp; 1759 | &nbsp;&nbsp;&nbsp;&nbsp; 2972 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp;&nbsp; 4018 | &nbsp;&nbsp;&nbsp;&nbsp; 397 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| Shareholder servicing fees (Shares) | &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &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; 90 |
| Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1568 | &nbsp;&nbsp;&nbsp;&nbsp; 4528 | &nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp; 898 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>|
| Less custodian credits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 4299 | &nbsp;&nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp;&nbsp; 797 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **13973** | &nbsp;&nbsp;&nbsp;&nbsp; **16561** | &nbsp;&nbsp;&nbsp;&nbsp; **1348** | &nbsp;&nbsp;&nbsp;&nbsp; **2175** |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 39234 | &nbsp;&nbsp;&nbsp;&nbsp; 26002 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp; 31366 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp; 1891 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1324 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &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; 176457 | &nbsp;&nbsp;&nbsp;&nbsp; 55372 | &nbsp;&nbsp;&nbsp;&nbsp; 3535 | &nbsp;&nbsp;&nbsp;&nbsp; 21379 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &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 | &nbsp;&nbsp;&nbsp;&nbsp; 216449 | &nbsp;&nbsp;&nbsp;&nbsp; 83765 | &nbsp;&nbsp;&nbsp;&nbsp; 4206 | &nbsp;&nbsp;&nbsp;&nbsp; 54235 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$230422** | &nbsp;&nbsp;&nbsp;&nbsp; **$100326** | &nbsp;&nbsp;&nbsp;&nbsp; **$5554** | &nbsp;&nbsp;&nbsp;&nbsp; **$56410** |

---

<sup>(1)</sup> *Net of $15, $1,412, $39, $4, $17, $23, $11 and $939, respectively, in foreign withholding taxes.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **8** NORTHERN FUNDS SEMIANNUAL REPORT

------

**For the Six Months Ended September 30, 2025 (UNAUDITED)** <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<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8706 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7554 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $98482 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2946 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16528 <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 | &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; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &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; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (352)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (516)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3244)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8898** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6557** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **97150** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2111** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **15309** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991 |
| &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; (2)<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; (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79631)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2502176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 |
| &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; 526 |
| &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; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2719016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$238363** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$86987** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2816166** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$80423** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$369401** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 | &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $2158 | &nbsp;&nbsp;&nbsp;&nbsp; $1986 | &nbsp;&nbsp;&nbsp;&nbsp; $7366 | &nbsp;&nbsp;&nbsp;&nbsp; $9323 | &nbsp;&nbsp;&nbsp;&nbsp; $30760 | &nbsp;&nbsp;&nbsp;&nbsp; $45593 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 9184 | &nbsp;&nbsp;&nbsp;&nbsp; 14696 | &nbsp;&nbsp;&nbsp;&nbsp; 21182 | &nbsp;&nbsp;&nbsp;&nbsp; 50648 | &nbsp;&nbsp;&nbsp;&nbsp; (3087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52098)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 26117 | &nbsp;&nbsp;&nbsp;&nbsp; (9002)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 74734 | &nbsp;&nbsp;&nbsp;&nbsp; (33040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 391420 | &nbsp;&nbsp;&nbsp;&nbsp; 145611 |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37459 | &nbsp;&nbsp;&nbsp;&nbsp; 7680 | &nbsp;&nbsp;&nbsp;&nbsp; 103282 | &nbsp;&nbsp;&nbsp;&nbsp; 26931 | &nbsp;&nbsp;&nbsp;&nbsp; 419093 | &nbsp;&nbsp;&nbsp;&nbsp; 139106 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25744 | &nbsp;&nbsp;&nbsp;&nbsp; 14286 | &nbsp;&nbsp;&nbsp;&nbsp; 60504 | &nbsp;&nbsp;&nbsp;&nbsp; 142200 |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25744 | &nbsp;&nbsp;&nbsp;&nbsp; 14286 | &nbsp;&nbsp;&nbsp;&nbsp; 60504 | &nbsp;&nbsp;&nbsp;&nbsp; 142200 |
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1199)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (59344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52272)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1199)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (59344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52272)<br>|
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **31401** | &nbsp;&nbsp;&nbsp;&nbsp; **(5658)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **129026** | &nbsp;&nbsp;&nbsp;&nbsp; **(18127)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **479597** | &nbsp;&nbsp;&nbsp;&nbsp; **229034** |
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of period | &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 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; $184683 | &nbsp;&nbsp;&nbsp;&nbsp; $153282 | &nbsp;&nbsp;&nbsp;&nbsp; $597562 | &nbsp;&nbsp;&nbsp;&nbsp; $468536 | &nbsp;&nbsp;&nbsp;&nbsp; $2327424 | &nbsp;&nbsp;&nbsp;&nbsp; $1847827 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **10** NORTHERN FUNDS SEMIANNUAL REPORT

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED September 30, 2025, (UNAUDITED)**<br> **OR THE FISCAL YEAR ENDED March 31, 2025** <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 |
| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| &nbsp;&nbsp;&nbsp; $15872 | &nbsp;&nbsp;&nbsp; $30460 | &nbsp;&nbsp;&nbsp; $968 | &nbsp;&nbsp;&nbsp; $2606 | &nbsp;&nbsp;&nbsp; $2075 | &nbsp;&nbsp;&nbsp; $3565 | &nbsp;&nbsp;&nbsp; $2393 | &nbsp;&nbsp;&nbsp; $3974 |
| &nbsp;&nbsp;&nbsp; 74343 | &nbsp;&nbsp;&nbsp; (10607)<br>| &nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp; 4765 | &nbsp;&nbsp;&nbsp; 13674 | &nbsp;&nbsp;&nbsp; 11522 | &nbsp;&nbsp;&nbsp; 9323 | &nbsp;&nbsp;&nbsp; 7346 |
| &nbsp;&nbsp;&nbsp; (20883)<br>| &nbsp;&nbsp;&nbsp; 13439 | &nbsp;&nbsp;&nbsp; 6850 | &nbsp;&nbsp;&nbsp; (2578)<br>| &nbsp;&nbsp;&nbsp; 24917 | &nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp; 15187 | &nbsp;&nbsp;&nbsp; (103)<br>|
| &nbsp;&nbsp;&nbsp; 69332 | &nbsp;&nbsp;&nbsp; 33292 | &nbsp;&nbsp;&nbsp; 8271 | &nbsp;&nbsp;&nbsp; 4793 | &nbsp;&nbsp;&nbsp; 40666 | &nbsp;&nbsp;&nbsp; 16582 | &nbsp;&nbsp;&nbsp; 26903 | &nbsp;&nbsp;&nbsp; 11217 |
| &nbsp;&nbsp;&nbsp; (417061)<br>| &nbsp;&nbsp;&nbsp; 125930 | &nbsp;&nbsp;&nbsp; (6154)<br>| &nbsp;&nbsp;&nbsp; (16403)<br>| &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; 52023 | &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; (6908)<br>|
| &nbsp;&nbsp;&nbsp; (417061)<br>| &nbsp;&nbsp;&nbsp; 125930 | &nbsp;&nbsp;&nbsp; (6154)<br>| &nbsp;&nbsp;&nbsp; (16403)<br>| &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; 52023 | &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; (6908)<br>|
| &nbsp;&nbsp;&nbsp; (14683)<br>| &nbsp;&nbsp;&nbsp; (30797)<br>| &nbsp;&nbsp;&nbsp; (869)<br>| &nbsp;&nbsp;&nbsp; (2614)<br>| &nbsp;&nbsp;&nbsp; (2142)<br>| &nbsp;&nbsp;&nbsp; (12043)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5867)<br>|
| &nbsp;&nbsp;&nbsp; (14683)<br>| &nbsp;&nbsp;&nbsp; (30797)<br>| &nbsp;&nbsp;&nbsp; (869)<br>| &nbsp;&nbsp;&nbsp; (2614)<br>| &nbsp;&nbsp;&nbsp; (2142)<br>| &nbsp;&nbsp;&nbsp; (12043)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5867)<br>|
| &nbsp;&nbsp;&nbsp; **(362412)**<br>| &nbsp;&nbsp;&nbsp; **128425** | &nbsp;&nbsp;&nbsp; **1248** | &nbsp;&nbsp;&nbsp; **(14224)**<br>| &nbsp;&nbsp;&nbsp; **38463** | &nbsp;&nbsp;&nbsp; **56562** | &nbsp;&nbsp;&nbsp; **26852** | &nbsp;&nbsp;&nbsp; **(1558)**<br>|
| &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 |
| &nbsp;&nbsp;&nbsp; $754362 | &nbsp;&nbsp;&nbsp; $1116774 | &nbsp;&nbsp;&nbsp; $78456 | &nbsp;&nbsp;&nbsp; $77208 | &nbsp;&nbsp;&nbsp; $264845 | &nbsp;&nbsp;&nbsp; $226382 | &nbsp;&nbsp;&nbsp; $164963 | &nbsp;&nbsp;&nbsp; $138111 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 | &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $102761 | &nbsp;&nbsp;&nbsp;&nbsp; $142004 | &nbsp;&nbsp;&nbsp;&nbsp; $1886 | &nbsp;&nbsp;&nbsp;&nbsp; $3046 | &nbsp;&nbsp;&nbsp;&nbsp; $616 | &nbsp;&nbsp;&nbsp;&nbsp; $1098 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 22944 | &nbsp;&nbsp;&nbsp;&nbsp; 50287 | &nbsp;&nbsp;&nbsp;&nbsp; 14557 | &nbsp;&nbsp;&nbsp;&nbsp; 25381 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 | &nbsp;&nbsp;&nbsp;&nbsp; 4071 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 773924 | &nbsp;&nbsp;&nbsp;&nbsp; 67938 | &nbsp;&nbsp;&nbsp;&nbsp; 46701 | &nbsp;&nbsp;&nbsp;&nbsp; (5295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4405 | &nbsp;&nbsp;&nbsp;&nbsp; (2205)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 899629 | &nbsp;&nbsp;&nbsp;&nbsp; 260229 | &nbsp;&nbsp;&nbsp;&nbsp; 63144 | &nbsp;&nbsp;&nbsp;&nbsp; 23132 | &nbsp;&nbsp;&nbsp;&nbsp; 6258 | &nbsp;&nbsp;&nbsp;&nbsp; 2964 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 185877 | &nbsp;&nbsp;&nbsp;&nbsp; 23887 | &nbsp;&nbsp;&nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp;&nbsp; (2469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2953)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (894)<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; 185877 | &nbsp;&nbsp;&nbsp;&nbsp; 23887 | &nbsp;&nbsp;&nbsp;&nbsp; 1296 | &nbsp;&nbsp;&nbsp;&nbsp; (2469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2953)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (894)<br>|
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (171276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1884)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4617)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (171276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1884)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4617)<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; **1085506** | &nbsp;&nbsp;&nbsp;&nbsp; **112840** | &nbsp;&nbsp;&nbsp;&nbsp; **62556** | &nbsp;&nbsp;&nbsp;&nbsp; **(4599)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3305** | &nbsp;&nbsp;&nbsp;&nbsp; **(2547)**<br>|
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of period | &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 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; $6092678 | &nbsp;&nbsp;&nbsp;&nbsp; $5007172 | &nbsp;&nbsp;&nbsp;&nbsp; $343887 | &nbsp;&nbsp;&nbsp;&nbsp; $281331 | &nbsp;&nbsp;&nbsp;&nbsp; $65885 | &nbsp;&nbsp;&nbsp;&nbsp; $62580 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **12** NORTHERN FUNDS SEMIANNUAL REPORT

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED September 30, 2025, (UNAUDITED)**<br> **OR THE FISCAL YEAR ENDED March 31, 2025** <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 |
| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| &nbsp;&nbsp;&nbsp; $13973 | &nbsp;&nbsp;&nbsp; $29362 | &nbsp;&nbsp;&nbsp; $16561 | &nbsp;&nbsp;&nbsp; $26009 | &nbsp;&nbsp;&nbsp; $1348 | &nbsp;&nbsp;&nbsp; $2368 | &nbsp;&nbsp;&nbsp; $2175 | &nbsp;&nbsp;&nbsp; $3922 |
| &nbsp;&nbsp;&nbsp; 40019 | &nbsp;&nbsp;&nbsp; 138747 | &nbsp;&nbsp;&nbsp; 27977 | &nbsp;&nbsp;&nbsp; 27493 | &nbsp;&nbsp;&nbsp; 666 | &nbsp;&nbsp;&nbsp; 4356 | &nbsp;&nbsp;&nbsp; 32684 | &nbsp;&nbsp;&nbsp; 72060 |
| &nbsp;&nbsp;&nbsp; 176430 | &nbsp;&nbsp;&nbsp; (222302)<br>| &nbsp;&nbsp;&nbsp; 55788 | &nbsp;&nbsp;&nbsp; 26090 | &nbsp;&nbsp;&nbsp; 3540 | &nbsp;&nbsp;&nbsp; (7071)<br>| &nbsp;&nbsp;&nbsp; 21551 | &nbsp;&nbsp;&nbsp; (92678)<br>|
| &nbsp;&nbsp;&nbsp; 230422 | &nbsp;&nbsp;&nbsp; (54193)<br>| &nbsp;&nbsp;&nbsp; 100326 | &nbsp;&nbsp;&nbsp; 79592 | &nbsp;&nbsp;&nbsp; 5554 | &nbsp;&nbsp;&nbsp; (347)<br>| &nbsp;&nbsp;&nbsp; 56410 | &nbsp;&nbsp;&nbsp; (16696)<br>|
| &nbsp;&nbsp;&nbsp; (98410)<br>| &nbsp;&nbsp;&nbsp; 19356 | &nbsp;&nbsp;&nbsp; 2130 | &nbsp;&nbsp;&nbsp; (160188)<br>| &nbsp;&nbsp;&nbsp; (14584)<br>| &nbsp;&nbsp;&nbsp; (28234)<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; 5717 | &nbsp;&nbsp;&nbsp; (68595)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (53025)<br>| &nbsp;&nbsp;&nbsp; 16662 |
| &nbsp;&nbsp;&nbsp; (98410)<br>| &nbsp;&nbsp;&nbsp; 19356 | &nbsp;&nbsp;&nbsp; 2130 | &nbsp;&nbsp;&nbsp; (160188)<br>| &nbsp;&nbsp;&nbsp; (14584)<br>| &nbsp;&nbsp;&nbsp; (28234)<br>| &nbsp;&nbsp;&nbsp; (47308)<br>| &nbsp;&nbsp;&nbsp; (51933)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (186532)<br>| &nbsp;&nbsp;&nbsp; (16039)<br>| &nbsp;&nbsp;&nbsp; (33377)<br>| &nbsp;&nbsp;&nbsp; (951)<br>| &nbsp;&nbsp;&nbsp; (2738)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (186532)<br>| &nbsp;&nbsp;&nbsp; (16039)<br>| &nbsp;&nbsp;&nbsp; (33377)<br>| &nbsp;&nbsp;&nbsp; (951)<br>| &nbsp;&nbsp;&nbsp; (2738)<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; (27569)<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; (27569)<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; (34616)<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; (34616)<br>|
| &nbsp;&nbsp;&nbsp; **132012** | &nbsp;&nbsp;&nbsp; **(221369)**<br>| &nbsp;&nbsp;&nbsp; **86417** | &nbsp;&nbsp;&nbsp; **(113973)**<br>| &nbsp;&nbsp;&nbsp; **(9981)**<br>| &nbsp;&nbsp;&nbsp; **(31319)**<br>| &nbsp;&nbsp;&nbsp; **9102** | &nbsp;&nbsp;&nbsp; **(130814)**<br>|
| &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 |
| &nbsp;&nbsp;&nbsp; $2050740 | &nbsp;&nbsp;&nbsp; $1918728 | &nbsp;&nbsp;&nbsp; $941160 | &nbsp;&nbsp;&nbsp; $854743 | &nbsp;&nbsp;&nbsp; $85053 | &nbsp;&nbsp;&nbsp; $95034 | &nbsp;&nbsp;&nbsp; $362886 | &nbsp;&nbsp;&nbsp; $353784 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 | &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp; $8898 | &nbsp;&nbsp;&nbsp; $14766 | &nbsp;&nbsp;&nbsp; $6557 | &nbsp;&nbsp;&nbsp; $11164 | &nbsp;&nbsp;&nbsp; $97150 | &nbsp;&nbsp;&nbsp; $192425 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp; 33445 | &nbsp;&nbsp;&nbsp; 42539 | &nbsp;&nbsp;&nbsp; 159595 | &nbsp;&nbsp;&nbsp; 252138 | &nbsp;&nbsp;&nbsp; 211758 | &nbsp;&nbsp;&nbsp; 204847 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 196020 | &nbsp;&nbsp;&nbsp; (105303)<br>| &nbsp;&nbsp;&nbsp; (79165)<br>| &nbsp;&nbsp;&nbsp; (287731)<br>| &nbsp;&nbsp;&nbsp; 2507258 | &nbsp;&nbsp;&nbsp; 711256 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp; 238363 | &nbsp;&nbsp;&nbsp; (47998)<br>| &nbsp;&nbsp;&nbsp; 86987 | &nbsp;&nbsp;&nbsp; (24429)<br>| &nbsp;&nbsp;&nbsp; 2816166 | &nbsp;&nbsp;&nbsp; 1108528 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| Net increase (decrease) in net assets resulting from Shares transactions | &nbsp;&nbsp;&nbsp; 1769 | &nbsp;&nbsp;&nbsp; 72629 | &nbsp;&nbsp;&nbsp; (196973)<br>| &nbsp;&nbsp;&nbsp; 51967 | &nbsp;&nbsp;&nbsp; (90731)<br>| &nbsp;&nbsp;&nbsp; 526653 |
| &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; — |
| Net increase (decrease) in net assets resulting from Class I transactions | &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; 1769 | &nbsp;&nbsp;&nbsp; 72629 | &nbsp;&nbsp;&nbsp; (196973)<br>| &nbsp;&nbsp;&nbsp; 51967 | &nbsp;&nbsp;&nbsp; (90731)<br>| &nbsp;&nbsp;&nbsp; 526653 |
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (81260)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (349822)<br>| &nbsp;&nbsp;&nbsp; (95618)<br>| &nbsp;&nbsp;&nbsp; (389612)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (81260)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (349822)<br>| &nbsp;&nbsp;&nbsp; (95618)<br>| &nbsp;&nbsp;&nbsp; (389612)<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; **240132** | &nbsp;&nbsp;&nbsp; **(56629)**<br>| &nbsp;&nbsp;&nbsp; **(109986)**<br>| &nbsp;&nbsp;&nbsp; **(322284)**<br>| &nbsp;&nbsp;&nbsp; **2629817** | &nbsp;&nbsp;&nbsp; **1245569** |
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1126830 | &nbsp;&nbsp;&nbsp; 1183459 | &nbsp;&nbsp;&nbsp; 782738 | &nbsp;&nbsp;&nbsp; 1105022 | &nbsp;&nbsp;&nbsp; 14536266 | &nbsp;&nbsp;&nbsp; 13290697 |
| End of period | &nbsp;&nbsp;&nbsp; $1366962 | &nbsp;&nbsp;&nbsp; $1126830 | &nbsp;&nbsp;&nbsp; $672752 | &nbsp;&nbsp;&nbsp; $782738 | &nbsp;&nbsp;&nbsp; $17166083 | &nbsp;&nbsp;&nbsp; $14536266 |

---

<br> <sup>(1)</sup> *Formerly known as the Global Sustainability Index Fund.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **14** NORTHERN FUNDS SEMIANNUAL REPORT

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED September 30, 2025, (UNAUDITED)**<br> **OR THE FISCAL YEAR ENDED March 31, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
| U.S. Quality<br> ESG<br> Fund | U.S. Quality<br> ESG<br> Fund | &nbsp;&nbsp;&nbsp; World<br> Selection<br> Index Fund<br>| &nbsp;&nbsp;&nbsp; World<br> Selection<br> Index Fund(1)<br>|
| **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| $2111 | &nbsp;&nbsp;&nbsp;&nbsp; $5000 | &nbsp;&nbsp;&nbsp;&nbsp; $15309 | &nbsp;&nbsp;&nbsp;&nbsp; $29472 |
| 42306 | &nbsp;&nbsp;&nbsp;&nbsp; 20733 | &nbsp;&nbsp;&nbsp;&nbsp; 74784 | &nbsp;&nbsp;&nbsp;&nbsp; 76219 |
| 36006 | &nbsp;&nbsp;&nbsp;&nbsp; (2086)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 279308 | &nbsp;&nbsp;&nbsp;&nbsp; (35244)<br>|
| 80423 | &nbsp;&nbsp;&nbsp;&nbsp; 23647 | &nbsp;&nbsp;&nbsp;&nbsp; 369401 | &nbsp;&nbsp;&nbsp;&nbsp; 70447 |
| (151751)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (249021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 142748 |
| (1763)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27432 | &nbsp;&nbsp;&nbsp;&nbsp; (68503)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (389092)<br>|
| (153514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20848 | &nbsp;&nbsp;&nbsp;&nbsp; (317524)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (246344)<br>|
| (1813)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (51868)<br>|
| (1813)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (51868)<br>|
| (256)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (670)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52300)<br>|
| (256)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (670)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52300)<br>|
| **(75160)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **36664** | &nbsp;&nbsp;&nbsp;&nbsp; **51877** | &nbsp;&nbsp;&nbsp;&nbsp; **(280065)**<br>|
| 492336 | &nbsp;&nbsp;&nbsp;&nbsp; 455672 | &nbsp;&nbsp;&nbsp;&nbsp; 1866489 | &nbsp;&nbsp;&nbsp;&nbsp; 2146554 |
| $417176 | &nbsp;&nbsp;&nbsp;&nbsp; $492336 | &nbsp;&nbsp;&nbsp;&nbsp; $1918366 | &nbsp;&nbsp;&nbsp;&nbsp; $1866489 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$15.09** | &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 | 0.22 | 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>| 3.56 | 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 | 3.78 | 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; — | &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; — | &nbsp;&nbsp; (4.56)<br>| &nbsp;&nbsp; (1.32)<br>|
| Total Distributions Paid | &nbsp;&nbsp; — | &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 Period | &nbsp;&nbsp; $18.87 | &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>| **25.05%**<br>| **4.40%**<br>| **10.74%**<br>| &nbsp;&nbsp; **(12.09)%** <br><sup>(6)</sup><br>| &nbsp;&nbsp; **(9.64)%**<br>| **62.55%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $184683 | &nbsp;&nbsp; $153282 | &nbsp;&nbsp; $158940 | &nbsp;&nbsp; $173307 | &nbsp;&nbsp; $313365 | &nbsp;&nbsp; $438809 |
| Ratio to average net assets of:<sup>(7)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(8)</sup> <br>| 1.11 %<sup>(9)</sup><br>| 1.11 %<sup>(9)</sup><br>| 1.11 %<sup>(9)</sup><br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 1.36<br> %<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>(8)</sup> <br>| 2.60 %<sup>(9)</sup><br>| 1.23 %<sup>(9)</sup><br>| 1.45 %<sup>(9)</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>| 2.35<br> %<br>| 1.01<br> %<br>| 1.15<br> %<br>| 1.25<br> %<br>| 0.85<br> %<br>| 0.57<br> %<br>|
| Portfolio Turnover Rate | 39.34<br> %<br>| 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 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>(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> *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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $6,000, $13,000, $10,000, $10,000, less than $1,000 and approximately $10,000, representing less* *than 0.01 percent of average net assets for the six months ended September 30, 2025 and 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>(9)</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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Active M** <br> **International Equity** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$11.46** | &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 | 0.17 | 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>| 2.22 | 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 | 2.39 | 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; — | &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; — | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; — |
| Total Distributions Paid | &nbsp;&nbsp; — | &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 Period | &nbsp;&nbsp; $13.85 | &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>| **20.86%**<br>| **6.13%**<br>| **17.10%**<br>| **0.55%**<br>| &nbsp;&nbsp; **(1.04)%**<br>| **59.61%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $597562 | &nbsp;&nbsp; $468536 | &nbsp;&nbsp; $486663 | &nbsp;&nbsp; $479178 | &nbsp;&nbsp; $584015 | &nbsp;&nbsp; $683128 |
| Ratio to average net assets of:<sup>(6)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(7)</sup> <br>| 0.84 %<sup>(8)</sup><br>| 0.85 %<sup>(8)</sup><br>| 0.85 %<sup>(8)</sup><br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.92<br> %<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>(7)</sup> <br>| 2.71 %<sup>(8)</sup><br>| 1.94 %<sup>(8)</sup><br>| 1.81 %<sup>(8)</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>| 2.63<br> %<br>| 1.85<br> %<br>| 1.73<br> %<br>| 1.58<br> %<br>| 1.04<br> %<br>| 0.86<br> %<br>|
| Portfolio Turnover Rate | 28.74<br> %<br>| 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 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>(6)</sup> *Annualized for periods less than one year.*

<sup>(7)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $23,000, $39,000, $34,000, $23,000, less than $1,000 and approximately $17,000, representing less* *than 0.01 percent of average net assets for the six months ended September 30, 2025 and 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.* 

NORTHERN FUNDS SEMIANNUAL REPORT **17** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Emerging Markets** <br> **Equity Index Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$11.55** | &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 | 0.19 | 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>| 2.56 | 0.61 | 0.44 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (2.08)<br>| 5.20 |
| Total from Investment Operations | 2.75 | 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; — | &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; — | &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 Period | &nbsp;&nbsp; $14.30 | &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>| **23.81%**<br>| **8.41%**<br>| **7.17%**<br>| &nbsp;&nbsp; **(10.30)%** <br><sup>(5)</sup><br>| &nbsp;&nbsp; **(12.69)%**<br>| **58.51%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $2327424 | &nbsp;&nbsp; $1847827 | &nbsp;&nbsp; $1618793 | &nbsp;&nbsp; $1515201 | &nbsp;&nbsp; $1949107 | &nbsp;&nbsp; $2412779 |
| Ratio to average net assets of:<sup>(6)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.15 %<sup>(7)</sup><br>| 0.15 %<sup>(7)</sup><br>| 0.14 %<sup>(7)</sup><br>| 0.22 %<sup>(8)</sup><br>| 0.30 %<sup>(8)</sup><br>| 0.30 %<sup>(8)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.26<br> %<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>| 3.15 %<sup>(7)</sup><br>| 2.54 %<sup>(7)</sup><br>| 2.67 %<sup>(7)</sup><br>| 3.10 %<sup>(8)</sup><br>| 2.18 %<sup>(8)</sup><br>| 1.76 %<sup>(8)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.04<br> %<br>| 2.42<br> %<br>| 2.52<br> %<br>| 2.99<br> %<br>| 2.14<br> %<br>| 1.72<br> %<br>|
| Portfolio Turnover Rate | 18.28<br> %<br>| 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 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>(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> *Annualized for periods less than one year.*

<sup>(7)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(8)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $15,000, $1,000 and $21,000, representing 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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Global Real Estate** <br> **Index Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$9.64** | &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 | 0.12 | 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>| 0.78 | 0.12 | 0.50 | &nbsp;&nbsp; (2.67)<br>| 1.03 | 2.64 |
| Total from Investment Operations | 0.90 | 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; (0.19)<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; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Distributions Paid | &nbsp;&nbsp; (0.19)<br>| &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 Period | &nbsp;&nbsp; $10.35 | &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>| **9.36%**<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>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $754362 | &nbsp;&nbsp; $1116774 | &nbsp;&nbsp; $988349 | &nbsp;&nbsp; $998910 | &nbsp;&nbsp; $1492882 | &nbsp;&nbsp; $1432173 |
| Ratio to average net assets of:<sup>(6)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(7)</sup> <br>| 0.47 %<sup>(8)</sup><br>| 0.47 %<sup>(8)</sup><br>| 0.47 %<sup>(8)</sup><br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.50<br> %<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>(7)</sup> <br>| 3.65 %<sup>(8)</sup><br>| 2.89 %<sup>(8)</sup><br>| 3.18 %<sup>(8)</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>| 3.62<br> %<br>| 2.88<br> %<br>| 3.17<br> %<br>| 2.94<br> %<br>| 2.23<br> %<br>| 2.55<br> %<br>|
| Portfolio Turnover Rate | 2.05<br> %<br>| 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 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>(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> *Annualized for periods less than one year.*

<sup>(7)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $10,000, $26,000, $30,000, $18,000, $1,000 and $8,000, representing less than 0.01 percent of* *average net assets for the six months ended September 30, 2025 and 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.* 

NORTHERN FUNDS SEMIANNUAL 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** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$12.98** | &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 | 0.17 | 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>| 1.28 | 0.34 | 0.72 | &nbsp;&nbsp; (1.26)<br>| 0.22 | 3.18 |
| Total from Investment Operations | 1.45 | 0.76 | 1.16 | &nbsp;&nbsp; (0.88)<br>| 0.55 | 3.49 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.15)<br>| &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; — | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.54)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.15)<br>| &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 Period | &nbsp;&nbsp; $14.28 | &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>| **11.26%**<br>| **6.04%**<br>| **9.95%**<br>| &nbsp;&nbsp; **(6.27)%**<br>| **3.92%**<br>| **31.94%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $78456 | &nbsp;&nbsp; $77208 | &nbsp;&nbsp; $91432 | &nbsp;&nbsp; $101835 | &nbsp;&nbsp; $128119 | &nbsp;&nbsp; $120727 |
| Ratio to average net assets of:<sup>(3)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 0.26 %<sup>(5)(6)</sup><br>| 0.26 %<sup>(5)(6)</sup><br>| 0.27 %<sup>(5)(6)</sup><br>| 0.26 %<sup>(6)</sup><br>| 0.26<br> %<br>| 0.26 %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<sup>(4)</sup> <br>| 0.43<br> %<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>| 2.50 %<sup>(5)(6)</sup><br>| 3.16 %<sup>(5)(6)</sup><br>| 3.58 %<sup>(5)(6)</sup><br>| 3.01 %<sup>(6)</sup><br>| 2.45<br> %<br>| 2.32 %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.33<br> %<br>| 2.99<br> %<br>| 3.45<br> %<br>| 2.88<br> %<br>| 2.32<br> %<br>| 2.18<br> %<br>|
| Portfolio Turnover Rate | 16.02<br> %<br>| 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 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> *Expense ratios reflect only the direct expenses of the Fund and not any expenses associated with the underlying funds.*

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<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 $3,000, $3,000, $1,000, less than $1,000, and approximately $1,000, representing less than 0.01* *percent of average net assets for the six months ended September 30, 2025 and 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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Income Equity Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$16.22** | &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 | 0.15 | 0.29 | 0.30 | 0.28 | 0.19 | 0.20 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 2.85 | 1.26 | 3.10 | &nbsp;&nbsp; (1.33)<br>| 2.24 | 5.28 |
| Total from Investment Operations | 3.00 | 1.55 | 3.40 | &nbsp;&nbsp; (1.05)<br>| 2.43 | 5.48 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.16)<br>| &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; — | &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; (0.16)<br>| &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 Period | &nbsp;&nbsp; $19.06 | &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>| **18.56%**<br>| **9.82%**<br>| **26.54%**<br>| &nbsp;&nbsp; **(6.78)%**<br>| **16.31%**<br>| **53.57%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $264845 | &nbsp;&nbsp; $226382 | &nbsp;&nbsp; $169820 | &nbsp;&nbsp; $138543 | &nbsp;&nbsp; $164466 | &nbsp;&nbsp; $149908 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.49 %<sup>(4)</sup><br>| 0.49 %<sup>(4)</sup><br>| 0.49 %<sup>(4)</sup><br>| 0.66<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.63<br> %<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>(3)</sup> <br>| 1.74 %<sup>(4)</sup><br>| 1.78 %<sup>(4)</sup><br>| 2.14 %<sup>(4)</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>| 1.60<br> %<br>| 1.63<br> %<br>| 2.00<br> %<br>| 1.96<br> %<br>| 1.03<br> %<br>| 1.34<br> %<br>|
| Portfolio Turnover Rate | 25.37<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $3,000, $8,000, $3,000, $1,000, $1,000 and $1,000, representing less than 0.01 percent of average net* *assets for the six months ended September 30, 2025 and 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>(4)</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 SEMIANNUAL REPORT **21** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **International Equity** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$10.64** | &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 | 0.18 | 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>| 1.88 | 0.54 | 1.10 | &nbsp;&nbsp; (0.31)<br>| 0.10 | 2.63 |
| Total from Investment Operations | 2.06 | 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; — | &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; — | &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 Period | &nbsp;&nbsp; $12.70 | &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>| **19.36%**<br>| **8.62%**<br>| **15.07%**<br>| &nbsp;&nbsp; **(0.02)%**<br>| **3.49%**<br>| **43.53%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $164963 | &nbsp;&nbsp; $138111 | &nbsp;&nbsp; $139669 | &nbsp;&nbsp; $124062 | &nbsp;&nbsp; $124543 | &nbsp;&nbsp; $106032 |
| Ratio to average net assets of:<sup>(4)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.50 %<sup>(5)(6)</sup><br>| 0.51 %<sup>(5)(6)</sup><br>| 0.51 %<sup>(5)(6)</sup><br>| 0.51 %<sup>(6)</sup><br>| 0.51<br> %<br>| 0.52 %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.64<br> %<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>| 3.13 %<sup>(5)(6)</sup><br>| 2.85 %<sup>(5)(6)</sup><br>| 3.01 %<sup>(5)(6)</sup><br>| 3.28 %<sup>(6)</sup><br>| 2.91<br> %<br>| 2.73 %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.99<br> %<br>| 2.71<br> %<br>| 2.87<br> %<br>| 3.14<br> %<br>| 2.77<br> %<br>| 2.50<br> %<br>|
| Portfolio Turnover Rate | 37.61<br> %<br>| 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 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>(4)</sup> *Annualized for periods less than one year.*

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(6)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $1,000, $1,000, $2,000, $1,000, and $1,000, representing less than 0.01 percent of average net assets* *for the six months ended September 30, 2025 and 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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **International Equity** <br> **Index Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$14.91** | &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 | 0.30 | 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>| 2.21 | 0.35 | 1.56 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.33)<br>| 4.08 |
| Total from Investment Operations | 2.51 | 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; — | &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; — | &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 Period | &nbsp;&nbsp; $17.42 | &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>| **16.83%**<br>| **5.55%**<br>| **15.38%**<br>| &nbsp;&nbsp; **(0.11)%**<br>| **0.13%**<br>| **44.22%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $6092678 | &nbsp;&nbsp; $5007172 | &nbsp;&nbsp; $4894332 | &nbsp;&nbsp; $4479806 | &nbsp;&nbsp; $4851381 | &nbsp;&nbsp; $5379675 |
| Ratio to average net assets of:<sup>(4)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.10 %<sup>(5)</sup><br>| 0.10 %<sup>(5)</sup><br>| 0.10 %<sup>(5)</sup><br>| 0.17 %<sup>(6)</sup><br>| 0.24<br> %<br>| 0.24 %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.15<br> %<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>| 3.62 %<sup>(5)</sup><br>| 2.85 %<sup>(5)</sup><br>| 3.06 %<sup>(5)</sup><br>| 3.20 %<sup>(6)</sup><br>| 2.61<br> %<br>| 2.26 %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.57<br> %<br>| 2.79<br> %<br>| 3.00<br> %<br>| 3.17<br> %<br>| 2.61<br> %<br>| 2.26<br> %<br>|
| Portfolio Turnover Rate | 9.44<br> %<br>| 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 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>(4)</sup> *Annualized for periods less than one year.*

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(6)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $6,000 and $12,000, representing 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 SEMIANNUAL REPORT **23** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Core Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$27.25** | &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 | 0.18 | 0.30 | 0.32 | 0.31 | 0.30 | 0.31 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 6.00 | 2.03 | 6.56 | &nbsp;&nbsp; (2.16)<br>| 4.09 | 8.79 |
| Total from Investment Operations | 6.18 | 2.33 | 6.88 | &nbsp;&nbsp; (1.85)<br>| 4.39 | 9.10 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.18)<br>| &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; — | &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; (0.18)<br>| &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 Period | &nbsp;&nbsp; $33.25 | &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>| **22.74%**<br>| **8.21%**<br>| **31.46%**<br>| &nbsp;&nbsp; **(7.00)%**<br>| **17.18%**<br>| **55.62%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $343887 | &nbsp;&nbsp; $281331 | &nbsp;&nbsp; $285930 | &nbsp;&nbsp; $242606 | &nbsp;&nbsp; $289337 | &nbsp;&nbsp; $270545 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.45 %<sup>(4)</sup><br>| 0.45 %<sup>(4)</sup><br>| 0.45 %<sup>(4)</sup><br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.55<br> %<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>(3)</sup> <br>| 1.23 %<sup>(4)</sup><br>| 1.04 %<sup>(4)</sup><br>| 1.27 %<sup>(4)</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>| 1.13<br> %<br>| 0.94<br> %<br>| 1.17<br> %<br>| 1.24<br> %<br>| 1.00<br> %<br>| 1.35<br> %<br>|
| Portfolio Turnover Rate | 27.96<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $3,000, $6,000, $3,000, $3,000, less than $1,000 and approximately $2,000, representing less than* *0.01 percent of average net assets for the six months ended September 30, 2025 and 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>(4)</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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Value Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$20.71** | &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 | 0.22 | 0.38 | 0.42 | 0.39 | 0.35 | 0.38 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 1.96 | 0.59 | 3.38 | &nbsp;&nbsp; (1.49)<br>| 2.28 | 7.42 |
| Total from Investment Operations | 2.18 | 0.97 | 3.80 | &nbsp;&nbsp; (1.10)<br>| 2.63 | 7.80 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &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; — | &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; — | &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 Period | &nbsp;&nbsp; $22.89 | &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>| **10.53%**<br>| **4.75%**<br>| **21.04%**<br>| &nbsp;&nbsp; **(5.18)%**<br>| **13.00%**<br>| **61.02%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $65885 | &nbsp;&nbsp; $62580 | &nbsp;&nbsp; $65127 | &nbsp;&nbsp; $59007 | &nbsp;&nbsp; $67714 | &nbsp;&nbsp; $63821 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.57 %<sup>(3)(4)</sup><br>| 0.57 %<sup>(3)(4)</sup><br>| 0.57 %<sup>(3)(4)</sup><br>| 0.56 %<sup>(4)</sup><br>| 0.57<br> %<br>| 0.57 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.77<br> %<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>| 1.97 %<sup>(3)(4)</sup><br>| 1.71 %<sup>(3)(4)</sup><br>| 1.99 %<sup>(3)(4)</sup><br>| 1.99 %<sup>(4)</sup><br>| 1.55<br> %<br>| 2.05 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.77<br> %<br>| 1.51<br> %<br>| 1.80<br> %<br>| 1.80<br> %<br>| 1.32<br> %<br>| 1.73<br> %<br>|
| Portfolio Turnover Rate | 43.20<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $1,000, $2,000, $1,000, less than $1,000, and $1,000, representing less than 0.01 percent of average* *net assets for the six months ended September 30, 2025 and 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 SEMIANNUAL REPORT **25** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$19.44** | &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 | 0.15 | 0.31 | 0.33 | 0.32 | 0.28 | 0.26 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 2.29 | &nbsp;&nbsp; (0.80)<br>| 3.98 | &nbsp;&nbsp; (1.57)<br>| 0.80 | 10.91 |
| Total from Investment Operations | 2.44 | &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; — | &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; — | &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; — | &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 Period | &nbsp;&nbsp; $21.88 | &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>| **12.55%**<br>| &nbsp;&nbsp; **(2.78)%**<br>| **23.25%**<br>| &nbsp;&nbsp; **(5.28)%**<br>| **4.44%**<br>| **83.26%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $2050740 | &nbsp;&nbsp; $1918728 | &nbsp;&nbsp; $2140097 | &nbsp;&nbsp; $1999551 | &nbsp;&nbsp; $2439401 | &nbsp;&nbsp; $2523727 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.10 %<sup>(3)</sup><br>| 0.10 %<sup>(3)</sup><br>| 0.10 %<sup>(3)</sup><br>| 0.12 %<sup>(4)</sup><br>| 0.15 %<sup>(4)</sup><br>| 0.15 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.16<br> %<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>| 1.43 %<sup>(3)</sup><br>| 1.40 %<sup>(3)</sup><br>| 1.54 %<sup>(3)</sup><br>| 1.48 %<sup>(4)</sup><br>| 1.13 %<sup>(4)</sup><br>| 1.25 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.37<br> %<br>| 1.34<br> %<br>| 1.48<br> %<br>| 1.42<br> %<br>| 1.09<br> %<br>| 1.21<br> %<br>|
| Portfolio Turnover Rate | 7.44<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled totaled approximately $15,000, $2,000 and $17,000, representing less than 0.01 percent of average net assets for the 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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multi-Manager Global Listed** <br> **Infrastructure Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$12.54** | &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 | 0.25 | 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>| 1.26 | 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 | 1.51 | 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; (0.24)<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; — | &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; (0.24)<br>| &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 Period | &nbsp;&nbsp; $13.81 | &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>| **12.10%**<br>| **9.47%**<br>| **2.17%**<br>| &nbsp;&nbsp; **(4.43)%**<br>| **11.46%**<br>| **25.81%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $941160 | &nbsp;&nbsp; $854743 | &nbsp;&nbsp; $968716 | &nbsp;&nbsp; $987476 | &nbsp;&nbsp; $1103323 | &nbsp;&nbsp; $1167594 |
| Ratio to average net assets of:<sup>(5)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(6)</sup> <br>| 0.96 %<sup>(7)</sup><br>| 0.96 %<sup>(7)</sup><br>| 0.96 %<sup>(7)</sup><br>| 0.96<br> %<br>| 0.97<br> %<br>| 0.96<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 1.01<br> %<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>(6)</sup> <br>| 3.71 %<sup>(7)</sup><br>| 2.72 %<sup>(7)</sup><br>| 2.72 %<sup>(7)</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>| 3.66<br> %<br>| 2.67<br> %<br>| 2.67<br> %<br>| 2.24<br> %<br>| 2.38<br> %<br>| 1.78<br> %<br>|
| Portfolio Turnover Rate | 31.40<br> %<br>| 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 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>(5)</sup> *Annualized for periods less than one year.*

<sup>(6)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $31,000, $65,000, $72,000, $57,000, $1,000 and $41,000, representing less than 0.01 percent of* *average net assets for the six months ended September 30, 2025 and 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 SEMIANNUAL 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** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$10.21** | &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 | 0.16 | 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>| 0.52 | &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 | 0.68 | &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; (0.12)<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; — | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — |
| Total Distributions Paid | &nbsp;&nbsp; (0.12)<br>| &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 Period | &nbsp;&nbsp; $10.77 | &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>| **6.63%**<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>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $85053 | &nbsp;&nbsp; $95034 | &nbsp;&nbsp; $126353 | &nbsp;&nbsp; $121173 | &nbsp;&nbsp; $204893 | &nbsp;&nbsp; $181192 |
| Ratio to average net assets of:<sup>(7)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(8)</sup> <br>| 0.92 %<sup>(9)</sup><br>| 0.93 %<sup>(9)</sup><br>| 0.92 %<sup>(9)</sup><br>| 0.92<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 1.12<br> %<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>(8)</sup> <br>| 3.02 %<sup>(9)</sup><br>| 2.03 %<sup>(9)</sup><br>| 2.17 %<sup>(9)</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>| 2.82<br> %<br>| 1.88<br> %<br>| 2.01<br> %<br>| 1.92<br> %<br>| 1.11<br> %<br>| 1.61<br> %<br>|
| Portfolio Turnover Rate | 20.80<br> %<br>| 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 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>(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> *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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $3,000, $10,000, $9,000, $7,000, less than $1,000 and approximately $6,000, representing less than* *0.01 percent of average net assets for the six months ended September 30, 2025 and 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>(9)</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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Core Fund** | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025 (UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **Mar 31,**<br> **2021**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$23.31** | &nbsp;&nbsp; **$28.67** | &nbsp;&nbsp; **$25.40** | &nbsp;&nbsp; **$27.82** | &nbsp;&nbsp; **$32.58** | &nbsp;&nbsp; **$23.46** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.17 | 0.20 | 0.31 | 0.28 | 0.24 | 0.13 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 3.91 | &nbsp;&nbsp; (1.00)<br>| 4.84 | &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (0.33)<br>| 10.42 |
| Total from Investment Operations | 4.08 | &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; — | &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; — | &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; — | &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; $27.39 | &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>| **17.50%**<br>| &nbsp;&nbsp; **(4.00)%**<br>| **20.74%**<br>| &nbsp;&nbsp; **(8.08)%**<br>| &nbsp;&nbsp; **(0.54)%**<br>| **45.82%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $193112 | &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 <br> and credits<sup>(4)</sup> <br>| 0.40 %<sup>(5)</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>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.46<br> %<br>| 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 <br> reimbursements and credits<sup>(4)</sup> <br>| 1.30 %<sup>(5)</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>| 1.24<br> %<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 | 14.38<br> %<br>| 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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $5,000, $15,000, $12,000, $12,000, $1,000, and $1,000, representing less than 0.01 percent of* *average net assets for the six months ended September 30, 2025 and 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, 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 SEMIANNUAL 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** | **Class I** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025 (UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **Mar 31,**<br> **2021**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$23.29** | &nbsp;&nbsp; **$28.62** | &nbsp;&nbsp; **$25.37** | &nbsp;&nbsp; **$27.77** | &nbsp;&nbsp; **$32.56** | &nbsp;&nbsp; **$23.46** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.30 | 0.23 | 0.29 | 0.30 | 0.17 | 0.12 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 3.77 | &nbsp;&nbsp; (1.07)<br>| 4.83 | &nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp; (0.30)<br>| 10.41 |
| Total from Investment Operations | 4.07 | &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; — | &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; — | &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; — | &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; $27.36 | &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>| **17.48%**<br>| &nbsp;&nbsp; **(4.12)%**<br>| **20.62%**<br>| &nbsp;&nbsp; **(8.18)%**<br>| &nbsp;&nbsp; **(0.63)%**<br>| **45.72%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $169774 | &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 <br> and credits<sup>(4)</sup> <br>| 0.50 %<sup>(5)</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>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.56<br> %<br>| 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 <br> reimbursements and credits<sup>(4)</sup> <br>| 1.18 %<sup>(5)</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>| 1.12<br> %<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 | 14.38<br> %<br>| 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 investments in affiliated* *money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending activities.* *The reimbursements totaled approximately $5,000, $17,000, $10,000, $10,000, $1,000 and $1,000, representing less than 0.01 percent of average net* *assets for the six months ended September 30, 2025 and 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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$12.60** | &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 | 0.10 | 0.17 | 0.18 | 0.18 | 0.15 | 0.12 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 2.67 | &nbsp;&nbsp; (0.65)<br>| 2.15 | &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (1.10)<br>| 8.48 |
| Total from Investment Operations | 2.77 | &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; — | &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; — | &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; — | &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 Period | &nbsp;&nbsp; $15.37 | &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>| **21.98%**<br>| &nbsp;&nbsp; **(4.06)%**<br>| **19.59%**<br>| &nbsp;&nbsp; **(11.68)%**<br>| &nbsp;&nbsp; **(5.88)%**<br>| **94.41%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $1366962 | &nbsp;&nbsp; $1126830 | &nbsp;&nbsp; $1183459 | &nbsp;&nbsp; $1163077 | &nbsp;&nbsp; $1535414 | &nbsp;&nbsp; $1606895 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.10<br> %<br>| 0.10 %<sup>(3)</sup><br>| 0.10 %<sup>(3)</sup><br>| 0.12 %<sup>(4)</sup><br>| 0.15 %<sup>(4)</sup><br>| 0.15 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.16<br> %<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>| 1.50<br> %<br>| 1.21 %<sup>(3)</sup><br>| 1.34 %<sup>(3)</sup><br>| 1.38 %<sup>(4)</sup><br>| 0.88 %<sup>(4)</sup><br>| 0.93 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.44<br> %<br>| 1.15<br> %<br>| 1.28<br> %<br>| 1.32<br> %<br>| 0.84<br> %<br>| 0.89<br> %<br>|
| Portfolio Turnover Rate | 14.88<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately, $4,000, $1,000 and $14,000, representing less than 0.01 percent of average net assets for the* *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 SEMIANNUAL REPORT **31** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Value Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$12.23** | &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 | 0.15 | 0.22 | 0.22 | 0.22 | 0.18 | 0.20 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 1.63 | &nbsp;&nbsp; (0.59)<br>| 3.13 | &nbsp;&nbsp; (1.78)<br>| 0.56 | 10.15 |
| Total from Investment Operations | 1.78 | &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; — | &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; — | &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; — | &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 Period | &nbsp;&nbsp; $14.01 | &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>| **14.55%**<br>| &nbsp;&nbsp; **(3.98)%**<br>| **18.78%**<br>| &nbsp;&nbsp; **(7.50)%**<br>| **3.29%**<br>| **77.32%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $672752 | &nbsp;&nbsp; $782738 | &nbsp;&nbsp; $1105022 | &nbsp;&nbsp; $1617670 | &nbsp;&nbsp; $2293215 | &nbsp;&nbsp; $2974261 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.50 %<sup>(4)</sup><br>| 0.90 %<sup>(4)</sup><br>| 1.00 %<sup>(4)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.66<br> %<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>(3)</sup> <br>| 1.93 %<sup>(4)</sup><br>| 1.12 %<sup>(4)</sup><br>| 1.14 %<sup>(4)</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>| 1.77<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>| 0.95<br> %<br>| 0.54<br> %<br>| 0.92<br> %<br>|
| Portfolio Turnover Rate | 40.35<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $24,000, $58,000, $85,000, $63,000, $3,000 and $59,000, representing less than 0.01 percent of* *average net assets for the six months ended September 30, 2025 and 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>(4)</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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Stock Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$56.87** | &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 | 0.39 | 0.77 | 0.75 | 0.71 | 0.62 | 0.61 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 10.92 | 3.68 | 11.99 | &nbsp;&nbsp; (4.72)<br>| 6.29 | 15.87 |
| Total from Investment Operations | 11.31 | 4.45 | 12.74 | &nbsp;&nbsp; (4.01)<br>| 6.91 | 16.48 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.38)<br>| &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; — | &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; (0.38)<br>| &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 Period | &nbsp;&nbsp; $67.80 | &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>| **19.93%**<br>| **8.16%**<br>| **29.82%**<br>| &nbsp;&nbsp; **(7.82)%**<br>| **15.51%** <br><sup>(2)</sup><br>| **56.22%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $17166083 | &nbsp;&nbsp; $14536266 | &nbsp;&nbsp; $13290697 | &nbsp;&nbsp; $10729781 | &nbsp;&nbsp; $12467719 | &nbsp;&nbsp; $11225431 |
| Ratio to average net assets of:<sup>(3)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.05 %<sup>(4)</sup><br>| 0.05 %<sup>(4)</sup><br>| 0.05 %<sup>(4)</sup><br>| 0.07 %<sup>(5)</sup><br>| 0.10 %<sup>(5)</sup><br>| 0.10 %<sup>(5)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.10<br> %<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>| 1.26 %<sup>(4)</sup><br>| 1.33 %<sup>(4)</sup><br>| 1.55 %<sup>(4)</sup><br>| 1.62 %<sup>(5)</sup><br>| 1.26 %<sup>(5)</sup><br>| 1.54 %<sup>(5)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.21<br> %<br>| 1.28<br> %<br>| 1.51<br> %<br>| 1.58<br> %<br>| 1.23<br> %<br>| 1.51<br> %<br>|
| Portfolio Turnover Rate | 1.86<br> %<br>| 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 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>(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> *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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $39,000, $7,000 and $85,000, representing 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 SEMIANNUAL 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** | **Class K** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025 (UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **Mar 31,**<br> **2021**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$20.02** | &nbsp;&nbsp; **$19.35** | &nbsp;&nbsp; **$15.30** | &nbsp;&nbsp; **$17.26** | &nbsp;&nbsp; **$16.12** | &nbsp;&nbsp; **$13.00** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.12 | 0.21 | 0.22 | 0.22 | 0.16 | 0.10 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 3.61 | 0.79 | 4.05 | &nbsp;&nbsp; (1.58)<br>| 2.09 | 3.21 |
| Total from Investment Operations | 3.73 | 1.00 | 4.27 | &nbsp;&nbsp; (1.36)<br>| 2.25 | 3.31 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.11)<br>| &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; — | &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; (0.11)<br>| &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; $23.64 | &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>| **18.66%**<br>| **5.07%**<br>| **28.06%**<br>| &nbsp;&nbsp; **(7.70)%**<br>| **13.71%**<br>| **25.59%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $359293 | &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 <br> and credits<sup>(4)</sup> <br>| 0.39 %<sup>(5)</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>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.44<br> %<br>| 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 <br> reimbursements and credits<sup>(4)</sup> <br>| 0.92 %<sup>(5)</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>| 0.87<br> %<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 | 10.85<br> %<br>| 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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $5,000, $9,000, $6,000, $7,000, $3,000 and $3,000, representing less than 0.01 percent of average* *net assets for the six months ended September 30, 2025 and 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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Quality ESG Fund** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025 (UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **Mar 31,**<br> **2021**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$19.98** | &nbsp;&nbsp; **$19.33** | &nbsp;&nbsp; **$15.28** | &nbsp;&nbsp; **$17.25** | &nbsp;&nbsp; **$16.12** | &nbsp;&nbsp; **$13.66** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.09 | 0.21 | 0.21 | 0.18 | 0.15 | 0.08 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 3.61 | 0.75 | 4.04 | &nbsp;&nbsp; (1.56)<br>| 2.09 | 2.56 |
| Total from Investment Operations | 3.70 | 0.96 | 4.25 | &nbsp;&nbsp; (1.38)<br>| 2.24 | 2.64 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.10)<br>| &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; — | &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; (0.10)<br>| &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; $23.58 | &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>| **18.56%**<br>| **4.91%**<br>| **28.01%**<br>| &nbsp;&nbsp; **(7.79)%**<br>| **13.62%**<br>| **19.46%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $57883 | &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>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.49 %<sup>(4)(5)</sup><br>| 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>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.54<br> %<br>| 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 <br> reimbursements and credits<br>| 0.81 %<sup>(4)(5)</sup><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>| 0.76<br> %<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 | 10.85<br> %<br>| 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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $1,000, $1,000, less than $1,000 and $1,000, representing less than 0.01 percent of average net assets* *for the six months ended September 30, 2025 and 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 SEMIANNUAL REPORT **35** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **World Selection** <br> **Index Fund**<br>| **Class K** | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025 (UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **Mar 31,**<br> **2021**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$21.86** | &nbsp;&nbsp; **$22.43** | &nbsp;&nbsp; **$17.92** | &nbsp;&nbsp; **$19.57** | &nbsp;&nbsp; **$18.67** | &nbsp;&nbsp; **$15.50** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.20 | 0.35 | 0.31 | 0.31 | 0.30 <br><sup>(2)</sup><br>| 0.19 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 4.38 | 0.36 | 4.53 | &nbsp;&nbsp; (1.64)<br>| 1.70 | 3.27 |
| Total from Investment Operations | 4.58 | 0.71 | 4.84 | &nbsp;&nbsp; (1.33)<br>| 2.00 | 3.46 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income<sup>(3)</sup> <br>| &nbsp;&nbsp; — | &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; — | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (— )<sup>(4)</sup><br>|
| Total Distributions Paid | &nbsp;&nbsp; — | &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; $26.44 | &nbsp;&nbsp; $21.86 | &nbsp;&nbsp; $22.43 | &nbsp;&nbsp; $17.92 | &nbsp;&nbsp; $19.57 | &nbsp;&nbsp; $18.67 |
| **Total Return**<sup>(5)</sup> <br>| **20.95%**<br>| **2.92%**<br>| **27.20%**<br>| &nbsp;&nbsp; **(6.67)%**<br>| **10.48%**<br>| **22.44%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $915060 | &nbsp;&nbsp; $973823 | &nbsp;&nbsp; $857489 | &nbsp;&nbsp; $736028 | &nbsp;&nbsp; $740470 | &nbsp;&nbsp; $513860 |
| Ratio to average net assets of:<sup>(6)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(7)</sup> <br>| 0.24 %<sup>(8)</sup><br>| 0.24 %<sup>(8)</sup><br>| 0.24 %<sup>(8)</sup><br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.25<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.24<br> %<br>| 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 <br> reimbursements and credits<sup>(7)</sup> <br>| 1.60 %<sup>(8)</sup><br>| 1.46 %<sup>(8)</sup><br>| 1.67 %<sup>(8)</sup><br>| 1.86<br> %<br>| 1.49<br> %<br>| 1.62 %<sup>(9)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.60<br> %<br>| 1.46<br> %<br>| 1.67<br> %<br>| 1.86<br> %<br>| 1.49<br> %<br>| 1.60 %<sup>(9)</sup><br>|
| Portfolio Turnover Rate | 3.81<br> %<br>| 13.38<br> %<br>| 15.57<br> %<br>| 19.49<br> %<br>| 8.31<br> %<br>| 29.04<br> %<br>|

---

<sup>(1)</sup> *For the period from* July 30, 2020 *(commencement of class operations) through March 31, 2021.*

<sup>(2)</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>(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> *Per share amounts were less than $0.01 per share.*

<sup>(5)</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>(6)</sup> *Annualized for periods less than one year.*

<sup>(7)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $9,000, $21,000, $28,000, $12,000, $1,000 and $2,000, representing less than 0.01 percent of* *average net assets for the six months ended September 30, 2025 and 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>(8)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(9)</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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **World Selection** <br> **Index Fund**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025 (UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **Mar 31,**<br> **2021**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$21.85** | &nbsp;&nbsp; **$22.41** | &nbsp;&nbsp; **$17.91** | &nbsp;&nbsp; **$19.56** | &nbsp;&nbsp; **$18.66** | &nbsp;&nbsp; **$15.50** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.21 | 0.44 | 0.24 | 0.29 | 0.23 <br><sup>(2)</sup><br>| 0.19 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 4.36 | 0.26 | 4.58 | &nbsp;&nbsp; (1.62)<br>| 1.77 | 3.26 |
| Total from Investment Operations | 4.57 | 0.70 | 4.82 | &nbsp;&nbsp; (1.33)<br>| 2.00 | 3.45 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income<sup>(3)</sup> <br>| &nbsp;&nbsp; — | &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; — | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (— )<sup>(4)</sup><br>|
| Total Distributions Paid | &nbsp;&nbsp; — | &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; $26.42 | &nbsp;&nbsp; $21.85 | &nbsp;&nbsp; $22.41 | &nbsp;&nbsp; $17.91 | &nbsp;&nbsp; $19.56 | &nbsp;&nbsp; $18.66 |
| **Total Return**<sup>(5)</sup> <br>| **20.92%**<br>| **2.91%**<br>| **27.11%**<br>| &nbsp;&nbsp; **(6.72)%**<br>| **10.47%**<br>| **22.35%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $1003306 | &nbsp;&nbsp; $892666 | &nbsp;&nbsp; $1289065 | &nbsp;&nbsp; $793201 | &nbsp;&nbsp; $732245 | &nbsp;&nbsp; $474771 |
| Ratio to average net assets of:<sup>(6)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(7)</sup> <br>| 0.29 %<sup>(8)</sup><br>| 0.29 %<sup>(8)</sup><br>| 0.29 %<sup>(8)</sup><br>| 0.29<br> %<br>| 0.29<br> %<br>| 0.30<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.29<br> %<br>| 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 <br> reimbursements and credits<sup>(7)</sup> <br>| 1.55 %<sup>(8)</sup><br>| 1.43 %<sup>(8)</sup><br>| 1.62 %<sup>(8)</sup><br>| 1.83<br> %<br>| 1.48<br> %<br>| 1.57 %<sup>(9)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.55<br> %<br>| 1.43<br> %<br>| 1.62<br> %<br>| 1.83<br> %<br>| 1.48<br> %<br>| 1.56 %<sup>(9)</sup><br>|
| Portfolio Turnover Rate | 3.81<br> %<br>| 13.38<br> %<br>| 15.57<br> %<br>| 19.49<br> %<br>| 8.31<br> %<br>| 29.04<br> %<br>|

---

<sup>(1)</sup> *For the period from* July 30, 2020 *(commencement of class operations) through March 31, 2021.*

<sup>(2)</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>(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> *Per share amounts were less than $0.01 per share.*

<sup>(5)</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>(6)</sup> *Annualized for periods less than one year.*

<sup>(7)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $8,000, $25,000, $34,000, $12,000, $1,000 and $2,000, representing less than 0.01 percent of* *average net assets for the six months ended September 30, 2025 and 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>(8)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(9)</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 SEMIANNUAL 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 – 93.6%** <sup>(1)</sup> | **COMMON STOCKS – 93.6%** <sup>(1)</sup> | **COMMON STOCKS – 93.6%** <sup>(1)</sup> |
| **Austria – 0.3%** | **Austria – 0.3%** | **Austria – 0.3%** |
| Erste Group Bank A.G. | 6082 | **$595** |
| **Brazil – 5.2%** | **Brazil – 5.2%** | **Brazil – 5.2%** |
| Ambev S.A. ADR<sup>†</sup> <br>| 672706 | 1500 |
| Azzas 2154 S.A.\* | 128745 | 731 |
| &nbsp;&nbsp; Cia de Saneamento Basico do Estado <br> de Sao Paulo SABESP<br>| 17400 | 432 |
| Embraer S.A. | 95000 | 1427 |
| MercadoLibre, Inc.\* | 228 | 533 |
| NU Holdings Ltd., Class A\* | 37174 | 595 |
| Petroleo Brasileiro S.A. - Petrobras ADR | 59900 | 758 |
| Raia Drogasil S.A. | 320000 | 1104 |
| TIM S.A. | 111600 | 492 |
| TOTVS S.A.\* | 144200 | 1237 |
| Vale S.A. ADR | 70100 | 761 |
|  |  | **9570** |
| **Chile – 0.6%** | **Chile – 0.6%** | **Chile – 0.6%** |
| Antofagasta PLC | 27400 | **1021** |
| **China – 20.2%** | **China – 20.2%** | **China – 20.2%** |
| Alibaba Group Holding Ltd. | 119500 | 2679 |
| Alibaba Group Holding Ltd. ADR | 9800 | 1752 |
| BYD Co. Ltd., Class H | 108000 | 1532 |
| &nbsp;&nbsp; China Construction Bank Corp., <br> Class H<br>| 2709000 | 2607 |
| China Life Insurance Co. Ltd., Class H | 548000 | 1562 |
| &nbsp;&nbsp; China Merchants Bank Co. Ltd., <br> Class H<br>| 76000 | 457 |
| &nbsp;&nbsp; Eastroc Beverage Group Co. Ltd., <br> Class A<br>| 13600 | 580 |
| Full Truck Alliance Co. Ltd. ADR | 75300 | 977 |
| &nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., <br> Class A<br>| 47600 | 491 |
| Haier Smart Home Co. Ltd., Class A | 236653 | 839 |
| Hansoh Pharmaceutical Group Co. Ltd. | 121425 | 564 |
| JD Health International, Inc.\* | 40900 | 350 |
| Kuaishou Technology | 53400 | 581 |
| Laopu Gold Co. Ltd., Class H | 4160 | 380 |
| Meituan, Class B\* | 79820 | 1068 |
| PDD Holdings, Inc. ADR\* | 14700 | 1943 |
| &nbsp;&nbsp; PICC Property & Casualty Co. Ltd., <br> Class H<br>| 477000 | 1079 |
| Pop Mart International Group Ltd. | 11800 | 403 |
| Shangri-La Asia Ltd. | 314000 | 183 |
| TAL Education Group ADR\* | 62100 | 695 |
| Tencent Holdings Ltd. | 127700 | 10879 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.6%** <sup>(1)</sup>**continued**  |
| **China – 20.2%continued** | **China – 20.2%continued** | **China – 20.2%continued** |
| &nbsp;&nbsp; Tencent Music Entertainment Group <br> ADR<br>| 24490 | $572 |
| Topsports International Holdings Ltd. | 711256 | 289 |
| Trip.com Group Ltd. | 3720 | 282 |
| Want Want China Holdings Ltd. | 1036740 | 705 |
| WuXi AppTec Co. Ltd., Class H | 75600 | 1156 |
| Xiaomi Corp., Class B\* | 341600 | 2378 |
| Zhejiang China Commodities City <br> Group Co. Ltd., Class A<br>| 112500 | 293 |
|  |  | **37276** |
| **Egypt – 0.7%** | **Egypt – 0.7%** | **Egypt – 0.7%** |
| Commercial International Bank - Egypt <br> (CIB)<br>| 626535 | **1322** |
| **Greece – 1.6%** | **Greece – 1.6%** | **Greece – 1.6%** |
| &nbsp;&nbsp; Eurobank Ergasias Services and <br> Holdings S.A.<br>| 399200 | 1536 |
| National Bank of Greece S.A. | 46059 | 671 |
| Piraeus Financial Holdings S.A.\* | 80839 | 685 |
|  |  | **2892** |
| **Hong Kong – 0.9%** | **Hong Kong – 0.9%** | **Hong Kong – 0.9%** |
| AIA Group Ltd. | 53700 | 515 |
| Hong Kong Exchanges & Clearing Ltd. | 20900 | 1188 |
|  |  | **1703** |
| **Hungary – 0.7%** | **Hungary – 0.7%** | **Hungary – 0.7%** |
| OTP Bank Nyrt. | 15645 | **1355** |
| **India – 10.6%** | **India – 10.6%** | **India – 10.6%** |
| Bajaj Finance Ltd. | 27681 | 312 |
| Bharat Electronics Ltd. | 235273 | 1071 |
| Bharti Airtel Ltd. | 37487 | 794 |
| BSE Ltd. | 8597 | 198 |
| Divi's Laboratories Ltd. | 1966 | 126 |
| Dixon Technologies India Ltd. | 2506 | 461 |
| DLF Ltd. | 42432 | 341 |
| HDFC Bank Ltd. | 386544 | 4141 |
| Hero MotoCorp Ltd. | 43338 | 2672 |
| ICICI Bank Ltd. | 95449 | 1448 |
| Indian Hotels (The) Co. Ltd. | 41945 | 340 |
| JK Cement Ltd. | 11900 | 844 |
| Larsen & Toubro Ltd. | 35600 | 1467 |
| Mahindra & Mahindra Ltd. | 15506 | 599 |
| MakeMyTrip Ltd.\* | 4118 | 385 |
| Max Healthcare Institute Ltd. | 20589 | 261 |
| Reliance Industries Ltd. | 20140 | 309 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **38** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.6%** <sup>(1)</sup>**continued**  |
| **India – 10.6%continued** | **India – 10.6%continued** | **India – 10.6%continued** |
| Siemens Energy India Ltd.\* | 9961 | $386 |
| Tata Consultancy Services Ltd. | 91532 | 2978 |
| TVS Motor Co. Ltd. | 13455 | 522 |
|  |  | **19655** |
| **Indonesia – 1.4%** | **Indonesia – 1.4%** | **Indonesia – 1.4%** |
| Astra International Tbk PT | 3713554 | 1289 |
| Bank Central Asia Tbk PT | 317000 | 145 |
| Telkom Indonesia Persero Tbk PT | 6026900 | 1111 |
|  |  | **2545** |
| **Macau – 0.2%** | **Macau – 0.2%** | **Macau – 0.2%** |
| Galaxy Entertainment Group Ltd. | 53500 | **295** |
| **Malaysia – 0.5%** | **Malaysia – 0.5%** | **Malaysia – 0.5%** |
| CIMB Group Holdings Bhd. | 493200 | **860** |
| **Mexico – 5.9%** | **Mexico – 5.9%** | **Mexico – 5.9%** |
| America Movil S.A.B. de C.V. ADR | 139938 | 2939 |
| Cemex S.A.B. de C.V. ADR | 82900 | 745 |
| &nbsp;&nbsp; Fomento Economico Mexicano S.A.B. <br> de C.V. ADR<br>| 7900 | 779 |
| &nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de <br> C.V., Class O<br>| 173304 | 1741 |
| Southern Copper Corp. | 2229 | 271 |
| Wal-Mart de Mexico S.A.B. de C.V. | 1416175 | 4375 |
|  |  | **10850** |
| **Peru – 3.4%** | **Peru – 3.4%** | **Peru – 3.4%** |
| &nbsp;&nbsp; Cia de Minas Buenaventura S.A.A. <br> ADR<br>| 70953 | 1726 |
| Credicorp Ltd. | 16998 | 4526 |
|  |  | **6252** |
| **Saudi Arabia – 0.9%** | **Saudi Arabia – 0.9%** | **Saudi Arabia – 0.9%** |
| Al Rajhi Bank | 48947 | 1398 |
| Elm Co. | 1355 | 324 |
|  |  | **1722** |
| **Singapore – 0.7%** | **Singapore – 0.7%** | **Singapore – 0.7%** |
| Grab Holdings Ltd., Class A\* | 52800 | 318 |
| Sea Ltd. ADR\* | 5243 | 937 |
|  |  | **1255** |
| **South Africa – 6.6%** | **South Africa – 6.6%** | **South Africa – 6.6%** |
| Bid Corp. Ltd. | 45070 | 1130 |
| Bidvest Group Ltd. | 131627 | 1615 |
| Capitec Bank Holdings Ltd. | 1880 | 379 |
| Clicks Group Ltd. | 13614 | 278 |
| FirstRand Ltd. | 136900 | 616 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.6%** <sup>(1)</sup>**continued**  |
| **South Africa – 6.6%continued** | **South Africa – 6.6%continued** | **South Africa – 6.6%continued** |
| Impala Platinum Holdings Ltd. | 94995 | $1218 |
| MTN Group Ltd. | 101000 | 850 |
| Naspers Ltd., Class N\* | 2887 | 1049 |
| Standard Bank Group Ltd. | 96491 | 1322 |
| Truworths International Ltd. | 20056 | 63 |
| Valterra Platinum Ltd. | 51784 | 3697 |
|  |  | **12217** |
| **South Korea – 12.7%** | **South Korea – 12.7%** | **South Korea – 12.7%** |
| Coupang, Inc.\* | 8300 | 267 |
| Hanwha Aerospace Co. Ltd. | 2121 | 1673 |
| HD Hyundai Electric Co. Ltd. | 1652 | 689 |
| HD Hyundai Heavy Industries Co. Ltd. | 3034 | 1116 |
| HD Hyundai Marine Solution Co. Ltd. | 3645 | 547 |
| Hyundai Mobis Co. Ltd. | 4320 | 924 |
| Hyundai Motor Co. | 15307 | 2353 |
| Hyundai Rotem Co. Ltd. | 6810 | 1065 |
| KB Financial Group, Inc. | 6481 | 535 |
| NCSoft Corp. | 6532 | 1008 |
| Samsung Biologics Co. Ltd.\* | 553 | 394 |
| Samsung Electro-Mechanics Co. Ltd. | 4497 | 624 |
| Samsung Electronics Co. Ltd. | 177579 | 10674 |
| SK Hynix, Inc. | 6520 | 1630 |
|  |  | **23499** |
| **Taiwan – 14.3%** | **Taiwan – 14.3%** | **Taiwan – 14.3%** |
| Accton Technology Corp. | 39600 | 1371 |
| ASPEED Technology, Inc. | 5250 | 875 |
| Delta Electronics, Inc. | 35000 | 981 |
| Eclat Textile Co. Ltd. | 73000 | 1054 |
| Elite Material Co. Ltd. | 12000 | 487 |
| Globalwafers Co. Ltd. | 77000 | 1190 |
| Hiwin Technologies Corp. | 87000 | 618 |
| Hon Hai Precision Industry Co. Ltd. | 518096 | 3692 |
| MediaTek, Inc. | 38450 | 1667 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 314300 | 13673 |
| Yageo Corp. | 132000 | 739 |
|  |  | **26347** |
| **Thailand – 0.7%** | **Thailand – 0.7%** | **Thailand – 0.7%** |
| Advanced Info Service PCL NVDR | 47900 | 430 |
| CP ALL PCL (Registered) | 654000 | 954 |
|  |  | **1384** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 93.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.6%** <sup>(1)</sup>**continued**  |
| **Turkey – 0.8%** | **Turkey – 0.8%** | **Turkey – 0.8%** |
| &nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret <br> A.S.<br>| 109539 | $566 |
| &nbsp;&nbsp; Astor Transformator Enerji Turizm Insaat <br> Ve Petrol Sanayi Ticaret A.S.<br>| 220400 | 518 |
| Yapi ve Kredi Bankasi A.S.\* | 516000 | 421 |
|  |  | **1505** |
| **United Arab Emirates – 2.9%** | **United Arab Emirates – 2.9%** | **United Arab Emirates – 2.9%** |
| Adnoc Gas PLC | 1105000 | 1066 |
| Aldar Properties PJSC | 99714 | 257 |
| Emaar Properties PJSC | 1153140 | 4099 |
|  |  | **5422** |
| **United Kingdom – 0.9%** | **United Kingdom – 0.9%** | **United Kingdom – 0.9%** |
| Anglogold Ashanti PLC | 23300 | **1639** |
| **United States – 0.9%** | **United States – 0.9%** | **United States – 0.9%** |
| Tenaris S.A. ADR | 46221 | **1653** |
| **Total Common Stocks** |  |  |
| **(Cost $129,004)** |  | **172834** |
| **PREFERRED STOCKS – 2.7%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.7%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.7%** <sup>(1)</sup> |
| **Brazil – 2.7%** | **Brazil – 2.7%** | **Brazil – 2.7%** |
| Banco Bradesco S.A.\* | 222800 | 742 |
| Gerdau S.A. ADR, 2.82%<sup>(2)</sup> <br>| 207000 | 642 |
| Itau Unibanco Holding S.A., 2.91%<sup>(2)</sup> <br>| 109480 | 803 |
| Itau Unibanco Holding S.A. ADR, <br> 3.39%<sup>(2)</sup> <br>| 388641 | 2852 |
|  |  | **5039** |
| **India – 0.0%** | **India – 0.0%** | **India – 0.0%** |
| TVS Motor Co. Ltd.<sup>(3) \*</sup> <br>| 40720 | **4** |
| **Total Preferred Stocks** |  |  |
| **(Cost $3,587)** |  | **5043** |
| **INVESTMENT COMPANIES – 4.3%**  | **INVESTMENT COMPANIES – 4.3%**  | **INVESTMENT COMPANIES – 4.3%**  |
| iShares Core S&P 500 ETF | 2700 | 1807 |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(4) (5) (6)</sup> <br>| 1681765 | 1682 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(4) (5)</sup> <br>| 4385791 | 4386 |
| **Total Investment Companies** |  |  |
| **(Cost $7,716)** |  | **7875** |

---

---

| | | |
|:---|:---|:---|
|  | 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%, 11/28/25<sup>(7) (8)</sup> <br>| $76 | $76 |
| **Total Short-Term Investments** |  |  |
| **(Cost $75)** |  | **76** |
| **Total Investments – 100.6%** |  |  |
| **(Cost $140,382)** |  | **185828** |
| Liabilities less Other Assets – (0.6%) |  | (1145)<br>|
| **Net Assets – 100.0%** |  | **$184683** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup> <br>| *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(3)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(4)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(5)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(6)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(7)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(8)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| 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.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **40** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

At September 30, 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>| 46 | $3127 | Long | 12/25 | $34 |

---

<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 September 30, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Information Technology | 24.1<br> %<br>|
| Financials | 20.8 |
| Consumer Discretionary | 14.1 |
| Communication Services | 10.6 |
| Industrials | 8.3 |
| Materials | 6.8 |
| Consumer Staples | 6.4 |
| Real Estate | 2.5 |
| Energy | 2.1 |
| Health Care | 1.4 |
| Utilities | 0.2 |
| Short-Term Investments | 3.3 |
| Total Investments | 100.6 |
| Liabilities less Other Assets | (0.6)<br>|
| 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 September 30, 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 September 30, 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; $9570 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9570 |
| China | &nbsp;&nbsp; 5939 | &nbsp;&nbsp; 31337 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37276 |
| Egypt | &nbsp;&nbsp; 1322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1322 |
| India | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 19270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19655 |
| Mexico | &nbsp;&nbsp; 10850 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10850 |
| Peru | &nbsp;&nbsp; 6252 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6252 |
| Singapore | &nbsp;&nbsp; 1255 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1255 |
| South Korea | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 23232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23499 |
| United Kingdom | &nbsp;&nbsp; 1639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1639 |
| United States | &nbsp;&nbsp; 1653 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1653 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 59863 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59863 |
| Total Common Stocks | &nbsp;&nbsp; 39132 | &nbsp;&nbsp; 133702 | &nbsp;&nbsp; — | &nbsp;&nbsp; 172834 |
| Preferred Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 5039 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5039 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Total Preferred Stocks | &nbsp;&nbsp; 5039 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5043 |
| Investment Companies | &nbsp;&nbsp; 7875 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7875 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 76 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76 |
| Total Investments | &nbsp;&nbsp; $52046 | &nbsp;&nbsp; $133778 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $185828 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $34 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **41** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M INTERNATIONAL EQUITY FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.0%**  | **COMMON STOCKS – 95.0%**  | **COMMON STOCKS – 95.0%**  |
| **Australia – 1.3%** | **Australia – 1.3%** | **Australia – 1.3%** |
| AMP Ltd. | 298495 | $327 |
| Aristocrat Leisure Ltd. | 13136 | 610 |
| Bendigo & Adelaide Bank Ltd. | 36880 | 319 |
| Charter Hall Group | 29094 | 439 |
| Glencore PLC\* | 234531 | 1084 |
| JB Hi-Fi Ltd. | 7079 | 542 |
| Magellan Financial Group Ltd. | 58700 | 375 |
| Medibank Pvt Ltd. | 169124 | 539 |
| OceanaGold Corp. | 43004 | 918 |
| Orica Ltd. | 28390 | 398 |
| Paladin Energy Ltd.\* | 43384 | 240 |
| Ramelius Resources Ltd. | 319248 | 824 |
| Rio Tinto Ltd. | 3570 | 289 |
| Sandfire Resources Ltd.\* | 42985 | 407 |
| Technology One Ltd. | 10854 | 277 |
| Ventia Services Group Pty. Ltd. | 107266 | 362 |
|  |  | **7950** |
| **Austria – 0.7%** | **Austria – 0.7%** | **Austria – 0.7%** |
| ams-OSRAM A.G.\* | 18620 | 262 |
| BAWAG Group A.G.\* | 3290 | 435 |
| DO & CO A.G. | 1084 | 283 |
| Erste Group Bank A.G. | 23403 | 2288 |
| Mondi PLC | 66290 | 918 |
|  |  | **4186** |
| **Belgium – 1.0%** | **Belgium – 1.0%** | **Belgium – 1.0%** |
| Ageas S.A./N.V. | 20223 | 1404 |
| Anheuser-Busch InBev S.A./N.V. | 31036 | 1856 |
| Colruyt Group N.V | 6014 | 237 |
| KBC Group N.V. | 8539 | 1024 |
| Proximus S.A.DP | 40258 | 352 |
| Syensqo S.A. | 13383 | 1086 |
| Umicore S.A. | 10653 | 189 |
|  |  | **6148** |
| **Brazil – 1.9%** | **Brazil – 1.9%** | **Brazil – 1.9%** |
| Ambev S.A. | 483376 | 1096 |
| Lojas Renner S.A.\* | 255489 | 719 |
| MercadoLibre, Inc.\* | 1477 | 3452 |
| Natura Cosmeticos S.A.\* | 358064 | 630 |
| NU Holdings Ltd., Class A\* | 205189 | 3285 |
| Telefonica Brasil S.A.\* | 239685 | 1532 |
| Ultrapar Participacoes S.A. | 159362 | 658 |
|  |  | **11372** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **Canada – 3.5%** | **Canada – 3.5%** | **Canada – 3.5%** |
| Algonquin Power & Utilities Corp. | 62666 | $337 |
| Aritzia, Inc.\* | 5376 | 325 |
| Barrick Mining Corp. | 93924 | 3085 |
| Bird Construction, Inc. | 6268 | 136 |
| Boardwalk Real Estate Investment Trust | 7384 | 367 |
| Bombardier, Inc., Class B\* | 1686 | 236 |
| Boralex, Inc., Class A | 10882 | 213 |
| Canadian Natural Resources Ltd. | 67160 | 2148 |
| Canadian Pacific Kansas City Ltd. | 31876 | 2374 |
| &nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (New <br> York Exchange)<br>| 48557 | 3617 |
| Canadian Tire Corp. Ltd., Class A | 3515 | 418 |
| Celestica, Inc.\* | 4167 | 1025 |
| Constellation Software, Inc. | 252 | 684 |
| DPM Metals, Inc. | 47445 | 1052 |
| Enerflex Ltd. | 29882 | 322 |
| Finning International, Inc. | 12726 | 591 |
| Gildan Activewear, Inc. | 5018 | 290 |
| Headwater Exploration, Inc. | 59354 | 320 |
| Kinaxis, Inc.\* | 2380 | 307 |
| Lundin Gold, Inc. | 5936 | 385 |
| Methanex Corp. | 10298 | 409 |
| NuVista Energy Ltd.\* | 27367 | 316 |
| Royal Bank of Canada | 2010 | 296 |
| Stantec, Inc. | 6912 | 745 |
| Vermilion Energy, Inc. | 34389 | 269 |
| Whitecap Resources, Inc. | 80666 | 616 |
|  |  | **20883** |
| **China – 1.7%** | **China – 1.7%** | **China – 1.7%** |
| Alibaba Group Holding Ltd. | 18247 | 409 |
| Baidu, Inc., Class A\* | 96484 | 1599 |
| BOC Aviation Ltd. | 59500 | 533 |
| China Mengniu Dairy Co. Ltd. | 220302 | 425 |
| China Ruyi Holdings Ltd.\* | 672000 | 257 |
| Nexteer Automotive Group Ltd. | 381000 | 417 |
| Tencent Holdings Ltd. | 76500 | 6517 |
|  |  | **10157** |
| **Denmark – 1.4%** | **Denmark – 1.4%** | **Denmark – 1.4%** |
| Ascendis Pharma A/S ADR\* | 1593 | 317 |
| Bavarian Nordic A/S\* | 6766 | 244 |
| FLSmidth & Co. A/S | 4465 | 314 |
| ISS A/S | 10945 | 348 |
| Jyske Bank A/S (Registered) | 3820 | 427 |
| Netcompany Group A/S<sup>\* †</sup> <br>| 5075 | 193 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **42** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **Denmark – 1.4%continued** | **Denmark – 1.4%continued** | **Denmark – 1.4%continued** |
| Novo Nordisk A/S, Class B | 82296 | $4542 |
| Pandora A/S | 2146 | 281 |
| ROCKWOOL A/S, Class B | 6380 | 238 |
| Royal Unibrew A/S | 4333 | 331 |
| Tryg A/S | 35144 | 893 |
|  |  | **8128** |
| **Finland – 0.5%** | **Finland – 0.5%** | **Finland – 0.5%** |
| Konecranes OYJ | 6972 | 577 |
| Nokia OYJ | 305066 | 1462 |
| Nordea Bank Abp | 46053 | 756 |
| Orion OYJ, Class B | 5889 | 451 |
|  |  | **3246** |
| **France – 8.8%** | **France – 8.8%** | **France – 8.8%** |
| Alstom S.A.\* | 182421 | 4793 |
| Arkema S.A. | 8170 | 519 |
| AXA S.A. | 52032 | 2491 |
| BNP Paribas S.A. | 52464 | 4783 |
| Capgemini S.E. | 13070 | 1902 |
| Carrefour S.A. | 74904 | 1134 |
| Cie de Saint-Gobain S.A. | 38197 | 4161 |
| Covivio S.A./France | 5406 | 365 |
| Eiffage S.A. | 3836 | 493 |
| Elis S.A. | 17306 | 501 |
| Engie S.A. | 99971 | 2144 |
| Ipsen S.A. | 2016 | 271 |
| Kering S.A. | 20763 | 6919 |
| Klepierre S.A. | 14755 | 575 |
| LVMH Moet Hennessy Louis Vuitton S.E. | 1146 | 701 |
| Orange S.A. | 139322 | 2260 |
| Renault S.A. | 19136 | 788 |
| Safran S.A. | 18900 | 6693 |
| Societe Generale S.A. | 80952 | 5385 |
| Sopra Steria Group | 1860 | 356 |
| SPIE S.A. | 11306 | 611 |
| Technip Energies N.V. | 11583 | 545 |
| TotalEnergies S.E. | 44444 | 2712 |
| Valeo S.E. | 48006 | 592 |
| Vinci S.A. | 3804 | 530 |
| Virbac S.A.CA | 528 | 196 |
|  |  | **52420** |
| **Germany – 7.4%** | **Germany – 7.4%** | **Germany – 7.4%** |
| Aumovio S.E.\* | 7659 | 316 |
| BASF S.E. | 30055 | 1498 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **Germany – 7.4%continued** | **Germany – 7.4%continued** | **Germany – 7.4%continued** |
| Bechtle A.G. | 5893 | $271 |
| Bilfinger S.E. | 3362 | 370 |
| Brenntag S.E. | 5438 | 326 |
| Continental A.G. | 10641 | 702 |
| CTS Eventim A.G. & Co. KGaA | 3111 | 305 |
| Daimler Truck Holding A.G. | 33967 | 1400 |
| Deutsche Bank A.G. (Registered) | 42251 | 1486 |
| Deutsche Boerse A.G. | 8776 | 2352 |
| Deutsche Telekom A.G. (Registered) | 65902 | 2245 |
| E.ON S.E. | 37233 | 700 |
| Evonik Industries A.G. | 63747 | 1107 |
| Freenet A.G. | 11903 | 381 |
| Fresenius S.E. & Co. KGaA | 43222 | 2407 |
| GEA Group A.G. | 3898 | 288 |
| Infineon Technologies A.G. | 62994 | 2459 |
| IONOS Group S.E.\* | 5508 | 257 |
| KION Group A.G. | 3803 | 257 |
| Mercedes-Benz Group A.G. | 9306 | 585 |
| Nordex S.E.\* | 12774 | 328 |
| Rheinmetall A.G. | 1258 | 2928 |
| RTL Group S.A.<sup>†</sup> <br>| 8659 | 356 |
| SAP S.E. | 33926 | 9095 |
| Scout24 S.E. | 4135 | 518 |
| Siemens Energy A.G.\* | 80948 | 9465 |
| SUSS MicroTec S.E. | 5193 | 185 |
| TAG Immobilien A.G. | 28583 | 494 |
| TeamViewer S.E.\* | 19761 | 201 |
| TUI A.G.\* | 49152 | 448 |
| Zalando S.E.\* | 13814 | 424 |
|  |  | **44154** |
| **Greece – 0.1%** | **Greece – 0.1%** | **Greece – 0.1%** |
| Eurobank Ergasias Services and <br> Holdings S.A.<br>| 84252 | **324** |
| **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** |
| Millicom International Cellular S.A. | 9858 | **479** |
| **Hong Kong – 1.4%** | **Hong Kong – 1.4%** | **Hong Kong – 1.4%** |
| AIA Group Ltd. | 41000 | 393 |
| ASMPT Ltd. | 74268 | 783 |
| CK Asset Holdings Ltd. | 187047 | 908 |
| HKT Trust & HKT Ltd. | 373000 | 552 |
| Prudential PLC | 318657 | 4486 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **Hong Kong – 1.4%continued** | **Hong Kong – 1.4%continued** | **Hong Kong – 1.4%continued** |
| &nbsp;&nbsp; United Laboratories International <br> Holdings (The) Ltd.<br>| 196000 | $378 |
| WH Group Ltd.<sup>(1)</sup> <br>| 726063 | 789 |
|  |  | **8289** |
| **India – 0.6%** | **India – 0.6%** | **India – 0.6%** |
| Canara Bank | 400049 | 558 |
| ICICI Bank Ltd. ADR | 99206 | 2999 |
|  |  | **3557** |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| Bank Negara Indonesia Persero Tbk PT | 2620924 | **649** |
| **Ireland – 0.9%** | **Ireland – 0.9%** | **Ireland – 0.9%** |
| AIB Group PLC | 131420 | 1198 |
| AIB Group PLC (Irish Stock Exchange) | 451 | 4 |
| AIB Group PLC (London Exchange) | 139802 | 1263 |
| Bank of Ireland Group PLC | 103295 | 1697 |
| Cairn Homes PLC | 90767 | 205 |
| Glanbia PLC | 46137 | 760 |
|  |  | **5127** |
| **Israel – 0.2%** | **Israel – 0.2%** | **Israel – 0.2%** |
| Bank Leumi Le-Israel B.M. | 38210 | 753 |
| Nice Ltd.\* | 2990 | 435 |
|  |  | **1188** |
| **Italy – 3.6%** | **Italy – 3.6%** | **Italy – 3.6%** |
| Azimut Holding S.p.A. | 12324 | 478 |
| Banca Monte dei Paschi di Siena S.p.A. | 45533 | 404 |
| BPER Banca SPA | 196665 | 2185 |
| Coca-Cola HBC A.G. - CDI\* | 7652 | 361 |
| De' Longhi S.p.A. | 7208 | 261 |
| Enel S.p.A. | 243089 | 2306 |
| Eni S.p.A. | 115680 | 2020 |
| Ferrari N.V. | 6039 | 2924 |
| Iren S.p.A. | 92802 | 287 |
| Lottomatica Group Spa | 29242 | 790 |
| Maire S.p.A. | 20269 | 300 |
| Prysmian S.p.A. | 8854 | 884 |
| &nbsp;&nbsp; Recordati Industria Chimica e <br> Farmaceutica S.p.A.<br>| 8742 | 531 |
| Reply S.p.A. | 2220 | 316 |
| Ryanair Holdings PLC | 9210 | 269 |
| UniCredit S.p.A. | 92067 | 6990 |
| Webuild S.p.A. | 56902 | 237 |
|  |  | **21543** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** |
| Endeavour Mining PLC | 33091 | **$1390** |
| **Japan – 13.9%** | **Japan – 13.9%** | **Japan – 13.9%** |
| ABC-Mart, Inc. | 13000 | 258 |
| Alfresa Holdings Corp. | 27953 | 400 |
| Alps Alpine Co. Ltd. | 23299 | 295 |
| Amada Co. Ltd. | 34000 | 418 |
| Anritsu Corp. | 21600 | 276 |
| Anycolor, Inc. | 11000 | 418 |
| Asahi Group Holdings Ltd. | 48700 | 584 |
| Azbil Corp. | 29900 | 284 |
| BIPROGY, Inc. | 26500 | 1081 |
| Chiba Bank (The) Ltd. | 132900 | 1394 |
| Chugai Pharmaceutical Co. Ltd. | 7600 | 336 |
| Credit Saison Co. Ltd. | 19900 | 530 |
| Daicel Corp. | 34000 | 310 |
| Dai-ichi Life Holdings, Inc. | 48536 | 382 |
| Dentsu Group, Inc.<sup>†</sup> <br>| 45130 | 992 |
| Dentsu Soken, Inc. | 5000 | 219 |
| Ebara Corp. | 17800 | 406 |
| Eisai Co. Ltd. | 17176 | 577 |
| ENEOS Holdings, Inc. | 57900 | 368 |
| FANUC Corp. | 91100 | 2596 |
| Food & Life Cos. Ltd. | 7700 | 404 |
| Fuji Corp. | 14100 | 257 |
| GS Yuasa Corp. | 18100 | 427 |
| Hakuhodo DY Holdings, Inc. | 51100 | 410 |
| Hino Motors Ltd.\* | 71104 | 185 |
| Honda Motor Co. Ltd. | 158142 | 1625 |
| Horiba Ltd. | 9600 | 812 |
| Ibiden Co. Ltd. | 8200 | 496 |
| INFRONEER Holdings, Inc. | 27900 | 290 |
| Isuzu Motors Ltd. | 10551 | 133 |
| Japan Airlines Co. Ltd. | 29023 | 586 |
| Japan Hotel REIT Investment Corp. | 325 | 196 |
| Japan Post Insurance Co. Ltd. | 51490 | 1458 |
| JGC Holdings Corp. | 48350 | 493 |
| Kandenko Co. Ltd. | 16900 | 463 |
| Kaneka Corp. | 6200 | 176 |
| Kinden Corp. | 9600 | 329 |
| Kirin Holdings Co. Ltd. | 24223 | 355 |
| Koito Manufacturing Co. Ltd. | 68150 | 1031 |
| Kubota Corp. | 109020 | 1370 |
| Kyoritsu Maintenance Co. Ltd. | 9600 | 208 |
| Kyushu Electric Power Co., Inc. | 4700 | 47 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **44** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **Japan – 13.9%continued** | **Japan – 13.9%continued** | **Japan – 13.9%continued** |
| Lion Corp. | 24100 | $252 |
| Mebuki Financial Group, Inc. | 99000 | 632 |
| Meidensha Corp. | 6400 | 254 |
| Mitsubishi Estate Co. Ltd. | 81260 | 1871 |
| Mitsubishi Gas Chemical Co., Inc. | 36230 | 646 |
| Mitsubishi Heavy Industries Ltd. | 231100 | 6039 |
| Mitsubishi UFJ Financial Group, Inc. | 49900 | 790 |
| Mitsui E&S Co. Ltd. | 9500 | 287 |
| Mitsui Fudosan Co. Ltd. | 74100 | 809 |
| Mitsui Kinzoku Co. Ltd. | 7600 | 589 |
| Morinaga Milk Industry Co. Ltd. | 10900 | 255 |
| Murata Manufacturing Co. Ltd. | 116000 | 2201 |
| NHK Spring Co. Ltd. | 27000 | 406 |
| Nikon Corp. | 35876 | 417 |
| Nintendo Co. Ltd. | 55700 | 4772 |
| Nippon Electric Glass Co. Ltd. | 10400 | 341 |
| NIPPON EXPRESS HOLDINGS, Inc. | 14200 | 324 |
| Nippon Television Holdings, Inc. | 19172 | 512 |
| Nissan Chemical Corp. | 9900 | 359 |
| Nissan Motor Co. Ltd.<sup>\* †</sup> <br>| 243448 | 597 |
| Nissui Corp. | 52200 | 368 |
| Nitto Boseki Co. Ltd. | 8500 | 377 |
| Nomura Research Institute Ltd. | 12600 | 483 |
| Obic Co. Ltd. | 17000 | 593 |
| Ono Pharmaceutical Co. Ltd. | 21948 | 253 |
| Open House Group Co. Ltd. | 17900 | 927 |
| PAL GROUP Holdings Co. Ltd. | 18000 | 305 |
| Park24 Co. Ltd. | 20600 | 263 |
| Persol Holdings Co. Ltd. | 716120 | 1307 |
| Renesas Electronics Corp. | 294400 | 3382 |
| Resona Holdings, Inc. | 176147 | 1793 |
| Resorttrust, Inc. | 25100 | 319 |
| Rinnai Corp. | 23658 | 560 |
| Rohm Co. Ltd. | 84378 | 1267 |
| Round One Corp. | 35000 | 309 |
| Sankyo Co. Ltd. | 30600 | 532 |
| Sankyu, Inc. | 4600 | 252 |
| Santen Pharmaceutical Co. Ltd. | 25300 | 280 |
| Sanwa Holdings Corp. | 18400 | 527 |
| Sawai Group Holdings Co. Ltd. | 20600 | 279 |
| Secom Co. Ltd. | 7200 | 264 |
| Sega Sammy Holdings, Inc. | 20010 | 421 |
| SMC Corp. | 7800 | 2387 |
| Sompo Holdings, Inc. | 47500 | 1467 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **Japan – 13.9%continued** | **Japan – 13.9%continued** | **Japan – 13.9%continued** |
| Sony Financial Group, Inc.\* | 31800 | $35 |
| Sony Group Corp. | 31800 | 913 |
| Stanley Electric Co. Ltd. | 23709 | 479 |
| Subaru Corp. | 48862 | 1001 |
| Sugi Holdings Co. Ltd. | 11000 | 265 |
| Sumitomo Bakelite Co. Ltd. | 8400 | 281 |
| Sumitomo Heavy Industries Ltd. | 20763 | 499 |
| Sumitomo Mitsui Financial Group, Inc. | 44900 | 1257 |
| Sumitomo Mitsui Trust Group, Inc. | 64384 | 1868 |
| Sumitomo Rubber Industries Ltd. | 37587 | 456 |
| SWCC Corp. | 5700 | 299 |
| T&D Holdings, Inc. | 96291 | 2353 |
| Taiheiyo Cement Corp. | 21731 | 564 |
| Takeda Pharmaceutical Co. Ltd. | 44232 | 1291 |
| THK Co. Ltd. | 15806 | 437 |
| Tohoku Electric Power Co., Inc. | 23200 | 169 |
| Tokyo Ohka Kogyo Co. Ltd. | 11800 | 385 |
| Tokyo Seimitsu Co. Ltd. | 5700 | 386 |
| Tokyo Tatemono Co. Ltd. | 16300 | 326 |
| Tokyu Fudosan Holdings Corp. | 47500 | 394 |
| Toyo Suisan Kaisha Ltd. | 12400 | 887 |
| Toyo Tire Corp. | 16600 | 440 |
| Toyoda Gosei Co. Ltd. | 15000 | 373 |
| Tsumura & Co. | 8600 | 211 |
| Tsuruha Holdings, Inc. | 49955 | 800 |
| Yamaguchi Financial Group, Inc. | 34000 | 414 |
| Yamato Holdings Co. Ltd. | 54020 | 864 |
|  |  | **82790** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| ArcelorMittal S.A. | 22388 | **809** |
| **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** |
| MGM China Holdings Ltd. | 158800 | **339** |
| **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** |
| America Movil S.A.B. de C.V., Class B | 1417695 | 1488 |
| Fresnillo PLC | 14464 | 459 |
|  |  | **1947** |
| **Netherlands – 5.8%** | **Netherlands – 5.8%** | **Netherlands – 5.8%** |
| ABN AMRO Bank N.V. - C.V.A. | 71162 | 2279 |
| Adyen N.V.\* | 2172 | 3486 |
| Akzo Nobel N.V. | 37715 | 2686 |
| ASM International N.V. | 4380 | 2633 |
| ASML Holding N.V. | 605 | 590 |
| ASML Holding N.V. (Registered) | 5501 | 5325 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **Netherlands – 5.8%continued** | **Netherlands – 5.8%continued** | **Netherlands – 5.8%continued** |
| ASR Nederland N.V. | 6791 | $462 |
| BE Semiconductor Industries N.V. | 2501 | 375 |
| Euronext N.V. | 8344 | 1247 |
| Heineken N.V. | 26448 | 2066 |
| ING Groep N.V. | 146736 | 3824 |
| Koninklijke Ahold Delhaize N.V. | 10673 | 432 |
| Koninklijke Heijmans N.V | 3325 | 232 |
| Koninklijke KPN N.V. | 117429 | 564 |
| Koninklijke Philips N.V. | 155405 | 4254 |
| NN Group N.V. | 39311 | 2776 |
| Randstad N.V. | 21801 | 934 |
| Wolters Kluwer N.V. | 5437 | 742 |
|  |  | **34907** |
| **Norway – 0.1%** | **Norway – 0.1%** | **Norway – 0.1%** |
| Norsk Hydro ASA | 20264 | 137 |
| Salmar ASA | 4794 | 257 |
|  |  | **394** |
| **Pakistan – 0.0%** | **Pakistan – 0.0%** | **Pakistan – 0.0%** |
| VEON Ltd. ADR\* | 5238 | **285** |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| Gazprom PJSC ADR<sup>(2) (3) \*</sup> <br>| 54380 |  |
| LUKOIL PJSC ADR<sup>(2) (3) \*</sup> <br>| 4766 |  |
| Mobile TeleSystems PJSC ADR<sup>(2) (3) \*</sup> <br>| 64508 |  |
| Sberbank of Russia PJSC<sup>(2) (3)</sup> <br>| 186456 |  |
|  |  | **—** |
| **Singapore – 2.0%** | **Singapore – 2.0%** | **Singapore – 2.0%** |
| DBS Group Holdings Ltd. | 3400 | 135 |
| Keppel DC REIT | 187000 | 347 |
| Oversea-Chinese Banking Corp. Ltd. | 64900 | 828 |
| Sea Ltd. ADR\* | 47184 | 8433 |
| Singapore Exchange Ltd. | 39800 | 511 |
| United Overseas Bank Ltd. | 45000 | 1207 |
| UOL Group Ltd. | 57900 | 350 |
|  |  | **11811** |
| **South Africa – 0.5%** | **South Africa – 0.5%** | **South Africa – 0.5%** |
| Anglo American PLC | 21914 | 825 |
| MTN Group Ltd. | 146161 | 1230 |
| Old Mutual Ltd. | 1044935 | 810 |
| Scatec ASA\* | 23540 | 232 |
| Valterra Platinum Ltd. | 2545 | 182 |
|  |  | **3279** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **South Korea – 3.9%** | **South Korea – 3.9%** | **South Korea – 3.9%** |
| Classys, Inc. | 9382 | $338 |
| Coupang, Inc.\* | 138497 | 4460 |
| Coway Co. Ltd. | 4721 | 331 |
| Hankook Tire & Technology Co. Ltd. | 9799 | 269 |
| Hugel, Inc.\* | 1074 | 232 |
| Hyosung Heavy Industries Corp. | 544 | 525 |
| Hyundai Mobis Co. Ltd. | 5828 | 1246 |
| Hyundai Rotem Co. Ltd. | 2938 | 460 |
| IsuPetasys Co. Ltd. | 6698 | 344 |
| JB Financial Group Co. Ltd. | 15202 | 248 |
| KB Financial Group, Inc. | 16418 | 1356 |
| KIWOOM Securities Co. Ltd. | 1647 | 290 |
| Kolmar Korea Co. Ltd.\* | 3968 | 221 |
| KT Corp. ADR | 58674 | 1144 |
| LEENO Industrial, Inc. | 8122 | 300 |
| Netmarble Corp. | 7596 | 334 |
| PharmaResearch Co. Ltd. | 1373 | 589 |
| Poongsan Corp. | 6103 | 541 |
| Samsung E&A Co. Ltd. | 11208 | 215 |
| Samsung Electronics Co. Ltd. | 73324 | 4407 |
| &nbsp;&nbsp; Samsung Fire & Marine Insurance Co. <br> Ltd.<br>| 1994 | 641 |
| Sanil Electric Co. Ltd. | 3791 | 299 |
| Shinhan Financial Group Co. Ltd. | 64669 | 3252 |
| Silicon2 Co. Ltd.\* | 7104 | 232 |
| SK Telecom Co. Ltd. | 27526 | 1065 |
|  |  | **23339** |
| **Spain – 0.7%** | **Spain – 0.7%** | **Spain – 0.7%** |
| Amadeus IT Group S.A. | 8080 | 640 |
| Bankinter S.A. | 57829 | 912 |
| Indra Sistemas S.A.<sup>†</sup> <br>| 15258 | 683 |
| Industria de Diseno Textil S.A. | 14043 | 776 |
| Logista Integral S.A. | 7598 | 258 |
| Mapfre S.A. | 125007 | 594 |
| Merlin Properties Socimi S.A. | 35475 | 538 |
|  |  | **4401** |
| **Sweden – 0.9%** | **Sweden – 0.9%** | **Sweden – 0.9%** |
| Avanza Bank Holding AB | 13861 | 516 |
| Hexagon AB, Class B | 99857 | 1198 |
| Loomis AB | 7528 | 322 |
| NCC AB, Class B | 13790 | 317 |
| SKF AB, Class B | 59099 | 1475 |
| Storskogen Group AB, Class B | 184513 | 189 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **46** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **Sweden – 0.9%continued** | **Sweden – 0.9%continued** | **Sweden – 0.9%continued** |
| &nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, <br> Class B<br>| 148399 | $1231 |
| Wihlborgs Fastigheter AB | 32094 | 314 |
|  |  | **5562** |
| **Switzerland – 2.3%** | **Switzerland – 2.3%** | **Switzerland – 2.3%** |
| ABB Ltd. (Registered) | 10803 | 779 |
| Accelleron Industries A.G. | 6453 | 543 |
| Adecco Group A.G. (Registered) | 34264 | 971 |
| Avolta A.G.\* | 5348 | 291 |
| Belimo Holding A.G. (Registered) | 262 | 276 |
| BKW A.G. | 1123 | 240 |
| DKSH Holding A.G. | 3392 | 231 |
| Galenica A.G. | 8073 | 878 |
| Kardex Holding A.G. (Registered) | 598 | 234 |
| Logitech International S.A. (Registered) | 2047 | 225 |
| PSP Swiss Property A.G. (Registered) | 3321 | 571 |
| Sportradar Group A.G., Class A\* | 8418 | 226 |
| Sulzer A.G. (Registered) | 3019 | 512 |
| Swatch Group (The) A.G. (Bearer) | 5470 | 1030 |
| &nbsp;&nbsp; Swissquote Group Holding S.A. <br> (Registered)<br>| 1569 | 1102 |
| Temenos A.G. (Registered) | 3168 | 256 |
| UBS Group A.G. (Registered) | 126737 | 5210 |
| Ypsomed Holding A.G. (Registered) | 505 | 199 |
|  |  | **13774** |
| **Taiwan – 1.7%** | **Taiwan – 1.7%** | **Taiwan – 1.7%** |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 201000 | 8745 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. ADR<br>| 4212 | 1176 |
|  |  | **9921** |
| **Thailand – 0.3%** | **Thailand – 0.3%** | **Thailand – 0.3%** |
| Kasikornbank PCL (Registered) | 177559 | 918 |
| Kasikornbank PCL NVDR | 165640 | 857 |
|  |  | **1775** |
| **Turkey – 0.0%** | **Turkey – 0.0%** | **Turkey – 0.0%** |
| Coca-Cola Icecek A.S. | 80203 | **89** |
| **United Kingdom – 16.3%** | **United Kingdom – 16.3%** | **United Kingdom – 16.3%** |
| 3i Group PLC | 86465 | 4767 |
| AstraZeneca PLC | 50721 | 7748 |
| Auto Trader Group PLC | 36925 | 392 |
| Babcock International Group PLC | 36754 | 658 |
| BAE Systems PLC | 327505 | 9075 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **United Kingdom – 16.3%continued** | **United Kingdom – 16.3%continued** | **United Kingdom – 16.3%continued** |
| Balfour Beatty PLC | 57347 | $502 |
| Barclays PLC | 746204 | 3826 |
| Barratt Redrow PLC | 48621 | 255 |
| Beazley PLC | 79255 | 970 |
| Berkeley Group Holdings PLC | 16836 | 870 |
| British American Tobacco PLC | 113670 | 6032 |
| British Land (The) Co. PLC | 210972 | 992 |
| BT Group PLC | 624872 | 1609 |
| Bunzl PLC | 12650 | 399 |
| Burberry Group PLC\* | 52297 | 825 |
| CK Hutchison Holdings Ltd. | 151330 | 999 |
| Compass Group PLC | 103263 | 3518 |
| Computacenter PLC | 5938 | 215 |
| Convatec Group PLC | 96299 | 301 |
| Cranswick PLC | 4141 | 280 |
| Currys PLC | 192835 | 363 |
| DCC PLC | 13619 | 879 |
| Diageo PLC | 93603 | 2228 |
| Drax Group PLC | 39796 | 374 |
| easyJet PLC | 199771 | 1248 |
| Entain PLC | 32189 | 377 |
| Harbour Energy PLC | 125987 | 352 |
| Hikma Pharmaceuticals PLC | 28199 | 649 |
| ICG PLC | 12073 | 362 |
| IG Group Holdings PLC | 46561 | 675 |
| IMI PLC | 10097 | 313 |
| Inchcape PLC | 28216 | 263 |
| Indivior PLC\* | 10642 | 257 |
| Informa PLC | 61430 | 759 |
| Investec PLC | 41694 | 312 |
| J Sainsbury PLC | 132292 | 595 |
| JET2 PLC | 12584 | 240 |
| Kingfisher PLC | 241726 | 1009 |
| Land Securities Group PLC | 105192 | 826 |
| London Stock Exchange Group PLC | 3592 | 412 |
| LondonMetric Property PLC | 147908 | 362 |
| National Grid PLC | 200496 | 2890 |
| NatWest Group PLC | 257095 | 1805 |
| OSB Group PLC | 40887 | 313 |
| Pearson PLC | 50861 | 723 |
| Reckitt Benckiser Group PLC | 77448 | 5981 |
| RELX PLC | 37582 | 1801 |
| RELX PLC (London Exchange) | 26237 | 1253 |
| Rightmove PLC | 72883 | 695 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **United Kingdom – 16.3%continued** | **United Kingdom – 16.3%continued** | **United Kingdom – 16.3%continued** |
| Rolls-Royce Holdings PLC | 804264 | $12876 |
| Segro PLC | 142946 | 1265 |
| Smith & Nephew PLC | 50447 | 909 |
| Smiths Group PLC | 10146 | 324 |
| Softcat PLC | 12197 | 260 |
| St. James's Place PLC | 28196 | 482 |
| Standard Chartered PLC | 239218 | 4636 |
| Tate & Lyle PLC | 89998 | 544 |
| Tesco PLC | 203958 | 1223 |
| Trainline PLC\* | 73159 | 275 |
| Tritax Big Box REIT PLC | 152006 | 296 |
| Weir Group (The) PLC | 20310 | 751 |
| WPP PLC | 163072 | 815 |
|  |  | **97205** |
| **United States – 10.7%** | **United States – 10.7%** | **United States – 10.7%** |
| Amdocs Ltd. | 2812 | 231 |
| Aon PLC, Class A | 5898 | 2103 |
| Arch Capital Group Ltd. | 38108 | 3458 |
| Booking Holdings, Inc. | 40 | 216 |
| BP PLC | 825148 | 4733 |
| BRP, Inc. | 808 | 49 |
| Buzzi S.p.A. | 11477 | 632 |
| Carnival Corp.\* | 85434 | 2470 |
| Experian PLC | 48722 | 2454 |
| GSK PLC | 265846 | 5716 |
| Haleon PLC | 95233 | 430 |
| IMAX Corp.\* | 13845 | 454 |
| Linde PLC | 5832 | 2770 |
| MDA Space Ltd.\* | 10131 | 252 |
| Monday.com Ltd.\* | 10978 | 2126 |
| Nestle S.A. (Registered) | 2033 | 187 |
| Novartis A.G. (Registered) | 6034 | 776 |
| Philip Morris International, Inc. | 37677 | 6111 |
| Roche Holding A.G. (Genusschein) | 11817 | 3889 |
| Sanofi S.A. | 52575 | 4970 |
| Schneider Electric S.E. | 3355 | 947 |
| Seagate Technology Holdings PLC | 15185 | 3585 |
| Shell PLC | 139936 | 4982 |
| Smurfit WestRock PLC | 19137 | 815 |
| Spotify Technology S.A.\* | 9400 | 6561 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  | **COMMON STOCKS – 95.0% continued**  |
| **United States – 10.7%continued** | **United States – 10.7%continued** | **United States – 10.7%continued** |
| STERIS PLC | 3392 | $839 |
| Waste Connections, Inc. (New York <br> Stock Exchange)<br>| 11936 | 2098 |
|  |  | **63854** |
| **Total Common Stocks** |  |  |
| **(Cost $408,795)** |  | **567671** |
| **PREFERRED STOCKS – 0.8%**  | **PREFERRED STOCKS – 0.8%**  | **PREFERRED STOCKS – 0.8%**  |
| **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** |
| Banco Bradesco S.A. ADR\* | 622358 | 2103 |
| Raizen S.A., 0.71%<sup>(4)</sup> <br>| 1015271 | 195 |
|  |  | **2298** |
| **Germany – 0.4%** | **Germany – 0.4%** | **Germany – 0.4%** |
| Henkel A.G. & Co. KGaA, 2.97%<sup>(4)</sup> <br>| 7974 | 644 |
| Volkswagen A.G., 6.92%<sup>(4)</sup> <br>| 14909 | 1612 |
|  |  | **2256** |
| **Total Preferred Stocks** |  |  |
| **(Cost $4,476)** |  | **4554** |
| **RIGHTS – 0.0%**  |  |  |
| **Singapore – 0.0%** |  |  |
| Keppel DC REIT\* | 14960 | **2** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **2** |
| **INVESTMENT COMPANIES – 3.5%**  | **INVESTMENT COMPANIES – 3.5%**  | **INVESTMENT COMPANIES – 3.5%**  |
| iShares Core MSCI EAFE ETF | 5565 | 486 |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(5) (6) (7)</sup> <br>| 1035481 | 1036 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(5) (6)</sup> <br>| 18983307 | 18983 |
| Vanguard FTSE Developed Markets ETF | 12821 | 768 |
| **Total Investment Companies** |  |  |
| **(Cost $21,156)** |  | **21273** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **48** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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%, 11/28/25<sup>(8) (9)</sup> <br>| $299 | $297 |
| **Total Short-Term Investments** |  |  |
| **(Cost $297)** |  | **297** |
| **Total Investments – 99.4%** |  |  |
| **(Cost $434,724)** |  | **593797** |
| Other Assets less Liabilities – 0.6% |  | 3765 |
| **Net Assets – 100.0%** |  | **$597562** |

---

<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 September 30,* *2025, the value of this security amounted to approximately $789,000 or* *0.1% of net assets.* 

<sup>(2)</sup> *Restricted security. At September 30, 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 |
| 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>(3)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(4)</sup> <br>| *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(5)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(6)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(7)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(8)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(9)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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 September 30, 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>| 72 | $10027 | Long | 12/25 | $3 |

---

<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 September 30, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 21.5<br> %<br>|
| Industrials | 19.1 |
| Consumer Discretionary | 11.3 |
| Information Technology | 11.1 |
| Health Care | 7.7 |
| Communication Services | 7.0 |
| Consumer Staples | 6.4 |
| Materials | 4.8 |
| Energy | 3.3 |
| Real Estate | 2.1 |
| Utilities | 1.7 |
| Short-Term Investments | 3.4 |
| Total Investments | 99.4 |
| Other Assets less Liabilities | 0.6 |
| Net Assets | 100.0<br> %<br>|

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **49** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ACTIVE M INTERNATIONAL EQUITY FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

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 September 30, 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 September 30, 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; $918 | &nbsp;&nbsp; $7032 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7950 |
| Brazil | &nbsp;&nbsp; 11372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11372 |
| Canada | &nbsp;&nbsp; 20883 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20883 |
| Denmark | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 7811 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8128 |
| Germany | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 43838 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44154 |
| Guatemala | &nbsp;&nbsp; 479 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 479 |
| Hong Kong | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 7737 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8289 |
| India | &nbsp;&nbsp; 2999 | &nbsp;&nbsp; 558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3557 |
| Ireland | &nbsp;&nbsp; 1198 | &nbsp;&nbsp; 3929 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5127 |
| Ivory Coast | &nbsp;&nbsp; 1390 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1390 |
| Japan | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 82708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82790 |
| Mexico | &nbsp;&nbsp; 1488 | &nbsp;&nbsp; 459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1947 |
| Netherlands | &nbsp;&nbsp; 5325 | &nbsp;&nbsp; 29582 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34907 |
| Pakistan | &nbsp;&nbsp; 285 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 285 |
| Singapore | &nbsp;&nbsp; 8433 | &nbsp;&nbsp; 3378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11811 |
| South Korea | &nbsp;&nbsp; 5604 | &nbsp;&nbsp; 17735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23339 |
| Switzerland | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 13548 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13774 |
| Taiwan | &nbsp;&nbsp; 1176 | &nbsp;&nbsp; 8745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9921 |
| United Kingdom | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 96948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97205 |
| United States | &nbsp;&nbsp; 34138 | &nbsp;&nbsp; 29716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63854 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 116509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 116509 |
| Total Common Stocks | &nbsp;&nbsp; 97438 | &nbsp;&nbsp; 470233 | &nbsp;&nbsp; — | &nbsp;&nbsp; 567671 |
| Preferred Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 2298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2298 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 2256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2256 |
| Total Preferred Stocks | &nbsp;&nbsp; 2298 | &nbsp;&nbsp; 2256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4554 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 |
| Investment Companies | &nbsp;&nbsp; 21273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21273 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 297 |
| Total Investments | &nbsp;&nbsp; $121009 | &nbsp;&nbsp; $472788 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $593797 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $3 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **50** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **EMERGING MARKETS EQUITY INDEX FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | 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> |
| **Brazil – 3.0%** | **Brazil – 3.0%** | **Brazil – 3.0%** |
| Ambev S.A. | 1103560 | $2503 |
| B3 S.A. - Brasil Bolsa Balcao\* | 1232095 | 3090 |
| Banco Bradesco S.A.\* | 351477 | 1005 |
| Banco BTG Pactual S.A.\* | 275600 | 2502 |
| Banco do Brasil S.A. | 403188 | 1667 |
| BB Seguridade Participacoes S.A. | 168101 | 1050 |
| Caixa Seguridade Participacoes S/A | 164100 | 465 |
| Centrais Eletricas Brasileiras S.A. | 288900 | 2851 |
| &nbsp;&nbsp; Cia de Saneamento Basico do Estado <br> de Sao Paulo SABESP<br>| 112471 | 2793 |
| CPFL Energia S.A. | 50400 | 372 |
| Embraer S.A. | 157700 | 2369 |
| Energisa S/A | 63300 | 605 |
| Eneva S.A.\* | 181800 | 567 |
| Engie Brasil Energia S.A. | 49247 | 376 |
| Equatorial Energia S.A. | 282355 | 1958 |
| Klabin S.A. | 175975 | 594 |
| Localiza Rent a Car S.A.\* | 223884 | 1659 |
| MBRF Global Foods Co. S.A. | 120046 | 438 |
| &nbsp;&nbsp; Motiva Infraestrutura de Mobilidade <br> S.A.<br>| 227500 | 635 |
| NU Holdings Ltd., Class A\* | 791801 | 12677 |
| Petroleo Brasileiro S.A. - Petrobras | 866834 | 5482 |
| Porto Seguro S.A. | 48400 | 452 |
| PRIO S.A.\* | 202000 | 1446 |
| Raia Drogasil S.A. | 276027 | 952 |
| Rede D'Or Sao Luiz S.A.\* | 190600 | 1510 |
| Rumo S.A. | 314694 | 939 |
| Suzano S.A.\* | 162785 | 1525 |
| Telefonica Brasil S.A.\* | 190780 | 1219 |
| TIM S.A. | 194300 | 857 |
| TOTVS S.A.\* | 130655 | 1121 |
| Ultrapar Participacoes S.A. | 172948 | 714 |
| Vale S.A. | 849413 | 9190 |
| Vibra Energia S.A. | 219300 | 1015 |
| WEG S.A. | 392948 | 2694 |
| XP, Inc., Class A | 84191 | 1582 |
|  |  | **70874** |
| **Chile – 0.4%** | **Chile – 0.4%** | **Chile – 0.4%** |
| Banco de Chile | 10404090 | 1580 |
| Banco de Credito e Inversiones S.A. | 18516 | 818 |
| Banco Santander Chile | 15654755 | 1037 |
| Cencosud S.A. | 308042 | 876 |
| Empresas CMPC S.A. | 269342 | 397 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Chile – 0.4%continued** | **Chile – 0.4%continued** | **Chile – 0.4%continued** |
| Empresas Copec S.A. | 88176 | $646 |
| Enel Americas S.A. | 5197238 | 524 |
| Enel Chile S.A. | 7051958 | 546 |
| Falabella S.A. | 144329 | 856 |
| Latam Airlines Group S.A. | 73699022 | 1675 |
|  |  | **8955** |
| **China – 30.1%** | **China – 30.1%** | **China – 30.1%** |
| 360 Security Technology, Inc., Class A | 89800 | 143 |
| &nbsp;&nbsp; 37 Interactive Entertainment Network <br> Technology Group Co. Ltd., Class A<br>| 51800 | 158 |
| 3SBio, Inc.\* | 419500 | 1622 |
| AAC Technologies Holdings, Inc. | 180500 | 1063 |
| Accelink Technologies Co. Ltd., Class A | 11600 | 109 |
| ACM Research Shanghai, Inc., Class A | 3200 | 91 |
| &nbsp;&nbsp; Advanced Micro-Fabrication <br> Equipment, Inc. China, Class A<br>| 7398 | 310 |
| AECC Aviation Power Co. Ltd., Class A | 36300 | 215 |
| Agricultural Bank of China Ltd., Class A | 1232100 | 1154 |
| Agricultural Bank of China Ltd., Class H | 6393367 | 4308 |
| &nbsp;&nbsp; Aier Eye Hospital Group Co. Ltd., <br> Class A<br>| 124676 | 216 |
| Air China Ltd., Class A\* | 201200 | 224 |
| Airtac International Group | 29765 | 737 |
| Akeso, Inc.\* | 146000 | 2661 |
| Alibaba Group Holding Ltd. | 4007980 | 89842 |
| &nbsp;&nbsp; Alibaba Health Information Technology <br> Ltd.\*<br>| 1378000 | 1181 |
| Aluminum Corp. of China Ltd., Class A | 230200 | 266 |
| Aluminum Corp. of China Ltd., Class H | 847435 | 882 |
| Amlogic Shanghai Co. Ltd., Class A\* | 6175 | 97 |
| Angel Yeast Co. Ltd., Class A | 9100 | 51 |
| Anhui Conch Cement Co. Ltd., Class A | 47700 | 155 |
| Anhui Conch Cement Co. Ltd., Class H | 315075 | 953 |
| Anhui Gujing Distillery Co. Ltd., Class A | 5400 | 122 |
| Anhui Gujing Distillery Co. Ltd., Class B | 31600 | 439 |
| &nbsp;&nbsp; Anhui Jianghuai Automobile Group <br> Corp. Ltd., Class A\*<br>| 31500 | 239 |
| &nbsp;&nbsp; Anker Innovations Technology Co. Ltd., <br> Class A<br>| 10130 | 173 |
| ANTA Sports Products Ltd. | 294232 | 3537 |
| APT Medical, Inc., Class A | 2900 | 129 |
| Autohome, Inc. ADR | 15697 | 448 |
| &nbsp;&nbsp; Avary Holding Shenzhen Co. Ltd., <br> Class A<br>| 36800 | 290 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| &nbsp;&nbsp; AviChina Industry & Technology Co. <br> Ltd., Class H<br>| 733313 | $412 |
| AVICOPTER PLC, Class A | 9300 | 47 |
| &nbsp;&nbsp; BAIC BluePark New Energy Technology <br> Co. Ltd., Class A\*<br>| 57600 | 65 |
| Baidu, Inc., Class A\* | 519232 | 8606 |
| Bank of Beijing Co. Ltd., Class A | 267900 | 207 |
| Bank of Changsha Co. Ltd., Class A | 50200 | 62 |
| Bank of Chengdu Co. Ltd., Class A | 57700 | 140 |
| Bank of China Ltd., Class A | 521900 | 380 |
| Bank of China Ltd., Class H | 16588652 | 9090 |
| &nbsp;&nbsp; Bank of Communications Co. Ltd., <br> Class A<br>| 687400 | 649 |
| &nbsp;&nbsp; Bank of Communications Co. Ltd., <br> Class H<br>| 2081117 | 1745 |
| Bank of Hangzhou Co. Ltd., Class A | 81220 | 174 |
| Bank of Jiangsu Co. Ltd., Class A | 298844 | 421 |
| Bank of Nanjing Co. Ltd., Class A | 178096 | 273 |
| Bank of Ningbo Co. Ltd., Class A | 103450 | 384 |
| Bank of Shanghai Co. Ltd., Class A | 215871 | 272 |
| Bank of Suzhou Co. Ltd., Class A | 106900 | 123 |
| Baoshan Iron & Steel Co. Ltd., Class A | 357196 | 355 |
| &nbsp;&nbsp; Beijing Compass Technology <br> Development Co. Ltd., Class A\*<br>| 7400 | 174 |
| Beijing Enlight Media Co. Ltd., Class A | 36500 | 99 |
| Beijing Enterprises Holdings Ltd. | 130771 | 560 |
| Beijing Enterprises Water Group Ltd. | 833886 | 256 |
| &nbsp;&nbsp; Beijing Kingsoft Office Software, Inc., <br> Class A<br>| 7989 | 356 |
| &nbsp;&nbsp; Beijing New Building Materials PLC, <br> Class A<br>| 19900 | 66 |
| &nbsp;&nbsp; Beijing Roborock Technology Co. Ltd., <br> Class A<br>| 2651 | 78 |
| &nbsp;&nbsp; Beijing Tiantan Biological Products <br> Corp. Ltd., Class A<br>| 30000 | 80 |
| Beijing Tong Ren Tang Co. Ltd., Class A | 17800 | 85 |
| &nbsp;&nbsp; Beijing Wantai Biological Pharmacy <br> Enterprise Co. Ltd., Class A\*<br>| 11158 | 89 |
| &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>| 756700 | 545 |
| BeOne Medicines Ltd., Class H\* | 199334 | 5264 |
| Bestechnic Shanghai Co. Ltd., Class A | 2228 | 93 |
| &nbsp;&nbsp; Bethel Automotive Safety Systems Co. <br> Ltd., Class A<br>| 8120 | 61 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| Bilibili, Inc., Class Z\* | 52471 | $1488 |
| BOC Aviation Ltd. | 55200 | 494 |
| &nbsp;&nbsp; BOC International China Co. Ltd., <br> Class A<br>| 28600 | 58 |
| &nbsp;&nbsp; BOE Technology Group Co. Ltd., <br> Class A<br>| 625000 | 366 |
| Bosideng International Holdings Ltd. | 1034000 | 617 |
| BYD Co. Ltd., Class A | 74500 | 1143 |
| BYD Co. Ltd., Class H | 860596 | 12205 |
| BYD Electronic International Co. Ltd. | 196500 | 1047 |
| &nbsp;&nbsp; C&D International Investment Group <br> Ltd.<br>| 198650 | 457 |
| Caitong Securities Co. Ltd., Class A | 58910 | 70 |
| &nbsp;&nbsp; Cambricon Technologies Corp. Ltd., <br> Class A\*<br>| 5731 | 1071 |
| Capital Securities Co. Ltd., Class A | 24400 | 76 |
| CCOOP Group Co. Ltd., Class A\* | 289800 | 105 |
| CGN Power Co. Ltd., Class A | 277900 | 141 |
| CGN Power Co. Ltd., Class H | 2339000 | 869 |
| &nbsp;&nbsp; Changchun High-Tech Industry Group <br> Co. Ltd., Class A<br>| 5100 | 93 |
| Changjiang Securities Co. Ltd., Class A | 97000 | 113 |
| &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 | 176 |
| &nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd., <br> Class A<br>| 25500 | 106 |
| China CITIC Bank Corp. Ltd., Class A | 141900 | 144 |
| China CITIC Bank Corp. Ltd., Class H | 1927286 | 1656 |
| &nbsp;&nbsp; China CITIC Financial Asset <br> Management Co. Ltd., Class H\*<br>| 3691000 | 492 |
| China Coal Energy Co. Ltd., Class H | 482000 | 576 |
| &nbsp;&nbsp; China Communications Services Corp. <br> Ltd., Class H<br>| 527035 | 312 |
| China Construction Bank Corp., Class A | 276600 | 335 |
| &nbsp;&nbsp; China Construction Bank Corp., <br> Class H<br>| 22449693 | 21604 |
| China CSSC Holdings Ltd., Class A | 115900 | 564 |
| &nbsp;&nbsp; China Eastern Airlines Corp. Ltd., <br> Class A\*<br>| 277400 | 162 |
| &nbsp;&nbsp; China Energy Engineering Corp. Ltd., <br> Class A<br>| 430300 | 145 |
| China Everbright Bank Co. Ltd., Class A | 665900 | 314 |
| China Everbright Bank Co. Ltd., Class H | 712000 | 297 |
| China Feihe Ltd. | 962000 | 495 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **52** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| &nbsp;&nbsp; China Galaxy Securities Co. Ltd., <br> Class A<br>| 101300 | $253 |
| &nbsp;&nbsp; China Galaxy Securities Co. Ltd., <br> Class H<br>| 846500 | 1292 |
| China Gas Holdings Ltd. | 624095 | 611 |
| &nbsp;&nbsp; China Great Wall Securities Co. Ltd., <br> Class A<br>| 59100 | 96 |
| &nbsp;&nbsp; China Greatwall Technology Group <br> Co. Ltd., Class A\*<br>| 51600 | 122 |
| China Hongqiao Group Ltd. | 646000 | 2197 |
| &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>| 49000 | 254 |
| &nbsp;&nbsp; China International Capital Corp. Ltd., <br> Class H<br>| 390400 | 1077 |
| China Jushi Co. Ltd., Class A | 52822 | 128 |
| China Life Insurance Co. Ltd., Class A | 35600 | 198 |
| China Life Insurance Co. Ltd., Class H | 1730544 | 4931 |
| China Literature Ltd.\* | 104000 | 529 |
| &nbsp;&nbsp; China Longyuan Power Group Corp. <br> Ltd., Class H<br>| 557473 | 596 |
| China Mengniu Dairy Co. Ltd. | 729870 | 1407 |
| China Merchants Bank Co. Ltd., Class A | 284679 | 1617 |
| &nbsp;&nbsp; China Merchants Bank Co. Ltd., <br> Class H<br>| 911933 | 5486 |
| &nbsp;&nbsp; China Merchants Energy Shipping Co. <br> Ltd., Class A<br>| 109700 | 137 |
| &nbsp;&nbsp; China Merchants Expressway Network <br> & Technology Holdings Co. Ltd., <br> Class A<br>| 84400 | 116 |
| China Merchants Port Holdings Co. Ltd. | 284067 | 532 |
| &nbsp;&nbsp; China Merchants Securities Co. Ltd., <br> Class A<br>| 88110 | 212 |
| &nbsp;&nbsp; China Merchants Shekou Industrial <br> Zone Holdings Co. Ltd., Class A<br>| 152700 | 218 |
| &nbsp;&nbsp; China Minsheng Banking Corp. Ltd., <br> Class A<br>| 466840 | 261 |
| &nbsp;&nbsp; China Minsheng Banking Corp. Ltd., <br> Class H<br>| 1573654 | 831 |
| &nbsp;&nbsp; China National Building Material Co. <br> Ltd., Class H<br>| 839943 | 597 |
| &nbsp;&nbsp; China National Chemical Engineering <br> Co. Ltd., Class A<br>| 73800 | 77 |
| &nbsp;&nbsp; China National Nuclear Power Co. <br> Ltd., Class A<br>| 271098 | 332 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| &nbsp;&nbsp; China National Software & Service Co. <br> Ltd., Class A\*<br>| 10400 | $73 |
| &nbsp;&nbsp; China Northern Rare Earth Group <br> High-Tech Co. Ltd., Class A<br>| 60300 | 409 |
| China Oilfield Services Ltd., Class H | 416757 | 358 |
| China Overseas Land & Investment Ltd. | 886195 | 1638 |
| &nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., <br> Class A<br>| 101100 | 499 |
| &nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., <br> Class H<br>| 617737 | 2456 |
| &nbsp;&nbsp; China Petroleum & Chemical Corp., <br> Class A<br>| 372000 | 276 |
| &nbsp;&nbsp; China Petroleum & Chemical Corp., <br> Class H<br>| 5400628 | 2815 |
| &nbsp;&nbsp; China Power International Development <br> Ltd.<br>| 960000 | 399 |
| China Railway Group Ltd., Class A | 257500 | 199 |
| China Railway Group Ltd., Class H | 1026827 | 519 |
| &nbsp;&nbsp; China Railway Signal & <br> Communication Corp. Ltd., Class A<br>| 110341 | 83 |
| &nbsp;&nbsp; China Rare Earth Resources And <br> Technology Co. Ltd., Class A\*<br>| 14300 | 103 |
| China Resources Beer Holdings Co. Ltd. | 376448 | 1329 |
| China Resources Gas Group Ltd. | 197658 | 504 |
| China Resources Land Ltd. | 744932 | 2912 |
| &nbsp;&nbsp; China Resources Microelectronics Ltd., <br> Class A<br>| 23419 | 183 |
| &nbsp;&nbsp; China Resources Mixc Lifestyle Services <br> Ltd.<br>| 156200 | 831 |
| &nbsp;&nbsp; China Resources Pharmaceutical Group <br> Ltd.<br>| 448500 | 278 |
| &nbsp;&nbsp; China Resources Power Holdings Co. <br> Ltd.<br>| 471735 | 1082 |
| &nbsp;&nbsp; China Resources Sanjiu Medical & <br> Pharmaceutical Co. Ltd., Class A<br>| 24843 | 98 |
| China Ruyi Holdings Ltd.<sup>\* †</sup> <br>| 1980000 | 757 |
| &nbsp;&nbsp; China Shenhua Energy Co. Ltd., <br> Class A<br>| 89300 | 483 |
| &nbsp;&nbsp; China Shenhua Energy Co. Ltd., <br> Class H<br>| 787636 | 3771 |
| &nbsp;&nbsp; China Southern Airlines Co. Ltd., <br> Class A\*<br>| 149900 | 127 |
| &nbsp;&nbsp; China State Construction Engineering <br> Corp. Ltd., Class A<br>| 534280 | 409 |
| &nbsp;&nbsp; China State Construction International <br> Holdings Ltd.<br>| 307600 | 392 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| &nbsp;&nbsp; China Taiping Insurance Holdings Co. <br> Ltd.<br>| 313704 | $615 |
| &nbsp;&nbsp; China Three Gorges Renewables <br> Group Co. Ltd., Class A<br>| 426400 | 255 |
| &nbsp;&nbsp; China Tourism Group Duty Free Corp. <br> Ltd., Class A<br>| 29400 | 295 |
| China Tower Corp. Ltd., Class H | 1025800 | 1514 |
| &nbsp;&nbsp; China United Network Communications <br> Ltd., Class A<br>| 436900 | 338 |
| China Vanke Co. Ltd., Class A\* | 225600 | 218 |
| China Vanke Co. Ltd., Class H\* | 419272 | 300 |
| China XD Electric Co. Ltd., Class A | 84400 | 80 |
| China Yangtze Power Co. Ltd., Class A | 342100 | 1309 |
| China Zheshang Bank Co. Ltd., Class A | 252330 | 106 |
| &nbsp;&nbsp; Chongqing Changan Automobile Co. <br> Ltd., Class A<br>| 104368 | 179 |
| &nbsp;&nbsp; Chongqing Rural Commercial Bank Co. <br> Ltd., Class A<br>| 121400 | 112 |
| &nbsp;&nbsp; Chongqing Rural Commercial Bank Co. <br> Ltd., Class H<br>| 577000 | 445 |
| &nbsp;&nbsp; Chongqing Zhifei Biological Products <br> Co. Ltd., Class A<br>| 31950 | 93 |
| Chow Tai Fook Jewellery Group Ltd. | 471800 | 945 |
| CITIC Ltd. | 924803 | 1359 |
| &nbsp;&nbsp; Citic Pacific Special Steel Group Co. <br> Ltd., Class A<br>| 70300 | 135 |
| CITIC Securities Co. Ltd., Class A | 166045 | 698 |
| CITIC Securities Co. Ltd., Class H | 367400 | 1454 |
| CMOC Group Ltd., Class A | 236400 | 522 |
| CMOC Group Ltd., Class H | 885000 | 1789 |
| &nbsp;&nbsp; CNGR Advanced Material Co. Ltd., <br> Class A<br>| 10502 | 74 |
| CNPC Capital Co. Ltd., Class A | 123100 | 182 |
| &nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd., Class A<br>| 61640 | 3486 |
| &nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd., Class H<br>| 15600 | 1150 |
| &nbsp;&nbsp; COSCO SHIPPING Energy <br> Transportation Co. Ltd., Class A<br>| 75500 | 128 |
| &nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd., <br> Class A<br>| 165880 | 334 |
| &nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd., <br> Class H<br>| 615650 | 957 |
| CRRC Corp. Ltd., Class A | 358200 | 376 |
| CRRC Corp. Ltd., Class H | 1074000 | 828 |
| CSC Financial Co. Ltd., Class A | 53600 | 202 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| CSI Solar Co. Ltd., Class A | 44662 | $84 |
| &nbsp;&nbsp; CSPC Innovation Pharmaceutical Co. <br> Ltd., Class A<br>| 15120 | 98 |
| CSPC Pharmaceutical Group Ltd. | 1879360 | 2267 |
| Daqin Railway Co. Ltd., Class A | 294900 | 244 |
| &nbsp;&nbsp; Datang International Power Generation <br> Co. Ltd., Class A<br>| 170500 | 81 |
| Dong-E-E-Jiao Co. Ltd., Class A | 10100 | 67 |
| Dongfang Electric Corp. Ltd., Class A | 33800 | 91 |
| Dongxing Securities Co. Ltd., Class A | 50400 | 82 |
| &nbsp;&nbsp; East Money Information Co. Ltd., <br> Class A<br>| 237924 | 908 |
| &nbsp;&nbsp; Eastroc Beverage Group Co. Ltd., <br> Class A<br>| 7320 | 312 |
| Ecovacs Robotics Co. Ltd., Class A | 8100 | 122 |
| Empyrean Technology Co. Ltd., Class A | 6300 | 112 |
| ENN Energy Holdings Ltd. | 177079 | 1466 |
| ENN Natural Gas Co. Ltd., Class A | 31600 | 80 |
| Eoptolink Technology, Inc. Ltd., Class A | 14520 | 755 |
| Eve Energy Co. Ltd., Class A | 27496 | 352 |
| Everbright Securities Co. Ltd., Class A | 49998 | 132 |
| &nbsp;&nbsp; Everdisplay Optronics Shanghai Co. <br> Ltd., Class A\*<br>| 140978 | 57 |
| Far East Horizon Ltd. | 506000 | 447 |
| Flat Glass Group Co. Ltd., Class A | 23600 | 57 |
| &nbsp;&nbsp; Focus Media Information Technology <br> Co. Ltd., Class A<br>| 208900 | 236 |
| &nbsp;&nbsp; Foshan Haitian Flavouring & Food Co. <br> Ltd., Class A<br>| 61158 | 335 |
| Fosun International Ltd. | 546865 | 387 |
| Founder Securities Co. Ltd., Class A | 131800 | 151 |
| &nbsp;&nbsp; Foxconn Industrial Internet Co. Ltd., <br> Class A<br>| 184100 | 1722 |
| &nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., <br> Class A<br>| 33692 | 347 |
| &nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., <br> Class H<br>| 138800 | 1397 |
| GalaxyCore, Inc., Class A | 41118 | 104 |
| &nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd., <br> Class A<br>| 31340 | 268 |
| GCL Technology Holdings Ltd.\* | 5387000 | 908 |
| &nbsp;&nbsp; GD Power Development Co. Ltd., <br> Class A<br>| 242200 | 169 |
| GDS Holdings Ltd., Class A\* | 243200 | 1200 |
| Geely Automobile Holdings Ltd. | 1408641 | 3542 |
| GEM Co. Ltd., Class A | 61100 | 72 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **54** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| Genscript Biotech Corp.<sup>\* †</sup> <br>| 302000 | $652 |
| GF Securities Co. Ltd., Class A | 72793 | 228 |
| Giant Biogene Holding Co. Ltd. | 92000 | 669 |
| Giant Network Group Co. Ltd., Class A | 24900 | 158 |
| &nbsp;&nbsp; GigaDevice Semiconductor, Inc., <br> Class A<br>| 8880 | 267 |
| GoerTek, Inc., Class A | 41300 | 219 |
| &nbsp;&nbsp; Goldwind Science & Technology Co. <br> Ltd., Class A<br>| 42100 | 89 |
| Goneo Group Co. Ltd., Class A | 12299 | 77 |
| Gotion High-tech Co. Ltd., Class A | 24200 | 159 |
| Great Wall Motor Co. Ltd., Class A | 35500 | 123 |
| Great Wall Motor Co. Ltd., Class H | 519796 | 1123 |
| &nbsp;&nbsp; Gree Electric Appliances, Inc. of <br> Zhuhai, Class A<br>| 38800 | 216 |
| &nbsp;&nbsp; GRG Banking Equipment Co. Ltd., <br> Class A<br>| 43100 | 84 |
| &nbsp;&nbsp; Guangdong Haid Group Co. Ltd., <br> Class A<br>| 22400 | 201 |
| Guangdong Investment Ltd. | 662514 | 602 |
| Guanghui Energy Co. Ltd., Class A | 80900 | 57 |
| &nbsp;&nbsp; Guangzhou Automobile Group Co. <br> Ltd., Class A<br>| 68100 | 73 |
| &nbsp;&nbsp; Guangzhou Baiyunshan <br> Pharmaceutical Holdings Co. Ltd., <br> Class A<br>| 19400 | 70 |
| &nbsp;&nbsp; Guangzhou Haige Communications <br> Group, Inc. Co., Class A<br>| 40500 | 74 |
| &nbsp;&nbsp; Guangzhou Tinci Materials Technology <br> Co. Ltd., Class A<br>| 42780 | 229 |
| &nbsp;&nbsp; Guolian Minsheng Securities Co. Ltd., <br> Class A<br>| 87500 | 137 |
| Guosen Securities Co. Ltd., Class A | 81200 | 154 |
| Guotai Haitong Securities Co. Ltd. | 179838 | 475 |
| &nbsp;&nbsp; Guotai Haitong Securities Co. Ltd., <br> Class H<br>| 466748 | 963 |
| Guoyuan Securities Co. Ltd., Class A | 47460 | 61 |
| H World Group Ltd. ADR | 46928 | 1835 |
| Haidilao International Holding Ltd.<sup>†</sup> <br>| 375000 | 648 |
| Haier Smart Home Co. Ltd., Class A | 94797 | 336 |
| Haier Smart Home Co. Ltd., Class H | 554800 | 1811 |
| &nbsp;&nbsp; Hainan Airlines Holding Co. Ltd., <br> Class A\*<br>| 575800 | 131 |
| &nbsp;&nbsp; Hainan Airport Infrastructure Co. Ltd., <br> Class A<br>| 122100 | 71 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| &nbsp;&nbsp; Haisco Pharmaceutical Group Co. Ltd., <br> Class A<br>| 12400 | $93 |
| Haitian International Holdings Ltd. | 139000 | 383 |
| &nbsp;&nbsp; Hangzhou First Applied Material Co. <br> Ltd., Class A<br>| 34659 | 76 |
| &nbsp;&nbsp; Hangzhou Silan Microelectronics Co. <br> Ltd., Class A<br>| 17200 | 76 |
| &nbsp;&nbsp; Hangzhou Tigermed Consulting Co. <br> Ltd., Class A<br>| 6500 | 53 |
| Hansoh Pharmaceutical Group Co. Ltd. | 286000 | 1328 |
| &nbsp;&nbsp; Henan Shenhuo Coal Industry & <br> Electricity Power Co. Ltd., Class A<br>| 34200 | 96 |
| &nbsp;&nbsp; Henan Shuanghui Investment & <br> Development Co. Ltd., Class A<br>| 47600 | 165 |
| Hengan International Group Co. Ltd. | 149398 | 488 |
| Hengli Petrochemical Co. Ltd., Class A | 104160 | 251 |
| &nbsp;&nbsp; Hengtong Optic-electric Co. Ltd., <br> Class A<br>| 37800 | 122 |
| &nbsp;&nbsp; Hithink RoyalFlush Information Network <br> Co. Ltd., Class A<br>| 7800 | 407 |
| HLA Group Corp. Ltd., Class A | 53800 | 49 |
| Horizon Robotics<sup>\* †</sup> <br>| 957600 | 1186 |
| &nbsp;&nbsp; Hoshine Silicon Industry Co. Ltd., <br> Class A<br>| 10900 | 76 |
| &nbsp;&nbsp; Hua Hong Semiconductor Ltd., <br> Class H\*<br>| 169000 | 1739 |
| &nbsp;&nbsp; Huadian Power International Corp. Ltd., <br> Class A<br>| 84100 | 60 |
| Huadong Medicine Co. Ltd., Class A | 22720 | 132 |
| Huafon Chemical Co. Ltd., Class A | 50400 | 65 |
| Huagong Tech Co. Ltd., Class A | 10600 | 138 |
| &nbsp;&nbsp; Huaibei Mining Holdings Co. Ltd., <br> Class A<br>| 33900 | 59 |
| &nbsp;&nbsp; Hualan Biological Engineering, Inc., <br> Class A<br>| 26070 | 58 |
| &nbsp;&nbsp; Huaneng Power International, Inc., <br> Class A<br>| 164000 | 163 |
| &nbsp;&nbsp; Huaneng Power International, Inc., <br> Class H<br>| 1024501 | 713 |
| Huaqin Technology Co. Ltd., Class A | 11000 | 163 |
| Huatai Securities Co. Ltd., Class A | 104200 | 319 |
| Huatai Securities Co. Ltd., Class H | 309000 | 819 |
| Huaxia Bank Co. Ltd., Class A | 156390 | 145 |
| &nbsp;&nbsp; Huayu Automotive Systems Co. Ltd., <br> Class A<br>| 42200 | 121 |
| &nbsp;&nbsp; Huizhou Desay Sv Automotive Co. Ltd., <br> Class A<br>| 9400 | 200 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| &nbsp;&nbsp; Humanwell Healthcare Group Co. Ltd., <br> Class A<br>| 22400 | $66 |
| Hunan Valin Steel Co. Ltd., Class A | 101900 | 93 |
| Hundsun Technologies, Inc., Class A | 26145 | 127 |
| Hwatsing Technology Co. Ltd., Class A | 3786 | 88 |
| &nbsp;&nbsp; Hygon Information Technology Co. Ltd., <br> Class A<br>| 32132 | 1143 |
| IEIT Systems Co. Ltd., Class A | 17856 | 187 |
| Iflytek Co. Ltd., Class A | 37000 | 292 |
| &nbsp;&nbsp; Imeik Technology Development Co. <br> Ltd., Class A<br>| 4200 | 107 |
| &nbsp;&nbsp; Industrial & Commercial Bank of China <br> Ltd., Class A<br>| 808600 | 829 |
| &nbsp;&nbsp; Industrial & Commercial Bank of China <br> Ltd., Class H<br>| 15264023 | 11270 |
| Industrial Bank Co. Ltd., Class A | 307100 | 856 |
| Industrial Securities Co. Ltd., Class A | 126400 | 116 |
| Ingenic Semiconductor Co. Ltd., Class A | 4200 | 53 |
| &nbsp;&nbsp; Inner Mongolia BaoTou Steel Union <br> Co. Ltd., Class A<br>| 580400 | 194 |
| &nbsp;&nbsp; Inner Mongolia Dian Tou Energy Corp. <br> Ltd., Class A<br>| 29200 | 93 |
| &nbsp;&nbsp; Inner Mongolia Junzheng Energy & <br> Chemical Industry Group Co. Ltd., <br> Class A<br>| 159200 | 117 |
| &nbsp;&nbsp; Inner Mongolia Yili Industrial Group <br> Co. Ltd., Class A<br>| 101100 | 387 |
| &nbsp;&nbsp; Inner Mongolia Yitai Coal Co. Ltd., <br> Class B<br>| 206900 | 397 |
| Innovent Biologics, Inc.\* | 339000 | 4222 |
| &nbsp;&nbsp; Isoftstone Information Technology <br> Group Co. Ltd., Class A<br>| 21400 | 166 |
| JA Solar Technology Co. Ltd., Class A\* | 41916 | 77 |
| JCET Group Co. Ltd., Class A | 21700 | 134 |
| JD Health International, Inc.\* | 261100 | 2233 |
| JD Logistics, Inc.\* | 490200 | 828 |
| JD.com, Inc., Class A | 568966 | 9944 |
| &nbsp;&nbsp; Jiangsu Eastern Shenghong Co. Ltd., <br> Class A\*<br>| 89900 | 120 |
| Jiangsu Expressway Co. Ltd., Class H | 260000 | 302 |
| &nbsp;&nbsp; Jiangsu Hengli Hydraulic Co. Ltd., <br> Class A<br>| 16468 | 221 |
| &nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd., Class A<br>| 93385 | 936 |
| &nbsp;&nbsp; Jiangsu Hoperun Software Co. Ltd., <br> Class A\*<br>| 15200 | 130 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| &nbsp;&nbsp; Jiangsu King's Luck Brewery JSC Ltd., <br> Class A<br>| 27100 | $150 |
| &nbsp;&nbsp; Jiangsu Phoenix Publishing & Media <br> Corp. Ltd., Class A<br>| 34400 | 51 |
| &nbsp;&nbsp; Jiangsu Yanghe Distillery Co. Ltd., <br> Class A<br>| 24500 | 234 |
| &nbsp;&nbsp; Jiangsu Yuyue Medical Equipment & <br> Supply Co. Ltd., Class A<br>| 10000 | 55 |
| &nbsp;&nbsp; Jiangsu Zhongtian Technology Co. Ltd., <br> Class A<br>| 40200 | 107 |
| Jiangxi Copper Co. Ltd., Class A | 33099 | 164 |
| Jiangxi Copper Co. Ltd., Class H | 236000 | 927 |
| &nbsp;&nbsp; Jinduicheng Molybdenum Co. Ltd., <br> Class A<br>| 33100 | 72 |
| Jinko Solar Co. Ltd., Class A\* | 139783 | 109 |
| &nbsp;&nbsp; Kangmei Pharmaceutical Co. Ltd., <br> Class A<sup>(2) \*</sup> <br>| 4749 |  |
| Kanzhun Ltd. ADR\* | 86453 | 2020 |
| KE Holdings, Inc., Class A | 479343 | 3151 |
| &nbsp;&nbsp; Kingdee International Software Group <br> Co. Ltd.\*<br>| 708000 | 1596 |
| Kingsoft Corp. Ltd. | 220903 | 985 |
| Kuaishou Technology | 626000 | 6816 |
| &nbsp;&nbsp; Kuang-Chi Technologies Co. Ltd., <br> Class A<br>| 32000 | 226 |
| Kunlun Energy Co. Ltd. | 929230 | 831 |
| Kunlun Tech Co. Ltd., Class A\* | 13900 | 95 |
| Kweichow Moutai Co. Ltd., Class A | 17295 | 3509 |
| Laopu Gold Co. Ltd., Class H | 5900 | 540 |
| LB Group Co. Ltd., Class A | 29400 | 80 |
| Lenovo Group Ltd. | 1594000 | 2370 |
| Lens Technology Co. Ltd., Class A | 80900 | 382 |
| Li Auto, Inc., Class A\* | 291430 | 3710 |
| Li Ning Co. Ltd. | 546500 | 1242 |
| Lingyi iTech Guangdong Co., Class A | 107200 | 246 |
| Longfor Group Holdings Ltd.<sup>†</sup> <br>| 433669 | 664 |
| &nbsp;&nbsp; LONGi Green Energy Technology Co. <br> Ltd., Class A\*<br>| 97669 | 247 |
| &nbsp;&nbsp; Loongson Technology Corp. Ltd., <br> Class A\*<br>| 9000 | 200 |
| &nbsp;&nbsp; Luxshare Precision Industry Co. Ltd., <br> Class A<br>| 100705 | 917 |
| Luzhou Laojiao Co. Ltd., Class A | 21300 | 395 |
| &nbsp;&nbsp; Mango Excellent Media Co. Ltd., <br> Class A<br>| 22070 | 110 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **56** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| &nbsp;&nbsp; Maxscend Microelectronics Co. Ltd., <br> Class A<br>| 6780 | $79 |
| &nbsp;&nbsp; Meihua Holdings Group Co. Ltd., <br> Class A<br>| 45200 | 67 |
| Meitu, Inc.\* | 807500 | 963 |
| Meituan, Class B\* | 1161518 | 15542 |
| &nbsp;&nbsp; Metallurgical Corp. of China Ltd., <br> Class A<br>| 198300 | 107 |
| Midea Group Co. Ltd., Class A | 45700 | 467 |
| Midea Group Co. Ltd., Class H | 90200 | 952 |
| MINISO Group Holding Ltd. | 109036 | 615 |
| MMG Ltd.\* | 1064000 | 925 |
| Montage Technology Co. Ltd., Class A | 13959 | 302 |
| Muyuan Foods Co. Ltd., Class A | 73978 | 551 |
| Nanjing Securities Co. Ltd., Class A | 49300 | 59 |
| NARI Technology Co. Ltd., Class A | 127406 | 411 |
| &nbsp;&nbsp; National Silicon Industry Group Co. <br> Ltd., Class A\*<br>| 54787 | 199 |
| &nbsp;&nbsp; NAURA Technology Group Co. Ltd., <br> Class A<br>| 10105 | 643 |
| NetEase Cloud Music, Inc.<sup>\* †</sup> <br>| 18550 | 619 |
| NetEase, Inc. | 406175 | 12349 |
| &nbsp;&nbsp; New China Life Insurance Co. Ltd., <br> Class A<br>| 26400 | 227 |
| &nbsp;&nbsp; New China Life Insurance Co. Ltd., <br> Class H<br>| 222452 | 1323 |
| New Hope Liuhe Co. Ltd., Class A | 63200 | 87 |
| &nbsp;&nbsp; New Oriental Education & Technology <br> Group, Inc.\*<br>| 285620 | 1533 |
| Nexchip Semiconductor Corp., Class A | 24199 | 119 |
| Ninestar Corp., Class A\* | 19800 | 65 |
| &nbsp;&nbsp; Ningbo Deye Technology Co. Ltd., <br> Class A<br>| 19134 | 218 |
| &nbsp;&nbsp; Ningbo Orient Wires & Cables Co. <br> Ltd., Class A<br>| 9200 | 91 |
| &nbsp;&nbsp; Ningbo Sanxing Medical Electric Co. <br> Ltd., Class A<br>| 28200 | 97 |
| Ningbo Tuopu Group Co. Ltd., Class A | 21795 | 247 |
| &nbsp;&nbsp; Ningxia Baofeng Energy Group Co. <br> Ltd., Class A<br>| 123600 | 309 |
| NIO, Inc., Class A<sup>\* †</sup> <br>| 430886 | 3319 |
| Nongfu Spring Co. Ltd., Class H | 468400 | 3246 |
| OFILM Group Co. Ltd., Class A\* | 51700 | 95 |
| &nbsp;&nbsp; OmniVision Integrated Circuits Group, <br> Inc.<br>| 18135 | 386 |
| Oppein Home Group, Inc., Class A | 6220 | 47 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| Orient Securities Co. Ltd., Class A | 102839 | $165 |
| PDD Holdings, Inc. ADR\* | 165584 | 21885 |
| &nbsp;&nbsp; People's Insurance Co. Group of China <br> (The) Ltd., Class A<br>| 152500 | 167 |
| &nbsp;&nbsp; People's Insurance Co. Group of China <br> (The) Ltd., Class H<br>| 2050535 | 1792 |
| PetroChina Co. Ltd., Class A | 329500 | 373 |
| PetroChina Co. Ltd., Class H | 4881438 | 4442 |
| Pharmaron Beijing Co. Ltd., Class A | 19125 | 95 |
| &nbsp;&nbsp; PICC Property & Casualty Co. Ltd., <br> Class H<br>| 1601359 | 3621 |
| Ping An Bank Co. Ltd., Class A | 252400 | 402 |
| &nbsp;&nbsp; Ping An Insurance Group Co. of China <br> Ltd., Class A<br>| 156635 | 1213 |
| &nbsp;&nbsp; Ping An Insurance Group Co. of China <br> Ltd., Class H<br>| 1554906 | 10581 |
| Piotech, Inc., Class A | 4201 | 153 |
| &nbsp;&nbsp; Poly Developments and Holdings <br> Group Co. Ltd., Class A<br>| 158200 | 174 |
| Pop Mart International Group Ltd. | 125200 | 4281 |
| &nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., <br> Class A<br>| 438300 | 354 |
| &nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., <br> Class H<br>| 2122000 | 1487 |
| &nbsp;&nbsp; Power Construction Corp. of China Ltd., <br> Class A<br>| 233100 | 182 |
| Qfin Holdings, Inc. ADR | 23881 | 687 |
| &nbsp;&nbsp; Qinghai Salt Lake Industry Co. Ltd., <br> Class A\*<br>| 69700 | 204 |
| &nbsp;&nbsp; Range Intelligent Computing <br> Technology Group Co. Ltd., Class A<br>| 25800 | 193 |
| Rockchip Electronics Co. Ltd., Class A | 8200 | 260 |
| &nbsp;&nbsp; Rongsheng Petrochemical Co. Ltd., <br> Class A<br>| 129100 | 175 |
| SAIC Motor Corp. Ltd., Class A | 131893 | 318 |
| Sailun Group Co. Ltd., Class A | 48300 | 97 |
| &nbsp;&nbsp; Sanan Optoelectronics Co. Ltd., <br> Class A<br>| 97100 | 212 |
| Sany Heavy Industry Co. Ltd., Class A | 116800 | 381 |
| Satellite Chemical Co. Ltd., Class A | 43761 | 119 |
| SDIC Capital Co. Ltd., Class A | 83900 | 93 |
| SDIC Power Holdings Co. Ltd., Class A | 107000 | 196 |
| Seres Group Co. Ltd., Class A | 25000 | 602 |
| SF Holding Co. Ltd., Class A | 67800 | 385 |
| SG Micro Corp., Class A | 7605 | 89 |
| Shaanxi Coal Industry Co. Ltd., Class A | 128700 | 362 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| &nbsp;&nbsp; Shandong Gold Mining Co. Ltd., <br> Class A<br>| 45937 | $255 |
| &nbsp;&nbsp; Shandong Gold Mining Co. Ltd., <br> Class H<br>| 223250 | 1065 |
| &nbsp;&nbsp; Shandong Himile Mechanical Science <br> & Technology Co. Ltd., Class A<br>| 11800 | 98 |
| &nbsp;&nbsp; Shandong Hualu Hengsheng Chemical <br> Co. Ltd., Class A<br>| 27340 | 102 |
| &nbsp;&nbsp; Shandong Nanshan Aluminum Co. Ltd., <br> Class A<br>| 175400 | 98 |
| &nbsp;&nbsp; Shandong Sun Paper Industry JSC Ltd., <br> Class A<br>| 32500 | 65 |
| &nbsp;&nbsp; Shandong Weigao Group Medical <br> Polymer Co. Ltd., Class H<br>| 618116 | 462 |
| &nbsp;&nbsp; Shanghai Allist Pharmaceuticals Co. <br> Ltd., Class A<br>| 6400 | 99 |
| &nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., <br> Class A<br>| 24480 | 80 |
| &nbsp;&nbsp; Shanghai BOCHU Electronic <br> Technology Corp. Ltd., Class A<br>| 4236 | 91 |
| &nbsp;&nbsp; Shanghai Electric Group Co. Ltd., <br> Class A\*<br>| 240400 | 319 |
| &nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group <br> Co. Ltd., Class A<br>| 25300 | 106 |
| &nbsp;&nbsp; Shanghai International Airport Co. Ltd., <br> Class A<br>| 17200 | 77 |
| &nbsp;&nbsp; Shanghai Pharmaceuticals Holding Co. <br> Ltd., Class A<br>| 37200 | 94 |
| &nbsp;&nbsp; Shanghai Pudong Development Bank <br> Co. Ltd., Class A<br>| 383892 | 642 |
| &nbsp;&nbsp; Shanghai Putailai New Energy <br> Technology Co. Ltd., Class A<br>| 25752 | 112 |
| &nbsp;&nbsp; Shanghai RAAS Blood Products Co. <br> Ltd., Class A<br>| 94600 | 89 |
| &nbsp;&nbsp; Shanghai Rural Commercial Bank Co. <br> Ltd., Class A<br>| 113200 | 130 |
| &nbsp;&nbsp; Shanghai United Imaging Healthcare <br> Co. Ltd., Class A<br>| 10770 | 230 |
| &nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| 33600 | 259 |
| &nbsp;&nbsp; Shanjin International Gold Co. Ltd., <br> Class A<br>| 38800 | 125 |
| &nbsp;&nbsp; Shanxi Coking Coal Energy Group Co. <br> Ltd., Class A<br>| 79120 | 77 |
| &nbsp;&nbsp; Shanxi Lu'an Environmental Energy <br> Development Co. Ltd., Class A<br>| 36200 | 72 |
| &nbsp;&nbsp; Shanxi Xinghuacun Fen Wine Factory <br> Co. Ltd., Class A<br>| 17060 | 465 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| Shenergy Co. Ltd., Class A | 41700 | $46 |
| Shengyi Technology Co. Ltd., Class A | 38900 | 297 |
| Shennan Circuits Co. Ltd., Class A | 9724 | 298 |
| &nbsp;&nbsp; Shenwan Hongyuan Group Co. Ltd., <br> Class A<br>| 328200 | 246 |
| &nbsp;&nbsp; Shenzhen Goodix Technology Co. Ltd., <br> Class A<br>| 5000 | 58 |
| &nbsp;&nbsp; Shenzhen Inovance Technology Co. <br> Ltd., Class A<br>| 18900 | 223 |
| &nbsp;&nbsp; Shenzhen Kinwong Electronic Co. Ltd., <br> Class A<br>| 11500 | 102 |
| &nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co. Ltd., Class A<br>| 16600 | 573 |
| &nbsp;&nbsp; Shenzhen New Industries Biomedical <br> Engineering Co. Ltd., Class A<br>| 9800 | 94 |
| &nbsp;&nbsp; Shenzhen Salubris Pharmaceuticals Co. <br> Ltd., Class A<br>| 17700 | 150 |
| &nbsp;&nbsp; Shenzhen Transsion Holdings Co. Ltd., <br> Class A<br>| 14547 | 192 |
| &nbsp;&nbsp; Shenzhou International Group Holdings <br> Ltd.<br>| 190800 | 1518 |
| &nbsp;&nbsp; Sichuan Biokin Pharmaceutical Co. Ltd., <br> Class A\*<br>| 3200 | 169 |
| &nbsp;&nbsp; Sichuan Changhong Electric Co. Ltd., <br> Class A<br>| 91100 | 134 |
| &nbsp;&nbsp; Sichuan Chuantou Energy Co. Ltd., <br> Class A<br>| 56000 | 112 |
| &nbsp;&nbsp; Sichuan Kelun Pharmaceutical Co. Ltd., <br> Class A<br>| 23200 | 120 |
| &nbsp;&nbsp; Sichuan Kelun-Biotech <br> Biopharmaceutical Co. Ltd., Class H<sup>\*</sup> <br>† <br>| 11700 | 773 |
| &nbsp;&nbsp; Sichuan Road and Bridge Group Co. <br> Ltd., Class A<br>| 101600 | 115 |
| Silergy Corp. | 79000 | 671 |
| Sinolink Securities Co. Ltd., Class A | 33900 | 49 |
| Sinopharm Group Co. Ltd., Class H | 335914 | 793 |
| Sinotruk Hong Kong Ltd. | 148500 | 438 |
| Smoore International Holdings Ltd.<sup>†</sup> <br>| 452000 | 1025 |
| SooChow Securities Co. Ltd., Class A | 72343 | 100 |
| Southwest Securities Co. Ltd., Class A | 103600 | 69 |
| Spring Airlines Co. Ltd., Class A | 15800 | 119 |
| &nbsp;&nbsp; Sungrow Power Supply Co. Ltd., <br> Class A<br>| 28000 | 637 |
| &nbsp;&nbsp; Sunny Optical Technology Group Co. <br> Ltd.<br>| 165325 | 1931 |
| Sunwoda Electronic Co. Ltd., Class A | 17800 | 85 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **58** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| SUPCON Technology Co. Ltd., Class A | 8381 | $65 |
| &nbsp;&nbsp; Suzhou Dongshan Precision <br> Manufacturing Co. Ltd., Class A<br>| 25700 | 260 |
| &nbsp;&nbsp; Suzhou TFC Optical Communication <br> Co. Ltd., Class A<br>| 12420 | 296 |
| TAL Education Group ADR\* | 100499 | 1126 |
| TBEA Co. Ltd., Class A | 68490 | 171 |
| TCL Technology Group Corp., Class A | 266410 | 161 |
| &nbsp;&nbsp; TCL Zhonghuan Renewable Energy <br> Technology Co. Ltd., Class A\*<br>| 52750 | 67 |
| Tencent Holdings Ltd. | 1497189 | 127554 |
| &nbsp;&nbsp; Tencent Music Entertainment Group <br> ADR<br>| 133255 | 3110 |
| Tianfeng Securities Co. Ltd., Class A\* | 117500 | 88 |
| Tianqi Lithium Corp., Class A\* | 19000 | 127 |
| &nbsp;&nbsp; Tianshan Aluminum Group Co. Ltd., <br> Class A<br>| 78700 | 128 |
| &nbsp;&nbsp; Tianshui Huatian Technology Co. Ltd., <br> Class A<br>| 46700 | 77 |
| Tingyi Cayman Islands Holding Corp. | 426435 | 572 |
| Tongcheng Travel Holdings Ltd. | 313600 | 924 |
| &nbsp;&nbsp; TongFu Microelectronics Co. Ltd., <br> Class A<br>| 22400 | 126 |
| &nbsp;&nbsp; Tongling Nonferrous Metals Group Co. <br> Ltd., Class A<br>| 159700 | 120 |
| Tongwei Co. Ltd., Class A\* | 62300 | 195 |
| TravelSky Technology Ltd., Class H | 200000 | 273 |
| Trina Solar Co. Ltd., Class A\* | 28251 | 69 |
| Trip.com Group Ltd. | 144673 | 10968 |
| Tsingtao Brewery Co. Ltd., Class A | 8300 | 77 |
| Tsingtao Brewery Co. Ltd., Class H | 151767 | 1035 |
| &nbsp;&nbsp; Unigroup Guoxin Microelectronics Co. <br> Ltd., Class A<br>| 10479 | 133 |
| Unisplendour Corp. Ltd., Class A | 32948 | 140 |
| &nbsp;&nbsp; Verisilicon Microelectronics Shanghai <br> Co. Ltd., Class A\*<br>| 9356 | 240 |
| &nbsp;&nbsp; Victory Giant Technology Huizhou Co. <br> Ltd., Class A<br>| 12600 | 511 |
| Vipshop Holdings Ltd. ADR | 76363 | 1500 |
| &nbsp;&nbsp; Wanhua Chemical Group Co. Ltd., <br> Class A<br>| 40800 | 382 |
| Want Want China Holdings Ltd. | 996870 | 678 |
| Weichai Power Co. Ltd., Class A | 107100 | 211 |
| Weichai Power Co. Ltd., Class H | 450812 | 809 |
| Wens Foodstuff Group Co. Ltd., Class A | 82200 | 215 |
| Western Mining Co. Ltd., Class A | 37500 | 116 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| Western Securities Co. Ltd., Class A | 61100 | $74 |
| &nbsp;&nbsp; Western Superconducting Technologies <br> Co. Ltd., Class A<br>| 8653 | 79 |
| &nbsp;&nbsp; Wingtech Technology Co. Ltd., <br> Class A\*<br>| 14600 | 95 |
| &nbsp;&nbsp; Wintime Energy Group Co. Ltd., <br> Class A<br>| 307400 | 70 |
| &nbsp;&nbsp; Wuhan Guide Infrared Co. Ltd., <br> Class A\*<br>| 42825 | 74 |
| Wuliangye Yibin Co. Ltd., Class A | 54000 | 922 |
| &nbsp;&nbsp; WUS Printed Circuit Kunshan Co. Ltd., <br> Class A<br>| 28180 | 293 |
| WuXi AppTec Co. Ltd., Class A | 32592 | 510 |
| WuXi AppTec Co. Ltd., Class H | 81911 | 1252 |
| Wuxi Biologics Cayman, Inc.\* | 806500 | 4254 |
| WuXi XDC Cayman, Inc.\* | 64500 | 651 |
| &nbsp;&nbsp; XCMG Construction Machinery Co. <br> Ltd., Class A<br>| 159500 | 257 |
| Xiamen C & D, Inc., Class A | 40800 | 59 |
| Xiamen Tungsten Co. Ltd., Class A | 21200 | 88 |
| Xiaomi Corp., Class B\* | 3999800 | 27850 |
| &nbsp;&nbsp; Xinjiang Daqo New Energy Co. Ltd., <br> Class A\*<br>| 19509 | 79 |
| Xinyi Solar Holdings Ltd. | 920318 | 408 |
| XPeng, Inc., Class A\* | 290358 | 3422 |
| Yadea Group Holdings Ltd. | 264000 | 470 |
| &nbsp;&nbsp; Yankuang Energy Group Co. Ltd., <br> Class A<br>| 72215 | 135 |
| &nbsp;&nbsp; Yankuang Energy Group Co. Ltd., <br> Class H<br>| 808919 | 1059 |
| &nbsp;&nbsp; Yantai Jereh Oilfield Services Group <br> Co. Ltd., Class A<br>| 15500 | 121 |
| &nbsp;&nbsp; Yealink Network Technology Corp. Ltd., <br> Class A<br>| 18440 | 96 |
| &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 | 89 |
| Yonghui Superstores Co. Ltd., Class A\* | 154400 | 101 |
| &nbsp;&nbsp; Yonyou Network Technology Co. Ltd., <br> Class A\*<br>| 42835 | 94 |
| Youngor Fashion Co. Ltd., Class A | 47400 | 49 |
| YTO Express Group Co. Ltd., Class A | 41800 | 108 |
| Yum China Holdings, Inc. | 86178 | 3784 |
| Yunnan Aluminium Co. Ltd., Class A | 34600 | 100 |
| Yunnan Baiyao Group Co. Ltd., Class A | 21500 | 171 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| Yunnan Yuntianhua Co. Ltd., Class A | 22300 | $84 |
| Yutong Bus Co. Ltd., Class A | 28500 | 109 |
| Zangge Mining Co. Ltd., Class A | 18500 | 152 |
| &nbsp;&nbsp; Zhangzhou Pientzehuang <br> Pharmaceutical Co. Ltd., Class A<br>| 7493 | 207 |
| &nbsp;&nbsp; Zhaojin Mining Industry Co. Ltd., <br> Class H<br>| 401000 | 1620 |
| &nbsp;&nbsp; Zhejiang China Commodities City <br> Group Co. Ltd., Class A<br>| 86100 | 224 |
| &nbsp;&nbsp; Zhejiang Chint Electrics Co. Ltd., <br> Class A<br>| 28994 | 125 |
| &nbsp;&nbsp; Zhejiang Dahua Technology Co. Ltd., <br> Class A<br>| 50900 | 144 |
| Zhejiang Expressway Co. Ltd., Class H | 396625 | 368 |
| &nbsp;&nbsp; Zhejiang Huayou Cobalt Co. Ltd., <br> Class A<br>| 21715 | 201 |
| &nbsp;&nbsp; Zhejiang Jingsheng Mechanical & <br> Electrical Co. Ltd., Class A<br>| 17200 | 110 |
| Zhejiang Juhua Co. Ltd., Class A | 32100 | 180 |
| &nbsp;&nbsp; Zhejiang Leapmotor Technology Co. <br> Ltd., Class H\*<br>| 107800 | 920 |
| &nbsp;&nbsp; Zhejiang Longsheng Group Co. Ltd., <br> Class A<br>| 50300 | 70 |
| Zhejiang NHU Co. Ltd., Class A | 42448 | 142 |
| &nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls <br> Co. Ltd., Class A<br>| 32800 | 222 |
| &nbsp;&nbsp; Zhejiang Wanfeng Auto Wheel Co. <br> Ltd., Class A<br>| 31300 | 79 |
| &nbsp;&nbsp; Zhejiang Weiming Environment <br> Protection Co. Ltd., Class A<br>| 19250 | 53 |
| &nbsp;&nbsp; Zhejiang Zheneng Electric Power Co. <br> Ltd., Class A<br>| 180800 | 126 |
| Zheshang Securities Co. Ltd., Class A | 60800 | 99 |
| Zhongji Innolight Co. Ltd., Class A | 15240 | 875 |
| Zhongjin Gold Corp. Ltd., Class A | 73900 | 228 |
| Zhongtai Securities Co. Ltd., Class A | 119500 | 117 |
| &nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., <br> Class A<br>| 8349 | 62 |
| &nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., <br> Class H<br>| 106074 | 583 |
| Zijin Mining Group Co. Ltd., Class A | 282700 | 1166 |
| Zijin Mining Group Co. Ltd., Class H | 1330162 | 5580 |
| &nbsp;&nbsp; Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class A<br>| 111600 | 126 |
| ZTE Corp., Class A | 59300 | 381 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **China – 30.1%continued** | **China – 30.1%continued** | **China – 30.1%continued** |
| ZTE Corp., Class H<sup>†</sup> <br>| 185517 | $848 |
| ZTO Express Cayman, Inc. | 97334 | 1855 |
|  |  | **701627** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| Grupo Cibest S.A. | 59986 | 926 |
| Interconexion Electrica S.A. ESP | 102011 | 608 |
|  |  | **1534** |
| **Czech Republic – 0.1%** | **Czech Republic – 0.1%** | **Czech Republic – 0.1%** |
| CEZ A.S. | 31957 | 1984 |
| Komercni Banka A.S. | 17601 | 883 |
| Moneta Money Bank A.S. | 53402 | 426 |
|  |  | **3293** |
| **Egypt – 0.1%** | **Egypt – 0.1%** | **Egypt – 0.1%** |
| &nbsp;&nbsp; Commercial International Bank - Egypt <br> (CIB)<br>| 545786 | 1152 |
| Eastern Co. S.A.E. | 280302 | 250 |
| Talaat Moustafa Group | 175869 | 209 |
|  |  | **1611** |
| **Greece – 0.6%** | **Greece – 0.6%** | **Greece – 0.6%** |
| Alpha Bank S.A. | 514836 | 2195 |
| &nbsp;&nbsp; Eurobank Ergasias Services and <br> Holdings S.A.<br>| 606175 | 2332 |
| FF Group<sup>(2) \*</sup> <br>| 18664 |  |
| &nbsp;&nbsp; Hellenic Telecommunications <br> Organization S.A.<br>| 35645 | 674 |
| JUMBO S.A. | 27350 | 937 |
| National Bank of Greece S.A. | 202850 | 2955 |
| OPAP S.A. | 43867 | 1024 |
| Piraeus Financial Holdings S.A.\* | 253571 | 2149 |
| Public Power Corp. S.A. | 46338 | 765 |
|  |  | **13031** |
| **Hong Kong – 0.2%** | **Hong Kong – 0.2%** | **Hong Kong – 0.2%** |
| J&T Global Express Ltd.\* | 565200 | 711 |
| Orient Overseas International Ltd. | 29000 | 471 |
| Sino Biopharmaceutical Ltd. | 2397750 | 2512 |
|  |  | **3694** |
| **Hungary – 0.3%** | **Hungary – 0.3%** | **Hungary – 0.3%** |
| MOL Hungarian Oil & Gas PLC | 91307 | 742 |
| OTP Bank Nyrt. | 52398 | 4538 |
| Richter Gedeon Nyrt. | 33207 | 1011 |
|  |  | **6291** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **60** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **India – 14.8%** | **India – 14.8%** | **India – 14.8%** |
| ABB India Ltd. | 11770 | $687 |
| Adani Enterprises Ltd. | 38388 | 1084 |
| &nbsp;&nbsp; Adani Ports & Special Economic Zone <br> Ltd.<br>| 126940 | 2007 |
| Adani Power Ltd.\* | 645770 | 1053 |
| Alkem Laboratories Ltd. | 10390 | 635 |
| Ambuja Cements Ltd. | 149139 | 958 |
| APL Apollo Tubes Ltd. | 39725 | 755 |
| Apollo Hospitals Enterprise Ltd. | 23425 | 1958 |
| Ashok Leyland Ltd. | 671416 | 1079 |
| Asian Paints Ltd. | 78653 | 2082 |
| Astral Ltd. | 26392 | 407 |
| AU Small Finance Bank Ltd. | 87908 | 725 |
| Aurobindo Pharma Ltd. | 64950 | 793 |
| Avenue Supermarts Ltd.\* | 38121 | 1924 |
| Axis Bank Ltd. | 536625 | 6842 |
| Bajaj Auto Ltd. | 15761 | 1541 |
| Bajaj Finance Ltd. | 653489 | 7354 |
| Bajaj Finserv Ltd. | 90129 | 2037 |
| Bajaj Holdings & Investment Ltd. | 6268 | 865 |
| Balkrishna Industries Ltd. | 19033 | 492 |
| Bank of Baroda | 257231 | 749 |
| Bharat Electronics Ltd. | 856090 | 3895 |
| Bharat Forge Ltd. | 64169 | 877 |
| Bharat Heavy Electricals Ltd. | 250255 | 672 |
| Bharat Petroleum Corp. Ltd. | 356084 | 1362 |
| Bharti Airtel Ltd. | 599023 | 12691 |
| Bosch Ltd. | 1685 | 724 |
| Britannia Industries Ltd. | 25487 | 1720 |
| BSE Ltd. | 47520 | 1092 |
| Canara Bank | 424305 | 591 |
| CG Power & Industrial Solutions Ltd. | 167388 | 1397 |
| &nbsp;&nbsp; Cholamandalam Investment and <br> Finance Co. Ltd.<br>| 98843 | 1794 |
| Cipla Ltd. | 132065 | 2236 |
| Coal India Ltd. | 438718 | 1927 |
| Colgate-Palmolive India Ltd. | 32334 | 809 |
| Container Corp. of India Ltd. | 71345 | 423 |
| Coromandel International Ltd. | 28538 | 723 |
| Cummins India Ltd. | 32355 | 1430 |
| Dabur India Ltd. | 117405 | 650 |
| Divi's Laboratories Ltd. | 27970 | 1793 |
| Dixon Technologies India Ltd. | 8496 | 1563 |
| DLF Ltd. | 177922 | 1429 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **India – 14.8%continued** | **India – 14.8%continued** | **India – 14.8%continued** |
| Dr. Reddy's Laboratories Ltd. | 136647 | $1883 |
| Eicher Motors Ltd. | 32122 | 2535 |
| Eternal Ltd.\* | 564271 | 2069 |
| FSN E-Commerce Ventures Ltd.\* | 261663 | 685 |
| GAIL India Ltd. | 552254 | 1097 |
| GMR Airports Ltd.\* | 586926 | 577 |
| Godrej Consumer Products Ltd. | 96255 | 1265 |
| Godrej Properties Ltd.\* | 33832 | 751 |
| Grasim Industries Ltd. | 64170 | 1993 |
| Havells India Ltd. | 48431 | 819 |
| HCL Technologies Ltd. | 221787 | 3461 |
| HDFC Asset Management Co. Ltd. | 21770 | 1355 |
| HDFC Bank Ltd. | 2649031 | 28382 |
| HDFC Life Insurance Co. Ltd. | 226746 | 1932 |
| Hero MotoCorp Ltd. | 27993 | 1726 |
| Hindalco Industries Ltd. | 314847 | 2702 |
| Hindustan Aeronautics Ltd. | 47152 | 2521 |
| Hindustan Petroleum Corp. Ltd. | 227630 | 1137 |
| Hindustan Unilever Ltd. | 192235 | 5444 |
| Hitachi Energy India Ltd. | 2837 | 575 |
| Hyundai Motor India Ltd. | 37855 | 1102 |
| ICICI Bank Ltd. | 1232888 | 18701 |
| &nbsp;&nbsp; ICICI Lombard General Insurance Co. <br> Ltd.<br>| 57326 | 1220 |
| ICICI Prudential Life Insurance Co. Ltd. | 81811 | 549 |
| IDFC First Bank Ltd. | 787270 | 619 |
| Indian Hotels (The) Co. Ltd. | 199959 | 1623 |
| Indian Oil Corp. Ltd. | 648839 | 1095 |
| &nbsp;&nbsp; Indian Railway Catering & Tourism <br> Corp. Ltd.<br>| 56431 | 445 |
| Indus Towers Ltd.\* | 310754 | 1200 |
| IndusInd Bank Ltd.\* | 137759 | 1142 |
| Info Edge India Ltd. | 85180 | 1256 |
| Infosys Ltd. | 775925 | 12606 |
| InterGlobe Aviation Ltd. | 44312 | 2793 |
| ITC Ltd. | 702852 | 3179 |
| Jindal Stainless Ltd. | 73500 | 611 |
| Jindal Steel Ltd. | 79548 | 954 |
| Jio Financial Services Ltd. | 671267 | 2218 |
| JSW Energy Ltd. | 97739 | 585 |
| JSW Steel Ltd. | 143944 | 1852 |
| Jubilant Foodworks Ltd. | 88422 | 615 |
| Kalyan Jewellers India Ltd. | 91703 | 469 |
| Kotak Mahindra Bank Ltd. | 255559 | 5739 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **India – 14.8%continued** | **India – 14.8%continued** | **India – 14.8%continued** |
| Larsen & Toubro Ltd. | 157856 | $6506 |
| Lodha Developers Ltd. | 70492 | 903 |
| LTIMindtree Ltd. | 17603 | 1023 |
| Lupin Ltd. | 53388 | 1152 |
| Mahindra & Mahindra Ltd. | 217520 | 8398 |
| Mankind Pharma Ltd. | 27081 | 743 |
| Marico Ltd. | 122302 | 961 |
| Maruti Suzuki India Ltd. | 29333 | 5299 |
| Max Healthcare Institute Ltd. | 181341 | 2298 |
| Mphasis Ltd. | 24409 | 730 |
| MRF Ltd. | 549 | 902 |
| Muthoot Finance Ltd. | 26992 | 935 |
| Nestle India Ltd. | 158612 | 2060 |
| NHPC Ltd. | 691090 | 672 |
| NMDC Ltd. | 693777 | 597 |
| NTPC Ltd. | 1023429 | 3925 |
| Oberoi Realty Ltd. | 28293 | 504 |
| Oil & Natural Gas Corp. Ltd. | 711077 | 1916 |
| Oil India Ltd. | 110508 | 514 |
| Oracle Financial Services Software Ltd. | 4865 | 461 |
| Page Industries Ltd. | 1324 | 607 |
| PB Fintech Ltd.\* | 81137 | 1559 |
| Persistent Systems Ltd. | 25131 | 1368 |
| Petronet LNG Ltd. | 169720 | 533 |
| Phoenix Mills (The) Ltd. | 42919 | 752 |
| PI Industries Ltd. | 18776 | 743 |
| Pidilite Industries Ltd. | 72190 | 1194 |
| Polycab India Ltd. | 12214 | 1005 |
| Power Finance Corp. Ltd. | 349846 | 1617 |
| Power Grid Corp. of India Ltd. | 1091883 | 3452 |
| Prestige Estates Projects Ltd. | 39631 | 674 |
| Punjab National Bank | 499223 | 635 |
| Rail Vikas Nigam Ltd. | 125030 | 478 |
| REC Ltd. | 291804 | 1226 |
| Reliance Industries Ltd. | 1421582 | 21843 |
| &nbsp;&nbsp; Samvardhana Motherson International <br> Ltd.<br>| 1148634 | 1367 |
| SBI Cards & Payment Services Ltd. | 65115 | 643 |
| SBI Life Insurance Co. Ltd. | 105490 | 2129 |
| Shree Cement Ltd. | 1901 | 627 |
| Shriram Finance Ltd. | 330786 | 2302 |
| Siemens Ltd. | 21229 | 748 |
| Solar Industries India Ltd. | 6321 | 949 |
| SRF Ltd. | 31812 | 1012 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **India – 14.8%continued** | **India – 14.8%continued** | **India – 14.8%continued** |
| State Bank of India | 417743 | $4105 |
| Sun Pharmaceutical Industries Ltd. | 224029 | 4027 |
| Sundaram Finance Ltd. | 14299 | 711 |
| Supreme Industries Ltd. | 13988 | 665 |
| Suzlon Energy Ltd.\* | 2302149 | 1428 |
| Swiggy Ltd.\* | 189064 | 901 |
| Tata Communications Ltd. | 25549 | 464 |
| Tata Consultancy Services Ltd. | 211253 | 6873 |
| Tata Consumer Products Ltd. | 139480 | 1774 |
| Tata Elxsi Ltd. | 7989 | 470 |
| Tata Motors Ltd. | 472210 | 3618 |
| Tata Power (The) Co. Ltd. | 364340 | 1595 |
| Tata Steel Ltd. | 1753927 | 3335 |
| Tech Mahindra Ltd. | 125866 | 1985 |
| Titan Co. Ltd. | 82993 | 3147 |
| Torrent Pharmaceuticals Ltd. | 28760 | 1167 |
| Torrent Power Ltd. | 39165 | 538 |
| Trent Ltd. | 42480 | 2238 |
| Tube Investments of India Ltd. | 25068 | 875 |
| TVS Motor Co. Ltd. | 55304 | 2144 |
| UltraTech Cement Ltd. | 27586 | 3798 |
| Union Bank of India Ltd. | 371205 | 579 |
| United Spirits Ltd. | 69778 | 1041 |
| UPL Ltd. | 107280 | 792 |
| Varun Beverages Ltd. | 317679 | 1589 |
| Vedanta Ltd. | 321576 | 1687 |
| Vishal Mega Mart Ltd.\* | 449263 | 754 |
| Vodafone Idea Ltd.\* | 6020213 | 552 |
| Voltas Ltd. | 56456 | 861 |
| WAAREE Energies Ltd.\* | 21044 | 789 |
| Wipro Ltd. | 596859 | 1607 |
| Yes Bank Ltd.\* | 3134507 | 752 |
| Zydus Lifesciences Ltd. | 63235 | 699 |
|  |  | **344829** |
| **Indonesia – 1.1%** | **Indonesia – 1.1%** | **Indonesia – 1.1%** |
| Amman Mineral Internasional PT\* | 3386900 | 1470 |
| Astra International Tbk PT | 4755260 | 1650 |
| Bank Central Asia Tbk PT | 12958660 | 5934 |
| Bank Mandiri Persero Tbk PT | 8845120 | 2343 |
| Bank Negara Indonesia Persero Tbk PT | 3509418 | 868 |
| Bank Rakyat Indonesia Persero Tbk PT | 15938065 | 3726 |
| Barito Pacific Tbk PT\* | 5141815 | 1159 |
| Chandra Asri Pacific Tbk PT | 2056400 | 954 |
| Charoen Pokphand Indonesia Tbk PT | 1721835 | 482 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **62** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Indonesia – 1.1%continued** | **Indonesia – 1.1%continued** | **Indonesia – 1.1%continued** |
| Dian Swastatika Sentosa Tbk PT\* | 233600 | $1490 |
| GoTo Gojek Tokopedia Tbk PT\* | 202272732 | 657 |
| Indofood CBP Sukses Makmur Tbk PT | 496300 | 282 |
| Indofood Sukses Makmur Tbk PT | 1123271 | 487 |
| Kalbe Farma Tbk PT | 4057980 | 275 |
| Petrindo Jaya Kreasi Tbk PT | 5760000 | 561 |
| Sumber Alfaria Trijaya Tbk PT | 4251800 | 494 |
| Telkom Indonesia Persero Tbk PT | 11553762 | 2130 |
| United Tractors Tbk PT | 336771 | 542 |
|  |  | **25504** |
| **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** |
| Solidcore Resources PLC\* | 97434 | **492** |
| **Kuwait – 0.7%** | **Kuwait – 0.7%** | **Kuwait – 0.7%** |
| Boubyan Bank K.S.C.P. | 342889 | 795 |
| Gulf Bank K.S.C.P. | 434521 | 497 |
| Kuwait Finance House K.S.C.P. | 2590043 | 6750 |
| Mabanee Co. KPSC | 145969 | 471 |
| &nbsp;&nbsp; Mobile Telecommunications Co. <br> K.S.C.P.<br>| 471460 | 795 |
| National Bank of Kuwait S.A.K.P. | 1939294 | 6728 |
| Warba Bank K.S.C.P.\* | 546057 | 508 |
|  |  | **16544** |
| **Luxembourg – 0.0%** | **Luxembourg – 0.0%** | **Luxembourg – 0.0%** |
| Reinet Investments S.C.A. | 33200 | **972** |
| **Malaysia – 1.2%** | **Malaysia – 1.2%** | **Malaysia – 1.2%** |
| AMMB Holdings Bhd. | 529737 | 711 |
| Axiata Group Bhd. | 597503 | 381 |
| CELCOMDIGI Bhd. | 863400 | 759 |
| CIMB Group Holdings Bhd. | 1888817 | 3294 |
| Gamuda Bhd. | 1081428 | 1424 |
| Hong Leong Bank Bhd. | 154498 | 753 |
| IHH Healthcare Bhd. | 528000 | 948 |
| IOI Corp. Bhd. | 591340 | 555 |
| Kuala Lumpur Kepong Bhd. | 105329 | 515 |
| Malayan Banking Bhd. | 1415476 | 3335 |
| Maxis Bhd. | 551951 | 475 |
| MISC Bhd. | 320060 | 556 |
| MR DIY Group M Bhd. | 769700 | 300 |
| Nestle Malaysia Bhd. | 14600 | 334 |
| Petronas Chemicals Group Bhd. | 552100 | 555 |
| Petronas Dagangan Bhd. | 68300 | 372 |
| Petronas Gas Bhd. | 189800 | 834 |
| Press Metal Aluminium Holdings Bhd. | 870900 | 1223 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Malaysia – 1.2%continued** | **Malaysia – 1.2%continued** | **Malaysia – 1.2%continued** |
| Public Bank Bhd. | 3407205 | $3506 |
| QL Resources Bhd. | 390375 | 403 |
| RHB Bank Bhd. | 454649 | 714 |
| SD Guthrie Bhd. | 517765 | 642 |
| Sunway Bhd. | 545600 | 733 |
| Telekom Malaysia Bhd. | 280286 | 471 |
| Tenaga Nasional Bhd. | 619450 | 1946 |
| YTL Corp. Bhd. | 625600 | 417 |
| YTL Power International Bhd. | 699700 | 704 |
|  |  | **26860** |
| **Mexico – 2.1%** | **Mexico – 2.1%** | **Mexico – 2.1%** |
| Alfa S.A.B. de C.V., Class A | 826413 | 663 |
| America Movil S.A.B. de C.V., Class B | 4266668 | 4478 |
| Arca Continental S.A.B. de C.V. | 119841 | 1259 |
| Cemex S.A.B. de C.V., Class CPO | 3552245 | 3193 |
| Coca-Cola Femsa S.A.B. de C.V. | 126822 | 1052 |
| Fibra Uno Administracion S.A. de C.V. | 638801 | 947 |
| &nbsp;&nbsp; Fomento Economico Mexicano S.A.B. <br> de C.V.<br>| 408591 | 4026 |
| Gruma S.A.B. de C.V., Class B | 35660 | 664 |
| &nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V.<br>| 62500 | 807 |
| &nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br> S.A.B. de C.V., Class B<br>| 88092 | 2075 |
| &nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V., Class B<br>| 42821 | 1383 |
| Grupo Bimbo S.A.B. de C.V., Class A | 310454 | 1103 |
| Grupo Carso S.A.B. de C.V., Class A1 | 134806 | 972 |
| &nbsp;&nbsp; Grupo Comercial Chedraui S.A. de <br> C.V.<br>| 73978 | 588 |
| &nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de <br> C.V., Class O<br>| 593609 | 5962 |
| &nbsp;&nbsp; Grupo Financiero Inbursa S.A.B. de <br> C.V., Class O<br>| 437241 | 1207 |
| Grupo Mexico S.A.B. de C.V., Class B | 731078 | 6362 |
| Industrias Penoles S.A.B. de C.V.\* | 46814 | 2092 |
| &nbsp;&nbsp; Kimberly-Clark de Mexico S.A.B. de <br> C.V., Class A<br>| 338927 | 714 |
| Prologis Property Mexico S.A. de C.V. | 229872 | 941 |
| &nbsp;&nbsp; Promotora y Operadora de <br> Infraestructura S.A.B. de C.V.<br>| 42835 | 586 |
| Qualitas Controladora S.A.B. de C.V. | 42030 | 383 |
| Southern Copper Corp. | 21073 | 2557 |
| Wal-Mart de Mexico S.A.B. de C.V. | 1237721 | 3824 |
|  |  | **47838** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **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>| 37551 | 914 |
| Credicorp Ltd. | 15710 | 4183 |
|  |  | **5097** |
| **Philippines – 0.4%** | **Philippines – 0.4%** | **Philippines – 0.4%** |
| Ayala Corp. | 62327 | 517 |
| Ayala Land, Inc. | 1586860 | 664 |
| Bank of the Philippine Islands | 479515 | 948 |
| BDO Unibank, Inc. | 557120 | 1273 |
| &nbsp;&nbsp; International Container Terminal <br> Services, Inc.<br>| 234560 | 1900 |
| Jollibee Foods Corp. | 117233 | 431 |
| Manila Electric Co. | 62490 | 569 |
| Metropolitan Bank & Trust Co. | 381169 | 446 |
| PLDT, Inc. | 19380 | 367 |
| SM Investments Corp. | 54402 | 688 |
| SM Prime Holdings, Inc. | 2457513 | 949 |
|  |  | **8752** |
| **Poland – 1.0%** | **Poland – 1.0%** | **Poland – 1.0%** |
| Allegro.eu S.A.\* | 162351 | 1590 |
| Bank Millennium S.A.\* | 138333 | 549 |
| Bank Polska Kasa Opieki S.A. | 43020 | 2068 |
| Budimex S.A. | 2706 | 379 |
| CCC S.A.\* | 13162 | 658 |
| CD Projekt S.A. | 14956 | 1113 |
| Dino Polska S.A.<sup>(3) \*</sup> <br>| 117246 | 1411 |
| KGHM Polska Miedz S.A.\* | 31941 | 1409 |
| LPP S.A. | 262 | 1275 |
| mBank S.A.\* | 3279 | 814 |
| ORLEN S.A. | 136663 | 3253 |
| PGE Polska Grupa Energetyczna S.A.\* | 211357 | 625 |
| &nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank <br> Polski S.A.<br>| 204553 | 3966 |
| Powszechny Zaklad Ubezpieczen S.A. | 141874 | 2122 |
| Santander Bank Polska S.A. | 9661 | 1257 |
| Zabka Group S.A.\* | 62781 | 405 |
|  |  | **22894** |
| **Qatar – 0.7%** | **Qatar – 0.7%** | **Qatar – 0.7%** |
| Al Rayan Bank | 1353610 | 884 |
| Barwa Real Estate Co. | 512921 | 376 |
| Commercial Bank PSQC (The) | 790702 | 996 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Qatar – 0.7%continued** | **Qatar – 0.7%continued** | **Qatar – 0.7%continued** |
| Dukhan Bank | 419647 | $409 |
| Industries Qatar QSC | 361601 | 1243 |
| Mesaieed Petrochemical Holding Co. | 1331784 | 475 |
| Ooredoo QPSC | 181848 | 683 |
| Qatar Electricity & Water Co. QSC | 100340 | 438 |
| Qatar Fuel QSC | 134236 | 556 |
| Qatar Gas Transport Co. Ltd. | 647996 | 819 |
| Qatar International Islamic Bank QSC | 229820 | 686 |
| Qatar Islamic Bank QPSC | 412994 | 2706 |
| Qatar National Bank QPSC | 1074303 | 5487 |
|  |  | **15758** |
| **Romania – 0.0%** | **Romania – 0.0%** | **Romania – 0.0%** |
| NEPI Rockcastle N.V.\* | 135388 | **1086** |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| Alrosa PJSC<sup>(2) (4)</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) (4) \*</sup> <br>| 224 |  |
| Polyus PJSC<sup>(2) (4) \*</sup> <br>| 93590 |  |
| Rosneft Oil Co. PJSC<sup>(2)</sup> <br>| 318005 |  |
| Sberbank of Russia PJSC<sup>(2) (4)</sup> <br>| 2882082 |  |
| &nbsp;&nbsp; Sberbank of Russia PJSC (Moscow <br> Exchange)<sup>(2) (4) \*</sup> <br>| 56000 |  |
| Severstal PAO<sup>(2) (4)</sup> <br>| 55330 |  |
| Severstal PAO GDR (Registered)<sup>(2) (4) \*</sup> <br>| 1839 |  |
| Surgutneftegas PAO ADR<sup>(2) (4) \*</sup> <br>| 4629 |  |
| VK CO Ltd. GDR<sup>(2) (4) \*</sup> <br>| 30900 |  |
| VTB Bank PJSC<sup>(2) (4) \*</sup> <br>| 160113 |  |
| VTB Bank PJSC GDR<sup>(2) (3) \*</sup> <br>| 11036 |  |
| VTB Bank PJSC GDR (Registered)<sup>(2) (4) \*</sup> <br>| 43343 |  |
| X5 Retail Group N.V. GDR <br> (Registered)<sup>(2) (4) \*</sup> <br>| 32705 |  |
|  |  | **—** |
| **Saudi Arabia – 3.2%** | **Saudi Arabia – 3.2%** | **Saudi Arabia – 3.2%** |
| ACWA Power Co.\* | 35933 | 2056 |
| Ades Holding Co. | 73467 | 320 |
| Al Rajhi Bank | 457869 | 13072 |
| &nbsp;&nbsp; Al Rajhi Co. for Co-operative <br> Insurance\*<br>| 8952 | 289 |
| Alinma Bank | 290972 | 2083 |
| Almarai Co. JSC | 116404 | 1563 |
| Arab National Bank | 221123 | 1460 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **64** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Saudi Arabia – 3.2%continued** | **Saudi Arabia – 3.2%continued** | **Saudi Arabia – 3.2%continued** |
| &nbsp;&nbsp; Arabian Internet & Communications <br> Services Co.<br>| 5701 | $392 |
| Bank AlBilad | 174504 | 1341 |
| Bank Al-Jazira\* | 143284 | 489 |
| Banque Saudi Fransi | 291134 | 1388 |
| &nbsp;&nbsp; Bupa Arabia for Cooperative Insurance <br> Co.<br>| 18772 | 826 |
| Co for Cooperative Insurance (The) | 16155 | 587 |
| Dallah Healthcare Co. | 9581 | 386 |
| &nbsp;&nbsp; Dar Al Arkan Real Estate Development <br> Co.\*<br>| 115654 | 614 |
| &nbsp;&nbsp; Dr. Sulaiman Al Habib Medical <br> Services Group Co.<br>| 20454 | 1474 |
| Elm Co. | 5630 | 1348 |
| Etihad Etisalat Co. | 88668 | 1602 |
| Jabal Omar Development Co.\* | 129720 | 672 |
| Jarir Marketing Co. | 129200 | 481 |
| &nbsp;&nbsp; Makkah Construction & Development <br> Co.<br>| 21474 | 512 |
| Mouwasat Medical Services Co. | 23031 | 453 |
| Nahdi Medical Co. | 8295 | 263 |
| Riyad Bank | 344893 | 2508 |
| SABIC Agri-Nutrients Co. | 54703 | 1741 |
| Sahara International Petrochemical Co. | 77507 | 422 |
| SAL Saudi Logistics Services | 8701 | 420 |
| Saudi Arabian Mining Co.\* | 317635 | 5425 |
| Saudi Arabian Oil Co. | 1412325 | 9283 |
| Saudi Aramco Base Oil Co. | 11293 | 269 |
| Saudi Awwal Bank | 238940 | 2048 |
| Saudi Basic Industries Corp. | 210722 | 3463 |
| Saudi Electricity Co. | 185051 | 750 |
| Saudi Investment Bank (The) | 127346 | 484 |
| Saudi National Bank (The) | 687445 | 7197 |
| Saudi Research & Media Group\* | 8806 | 429 |
| Saudi Tadawul Group Holding Co. | 11247 | 618 |
| Saudi Telecom Co. | 468352 | 5511 |
| Yanbu National Petrochemical Co. | 63280 | 590 |
|  |  | **74829** |
| **South Africa – 3.0%** | **South Africa – 3.0%** | **South Africa – 3.0%** |
| Absa Group Ltd. | 198682 | 2088 |
| Bid Corp. Ltd. | 79212 | 1985 |
| Bidvest Group Ltd. | 78049 | 958 |
| Capitec Bank Holdings Ltd. | 20323 | 4093 |
| Clicks Group Ltd. | 56313 | 1150 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **South Africa – 3.0%continued** | **South Africa – 3.0%continued** | **South Africa – 3.0%continued** |
| Discovery Ltd. | 126681 | $1450 |
| E Media Holdings Ltd. | 48384 | 5 |
| FirstRand Ltd. | 1179894 | 5309 |
| Gold Fields Ltd. | 208989 | 8864 |
| Harmony Gold Mining Co. Ltd. | 133494 | 2430 |
| Impala Platinum Holdings Ltd. | 211087 | 2707 |
| MTN Group Ltd. | 406633 | 3423 |
| Naspers Ltd., Class N | 36450 | 13250 |
| Nedbank Group Ltd. | 108402 | 1339 |
| Old Mutual Ltd. | 939823 | 728 |
| OUTsurance Group Ltd. | 206651 | 858 |
| Pepkor Holdings Ltd. | 827635 | 1166 |
| Remgro Ltd. | 115298 | 1120 |
| Sanlam Ltd. | 418907 | 2028 |
| Sasol Ltd.\* | 129561 | 809 |
| Shoprite Holdings Ltd. | 112851 | 1792 |
| Sibanye Stillwater Ltd.\* | 660547 | 1874 |
| Standard Bank Group Ltd. | 307454 | 4211 |
| Valterra Platinum Ltd. | 61892 | 4419 |
| Vodacom Group Ltd. | 145741 | 1125 |
|  |  | **69181** |
| **South Korea – 10.3%** | **South Korea – 10.3%** | **South Korea – 10.3%** |
| Alteogen, Inc.\* | 9378 | 3074 |
| Amorepacific Corp. | 7058 | 616 |
| Celltrion, Inc. | 37961 | 4703 |
| Coway Co. Ltd. | 12553 | 879 |
| DB Insurance Co. Ltd. | 10964 | 1079 |
| Doosan Bobcat, Inc.\* | 13164 | 522 |
| Doosan Co. Ltd. | 1795 | 698 |
| Doosan Enerbility Co. Ltd.\* | 104750 | 4704 |
| Ecopro B.M. Co. Ltd.\* | 11191 | 907 |
| Ecopro Co. Ltd. | 22812 | 777 |
| Hana Financial Group, Inc. | 66713 | 4168 |
| Hanjin Kal Corp. | 5437 | 390 |
| Hankook Tire & Technology Co. Ltd. | 16769 | 460 |
| Hanmi Semiconductor Co. Ltd. | 9653 | 667 |
| Hanwha Aerospace Co. Ltd. | 7700 | 6073 |
| Hanwha Ocean Co. Ltd.\* | 28635 | 2249 |
| Hanwha Systems Co. Ltd. | 16688 | 706 |
| HD Hyundai Co. Ltd. | 10354 | 1149 |
| HD Hyundai Electric Co. Ltd. | 5500 | 2294 |
| HD Hyundai Heavy Industries Co. Ltd. | 5252 | 1932 |
| &nbsp;&nbsp; HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd.<br>| 9936 | 2923 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **South Korea – 10.3%continued** | **South Korea – 10.3%continued** | **South Korea – 10.3%continued** |
| HLB, Inc.\* | 28125 | $761 |
| HMM Co. Ltd. | 59355 | 846 |
| HYBE Co. Ltd.\* | 5214 | 991 |
| Hyosung Heavy Industries Corp. | 1281 | 1236 |
| Hyundai Glovis Co. Ltd. | 9032 | 1068 |
| Hyundai Mobis Co. Ltd. | 13943 | 2981 |
| Hyundai Motor Co. | 31284 | 4809 |
| Hyundai Rotem Co. Ltd. | 17852 | 2792 |
| Industrial Bank of Korea | 67443 | 939 |
| Kakao Corp. | 72294 | 3090 |
| KakaoBank Corp. | 41311 | 704 |
| KB Financial Group, Inc. | 84716 | 6996 |
| Kia Corp. | 55754 | 4008 |
| Korea Aerospace Industries Ltd. | 17385 | 1338 |
| Korea Electric Power Corp. | 60227 | 1553 |
| Korea Investment Holdings Co. Ltd. | 9317 | 971 |
| Korea Zinc Co. Ltd. | 860 | 564 |
| Korean Air Lines Co. Ltd. | 44652 | 726 |
| Krafton, Inc.\* | 6701 | 1395 |
| KT&G Corp. | 22907 | 2180 |
| LG Chem Ltd. | 11588 | 2306 |
| LG Corp. | 21130 | 1089 |
| LG Display Co. Ltd.\* | 65190 | 673 |
| LG Electronics, Inc. | 25495 | 1379 |
| LG Energy Solution Ltd.\* | 10967 | 2725 |
| LG H&H Co. Ltd. | 2187 | 447 |
| LG Uplus Corp. | 47928 | 525 |
| LIG Nex1 Co. Ltd. | 3097 | 1131 |
| LS Electric Co. Ltd. | 3345 | 684 |
| Meritz Financial Group, Inc. | 18222 | 1473 |
| Mirae Asset Securities Co. Ltd. | 53309 | 818 |
| NAVER Corp. | 33328 | 6363 |
| NH Investment & Securities Co. Ltd. | 31852 | 442 |
| Orion Corp. | 5064 | 374 |
| POSCO Future M Co. Ltd.\* | 8152 | 837 |
| POSCO Holdings, Inc. | 17095 | 3377 |
| Posco International Corp. | 11613 | 400 |
| Samsung Biologics Co. Ltd.\* | 4186 | 2981 |
| Samsung C&T Corp. | 19978 | 2644 |
| Samsung Electro-Mechanics Co. Ltd. | 12750 | 1769 |
| Samsung Electronics Co. Ltd. | 1105288 | 66435 |
| &nbsp;&nbsp; Samsung Fire & Marine Insurance Co. <br> Ltd.<br>| 6988 | 2247 |
| Samsung Heavy Industries Co. Ltd.\* | 165016 | 2582 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **South Korea – 10.3%continued** | **South Korea – 10.3%continued** | **South Korea – 10.3%continued** |
| Samsung Life Insurance Co. Ltd. | 18715 | $2101 |
| Samsung SDI Co. Ltd. | 15112 | 2217 |
| Samsung SDS Co. Ltd. | 10010 | 1171 |
| Samyang Foods Co. Ltd. | 933 | 1015 |
| Shinhan Financial Group Co. Ltd. | 102253 | 5142 |
| SK Biopharmaceuticals Co. Ltd.\* | 7283 | 529 |
| SK Hynix, Inc. | 127451 | 31867 |
| SK Innovation Co. Ltd. | 15998 | 1145 |
| SK Square Co. Ltd.\* | 21681 | 3127 |
| SK Telecom Co. Ltd. | 12095 | 468 |
| SK, Inc. | 8145 | 1229 |
| S-Oil Corp.\* | 10768 | 478 |
| Woori Financial Group, Inc. | 156202 | 2895 |
| Yuhan Corp. | 12437 | 1066 |
|  |  | **239069** |
| **Taiwan – 19.0%** | **Taiwan – 19.0%** | **Taiwan – 19.0%** |
| Accton Technology Corp. | 118000 | 4085 |
| Acer, Inc. | 700800 | 715 |
| Advantech Co. Ltd. | 103661 | 1089 |
| Alchip Technologies Ltd. | 17873 | 2046 |
| ASE Technology Holding Co. Ltd. | 773055 | 4194 |
| Asia Cement Corp. | 517567 | 647 |
| Asia Vital Components Co. Ltd. | 77250 | 2507 |
| Asustek Computer, Inc. | 164546 | 3615 |
| AUO Corp.\* | 1468430 | 659 |
| Caliway Biopharmaceuticals Co. Ltd.\* | 236000 | 1439 |
| Catcher Technology Co. Ltd. | 133111 | 797 |
| Cathay Financial Holding Co. Ltd. | 2222868 | 4789 |
| Chailease Holding Co. Ltd. | 359169 | 1317 |
| Chang Hwa Commercial Bank Ltd. | 1482053 | 956 |
| Cheng Shin Rubber Industry Co. Ltd. | 457184 | 565 |
| China Airlines Ltd. | 620000 | 425 |
| China Steel Corp. | 2783800 | 1776 |
| Chunghwa Telecom Co. Ltd. | 881260 | 3858 |
| Compal Electronics, Inc. | 989759 | 1054 |
| CTBC Financial Holding Co. Ltd. | 3901707 | 5497 |
| Delta Electronics, Inc. | 455211 | 12760 |
| E Ink Holdings, Inc. | 201000 | 1591 |
| E.Sun Financial Holding Co. Ltd. | 3387721 | 3710 |
| Eclat Textile Co. Ltd. | 48512 | 700 |
| Elite Material Co. Ltd. | 70071 | 2843 |
| eMemory Technology, Inc. | 14000 | 931 |
| Eva Airways Corp. | 661996 | 829 |
| Evergreen Marine Corp. Taiwan Ltd. | 253544 | 1491 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **66** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Taiwan – 19.0%continued** | **Taiwan – 19.0%continued** | **Taiwan – 19.0%continued** |
| Far Eastern New Century Corp. | 648587 | $592 |
| &nbsp;&nbsp; Far EasTone Telecommunications Co. <br> Ltd.<br>| 414345 | 1201 |
| Feng TAY Enterprise Co. Ltd. | 129199 | 522 |
| First Financial Holding Co. Ltd. | 2682843 | 2629 |
| Formosa Chemicals & Fibre Corp. | 808499 | 791 |
| Formosa Plastics Corp. | 869201 | 1101 |
| Fortune Electric Co. Ltd. | 35942 | 688 |
| Fubon Financial Holding Co. Ltd. | 1962668 | 5699 |
| Gigabyte Technology Co. Ltd. | 126994 | 1249 |
| Global Unichip Corp. | 20000 | 885 |
| Globalwafers Co. Ltd. | 62709 | 969 |
| Hon Hai Precision Industry Co. Ltd. | 2916172 | 20778 |
| Hotai Motor Co. Ltd. | 75361 | 1469 |
| Hua Nan Financial Holdings Co. Ltd. | 2040305 | 1983 |
| Innolux Corp. | 1894457 | 897 |
| International Games System Co. Ltd. | 51187 | 1325 |
| Inventec Corp. | 628314 | 946 |
| Jentech Precision Industrial Co. Ltd. | 20752 | 1643 |
| KGI Financial Holding Co. Ltd. | 3814015 | 1872 |
| King Slide Works Co. Ltd. | 13000 | 1410 |
| Largan Precision Co. Ltd. | 21835 | 1688 |
| Lite-On Technology Corp. | 493964 | 2818 |
| Lotes Co. Ltd. | 19906 | 1012 |
| MediaTek, Inc. | 354981 | 15388 |
| Mega Financial Holding Co. Ltd. | 2773700 | 3869 |
| Micro-Star International Co. Ltd. | 158449 | 606 |
| Nan Ya Plastics Corp. | 1204951 | 1564 |
| Nien Made Enterprise Co. Ltd. | 40000 | 558 |
| Novatek Microelectronics Corp. | 137988 | 1933 |
| Pegatron Corp. | 467594 | 1090 |
| PharmaEssentia Corp. | 67824 | 1147 |
| President Chain Store Corp. | 134220 | 1093 |
| Quanta Computer, Inc. | 631440 | 6027 |
| Realtek Semiconductor Corp. | 113286 | 2048 |
| &nbsp;&nbsp; Shanghai Commercial & Savings Bank <br> (The) Ltd.<br>| 934798 | 1290 |
| SinoPac Financial Holdings Co. Ltd. | 2881705 | 2366 |
| Synnex Technology International Corp. | 267554 | 556 |
| Taiwan Business Bank | 1719053 | 888 |
| &nbsp;&nbsp; Taiwan Cooperative Financial Holding <br> Co. Ltd.<br>| 2559032 | 2072 |
| Taiwan High Speed Rail Corp. | 466765 | 431 |
| Taiwan Mobile Co. Ltd. | 408076 | 1460 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Taiwan – 19.0%continued** | **Taiwan – 19.0%continued** | **Taiwan – 19.0%continued** |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 5749570 | $250131 |
| TCC Group Holdings Co. Ltd. | 1609231 | 1270 |
| TS Financial Holding Co. Ltd. | 4954822 | 2930 |
| Unimicron Technology Corp. | 303942 | 1523 |
| Uni-President Enterprises Corp. | 1131150 | 2908 |
| United Microelectronics Corp. | 2632175 | 3935 |
| &nbsp;&nbsp; Vanguard International Semiconductor <br> Corp.<br>| 244033 | 818 |
| Voltronic Power Technology Corp. | 18000 | 551 |
| Wan Hai Lines Ltd. | 148005 | 361 |
| Wistron Corp. | 696925 | 3203 |
| Wiwynn Corp. | 26000 | 2827 |
| WPG Holdings Ltd. | 357290 | 776 |
| Ya Hsin Industrial Co. Ltd.<sup>(2) \*</sup> <br>| 121548 |  |
| Yageo Corp. | 386500 | 2163 |
| Yang Ming Marine Transport Corp. | 416000 | 724 |
| Yuanta Financial Holding Co. Ltd. | 2501486 | 2857 |
| Zhen Ding Technology Holding Ltd. | 158850 | 871 |
|  |  | **443286** |
| **Thailand – 1.0%** | **Thailand – 1.0%** | **Thailand – 1.0%** |
| Advanced Info Service PCL (Registered) | 194000 | 1742 |
| Advanced Info Service PCL NVDR | 54999 | 494 |
| Airports of Thailand PCL NVDR | 961500 | 1202 |
| &nbsp;&nbsp; Bangkok Dusit Medical Services PCL <br> NVDR<br>| 2559900 | 1620 |
| Bumrungrad Hospital PCL NVDR | 134787 | 733 |
| Central Pattana PCL NVDR | 468000 | 809 |
| Charoen Pokphand Foods PCL NVDR | 858957 | 591 |
| CP ALL PCL (Registered) | 905200 | 1320 |
| CP ALL PCL NVDR<sup>†</sup> <br>| 356436 | 520 |
| CP AXTRA PCL NVDR (Registered) | 491149 | 341 |
| Delta Electronics Thailand PCL NVDR | 727400 | 3561 |
| &nbsp;&nbsp; Gulf Development PCL NVDR <br> (Registered)\*<br>| 1044886 | 1404 |
| Kasikornbank PCL NVDR | 128500 | 665 |
| Krung Thai Bank PCL (Registered) | 563250 | 431 |
| Krung Thai Bank PCL NVDR | 277393 | 213 |
| Minor International PCL NVDR<sup>†</sup> <br>| 842730 | 602 |
| &nbsp;&nbsp; PTT Exploration & Production PCL <br> (Registered)<br>| 242500 | 864 |
| &nbsp;&nbsp; PTT Exploration & Production PCL <br> NVDR<sup>†</sup> <br>| 94643 | 338 |
| PTT PCL (Registered) | 1835000 | 1883 |
| PTT PCL NVDR | 492300 | 505 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Thailand – 1.0%continued** | **Thailand – 1.0%continued** | **Thailand – 1.0%continued** |
| SCB X PCL (Registered) | 145800 | $578 |
| SCB X PCL NVDR | 54476 | 216 |
| Siam Cement (The) PCL (Registered) | 51000 | 362 |
| Siam Cement (The) PCL NVDR | 131998 | 937 |
| TMBThanachart Bank PCL NVDR<sup>†</sup> <br>| 6584000 | 386 |
| True Corp. PCL NVDR (Registered)\* | 2283123 | 733 |
|  |  | **23050** |
| **Turkey – 0.4%** | **Turkey – 0.4%** | **Turkey – 0.4%** |
| Akbank T.A.S. | 752381 | 1135 |
| &nbsp;&nbsp; Anadolu Efes Biracilik Ve Malt Sanayii <br> A.S.<sup>(5)</sup> <br>| 8 |  |
| &nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret <br> A.S.<br>| 312508 | 1616 |
| BIM Birlesik Magazalar A.S. | 107352 | 1397 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | 863320 | 611 |
| Ford Otomotiv Sanayi A.S. | 161855 | 386 |
| Haci Omer Sabanci Holding A.S. | 267211 | 558 |
| Is Gayrimenkul Yatirim Ortakligi A.S.\* | 1 |  |
| KOC Holding A.S. | 168139 | 700 |
| Turk Hava Yollari A.O. | 134583 | 1020 |
| Turkcell Iletisim Hizmetleri A.S. | 295456 | 696 |
| Turkiye Is Bankasi A.S., Class C | 1986419 | 676 |
| Turkiye Petrol Rafinerileri A.S. | 218378 | 982 |
| Yapi ve Kredi Bankasi A.S.\* | 741010 | 605 |
|  |  | **10382** |
| **United Arab Emirates – 1.4%** | **United Arab Emirates – 1.4%** | **United Arab Emirates – 1.4%** |
| Abu Dhabi Commercial Bank PJSC | 683154 | 2712 |
| Abu Dhabi Islamic Bank PJSC | 339533 | 2014 |
| &nbsp;&nbsp; Abu Dhabi National Oil Co. for <br> Distribution PJSC<br>| 691194 | 715 |
| ADNOC Drilling Co. PJSC | 751279 | 1152 |
| Adnoc Gas PLC | 1434651 | 1384 |
| Aldar Properties PJSC | 911506 | 2352 |
| &nbsp;&nbsp; Americana Restaurants International <br> PLC - Foreign Co.<br>| 691650 | 371 |
| &nbsp;&nbsp; Dubai Electricity & Water Authority <br> PJSC<br>| 1431094 | 1056 |
| Dubai Islamic Bank PJSC | 665644 | 1735 |
| Emaar Development PJSC | 243397 | 892 |
| Emaar Properties PJSC | 1551219 | 5514 |
| Emirates NBD Bank PJSC | 442336 | 2924 |
| &nbsp;&nbsp; Emirates Telecommunications Group <br> Co. PJSC<br>| 815444 | 4185 |
| First Abu Dhabi Bank PJSC | 1032202 | 4404 |

---

---

| | | |
|:---|:---|:---|
|  | 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 Arab Emirates – 1.4%continued** | **United Arab Emirates – 1.4%continued** | **United Arab Emirates – 1.4%continued** |
| Multiply Group PJSC\* | 729128 | $578 |
| Salik Co. PJSC | 414008 | 677 |
|  |  | **32665** |
| **United Kingdom – 0.4%** | **United Kingdom – 0.4%** | **United Kingdom – 0.4%** |
| Anglogold Ashanti PLC | 117653 | 8298 |
| Metlen Energy & Metals PLC\* | 22088 | 1228 |
| Metlen Energy & Metals PLC\* | 2258 | 126 |
|  |  | **9652** |
| **United States – 0.1%** | **United States – 0.1%** | **United States – 0.1%** |
| JBS N.V. BDR\* | 83818 | 1249 |
| Legend Biotech Corp. ADR\* | 16311 | 532 |
|  |  | **1781** |
| **Total Common Stocks** |  |  |
| **(Cost $1,253,557)** |  | **2231431** |
| **PREFERRED STOCKS – 1.6%** <sup>(1)</sup> | **PREFERRED STOCKS – 1.6%** <sup>(1)</sup> | **PREFERRED STOCKS – 1.6%** <sup>(1)</sup> |
| **Brazil – 1.1%** | **Brazil – 1.1%** | **Brazil – 1.1%** |
| Banco Bradesco S.A.\* | 1256894 | 4185 |
| &nbsp;&nbsp; Centrais Eletricas Brasileiras S.A., <br> Class B, 3.49%<sup>(6)</sup> <br>| 49941 | 522 |
| &nbsp;&nbsp; Cia Energetica de Minas Gerais, <br> 2.95%<sup>(6)</sup> <br>| 414321 | 863 |
| &nbsp;&nbsp; Cia Paranaense de Energia - Copel, <br> Class B, 3.40%<sup>(6)</sup> <br>| 239800 | 583 |
| Gerdau S.A., 2.89%<sup>(6)</sup> <br>| 291246 | 911 |
| Itau Unibanco Holding S.A., 2.91%<sup>(6)</sup> <br>| 1246467 | 9141 |
| Itausa S.A., 0.97%<sup>(6)</sup> <br>| 1347479 | 2919 |
| Petroleo Brasileiro S.A. - Petrobras, <br> 2.55%<sup>(6)</sup> <br>| 1083361 | 6381 |
|  |  | **25505** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Sociedad Quimica y Minera de Chile <br> S.A., Class B\*<br>| 33925 | **1464** |
| **Colombia – 0.0%** | **Colombia – 0.0%** | **Colombia – 0.0%** |
| Grupo Cibest S.A., 7.64%<sup>(6)</sup> <br>| 105067 | **1369** |
| **India – 0.0%** | **India – 0.0%** | **India – 0.0%** |
| TVS Motor Co. Ltd.<sup>(2) \*</sup> <br>| 200968 | **22** |
| **South Korea – 0.4%** | **South Korea – 0.4%** | **South Korea – 0.4%** |
| Hyundai Motor Co., 8.00%<sup>(6)</sup> <br>| 5162 | 601 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **68** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **PREFERRED STOCKS – 1.6%** <sup>(1)</sup>**continued**  | **PREFERRED STOCKS – 1.6%** <sup>(1)</sup>**continued**  | **PREFERRED STOCKS – 1.6%** <sup>(1)</sup>**continued**  |
| **South Korea – 0.4%continued** | **South Korea – 0.4%continued** | **South Korea – 0.4%continued** |
| &nbsp;&nbsp; Hyundai Motor Co. (2nd Preferred), <br> 7.87%<sup>(6)</sup> <br>| 7847 | $930 |
| Samsung Electronics Co. Ltd., 2.19%<sup>(6)</sup> <br>| 190573 | 9060 |
|  |  | **10591** |
| **Total Preferred Stocks** |  |  |
| **(Cost $27,170)** |  | **38951** |
| **INVESTMENT COMPANIES – 2.5%**  | **INVESTMENT COMPANIES – 2.5%**  | **INVESTMENT COMPANIES – 2.5%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(7) (8) (9)</sup> <br>| 1999920 | 2000 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(7) (8)</sup> <br>| 55637276 | 55637 |
| **Total Investment Companies** |  |  |
| **(Cost $57,637)** |  | **57637** |
| **Total Investments – 100.0%** |  |  |
| **(Cost $1,338,364)** |  | **2328019** |
| Liabilities less Other Assets – (0.0%) |  | (595)<br>|
| **Net Assets – 100.0%** |  | **$2327424** |

---

<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 September 30,* *2025, the value of these securities amounted to approximately $1,411,000* *or 0.1% of net assets.* 

<sup>(4)</sup> *Restricted security. At September 30, 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 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| VK CO Ltd. GDR | 11/30/20-3/5/21 | &nbsp;&nbsp; $879 |
| 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>(5)</sup> <br>| *Value rounds to less than one thousand.* |
| <sup>(6)</sup> <br>| *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(7)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(8)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(9)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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.* 

At September 30, 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>|
| BNP Paribas | United States <br> Dollar<br>|  | Hong Kong <br> Dollar<br>|  | 12/17/25 | $— |
| Citibank | Taiwan Dollar | 91310 | United States <br> Dollar<br>| 3037 | 12/17/25 | 22 |
| Citibank | United States <br> Dollar<br>| 1527 | Taiwan Dollar | 46267 | 12/17/25 | 1 |
| Goldman Sachs | Indian Rupee | 67675 | United States <br> Dollar<br>| 762 | 12/17/25 | 4 |
| Goldman Sachs | Korean Won | 356668 | United States <br> Dollar<br>| 257 | 12/17/25 | 2 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 29 |
| Citibank | Brazilian Real | 6175 | United States <br> Dollar<br>| 1116 | 12/17/25 | (23)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 633 | Indian Rupee | 56399 | 12/17/25 | (1)<br>|

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **69** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **EMERGING MARKETS EQUITY INDEX FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| UBS | South African <br> Rand<br>| 4908 | United States <br> Dollar<br>| 280 | 12/17/25 | $(2)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (26)<br>|
| Total |  |  |  |  |  | $3 |

---

At September 30, 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>| 980 | $66625 | Long | 12/25 | $705 |

---

<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 September 30, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Information Technology | 25.0<br> %<br>|
| Financials | 21.6 |
| Consumer Discretionary | 13.2 |
| Communication Services | 10.2 |
| Industrials | 6.5 |
| Materials | 6.3 |
| Consumer Staples | 3.9 |
| Energy | 3.7 |
| Health Care | 3.4 |
| Utilities | 2.3 |
| Real Estate | 1.4 |
| Short-Term Investments | 2.5 |
| Total Investments | 100.0 |
| Liabilities less Other Assets | (0.0)<br>|
| 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 September 30, 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 September 30, 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; $70874 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70874 |
| Chile | &nbsp;&nbsp; 8955 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8955 |
| China | &nbsp;&nbsp; 32611 | &nbsp;&nbsp; 669016 | &nbsp;&nbsp; — | &nbsp;&nbsp; 701627 |
| Colombia | &nbsp;&nbsp; 1534 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1534 |
| Egypt | &nbsp;&nbsp; 1611 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1611 |
| Kazakhstan | &nbsp;&nbsp; 492 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 492 |
| Mexico | &nbsp;&nbsp; 47838 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47838 |
| Peru | &nbsp;&nbsp; 5097 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5097 |
| South Africa | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 69176 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69181 |
| United Kingdom | &nbsp;&nbsp; 1354 | &nbsp;&nbsp; 8298 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9652 |
| United States | &nbsp;&nbsp; 1781 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1781 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1312789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1312789 |
| Total Common Stocks | &nbsp;&nbsp; 172152 | &nbsp;&nbsp; 2059279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2231431 |
| Preferred Stocks: |  |  |  |  |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 10591 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10591 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; 28338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28338 |
| Total Preferred Stocks | &nbsp;&nbsp; 28338 | &nbsp;&nbsp; 10591 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 38951 |
| Investment Companies | &nbsp;&nbsp; 57637 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57637 |
| Total Investments | &nbsp;&nbsp; $258127 | &nbsp;&nbsp; $2069870 | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $2328019 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $29 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29 |
| Futures Contracts | &nbsp;&nbsp; 705 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 705 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (26)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $705 | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $708 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **70** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **GLOBAL REAL ESTATE INDEX FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup> | **COMMON STOCKS – 97.0%** <sup>(1)</sup> | **COMMON STOCKS – 97.0%** <sup>(1)</sup> |
| **Australia – 5.3%** | **Australia – 5.3%** | **Australia – 5.3%** |
| Abacus Group | 150237 | $123 |
| Abacus Storage King | 163252 | 151 |
| Arena REIT | 145023 | 373 |
| BWP Trust | 213960 | 528 |
| Centuria Industrial REIT | 197548 | 457 |
| Centuria Office REIT | 124803 | 99 |
| Charter Hall Long Wale REIT | 241809 | 705 |
| Charter Hall Retail REIT | 201381 | 552 |
| Charter Hall Social Infrastructure REIT | 116719 | 262 |
| Dexus | 395074 | 1880 |
| Dexus Industria REIT | 87871 | 166 |
| Goodman Group | 739315 | 16097 |
| GPT Group (The) | 704955 | 2507 |
| Growthpoint Properties Australia Ltd. | 97978 | 167 |
| HomeCo Daily Needs REIT | 658689 | 592 |
| Ingenia Communities Group | 136898 | 493 |
| Mirvac Group | 1427524 | 2146 |
| National Storage REIT | 428203 | 667 |
| Region Group | 431076 | 683 |
| Scentre Group | 1891916 | 5119 |
| Stockland | 870551 | 3536 |
| Vicinity Ltd. | 1403690 | 2345 |
| Waypoint REIT Ltd. | 226448 | 405 |
|  |  | **40053** |
| **Austria – 0.1%** | **Austria – 0.1%** | **Austria – 0.1%** |
| CA Immobilien Anlagen A.G. | 13461 | 369 |
| CPI Europe A.G.\* | 13145 | 287 |
|  |  | **656** |
| **Belgium – 0.8%** | **Belgium – 0.8%** | **Belgium – 0.8%** |
| Aedifica S.A. | 17116 | 1271 |
| Cofinimmo S.A. | 13703 | 1190 |
| Montea N.V. | 7251 | 586 |
| Retail Estates N.V. | 4668 | 348 |
| Shurgard Self Storage Ltd. | 12316 | 467 |
| Vastned N.V. | 3480 | 123 |
| Warehouses De Pauw - C.V.A. | 72605 | 1822 |
| Xior Student Housing N.V. | 14036 | 483 |
|  |  | **6290** |
| **Brazil – 0.2%** | **Brazil – 0.2%** | **Brazil – 0.2%** |
| Allos S.A. | 135359 | 658 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **Brazil – 0.2%continued** | **Brazil – 0.2%continued** | **Brazil – 0.2%continued** |
| Iguatemi S.A. | 82000 | $375 |
| Multiplan Empreendimentos <br> Imobiliarios S.A.\*<br>| 123372 | 674 |
|  |  | **1707** |
| **Canada – 1.0%** | **Canada – 1.0%** | **Canada – 1.0%** |
| &nbsp;&nbsp; Allied Properties Real Estate Investment <br> Trust<br>| 22864 | 341 |
| Artis Real Estate Investment Trust | 20185 | 91 |
| Boardwalk Real Estate Investment Trust | 8934 | 444 |
| BSR Real Estate Investment Trust | 11449 | 143 |
| Canadian Apartment Properties REIT | 28575 | 836 |
| &nbsp;&nbsp; Choice Properties Real Estate <br> Investment Trust<br>| 59016 | 623 |
| Crombie Real Estate Investment Trust | 20454 | 222 |
| CT Real Estate Investment Trust | 21037 | 245 |
| &nbsp;&nbsp; Dream Industrial Real Estate Investment <br> Trust<br>| 51221 | 457 |
| First Capital Real Estate Investment Trust | 38341 | 545 |
| Granite Real Estate Investment Trust | 11300 | 628 |
| H&R Real Estate Investment Trust | 47008 | 380 |
| InterRent Real Estate Investment Trust | 26984 | 259 |
| &nbsp;&nbsp; Killam Apartment Real Estate Investment <br> Trust<br>| 20637 | 266 |
| &nbsp;&nbsp; Northwest Healthcare Properties Real <br> Estate Investment Trust<br>| 47357 | 173 |
| Primaris Real Estate Investment Trust | 19478 | 215 |
| RioCan Real Estate Investment Trust | 51439 | 700 |
| Slate Grocery REIT, Class U | 10998 | 115 |
| &nbsp;&nbsp; SmartCentres Real Estate Investment <br> Trust<br>| 26637 | 512 |
| StorageVault Canada, Inc. | 84741 | 315 |
|  |  | **7510** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Parque Arauco S.A. | 245012 | **620** |
| **China – 1.9%** | **China – 1.9%** | **China – 1.9%** |
| &nbsp;&nbsp; C&D International Investment Group <br> Ltd.<br>| 321549 | 739 |
| China Jinmao Holdings Group Ltd. | 1986042 | 396 |
| &nbsp;&nbsp; China Merchants Shekou Industrial <br> Zone Holdings Co. Ltd., Class A<br>| 193800 | 276 |
| &nbsp;&nbsp; China Overseas Grand Oceans Group <br> Ltd.<br>| 600500 | 192 |
| China Overseas Land & Investment Ltd. | 1387042 | 2563 |
| China Resources Land Ltd. | 1165398 | 4556 |
| China Vanke Co. Ltd., Class A\* | 223740 | 216 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **China – 1.9%continued** | **China – 1.9%continued** | **China – 1.9%continued** |
| China Vanke Co. Ltd., Class H\* | 794841 | $570 |
| &nbsp;&nbsp; Gemdale Properties & Investment Corp. <br> Ltd.<sup>\* †</sup> <br>| 2130000 | 53 |
| Greentown China Holdings Ltd. | 364000 | 445 |
| &nbsp;&nbsp; Guangzhou R&F Properties Co. Ltd., <br> Class H\*<br>| 674000 | 60 |
| Hopson Development Holdings Ltd.\* | 446273 | 198 |
| Longfor Group Holdings Ltd. | 753071 | 1152 |
| &nbsp;&nbsp; Poly Developments and Holdings <br> Group Co. Ltd., Class A<br>| 252000 | 278 |
| Poly Property Group Co. Ltd. | 819000 | 184 |
| Radiance Holdings Group Co. Ltd.\* | 297000 | 102 |
| Sasseur Real Estate Investment Trust | 213400 | 113 |
| Seazen Group Ltd.\* | 867904 | 286 |
| &nbsp;&nbsp; Shanghai Jinqiao Export Processing <br> Zone Development Co. Ltd., Class B<br>| 108216 | 83 |
| &nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| 31500 | 243 |
| Shenzhen Investment Ltd.\* | 1071191 | 122 |
| Shui On Land Ltd. | 1178777 | 112 |
| Sunac China Holdings Ltd.<sup>\* †</sup> <br>| 3060000 | 670 |
| Yanlord Land Group Ltd.<sup>\* †</sup> <br>| 219000 | 126 |
| Yuexiu Property Co. Ltd. | 509674 | 342 |
|  |  | **14077** |
| **Egypt – 0.1%** | **Egypt – 0.1%** | **Egypt – 0.1%** |
| Talaat Moustafa Group | 276279 | **328** |
| **Finland – 0.1%** | **Finland – 0.1%** | **Finland – 0.1%** |
| Citycon OYJ\* | 27857 | 107 |
| Kojamo OYJ\* | 50303 | 641 |
|  |  | **748** |
| **France – 1.7%** | **France – 1.7%** | **France – 1.7%** |
| Altarea S.C.A. | 2187 | 270 |
| Carmila S.A.\* | 22697 | 470 |
| Covivio S.A./France | 20102 | 1356 |
| Gecina S.A. | 16620 | 1666 |
| ICADE | 11877 | 300 |
| Klepierre S.A. | 77987 | 3038 |
| Mercialys S.A. | 36173 | 466 |
| Nexity S.A.\* | 13865 | 180 |
| Unibail-Rodamco-Westfield\* | 44211 | 4662 |
|  |  | **12408** |
| **Germany – 1.9%** | **Germany – 1.9%** | **Germany – 1.9%** |
| Aroundtown S.A.\* | 287568 | 1103 |
| Grand City Properties S.A.\* | 25550 | 337 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **Germany – 1.9%continued** | **Germany – 1.9%continued** | **Germany – 1.9%continued** |
| Hamborner REIT A.G. | 28693 | $191 |
| LEG Immobilien S.E. | 27788 | 2209 |
| Sirius Real Estate Ltd. | 548724 | 723 |
| TAG Immobilien A.G. | 63428 | 1097 |
| Vonovia S.E. | 273500 | 8536 |
|  |  | **14196** |
| **Greece – 0.0%** | **Greece – 0.0%** | **Greece – 0.0%** |
| LAMDA Development S.A.\* | 23431 | **214** |
| **Hong Kong – 3.4%** | **Hong Kong – 3.4%** | **Hong Kong – 3.4%** |
| CK Asset Holdings Ltd. | 698500 | 3390 |
| Fortune Real Estate Investment Trust | 545000 | 354 |
| Hang Lung Group Ltd. | 290000 | 547 |
| Hang Lung Properties Ltd. | 715674 | 803 |
| Henderson Land Development Co. Ltd. | 525555 | 1855 |
| Hongkong Land Holdings Ltd. | 395618 | 2503 |
| Hysan Development Co. Ltd. | 217045 | 443 |
| Kerry Properties Ltd. | 209099 | 561 |
| Link REIT | 944226 | 4857 |
| Sino Land Co. Ltd. | 1343144 | 1700 |
| Sun Hung Kai Properties Ltd. | 526925 | 6320 |
| Wharf Real Estate Investment Co. Ltd. | 613317 | 1814 |
| Yuexiu Real Estate Investment Trust | 1001477 | 120 |
|  |  | **25267** |
| **India – 1.6%** | **India – 1.6%** | **India – 1.6%** |
| Anant Raj Ltd. | 42719 | 336 |
| Brigade Enterprises Ltd. | 49179 | 496 |
| Brookfield India Real Estate Trust | 120226 | 465 |
| DLF Ltd. | 268753 | 2159 |
| Embassy Office Parks REIT | 307977 | 1464 |
| Godrej Properties Ltd.\* | 54221 | 1204 |
| Keystone Realtors Ltd. | 11345 | 75 |
| Lodha Developers Ltd. | 109734 | 1406 |
| Mahindra Lifespace Developers Ltd. | 40041 | 160 |
| Mindspace Business Parks REIT | 75144 | 385 |
| NESCO Ltd. | 7499 | 111 |
| Nexus Select Trust | 294956 | 550 |
| Oberoi Realty Ltd. | 45547 | 811 |
| Phoenix Mills (The) Ltd. | 73105 | 1281 |
| Prestige Estates Projects Ltd. | 61922 | 1053 |
| Puravankara Ltd.\* | 20475 | 61 |
| Raymond Realty Ltd.\* | 10028 | 65 |
| SignatureGlobal India Ltd.\* | 10712 | 128 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **72** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **India – 1.6%continued** | **India – 1.6%continued** | **India – 1.6%continued** |
| Sunteck Realty Ltd. | 19915 | $93 |
| TARC Ltd.\* | 38086 | 67 |
|  |  | **12370** |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| Ciputra Development Tbk PT | 3603336 | 203 |
| Pakuwon Jati Tbk PT | 5524140 | 125 |
| Rimo International Lestari Tbk PT<sup>(2) \*</sup> <br>| 42545100 |  |
|  |  | **328** |
| **Ireland – 0.0%** | **Ireland – 0.0%** | **Ireland – 0.0%** |
| Irish Residential Properties REIT PLC | 207288 | **239** |
| **Israel – 1.0%** | **Israel – 1.0%** | **Israel – 1.0%** |
| Africa Israel Residences Ltd. | 2449 | 193 |
| Amot Investments Ltd. | 91549 | 685 |
| Aura Investments Ltd. | 57666 | 383 |
| Azrieli Group Ltd. | 15548 | 1545 |
| Blue Square Real Estate Ltd. | 2156 | 236 |
| Electra Real Estate Ltd.\* | 12502 | 190 |
| Israel Canada T.R Ltd. | 67601 | 299 |
| Isras Holdings Ltd.\* | 1523 | 171 |
| Isras Investment Co. Ltd. | 452 | 121 |
| Mega Or Holdings Ltd. | 8694 | 471 |
| Melisron Ltd. | 8684 | 1050 |
| Mivne Real Estate KD Ltd. | 206552 | 806 |
| &nbsp;&nbsp; Prashkovsky Investments and <br> Construction Ltd.<br>| 2607 | 105 |
| REIT 1 Ltd. | 74471 | 551 |
| Sella Capital Real Estate Ltd. | 89677 | 292 |
| Summit Real Estate Holdings Ltd. | 14719 | 285 |
| YH Dimri Construction & Development <br> Ltd.<br>| 3391 | 391 |
|  |  | **7774** |
| **Japan – 9.8%** | **Japan – 9.8%** | **Japan – 9.8%** |
| Activia Properties, Inc. | 775 | 706 |
| Advance Residence Investment Corp. | 1047 | 1176 |
| AEON REIT Investment Corp. | 573 | 502 |
| Comforia Residential REIT, Inc. | 242 | 532 |
| CRE Logistics REIT, Inc. | 191 | 196 |
| Daiwa House Industry Co. Ltd. | 203900 | 7330 |
| Daiwa House REIT Investment Corp. | 1580 | 1346 |
| Daiwa Office Investment Corp. | 192 | 474 |
| &nbsp;&nbsp; Daiwa Securities Living Investments <br> Corp.<br>| 748 | 543 |
| Frontier Real Estate Investment Corp. | 862 | 520 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **Japan – 9.8%continued** | **Japan – 9.8%continued** | **Japan – 9.8%continued** |
| Fukuoka REIT Corp.<sup>†</sup> <br>| 252 | $323 |
| &nbsp;&nbsp; Global One Real Estate Investment <br> Corp.<br>| 363 | 351 |
| GLP J-REIT | 1644 | 1517 |
| Goldcrest Co. Ltd. | 5600 | 127 |
| Hankyu Hanshin REIT, Inc. | 261 | 301 |
| Heiwa Real Estate Co. Ltd. | 13500 | 216 |
| Heiwa Real Estate REIT, Inc. | 409 | 420 |
| Hoshino Resorts REIT, Inc. | 205 | 373 |
| Hulic Co. Ltd. | 169240 | 1855 |
| Hulic REIT, Inc. | 474 | 543 |
| Ichigo Office REIT Investment Corp. | 398 | 254 |
| Ichigo, Inc. | 67800 | 194 |
| &nbsp;&nbsp; Industrial & Infrastructure Fund <br> Investment Corp.<br>| 896 | 823 |
| Invincible Investment Corp. | 2752 | 1256 |
| Japan Excellent, Inc. | 397 | 390 |
| Japan Hotel REIT Investment Corp. | 1831 | 1104 |
| Japan Logistics Fund, Inc. | 930 | 615 |
| Japan Metropolitan Fund Invest | 2643 | 2032 |
| Japan Prime Realty Investment Corp. | 1219 | 850 |
| Japan Real Estate Investment Corp. | 2315 | 1949 |
| Katitas Co. Ltd. | 18900 | 356 |
| KDX Realty Investment Corp. | 1506 | 1715 |
| Keihanshin Building Co. Ltd. | 11200 | 124 |
| LaSalle Logiport REIT | 644 | 625 |
| Leopalace21 Corp. | 61500 | 297 |
| Mirai Corp. | 728 | 239 |
| Mitsubishi Estate Co. Ltd. | 386680 | 8905 |
| &nbsp;&nbsp; Mitsubishi Estate Logistics REIT <br> Investment Corp.<br>| 533 | 439 |
| &nbsp;&nbsp; Mitsui Fudosan Accommodations Fund, <br> Inc.<br>| 881 | 786 |
| Mitsui Fudosan Co. Ltd. | 961586 | 10505 |
| Mitsui Fudosan Logistics Park, Inc. | 1172 | 843 |
| Mori Hills REIT Investment Corp. | 537 | 519 |
| Mori Trust REIT, Inc. | 974 | 499 |
| Nippon Building Fund, Inc. | 2820 | 2661 |
| Nippon Prologis REIT, Inc. | 2419 | 1413 |
| NIPPON REIT Investment Corp. | 642 | 420 |
| Nomura Real Estate Holdings, Inc. | 201500 | 1285 |
| Nomura Real Estate Master Fund, Inc. | 1448 | 1571 |
| NTT UD REIT Investment Corp. | 517 | 476 |
| Orix JREIT, Inc. | 1919 | 1300 |
| Samty Residential Investment Corp. | 104 | 81 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **Japan – 9.8%continued** | **Japan – 9.8%continued** | **Japan – 9.8%continued** |
| Sekisui House REIT, Inc. | 1550 | $834 |
| SOSiLA Logistics REIT, Inc. | 227 | 182 |
| Star Asia Investment Corp. | 958 | 391 |
| &nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 112425 | 4960 |
| Sun Frontier Fudousan Co. Ltd. | 11400 | 180 |
| &nbsp;&nbsp; Takara Leben Real Estate Investment <br> Corp.<br>| 322 | 205 |
| Tokyo Tatemono Co. Ltd. | 69000 | 1381 |
| Tokyu REIT, Inc. | 274 | 371 |
| Tosei Corp. | 10000 | 235 |
| United Urban Investment Corp. | 1077 | 1307 |
|  |  | **73923** |
| **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** |
| Commercial Real Estate Co. K.S.C. | 530495 | 360 |
| Kuwait Real Estate Co. K.S.C.\* | 260044 | 331 |
| Mabanee Co. KPSC | 247218 | 798 |
| National Real Estate Co. KPSC\* | 504647 | 131 |
| Salhia Real Estate Co. K.S.C.P. | 147171 | 190 |
|  |  | **1810** |
| **Malaysia – 0.4%** | **Malaysia – 0.4%** | **Malaysia – 0.4%** |
| Axis Real Estate Investment Trust | 529362 | 258 |
| Eco World Development Group Bhd. | 403600 | 210 |
| IGB Real Estate Investment Trust | 569900 | 377 |
| IOI Properties Group Bhd. | 480900 | 239 |
| Mah Sing Group Bhd. | 542600 | 144 |
| Matrix Concepts Holdings Bhd. | 390050 | 131 |
| Pavilion Real Estate Investment Trust | 626800 | 271 |
| Sime Darby Property Bhd. | 963000 | 337 |
| SP Setia Bhd. Group | 882469 | 216 |
| Sunway Real Estate Investment Trust | 652600 | 326 |
| UEM Sunrise Bhd. | 567900 | 103 |
|  |  | **2612** |
| **Mauritius – 0.0%** | **Mauritius – 0.0%** | **Mauritius – 0.0%** |
| Lighthouse Properties PLC | 434537 | **198** |
| **Mexico – 0.6%** | **Mexico – 0.6%** | **Mexico – 0.6%** |
| &nbsp;&nbsp; Concentradora Fibra Danhos S.A. de <br> C.V.<br>| 120953 | 184 |
| Corp. Inmobiliaria Vesta S.A.B. de C.V. | 316100 | 897 |
| FIBRA Macquarie Mexico<sup>(3)</sup> <br>| 297826 | 512 |
| Fibra Uno Administracion S.A. de C.V. | 1030233 | 1528 |
| Prologis Property Mexico S.A. de C.V. | 382384 | 1566 |
|  |  | **4687** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| Eurocommercial Properties N.V. | 16667 | $522 |
| Wereldhave N.V. | 15614 | 349 |
|  |  | **871** |
| **New Zealand – 0.1%** | **New Zealand – 0.1%** | **New Zealand – 0.1%** |
| Goodman Property Trust | 392276 | 484 |
| Kiwi Property Group Ltd. | 599380 | 367 |
|  |  | **851** |
| **Norway – 0.0%** | **Norway – 0.0%** | **Norway – 0.0%** |
| Entra ASA\* | 18181 | 217 |
| Public Property Invest A.S. | 45145 | 106 |
|  |  | **323** |
| **Philippines – 0.4%** | **Philippines – 0.4%** | **Philippines – 0.4%** |
| AREIT, Inc. | 336900 | 249 |
| Ayala Land, Inc. | 2353981 | 985 |
| Megaworld Corp. | 3048001 | 104 |
| RL Commercial REIT, Inc. | 1960500 | 244 |
| Robinsons Land Corp. | 551196 | 141 |
| SM Prime Holdings, Inc. | 3644453 | 1408 |
|  |  | **3131** |
| **Qatar – 0.0%** | **Qatar – 0.0%** | **Qatar – 0.0%** |
| United Development Co. QSC | 660772 | **181** |
| **Romania – 0.2%** | **Romania – 0.2%** | **Romania – 0.2%** |
| NEPI Rockcastle N.V.\* | 222351 | **1784** |
| **Saudi Arabia – 0.6%** | **Saudi Arabia – 0.6%** | **Saudi Arabia – 0.6%** |
| Al Rajhi REIT | 100545 | 223 |
| Alandalus Property Co. | 15517 | 83 |
| Arabian Centres Co. | 78216 | 473 |
| Arriyadh Development Co. | 42269 | 333 |
| &nbsp;&nbsp; Dar Al Arkan Real Estate Development <br> Co.\*<br>| 189231 | 1005 |
| Emaar Economic City\* | 71453 | 265 |
| Jadwa REIT Saudi Fund | 61529 | 180 |
| &nbsp;&nbsp; Makkah Construction & Development <br> Co.<br>| 36412 | 868 |
| Retal Urban Development Co. | 87936 | 282 |
| Taiba Investments Co. | 48177 | 534 |
|  |  | **4246** |
| **Singapore – 2.7%** | **Singapore – 2.7%** | **Singapore – 2.7%** |
| AIMS APAC REIT | 193982 | 204 |
| CapitaLand Ascendas REIT | 1419534 | 3077 |
| CapitaLand Ascott Trust | 952814 | 687 |
| CapitaLand China Trust | 425827 | 261 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **74** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **Singapore – 2.7%continued** | **Singapore – 2.7%continued** | **Singapore – 2.7%continued** |
| Capitaland India Trust | 346055 | $322 |
| &nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 2124214 | 3771 |
| CDL Hospitality Trusts | 319352 | 199 |
| Centurion Corp. Ltd. | 67500 | 79 |
| City Developments Ltd. | 182300 | 978 |
| Digital Core REIT Management Pte Ltd. | 286600 | 136 |
| ESR-REIT | 219167 | 476 |
| Far East Hospitality Trust | 391203 | 184 |
| Frasers Centrepoint Trust | 479709 | 863 |
| Frasers Logistics & Commercial Trust | 1047846 | 774 |
| Hong Fok Corp. Ltd. | 134400 | 83 |
| Keppel DC REIT | 677966 | 1258 |
| Keppel REIT | 969920 | 760 |
| Lendlease Global Commercial REIT | 622501 | 302 |
| Mapletree Industrial Trust | 782555 | 1294 |
| Mapletree Logistics Trust<sup>†</sup> <br>| 1299426 | 1261 |
| Mapletree Pan Asia Commercial Trust | 850361 | 942 |
| &nbsp;&nbsp; Parkway Life Real Estate Investment <br> Trust<br>| 164500 | 526 |
| Starhill Global REIT | 509290 | 223 |
| Stoneweg Europe Stapled Trust | 126771 | 226 |
| Suntec Real Estate Investment Trust | 707591 | 703 |
| UOL Group Ltd. | 166797 | 1010 |
|  |  | **20599** |
| **South Africa – 0.5%** | **South Africa – 0.5%** | **South Africa – 0.5%** |
| Equites Property Fund Ltd. | 298893 | 278 |
| &nbsp;&nbsp; Fortress Real Estate Investments Ltd., <br> Class B<br>| 455158 | 608 |
| Growthpoint Properties Ltd. | 1251257 | 1070 |
| Hyprop Investments Ltd. | 143722 | 389 |
| Redefine Properties Ltd. | 2572970 | 741 |
| Resilient REIT Ltd. | 105793 | 393 |
| Vukile Property Fund Ltd. | 425205 | 511 |
|  |  | **3990** |
| **South Korea – 0.1%** | **South Korea – 0.1%** | **South Korea – 0.1%** |
| ESR Kendall Square REIT Co. Ltd. | 57998 | 187 |
| LOTTE REIT Co. Ltd. | 62556 | 174 |
| SK REITs Co. Ltd. | 53192 | 190 |
|  |  | **551** |
| **Spain – 0.4%** | **Spain – 0.4%** | **Spain – 0.4%** |
| Aedas Homes S.A. | 3023 | 75 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **Spain – 0.4%continued** | **Spain – 0.4%continued** | **Spain – 0.4%continued** |
| Inmobiliaria Colonial Socimi S.A. | 103939 | $681 |
| Merlin Properties Socimi S.A. | 145050 | 2199 |
|  |  | **2955** |
| **Sweden – 1.7%** | **Sweden – 1.7%** | **Sweden – 1.7%** |
| Atrium Ljungberg AB, Class B | 90983 | 306 |
| Castellum AB | 133246 | 1508 |
| Catena AB | 16705 | 762 |
| Cibus Nordic Real Estate AB publ | 25259 | 455 |
| Corem Property Group AB, Class B<sup>†</sup> <br>| 234135 | 103 |
| Dios Fastigheter AB | 42084 | 292 |
| Fabege AB | 72933 | 618 |
| Fastighets AB Balder, Class B\* | 259471 | 1864 |
| FastPartner AB, Class A | 21009 | 113 |
| Hufvudstaden AB, Class A | 41786 | 564 |
| Intea Fastigheter AB | 28281 | 209 |
| Logistea AB, Class B | 118489 | 193 |
| NP3 Fastigheter AB | 11763 | 314 |
| Nyfosa AB | 60884 | 532 |
| Pandox AB | 39659 | 760 |
| Platzer Fastigheter Holding AB, Class B | 23517 | 172 |
| Sagax AB, Class B | 80642 | 1687 |
| &nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden <br> AB<sup>\* †</sup> <br>| 421599 | 231 |
| Sveafastigheter AB\* | 25832 | 111 |
| Wallenstam AB, Class B | 142402 | 662 |
| Wihlborgs Fastigheter AB | 103398 | 1012 |
|  |  | **12468** |
| **Switzerland – 1.4%** | **Switzerland – 1.4%** | **Switzerland – 1.4%** |
| Allreal Holding A.G. (Registered) | 5462 | 1278 |
| Hiag Immobilien Holding A.G. | 1791 | 251 |
| International Workplace Group PLC | 271757 | 816 |
| Intershop Holding A.G. | 2228 | 439 |
| Mobimo Holding A.G. (Registered) | 2608 | 1071 |
| PSP Swiss Property A.G. (Registered) | 16620 | 2858 |
| Swiss Prime Site A.G. (Registered) | 29120 | 4076 |
|  |  | **10789** |
| **Taiwan – 0.4%** | **Taiwan – 0.4%** | **Taiwan – 0.4%** |
| Advancetek Enterprise Co. Ltd. | 77000 | 107 |
| Chong Hong Construction Co. Ltd. | 68000 | 171 |
| Crowell Development Corp. | 75600 | 72 |
| Da-Li Development Co. Ltd. | 85613 | 138 |
| Farglory Land Development Co. Ltd. | 102462 | 209 |
| Highwealth Construction Corp. | 525118 | 694 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **Taiwan – 0.4%continued** | **Taiwan – 0.4%continued** | **Taiwan – 0.4%continued** |
| Huaku Development Co. Ltd. | 96890 | $305 |
| Kindom Development Co. Ltd. | 148190 | 175 |
| Prince Housing & Development Corp. | 350000 | 105 |
| Ruentex Development Co. Ltd. | 573955 | 558 |
| Sakura Development Co. Ltd. | 136153 | 217 |
| Yungshin Construction & Development <br> Co. Ltd.<br>| 30000 | 86 |
|  |  | **2837** |
| **Thailand – 0.4%** | **Thailand – 0.4%** | **Thailand – 0.4%** |
| Amata Corp. PCL NVDR | 318735 | 158 |
| AP Thailand PCL (Registered) | 441405 | 121 |
| AP Thailand PCL NVDR | 434904 | 119 |
| Central Pattana PCL (Registered) | 581626 | 1005 |
| Central Pattana PCL NVDR | 156998 | 271 |
| Land & Houses PCL NVDR<sup>†</sup> <br>| 2714200 | 362 |
| Quality Houses PCL NVDR | 2544400 | 107 |
| Sansiri PCL NVDR | 5497466 | 248 |
| Supalai PCL (Registered) | 280445 | 158 |
| Supalai PCL NVDR | 144200 | 81 |
| WHA Corp. PCL NVDR<sup>†</sup> <br>| 3112600 | 342 |
|  |  | **2972** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| &nbsp;&nbsp; Reysas Gayrimenkul Yatirim Ortakligi <br> A.S.\*<br>| 250101 | 120 |
| &nbsp;&nbsp; Torunlar Gayrimenkul Yatirim Ortakligi <br> A.S.<br>| 72904 | 131 |
| Ziraat Gayrimenkul Yatirim Ortakligi <br> A.S.<br>| 369036 | 205 |
|  |  | **456** |
| **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** |
| Aldar Properties PJSC | 1397683 | 3607 |
| Deyaar Development PJSC | 386459 | 105 |
| Dubai Residential REIT | 693338 | 234 |
| Emaar Development PJSC | 366340 | 1342 |
| RAK Properties PJSC\* | 498238 | 201 |
|  |  | **5489** |
| **United Kingdom – 2.8%** | **United Kingdom – 2.8%** | **United Kingdom – 2.8%** |
| Big Yellow Group PLC | 66879 | 874 |
| British Land (The) Co. PLC | 360763 | 1695 |
| Derwent London PLC | 38200 | 900 |
| Empiric Student Property PLC | 224928 | 281 |
| Grainger PLC | 261595 | 683 |
| Great Portland Estates PLC | 127457 | 547 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 2.8%continued** | **United Kingdom – 2.8%continued** | **United Kingdom – 2.8%continued** |
| Hammerson PLC | 180741 | $711 |
| Home REIT PLC<sup>(2) \*</sup> <br>| 484349 | 148 |
| Land Securities Group PLC | 259879 | 2040 |
| LondonMetric Property PLC | 847286 | 2074 |
| Primary Health Properties PLC | 861341 | 1060 |
| PRS REIT (The) PLC | 194766 | 294 |
| Safestore Holdings PLC | 82487 | 734 |
| Segro PLC | 466704 | 4130 |
| Shaftesbury Capital PLC | 525557 | 1005 |
| Supermarket Income REIT PLC | 477697 | 506 |
| Target Healthcare REIT PLC | 233598 | 304 |
| Tritax Big Box REIT PLC | 805426 | 1567 |
| UNITE Group (The) PLC | 141045 | 1365 |
| Workspace Group PLC | 53169 | 284 |
|  |  | **21202** |
| **United States – 54.1%** | **United States – 54.1%** | **United States – 54.1%** |
| Acadia Realty Trust | 47720 | 962 |
| Agree Realty Corp. | 41507 | 2949 |
| Alexander & Baldwin, Inc. | 28000 | 509 |
| Alexander's, Inc. | 891 | 209 |
| Alexandria Real Estate Equities, Inc. | 56545 | 4712 |
| American Assets Trust, Inc. | 17757 | 361 |
| American Healthcare REIT, Inc. | 58781 | 2469 |
| American Homes 4 Rent, Class A | 120707 | 4014 |
| Americold Realty Trust, Inc. | 100742 | 1233 |
| &nbsp;&nbsp; Apartment Investment and <br> Management Co., Class A<br>| 50967 | 404 |
| Apple Hospitality REIT, Inc. | 84804 | 1019 |
| AvalonBay Communities, Inc. | 51790 | 10004 |
| Brandywine Realty Trust | 66096 | 276 |
| Brixmor Property Group, Inc. | 110948 | 3071 |
| Broadstone Net Lease, Inc. | 68048 | 1216 |
| BXP, Inc. | 54596 | 4059 |
| Camden Property Trust | 38782 | 4141 |
| CareTrust REIT, Inc. | 79819 | 2768 |
| CBL & Associates Properties, Inc. | 6329 | 194 |
| Centerspace | 6541 | 385 |
| Community Healthcare Trust, Inc. | 10888 | 167 |
| COPT Defense Properties | 41270 | 1199 |
| Cousins Properties, Inc. | 61647 | 1784 |
| CubeSmart | 82667 | 3361 |
| Curbline Properties Corp. | 34940 | 779 |
| DiamondRock Hospitality Co. | 75722 | 603 |
| Digital Realty Trust, Inc. | 122614 | 21198 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **76** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **United States – 54.1%continued** | **United States – 54.1%continued** | **United States – 54.1%continued** |
| Diversified Healthcare Trust | 66888 | $295 |
| Douglas Emmett, Inc. | 61983 | 965 |
| Eagle Hospitality Trust<sup>(2) \*</sup> <br>| 496400 |  |
| Easterly Government Properties, Inc. | 16036 | 368 |
| EastGroup Properties, Inc. | 19042 | 3223 |
| Elme Communities | 31204 | 526 |
| Empire State Realty Trust, Inc., Class A | 50697 | 388 |
| Equinix, Inc. | 35619 | 27898 |
| Equity LifeStyle Properties, Inc. | 65918 | 4001 |
| Equity Residential | 131269 | 8497 |
| Essex Property Trust, Inc. | 23400 | 6263 |
| Extra Space Storage, Inc. | 77203 | 10881 |
| Federal Realty Investment Trust | 29702 | 3009 |
| First Industrial Realty Trust, Inc. | 47941 | 2468 |
| Four Corners Property Trust, Inc. | 36605 | 893 |
| FRP Holdings, Inc.\* | 5390 | 131 |
| Getty Realty Corp. | 19579 | 525 |
| Gladstone Commercial Corp. | 16131 | 199 |
| Global Medical REIT, Inc. | 4929 | 166 |
| Global Net Lease, Inc. | 76252 | 620 |
| Healthcare Realty Trust, Inc. | 120771 | 2178 |
| Healthpeak Properties, Inc. | 252297 | 4831 |
| Highwoods Properties, Inc. | 38795 | 1234 |
| Host Hotels & Resorts, Inc. | 251858 | 4287 |
| Howard Hughes Holdings, Inc.\* | 12084 | 993 |
| Hudson Pacific Properties, Inc.\* | 137930 | 381 |
| Independence Realty Trust, Inc. | 86759 | 1422 |
| Innovative Industrial Properties, Inc. | 10247 | 549 |
| InvenTrust Properties Corp. | 28829 | 825 |
| Invitation Homes, Inc. | 211631 | 6207 |
| Iron Mountain, Inc. | 107345 | 10943 |
| JBG SMITH Properties<sup>†</sup> <br>| 26740 | 595 |
| Kennedy-Wilson Holdings, Inc. | 42584 | 354 |
| Kilroy Realty Corp.<sup>†</sup> <br>| 41232 | 1742 |
| Kimco Realty Corp. | 245765 | 5370 |
| Kite Realty Group Trust | 79392 | 1770 |
| LTC Properties, Inc. | 17523 | 646 |
| LXP Industrial Trust | 109509 | 981 |
| Macerich (The) Co. | 91150 | 1659 |
| Medical Properties Trust, Inc.<sup>†</sup> <br>| 188525 | 956 |
| &nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 42538 | 5944 |
| National Health Investors, Inc. | 16820 | 1337 |
| National Storage Affiliates Trust | 26848 | 811 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **United States – 54.1%continued** | **United States – 54.1%continued** | **United States – 54.1%continued** |
| NETSTREIT Corp.<sup>†</sup> <br>| 28907 | $522 |
| NexPoint Residential Trust, Inc. | 7498 | 242 |
| NNN REIT, Inc. | 68111 | 2899 |
| Omega Healthcare Investors, Inc. | 105066 | 4436 |
| One Liberty Properties, Inc. | 6546 | 145 |
| Paramount Group, Inc.\* | 63681 | 416 |
| Park Hotels & Resorts, Inc.<sup>†</sup> <br>| 75165 | 833 |
| Pebblebrook Hotel Trust | 42558 | 485 |
| Phillips Edison & Co., Inc. | 45996 | 1579 |
| Piedmont Realty Trust, Inc. | 45192 | 407 |
| Plymouth Industrial REIT, Inc. | 16014 | 358 |
| Prologis, Inc. | 337933 | 38700 |
| Public Storage | 57468 | 16600 |
| Realty Income Corp. | 328758 | 19985 |
| Regency Centers Corp. | 62614 | 4565 |
| Rexford Industrial Realty, Inc. | 85867 | 3530 |
| RLJ Lodging Trust<sup>†</sup> <br>| 54997 | 396 |
| Ryman Hospitality Properties, Inc. | 22002 | 1971 |
| Sabra Health Care REIT, Inc. | 85868 | 1601 |
| Saul Centers, Inc. | 5039 | 161 |
| Sila Realty Trust, Inc. | 20126 | 505 |
| Simon Property Group, Inc. | 118839 | 22303 |
| SITE Centers Corp. | 19783 | 178 |
| SL Green Realty Corp. | 26024 | 1556 |
| Smartstop Self Storage REIT, Inc.<sup>†</sup> <br>| 10898 | 410 |
| St. Joe (The) Co. | 13931 | 689 |
| STAG Industrial, Inc. | 67554 | 2384 |
| Summit Hotel Properties, Inc. | 43656 | 240 |
| Sun Communities, Inc. | 46384 | 5984 |
| Sunstone Hotel Investors, Inc. | 70785 | 663 |
| Tanger, Inc. | 40774 | 1380 |
| Terreno Realty Corp. | 37381 | 2121 |
| UDR, Inc. | 114256 | 4257 |
| UMH Properties, Inc. | 30367 | 451 |
| Universal Health Realty Income Trust | 5149 | 202 |
| Urban Edge Properties | 46554 | 953 |
| Ventas, Inc. | 164224 | 11494 |
| Veris Residential, Inc. | 29620 | 450 |
| Vornado Realty Trust | 59074 | 2394 |
| Welltower, Inc. | 238163 | 42426 |
| Whitestone REIT | 16407 | 201 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.0%** <sup>(1)</sup>**continued**  |
| **United States – 54.1%continued** | **United States – 54.1%continued** | **United States – 54.1%continued** |
| WP Carey, Inc. | 79552 | $5375 |
| Xenia Hotels & Resorts, Inc. | 35983 | 494 |
|  |  | **408318** |
| **Total Common Stocks** |  |  |
| **(Cost $485,023)** |  | **732028** |
| **RIGHTS – 0.0%**  |  |  |
| **Kuwait – 0.0%** |  |  |
| Kuwait Real Estate Co. K.S.C.\* | 44654 | **26** |
| **Singapore – 0.0%** |  |  |
| Keppel DC REIT\* | 54237 | **6** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **32** |

---

---

| | |
|:---|:---|
| **OTHER – 0.0%**  |  |
| Escrow Equity Commonwealth <sup>(2) (4) \*</sup> <br>| 75000 |
| **Total Other** |  |
| **(Cost $—)** |  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 3.1%**  | **INVESTMENT COMPANIES – 3.1%**  | **INVESTMENT COMPANIES – 3.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(5) (6) (7)</sup> <br>| 6458160 | $6458 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(5) (6)</sup> <br>| 16636721 | 16637 |
| **Total Investment Companies** |  |  |
| **(Cost $23,095)** |  | **23095** |
| **Total Investments – 100.1%** |  |  |
| **(Cost $508,118)** |  | **755155** |
| Liabilities less Other Assets – (0.1%) |  | (793)<br>|
| **Net Assets – 100.0%** |  | **$754362** |

---

<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 September 30,* *2025, the value of this security amounted to approximately $512,000 or* *0.1% of net assets.* 

<sup>(4)</sup> *Restricted security. At September 30, 2025, the value of this restricted* *security amounted to $0 or 0.0% 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>|
| Escrow Equity Commonwealth | 10/18/10 | &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| <sup>(5)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(6)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(7)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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 September 30, 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 | Canadian <br> Dollar<br>| 361 | United States <br> Dollar<br>| 261 | 12/17/25 | $1 |
| Citibank | Taiwan Dollar | 5575 | United States <br> Dollar<br>| 185 | 12/17/25 | 2 |
| Goldman Sachs | Indian Rupee | 2221 | United States <br> Dollar<br>| 25 | 12/17/25 | —\* |
| Goldman Sachs | Korean Won | 152269 | United States <br> Dollar<br>| 110 | 12/17/25 | 1 |
| JPMorgan Chase | British Pound | 305 | United States <br> Dollar<br>| 413 | 12/17/25 | 3 |
| JPMorgan Chase | Japanese Yen | 36677 | United States <br> Dollar<br>| 251 | 12/17/25 | 1 |
| Morgan Stanley | Swiss Franc | 384 | United States <br> Dollar<br>| 488 | 12/17/25 | —\* |
| Toronto-Dominion <br> Bank<br>| Norwegian <br> Krone<br>| 860 | United States <br> Dollar<br>| 87 | 12/17/25 | 1 |
| UBS | Australian <br> Dollar<br>| 99 | United States <br> Dollar<br>| 66 | 12/17/25 | —\* |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 9 |
| Bank of Montreal | United States <br> Dollar<br>| 54 | Singapore <br> Dollar<br>| 69 | 12/17/25 | (—)\*<br>|
| BNP Paribas | United States <br> Dollar<br>| 111 | Hong Kong <br> Dollar<br>| 864 | 12/17/25 | (—)\*<br>|

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **78** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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>|
| BNP Paribas | United States <br> Dollar<br>| 27 | Swedish Krona | 255 | 12/17/25 | $(—)\*<br>|
| Citibank | Brazilian Real | 205 | United States <br> Dollar<br>| 37 | 12/17/25 | (1)<br>|
| JPMorgan Chase | Euro | 1259 | United States <br> Dollar<br>| 1484 | 12/17/25 | (1)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (2)<br>|
| Total |  |  |  |  |  | $7 |

---

*\** *Amount rounds to less than one thousand.*

At September 30, 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>| 26 | $8544 | Long | 12/25 | $(18)<br>|
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 58 | 8077 | Long | 12/25 | 38 |
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 17 | 1156 | Long | 12/25 | 10 |
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 18 | 4586 | Long | 12/25 | 86 |
| Total |  |  |  |  | $116 |

---

<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 September 30, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Real Estate | 97.0<br> %<br>|
| Short-Term Investments | 3.1 |
| Total Investments | 100.1 |
| Liabilities less Other Assets | (0.1)<br>|
| 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 September 30, 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 September 30, 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; $1707 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1707 |
| Canada | &nbsp;&nbsp; 7510 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7510 |
| Chile | &nbsp;&nbsp; 620 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 620 |
| Egypt | &nbsp;&nbsp; 328 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 328 |
| Mexico | &nbsp;&nbsp; 4687 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4687 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 21054 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 21202 |
| United States | &nbsp;&nbsp; 408318 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 408318 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 287656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 287656 |
| Total Common Stocks | &nbsp;&nbsp; 423170 | &nbsp;&nbsp; 308710 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 732028 |
| Rights: |  |  |  |  |
| Kuwait | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| Total Rights | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32 |
| Investment Companies | &nbsp;&nbsp; 23095 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23095 |
| Total Investments | &nbsp;&nbsp; $446291 | &nbsp;&nbsp; $308716 | &nbsp;&nbsp; $148 | &nbsp;&nbsp; $755155 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $9 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9 |
| Futures Contracts | &nbsp;&nbsp; 134 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 134 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| Futures Contracts | &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $116 | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>| 170955 | $5310 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> iBoxx 5-Year Target <br> Duration TIPS Index Fund<sup>(1)</sup> <br>| 64503 | 1566 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar Developed <br> Markets ex-U.S. Factor Tilt Index <br> Fund<sup>(1)</sup> <br>| 37599 | 3336 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar Emerging <br> Markets Factor Tilt Index Fund<sup>(1)</sup> <br>| 92428 | 5833 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar U.S. Market <br> Factor Tilt Index Fund<sup>(1)</sup> <br>| 46280 | 11213 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> STOXX Global Broad <br> Infrastructure Index Fund<sup>(1)</sup> <br>| 38712 | 2436 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> U.S. Quality Low Volatility <br> Index Fund<sup>(1)</sup> <br>| 72722 | 5232 |
| iShares 20+ Year Treasury Bond ETF | 14724 | 1316 |
| iShares 3-7 Year Treasury Bond ETF | 43402 | 5187 |
| iShares 7-10 Year Treasury Bond ETF | 16808 | 1621 |
| iShares MBS ETF | 29363 | 2794 |
| Northern Funds - Fixed Income Fund<sup>(1)</sup> <br>| 838325 | 7595 |
| &nbsp;&nbsp; Northern Funds - High Yield Fixed <br> Income Fund<sup>(1)</sup> <br>| 246309 | 1517 |
| &nbsp;&nbsp; Northern Funds - International Equity <br> Index Fund<sup>(1)</sup> <br>| 254029 | 4425 |
| &nbsp;&nbsp; Northern Funds - Small Cap Core <br> Fund<sup>(1)</sup> <br>| 85945 | 2354 |
| Northern Funds - Stock Index Fund<sup>(1)</sup> <br>| 197777 | 13409 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(1) (2)</sup> <br>| 3273036 | 3273 |
| **Total Investment Companies** |  |  |
| **(Cost $64,304)** |  | **78417** |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 4.14%, 11/28/25<sup>(3) (4)</sup> <br>| $49 | **$49** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $49)** | **(Cost $49)** | **49** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $64,353)** | **(Cost $64,353)** | **78466** |
| Liabilities less Other Assets – (0.0%) | Liabilities less Other Assets – (0.0%) | (10)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$78456** |

---

<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 September 30, 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 SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

At September 30, 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>| 12 | $1399 | Long | 12/25 | $29 |

---

<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 September 30, 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; $78417 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78417 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 49 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49 |
| Total Investments | &nbsp;&nbsp; $78417 | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78466 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $29 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **81** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INCOME EQUITY FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.9%**  | **COMMON STOCKS – 97.9%**  | **COMMON STOCKS – 97.9%**  |
| **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** |
| General Electric Co. | 2654 | $798 |
| Lockheed Martin Corp. | 4198 | 2096 |
|  |  | **2894** |
| **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** |
| United Parcel Service, Inc., Class B | 17538 | **1465** |
| **Automobiles – 0.9%** | **Automobiles – 0.9%** | **Automobiles – 0.9%** |
| Tesla, Inc.<sup>(1) \*</sup> <br>| 5268 | **2343** |
| **Banks – 3.9%** | **Banks – 3.9%** | **Banks – 3.9%** |
| Bank of America Corp. | 5534 | 286 |
| Citigroup, Inc. | 35334 | 3586 |
| Comerica, Inc. | 9557 | 655 |
| Cullen/Frost Bankers, Inc. | 6062 | 769 |
| First Hawaiian, Inc. | 30708 | 762 |
| JPMorgan Chase & Co. | 8432 | 2660 |
| Truist Financial Corp. | 34235 | 1565 |
|  |  | **10283** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| PepsiCo, Inc. | 1888 | **265** |
| **Biotechnology – 3.5%** | **Biotechnology – 3.5%** | **Biotechnology – 3.5%** |
| AbbVie, Inc. | 20236 | 4686 |
| Amgen, Inc. | 6751 | 1905 |
| Gilead Sciences, Inc. | 24103 | 2675 |
|  |  | **9266** |
| **Broadline Retail – 3.1%** | **Broadline Retail – 3.1%** | **Broadline Retail – 3.1%** |
| Amazon.com, Inc.<sup>(1) \*</sup> <br>| 32488 | 7133 |
| eBay, Inc. | 11216 | 1020 |
|  |  | **8153** |
| **Capital Markets – 2.3%** | **Capital Markets – 2.3%** | **Capital Markets – 2.3%** |
| Ameriprise Financial, Inc. | 699 | 343 |
| Franklin Resources, Inc. | 50925 | 1178 |
| Invesco Ltd. | 61423 | 1409 |
| Janus Henderson Group PLC | 2801 | 125 |
| Lazard, Inc. | 11670 | 616 |
| Morgan Stanley | 6389 | 1016 |
| State Street Corp. | 11322 | 1313 |
|  |  | **6000** |
| **Chemicals – 0.9%** | **Chemicals – 0.9%** | **Chemicals – 0.9%** |
| CF Industries Holdings, Inc. | 8704 | 781 |
| LyondellBasell Industries N.V., Class A | 11072 | 543 |
| NewMarket Corp. | 324 | 268 |
| Scotts Miracle-Gro (The) Co. | 11865 | 676 |
|  |  | **2268** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Communications Equipment – 1.8%** | **Communications Equipment – 1.8%** | **Communications Equipment – 1.8%** |
| Cisco Systems, Inc. | 56131 | $3840 |
| Ubiquiti, Inc. | 1603 | 1059 |
|  |  | **4899** |
| **Consumer Finance – 0.5%** | **Consumer Finance – 0.5%** | **Consumer Finance – 0.5%** |
| Ally Financial, Inc. | 14863 | 582 |
| OneMain Holdings, Inc. | 13137 | 742 |
|  |  | **1324** |
| **Consumer Staples Distribution & Retail – 0.3%** | **Consumer Staples Distribution & Retail – 0.3%** | **Consumer Staples Distribution & Retail – 0.3%** |
| Costco Wholesale Corp. | 955 | **884** |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| Pool Corp. | 25 | **8** |
| **Diversified Consumer Services – 0.2%** | **Diversified Consumer Services – 0.2%** | **Diversified Consumer Services – 0.2%** |
| H&R Block, Inc. | 10932 | **553** |
| **Diversified Telecommunication Services – 1.2%** | **Diversified Telecommunication Services – 1.2%** | **Diversified Telecommunication Services – 1.2%** |
| AT&T, Inc. | 76440 | 2159 |
| Verizon Communications, Inc. | 21572 | 948 |
|  |  | **3107** |
| **Electric Utilities – 1.8%** | **Electric Utilities – 1.8%** | **Electric Utilities – 1.8%** |
| Duke Energy Corp. | 15465 | 1914 |
| Edison International | 24358 | 1347 |
| Southern (The) Co. | 15071 | 1428 |
|  |  | **4689** |
| **Electrical Equipment – 2.2%** | **Electrical Equipment – 2.2%** | **Electrical Equipment – 2.2%** |
| Emerson Electric Co. | 9144 | 1199 |
| GE Vernova, Inc. | 4433 | 2726 |
| Rockwell Automation, Inc. | 3452 | 1207 |
| Vertiv Holdings Co., Class A | 5334 | 805 |
|  |  | **5937** |
| **Energy Equipment & Services – 0.5%** | **Energy Equipment & Services – 0.5%** | **Energy Equipment & Services – 0.5%** |
| Schlumberger N.V. | 36164 | **1243** |
| **Financial Services – 2.0%** | **Financial Services – 2.0%** | **Financial Services – 2.0%** |
| Berkshire Hathaway, Inc., Class B\* | 3157 | 1587 |
| Equitable Holdings, Inc. | 8773 | 446 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 18503 | 1220 |
| MGIC Investment Corp. | 15204 | 431 |
| Visa, Inc., Class A | 2812 | 960 |
| Western Union (The) Co. | 89993 | 719 |
|  |  | **5363** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **82** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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**  |
| **Gas Utilities – 0.3%** | **Gas Utilities – 0.3%** | **Gas Utilities – 0.3%** |
| MDU Resources Group, Inc. | 9473 | $169 |
| UGI Corp. | 21355 | 710 |
|  |  | **879** |
| **Ground Transportation – 1.2%** | **Ground Transportation – 1.2%** | **Ground Transportation – 1.2%** |
| Old Dominion Freight Line, Inc. | 4280 | 603 |
| Union Pacific Corp. | 11059 | 2614 |
|  |  | **3217** |
| **Health Care Equipment & Supplies – 0.3%** | **Health Care Equipment & Supplies – 0.3%** | **Health Care Equipment & Supplies – 0.3%** |
| ResMed, Inc. | 2769 | **758** |
| **Health Care Providers & Services – 0.2%** | **Health Care Providers & Services – 0.2%** | **Health Care Providers & Services – 0.2%** |
| Chemed Corp. | 172 | 77 |
| McKesson Corp. | 431 | 333 |
| UnitedHealth Group, Inc. | 708 | 244 |
|  |  | **654** |
| **Health Care Real Estate Investment Trusts – 0.1%** | **Health Care Real Estate Investment Trusts – 0.1%** | **Health Care Real Estate Investment Trusts – 0.1%** |
| Omega Healthcare Investors, Inc. | 4212 | **178** |
| **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. | 19646 | 334 |
| Park Hotels & Resorts, Inc.<sup>†</sup> <br>| 45180 | 501 |
|  |  | **835** |
| **Hotels, Restaurants & Leisure – 1.3%** | **Hotels, Restaurants & Leisure – 1.3%** | **Hotels, Restaurants & Leisure – 1.3%** |
| Booking Holdings, Inc. | 126 | 680 |
| Royal Caribbean Cruises Ltd. | 3484 | 1127 |
| Travel + Leisure Co. | 1044 | 62 |
| Vail Resorts, Inc.<sup>†</sup> <br>| 4351 | 651 |
| Wendy's (The) Co. | 46051 | 422 |
| Yum! Brands, Inc. | 3728 | 567 |
|  |  | **3509** |
| **Household Products – 2.6%** | **Household Products – 2.6%** | **Household Products – 2.6%** |
| Clorox (The) Co. | 10829 | 1335 |
| Colgate-Palmolive Co. | 541 | 43 |
| Kimberly-Clark Corp. | 10955 | 1362 |
| Procter & Gamble (The) Co. | 27001 | 4149 |
|  |  | **6889** |
| **Independent Power & Renewable Electricity Producers – 0.5%** | **Independent Power & Renewable Electricity Producers – 0.5%** | **Independent Power & Renewable Electricity Producers – 0.5%** |
| Brookfield Renewable Corp. | 8376 | 288 |
| Clearway Energy, Inc., Class C | 21390 | 604 |
| Vistra Corp. | 2631 | 516 |
|  |  | **1408** |
| **Insurance – 2.0%** | **Insurance – 2.0%** | **Insurance – 2.0%** |
| Aflac, Inc. | 11790 | 1317 |
| MetLife, Inc. | 18801 | 1549 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 2.0%continued** | **Insurance – 2.0%continued** | **Insurance – 2.0%continued** |
| Old Republic International Corp. | 16175 | $687 |
| Principal Financial Group, Inc. | 10247 | 850 |
| Prudential Financial, Inc. | 9894 | 1026 |
|  |  | **5429** |
| **Interactive Media & Services – 6.0%** | **Interactive Media & Services – 6.0%** | **Interactive Media & Services – 6.0%** |
| Alphabet, Inc., Class A<sup>(1)</sup> <br>| 44991 | 10937 |
| Meta Platforms, Inc., Class A<sup>(1)</sup> <br>| 6766 | 4969 |
|  |  | **15906** |
| **IT Services – 1.3%** | **IT Services – 1.3%** | **IT Services – 1.3%** |
| Accenture PLC, Class A | 3194 | 787 |
| Amdocs Ltd. | 6969 | 572 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 9559 | 641 |
| International Business Machines Corp. | 5085 | 1435 |
|  |  | **3435** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| Hasbro, Inc. | 16057 | **1218** |
| **Machinery – 1.3%** | **Machinery – 1.3%** | **Machinery – 1.3%** |
| Caterpillar, Inc. | 391 | 187 |
| Illinois Tool Works, Inc. | 5896 | 1537 |
| Otis Worldwide Corp. | 7397 | 676 |
| Snap-on, Inc. | 2890 | 1002 |
|  |  | **3402** |
| **Media – 0.5%** | **Media – 0.5%** | **Media – 0.5%** |
| Nexstar Media Group, Inc. | 3645 | 721 |
| Omnicom Group, Inc. | 6133 | 500 |
|  |  | **1221** |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| Southern Copper Corp. | 7714 | **936** |
| **Mortgage Real Estate Investment Trusts – 0.5%** | **Mortgage Real Estate Investment Trusts – 0.5%** | **Mortgage Real Estate Investment Trusts – 0.5%** |
| Rithm Capital Corp. | 58304 | 664 |
| Starwood Property Trust, Inc. | 37863 | 733 |
|  |  | **1397** |
| **Multi-Utilities – 1.1%** | **Multi-Utilities – 1.1%** | **Multi-Utilities – 1.1%** |
| Consolidated Edison, Inc. | 14096 | 1417 |
| Dominion Energy, Inc. | 23112 | 1414 |
|  |  | **2831** |
| **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** |
| Kilroy Realty Corp.<sup>†</sup> <br>| 20197 | **853** |
| **Oil, Gas & Consumable Fuels – 1.7%** | **Oil, Gas & Consumable Fuels – 1.7%** | **Oil, Gas & Consumable Fuels – 1.7%** |
| Antero Midstream Corp. | 42006 | 817 |
| APA Corp. | 27820 | 675 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **83** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INCOME EQUITY 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 – 1.7%continued** | **Oil, Gas & Consumable Fuels – 1.7%continued** | **Oil, Gas & Consumable Fuels – 1.7%continued** |
| Chevron Corp. | 788 | $122 |
| EOG Resources, Inc. | 13042 | 1462 |
| Exxon Mobil Corp. | 7996 | 902 |
| Texas Pacific Land Corp. | 483 | 451 |
|  |  | **4429** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| Louisiana-Pacific Corp. | 3381 | **300** |
| **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** |
| Kenvue, Inc. | 9826 | **159** |
| **Pharmaceuticals – 4.4%** | **Pharmaceuticals – 4.4%** | **Pharmaceuticals – 4.4%** |
| Bristol-Myers Squibb Co. | 46676 | 2105 |
| Eli Lilly & Co. | 241 | 184 |
| Johnson & Johnson | 14564 | 2701 |
| Merck & Co., Inc. | 41299 | 3466 |
| Pfizer, Inc. | 125833 | 3206 |
|  |  | **11662** |
| **Professional Services – 1.5%** | **Professional Services – 1.5%** | **Professional Services – 1.5%** |
| Automatic Data Processing, Inc. | 9310 | 2732 |
| Broadridge Financial Solutions, Inc. | 3152 | 751 |
| Paychex, Inc. | 4619 | 585 |
| Robert Half, Inc. | 840 | 29 |
|  |  | **4097** |
| **Residential Real Estate Investment Trusts – 0.9%** | **Residential Real Estate Investment Trusts – 0.9%** | **Residential Real Estate Investment Trusts – 0.9%** |
| Camden Property Trust | 6408 | 684 |
| Equity Residential | 14976 | 969 |
| Mid-America Apartment Communities, <br> Inc.<br>| 4412 | 617 |
|  |  | **2270** |
| **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. | 22134 | 613 |
| Simon Property Group, Inc. | 7578 | 1422 |
|  |  | **2035** |
| **Semiconductors & Semiconductor Equipment – 15.8%** | **Semiconductors & Semiconductor Equipment – 15.8%** | **Semiconductors & Semiconductor Equipment – 15.8%** |
| Applied Materials, Inc. | 692 | 142 |
| Broadcom, Inc. | 23766 | 7841 |
| KLA Corp. | 2382 | 2569 |
| Lam Research Corp. | 24608 | 3295 |
| NVIDIA Corp.<sup>(1)</sup> <br>| 125767 | 23465 |
| NXP Semiconductors N.V. | 996 | 227 |
| QUALCOMM, Inc. | 18346 | 3052 |
| Skyworks Solutions, Inc. | 17515 | 1348 |
|  |  | **41939** |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 8.7%** | **Software – 8.7%** | **Software – 8.7%** |
| Bentley Systems, Inc., Class B | 14158 | $729 |
| Gen Digital, Inc. | 43013 | 1221 |
| Intuit, Inc. | 4781 | 3265 |
| Microsoft Corp. | 30636 | 15868 |
| Pegasystems, Inc. | 14287 | 822 |
| Salesforce, Inc. | 5082 | 1204 |
|  |  | **23109** |
| **Specialized Real Estate Investment Trusts – 1.6%** | **Specialized Real Estate Investment Trusts – 1.6%** | **Specialized Real Estate Investment Trusts – 1.6%** |
| EPR Properties | 14308 | 830 |
| Lamar Advertising Co., Class A | 5588 | 684 |
| Public Storage | 4146 | 1198 |
| VICI Properties, Inc. | 43429 | 1416 |
|  |  | **4128** |
| **Specialty Retail – 1.4%** | **Specialty Retail – 1.4%** | **Specialty Retail – 1.4%** |
| Bath & Body Works, Inc. | 304 | 8 |
| Best Buy Co., Inc. | 18389 | 1391 |
| Home Depot (The), Inc. | 558 | 226 |
| Lowe's Cos., Inc. | 4638 | 1165 |
| Williams-Sonoma, Inc. | 5208 | 1018 |
|  |  | **3808** |
| **Technology Hardware, Storage & Peripherals – 8.4%** | **Technology Hardware, Storage & Peripherals – 8.4%** | **Technology Hardware, Storage & Peripherals – 8.4%** |
| Apple, Inc.<sup>(1)</sup> <br>| 79341 | 20203 |
| HP, Inc. | 34271 | 933 |
| NetApp, Inc. | 8577 | 1016 |
|  |  | **22152** |
| **Textiles, Apparel & Luxury Goods – 1.3%** | **Textiles, Apparel & Luxury Goods – 1.3%** | **Textiles, Apparel & Luxury Goods – 1.3%** |
| NIKE, Inc., Class B | 26668 | 1860 |
| Tapestry, Inc. | 13399 | 1517 |
|  |  | **3377** |
| **Tobacco – 2.3%** | **Tobacco – 2.3%** | **Tobacco – 2.3%** |
| Altria Group, Inc. | 38242 | 2526 |
| Philip Morris International, Inc. | 22230 | 3606 |
|  |  | **6132** |
| **Trading Companies & Distributors – 0.6%** | **Trading Companies & Distributors – 0.6%** | **Trading Companies & Distributors – 0.6%** |
| Fastenal Co. | 30073 | 1475 |
| MSC Industrial Direct Co., Inc., Class A | 2259 | 208 |
|  |  | **1683** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **84** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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**  |
| **Wireless Telecommunication Services – 0.7%** | **Wireless Telecommunication Services – 0.7%** | **Wireless Telecommunication Services – 0.7%** |
| Millicom International Cellular S.A. | 16842 | $817 |
| T-Mobile U.S., Inc. | 4816 | 1153 |
|  |  | **1970** |
| **Total Common Stocks** |  |  |
| **(Cost $166,829)** |  | **259149** |
| **INVESTMENT COMPANIES – 2.2%**  | **INVESTMENT COMPANIES – 2.2%**  | **INVESTMENT COMPANIES – 2.2%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(2) (3) (4)</sup> <br>| 2078818 | 2079 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(2) (3)</sup> <br>| 3829300 | 3829 |
| **Total Investment Companies** |  |  |
| **(Cost $5,908)** |  | **5908** |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 4.08%, 11/28/25<sup>(5) (6)</sup> <br>| $292 | **$290** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $290)** | **(Cost $290)** | **290** |
| **Total Investments – 100.2%** | **Total Investments – 100.2%** |  |
| **(Cost $173,027)** | **(Cost $173,027)** | **265347** |
| Liabilities less Other Assets – (0.2%) | Liabilities less Other Assets – (0.2%) | (502)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$264845** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Security represents underlying investment on open written option contracts.* |
| <sup>(2)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(3)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(4)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(5)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(6)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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 September 30, 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>| 126 | $4245 | Long | 12/25 | $34 |

---

<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 September 30, 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, Inc., Class A, Exp. Date <br> 10/17/25, Strike Price $290.00<br>| (449)<br>| $(10915)<br>| $(5)<br>|
| &nbsp;&nbsp; Amazon.com, Inc., Exp. Date 10/17/25, <br> Strike Price $275.00<br>| (324)<br>| (7114)<br>| (2)<br>|
| &nbsp;&nbsp; Apple, Inc., Exp. Date 10/17/25, Strike Price <br> $275.00<br>| (396)<br>| (10083)<br>| (15)<br>|
| &nbsp;&nbsp; Meta Platforms, Inc., Class A, Exp. Date <br> 10/17/25, Strike Price $900.00<br>| (67)<br>| (4920)<br>| (1)<br>|
| &nbsp;&nbsp; NVIDIA Corp., Exp. Date 10/17/25, Strike <br> Price $220.00<br>| (1257)<br>| (23453)<br>| (28)<br>|
| &nbsp;&nbsp; Tesla, Inc., Exp. Date 10/17/25, Strike Price <br> $600.00<br>| (52)<br>| (2313)<br>| (4)<br>|
| Total Written Options Contracts |  |  | $(55)<br>|
| (Premiums Received (000s) $72) |  |  |  |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **85** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INCOME EQUITY FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

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 September 30, 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; $259149 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $259149 |
| Investment Companies | &nbsp;&nbsp; 5908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5908 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 290 | &nbsp;&nbsp; — | &nbsp;&nbsp; 290 |
| Total Investments | &nbsp;&nbsp; $265057 | &nbsp;&nbsp; $290 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $265347 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $34 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34 |
| Liabilities |  |  |  |  |
| Written Options | &nbsp;&nbsp; (55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (55)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(21)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(21)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **86** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INTERNATIONAL EQUITY FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 5.4%** | **Australia – 5.4%** | **Australia – 5.4%** |
| ANZ Group Holdings Ltd. | 24409 | $535 |
| BHP Group Ltd. | 1221 | 34 |
| Cochlear Ltd. | 247 | 46 |
| Computershare Ltd. | 37422 | 899 |
| Fortescue Ltd. | 120255 | 1492 |
| Origin Energy Ltd. | 32485 | 269 |
| Pro Medicus Ltd. | 2742 | 561 |
| QBE Insurance Group Ltd. | 78319 | 1068 |
| Rio Tinto PLC | 18916 | 1247 |
| Stockland | 145077 | 589 |
| Telstra Group Ltd. | 157989 | 504 |
| Wesfarmers Ltd. | 23661 | 1444 |
| WiseTech Global Ltd. | 4130 | 247 |
|  |  | **8935** |
| **Austria – 0.1%** | **Austria – 0.1%** | **Austria – 0.1%** |
| Verbund A.G. | 2939 | **214** |
| **Belgium – 1.9%** | **Belgium – 1.9%** | **Belgium – 1.9%** |
| Ageas S.A./N.V. | 15176 | 1054 |
| Anheuser-Busch InBev S.A./N.V. | 23982 | 1434 |
| KBC Group N.V. | 5149 | 617 |
|  |  | **3105** |
| **Canada – 11.3%** | **Canada – 11.3%** | **Canada – 11.3%** |
| Agnico Eagle Mines Ltd. | 8949 | 1507 |
| AltaGas Ltd. | 7197 | 222 |
| Barrick Mining Corp. | 36946 | 1214 |
| Canadian Imperial Bank of Commerce | 15733 | 1257 |
| Canadian National Railway Co. | 15995 | 1508 |
| Canadian Natural Resources Ltd. | 49958 | 1597 |
| Canadian Utilities Ltd., Class A | 3484 | 98 |
| CCL Industries, Inc., Class B | 177 | 10 |
| Celestica, Inc.\* | 760 | 187 |
| CGI, Inc. | 11528 | 1027 |
| Constellation Software, Inc. | 9 | 24 |
| Emera, Inc. | 5787 | 278 |
| Empire Co. Ltd., Class A | 14456 | 519 |
| Fairfax Financial Holdings Ltd. | 918 | 1606 |
| Fortis, Inc. | 121 | 6 |
| Gildan Activewear, Inc. | 2175 | 126 |
| IGM Financial, Inc. | 37327 | 1359 |
| Imperial Oil Ltd. | 6894 | 625 |
| Lundin Gold, Inc. | 6686 | 433 |
| Manulife Financial Corp. | 53092 | 1654 |
| Power Corp. of Canada | 10553 | 457 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 11.3%continued** | **Canada – 11.3%continued** | **Canada – 11.3%continued** |
| Shopify, Inc., Class A\* | 3472 | $516 |
| Suncor Energy, Inc. | 28749 | 1203 |
| Toronto-Dominion Bank (The) | 14538 | 1162 |
|  |  | **18595** |
| **China – 1.5%** | **China – 1.5%** | **China – 1.5%** |
| BOC Hong Kong Holdings Ltd. | 283802 | 1334 |
| Prosus N.V.\* | 11912 | 845 |
| SITC International Holdings Co. Ltd. | 30702 | 118 |
| Yangzijiang Shipbuilding Holdings Ltd. | 69700 | 183 |
|  |  | **2480** |
| **Denmark – 1.8%** | **Denmark – 1.8%** | **Denmark – 1.8%** |
| AP Moller - Maersk A/S, Class B | 232 | 455 |
| Carlsberg A.S., Class B | 2492 | 290 |
| Demant A/S\* | 8288 | 287 |
| Novo Nordisk A/S, Class B | 6602 | 364 |
| Pandora A/S | 7861 | 1028 |
| ROCKWOOL A/S, Class B | 4797 | 179 |
| Vestas Wind Systems A/S | 20693 | 402 |
|  |  | **3005** |
| **Finland – 1.3%** | **Finland – 1.3%** | **Finland – 1.3%** |
| Fortum OYJ | 12460 | 235 |
| Kone OYJ, Class B | 6513 | 444 |
| Wartsila OYJ Abp | 48711 | 1459 |
|  |  | **2138** |
| **France – 7.6%** | **France – 7.6%** | **France – 7.6%** |
| Amundi S.A. | 3651 | 291 |
| Bouygues S.A. | 10600 | 479 |
| Bureau Veritas S.A. | 38856 | 1220 |
| Capgemini S.E. | 10523 | 1531 |
| Danone S.A. | 7877 | 686 |
| Dassault Aviation S.A. | 2983 | 996 |
| Eiffage S.A. | 6840 | 880 |
| Engie S.A. | 20982 | 450 |
| Klepierre S.A. | 25088 | 977 |
| Publicis Groupe S.A. | 9055 | 869 |
| Safran S.A. | 5323 | 1885 |
| Societe Generale S.A. | 26011 | 1730 |
| Sodexo S.A. | 4747 | 299 |
| Vinci S.A. | 1490 | 207 |
|  |  | **12500** |
| **Germany – 7.4%** | **Germany – 7.4%** | **Germany – 7.4%** |
| Aumovio S.E.\* | 7186 | 296 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 7.4%continued** | **Germany – 7.4%continued** | **Germany – 7.4%continued** |
| Bayerische Motoren Werke A.G. | 8752 | $878 |
| Continental A.G. | 14371 | 947 |
| Deutsche Boerse A.G. | 5077 | 1361 |
| Deutsche Post A.G. | 37614 | 1678 |
| Deutsche Telekom A.G. (Registered) | 47953 | 1634 |
| E.ON S.E. | 7043 | 132 |
| Evonik Industries A.G. | 23291 | 405 |
| Fresenius Medical Care A.G. | 22062 | 1158 |
| Fresenius S.E. & Co. KGaA | 2431 | 135 |
| Heidelberg Materials A.G. | 4366 | 983 |
| RWE A.G. | 5834 | 259 |
| SAP S.E. | 2477 | 664 |
| Siemens A.G. (Registered) | 2850 | 769 |
| Siemens Healthineers A.G. | 999 | 54 |
| Zalando S.E.\* | 27366 | 839 |
|  |  | **12192** |
| **Hong Kong – 1.9%** | **Hong Kong – 1.9%** | **Hong Kong – 1.9%** |
| AIA Group Ltd. | 26870 | 257 |
| CK Asset Holdings Ltd. | 118252 | 574 |
| Futu Holdings Ltd. ADR | 7373 | 1282 |
| Hong Kong & China Gas Co. Ltd. | 192648 | 167 |
| Hong Kong Exchanges & Clearing Ltd. | 5097 | 290 |
| Sun Hung Kai Properties Ltd. | 43605 | 523 |
|  |  | **3093** |
| **Ireland – 0.9%** | **Ireland – 0.9%** | **Ireland – 0.9%** |
| AIB Group PLC (Irish Stock Exchange) | 165328 | **1500** |
| **Israel – 2.0%** | **Israel – 2.0%** | **Israel – 2.0%** |
| Bank Hapoalim B.M. | 10543 | 215 |
| Bank Leumi Le-Israel B.M. | 73693 | 1453 |
| &nbsp;&nbsp; Check Point Software Technologies <br> Ltd.\*<br>| 5703 | 1180 |
| ICL Group Ltd. | 65464 | 409 |
|  |  | **3257** |
| **Italy – 3.6%** | **Italy – 3.6%** | **Italy – 3.6%** |
| Banca Mediolanum S.p.A. | 37450 | 751 |
| Enel S.p.A. | 77773 | 738 |
| Poste Italiane S.p.A. | 61336 | 1455 |
| Ryanair Holdings PLC | 27299 | 799 |
| UniCredit S.p.A. | 28836 | 2189 |
|  |  | **5932** |
| **Japan – 19.3%** | **Japan – 19.3%** | **Japan – 19.3%** |
| Advantest Corp. | 2100 | 210 |
| Aisin Corp. | 31100 | 537 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 19.3%continued** | **Japan – 19.3%continued** | **Japan – 19.3%continued** |
| Asahi Group Holdings Ltd. | 6200 | $74 |
| Asahi Kasei Corp. | 3900 | 31 |
| Asics Corp. | 29400 | 768 |
| Bandai Namco Holdings, Inc. | 14100 | 469 |
| Canon, Inc. | 4900 | 143 |
| Central Japan Railway Co. | 2200 | 63 |
| Chubu Electric Power Co., Inc. | 2400 | 33 |
| Chugai Pharmaceutical Co. Ltd. | 300 | 13 |
| Daito Trust Construction Co. Ltd. | 4600 | 101 |
| Daiwa House Industry Co. Ltd. | 4800 | 173 |
| Denso Corp. | 21000 | 302 |
| Fujikura Ltd. | 12100 | 1176 |
| Hoya Corp. | 2700 | 373 |
| Japan Airlines Co. Ltd. | 32000 | 646 |
| Japan Post Insurance Co. Ltd. | 2900 | 82 |
| Kansai Electric Power (The) Co., Inc. | 4900 | 70 |
| Kao Corp. | 24800 | 1081 |
| KDDI Corp. | 44738 | 717 |
| Komatsu Ltd. | 44100 | 1535 |
| Konami Group Corp. | 8800 | 1270 |
| LY Corp. | 345400 | 1114 |
| Makita Corp. | 34700 | 1125 |
| MatsukiyoCocokara & Co. | 3300 | 67 |
| Mitsubishi Corp. | 89100 | 2124 |
| Mitsubishi UFJ Financial Group, Inc. | 81000 | 1283 |
| Mizuho Financial Group, Inc. | 59500 | 1991 |
| &nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 48200 | 1094 |
| Nippon Yusen K.K. | 13000 | 444 |
| Nitto Denko Corp. | 62400 | 1479 |
| ORIX Corp. | 36300 | 948 |
| Osaka Gas Co. Ltd. | 1200 | 35 |
| Otsuka Holdings Co. Ltd. | 11000 | 588 |
| SBI Holdings, Inc. | 4300 | 187 |
| SCREEN Holdings Co. Ltd. | 11700 | 1059 |
| Shionogi & Co. Ltd. | 33700 | 596 |
| Sony Financial Group, Inc.\* | 30600 | 34 |
| Sony Group Corp. | 30600 | 878 |
| Subaru Corp. | 69700 | 1429 |
| Sumitomo Corp. | 21100 | 611 |
| Sumitomo Electric Industries Ltd. | 7900 | 224 |
| Suntory Beverage & Food Ltd. | 15476 | 484 |
| Suzuki Motor Corp. | 58500 | 853 |
| TIS, Inc. | 20600 | 680 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **88** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 – 19.3%continued** | **Japan – 19.3%continued** | **Japan – 19.3%continued** |
| Tokyo Electron Ltd. | 11300 | $2037 |
| Tokyo Gas Co. Ltd. | 600 | 21 |
| West Japan Railway Co. | 9900 | 217 |
| Yokogawa Electric Corp. | 13900 | 399 |
|  |  | **31868** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| ArcelorMittal S.A. | 6183 | 224 |
| Eurofins Scientific S.E. | 706 | 51 |
|  |  | **275** |
| **Netherlands – 2.8%** | **Netherlands – 2.8%** | **Netherlands – 2.8%** |
| ASML Holding N.V. | 2313 | 2255 |
| Koninklijke Ahold Delhaize N.V. | 35776 | 1447 |
| Koninklijke KPN N.V. | 85666 | 411 |
| Wolters Kluwer N.V. | 3353 | 458 |
|  |  | **4571** |
| **Norway – 1.5%** | **Norway – 1.5%** | **Norway – 1.5%** |
| Equinor ASA | 50107 | 1225 |
| Kongsberg Gruppen ASA | 751 | 24 |
| Norsk Hydro ASA | 68460 | 464 |
| Orkla ASA | 67828 | 710 |
|  |  | **2423** |
| **Singapore – 1.6%** | **Singapore – 1.6%** | **Singapore – 1.6%** |
| DBS Group Holdings Ltd. | 6500 | 257 |
| Oversea-Chinese Banking Corp. Ltd. | 118000 | 1505 |
| Sea Ltd. ADR\* | 625 | 112 |
| Sembcorp Industries Ltd. | 9100 | 42 |
| Singapore Technologies Engineering <br> Ltd.<br>| 101900 | 681 |
|  |  | **2597** |
| **Spain – 3.7%** | **Spain – 3.7%** | **Spain – 3.7%** |
| Acciona S.A. | 1053 | 212 |
| &nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 6621 | 530 |
| Aena SME S.A.<sup>(2)</sup> <br>| 50677 | 1388 |
| Banco Bilbao Vizcaya Argentaria S.A. | 125704 | 2418 |
| CaixaBank S.A. | 61897 | 652 |
| Endesa S.A. | 7470 | 239 |
| Iberdrola S.A. | 36722 | 696 |
|  |  | **6135** |
| **Sweden – 2.1%** | **Sweden – 2.1%** | **Sweden – 2.1%** |
| Boliden AB\* | 5325 | 217 |
| Evolution AB | 12095 | 993 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 2.1%continued** | **Sweden – 2.1%continued** | **Sweden – 2.1%continued** |
| Hexagon AB, Class B | 36078 | $433 |
| Sandvik AB | 9325 | 261 |
| Swedbank AB, Class A | 51708 | 1564 |
| Tele2 AB, Class B | 3341 | 57 |
|  |  | **3525** |
| **Switzerland – 2.0%** | **Switzerland – 2.0%** | **Switzerland – 2.0%** |
| ABB Ltd. (Registered) | 15781 | 1137 |
| &nbsp;&nbsp; Cie Financiere Richemont S.A., Class A <br> (Registered)<br>| 2622 | 503 |
| Logitech International S.A. (Registered) | 13301 | 1465 |
| Sonova Holding A.G. (Registered) | 597 | 164 |
|  |  | **3269** |
| **United Kingdom – 8.9%** | **United Kingdom – 8.9%** | **United Kingdom – 8.9%** |
| 3i Group PLC | 23601 | 1301 |
| AstraZeneca PLC | 2656 | 406 |
| Barclays PLC | 406687 | 2086 |
| British American Tobacco PLC | 16581 | 880 |
| Centrica PLC | 108473 | 243 |
| HSBC Holdings PLC | 102446 | 1446 |
| Imperial Brands PLC | 37295 | 1584 |
| J Sainsbury PLC | 20027 | 90 |
| National Grid PLC | 35319 | 509 |
| NatWest Group PLC | 86217 | 605 |
| Next PLC | 6687 | 1114 |
| Reckitt Benckiser Group PLC | 6069 | 469 |
| RELX PLC (London Exchange) | 19303 | 922 |
| Rolls-Royce Holdings PLC | 48987 | 784 |
| Sage Group (The) PLC | 29723 | 441 |
| Smith & Nephew PLC | 26503 | 478 |
| Smiths Group PLC | 33490 | 1068 |
| SSE PLC | 1003 | 24 |
| Standard Chartered PLC | 7486 | 145 |
| WPP PLC | 8854 | 44 |
|  |  | **14639** |
| **United States – 8.7%** | **United States – 8.7%** | **United States – 8.7%** |
| CSL Ltd. | 164 | 22 |
| GSK PLC | 108854 | 2340 |
| Holcim A.G.\* | 10627 | 904 |
| Nestle S.A. (Registered) | 9255 | 850 |
| Novartis A.G. (Registered) | 26297 | 3382 |
| Roche Holding A.G. (Genusschein) | 9870 | 3249 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 8.7%continued** | **United States – 8.7%continued** | **United States – 8.7%continued** |
| Sanofi S.A. | 12654 | $1196 |
| Shell PLC | 68451 | 2437 |
|  |  | **14380** |
| **Total Common Stocks** |  |  |
| **(Cost $124,620)** |  | **160628** |
| **PREFERRED STOCKS – 0.2%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.2%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.2%** <sup>(1)</sup> |
| **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** |
| Henkel A.G. & Co. KGaA, 2.97%<sup>(3)</sup> <br>| 4565 | **369** |
| **Total Preferred Stocks** |  |  |
| **(Cost $360)** |  | **369** |
| **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(4) (5)</sup> <br>| 519329 | 519 |
| **Total Investment Companies** |  |  |
| **(Cost $519)** |  | **519** |
| **Total Investments – 97.9%** |  |  |
| **(Cost $125,499)** |  | **161516** |
| Other Assets less Liabilities – 2.1% |  | 3447 |
| **Net Assets – 100.0%** |  | **$164963** |

---

<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 September 30,* *2025, the value of this security amounted to approximately $1,388,000 or* *0.8% 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 September 30, 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 September 30, 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>| 28 | $1822 | Long | 12/25 | $23 |
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 4 | 506 | Long | 12/25 | 3 |
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 2 | 510 | Long | 12/25 | 6 |
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 1 | 147 | Long | 12/25 | —\* |
| &nbsp;&nbsp; Yen <br> Denominated <br> Nikkei 225 <br> (Japanese <br> Yen)<br>| 5 | 758 | Long | 12/25 | 22 |
| Total |  |  |  |  | $54 |

---

<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.*

At September 30, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 25.8<br> %<br>|
| Industrials | 18.0 |
| Health Care | 9.4 |
| Consumer Discretionary | 9.0 |
| Information Technology | 8.8 |
| Materials | 6.7 |
| Consumer Staples | 6.7 |
| Energy | 4.3 |
| Communication Services | 4.0 |
| Utilities | 3.1 |
| Real Estate | 1.8 |
| Short-Term Investments | 0.3 |
| Total Investments | 97.9 |
| Other Assets less Liabilities | 2.1 |
| Net Assets | 100.0<br> %<br>|

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **90** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 September 30, 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 September 30, 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; $18595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18595 |
| Germany | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 11896 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12192 |
| Hong Kong | &nbsp;&nbsp; 1282 | &nbsp;&nbsp; 1811 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3093 |
| Israel | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 2077 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3257 |
| Japan | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 31834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31868 |
| Singapore | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 2485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2597 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 89026 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89026 |
| Total Common Stocks | &nbsp;&nbsp; 21499 | &nbsp;&nbsp; 139129 | &nbsp;&nbsp; — | &nbsp;&nbsp; 160628 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 369 |
| Investment Companies | &nbsp;&nbsp; 519 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 519 |
| Total Investments | &nbsp;&nbsp; $22018 | &nbsp;&nbsp; $139498 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $161516 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **91** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY INDEX FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup> | **COMMON STOCKS – 97.6%** <sup>(1)</sup> | **COMMON STOCKS – 97.6%** <sup>(1)</sup> |
| **Australia – 6.8%** | **Australia – 6.8%** | **Australia – 6.8%** |
| ANZ Group Holdings Ltd. | 916822 | $20103 |
| APA Group | 394817 | 2321 |
| Aristocrat Leisure Ltd. | 169273 | 7862 |
| ASX Ltd. | 57105 | 2211 |
| BHP Group Ltd. | 1551807 | 43360 |
| BlueScope Steel Ltd. | 128657 | 1936 |
| Brambles Ltd. | 414847 | 6841 |
| CAR Group Ltd. | 112144 | 2735 |
| Cochlear Ltd. | 19624 | 3630 |
| Coles Group Ltd. | 405664 | 6264 |
| Commonwealth Bank of Australia | 510294 | 56423 |
| Computershare Ltd. | 157507 | 3784 |
| Evolution Mining Ltd. | 603083 | 4345 |
| Fortescue Ltd. | 523945 | 6500 |
| Glencore PLC\* | 3078486 | 14227 |
| Goodman Group | 616978 | 13433 |
| Insurance Australia Group Ltd. | 717812 | 3887 |
| Lottery (The) Corp. Ltd. | 667267 | 2602 |
| Macquarie Group Ltd. | 109888 | 15982 |
| Medibank Pvt Ltd. | 830001 | 2643 |
| National Australia Bank Ltd. | 935485 | 27380 |
| Northern Star Resources Ltd. | 404117 | 6373 |
| Origin Energy Ltd. | 528244 | 4372 |
| Pro Medicus Ltd. | 17642 | 3611 |
| Qantas Airways Ltd. | 235279 | 1706 |
| QBE Insurance Group Ltd. | 464947 | 6342 |
| REA Group Ltd. | 15575 | 2388 |
| Rio Tinto Ltd. | 111324 | 9001 |
| Rio Tinto PLC | 346483 | 22833 |
| Santos Ltd. | 989888 | 4433 |
| Scentre Group | 1608374 | 4352 |
| SGH Ltd. | 62916 | 2090 |
| Sigma Healthcare Ltd.<sup>†</sup> <br>| 1420199 | 2795 |
| Sonic Healthcare Ltd. | 140736 | 1997 |
| South32 Ltd. | 1379760 | 2505 |
| Stockland | 725102 | 2946 |
| Suncorp Group Ltd. | 329016 | 4427 |
| Telstra Group Ltd. | 1191447 | 3803 |
| Transurban Group | 956033 | 8755 |
| Vicinity Ltd. | 1150221 | 1922 |
| &nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. <br> Old<sup>†</sup> <br>| 103660 | 2645 |
| Wesfarmers Ltd. | 344502 | 21017 |
| Westpac Banking Corp. | 1045208 | 26891 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Australia – 6.8%continued** | **Australia – 6.8%continued** | **Australia – 6.8%continued** |
| WiseTech Global Ltd. | 60064 | $3592 |
| Woodside Energy Group Ltd. | 582425 | 8748 |
| Woolworths Group Ltd. | 378531 | 6687 |
|  |  | **414700** |
| **Austria – 0.2%** | **Austria – 0.2%** | **Austria – 0.2%** |
| Erste Group Bank A.G. | 93877 | 9177 |
| Mondi PLC | 135051 | 1870 |
| OMV A.G. | 45918 | 2449 |
| Verbund A.G. | 19706 | 1432 |
|  |  | **14928** |
| **Belgium – 0.8%** | **Belgium – 0.8%** | **Belgium – 0.8%** |
| Ageas S.A./N.V. | 46158 | 3205 |
| Anheuser-Busch InBev S.A./N.V. | 300517 | 17970 |
| D'ieteren Group | 6316 | 1187 |
| Elia Group S.A./N.V. | 14632 | 1688 |
| Groupe Bruxelles Lambert N.V. | 24854 | 2230 |
| KBC Group N.V. | 70218 | 8416 |
| Lotus Bakeries N.V. | 119 | 1122 |
| Sofina S.A. | 4529 | 1335 |
| Syensqo S.A. | 22378 | 1817 |
| UCB S.A. | 38794 | 10733 |
|  |  | **49703** |
| **Brazil – 0.0%** | **Brazil – 0.0%** | **Brazil – 0.0%** |
| Yara International ASA | 49662 | **1813** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Antofagasta PLC | 122292 | **4555** |
| **China – 0.7%** | **China – 0.7%** | **China – 0.7%** |
| BOC Hong Kong Holdings Ltd. | 1115608 | 5244 |
| Prosus N.V.\* | 399583 | 28338 |
| SITC International Holdings Co. Ltd. | 398000 | 1533 |
| Wharf Holdings (The) Ltd. | 320000 | 915 |
| Wilmar International Ltd.<sup>†</sup> <br>| 565800 | 1252 |
| Yangzijiang Shipbuilding Holdings Ltd. | 801000 | 2099 |
|  |  | **39381** |
| **Denmark – 1.9%** | **Denmark – 1.9%** | **Denmark – 1.9%** |
| AP Moller - Maersk A/S, Class A<sup>†</sup> <br>| 880 | 1723 |
| AP Moller - Maersk A/S, Class B<sup>†</sup> <br>| 1199 | 2351 |
| Carlsberg A.S., Class B | 28637 | 3329 |
| Coloplast A/S, Class B | 37592 | 3218 |
| Danske Bank A/S | 203095 | 8679 |
| Demant A/S\* | 27804 | 964 |
| DSV A/S | 62504 | 12478 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **92** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 – 1.9%continued** | **Denmark – 1.9%continued** | **Denmark – 1.9%continued** |
| Genmab A/S\* | 18800 | $5795 |
| Novo Nordisk A/S, Class B | 981454 | 54172 |
| Novonesis (Novozymes) B | 105680 | 6478 |
| Orsted A.S.<sup>\* †</sup> <br>| 154572 | 2778 |
| Pandora A/S | 25072 | 3278 |
| ROCKWOOL A/S, Class B | 27940 | 1043 |
| Tryg A/S | 104169 | 2647 |
| Vestas Wind Systems A/S | 301689 | 5855 |
|  |  | **114788** |
| **Finland – 1.1%** | **Finland – 1.1%** | **Finland – 1.1%** |
| Elisa OYJ | 43516 | 2283 |
| Fortum OYJ | 131965 | 2494 |
| Kesko OYJ, Class B | 84899 | 1807 |
| Kone OYJ, Class B | 102075 | 6964 |
| Metso OYJ | 206044 | 2839 |
| Neste OYJ | 124399 | 2279 |
| Nokia OYJ | 1595410 | 7645 |
| Nordea Bank Abp | 942211 | 15510 |
| Orion OYJ, Class B | 32858 | 2517 |
| Sampo OYJ, Class A | 740953 | 8529 |
| Stora Enso OYJ (Registered)<sup>†</sup> <br>| 184554 | 2031 |
| UPM-Kymmene OYJ | 161302 | 4417 |
| Wartsila OYJ Abp | 155800 | 4666 |
|  |  | **63981** |
| **France – 9.2%** | **France – 9.2%** | **France – 9.2%** |
| Accor S.A. | 59186 | 2804 |
| Aeroports de Paris S.A. | 10000 | 1326 |
| Air Liquide S.A. | 176876 | 36810 |
| Airbus S.E. | 181086 | 42332 |
| Alstom S.A.\* | 101763 | 2674 |
| Amundi S.A. | 17965 | 1431 |
| Arkema S.A. | 17924 | 1137 |
| AXA S.A. | 540212 | 25866 |
| BioMerieux | 12245 | 1642 |
| BNP Paribas S.A. | 310423 | 28298 |
| Bollore S.E. | 207017 | 1172 |
| Bouygues S.A. | 57889 | 2615 |
| Bureau Veritas S.A. | 106639 | 3348 |
| Capgemini S.E. | 50239 | 7311 |
| Carrefour S.A. | 179486 | 2718 |
| Cie de Saint-Gobain S.A. | 136623 | 14884 |
| &nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 205493 | 7381 |
| Covivio S.A./France | 18795 | 1268 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 9.2%continued** | **France – 9.2%continued** | **France – 9.2%continued** |
| Credit Agricole S.A. | 316524 | $6233 |
| Danone S.A. | 196750 | 17142 |
| Dassault Aviation S.A. | 5804 | 1937 |
| Dassault Systemes S.E. | 207091 | 6966 |
| Edenred S.E. | 74248 | 1769 |
| Eiffage S.A. | 20886 | 2686 |
| Engie S.A. | 553854 | 11880 |
| EssilorLuxottica S.A. | 91476 | 29837 |
| FDJ UNITED | 33366 | 1118 |
| Gecina S.A. | 13737 | 1377 |
| Getlink S.E. | 88664 | 1631 |
| Hermes International S.C.A. | 9670 | 23715 |
| Ipsen S.A. | 11462 | 1543 |
| Kering S.A. | 22765 | 7586 |
| Klepierre S.A. | 67277 | 2621 |
| Legrand S.A. | 80003 | 13345 |
| L'Oreal S.A. | 73334 | 31776 |
| LVMH Moet Hennessy Louis Vuitton S.E. | 76279 | 46674 |
| Orange S.A. | 569372 | 9237 |
| Pernod Ricard S.A. | 61602 | 6057 |
| Publicis Groupe S.A. | 70417 | 6759 |
| Renault S.A. | 56432 | 2324 |
| Rexel S.A. | 66379 | 2192 |
| Safran S.A. | 109704 | 38851 |
| Sartorius Stedim Biotech | 8476 | 1716 |
| Societe Generale S.A. | 219489 | 14599 |
| Sodexo S.A. | 26426 | 1664 |
| Teleperformance S.E. | 15701 | 1170 |
| Thales S.A. | 28062 | 8794 |
| TotalEnergies S.E. | 626327 | 38219 |
| Unibail-Rodamco-Westfield\* | 36588 | 3858 |
| Veolia Environnement S.A. | 194174 | 6634 |
| Vinci S.A. | 150150 | 20907 |
|  |  | **557834** |
| **Germany – 9.3%** | **Germany – 9.3%** | **Germany – 9.3%** |
| adidas A.G. | 52417 | 11056 |
| Allianz S.E. (Registered) | 117815 | 49523 |
| BASF S.E. | 272586 | 13587 |
| Bayer A.G. (Registered) | 301862 | 10009 |
| Bayerische Motoren Werke A.G. | 86300 | 8660 |
| Beiersdorf A.G. | 29785 | 3116 |
| Brenntag S.E. | 38168 | 2287 |
| Commerzbank A.G. | 233423 | 8792 |
| Continental A.G. | 33214 | 2190 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **Germany – 9.3%continued** | **Germany – 9.3%continued** | **Germany – 9.3%continued** |
| Covestro A.G.\* | 53792 | $3682 |
| CTS Eventim A.G. & Co. KGaA | 18278 | 1792 |
| Daimler Truck Holding A.G. | 146703 | 6045 |
| Deutsche Bank A.G. (Registered) | 562024 | 19767 |
| Deutsche Boerse A.G. | 57163 | 15319 |
| Deutsche Lufthansa A.G. (Registered) | 181517 | 1538 |
| Deutsche Post A.G. | 292530 | 13047 |
| Deutsche Telekom A.G. (Registered) | 1064801 | 36278 |
| E.ON S.E. | 679134 | 12769 |
| Evonik Industries A.G. | 80623 | 1400 |
| Fresenius Medical Care A.G. | 65927 | 3459 |
| Fresenius S.E. & Co. KGaA | 130222 | 7252 |
| GEA Group A.G. | 43739 | 3231 |
| Hannover Rueck S.E. | 18495 | 5578 |
| Heidelberg Materials A.G. | 40972 | 9224 |
| Henkel A.G. & Co. KGaA | 30629 | 2272 |
| Hensoldt A.G. | 19449 | 2519 |
| Infineon Technologies A.G. | 397729 | 15524 |
| Knorr-Bremse A.G. | 22188 | 2084 |
| LEG Immobilien S.E. | 21697 | 1725 |
| Mercedes-Benz Group A.G. | 221100 | 13892 |
| Merck KGaA | 38556 | 4959 |
| MTU Aero Engines A.G. | 16482 | 7565 |
| &nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen (Registered)<br>| 39686 | 25358 |
| Nemetschek S.E. | 18261 | 2376 |
| Rational A.G. | 1462 | 1114 |
| Rheinmetall A.G. | 13978 | 32539 |
| RWE A.G. | 192200 | 8536 |
| SAP S.E. | 318233 | 85316 |
| Scout24 S.E. | 22694 | 2841 |
| Siemens A.G. (Registered) | 231749 | 62530 |
| Siemens Energy A.G.\* | 206857 | 24187 |
| Siemens Healthineers A.G. | 101917 | 5514 |
| Symrise A.G. | 39687 | 3459 |
| Talanx A.G. | 19366 | 2575 |
| Vonovia S.E. | 228675 | 7137 |
| Zalando S.E.\* | 65879 | 2020 |
|  |  | **565643** |
| **Hong Kong – 1.9%** | **Hong Kong – 1.9%** | **Hong Kong – 1.9%** |
| AIA Group Ltd. | 3254686 | 31197 |
| CK Asset Holdings Ltd. | 586638 | 2847 |
| CK Infrastructure Holdings Ltd. | 191853 | 1261 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Hong Kong – 1.9%continued** | **Hong Kong – 1.9%continued** | **Hong Kong – 1.9%continued** |
| CLP Holdings Ltd. | 493014 | $4086 |
| Futu Holdings Ltd. ADR | 18458 | 3210 |
| Hang Seng Bank Ltd. | 236979 | 3611 |
| Henderson Land Development Co. Ltd. | 446929 | 1578 |
| HKT Trust & HKT Ltd. | 1110220 | 1644 |
| Hong Kong & China Gas Co. Ltd. | 3385005 | 2942 |
| Hong Kong Exchanges & Clearing Ltd. | 365796 | 20791 |
| Hongkong Land Holdings Ltd. | 337000 | 2133 |
| Jardine Matheson Holdings Ltd. | 50500 | 3194 |
| Link REIT | 788078 | 4054 |
| MTR Corp. Ltd. | 494136 | 1676 |
| Power Assets Holdings Ltd. | 420317 | 2664 |
| Prudential PLC<sup>†</sup> <br>| 782247 | 11011 |
| Sino Land Co. Ltd. | 1066561 | 1350 |
| Sun Hung Kai Properties Ltd. | 435258 | 5220 |
| Swire Pacific Ltd., Class A | 106051 | 900 |
| Techtronic Industries Co. Ltd. | 438333 | 5623 |
| WH Group Ltd.<sup>(2)</sup> <br>| 2607213 | 2834 |
| Wharf Real Estate Investment Co. Ltd. | 486766 | 1439 |
|  |  | **115265** |
| **Ireland – 0.4%** | **Ireland – 0.4%** | **Ireland – 0.4%** |
| AerCap Holdings N.V. | 53903 | 6523 |
| AIB Group PLC (Irish Stock Exchange) | 650583 | 5904 |
| Bank of Ireland Group PLC | 299642 | 4960 |
| Irish Bank Resolution Corp. Ltd.<sup>(3) \*</sup> <br>| 99788 |  |
| Kerry Group PLC, Class A | 49183 | 4429 |
| Kingspan Group PLC | 47306 | 3983 |
|  |  | **25799** |
| **Israel – 0.9%** | **Israel – 0.9%** | **Israel – 0.9%** |
| Azrieli Group Ltd. | 13152 | 1307 |
| Bank Hapoalim B.M. | 379926 | 7725 |
| Bank Leumi Le-Israel B.M. | 450575 | 8885 |
| &nbsp;&nbsp; Check Point Software Technologies <br> Ltd.\*<br>| 26252 | 5432 |
| Elbit Systems Ltd. | 8184 | 4147 |
| ICL Group Ltd. | 224099 | 1401 |
| Israel Discount Bank Ltd., Class A | 365397 | 3613 |
| Mizrahi Tefahot Bank Ltd. | 47561 | 3130 |
| Nice Ltd.\* | 19397 | 2820 |
| Nova Ltd.\* | 9078 | 2890 |
| Phoenix Financial Ltd. | 69092 | 2588 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **94** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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**  |
| **Israel – 0.9%continued** | **Israel – 0.9%continued** | **Israel – 0.9%continued** |
| &nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. <br> ADR\*<br>| 347616 | $7022 |
| Wix.com Ltd.\* | 17084 | 3035 |
|  |  | **53995** |
| **Italy – 3.2%** | **Italy – 3.2%** | **Italy – 3.2%** |
| Banca Mediolanum S.p.A. | 67379 | 1352 |
| Banca Monte dei Paschi di Siena S.p.A. | 605292 | 5375 |
| Banco BPM S.p.A. | 340853 | 5104 |
| BPER Banca SPA | 440981 | 4900 |
| Coca-Cola HBC A.G. - CDI\* | 66350 | 3130 |
| Davide Campari-Milano N.V.<sup>†</sup> <br>| 181076 | 1141 |
| Enel S.p.A. | 2480836 | 23529 |
| Eni S.p.A. | 619799 | 10823 |
| Ferrari N.V. | 38175 | 18483 |
| FinecoBank Banca Fineco S.p.A. | 191720 | 4153 |
| Generali | 259314 | 10189 |
| Infrastrutture Wireless Italiane S.p.A. | 85229 | 1002 |
| Intesa Sanpaolo S.p.A. | 4350797 | 28772 |
| Leonardo S.p.A. | 123263 | 7830 |
| Moncler S.p.A. | 70118 | 4113 |
| Nexi S.p.A. | 160299 | 907 |
| Poste Italiane S.p.A. | 137640 | 3264 |
| Prysmian S.p.A. | 86281 | 8618 |
| &nbsp;&nbsp; Recordati Industria Chimica e <br> Farmaceutica S.p.A.<br>| 35651 | 2166 |
| Ryanair Holdings PLC | 258058 | 7549 |
| Snam S.p.A. | 622706 | 3742 |
| Telecom Italia S.p.A.\* | 3498769 | 1831 |
| Terna - Rete Elettrica Nazionale | 426614 | 4334 |
| UniCredit S.p.A. | 427295 | 32442 |
| Unipol Assicurazioni S.p.A. | 110647 | 2377 |
|  |  | **197126** |
| **Japan – 21.7%** | **Japan – 21.7%** | **Japan – 21.7%** |
| Advantest Corp. | 233400 | 23335 |
| Aeon Co. Ltd. | 683000 | 8293 |
| AGC, Inc. | 60300 | 1968 |
| Aisin Corp. | 156000 | 2695 |
| Ajinomoto Co., Inc. | 274800 | 7883 |
| ANA Holdings, Inc. | 50500 | 977 |
| Asahi Group Holdings Ltd. | 451900 | 5422 |
| Asahi Kasei Corp. | 364000 | 2862 |
| Asics Corp. | 210900 | 5507 |
| Astellas Pharma, Inc. | 543400 | 5926 |
| Bandai Namco Holdings, Inc. | 177300 | 5893 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 21.7%continued** | **Japan – 21.7%continued** | **Japan – 21.7%continued** |
| Bridgestone Corp. | 176000 | $8138 |
| Canon, Inc. | 263000 | 7699 |
| Capcom Co. Ltd. | 104500 | 2845 |
| Central Japan Railway Co. | 232200 | 6666 |
| Chiba Bank (The) Ltd. | 166600 | 1747 |
| Chubu Electric Power Co., Inc. | 207500 | 2890 |
| Chugai Pharmaceutical Co. Ltd. | 205165 | 9075 |
| Concordia Financial Group Ltd. | 308800 | 2369 |
| Dai Nippon Printing Co. Ltd. | 126900 | 2155 |
| Daifuku Co. Ltd. | 98800 | 3160 |
| Dai-ichi Life Holdings, Inc. | 1064400 | 8373 |
| Daiichi Sankyo Co. Ltd. | 514800 | 11522 |
| Daikin Industries Ltd. | 81300 | 9354 |
| Daito Trust Construction Co. Ltd. | 91500 | 2007 |
| Daiwa House Industry Co. Ltd. | 168400 | 6054 |
| Daiwa Securities Group, Inc. | 404600 | 3283 |
| Denso Corp. | 532700 | 7671 |
| Disco Corp. | 28100 | 8827 |
| East Japan Railway Co. | 291936 | 7154 |
| Eisai Co. Ltd. | 79100 | 2658 |
| ENEOS Holdings, Inc. | 832497 | 5285 |
| FANUC Corp. | 283200 | 8070 |
| Fast Retailing Co. Ltd. | 58700 | 17825 |
| Fuji Electric Co. Ltd. | 40800 | 2789 |
| FUJIFILM Holdings Corp. | 344900 | 8594 |
| Fujikura Ltd. | 76600 | 7447 |
| Fujitsu Ltd. | 540300 | 12704 |
| Hankyu Hanshin Holdings, Inc. | 76700 | 2263 |
| Hikari Tsushin, Inc. | 5400 | 1506 |
| Hitachi Ltd. | 1397200 | 36690 |
| Honda Motor Co. Ltd. | 1197400 | 12301 |
| Hoya Corp. | 103800 | 14339 |
| Hulic Co. Ltd. | 135300 | 1483 |
| Idemitsu Kosan Co. Ltd. | 241740 | 1661 |
| IHI Corp. | 308000 | 5729 |
| Inpex Corp. | 266300 | 4790 |
| Isuzu Motors Ltd. | 156200 | 1971 |
| ITOCHU Corp. | 361300 | 20777 |
| Japan Airlines Co. Ltd. | 42200 | 852 |
| Japan Exchange Group, Inc. | 296900 | 3355 |
| Japan Post Bank Co. Ltd. | 540800 | 6627 |
| Japan Post Holdings Co. Ltd. | 534200 | 5303 |
| Japan Post Insurance Co. Ltd. | 57000 | 1614 |
| Japan Tobacco, Inc. | 369000 | 12128 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **Japan – 21.7%continued** | **Japan – 21.7%continued** | **Japan – 21.7%continued** |
| JFE Holdings, Inc.<sup>†</sup> <br>| 176100 | $2166 |
| Kajima Corp. | 126000 | 3672 |
| Kansai Electric Power (The) Co., Inc. | 283400 | 4059 |
| Kao Corp. | 142000 | 6189 |
| Kawasaki Heavy Industries Ltd. | 46100 | 3034 |
| Kawasaki Kisen Kaisha Ltd.<sup>†</sup> <br>| 107900 | 1535 |
| KDDI Corp. | 954900 | 15301 |
| Keyence Corp. | 59056 | 21988 |
| Kikkoman Corp. | 201800 | 1711 |
| Kirin Holdings Co. Ltd. | 233200 | 3419 |
| Kobe Bussan Co. Ltd. | 42600 | 1172 |
| Komatsu Ltd. | 288500 | 10039 |
| Konami Group Corp. | 30000 | 4329 |
| Kubota Corp. | 298200 | 3747 |
| Kyocera Corp. | 385500 | 5238 |
| Kyowa Kirin Co. Ltd. | 73200 | 1138 |
| Lasertec Corp. | 24800 | 3427 |
| LY Corp. | 858400 | 2768 |
| M3, Inc. | 137000 | 2252 |
| Makita Corp. | 70100 | 2273 |
| Marubeni Corp. | 435100 | 10857 |
| MatsukiyoCocokara & Co. | 97600 | 1982 |
| MEIJI Holdings Co. Ltd. | 69952 | 1450 |
| MINEBEA MITSUMI, Inc. | 113000 | 2125 |
| Mitsubishi Chemical Group Corp. | 398500 | 2297 |
| Mitsubishi Corp. | 985400 | 23490 |
| Mitsubishi Electric Corp. | 581100 | 15128 |
| Mitsubishi Estate Co. Ltd. | 330400 | 7609 |
| Mitsubishi HC Capital, Inc. | 263000 | 2172 |
| Mitsubishi Heavy Industries Ltd. | 977200 | 25534 |
| Mitsubishi UFJ Financial Group, Inc. | 3494795 | 55362 |
| Mitsui & Co. Ltd. | 753100 | 18701 |
| Mitsui Fudosan Co. Ltd. | 801900 | 8760 |
| Mitsui OSK Lines Ltd. | 105700 | 3214 |
| Mizuho Financial Group, Inc. | 767018 | 25672 |
| MonotaRO Co. Ltd. | 73100 | 1062 |
| &nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 394229 | 8944 |
| Murata Manufacturing Co. Ltd. | 513273 | 9741 |
| NEC Corp. | 392200 | 12538 |
| Nexon Co. Ltd. | 101800 | 2238 |
| NIDEC CORP. | 250100 | 4442 |
| Nintendo Co. Ltd. | 336700 | 28844 |
| Nippon Building Fund, Inc. | 2398 | 2263 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 21.7%continued** | **Japan – 21.7%continued** | **Japan – 21.7%continued** |
| Nippon Paint Holdings Co. Ltd. | 289700 | $1981 |
| Nippon Sanso Holdings Corp. | 53300 | 1889 |
| Nippon Steel Corp. | 1454805 | 5985 |
| Nippon Yusen K.K. | 131000 | 4469 |
| Nissan Motor Co. Ltd.<sup>\* †</sup> <br>| 677200 | 1661 |
| Nissin Foods Holdings Co. Ltd. | 59500 | 1121 |
| Nitori Holdings Co. Ltd. | 120000 | 2313 |
| Nitto Denko Corp. | 212700 | 5042 |
| Nomura Holdings, Inc. | 928900 | 6802 |
| Nomura Research Institute Ltd. | 113222 | 4343 |
| NTT, Inc. | 9261300 | 9684 |
| Obayashi Corp. | 198400 | 3255 |
| Obic Co. Ltd. | 97500 | 3404 |
| Olympus Corp. | 354600 | 4493 |
| Oracle Corp. Japan | 11300 | 1155 |
| Oriental Land Co. Ltd. | 328300 | 7891 |
| ORIX Corp. | 353900 | 9242 |
| Osaka Gas Co. Ltd. | 110300 | 3197 |
| Otsuka Corp. | 66500 | 1389 |
| Otsuka Holdings Co. Ltd. | 131715 | 7037 |
| Pan Pacific International Holdings Corp. | 585000 | 3859 |
| Panasonic Holdings Corp. | 706400 | 7673 |
| Rakuten Group, Inc.\* | 453700 | 2940 |
| Recruit Holdings Co. Ltd. | 405900 | 21778 |
| Renesas Electronics Corp. | 516400 | 5933 |
| Resona Holdings, Inc. | 624310 | 6355 |
| Ryohin Keikaku Co. Ltd. | 153600 | 3058 |
| Sanrio Co. Ltd. | 54800 | 2566 |
| SBI Holdings, Inc. | 85260 | 3702 |
| SCREEN Holdings Co. Ltd. | 23600 | 2137 |
| SCSK Corp. | 45500 | 1364 |
| Secom Co. Ltd. | 126300 | 4631 |
| Sekisui Chemical Co. Ltd. | 115100 | 2140 |
| Sekisui House Ltd. | 180500 | 4103 |
| Seven & i Holdings Co. Ltd. | 631700 | 8496 |
| SG Holdings Co. Ltd. | 94000 | 970 |
| Shimadzu Corp. | 70300 | 1773 |
| Shimano, Inc. | 22800 | 2591 |
| Shin-Etsu Chemical Co. Ltd. | 511900 | 16751 |
| Shionogi & Co. Ltd. | 226700 | 4009 |
| Shiseido Co. Ltd. | 117300 | 2007 |
| SMC Corp. | 17200 | 5263 |
| SoftBank Corp. | 8745100 | 12863 |
| SoftBank Group Corp. | 291200 | 36985 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **96** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 – 21.7%continued** | **Japan – 21.7%continued** | **Japan – 21.7%continued** |
| Sompo Holdings, Inc. | 271835 | $8396 |
| Sony Financial Group, Inc.\* | 1876800 | 2081 |
| Sony Group Corp. | 1876800 | 53855 |
| Subaru Corp. | 180300 | 3695 |
| Sumitomo Corp. | 338000 | 9782 |
| Sumitomo Electric Industries Ltd. | 214100 | 6083 |
| Sumitomo Metal Mining Co. Ltd. | 71600 | 2310 |
| Sumitomo Mitsui Financial Group, Inc. | 1126226 | 31527 |
| Sumitomo Mitsui Trust Group, Inc. | 194938 | 5656 |
| &nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 94700 | 4178 |
| Suntory Beverage & Food Ltd. | 41500 | 1298 |
| Suzuki Motor Corp. | 470700 | 6861 |
| Sysmex Corp. | 150794 | 1870 |
| T&D Holdings, Inc. | 150700 | 3683 |
| Taisei Corp. | 46200 | 3173 |
| Takeda Pharmaceutical Co. Ltd. | 485266 | 14167 |
| TDK Corp. | 597000 | 8636 |
| Terumo Corp. | 413900 | 6831 |
| TIS, Inc. | 64500 | 2128 |
| Toho Co. Ltd. | 32400 | 2085 |
| Tokio Marine Holdings, Inc. | 560900 | 23729 |
| Tokyo Electron Ltd. | 136500 | 24611 |
| Tokyo Gas Co. Ltd. | 98700 | 3512 |
| Tokyo Metro Co. Ltd.<sup>†</sup> <br>| 83800 | 961 |
| Tokyu Corp. | 147900 | 1805 |
| TOPPAN Holdings, Inc. | 73400 | 1887 |
| Toray Industries, Inc. | 415500 | 2651 |
| Toyota Industries Corp. | 48900 | 5503 |
| Toyota Motor Corp. | 2888620 | 55281 |
| Toyota Tsusho Corp. | 209200 | 5787 |
| Trend Micro, Inc. | 38700 | 2114 |
| Unicharm Corp. | 338100 | 2204 |
| West Japan Railway Co. | 127900 | 2804 |
| Yakult Honsha Co. Ltd.<sup>†</sup> <br>| 79200 | 1291 |
| Yamaha Motor Co. Ltd. | 290200 | 2181 |
| Yokogawa Electric Corp. | 66700 | 1914 |
| Zensho Holdings Co. Ltd. | 28500 | 1866 |
| ZOZO, Inc. | 140300 | 1289 |
|  |  | **1324378** |
| **Jersey – 0.0%** | **Jersey – 0.0%** | **Jersey – 0.0%** |
| CVC Capital Partners PLC | 60648 | **1056** |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| ArcelorMittal S.A. | 141528 | $5115 |
| Eurofins Scientific S.E. | 35744 | 2602 |
|  |  | **7717** |
| **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** |
| Galaxy Entertainment Group Ltd. | 654148 | 3609 |
| Sands China Ltd. | 728299 | 2035 |
|  |  | **5644** |
| **Mexico – 0.0%** | **Mexico – 0.0%** | **Mexico – 0.0%** |
| Fresnillo PLC | 67792 | **2152** |
| **Netherlands – 4.3%** | **Netherlands – 4.3%** | **Netherlands – 4.3%** |
| ABN AMRO Bank N.V. - C.V.A. | 178238 | 5708 |
| Adyen N.V.\* | 7656 | 12287 |
| Aegon Ltd. | 400095 | 3230 |
| Akzo Nobel N.V. | 51559 | 3673 |
| Argenx S.E.\* | 18706 | 13741 |
| ASM International N.V. | 14323 | 8610 |
| ASML Holding N.V. | 119933 | 116930 |
| ASR Nederland N.V. | 48818 | 3322 |
| BE Semiconductor Industries N.V. | 22497 | 3374 |
| Euronext N.V. | 23802 | 3557 |
| EXOR N.V. | 28862 | 2834 |
| Heineken Holding N.V. | 40149 | 2759 |
| Heineken N.V. | 86322 | 6742 |
| IMCD N.V. | 17863 | 1847 |
| ING Groep N.V. | 922329 | 24037 |
| JDE Peet's N.V. | 49761 | 1822 |
| Koninklijke Ahold Delhaize N.V. | 278181 | 11254 |
| Koninklijke KPN N.V. | 1167636 | 5606 |
| Koninklijke Philips N.V. | 234000 | 6406 |
| NN Group N.V. | 80530 | 5686 |
| Randstad N.V.<sup>†</sup> <br>| 33939 | 1454 |
| Universal Music Group N.V. | 338096 | 9813 |
| Wolters Kluwer N.V. | 73053 | 9972 |
|  |  | **264664** |
| **New Zealand – 0.3%** | **New Zealand – 0.3%** | **New Zealand – 0.3%** |
| Auckland International Airport Ltd. | 498723 | 2279 |
| Contact Energy Ltd. | 267576 | 1409 |
| Fisher & Paykel Healthcare Corp. Ltd. | 177115 | 3802 |
| Infratil Ltd. | 268195 | 1917 |
| Meridian Energy Ltd. | 461441 | 1491 |
| Xero Ltd.\* | 49652 | 5190 |
|  |  | **16088** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **Norway – 0.6%** | **Norway – 0.6%** | **Norway – 0.6%** |
| Aker BP ASA | 93489 | $2379 |
| DNB Bank ASA | 268186 | 7324 |
| Equinor ASA | 231281 | 5657 |
| Gjensidige Forsikring ASA | 59937 | 1761 |
| Kongsberg Gruppen ASA | 131480 | 4201 |
| Mowi ASA | 142020 | 3011 |
| Norsk Hydro ASA | 415713 | 2817 |
| Orkla ASA | 218336 | 2284 |
| Salmar ASA | 21444 | 1148 |
| Telenor ASA | 196740 | 3265 |
|  |  | **33847** |
| **Poland – 0.0%** | **Poland – 0.0%** | **Poland – 0.0%** |
| InPost S.A.\* | 78336 | **962** |
| **Portugal – 0.2%** | **Portugal – 0.2%** | **Portugal – 0.2%** |
| &nbsp;&nbsp; Banco Comercial Portugues S.A. <br> (Registered)<br>| 2572554 | 2282 |
| &nbsp;&nbsp; Banco Espirito Santo S.A. <br> (Registered)<sup>(3) \*</sup> <br>| 882815 |  |
| EDP S.A. | 956172 | 4542 |
| Galp Energia SGPS S.A. | 129417 | 2454 |
| Jeronimo Martins SGPS S.A. | 81740 | 1991 |
|  |  | **11269** |
| **Singapore – 1.8%** | **Singapore – 1.8%** | **Singapore – 1.8%** |
| CapitaLand Ascendas REIT | 1250592 | 2711 |
| &nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 1793083 | 3183 |
| CapitaLand Investment Ltd. | 688462 | 1438 |
| DBS Group Holdings Ltd. | 647005 | 25625 |
| Genting Singapore Ltd.<sup>†</sup> <br>| 2107580 | 1200 |
| Grab Holdings Ltd., Class A\* | 728517 | 4386 |
| Keppel Ltd.<sup>†</sup> <br>| 441950 | 3056 |
| Oversea-Chinese Banking Corp. Ltd. | 1044751 | 13323 |
| Sea Ltd. ADR\* | 116631 | 20846 |
| Sembcorp Industries Ltd. | 264100 | 1235 |
| Singapore Airlines Ltd. | 452135 | 2291 |
| Singapore Exchange Ltd. | 268300 | 3442 |
| &nbsp;&nbsp; Singapore Technologies Engineering <br> Ltd.<sup>†</sup> <br>| 472000 | 3155 |
| Singapore Telecommunications Ltd. | 2230725 | 7137 |
| STMicroelectronics N.V. | 208622 | 5897 |
| United Overseas Bank Ltd. | 380449 | 10206 |
|  |  | **109131** |
| **South Africa – 0.2%** | **South Africa – 0.2%** | **South Africa – 0.2%** |
| Anglo American PLC | 339603 | **12786** |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **South Korea – 0.0%** | **South Korea – 0.0%** | **South Korea – 0.0%** |
| Delivery Hero S.E.\* | 57370 | **$1648** |
| **Spain – 3.4%** | **Spain – 3.4%** | **Spain – 3.4%** |
| Acciona S.A. | 7195 | 1451 |
| &nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 55947 | 4475 |
| Aena SME S.A.<sup>(2)</sup> <br>| 232147 | 6361 |
| Amadeus IT Group S.A. | 137553 | 10887 |
| Banco Bilbao Vizcaya Argentaria S.A. | 1755757 | 33778 |
| Banco de Sabadell S.A. | 1524644 | 5923 |
| Banco Santander S.A. | 4537539 | 47423 |
| Bankinter S.A. | 201107 | 3172 |
| CaixaBank S.A. | 1183642 | 12462 |
| Cellnex Telecom S.A.\* | 148390 | 5145 |
| EDP Renovaveis S.A.<sup>†</sup> <br>| 92866 | 1227 |
| Endesa S.A. | 93555 | 2989 |
| Grifols S.A. | 90080 | 1311 |
| Iberdrola S.A. | 1933072 | 36628 |
| Industria de Diseno Textil S.A. | 330984 | 18286 |
| Redeia Corp. S.A. | 124028 | 2397 |
| Repsol S.A. | 347162 | 6162 |
| Telefonica S.A.<sup>†</sup> <br>| 1105716 | 5715 |
|  |  | **205792** |
| **Sweden – 3.0%** | **Sweden – 3.0%** | **Sweden – 3.0%** |
| AddTech AB, Class B | 76422 | 2498 |
| Alfa Laval AB | 88196 | 4046 |
| Assa Abloy AB, Class B | 310427 | 10892 |
| Atlas Copco AB, Class A | 820764 | 13976 |
| Atlas Copco AB, Class B | 471743 | 7118 |
| Beijer Ref AB | 114157 | 1779 |
| Boliden AB\* | 85789 | 3501 |
| Epiroc AB, Class A | 199191 | 4207 |
| Epiroc AB, Class B | 116644 | 2208 |
| EQT AB | 111999 | 3913 |
| Essity AB, Class B | 183017 | 4787 |
| Evolution AB | 44636 | 3664 |
| Fastighets AB Balder, Class B\* | 222803 | 1601 |
| H&M Hennes & Mauritz AB, Class B | 164790 | 3073 |
| Hexagon AB, Class B | 639355 | 7669 |
| Holmen AB, Class B | 21263 | 808 |
| Industrivarden AB, Class A | 36171 | 1441 |
| Industrivarden AB, Class C | 48252 | 1922 |
| Indutrade AB | 81304 | 1872 |
| Investment AB Latour, Class B | 43691 | 1040 |
| Investor AB, Class B | 529008 | 16617 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **98** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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**  |
| **Sweden – 3.0%continued** | **Sweden – 3.0%continued** | **Sweden – 3.0%continued** |
| L E Lundbergforetagen AB, Class B | 22433 | $1169 |
| Lifco AB, Class B | 69810 | 2373 |
| Nibe Industrier AB, Class B | 437307 | 1735 |
| Saab AB, Class B | 97838 | 5960 |
| Sagax AB, Class B | 70972 | 1484 |
| Sandvik AB | 321971 | 9017 |
| Securitas AB, Class B | 152655 | 2300 |
| &nbsp;&nbsp; Skandinaviska Enskilda Banken AB, <br> Class A<br>| 463221 | 9062 |
| Skanska AB, Class B | 105339 | 2745 |
| SKF AB, Class B | 100236 | 2501 |
| Svenska Cellulosa AB S.C.A., Class B | 198384 | 2628 |
| Svenska Handelsbanken AB, Class A | 435163 | 5688 |
| Swedbank AB, Class A | 262922 | 7951 |
| Swedish Orphan Biovitrum AB\* | 56242 | 1720 |
| Tele2 AB, Class B | 169955 | 2899 |
| &nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, <br> Class B<br>| 858710 | 7123 |
| Telia Co. AB | 689962 | 2634 |
| Trelleborg AB, Class B | 60361 | 2263 |
| Volvo AB, Class B | 485214 | 13993 |
|  |  | **183877** |
| **Switzerland – 4.8%** | **Switzerland – 4.8%** | **Switzerland – 4.8%** |
| ABB Ltd. (Registered) | 476506 | 34344 |
| Avolta A.G.\* | 28300 | 1539 |
| Baloise Holding A.G. (Registered) | 13094 | 3240 |
| &nbsp;&nbsp; Banque Cantonale Vaudoise <br> (Registered)<br>| 8446 | 1000 |
| Barry Callebaut A.G. (Registered)<sup>†</sup> <br>| 1069 | 1469 |
| Belimo Holding A.G. (Registered) | 3010 | 3169 |
| BKW A.G. | 5956 | 1271 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Participation Certificate)<br>| 289 | 4430 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Registered)<br>| 32 | 4821 |
| &nbsp;&nbsp; Cie Financiere Richemont S.A., Class A <br> (Registered)<br>| 163942 | 31457 |
| DSM-Firmenich A.G. | 55668 | 4760 |
| EMS-Chemie Holding A.G. (Registered) | 2113 | 1500 |
| Galderma Group A.G. | 39465 | 6891 |
| Geberit A.G. (Registered) | 10404 | 7863 |
| Givaudan S.A. (Registered) | 2803 | 11426 |
| Helvetia Holding A.G. (Registered) | 10934 | 2681 |
| Julius Baer Group Ltd. | 61757 | 4295 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 4.8%continued** | **Switzerland – 4.8%continued** | **Switzerland – 4.8%continued** |
| &nbsp;&nbsp; Kuehne + Nagel International A.G. <br> (Registered)<br>| 15473 | $2895 |
| Logitech International S.A. (Registered) | 46543 | 5126 |
| Lonza Group A.G. (Registered) | 21380 | 14349 |
| Partners Group Holding A.G. | 6993 | 9136 |
| Sandoz Group A.G. | 127455 | 7579 |
| &nbsp;&nbsp; Schindler Holding A.G. (Participation <br> Certificate)<br>| 12572 | 4780 |
| Schindler Holding A.G. (Registered) | 6770 | 2448 |
| SGS S.A. (Registered) | 50758 | 5280 |
| SIG Group A.G.\* | 94921 | 984 |
| Sika A.G. (Registered) | 47239 | 10587 |
| Sonova Holding A.G. (Registered) | 15109 | 4140 |
| Straumann Holding A.G. (Registered) | 33428 | 3583 |
| Swatch Group (The) A.G. (Bearer) | 8859 | 1668 |
| Swiss Life Holding A.G. (Registered) | 8613 | 9284 |
| Swiss Prime Site A.G. (Registered) | 25365 | 3550 |
| Swisscom A.G. (Registered) | 7873 | 5715 |
| UBS Group A.G. (Registered) | 967468 | 39771 |
| VAT Group A.G. | 8470 | 3370 |
| Zurich Insurance Group A.G. | 44555 | 31802 |
|  |  | **292203** |
| **United Kingdom – 11.1%** | **United Kingdom – 11.1%** | **United Kingdom – 11.1%** |
| 3i Group PLC | 297047 | 16378 |
| Admiral Group PLC | 77873 | 3521 |
| Ashtead Group PLC | 130200 | 8750 |
| Associated British Foods PLC | 99056 | 2732 |
| AstraZeneca PLC | 472677 | 72203 |
| Auto Trader Group PLC | 262121 | 2781 |
| Aviva PLC | 925680 | 8572 |
| BAE Systems PLC | 917756 | 25431 |
| Barclays PLC | 4320541 | 22155 |
| Barratt Redrow PLC | 417072 | 2191 |
| British American Tobacco PLC | 635232 | 33709 |
| BT Group PLC | 1792220 | 4613 |
| Bunzl PLC | 98829 | 3120 |
| Centrica PLC | 1524517 | 3416 |
| CK Hutchison Holdings Ltd. | 804138 | 5307 |
| Coca-Cola Europacific Partners PLC | 70877 | 6408 |
| Compass Group PLC | 516878 | 17610 |
| DCC PLC | 29134 | 1880 |
| Diageo PLC | 674236 | 16051 |
| Entain PLC | 187763 | 2201 |
| Halma PLC | 114245 | 5303 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 11.1%continued** | **United Kingdom – 11.1%continued** | **United Kingdom – 11.1%continued** |
| Hikma Pharmaceuticals PLC | 51676 | $1190 |
| HSBC Holdings PLC | 5315696 | 75030 |
| Imperial Brands PLC | 234250 | 9951 |
| Informa PLC | 401538 | 4962 |
| InterContinental Hotels Group PLC | 44359 | 5376 |
| &nbsp;&nbsp; International Consolidated Airlines <br> Group S.A. - CDI<br>| 367083 | 1925 |
| Intertek Group PLC | 47756 | 3053 |
| J Sainsbury PLC | 535870 | 2412 |
| JD Sports Fashion PLC | 779073 | 999 |
| Kingfisher PLC | 538362 | 2248 |
| Land Securities Group PLC | 205068 | 1610 |
| Legal & General Group PLC | 1771337 | 5693 |
| Lloyds Banking Group PLC | 18168400 | 20466 |
| London Stock Exchange Group PLC | 145417 | 16699 |
| M&G PLC | 675766 | 2311 |
| Marks & Spencer Group PLC | 622919 | 3058 |
| Melrose Industries PLC | 387205 | 3190 |
| National Grid PLC | 1497499 | 21589 |
| NatWest Group PLC | 2469330 | 17332 |
| Next PLC | 35137 | 5853 |
| Pearson PLC | 176835 | 2513 |
| Phoenix Group Holdings PLC | 205018 | 1779 |
| Reckitt Benckiser Group PLC | 207313 | 16011 |
| RELX PLC (London Exchange) | 558081 | 26655 |
| Rentokil Initial PLC | 754731 | 3814 |
| Rolls-Royce Holdings PLC | 2574064 | 41210 |
| Sage Group (The) PLC | 299069 | 4440 |
| Schroders PLC | 215137 | 1090 |
| Segro PLC | 389260 | 3444 |
| Severn Trent PLC | 82726 | 2883 |
| Smith & Nephew PLC | 252621 | 4552 |
| Smiths Group PLC | 101269 | 3231 |
| Spirax Group PLC | 22021 | 2032 |
| SSE PLC | 340618 | 7982 |
| Standard Chartered PLC | 604628 | 11717 |
| Tesco PLC | 2012684 | 12065 |
| Unilever PLC | 748257 | 44231 |
| United Utilities Group PLC | 207636 | 3201 |
| Vodafone Group PLC | 5965224 | 6917 |
| Whitbread PLC | 52678 | 2293 |
| Wise PLC, Class A\* | 206670 | 2886 |
| WPP PLC | 324254 | 1620 |
|  |  | **675845** |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 9.5%** | **United States – 9.5%** | **United States – 9.5%** |
| Alcon A.G. | 153776 | $11519 |
| Amrize Ltd.\* | 156116 | 7565 |
| BP PLC | 4839419 | 27761 |
| CSL Ltd. | 147092 | 19324 |
| CyberArk Software Ltd.\* | 14723 | 7113 |
| Experian PLC | 278135 | 14008 |
| Ferrovial S.E. | 157874 | 9087 |
| GSK PLC | 1247997 | 26832 |
| Haleon PLC | 2751574 | 12429 |
| Holcim A.G.\* | 154470 | 13146 |
| James Hardie Industries PLC - CDI\* | 176387 | 3282 |
| Monday.com Ltd.\* | 12127 | 2349 |
| Nestle S.A. (Registered) | 785549 | 72159 |
| Novartis A.G. (Registered) | 579326 | 74496 |
| QIAGEN N.V. | 63466 | 2819 |
| Roche Holding A.G. (Bearer) | 9778 | 3371 |
| Roche Holding A.G. (Genusschein) | 214205 | 70502 |
| Sanofi S.A. | 337203 | 31874 |
| Schneider Electric S.E. | 167109 | 47176 |
| Shell PLC | 1795892 | 63940 |
| Spotify Technology S.A.\* | 46450 | 32422 |
| Stellantis N.V. | 605445 | 5604 |
| Swiss Re A.G. | 90469 | 16766 |
| Tenaris S.A. | 115592 | 2069 |
|  |  | **577613** |
| **Total Common Stocks** |  |  |
| **(Cost $3,130,883)** |  | **5946183** |
| **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> 5.48%<sup>(4)</sup> <br>| 17118 | 1589 |
| Dr. Ing hc F Porsche A.G., 3.61%<sup>(4)</sup> <br>| 36067 | 1751 |
| Henkel A.G. & Co. KGaA, 2.97%<sup>(4)</sup> <br>| 49701 | 4012 |
| &nbsp;&nbsp; Porsche Automobil Holding S.E., <br> 5.72%<sup>(4)</sup> <br>| 45648 | 1793 |
| Sartorius A.G., 0.38%<sup>(4)</sup> <br>| 7623 | 1773 |
| Volkswagen A.G., 6.92%<sup>(4)</sup> <br>| 63365 | 6853 |
|  |  | **17771** |
| **Total Preferred Stocks** |  |  |
| **(Cost $17,585)** |  | **17771** |
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| iShares Core MSCI EAFE ETF | 497000 | 43393 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **100** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.1%continued**  | **INVESTMENT COMPANIES – 1.1%continued**  | **INVESTMENT COMPANIES – 1.1%continued**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(5) (6) (7)</sup> <br>| 8046335 | $8046 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(5) (6)</sup> <br>| 14930026 | 14930 |
| **Total Investment Companies** |  |  |
| **(Cost $59,119)** |  | **66369** |
| **Total Investments – 99.0%** |  |  |
| **(Cost $3,207,587)** |  | **6030323** |
| Other Assets less Liabilities – 1.0% |  | 62355 |
| **Net Assets – 100.0%** |  | **$6092678** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At September 30,* <br> *2025, the value of these securities amounted to approximately $9,195,000* <br> *or 0.2% of net assets.*<br>|
| <sup>(3)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(4)</sup> <br>| *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(5)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(6)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(7)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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 |

---

*Percentages shown are based on Net Assets.* 

At September 30, 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>|
| JPMorgan Chase | United States <br> Dollar<br>| 1542 | Euro | 1308 | 12/17/25 | $1 |
| Morgan Stanley | Swiss Franc | 4850 | United States <br> Dollar<br>| 6154 | 12/17/25 | 3 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 4 |
| BNP Paribas | United States <br> Dollar<br>| 1291 | Swedish Krona | 11980 | 12/17/25 | (13)<br>|
| Goldman Sachs | Japanese Yen | 1000000 | United States <br> Dollar<br>| 6779 | 12/17/25 | (38)<br>|
| JPMorgan Chase | United States <br> Dollar<br>| 3598 | British Pound | 2655 | 12/17/25 | (27)<br>|
| JPMorgan Chase | United States <br> Dollar<br>| 7394 | Japanese Yen | 1080000 | 12/17/25 | (31)<br>|
| UBS | United States <br> Dollar<br>| 1733 | Australian <br> Dollar<br>| 2608 | 12/17/25 | (6)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (115)<br>|
| Total |  |  |  |  |  | $(111)<br>|

---

At September 30, 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>| 476 | $30966 | Long | 12/25 | $545 |
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 119 | 15056 | Long | 12/25 | 130 |
| &nbsp;&nbsp; Hang Seng <br> Index (Hong <br> Kong Dollar)<br>| 10 | 1729 | Long | 10/25 | 40 |
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 85 | 11838 | Long | 12/25 | 67 |
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 49 | 7192 | Long | 12/25 | (34)<br>|
| &nbsp;&nbsp; Topix Index <br> (Japanese <br> Yen)<br>| 80 | 16992 | Long | 12/25 | 143 |
| Total |  |  |  |  | $891 |

---

<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 SEMIANNUAL REPORT **101** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INTERNATIONAL EQUITY INDEX FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

At September 30, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 24.9<br> %<br>|
| Industrials | 18.9 |
| Health Care | 10.6 |
| Consumer Discretionary | 10.0 |
| Information Technology | 8.2 |
| Consumer Staples | 7.4 |
| Materials | 5.5 |
| Communication Services | 4.8 |
| Utilities | 3.4 |
| Energy | 3.1 |
| Real Estate | 1.8 |
| Short-Term Investments | 0.4 |
| Total Investments | 99.0 |
| Other Assets less Liabilities | 1.0 |
| 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 September 30, 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 September 30, 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; $4854 | &nbsp;&nbsp; $110411 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $115265 |
| Ireland | &nbsp;&nbsp; 6523 | &nbsp;&nbsp; 19276 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25799 |
| Israel | &nbsp;&nbsp; 15489 | &nbsp;&nbsp; 38506 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53995 |
| Japan | &nbsp;&nbsp; 2081 | &nbsp;&nbsp; 1322297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1324378 |
| Singapore | &nbsp;&nbsp; 25232 | &nbsp;&nbsp; 83899 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109131 |
| United Kingdom | &nbsp;&nbsp; 6408 | &nbsp;&nbsp; 669437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 675845 |
| United States | &nbsp;&nbsp; 41884 | &nbsp;&nbsp; 535729 | &nbsp;&nbsp; — | &nbsp;&nbsp; 577613 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3064157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3064157 |
| Total Common Stocks | &nbsp;&nbsp; 102471 | &nbsp;&nbsp; 5843712 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5946183 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Preferred Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17771 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17771 |
| Investment Companies | &nbsp;&nbsp; 66369 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66369 |
| Total Investments | &nbsp;&nbsp; $168840 | &nbsp;&nbsp; $5861483 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6030323 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 |
| Futures Contracts | &nbsp;&nbsp; 925 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 925 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (115)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (115)<br>|
| Futures Contracts | &nbsp;&nbsp; (34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (34)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $891 | &nbsp;&nbsp; $(111)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $780 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **102** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LARGE CAP CORE FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.6%**  | **COMMON STOCKS – 98.6%**  | **COMMON STOCKS – 98.6%**  |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| General Dynamics Corp. | 7485 | $2552 |
| General Electric Co. | 7618 | 2292 |
| Lockheed Martin Corp. | 1384 | 691 |
|  |  | **5535** |
| **Air Freight & Logistics – 0.9%** | **Air Freight & Logistics – 0.9%** | **Air Freight & Logistics – 0.9%** |
| C.H. Robinson Worldwide, Inc. | 13256 | 1755 |
| &nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 9762 | 1197 |
| United Parcel Service, Inc., Class B | 77 | 6 |
|  |  | **2958** |
| **Automobile Components – 0.5%** | **Automobile Components – 0.5%** | **Automobile Components – 0.5%** |
| Aptiv PLC\* | 18132 | **1563** |
| **Automobiles – 1.6%** | **Automobiles – 1.6%** | **Automobiles – 1.6%** |
| Ford Motor Co. | 9469 | 113 |
| General Motors Co. | 2229 | 136 |
| Tesla, Inc.\* | 11701 | 5204 |
|  |  | **5453** |
| **Banks – 3.5%** | **Banks – 3.5%** | **Banks – 3.5%** |
| Bank of America Corp. | 51134 | 2638 |
| Citigroup, Inc. | 24270 | 2463 |
| JPMorgan Chase & Co. | 20664 | 6518 |
| Wells Fargo & Co. | 4804 | 403 |
|  |  | **12022** |
| **Beverages – 0.3%** | **Beverages – 0.3%** | **Beverages – 0.3%** |
| Monster Beverage Corp.\* | 14447 | 973 |
| PepsiCo, Inc. | 16 | 2 |
|  |  | **975** |
| **Biotechnology – 1.4%** | **Biotechnology – 1.4%** | **Biotechnology – 1.4%** |
| AbbVie, Inc. | 5389 | 1248 |
| Amgen, Inc. | 10988 | 3101 |
| Gilead Sciences, Inc. | 1887 | 209 |
| Halozyme Therapeutics, Inc.\* | 5438 | 399 |
|  |  | **4957** |
| **Broadline Retail – 3.9%** | **Broadline Retail – 3.9%** | **Broadline Retail – 3.9%** |
| Amazon.com, Inc.\* | 52050 | 11429 |
| eBay, Inc. | 23513 | 2138 |
|  |  | **13567** |
| **Building Products – 0.3%** | **Building Products – 0.3%** | **Building Products – 0.3%** |
| A.O. Smith Corp. | 9375 | 688 |
| Allegion PLC | 917 | 163 |
| Masco Corp. | 2236 | 157 |
|  |  | **1008** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Capital Markets – 3.4%** | **Capital Markets – 3.4%** | **Capital Markets – 3.4%** |
| Affiliated Managers Group, Inc. | 6765 | $1613 |
| Bank of New York Mellon (The) Corp. | 23807 | 2594 |
| Franklin Resources, Inc. | 70793 | 1638 |
| Goldman Sachs Group (The), Inc. | 4522 | 3601 |
| Morgan Stanley | 219 | 35 |
| State Street Corp. | 19933 | 2312 |
|  |  | **11793** |
| **Chemicals – 0.7%** | **Chemicals – 0.7%** | **Chemicals – 0.7%** |
| CF Industries Holdings, Inc. | 26351 | **2364** |
| **Communications Equipment – 1.6%** | **Communications Equipment – 1.6%** | **Communications Equipment – 1.6%** |
| Arista Networks, Inc.\* | 6792 | 990 |
| Cisco Systems, Inc. | 55294 | 3783 |
| Ubiquiti, Inc. | 1040 | 687 |
|  |  | **5460** |
| **Construction & Engineering – 0.7%** | **Construction & Engineering – 0.7%** | **Construction & Engineering – 0.7%** |
| EMCOR Group, Inc. | 1036 | 673 |
| Valmont Industries, Inc. | 4501 | 1745 |
|  |  | **2418** |
| **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** |
| Capital One Financial Corp. | 4326 | 920 |
| SLM Corp. | 24582 | 680 |
| Synchrony Financial | 10788 | 766 |
|  |  | **2366** |
| **Consumer Staples Distribution & Retail – 1.0%** | **Consumer Staples Distribution & Retail – 1.0%** | **Consumer Staples Distribution & Retail – 1.0%** |
| Costco Wholesale Corp. | 866 | 802 |
| Dollar Tree, Inc.\* | 6829 | 644 |
| Kroger (The) Co. | 21857 | 1473 |
| Sysco Corp. | 1826 | 150 |
| Target Corp. | 108 | 10 |
| Walmart, Inc. | 5023 | 518 |
|  |  | **3597** |
| **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** |
| Crown Holdings, Inc. | 2983 | 288 |
| Sealed Air Corp. | 26829 | 948 |
|  |  | **1236** |
| **Diversified Consumer Services – 0.2%** | **Diversified Consumer Services – 0.2%** | **Diversified Consumer Services – 0.2%** |
| H&R Block, Inc. | 14364 | **726** |
| **Diversified Telecommunication Services – 1.0%** | **Diversified Telecommunication Services – 1.0%** | **Diversified Telecommunication Services – 1.0%** |
| AT&T, Inc. | 89721 | 2534 |
| Verizon Communications, Inc. | 20645 | 907 |
|  |  | **3441** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** |
| Constellation Energy Corp. | 4176 | $1374 |
| Edison International | 120 | 7 |
| Exelon Corp. | 31813 | 1432 |
| FirstEnergy Corp. | 17182 | 787 |
| NRG Energy, Inc. | 8984 | 1455 |
| OGE Energy Corp. | 1749 | 81 |
| PPL Corp. | 40924 | 1521 |
|  |  | **6657** |
| **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** |
| Emerson Electric Co. | 5115 | 671 |
| GE Vernova, Inc. | 499 | 307 |
|  |  | **978** |
| **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** |
| Amphenol Corp., Class A | 4762 | 589 |
| Jabil, Inc. | 6707 | 1457 |
|  |  | **2046** |
| **Entertainment – 1.1%** | **Entertainment – 1.1%** | **Entertainment – 1.1%** |
| Netflix, Inc.\* | 3019 | **3619** |
| **Financial Services – 3.9%** | **Financial Services – 3.9%** | **Financial Services – 3.9%** |
| Berkshire Hathaway, Inc., Class B\* | 10562 | 5310 |
| Corebridge Financial, Inc. | 7197 | 231 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 8125 | 536 |
| Fiserv, Inc.\* | 32 | 4 |
| Global Payments, Inc. | 10546 | 876 |
| Mastercard, Inc., Class A | 1270 | 722 |
| MGIC Investment Corp. | 76324 | 2165 |
| PayPal Holdings, Inc.\* | 28976 | 1943 |
| Visa, Inc., Class A | 4999 | 1707 |
|  |  | **13494** |
| **Food Products – 1.1%** | **Food Products – 1.1%** | **Food Products – 1.1%** |
| Ingredion, Inc. | 12910 | 1577 |
| Pilgrim's Pride Corp. | 50498 | 2056 |
|  |  | **3633** |
| **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** |
| Landstar System, Inc. | 779 | 95 |
| Uber Technologies, Inc.\* | 2595 | 254 |
| Union Pacific Corp. | 4944 | 1169 |
|  |  | **1518** |
| **Health Care Equipment & Supplies – 1.9%** | **Health Care Equipment & Supplies – 1.9%** | **Health Care Equipment & Supplies – 1.9%** |
| Abbott Laboratories | 20483 | 2744 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Health Care Equipment & Supplies – 1.9%continued** | **Health Care Equipment & Supplies – 1.9%continued** | **Health Care Equipment & Supplies – 1.9%continued** |
| Medtronic PLC | 15885 | $1513 |
| ResMed, Inc. | 8740 | 2392 |
|  |  | **6649** |
| **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** | **Health Care Providers & Services – 2.0%** |
| Cencora, Inc. | 4763 | 1488 |
| HCA Healthcare, Inc. | 6109 | 2604 |
| McKesson Corp. | 3653 | 2822 |
| UnitedHealth Group, Inc. | 14 | 5 |
|  |  | **6919** |
| **Health Care Technology – 0.1%** | **Health Care Technology – 0.1%** | **Health Care Technology – 0.1%** |
| Doximity, Inc., Class A\* | 6137 | **449** |
| **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** |
| Host Hotels & Resorts, Inc. | 17779 | **303** |
| **Hotels, Restaurants & Leisure – 1.9%** | **Hotels, Restaurants & Leisure – 1.9%** | **Hotels, Restaurants & Leisure – 1.9%** |
| Booking Holdings, Inc. | 542 | 2927 |
| Carnival Corp.\* | 62370 | 1803 |
| Expedia Group, Inc. | 1036 | 222 |
| Royal Caribbean Cruises Ltd. | 1061 | 343 |
| Travel + Leisure Co. | 18153 | 1080 |
|  |  | **6375** |
| **Household Durables – 0.0%** | **Household Durables – 0.0%** | **Household Durables – 0.0%** |
| NVR, Inc.\* | 7 | **56** |
| **Household Products – 1.0%** | **Household Products – 1.0%** | **Household Products – 1.0%** |
| Kimberly-Clark Corp. | 9507 | 1182 |
| Procter & Gamble (The) Co. | 14190 | 2180 |
|  |  | **3362** |
| **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** |
| 3M Co. | 9351 | **1451** |
| **Insurance – 1.7%** | **Insurance – 1.7%** | **Insurance – 1.7%** |
| Aflac, Inc. | 9326 | 1042 |
| American International Group, Inc. | 4757 | 373 |
| Assured Guaranty Ltd. | 19988 | 1692 |
| Brighthouse Financial, Inc.\* | 96 | 5 |
| Globe Life, Inc. | 15458 | 2210 |
| Unum Group | 8615 | 670 |
|  |  | **5992** |
| **Interactive Media & Services – 7.6%** | **Interactive Media & Services – 7.6%** | **Interactive Media & Services – 7.6%** |
| Alphabet, Inc., Class A | 65571 | 15940 |
| Match Group, Inc. | 8709 | 308 |
| Meta Platforms, Inc., Class A | 13466 | 9889 |
|  |  | **26137** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **104** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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**  |
| **IT Services – 0.7%** | **IT Services – 0.7%** | **IT Services – 0.7%** |
| Accenture PLC, Class A | 6263 | $1544 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 10079 | 676 |
| International Business Machines Corp. | 385 | 109 |
|  |  | **2329** |
| **Life Sciences Tools & Services – 0.1%** | **Life Sciences Tools & Services – 0.1%** | **Life Sciences Tools & Services – 0.1%** |
| Medpace Holdings, Inc.\* | 872 | **448** |
| **Machinery – 2.0%** | **Machinery – 2.0%** | **Machinery – 2.0%** |
| Allison Transmission Holdings, Inc. | 16784 | 1425 |
| Caterpillar, Inc. | 7153 | 3413 |
| Illinois Tool Works, Inc. | 8261 | 2154 |
|  |  | **6992** |
| **Media – 0.7%** | **Media – 0.7%** | **Media – 0.7%** |
| Fox Corp., Class A | 36841 | **2323** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| Newmont Corp. | 33799 | **2850** |
| **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** |
| Consolidated Edison, Inc. | 7378 | 742 |
| Public Service Enterprise Group, Inc. | 11083 | 925 |
|  |  | **1667** |
| **Oil, Gas & Consumable Fuels – 2.6%** | **Oil, Gas & Consumable Fuels – 2.6%** | **Oil, Gas & Consumable Fuels – 2.6%** |
| Antero Midstream Corp. | 6154 | 120 |
| Antero Resources Corp.\* | 402 | 13 |
| APA Corp. | 90626 | 2200 |
| EOG Resources, Inc. | 21089 | 2364 |
| Exxon Mobil Corp. | 8034 | 906 |
| Marathon Petroleum Corp. | 6328 | 1220 |
| Ovintiv, Inc. | 50931 | 2057 |
| Valero Energy Corp. | 217 | 37 |
|  |  | **8917** |
| **Pharmaceuticals – 3.5%** | **Pharmaceuticals – 3.5%** | **Pharmaceuticals – 3.5%** |
| Bristol-Myers Squibb Co. | 20567 | 928 |
| Eli Lilly & Co. | 1882 | 1436 |
| Johnson & Johnson | 24133 | 4475 |
| Merck & Co., Inc. | 25343 | 2127 |
| Pfizer, Inc. | 122781 | 3128 |
|  |  | **12094** |
| **Professional Services – 1.3%** | **Professional Services – 1.3%** | **Professional Services – 1.3%** |
| Automatic Data Processing, Inc. | 6704 | 1968 |
| Genpact Ltd. | 15669 | 656 |
| Leidos Holdings, Inc. | 9879 | 1867 |
|  |  | **4491** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** |
| CBRE Group, Inc., Class A\* | 8064 | **$1271** |
| **Retail Real Estate Investment Trusts – 0.5%** | **Retail Real Estate Investment Trusts – 0.5%** | **Retail Real Estate Investment Trusts – 0.5%** |
| Simon Property Group, Inc. | 9621 | **1806** |
| **Semiconductors & Semiconductor Equipment – 13.7%** | **Semiconductors & Semiconductor Equipment – 13.7%** | **Semiconductors & Semiconductor Equipment – 13.7%** |
| Applied Materials, Inc. | 2040 | 418 |
| Broadcom, Inc. | 34228 | 11292 |
| KLA Corp. | 2468 | 2662 |
| Lam Research Corp. | 6268 | 840 |
| NVIDIA Corp. | 153244 | 28592 |
| QUALCOMM, Inc. | 18984 | 3158 |
|  |  | **46962** |
| **Software – 10.3%** | **Software – 10.3%** | **Software – 10.3%** |
| Adobe, Inc.\* | 8445 | 2979 |
| AppLovin Corp., Class A\* | 1553 | 1116 |
| Dropbox, Inc., Class A\* | 16483 | 498 |
| Gen Digital, Inc. | 60676 | 1723 |
| Intuit, Inc. | 2761 | 1886 |
| Microsoft Corp. | 48536 | 25139 |
| Oracle Corp. | 2614 | 735 |
| Palantir Technologies, Inc., Class A\* | 3788 | 691 |
| Pegasystems, Inc. | 9554 | 549 |
|  |  | **35316** |
| **Specialized Real Estate Investment Trusts – 0.9%** | **Specialized Real Estate Investment Trusts – 0.9%** | **Specialized Real Estate Investment Trusts – 0.9%** |
| EPR Properties | 18406 | 1068 |
| VICI Properties, Inc. | 66191 | 2158 |
|  |  | **3226** |
| **Specialty Retail – 1.1%** | **Specialty Retail – 1.1%** | **Specialty Retail – 1.1%** |
| Bath & Body Works, Inc. | 3798 | 98 |
| Gap (The), Inc. | 185 | 4 |
| Home Depot (The), Inc. | 3041 | 1232 |
| Lowe's Cos., Inc. | 409 | 103 |
| Ulta Beauty, Inc.\* | 2294 | 1254 |
| Williams-Sonoma, Inc. | 4967 | 971 |
|  |  | **3662** |
| **Technology Hardware, Storage & Peripherals – 7.3%** | **Technology Hardware, Storage & Peripherals – 7.3%** | **Technology Hardware, Storage & Peripherals – 7.3%** |
| Apple, Inc. | 93622 | 23839 |
| Western Digital Corp. | 10188 | 1223 |
|  |  | **25062** |
| **Textiles, Apparel & Luxury Goods – 1.0%** | **Textiles, Apparel & Luxury Goods – 1.0%** | **Textiles, Apparel & Luxury Goods – 1.0%** |
| Ralph Lauren Corp. | 4579 | 1436 |
| Tapestry, Inc. | 18522 | 2097 |
|  |  | **3533** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **105** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LARGE CAP CORE FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Tobacco – 1.4%** | **Tobacco – 1.4%** | **Tobacco – 1.4%** |
| Altria Group, Inc. | 42672 | $2819 |
| Philip Morris International, Inc. | 11273 | 1828 |
|  |  | **4647** |
| **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** |
| Millicom International Cellular S.A. | 8259 | **401** |
| **Total Common Stocks** |  |  |
| **(Cost $174,965)** |  | **339074** |
| **INVESTMENT COMPANIES – 1.2%**  | **INVESTMENT COMPANIES – 1.2%**  | **INVESTMENT COMPANIES – 1.2%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(1) (2)</sup> <br>| 4149717 | 4150 |
| **Total Investment Companies** |  |  |
| **(Cost $4,150)** |  | **4150** |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 4.08%, 11/28/25<sup>(3) (4)</sup> <br>| $285 | **$283** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $283)** | **(Cost $283)** | **283** |
| **Total Investments – 99.9%** | **Total Investments – 99.9%** |  |
| **(Cost $179,398)** | **(Cost $179,398)** | **343507** |
| Other Assets less Liabilities – 0.1% | Other Assets less Liabilities – 0.1% | 380 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$343887** |

---

<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 September 30, 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 September 30, 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>| 13 | $4380 | Long | 12/25 | $53 |

---

<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 September 30, 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; $339074 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $339074 |
| Investment Companies | &nbsp;&nbsp; 4150 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4150 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 283 | &nbsp;&nbsp; — | &nbsp;&nbsp; 283 |
| Total Investments | &nbsp;&nbsp; $343224 | &nbsp;&nbsp; $283 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $343507 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $53 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **106** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LARGE CAP VALUE FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.6%**  | **COMMON STOCKS – 99.6%**  | **COMMON STOCKS – 99.6%**  |
| **Aerospace & Defense – 1.2%** | **Aerospace & Defense – 1.2%** | **Aerospace & Defense – 1.2%** |
| General Dynamics Corp. | 1412 | $481 |
| RTX Corp. | 846 | 142 |
| Woodward, Inc. | 750 | 190 |
|  |  | **813** |
| **Air Freight & Logistics – 2.1%** | **Air Freight & Logistics – 2.1%** | **Air Freight & Logistics – 2.1%** |
| C.H. Robinson Worldwide, Inc. | 3499 | 463 |
| &nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 3001 | 368 |
| United Parcel Service, Inc., Class B | 6333 | 529 |
|  |  | **1360** |
| **Banks – 8.6%** | **Banks – 8.6%** | **Banks – 8.6%** |
| Bank of America Corp. | 16894 | 871 |
| Citigroup, Inc. | 10550 | 1071 |
| First Hawaiian, Inc. | 9208 | 229 |
| JPMorgan Chase & Co. | 8353 | 2635 |
| Truist Financial Corp. | 2050 | 94 |
| U.S. Bancorp | 2321 | 112 |
| Wells Fargo & Co. | 7534 | 632 |
|  |  | **5644** |
| **Beverages – 1.4%** | **Beverages – 1.4%** | **Beverages – 1.4%** |
| Boston Beer (The) Co., Inc., Class A\* | 1594 | 337 |
| Brown-Forman Corp., Class B | 6064 | 164 |
| Coca-Cola Consolidated, Inc. | 2799 | 328 |
| Molson Coors Beverage Co., Class B | 1460 | 66 |
|  |  | **895** |
| **Biotechnology – 2.0%** | **Biotechnology – 2.0%** | **Biotechnology – 2.0%** |
| Gilead Sciences, Inc. | 7636 | 848 |
| Halozyme Therapeutics, Inc.\* | 2859 | 210 |
| United Therapeutics Corp.\* | 619 | 259 |
|  |  | **1317** |
| **Broadline Retail – 2.2%** | **Broadline Retail – 2.2%** | **Broadline Retail – 2.2%** |
| Amazon.com, Inc.\* | 4495 | 987 |
| eBay, Inc. | 5154 | 469 |
|  |  | **1456** |
| **Building Products – 1.2%** | **Building Products – 1.2%** | **Building Products – 1.2%** |
| Johnson Controls International PLC | 6912 | **760** |
| **Capital Markets – 4.7%** | **Capital Markets – 4.7%** | **Capital Markets – 4.7%** |
| Bank of New York Mellon (The) Corp. | 7420 | 808 |
| Charles Schwab (The) Corp. | 2807 | 268 |
| Goldman Sachs Group (The), Inc. | 701 | 558 |
| Janus Henderson Group PLC | 2146 | 96 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  |
| **Capital Markets – 4.7%continued** | **Capital Markets – 4.7%continued** | **Capital Markets – 4.7%continued** |
| Morgan Stanley | 6931 | $1102 |
| S&P Global, Inc. | 568 | 276 |
|  |  | **3108** |
| **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** |
| CF Industries Holdings, Inc. | 3659 | 328 |
| International Flavors & Fragrances, Inc. | 1100 | 68 |
|  |  | **396** |
| **Communications Equipment – 2.4%** | **Communications Equipment – 2.4%** | **Communications Equipment – 2.4%** |
| Cisco Systems, Inc. | 17982 | 1230 |
| F5, Inc.\* | 1175 | 380 |
|  |  | **1610** |
| **Construction & Engineering – 0.6%** | **Construction & Engineering – 0.6%** | **Construction & Engineering – 0.6%** |
| Valmont Industries, Inc. | 950 | **368** |
| **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** |
| Ally Financial, Inc. | 223 | 9 |
| Capital One Financial Corp. | 1397 | 297 |
| SLM Corp. | 9504 | 263 |
| Synchrony Financial | 3760 | 267 |
|  |  | **836** |
| **Consumer Staples Distribution & Retail – 1.5%** | **Consumer Staples Distribution & Retail – 1.5%** | **Consumer Staples Distribution & Retail – 1.5%** |
| Albertsons Cos., Inc., Class A | 7810 | 137 |
| Dollar Tree, Inc.\* | 1956 | 185 |
| Kroger (The) Co. | 3546 | 239 |
| Target Corp. | 2557 | 229 |
| U.S. Foods Holding Corp.\* | 2500 | 191 |
|  |  | **981** |
| **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** |
| Packaging Corp. of America | 1753 | **382** |
| **Diversified Telecommunication Services – 1.0%** | **Diversified Telecommunication Services – 1.0%** | **Diversified Telecommunication Services – 1.0%** |
| AT&T, Inc. | 4663 | 132 |
| Verizon Communications, Inc. | 11352 | 499 |
|  |  | **631** |
| **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** |
| Duke Energy Corp. | 1772 | 219 |
| Evergy, Inc. | 4677 | 356 |
| Exelon Corp. | 5882 | 265 |
| OGE Energy Corp. | 3559 | 165 |
| PPL Corp. | 9727 | 361 |
|  |  | **1366** |
| **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** |
| AMETEK, Inc. | 2575 | 484 |
| Emerson Electric Co. | 5784 | 758 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  |
| **Electrical Equipment – 2.7%continued** | **Electrical Equipment – 2.7%continued** | **Electrical Equipment – 2.7%continued** |
| Generac Holdings, Inc.\* | 1134 | $190 |
| Hubbell, Inc. | 878 | 378 |
|  |  | **1810** |
| **Electronic Equipment, Instruments & Components – 1.1%** | **Electronic Equipment, Instruments & Components – 1.1%** | **Electronic Equipment, Instruments & Components – 1.1%** |
| Flex Ltd.\* | 4854 | 282 |
| Teledyne Technologies, Inc.\* | 33 | 19 |
| Trimble, Inc.\* | 4514 | 369 |
| Vontier Corp. | 1745 | 73 |
|  |  | **743** |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |
| Baker Hughes Co. | 917 | **45** |
| **Entertainment – 1.2%** | **Entertainment – 1.2%** | **Entertainment – 1.2%** |
| Electronic Arts, Inc. | 2915 | 588 |
| Walt Disney (The) Co. | 1507 | 172 |
|  |  | **760** |
| **Financial Services – 4.0%** | **Financial Services – 4.0%** | **Financial Services – 4.0%** |
| Berkshire Hathaway, Inc., Class B\* | 3468 | 1743 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 5886 | 388 |
| Fiserv, Inc.\* | 531 | 68 |
| MGIC Investment Corp. | 11939 | 339 |
| PayPal Holdings, Inc.\* | 1515 | 102 |
|  |  | **2640** |
| **Food Products – 2.8%** | **Food Products – 2.8%** | **Food Products – 2.8%** |
| Conagra Brands, Inc. | 9355 | 171 |
| General Mills, Inc. | 3533 | 178 |
| Hormel Foods Corp. | 4054 | 100 |
| Ingredion, Inc. | 2440 | 298 |
| J.M. Smucker (The) Co. | 3256 | 354 |
| Mondelez International, Inc., Class A | 7241 | 452 |
| Pilgrim's Pride Corp. | 7014 | 286 |
|  |  | **1839** |
| **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** |
| MDU Resources Group, Inc. | 19404 | 346 |
| UGI Corp. | 9211 | 306 |
|  |  | **652** |
| **Ground Transportation – 0.0%** | **Ground Transportation – 0.0%** | **Ground Transportation – 0.0%** |
| CSX Corp. | 927 | **33** |
| **Health Care Equipment & Supplies – 2.2%** | **Health Care Equipment & Supplies – 2.2%** | **Health Care Equipment & Supplies – 2.2%** |
| Abbott Laboratories | 2034 | 272 |
| GE HealthCare Technologies, Inc. | 1469 | 110 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  |
| **Health Care Equipment & Supplies – 2.2%continued** | **Health Care Equipment & Supplies – 2.2%continued** | **Health Care Equipment & Supplies – 2.2%continued** |
| Medtronic PLC | 7167 | $683 |
| STERIS PLC | 1490 | 369 |
|  |  | **1434** |
| **Health Care Providers & Services – 1.9%** | **Health Care Providers & Services – 1.9%** | **Health Care Providers & Services – 1.9%** |
| Cigna Group (The) | 2156 | 622 |
| UnitedHealth Group, Inc. | 1828 | 631 |
|  |  | **1253** |
| **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. | 21088 | **359** |
| **Hotels, Restaurants & Leisure – 0.3%** | **Hotels, Restaurants & Leisure – 0.3%** | **Hotels, Restaurants & Leisure – 0.3%** |
| Vail Resorts, Inc.<sup>†</sup> <br>| 1185 | **177** |
| **Household Durables – 1.1%** | **Household Durables – 1.1%** | **Household Durables – 1.1%** |
| Garmin Ltd. | 768 | 189 |
| NVR, Inc.\* | 48 | 386 |
| PulteGroup, Inc. | 1007 | 133 |
|  |  | **708** |
| **Household Products – 0.6%** | **Household Products – 0.6%** | **Household Products – 0.6%** |
| Procter & Gamble (The) Co. | 2325 | 357 |
| Reynolds Consumer Products, Inc. | 487 | 12 |
|  |  | **369** |
| **Industrial Real Estate Investment Trusts – 0.3%** | **Industrial Real Estate Investment Trusts – 0.3%** | **Industrial Real Estate Investment Trusts – 0.3%** |
| Prologis, Inc. | 1679 | **192** |
| **Insurance – 4.6%** | **Insurance – 4.6%** | **Insurance – 4.6%** |
| Aflac, Inc. | 5445 | 608 |
| American International Group, Inc. | 5635 | 443 |
| Assured Guaranty Ltd. | 3497 | 296 |
| Brighthouse Financial, Inc.\* | 3190 | 169 |
| Loews Corp. | 2246 | 225 |
| MetLife, Inc. | 6289 | 518 |
| Old Republic International Corp. | 8135 | 346 |
| Prudential Financial, Inc. | 3964 | 411 |
|  |  | **3016** |
| **Interactive Media & Services – 4.0%** | **Interactive Media & Services – 4.0%** | **Interactive Media & Services – 4.0%** |
| Alphabet, Inc., Class A | 9315 | 2265 |
| Meta Platforms, Inc., Class A | 545 | 400 |
|  |  | **2665** |
| **IT Services – 2.3%** | **IT Services – 2.3%** | **IT Services – 2.3%** |
| Accenture PLC, Class A | 1346 | 332 |
| Amdocs Ltd. | 3656 | 300 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **108** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  |
| **IT Services – 2.3%continued** | **IT Services – 2.3%continued** | **IT Services – 2.3%continued** |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 2958 | $198 |
| International Business Machines Corp. | 2355 | 665 |
|  |  | **1495** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| Hasbro, Inc. | 4385 | 333 |
| Mattel, Inc.\* | 175 | 3 |
|  |  | **336** |
| **Life Sciences Tools & Services – 0.9%** | **Life Sciences Tools & Services – 0.9%** | **Life Sciences Tools & Services – 0.9%** |
| Danaher Corp. | 1274 | 253 |
| IQVIA Holdings, Inc.\* | 6 | 1 |
| QIAGEN N.V.<sup>†</sup> <br>| 7063 | 316 |
| Thermo Fisher Scientific, Inc. | 96 | 46 |
|  |  | **616** |
| **Machinery – 2.2%** | **Machinery – 2.2%** | **Machinery – 2.2%** |
| Allison Transmission Holdings, Inc. | 3442 | 292 |
| Donaldson Co., Inc. | 4323 | 354 |
| Dover Corp. | 997 | 167 |
| Graco, Inc. | 860 | 73 |
| Snap-on, Inc. | 982 | 340 |
| Toro (The) Co. | 160 | 12 |
| Westinghouse Air Brake Technologies <br> Corp.<br>| 1114 | 223 |
|  |  | **1461** |
| **Media – 2.2%** | **Media – 2.2%** | **Media – 2.2%** |
| Comcast Corp., Class A | 12323 | 387 |
| Fox Corp., Class A | 4228 | 266 |
| Interpublic Group of (The) Cos., Inc. | 3694 | 103 |
| New York Times (The) Co., Class A | 5900 | 339 |
| Nexstar Media Group, Inc. | 1840 | 364 |
|  |  | **1459** |
| **Metals & Mining – 2.3%** | **Metals & Mining – 2.3%** | **Metals & Mining – 2.3%** |
| Alcoa Corp. | 10522 | 346 |
| Newmont Corp. | 12443 | 1049 |
| Reliance, Inc. | 522 | 147 |
|  |  | **1542** |
| **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. | 13528 | **262** |
| **Multi-Utilities – 1.0%** | **Multi-Utilities – 1.0%** | **Multi-Utilities – 1.0%** |
| Consolidated Edison, Inc. | 2376 | 239 |
| Dominion Energy, Inc. | 7319 | 448 |
|  |  | **687** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  |
| **Office Real Estate Investment Trusts – 1.0%** | **Office Real Estate Investment Trusts – 1.0%** | **Office Real Estate Investment Trusts – 1.0%** |
| Highwoods Properties, Inc. | 10405 | $331 |
| Kilroy Realty Corp.<sup>†</sup> <br>| 8262 | 349 |
|  |  | **680** |
| **Oil, Gas & Consumable Fuels – 4.8%** | **Oil, Gas & Consumable Fuels – 4.8%** | **Oil, Gas & Consumable Fuels – 4.8%** |
| Antero Resources Corp.\* | 9005 | 302 |
| Chevron Corp. | 7728 | 1200 |
| EOG Resources, Inc. | 6173 | 692 |
| Exxon Mobil Corp. | 2643 | 298 |
| Phillips 66 | 690 | 94 |
| Valero Energy Corp. | 3489 | 594 |
|  |  | **3180** |
| **Pharmaceuticals – 5.2%** | **Pharmaceuticals – 5.2%** | **Pharmaceuticals – 5.2%** |
| Bristol-Myers Squibb Co. | 12023 | 542 |
| Jazz Pharmaceuticals PLC\* | 2335 | 308 |
| Johnson & Johnson | 6544 | 1213 |
| Merck & Co., Inc. | 4859 | 408 |
| Pfizer, Inc. | 37508 | 956 |
|  |  | **3427** |
| **Professional Services – 2.2%** | **Professional Services – 2.2%** | **Professional Services – 2.2%** |
| Equifax, Inc. | 236 | 60 |
| Genpact Ltd. | 7157 | 300 |
| Jacobs Solutions, Inc. | 1454 | 218 |
| Leidos Holdings, Inc. | 2189 | 414 |
| &nbsp;&nbsp; Science Applications International <br> Corp.<br>| 2568 | 255 |
| SS&C Technologies Holdings, Inc. | 2335 | 207 |
|  |  | **1454** |
| **Real Estate Management & Development – 0.3%** | **Real Estate Management & Development – 0.3%** | **Real Estate Management & Development – 0.3%** |
| Jones Lang LaSalle, Inc.\* | 683 | **204** |
| **Residential Real Estate Investment Trusts – 1.1%** | **Residential Real Estate Investment Trusts – 1.1%** | **Residential Real Estate Investment Trusts – 1.1%** |
| AvalonBay Communities, Inc. | 1864 | 360 |
| Equity Residential | 5539 | 359 |
|  |  | **719** |
| **Retail Real Estate Investment Trusts – 1.3%** | **Retail Real Estate Investment Trusts – 1.3%** | **Retail Real Estate Investment Trusts – 1.3%** |
| Brixmor Property Group, Inc. | 12796 | 354 |
| NNN REIT, Inc. | 4011 | 171 |
| Regency Centers Corp. | 4391 | 320 |
|  |  | **845** |
| **Semiconductors & Semiconductor Equipment – 3.0%** | **Semiconductors & Semiconductor Equipment – 3.0%** | **Semiconductors & Semiconductor Equipment – 3.0%** |
| Analog Devices, Inc. | 1858 | 456 |
| Applied Materials, Inc. | 3440 | 704 |
| Cirrus Logic, Inc.\* | 692 | 87 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **109** EQUITY FUNDS

------

**Schedule of Investments** <br>

**LARGE CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  | **COMMON STOCKS - 99.6%continued**  |
| **Semiconductors & Semiconductor Equipment – 3.0%continued** | **Semiconductors & Semiconductor Equipment – 3.0%continued** | **Semiconductors & Semiconductor Equipment – 3.0%continued** |
| QUALCOMM, Inc. | 3996 | $665 |
| Skyworks Solutions, Inc. | 217 | 17 |
| Texas Instruments, Inc. | 180 | 33 |
|  |  | **1962** |
| **Software – 1.6%** | **Software – 1.6%** | **Software – 1.6%** |
| Gen Digital, Inc. | 11781 | 334 |
| Intuit, Inc. | 399 | 273 |
| PTC, Inc.\* | 2027 | 412 |
| Roper Technologies, Inc. | 129 | 64 |
|  |  | **1083** |
| **Specialized Real Estate Investment Trusts – 0.6%** | **Specialized Real Estate Investment Trusts – 0.6%** | **Specialized Real Estate Investment Trusts – 0.6%** |
| Millrose Properties, Inc. | 11433 | **384** |
| **Specialty Retail – 1.0%** | **Specialty Retail – 1.0%** | **Specialty Retail – 1.0%** |
| Best Buy Co., Inc. | 3181 | 241 |
| Ross Stores, Inc. | 186 | 28 |
| Ulta Beauty, Inc.\* | 733 | 401 |
|  |  | **670** |
| **Technology Hardware, Storage & Peripherals – 0.7%** | **Technology Hardware, Storage & Peripherals – 0.7%** | **Technology Hardware, Storage & Peripherals – 0.7%** |
| Western Digital Corp. | 3957 | **475** |
| **Textiles, Apparel & Luxury Goods – 2.2%** | **Textiles, Apparel & Luxury Goods – 2.2%** | **Textiles, Apparel & Luxury Goods – 2.2%** |
| Deckers Outdoor Corp.\* | 2009 | 204 |
| Lululemon Athletica, Inc.\* | 968 | 172 |
| NIKE, Inc., Class B | 9745 | 679 |
| Ralph Lauren Corp. | 1176 | 369 |
|  |  | **1424** |
| **Tobacco – 0.2%** | **Tobacco – 0.2%** | **Tobacco – 0.2%** |
| Philip Morris International, Inc. | 891 | **144** |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |
| MSC Industrial Direct Co., Inc., Class A | 641 | **59** |
| **Wireless Telecommunication Services – 0.6%** | **Wireless Telecommunication Services – 0.6%** | **Wireless Telecommunication Services – 0.6%** |
| Millicom International Cellular S.A. | 8389 | **407** |
| **Total Common Stocks** |  |  |
| **(Cost $51,982)** |  | **65593** |
| **INVESTMENT COMPANIES – 1.6%**  | **INVESTMENT COMPANIES – 1.6%**  | **INVESTMENT COMPANIES – 1.6%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(1) (2) (3)</sup> <br>| 856464 | 856 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(1) (2)</sup> <br>| 229464 | 230 |
| **Total Investment Companies** |  |  |
| **(Cost $1,086)** |  | **1086** |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 4.14%, 11/28/25<sup>(4) (5)</sup> <br>| $33 | **$33** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $33)** | **(Cost $33)** | **33** |
| **Total Investments – 101.3%** | **Total Investments – 101.3%** |  |
| **(Cost $53,101)** | **(Cost $53,101)** | **66712** |
| Liabilities less Other Assets – (1.3%) | Liabilities less Other Assets – (1.3%) | (827)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$65885** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(2)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(3)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(4)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(5)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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 September 30, 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>| 7 | $236 | Long | 12/25 | $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.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **110** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 September 30, 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; $65593 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $65593 |
| Investment Companies | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1086 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 33 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33 |
| Total Investments | &nbsp;&nbsp; $66679 | &nbsp;&nbsp; $33 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66712 |
| &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.* 

NORTHERN FUNDS SEMIANNUAL REPORT **111** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MID CAP INDEX FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.5%**  | **COMMON STOCKS – 98.5%**  | **COMMON STOCKS – 98.5%**  |
| **Aerospace & Defense – 3.4%** | **Aerospace & Defense – 3.4%** | **Aerospace & Defense – 3.4%** |
| AeroVironment, Inc.\* | 20411 | $6427 |
| ATI, Inc.\* | 89889 | 7312 |
| BWX Technologies, Inc. | 59471 | 10965 |
| Carpenter Technology Corp. | 32490 | 7978 |
| Curtiss-Wright Corp. | 24497 | 13300 |
| Hexcel Corp. | 50816 | 3186 |
| &nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 108639 | 9926 |
| Woodward, Inc. | 39041 | 9866 |
|  |  | **68960** |
| **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** |
| GXO Logistics, Inc.\* | 75122 | **3973** |
| **Automobile Components – 0.8%** | **Automobile Components – 0.8%** | **Automobile Components – 0.8%** |
| Autoliv, Inc. | 46162 | 5701 |
| Gentex Corp. | 143904 | 4073 |
| Goodyear Tire & Rubber (The) Co.\* | 179286 | 1341 |
| Lear Corp. | 33972 | 3418 |
| Visteon Corp. | 17254 | 2068 |
|  |  | **16601** |
| **Automobiles – 0.3%** | **Automobiles – 0.3%** | **Automobiles – 0.3%** |
| Harley-Davidson, Inc. | 77027 | 2149 |
| Thor Industries, Inc. | 34930 | 3622 |
|  |  | **5771** |
| **Banks – 6.5%** | **Banks – 6.5%** | **Banks – 6.5%** |
| Associated Banc-Corp | 103820 | 2669 |
| Bank OZK | 67561 | 3444 |
| Cadence Bank | 122029 | 4581 |
| Columbia Banking System, Inc. | 191650 | 4933 |
| Comerica, Inc. | 83965 | 5753 |
| Commerce Bancshares, Inc. | 80843 | 4831 |
| Cullen/Frost Bankers, Inc. | 41325 | 5239 |
| East West Bancorp, Inc.<sup>†</sup> <br>| 89720 | 9551 |
| First Financial Bankshares, Inc. | 85445 | 2875 |
| First Horizon Corp. | 331061 | 7485 |
| Flagstar Financial, Inc. | 189570 | 2190 |
| FNB Corp. | 235718 | 3798 |
| Glacier Bancorp, Inc. | 77829 | 3788 |
| Hancock Whitney Corp. | 55691 | 3487 |
| Home BancShares, Inc. | 120431 | 3408 |
| International Bancshares Corp. | 35661 | 2452 |
| Old National Bancorp | 223508 | 4906 |
| Pinnacle Financial Partners, Inc. | 49665 | 4658 |
| Prosperity Bancshares, Inc. | 60740 | 4030 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  |
| **Banks – 6.5%continued** | **Banks – 6.5%continued** | **Banks – 6.5%continued** |
| SouthState Corp. | 65032 | $6430 |
| Synovus Financial Corp. | 90882 | 4461 |
| Texas Capital Bancshares, Inc.\* | 29027 | 2454 |
| UMB Financial Corp. | 45791 | 5419 |
| United Bankshares, Inc. | 90131 | 3354 |
| Valley National Bancorp | 306917 | 3253 |
| Webster Financial Corp. | 108465 | 6447 |
| Western Alliance Bancorp | 66454 | 5763 |
| Wintrust Financial Corp. | 43735 | 5792 |
| Zions Bancorp N.A. | 96488 | 5459 |
|  |  | **132910** |
| **Beverages – 0.6%** | **Beverages – 0.6%** | **Beverages – 0.6%** |
| Boston Beer (The) Co., Inc., Class A\* | 4893 | 1034 |
| Celsius Holdings, Inc.\* | 102643 | 5901 |
| Coca-Cola Consolidated, Inc. | 38380 | 4497 |
|  |  | **11432** |
| **Biotechnology – 2.4%** | **Biotechnology – 2.4%** | **Biotechnology – 2.4%** |
| BioMarin Pharmaceutical, Inc.\* | 123399 | 6683 |
| Cytokinetics, Inc.\* | 76466 | 4203 |
| Exelixis, Inc.\* | 175613 | 7253 |
| Halozyme Therapeutics, Inc.\* | 76408 | 5604 |
| Neurocrine Biosciences, Inc.\* | 64162 | 9007 |
| Roivant Sciences Ltd.\* | 279455 | 4228 |
| United Therapeutics Corp.\* | 29413 | 12330 |
|  |  | **49308** |
| **Broadline Retail – 0.4%** | **Broadline Retail – 0.4%** | **Broadline Retail – 0.4%** |
| Macy's, Inc. | 172929 | 3101 |
| Ollie's Bargain Outlet Holdings, Inc.\* | 40096 | 5148 |
|  |  | **8249** |
| **Building Products – 2.1%** | **Building Products – 2.1%** | **Building Products – 2.1%** |
| AAON, Inc.<sup>†</sup> <br>| 43217 | 4038 |
| Advanced Drainage Systems, Inc. | 45970 | 6376 |
| Carlisle Cos., Inc. | 27767 | 9134 |
| Fortune Brands Innovations, Inc. | 76862 | 4104 |
| Owens Corning | 54491 | 7708 |
| Simpson Manufacturing Co., Inc. | 27220 | 4558 |
| Trex Co., Inc.\* | 68570 | 3543 |
| UFP Industries, Inc. | 37947 | 3548 |
|  |  | **43009** |
| **Capital Markets – 3.1%** | **Capital Markets – 3.1%** | **Capital Markets – 3.1%** |
| Affiliated Managers Group, Inc. | 18614 | 4438 |
| Carlyle Group (The), Inc. | 167882 | 10526 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **112** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  |
| **Capital Markets – 3.1%continued** | **Capital Markets – 3.1%continued** | **Capital Markets – 3.1%continued** |
| Evercore, Inc., Class A | 24847 | $8381 |
| Federated Hermes, Inc. | 48823 | 2535 |
| Hamilton Lane, Inc., Class A | 25853 | 3485 |
| Houlihan Lokey, Inc. | 35196 | 7227 |
| Janus Henderson Group PLC | 81942 | 3647 |
| Jefferies Financial Group, Inc. | 107622 | 7041 |
| Morningstar, Inc. | 15638 | 3628 |
| SEI Investments Co. | 61420 | 5212 |
| Stifel Financial Corp. | 66609 | 7558 |
|  |  | **63678** |
| **Chemicals – 1.4%** | **Chemicals – 1.4%** | **Chemicals – 1.4%** |
| Ashland, Inc. | 28661 | 1373 |
| Avient Corp. | 60692 | 2000 |
| Axalta Coating Systems Ltd.\* | 140744 | 4028 |
| Cabot Corp. | 35101 | 2670 |
| NewMarket Corp. | 5039 | 4173 |
| Olin Corp. | 76228 | 1905 |
| RPM International, Inc. | 83532 | 9847 |
| Scotts Miracle-Gro (The) Co. | 29626 | 1687 |
| Westlake Corp. | 22169 | 1708 |
|  |  | **29391** |
| **Commercial Services & Supplies – 1.6%** | **Commercial Services & Supplies – 1.6%** | **Commercial Services & Supplies – 1.6%** |
| Brink's (The) Co. | 27418 | 3204 |
| Clean Harbors, Inc.\* | 32861 | 7631 |
| MSA Safety, Inc. | 23552 | 4053 |
| RB Global, Inc. | 120614 | 13070 |
| Tetra Tech, Inc. | 171544 | 5726 |
|  |  | **33684** |
| **Communications Equipment – 1.0%** | **Communications Equipment – 1.0%** | **Communications Equipment – 1.0%** |
| Ciena Corp.\* | 91909 | 13388 |
| Lumentum Holdings, Inc.\* | 45495 | 7403 |
|  |  | **20791** |
| **Construction & Engineering – 2.7%** | **Construction & Engineering – 2.7%** | **Construction & Engineering – 2.7%** |
| AECOM | 86160 | 11241 |
| API Group Corp.\* | 238237 | 8188 |
| Comfort Systems U.S.A., Inc. | 22860 | 18864 |
| Fluor Corp.\* | 103443 | 4352 |
| MasTec, Inc.\* | 39963 | 8504 |
| Valmont Industries, Inc. | 12916 | 5008 |
|  |  | **56157** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  |
| **Construction Materials – 0.4%** | **Construction Materials – 0.4%** | **Construction Materials – 0.4%** |
| Eagle Materials, Inc. | 21228 | $4947 |
| Knife River Corp.\* | 36999 | 2844 |
|  |  | **7791** |
| **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** |
| Ally Financial, Inc. | 182549 | 7156 |
| FirstCash Holdings, Inc. | 25274 | 4004 |
| SLM Corp.<sup>†</sup> <br>| 136805 | 3787 |
|  |  | **14947** |
| **Consumer Staples Distribution & Retail – 2.9%** | **Consumer Staples Distribution & Retail – 2.9%** | **Consumer Staples Distribution & Retail – 2.9%** |
| Albertsons Cos., Inc., Class A | 258274 | 4522 |
| BJ's Wholesale Club Holdings, Inc.\* | 86017 | 8021 |
| Casey's General Stores, Inc. | 24166 | 13662 |
| Maplebear, Inc.\* | 118305 | 4349 |
| Performance Food Group Co.\* | 101836 | 10595 |
| Sprouts Farmers Market, Inc.\* | 63685 | 6929 |
| U.S. Foods Holding Corp.\* | 146460 | 11222 |
|  |  | **59300** |
| **Containers & Packaging – 1.1%** | **Containers & Packaging – 1.1%** | **Containers & Packaging – 1.1%** |
| AptarGroup, Inc. | 42345 | 5660 |
| Crown Holdings, Inc. | 73965 | 7144 |
| Graphic Packaging Holding Co. | 189345 | 3705 |
| Greif, Inc., Class A | 16648 | 995 |
| Silgan Holdings, Inc. | 56335 | 2423 |
| Sonoco Products Co. | 62795 | 2706 |
|  |  | **22633** |
| **Diversified Consumer Services – 1.3%** | **Diversified Consumer Services – 1.3%** | **Diversified Consumer Services – 1.3%** |
| Duolingo, Inc.\* | 25524 | 8215 |
| Graham Holdings Co., Class B | 2243 | 2641 |
| Grand Canyon Education, Inc.\* | 18206 | 3996 |
| H&R Block, Inc. | 87701 | 4435 |
| Service Corp. International | 91445 | 7610 |
|  |  | **26897** |
| **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. | 142549 | 9632 |
|  |  | **9632** |
| **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** |
| Frontier Communications Parent, Inc.\* | 160736 | 6004 |
| Iridium Communications, Inc. | 71500 | 1248 |
|  |  | **7252** |
| **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** |
| ALLETE, Inc. | 36683 | 2436 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  |
| **Electric Utilities – 1.0%continued** | **Electric Utilities – 1.0%continued** | **Electric Utilities – 1.0%continued** |
| IDACORP, Inc. | 35395 | $4678 |
| OGE Energy Corp. | 131571 | 6088 |
| Portland General Electric Co. | 69736 | 3068 |
| TXNM Energy, Inc. (New York Stock <br> Exchange)<br>| 60520 | 3422 |
|  |  | **19692** |
| **Electrical Equipment – 1.8%** | **Electrical Equipment – 1.8%** | **Electrical Equipment – 1.8%** |
| Acuity, Inc. | 19798 | 6818 |
| EnerSys | 24731 | 2794 |
| NEXTracker, Inc., Class A\* | 95056 | 7033 |
| nVent Electric PLC | 104746 | 10332 |
| Regal Rexnord Corp. | 42622 | 6114 |
| Sensata Technologies Holding PLC | 92709 | 2832 |
|  |  | **35923** |
| **Electronic Equipment, Instruments & Components – 3.4%** | **Electronic Equipment, Instruments & Components – 3.4%** | **Electronic Equipment, Instruments & Components – 3.4%** |
| Arrow Electronics, Inc.\* | 33748 | 4083 |
| Avnet, Inc. | 55253 | 2889 |
| Belden, Inc. | 26047 | 3133 |
| Cognex Corp. | 109866 | 4977 |
| Coherent Corp.\* | 100170 | 10790 |
| Crane NXT Co.<sup>†</sup> <br>| 32441 | 2176 |
| Fabrinet\* | 23344 | 8512 |
| Flex Ltd.\* | 243923 | 14140 |
| IPG Photonics Corp.\* | 15784 | 1250 |
| Littelfuse, Inc. | 16239 | 4206 |
| Novanta, Inc.\* | 23135 | 2317 |
| TD SYNNEX Corp. | 49325 | 8077 |
| Vontier Corp. | 95491 | 4008 |
|  |  | **70558** |
| **Energy Equipment & Services – 0.9%** | **Energy Equipment & Services – 0.9%** | **Energy Equipment & Services – 0.9%** |
| NOV, Inc. | 243354 | 3225 |
| TechnipFMC PLC | 264852 | 10448 |
| Valaris Ltd.\* | 41930 | 2045 |
| Weatherford International PLC | 45727 | 3129 |
|  |  | **18847** |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| Warner Music Group Corp., Class A | 92951 | **3166** |
| **Financial Services – 1.6%** | **Financial Services – 1.6%** | **Financial Services – 1.6%** |
| Equitable Holdings, Inc. | 194921 | 9898 |
| Essent Group Ltd. | 64615 | 4107 |
| Euronet Worldwide, Inc.<sup>\* †</sup> <br>| 24387 | 2141 |
| MGIC Investment Corp. | 151089 | 4286 |
| Shift4 Payments, Inc., Class A<sup>\* †</sup> <br>| 42987 | 3327 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  |
| **Financial Services – 1.6%continued** | **Financial Services – 1.6%continued** | **Financial Services – 1.6%continued** |
| Voya Financial, Inc. | 61764 | $4620 |
| Western Union (The) Co. | 202962 | 1622 |
| WEX, Inc.\* | 21893 | 3449 |
|  |  | **33450** |
| **Food Products – 0.8%** | **Food Products – 0.8%** | **Food Products – 0.8%** |
| Darling Ingredients, Inc.\* | 103926 | 3208 |
| Flowers Foods, Inc. | 140418 | 1832 |
| Ingredion, Inc. | 41962 | 5124 |
| Marzetti (The) Co. | 12932 | 2235 |
| Pilgrim's Pride Corp. | 26498 | 1079 |
| Post Holdings, Inc.\* | 30462 | 3274 |
|  |  | **16752** |
| **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** |
| National Fuel Gas Co. | 59097 | 5459 |
| New Jersey Resources Corp. | 63947 | 3079 |
| ONE Gas, Inc. | 38174 | 3090 |
| Southwest Gas Holdings, Inc. | 40837 | 3199 |
| Spire, Inc. | 37547 | 3061 |
| UGI Corp. | 140700 | 4679 |
|  |  | **22567** |
| **Ground Transportation – 1.4%** | **Ground Transportation – 1.4%** | **Ground Transportation – 1.4%** |
| Avis Budget Group, Inc.<sup>\* †</sup> <br>| 11265 | 1809 |
| &nbsp;&nbsp; Knight-Swift Transportation Holdings, <br> Inc.<br>| 103908 | 4105 |
| Landstar System, Inc. | 22054 | 2703 |
| Ryder System, Inc. | 26683 | 5034 |
| Saia, Inc.\* | 17094 | 5117 |
| XPO, Inc.\* | 76275 | 9860 |
|  |  | **28628** |
| **Health Care Equipment & Supplies – 1.2%** | **Health Care Equipment & Supplies – 1.2%** | **Health Care Equipment & Supplies – 1.2%** |
| DENTSPLY SIRONA, Inc. | 125458 | 1592 |
| Envista Holdings Corp.\* | 105211 | 2143 |
| Globus Medical, Inc., Class A\* | 72056 | 4127 |
| Haemonetics Corp.\* | 30205 | 1472 |
| Lantheus Holdings, Inc.\* | 43055 | 2208 |
| LivaNova PLC\* | 34435 | 1804 |
| Masimo Corp.\* | 29547 | 4360 |
| Penumbra, Inc.\* | 25107 | 6360 |
|  |  | **24066** |
| **Health Care Providers & Services – 2.3%** | **Health Care Providers & Services – 2.3%** | **Health Care Providers & Services – 2.3%** |
| Chemed Corp. | 9323 | 4174 |
| Encompass Health Corp. | 65632 | 8337 |
| Ensign Group (The), Inc. | 37063 | 6403 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **114** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  |
| **Health Care Providers & Services – 2.3%continued** | **Health Care Providers & Services – 2.3%continued** | **Health Care Providers & Services – 2.3%continued** |
| HealthEquity, Inc.\* | 55443 | $5254 |
| Hims & Hers Health, Inc.<sup>\* †</sup> <br>| 132891 | 7538 |
| Option Care Health, Inc.\* | 104280 | 2895 |
| Tenet Healthcare Corp.\* | 57488 | 11672 |
|  |  | **46273** |
| **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** |
| Healthcare Realty Trust, Inc. | 224835 | 4054 |
| Omega Healthcare Investors, Inc. | 189821 | 8014 |
| Sabra Health Care REIT, Inc.<sup>†</sup> <br>| 152593 | 2844 |
|  |  | **14912** |
| **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** |
| Doximity, Inc., Class A\* | 88596 | **6481** |
| **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.<sup>†</sup> <br>| 125265 | **1388** |
| **Hotels, Restaurants & Leisure – 2.8%** | **Hotels, Restaurants & Leisure – 2.8%** | **Hotels, Restaurants & Leisure – 2.8%** |
| Aramark<sup>†</sup> <br>| 170468 | 6546 |
| Boyd Gaming Corp. | 39039 | 3375 |
| Cava Group, Inc.<sup>\* †</sup> <br>| 65375 | 3949 |
| Choice Hotels International, Inc.<sup>†</sup> <br>| 12931 | 1383 |
| Churchill Downs, Inc. | 42611 | 4134 |
| Hilton Grand Vacations, Inc.\* | 38827 | 1623 |
| Hyatt Hotels Corp., Class A | 27768 | 3941 |
| Light & Wonder, Inc.\* | 54590 | 4582 |
| Marriott Vacations Worldwide Corp. | 17269 | 1149 |
| Planet Fitness, Inc., Class A\* | 54842 | 5693 |
| Texas Roadhouse, Inc. | 43335 | 7200 |
| Travel + Leisure Co. | 42859 | 2550 |
| Vail Resorts, Inc.<sup>†</sup> <br>| 23717 | 3547 |
| Wingstop, Inc. | 18276 | 4600 |
| Wyndham Hotels & Resorts, Inc.<sup>†</sup> <br>| 50041 | 3998 |
|  |  | **58270** |
| **Household Durables – 1.8%** | **Household Durables – 1.8%** | **Household Durables – 1.8%** |
| KB Home | 44840 | 2853 |
| Somnigroup International, Inc. | 136070 | 11475 |
| Taylor Morrison Home Corp.\* | 64747 | 4274 |
| Toll Brothers, Inc. | 63934 | 8832 |
| TopBuild Corp.\* | 18239 | 7129 |
| Whirlpool Corp.<sup>†</sup> <br>| 35633 | 2801 |
|  |  | **37364** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  |
| **Independent Power & Renewable Electricity Producers – 0.8%** | **Independent Power & Renewable Electricity Producers – 0.8%** | **Independent Power & Renewable Electricity Producers – 0.8%** |
| Ormat Technologies, Inc. | 38765 | $3731 |
| Talen Energy Corp.\* | 29459 | 12531 |
|  |  | **16262** |
| **Industrial Real Estate Investment Trusts – 1.0%** | **Industrial Real Estate Investment Trusts – 1.0%** | **Industrial Real Estate Investment Trusts – 1.0%** |
| EastGroup Properties, Inc. | 34184 | 5786 |
| First Industrial Realty Trust, Inc. | 85850 | 4419 |
| Rexford Industrial Realty, Inc. | 151720 | 6237 |
| STAG Industrial, Inc. | 119873 | 4230 |
|  |  | **20672** |
| **Insurance – 4.1%** | **Insurance – 4.1%** | **Insurance – 4.1%** |
| American Financial Group, Inc. | 44456 | 6478 |
| Brighthouse Financial, Inc.\* | 38089 | 2022 |
| CNO Financial Group, Inc. | 64081 | 2534 |
| Fidelity National Financial, Inc. | 166261 | 10057 |
| First American Financial Corp. | 66688 | 4284 |
| Hanover Insurance Group (The), Inc. | 23453 | 4260 |
| Kemper Corp. | 39666 | 2045 |
| Kinsale Capital Group, Inc. | 14215 | 6045 |
| Old Republic International Corp. | 149314 | 6341 |
| Primerica, Inc. | 21164 | 5875 |
| Reinsurance Group of America, Inc. | 42528 | 8171 |
| RenaissanceRe Holdings Ltd. | 30691 | 7793 |
| RLI Corp. | 58687 | 3828 |
| Ryan Specialty Holdings, Inc. | 71999 | 4058 |
| Selective Insurance Group, Inc. | 38745 | 3141 |
| Unum Group | 102144 | 7945 |
|  |  | **84877** |
| **Interactive Media & Services – 0.1%** | **Interactive Media & Services – 0.1%** | **Interactive Media & Services – 0.1%** |
| ZoomInfo Technologies, Inc.\* | 177293 | **1934** |
| **IT Services – 1.3%** | **IT Services – 1.3%** | **IT Services – 1.3%** |
| ASGN, Inc.\* | 29358 | 1390 |
| Kyndryl Holdings, Inc.\* | 149678 | 4495 |
| Okta, Inc.\* | 107682 | 9874 |
| Twilio, Inc., Class A\* | 98859 | 9895 |
|  |  | **25654** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| Brunswick Corp. | 43045 | 2722 |
| Mattel, Inc.\* | 208905 | 3516 |
| Polaris, Inc. | 35453 | 2061 |
| YETI Holdings, Inc.\* | 51173 | 1698 |
|  |  | **9997** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  |
| **Life Sciences Tools & Services – 1.7%** | **Life Sciences Tools & Services – 1.7%** | **Life Sciences Tools & Services – 1.7%** |
| Avantor, Inc.\* | 437472 | $5459 |
| Bio-Rad Laboratories, Inc., Class A\* | 11640 | 3264 |
| Bruker Corp. | 70197 | 2281 |
| Illumina, Inc.\* | 100026 | 9499 |
| Medpace Holdings, Inc.\* | 14474 | 7442 |
| Repligen Corp.\* | 34666 | 4634 |
| Sotera Health Co.\* | 110933 | 1745 |
|  |  | **34324** |
| **Machinery – 5.0%** | **Machinery – 5.0%** | **Machinery – 5.0%** |
| AGCO Corp. | 40291 | 4314 |
| Chart Industries, Inc.\* | 28358 | 5676 |
| CNH Industrial N.V. | 570439 | 6189 |
| Crane Co. | 31951 | 5883 |
| Donaldson Co., Inc. | 76078 | 6227 |
| Esab Corp. | 37094 | 4145 |
| Flowserve Corp. | 85587 | 4548 |
| Graco, Inc. | 107891 | 9166 |
| ITT, Inc. | 50787 | 9079 |
| Lincoln Electric Holdings, Inc. | 35952 | 8479 |
| Middleby (The) Corp.\* | 30569 | 4064 |
| Mueller Industries, Inc. | 71171 | 7196 |
| Oshkosh Corp. | 41815 | 5423 |
| RBC Bearings, Inc.\* | 20486 | 7996 |
| Terex Corp. | 43435 | 2228 |
| Timken (The) Co. | 40689 | 3059 |
| Toro (The) Co. | 64061 | 4881 |
| Watts Water Technologies, Inc., Class A | 17770 | 4963 |
|  |  | **103516** |
| **Marine Transportation – 0.1%** | **Marine Transportation – 0.1%** | **Marine Transportation – 0.1%** |
| Kirby Corp.\* | 36478 | **3044** |
| **Media – 0.8%** | **Media – 0.8%** | **Media – 0.8%** |
| EchoStar Corp., Class A<sup>\* †</sup> <br>| 87804 | 6705 |
| New York Times (The) Co., Class A | 105794 | 6072 |
| Nexstar Media Group, Inc. | 18204 | 3600 |
|  |  | **16377** |
| **Metals & Mining – 1.8%** | **Metals & Mining – 1.8%** | **Metals & Mining – 1.8%** |
| Alcoa Corp. | 166146 | 5465 |
| Cleveland-Cliffs, Inc.\* | 316017 | 3855 |
| Commercial Metals Co. | 73350 | 4201 |
| MP Materials Corp.<sup>\* †</sup> <br>| 86388 | 5794 |
| Reliance, Inc. | 34231 | 9613 |
| Royal Gold, Inc.<sup>†</sup> <br>| 42894 | 8604 |
|  |  | **37532** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%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. | 413453 | $8356 |
| Starwood Property Trust, Inc. | 220965 | 4280 |
|  |  | **12636** |
| **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** |
| Black Hills Corp. | 46307 | 2852 |
| Northwestern Energy Group, Inc. | 38843 | 2277 |
|  |  | **5129** |
| **Office Real Estate Investment Trusts – 0.6%** | **Office Real Estate Investment Trusts – 0.6%** | **Office Real Estate Investment Trusts – 0.6%** |
| COPT Defense Properties | 74625 | 2169 |
| Cousins Properties, Inc. | 107037 | 3098 |
| Kilroy Realty Corp.<sup>†</sup> <br>| 69327 | 2929 |
| Vornado Realty Trust | 105657 | 4282 |
|  |  | **12478** |
| **Oil, Gas & Consumable Fuels – 3.0%** | **Oil, Gas & Consumable Fuels – 3.0%** | **Oil, Gas & Consumable Fuels – 3.0%** |
| Antero Midstream Corp. | 219659 | 4270 |
| Antero Resources Corp.\* | 188502 | 6326 |
| Chord Energy Corp. | 36601 | 3637 |
| Civitas Resources, Inc. | 52493 | 1706 |
| CNX Resources Corp.\* | 93228 | 2995 |
| DT Midstream, Inc. | 65302 | 7383 |
| HF Sinclair Corp. | 102011 | 5339 |
| Matador Resources Co. | 76833 | 3452 |
| Murphy Oil Corp. | 88699 | 2520 |
| Ovintiv, Inc. | 167637 | 6769 |
| PBF Energy, Inc., Class A | 51540 | 1555 |
| Permian Resources Corp. | 452794 | 5796 |
| Range Resources Corp. | 154569 | 5818 |
| Viper Energy, Inc., Class A | 107927 | 4125 |
|  |  | **61691** |
| **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** |
| Louisiana-Pacific Corp. | 41170 | **3658** |
| **Passenger Airlines – 0.4%** | **Passenger Airlines – 0.4%** | **Passenger Airlines – 0.4%** |
| Alaska Air Group, Inc.\* | 73789 | 3673 |
| American Airlines Group, Inc.<sup>\* †</sup> <br>| 431345 | 4849 |
|  |  | **8522** |
| **Personal Care Products – 0.4%** | **Personal Care Products – 0.4%** | **Personal Care Products – 0.4%** |
| BellRing Brands, Inc.\* | 82954 | 3015 |
| Coty, Inc., Class A\* | 249257 | 1007 |
| elf Beauty, Inc.\* | 38057 | 5042 |
|  |  | **9064** |
| **Pharmaceuticals – 0.7%** | **Pharmaceuticals – 0.7%** | **Pharmaceuticals – 0.7%** |
| Elanco Animal Health, Inc.\* | 323170 | 6509 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **116** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  |
| **Pharmaceuticals – 0.7%continued** | **Pharmaceuticals – 0.7%continued** | **Pharmaceuticals – 0.7%continued** |
| Jazz Pharmaceuticals PLC\* | 38879 | $5124 |
| Perrigo Co. PLC | 91459 | 2037 |
|  |  | **13670** |
| **Professional Services – 2.6%** | **Professional Services – 2.6%** | **Professional Services – 2.6%** |
| CACI International, Inc., Class A\* | 14344 | 7154 |
| Concentrix Corp. | 29047 | 1341 |
| ExlService Holdings, Inc.\* | 103391 | 4552 |
| Exponent, Inc. | 31975 | 2222 |
| FTI Consulting, Inc.\* | 20866 | 3373 |
| Genpact Ltd. | 103723 | 4345 |
| Insperity, Inc. | 22500 | 1107 |
| KBR, Inc. | 82381 | 3896 |
| Maximus, Inc. | 37066 | 3387 |
| Parsons Corp.\* | 33906 | 2811 |
| Paylocity Holding Corp.\* | 28628 | 4560 |
| &nbsp;&nbsp; Science Applications International <br> Corp.<br>| 30664 | 3047 |
| TransUnion | 125579 | 10521 |
|  |  | **52316** |
| **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** |
| Jones Lang LaSalle, Inc.\* | 30843 | **9200** |
| **Residential Real Estate Investment Trusts – 0.8%** | **Residential Real Estate Investment Trusts – 0.8%** | **Residential Real Estate Investment Trusts – 0.8%** |
| American Homes 4 Rent, Class A | 209479 | 6965 |
| Equity LifeStyle Properties, Inc. | 124655 | 7567 |
| Independence Realty Trust, Inc. | 148164 | 2428 |
|  |  | **16960** |
| **Retail Real Estate Investment Trusts – 0.9%** | **Retail Real Estate Investment Trusts – 0.9%** | **Retail Real Estate Investment Trusts – 0.9%** |
| Agree Realty Corp. | 70831 | 5032 |
| Brixmor Property Group, Inc. | 200027 | 5537 |
| Kite Realty Group Trust | 144656 | 3226 |
| NNN REIT, Inc. | 121974 | 5192 |
|  |  | **18987** |
| **Semiconductors & Semiconductor Equipment – 2.7%** | **Semiconductors & Semiconductor Equipment – 2.7%** | **Semiconductors & Semiconductor Equipment – 2.7%** |
| Allegro MicroSystems, Inc.\* | 78600 | 2295 |
| Amkor Technology, Inc. | 71744 | 2037 |
| Cirrus Logic, Inc.\* | 33666 | 4218 |
| Entegris, Inc. | 97621 | 9026 |
| Lattice Semiconductor Corp.\* | 89411 | 6556 |
| &nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc.\*<br>| 41086 | 5115 |
| MKS, Inc. | 43795 | 5420 |
| Onto Innovation, Inc.\* | 32152 | 4155 |
| Power Integrations, Inc. | 37446 | 1506 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  |
| **Semiconductors & Semiconductor Equipment – 2.7%continued** | **Semiconductors & Semiconductor Equipment – 2.7%continued** | **Semiconductors & Semiconductor Equipment – 2.7%continued** |
| Rambus, Inc.\* | 70193 | $7314 |
| Silicon Laboratories, Inc.\* | 21099 | 2767 |
| Synaptics, Inc.\* | 24932 | 1704 |
| Universal Display Corp. | 28256 | 4058 |
|  |  | **56171** |
| **Software – 3.9%** | **Software – 3.9%** | **Software – 3.9%** |
| Appfolio, Inc., Class A\* | 14627 | 4032 |
| BILL Holdings, Inc.\* | 58390 | 3093 |
| Blackbaud, Inc.<sup>\* †</sup> <br>| 23348 | 1502 |
| Commvault Systems, Inc.\* | 29057 | 5485 |
| Docusign, Inc.\* | 131464 | 9477 |
| Dolby Laboratories, Inc., Class A | 38915 | 2816 |
| Dropbox, Inc., Class A\* | 121420 | 3668 |
| Dynatrace, Inc.\* | 194179 | 9408 |
| Guidewire Software, Inc.\* | 54725 | 12579 |
| Manhattan Associates, Inc.\* | 39392 | 8075 |
| Nutanix, Inc., Class A\* | 172940 | 12865 |
| Pegasystems, Inc. | 59442 | 3418 |
| Qualys, Inc.\* | 23688 | 3135 |
|  |  | **79553** |
| **Specialized Real Estate Investment Trusts – 1.5%** | **Specialized Real Estate Investment Trusts – 1.5%** | **Specialized Real Estate Investment Trusts – 1.5%** |
| CubeSmart | 148897 | 6054 |
| EPR Properties | 48397 | 2807 |
| Gaming and Leisure Properties, Inc. | 182187 | 8492 |
| Lamar Advertising Co., Class A | 56606 | 6930 |
| National Storage Affiliates Trust | 47360 | 1431 |
| PotlatchDeltic Corp. | 45291 | 1846 |
| Rayonier, Inc. | 89956 | 2387 |
|  |  | **29947** |
| **Specialty Retail – 3.6%** | **Specialty Retail – 3.6%** | **Specialty Retail – 3.6%** |
| Abercrombie & Fitch Co., Class A\* | 30267 | 2589 |
| AutoNation, Inc.\* | 18082 | 3956 |
| Bath & Body Works, Inc. | 135082 | 3480 |
| Burlington Stores, Inc.\* | 40538 | 10317 |
| Chewy, Inc., Class A\* | 143012 | 5785 |
| Dick's Sporting Goods, Inc. | 43066 | 9570 |
| Five Below, Inc.\* | 35992 | 5568 |
| Floor & Decor Holdings, Inc., Class A\* | 69650 | 5133 |
| GameStop Corp., Class A<sup>\* †</sup> <br>| 264573 | 7218 |
| Gap (The), Inc. | 145126 | 3104 |
| Lithia Motors, Inc. | 16753 | 5294 |
| Murphy U.S.A., Inc. | 11495 | 4463 |
| Penske Automotive Group, Inc. | 11690 | 2033 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **117** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MID CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  | **COMMON STOCKS - 98.5%continued**  |
| **Specialty Retail – 3.6%continued** | **Specialty Retail – 3.6%continued** | **Specialty Retail – 3.6%continued** |
| RH\* | 9811 | $1993 |
| Valvoline, Inc.\* | 83557 | 3000 |
|  |  | **73503** |
| **Technology Hardware, Storage & Peripherals – 0.8%** | **Technology Hardware, Storage & Peripherals – 0.8%** | **Technology Hardware, Storage & Peripherals – 0.8%** |
| Pure Storage, Inc., Class A\* | 201637 | **16899** |
| **Textiles, Apparel & Luxury Goods – 0.6%** | **Textiles, Apparel & Luxury Goods – 0.6%** | **Textiles, Apparel & Luxury Goods – 0.6%** |
| Capri Holdings Ltd.\* | 79458 | 1583 |
| Columbia Sportswear Co. | 15730 | 823 |
| Crocs, Inc.\* | 34726 | 2901 |
| PVH Corp. | 31037 | 2600 |
| Under Armour, Inc., Class A<sup>\* †</sup> <br>| 132692 | 662 |
| Under Armour, Inc., Class C<sup>\* †</sup> <br>| 89114 | 430 |
| VF Corp.<sup>†</sup> <br>| 215916 | 3116 |
|  |  | **12115** |
| **Trading Companies & Distributors – 1.7%** | **Trading Companies & Distributors – 1.7%** | **Trading Companies & Distributors – 1.7%** |
| Applied Industrial Technologies, Inc. | 24854 | 6488 |
| Core & Main, Inc., Class A\* | 121787 | 6556 |
| GATX Corp. | 23203 | 4056 |
| MSC Industrial Direct Co., Inc., Class A | 29767 | 2742 |
| Watsco, Inc. | 22473 | 9086 |
| WESCO International, Inc. | 31277 | 6615 |
|  |  | **35543** |
| **Water Utilities – 0.4%** | **Water Utilities – 0.4%** | **Water Utilities – 0.4%** |
| Essential Utilities, Inc. | 180258 | **7192** |
| **Total Common Stocks** |  |  |
| **(Cost $1,292,627)** |  | **2020126** |
| **INVESTMENT COMPANIES – 3.5%**  | **INVESTMENT COMPANIES – 3.5%**  | **INVESTMENT COMPANIES – 3.5%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(2) (3) (4)</sup> <br>| 45468134 | 45468 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(2) (3)</sup> <br>| 26593659 | 26594 |
| **Total Investment Companies** |  |  |
| **(Cost $72,062)** |  | **72062** |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 3.89%, 11/28/25<sup>(5) (6)</sup> <br>| $1879 | **$1867** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $1,867)** | **(Cost $1,867)** | **1867** |
| **Total Investments – 102.1%** | **Total Investments – 102.1%** |  |
| **(Cost $1,366,556)** | **(Cost $1,366,556)** | **2094055** |
| Liabilities less Other Assets – (2.1%) | Liabilities less Other Assets – (2.1%) | (43315)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2050740** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(2)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(3)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(4)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(5)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(6)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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 September 30, 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>| 88 | $28919 | Long | 12/25 | $(153)<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.* 

EQUITY FUNDS **118** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 September 30, 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; $2020126 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2020126 |
| Investment Companies | &nbsp;&nbsp; 72062 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 72062 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1867 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1867 |
| Total Investments | &nbsp;&nbsp; $2092188 | &nbsp;&nbsp; $1867 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2094055 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(153)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(153)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **119** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.5%** <sup>(1)</sup> | **COMMON STOCKS – 93.5%** <sup>(1)</sup> | **COMMON STOCKS – 93.5%** <sup>(1)</sup> |
| **Australia – 5.8%** | **Australia – 5.8%** | **Australia – 5.8%** |
| Atlas Arteria Ltd. | 4174760 | $13585 |
| Cleanaway Waste Management Ltd. | 1652812 | 3042 |
| Qube Holdings Ltd. | 2763961 | 7536 |
| Transurban Group | 3291192 | 30140 |
|  |  | **54303** |
| **Brazil – 1.5%** | **Brazil – 1.5%** | **Brazil – 1.5%** |
| Cia Paranaense de Energia - Copel | 1153569 | 2619 |
| Equatorial Energia S.A. | 147235 | 1021 |
| &nbsp;&nbsp; Motiva Infraestrutura de Mobilidade <br> S.A.<br>| 2464945 | 6882 |
| Rumo S.A. | 1100000 | 3284 |
|  |  | **13806** |
| **Canada – 3.9%** | **Canada – 3.9%** | **Canada – 3.9%** |
| Ag Growth International, Inc. | 14952 | 391 |
| Canadian National Railway Co. | 112420 | 10601 |
| Enbridge, Inc. | 98011 | 4945 |
| Hydro One Ltd. | 20751 | 740 |
| Keyera Corp. | 17061 | 572 |
| Keyera Corp. | 68674 | 2240 |
| Northland Power, Inc. | 78657 | 1317 |
| South Bow Corp. | 39286 | 1112 |
| TC Energy Corp. | 275453 | 14977 |
|  |  | **36895** |
| **China – 1.8%** | **China – 1.8%** | **China – 1.8%** |
| &nbsp;&nbsp; Beijing Capital International Airport Co. <br> Ltd., Class H\*<br>| 8576000 | 3064 |
| China Tower Corp. Ltd., Class H | 2636749 | 3893 |
| China Water Affairs Group Ltd. | 250282 | 191 |
| COSCO SHIPPING Ports Ltd. | 3878000 | 2835 |
| ENN Energy Holdings Ltd. | 724900 | 6000 |
| Guangdong Investment Ltd. | 331046 | 301 |
| Zhejiang Expressway Co. Ltd., Class H | 1004000 | 930 |
|  |  | **17214** |
| **Denmark – 0.3%** | **Denmark – 0.3%** | **Denmark – 0.3%** |
| Orsted A.S.<sup>\* †</sup> <br>| 154904 | 2784 |
| Vestas Wind Systems A/S | 17862 | 346 |
|  |  | **3130** |
| **France – 6.7%** | **France – 6.7%** | **France – 6.7%** |
| Aeroports de Paris S.A. | 133875 | 17752 |
| Engie S.A. | 169868 | 3644 |
| Getlink S.E. | 724878 | 13337 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.5%** <sup>(1)</sup>**continued**  |
| **France – 6.7%continued** | **France – 6.7%continued** | **France – 6.7%continued** |
| Veolia Environnement S.A. | 40881 | $1397 |
| Vinci S.A. | 196932 | 27420 |
|  |  | **63550** |
| **Germany – 1.5%** | **Germany – 1.5%** | **Germany – 1.5%** |
| E.ON S.E. | 36752 | 691 |
| &nbsp;&nbsp; Fraport A.G. Frankfurt Airport Services <br> Worldwide\*<br>| 69398 | 5994 |
| RWE A.G. | 146649 | 6513 |
| Siemens A.G. (Registered) | 2059 | 556 |
|  |  | **13754** |
| **Hong Kong – 2.1%** | **Hong Kong – 2.1%** | **Hong Kong – 2.1%** |
| CK Infrastructure Holdings Ltd. | 1156800 | 7602 |
| Power Assets Holdings Ltd. | 1943820 | 12318 |
|  |  | **19920** |
| **India – 0.1%** | **India – 0.1%** | **India – 0.1%** |
| NTPC Ltd. | 301048 | **1154** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| Greencoat Renewables PLC<sup>†</sup> <br>| 1039102 | **882** |
| **Italy – 8.4%** | **Italy – 8.4%** | **Italy – 8.4%** |
| Enav S.p.A. | 260107 | 1325 |
| Enel S.p.A. | 1257154 | 11923 |
| Hera S.p.A. | 2843269 | 12786 |
| Infrastrutture Wireless Italiane S.p.A. | 458098 | 5383 |
| Italgas S.p.A. | 1552142 | 14282 |
| Snam S.p.A. | 2743505 | 16485 |
| Terna - Rete Elettrica Nazionale | 1638543 | 16645 |
|  |  | **78829** |
| **Japan – 1.6%** | **Japan – 1.6%** | **Japan – 1.6%** |
| Central Japan Railway Co. | 64300 | 1846 |
| Chubu Electric Power Co., Inc. | 119200 | 1660 |
| Japan Airport Terminal Co. Ltd. | 206200 | 6573 |
| Kurita Water Industries Ltd. | 18600 | 632 |
| Osaka Gas Co. Ltd. | 51300 | 1487 |
| West Japan Railway Co. | 126400 | 2771 |
|  |  | **14969** |
| **Luxembourg – 0.6%** | **Luxembourg – 0.6%** | **Luxembourg – 0.6%** |
| SES S.A. | 735571 | **5614** |
| **Malaysia – 0.4%** | **Malaysia – 0.4%** | **Malaysia – 0.4%** |
| Tenaga Nasional Bhd. | 1172100 | **3683** |
| **Mexico – 3.1%** | **Mexico – 3.1%** | **Mexico – 3.1%** |
| &nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V.<br>| 332422 | 4291 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **120** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.5%** <sup>(1)</sup>**continued**  |
| **Mexico – 3.1%continued** | **Mexico – 3.1%continued** | **Mexico – 3.1%continued** |
| &nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br> S.A.B. de C.V., Class B<br>| 397718 | $9367 |
| &nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V., Class B<br>| 325132 | 10501 |
| Promotora y Operadora de <br> Infraestructura S.A.B. de C.V.<br>| 340361 | 4659 |
|  |  | **28818** |
| **Netherlands – 0.3%** | **Netherlands – 0.3%** | **Netherlands – 0.3%** |
| Arcadis N.V. | 9154 | 461 |
| Koninklijke Vopak N.V. | 47393 | 2172 |
|  |  | **2633** |
| **New Zealand – 1.0%** | **New Zealand – 1.0%** | **New Zealand – 1.0%** |
| Auckland International Airport Ltd. | 2037608 | **9310** |
| **Philippines – 0.3%** | **Philippines – 0.3%** | **Philippines – 0.3%** |
| International Container Terminal <br> Services, Inc.<br>| 347930 | **2819** |
| **Portugal – 0.3%** | **Portugal – 0.3%** | **Portugal – 0.3%** |
| REN - Redes Energeticas Nacionais <br> SGPS S.A.<br>| 789751 | **2836** |
| **Spain – 1.9%** | **Spain – 1.9%** | **Spain – 1.9%** |
| Aena SME S.A.<sup>(2)</sup> <br>| 551458 | 15109 |
| Iberdrola S.A. | 127591 | 2418 |
|  |  | **17527** |
| **Switzerland – 1.4%** | **Switzerland – 1.4%** | **Switzerland – 1.4%** |
| Flughafen Zurich A.G. (Registered) | 42477 | 12974 |
| Landis+Gyr Group A.G.\* | 5654 | 457 |
|  |  | **13431** |
| **United Kingdom – 8.5%** | **United Kingdom – 8.5%** | **United Kingdom – 8.5%** |
| National Grid PLC | 2987568 | 43071 |
| Pennon Group PLC | 917501 | 5780 |
| Severn Trent PLC | 346131 | 12063 |
| SSE PLC | 37122 | 870 |
| United Utilities Group PLC | 1193372 | 18397 |
|  |  | **80181** |
| **United States – 41.9%** | **United States – 41.9%** | **United States – 41.9%** |
| AECOM | 5253 | 685 |
| AES (The) Corp. | 105054 | 1382 |
| Alexandria Real Estate Equities, Inc. | 6432 | 536 |
| Alliant Energy Corp. | 21527 | 1451 |
| Ameren Corp. | 43746 | 4566 |
| American Electric Power Co., Inc. | 108109 | 12162 |
| American Tower Corp. | 62054 | 11934 |
| American Water Works Co., Inc. | 18880 | 2628 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.5%** <sup>(1)</sup>**continued**  |
| **United States – 41.9%continued** | **United States – 41.9%continued** | **United States – 41.9%continued** |
| Array Technologies, Inc.<sup>\* †</sup> <br>| 27842 | $227 |
| Atmos Energy Corp. | 16009 | 2734 |
| Black Hills Corp. | 35049 | 2159 |
| Bunge Global S.A. | 12894 | 1048 |
| CenterPoint Energy, Inc. | 113833 | 4417 |
| Cheniere Energy, Inc. | 58176 | 13670 |
| Consolidated Edison, Inc. | 60357 | 6067 |
| Constellation Energy Corp. | 17356 | 5711 |
| Crown Castle, Inc. | 78082 | 7534 |
| CSX Corp. | 1013485 | 35989 |
| Dominion Energy, Inc. | 160618 | 9825 |
| DT Midstream, Inc. | 62444 | 7060 |
| Duke Energy Corp. | 106224 | 13145 |
| Entergy Corp. | 73794 | 6877 |
| Equinix, Inc. | 5132 | 4020 |
| Essential Utilities, Inc. | 29550 | 1179 |
| Evergy, Inc. | 139722 | 10622 |
| Eversource Energy | 103698 | 7377 |
| Exelon Corp. | 311420 | 14017 |
| Ferrovial S.E. | 362268 | 20852 |
| First Solar, Inc.\* | 3749 | 827 |
| Gladstone Land Corp.<sup>†</sup> <br>| 19861 | 182 |
| H2O America | 6708 | 327 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 16572 | 509 |
| Hess Midstream L.P., Class A | 92811 | 3207 |
| Hubbell, Inc. | 1746 | 751 |
| Kinder Morgan, Inc. | 44259 | 1253 |
| Kinetik Holdings, Inc.<sup>†</sup> <br>| 35859 | 1533 |
| NextEra Energy, Inc. | 373623 | 28205 |
| NEXTracker, Inc., Class A\* | 4126 | 305 |
| NiSource, Inc. | 36347 | 1574 |
| Norfolk Southern Corp. | 40299 | 12106 |
| ONEOK, Inc. | 130224 | 9502 |
| Ormat Technologies, Inc. | 12829 | 1235 |
| PG&E Corp. | 524150 | 7904 |
| PPL Corp. | 38492 | 1430 |
| Public Service Enterprise Group, Inc. | 75507 | 6302 |
| SBA Communications Corp. | 50113 | 9689 |
| Sempra | 249528 | 22453 |
| Spire, Inc. | 22524 | 1836 |
| Targa Resources Corp. | 99000 | 16586 |
| Tetra Tech, Inc. | 19601 | 654 |
| UGI Corp. | 74980 | 2494 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **121** 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 – 93.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.5%** <sup>(1)</sup>**continued**  |
| **United States – 41.9%continued** | **United States – 41.9%continued** | **United States – 41.9%continued** |
| Union Pacific Corp. | 26237 | $6202 |
| Venture Global, Inc., Class A | 153344 | 2176 |
| Vistra Corp. | 35943 | 7042 |
| Waste Connections, Inc. | 6069 | 1067 |
| &nbsp;&nbsp; Waste Connections, Inc. (New York <br> Stock Exchange)<br>| 3538 | 622 |
| Waste Management, Inc. | 4879 | 1077 |
| WEC Energy Group, Inc. | 35811 | 4104 |
| Williams (The) Cos., Inc. | 293846 | 18615 |
| Xcel Energy, Inc. | 150605 | 12146 |
| Xylem, Inc. | 4767 | 703 |
|  |  | **394492** |
| **Total Common Stocks** |  |  |
| **(Cost $755,345)** |  | **879750** |
| **MASTER LIMITED PARTNERSHIPS – 2.2%**  | **MASTER LIMITED PARTNERSHIPS – 2.2%**  | **MASTER LIMITED PARTNERSHIPS – 2.2%**  |
| **United States – 2.2%** | **United States – 2.2%** | **United States – 2.2%** |
| Energy Transfer L.P. | 284123 | 4876 |
| Enterprise Products Partners L.P. | 141899 | 4437 |
| MPLX L.P. | 97125 | 4851 |
| Plains All American Pipeline L.P. | 257714 | 4397 |
| Western Midstream Partners L.P. | 62000 | 2436 |
|  |  | **20997** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $22,699)** |  | **20997** |
| **INVESTMENT COMPANIES – 4.0%**  | **INVESTMENT COMPANIES – 4.0%**  | **INVESTMENT COMPANIES – 4.0%**  |
| International Public Partnerships Ltd. | 600546 | 1013 |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(3) (4) (5)</sup> <br>| 1126624 | 1127 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(3) (4)</sup> <br>| 33512983 | 33513 |
| &nbsp;&nbsp; Renewables Infrastructure Group (The) <br> Ltd.<br>| 1080445 | 1125 |
| &nbsp;&nbsp; VH Global Sustainable Energy <br> Opportunities PLC<br>| 774705 | 721 |
| **Total Investment Companies** |  |  |
| **(Cost $37,626)** |  | **37499** |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 4.14%, 11/28/25<sup>(6) (7)</sup> <br>| $917 | $911 |
| **Total Short-Term Investments** |  |  |
| **(Cost $911)** |  | **911** |
| **Total Investments – 99.8%** |  |  |
| **(Cost $816,581)** |  | **939157** |
| Other Assets less Liabilities – 0.2% |  | 2003 |
| **Net Assets – 100.0%** |  | **$941160** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At September 30,* <br> *2025, the value of this security amounted to approximately $15,109,000 or* <br> *1.6% of net assets.*<br>|
| <sup>(3)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(4)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(5)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(6)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(7)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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 |
| S&P – Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **122** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

At September 30, 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>| 31 | $10445 | Long | 12/25 | $129 |
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 61 | 8495 | Long | 12/25 | 32 |
| Total |  |  |  |  | $161 |

---

<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 September 30, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Utilities | 44.4<br> %<br>|
| Industrials | 33.1 |
| Energy | 12.9 |
| Real Estate | 3.6 |
| Communication Services | 1.6 |
| Financials | 0.2 |
| Information Technology | 0.1 |
| Consumer Staples | 0.1 |
| Short-Term Investments | 3.8 |
| Total Investments | 99.8 |
| Other Assets less Liabilities | 0.2 |
| 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 September 30, 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 September 30, 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; $13806 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13806 |
| Canada | &nbsp;&nbsp; 36895 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36895 |
| Mexico | &nbsp;&nbsp; 28818 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28818 |
| United States | &nbsp;&nbsp; 373640 | &nbsp;&nbsp; 20852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 394492 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 405739 | &nbsp;&nbsp; — | &nbsp;&nbsp; 405739 |
| Total Common Stocks | &nbsp;&nbsp; 453159 | &nbsp;&nbsp; 426591 | &nbsp;&nbsp; — | &nbsp;&nbsp; 879750 |
| Master Limited Partnerships | &nbsp;&nbsp; 20997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20997 |
| Investment Companies | &nbsp;&nbsp; 34640 | &nbsp;&nbsp; 2859 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37499 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 911 | &nbsp;&nbsp; — | &nbsp;&nbsp; 911 |
| Total Investments | &nbsp;&nbsp; $508796 | &nbsp;&nbsp; $430361 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $939157 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $161 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $161 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **123** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER GLOBAL REAL ESTATE FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.5%** <sup>(1)</sup> | **COMMON STOCKS – 97.5%** <sup>(1)</sup> | **COMMON STOCKS – 97.5%** <sup>(1)</sup> |
| **Australia – 8.2%** | **Australia – 8.2%** | **Australia – 8.2%** |
| Charter Hall Group | 50961 | $770 |
| Goodman Group | 136700 | 2976 |
| GPT Group (The) | 173110 | 616 |
| HMC Capital Ltd. | 18452 | 39 |
| National Storage REIT | 185601 | 289 |
| Scentre Group | 627873 | 1699 |
| Stockland | 144282 | 586 |
|  |  | **6975** |
| **Belgium – 1.6%** | **Belgium – 1.6%** | **Belgium – 1.6%** |
| Aedifica S.A. | 3000 | 223 |
| Shurgard Self Storage Ltd. | 22779 | 864 |
| VGP N.V. | 2467 | 277 |
|  |  | **1364** |
| **Canada – 0.9%** | **Canada – 0.9%** | **Canada – 0.9%** |
| Canadian Apartment Properties REIT | 26625 | **779** |
| **France – 1.7%** | **France – 1.7%** | **France – 1.7%** |
| Unibail-Rodamco-Westfield\* | 14065 | **1483** |
| **Germany – 2.0%** | **Germany – 2.0%** | **Germany – 2.0%** |
| TAG Immobilien A.G. | 9000 | 156 |
| Vonovia S.E. | 49922 | 1558 |
|  |  | **1714** |
| **Hong Kong – 3.2%** | **Hong Kong – 3.2%** | **Hong Kong – 3.2%** |
| Hongkong Land Holdings Ltd. | 66800 | 423 |
| Link REIT | 286300 | 1472 |
| Sun Hung Kai Properties Ltd. | 36500 | 438 |
| Swire Properties Ltd. | 123400 | 351 |
|  |  | **2684** |
| **Japan – 9.5%** | **Japan – 9.5%** | **Japan – 9.5%** |
| Comforia Residential REIT, Inc. | 129 | 284 |
| Invincible Investment Corp. | 601 | 274 |
| Japan Metropolitan Fund Invest | 1530 | 1176 |
| Japan Real Estate Investment Corp. | 493 | 415 |
| KDX Realty Investment Corp. | 523 | 596 |
| Mitsubishi Estate Co. Ltd. | 70400 | 1621 |
| &nbsp;&nbsp; Mitsui Fudosan Accommodations Fund, <br> Inc.<br>| 295 | 263 |
| Mitsui Fudosan Co. Ltd. | 183600 | 2006 |
| Nippon Building Fund, Inc. | 879 | 829 |
| Star Asia Investment Corp. | 733 | 299 |
| United Urban Investment Corp. | 274 | 333 |
|  |  | **8096** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.5%** <sup>(1)</sup>**continued**  |
| **Netherlands – 0.3%** | **Netherlands – 0.3%** | **Netherlands – 0.3%** |
| CTP N.V. | 9830 | **$219** |
| **Singapore – 1.7%** | **Singapore – 1.7%** | **Singapore – 1.7%** |
| &nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 183613 | 326 |
| CapitaLand Investment Ltd. | 166700 | 348 |
| Centurion Accommodation REIT\* | 146713 | 118 |
| Keppel DC REIT | 163700 | 304 |
| Parkway Life Real Estate Investment <br> Trust<br>| 105700 | 338 |
|  |  | **1434** |
| **Spain – 1.0%** | **Spain – 1.0%** | **Spain – 1.0%** |
| Cellnex Telecom S.A.\* | 13456 | 467 |
| Merlin Properties Socimi S.A. | 26547 | 402 |
|  |  | **869** |
| **Sweden – 0.5%** | **Sweden – 0.5%** | **Sweden – 0.5%** |
| Fastighets AB Balder, Class B\* | 54079 | **388** |
| **Tanzania, United Republic of – 0.3%** | **Tanzania, United Republic of – 0.3%** | **Tanzania, United Republic of – 0.3%** |
| Helios Towers PLC\* | 142490 | **286** |
| **United Kingdom – 5.8%** | **United Kingdom – 5.8%** | **United Kingdom – 5.8%** |
| Big Yellow Group PLC | 56783 | 742 |
| British Land (The) Co. PLC | 49158 | 231 |
| Derwent London PLC | 10878 | 256 |
| Grainger PLC | 269837 | 705 |
| Hammerson PLC | 55000 | 216 |
| Helical PLC | 45229 | 125 |
| Safestore Holdings PLC | 25074 | 223 |
| Segro PLC | 122942 | 1088 |
| Shaftesbury Capital PLC | 312518 | 598 |
| Tritax Big Box REIT PLC | 169965 | 331 |
| UNITE Group (The) PLC | 42977 | 416 |
|  |  | **4931** |
| **United States – 60.8%** | **United States – 60.8%** | **United States – 60.8%** |
| Acadia Realty Trust | 12763 | 257 |
| Agree Realty Corp. | 10616 | 754 |
| American Homes 4 Rent, Class A | 60003 | 1995 |
| Americold Realty Trust, Inc. | 34133 | 418 |
| AvalonBay Communities, Inc. | 5769 | 1114 |
| BXP, Inc. | 11663 | 867 |
| CBRE Group, Inc., Class A\* | 2663 | 420 |
| CubeSmart | 21882 | 890 |
| D.R. Horton, Inc. | 3230 | 547 |
| Digital Realty Trust, Inc. | 21722 | 3755 |
| DigitalBridge Group, Inc. | 15504 | 181 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **124** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.5%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.5%** <sup>(1)</sup>**continued**  |
| **United States – 60.8%continued** | **United States – 60.8%continued** | **United States – 60.8%continued** |
| Douglas Emmett, Inc. | 30911 | $481 |
| EastGroup Properties, Inc. | 2915 | 493 |
| Equinix, Inc. | 6067 | 4752 |
| Equity LifeStyle Properties, Inc. | 29877 | 1814 |
| Essex Property Trust, Inc. | 3225 | 863 |
| Extra Space Storage, Inc. | 10501 | 1480 |
| Federal Realty Investment Trust | 17000 | 1722 |
| First Industrial Realty Trust, Inc. | 1545 | 80 |
| Healthcare Realty Trust, Inc. | 117952 | 2127 |
| Highwoods Properties, Inc. | 49831 | 1586 |
| Kimco Realty Corp. | 56283 | 1230 |
| Lamar Advertising Co., Class A | 7270 | 890 |
| Macerich (The) Co. | 36854 | 671 |
| &nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 7653 | 1069 |
| NETSTREIT Corp.<sup>†</sup> <br>| 53964 | 975 |
| NNN REIT, Inc. | 19130 | 814 |
| Prologis, Inc. | 47211 | 5407 |
| Public Storage | 4386 | 1267 |
| Regency Centers Corp. | 10364 | 756 |
| Rexford Industrial Realty, Inc. | 29859 | 1227 |
| Ryman Hospitality Properties, Inc. | 12132 | 1087 |
| Sabra Health Care REIT, Inc. | 45869 | 855 |
| Simon Property Group, Inc. | 9866 | 1852 |
| Sun Communities, Inc. | 4726 | 610 |
| Sunstone Hotel Investors, Inc. | 56079 | 525 |
| UDR, Inc. | 21204 | 790 |
| Ventas, Inc. | 43967 | 3077 |
| Welltower, Inc. | 9526 | 1697 |
| Weyerhaeuser Co. | 13481 | 334 |
|  |  | **51729** |
| **Total Common Stocks** |  |  |
| **(Cost $73,451)** |  | **82951** |
| **RIGHTS – 0.0%**  |  |  |
| **Singapore – 0.0%** |  |  |
| Keppel DC REIT\* | 13096 | **1** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **1** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 3.5%**  | **INVESTMENT COMPANIES – 3.5%**  | **INVESTMENT COMPANIES – 3.5%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(2) (3) (4)</sup> <br>| 998334 | $998 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(2) (3)</sup> <br>| 1969462 | 1970 |
| **Total Investment Companies** |  |  |
| **(Cost $2,968)** |  | **2968** |
| **Total Investments – 101.0%** |  |  |
| **(Cost $76,419)** |  | **85920** |
| Liabilities less Other Assets – (1.0%) |  | (867)<br>|
| **Net Assets – 100.0%** |  | **$85053** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(3)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(4)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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 September 30, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Real Estate | 95.7<br> %<br>|
| Communication Services | 0.9 |
| Consumer Discretionary | 0.6 |
| Financials | 0.3 |
| Short-Term Investments | 3.5 |
| Total Investments | 101.0 |
| Liabilities less Other Assets | (1.0)<br>|
| Net Assets | 100.0<br> %<br>|

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **125** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MULTI-MANAGER GLOBAL REAL ESTATE FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

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 September 30, 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 September 30, 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; $779 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $779 |
| Singapore | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 1316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1434 |
| United States | &nbsp;&nbsp; 51729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51729 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 29009 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29009 |
| Total Common Stocks | &nbsp;&nbsp; 52626 | &nbsp;&nbsp; 30325 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82951 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Investment Companies | &nbsp;&nbsp; 2968 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2968 |
| Total Investments | &nbsp;&nbsp; $55594 | &nbsp;&nbsp; $30326 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $85920 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **126** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **SMALL CAP CORE FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%**  | **COMMON STOCKS – 98.3%**  | **COMMON STOCKS – 98.3%**  |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| AAR Corp.\* | 5039 | $452 |
| AeroVironment, Inc.\* | 3146 | 991 |
| Astronics Corp.\* | 6704 | 306 |
| Ducommun, Inc.\* | 2891 | 278 |
| &nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 18722 | 1711 |
| Mercury Systems, Inc.\* | 6917 | 535 |
| Moog, Inc., Class A | 3561 | 739 |
| National Presto Industries, Inc. | 882 | 99 |
| Park Aerospace Corp. | 3296 | 67 |
| V2X, Inc.\* | 3070 | 178 |
| VSE Corp. | 3305 | 549 |
|  |  | **5905** |
| **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** |
| Forward Air Corp.\* | 4769 | **122** |
| **Automobile Components – 1.4%** | **Automobile Components – 1.4%** | **Automobile Components – 1.4%** |
| Adient PLC\* | 12827 | 309 |
| &nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 8974 | 54 |
| Cooper-Standard Holdings, Inc.\* | 1518 | 56 |
| Dana, Inc. | 17889 | 358 |
| Dorman Products, Inc.\* | 4913 | 766 |
| Garrett Motion, Inc. | 20622 | 281 |
| Gentherm, Inc.\* | 5761 | 196 |
| Goodyear Tire & Rubber (The) Co.\* | 39242 | 294 |
| LCI Industries | 5092 | 474 |
| Modine Manufacturing Co.\* | 5899 | 839 |
| Motorcar Parts of America, Inc.\* | 3661 | 61 |
| Patrick Industries, Inc. | 4701 | 486 |
| Phinia, Inc. | 4010 | 230 |
| Standard Motor Products, Inc. | 3051 | 125 |
| Stoneridge, Inc.\* | 3273 | 25 |
| Strattec Security Corp.<sup>\* †</sup> <br>| 1098 | 75 |
| Superior Industries International, Inc.\* | 6087 | 1 |
| Visteon Corp. | 3483 | 417 |
| XPEL, Inc.\* | 2129 | 70 |
|  |  | **5117** |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** | **Automobiles – 0.1%** |
| Winnebago Industries, Inc. | 6100 | **204** |
| **Banks – 9.9%** | **Banks – 9.9%** | **Banks – 9.9%** |
| 1st Source Corp. | 4311 | 265 |
| Amalgamated Financial Corp. | 4121 | 112 |
| Ameris Bancorp | 7272 | 533 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Banks – 9.9%continued** | **Banks – 9.9%continued** | **Banks – 9.9%continued** |
| AmeriServ Financial, Inc. | 2282 | $7 |
| Ames National Corp. | 1197 | 24 |
| Arrow Financial Corp. | 3780 | 107 |
| Associated Banc-Corp | 15635 | 402 |
| Atlantic Union Bankshares Corp. | 18299 | 646 |
| Axos Financial, Inc.\* | 9225 | 781 |
| Banc of California, Inc. | 17962 | 297 |
| BancFirst Corp. | 3015 | 381 |
| Bancorp (The), Inc.\* | 6462 | 484 |
| Bank First Corp. | 2214 | 269 |
| Bank of Hawaii Corp. | 4587 | 301 |
| Bank of Marin Bancorp | 2538 | 62 |
| Bank of NT Butterfield & Son (The) Ltd. | 6012 | 258 |
| Bank of South Carolina Corp. | 4331 | 68 |
| Bank7 Corp. | 6038 | 279 |
| BankFinancial Corp. | 2362 | 28 |
| BankUnited, Inc. | 8819 | 337 |
| Bankwell Financial Group, Inc. | 5346 | 237 |
| Banner Corp. | 5797 | 380 |
| Bar Harbor Bankshares | 1355 | 41 |
| Bayfirst Financial Corp. | 5839 | 61 |
| BCB Bancorp, Inc. | 1549 | 13 |
| Beacon Financial Corp. | 5611 | 133 |
| Blue Ridge Bankshares, Inc.\* | 29075 | 123 |
| &nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp.<br>| 1596 | 98 |
| Business First Bancshares, Inc. | 2150 | 51 |
| C&F Financial Corp. | 1099 | 74 |
| Cadence Bank | 23994 | 901 |
| California BanCorp\* | 6874 | 115 |
| Camden National Corp. | 2670 | 103 |
| Capital City Bank Group, Inc. | 1462 | 61 |
| Capitol Federal Financial, Inc. | 16576 | 105 |
| Cathay General Bancorp | 10746 | 516 |
| CB Financial Services, Inc.<sup>†</sup> <br>| 263 | 9 |
| Central Pacific Financial Corp. | 3449 | 105 |
| CF Bankshares, Inc. | 4201 | 101 |
| CFSB Bancorp, Inc.\* | 401 | 6 |
| Chain Bridge Bancorp, Inc., Class A\* | 4256 | 139 |
| Chemung Financial Corp. | 1952 | 103 |
| Citizens & Northern Corp. | 810 | 16 |
| Citizens Community Bancorp, Inc. | 1116 | 18 |
| Citizens Financial Services, Inc. | 204 | 12 |
| City Holding Co. | 2601 | 322 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Banks – 9.9%continued** | **Banks – 9.9%continued** | **Banks – 9.9%continued** |
| Civista Bancshares, Inc. | 509 | $10 |
| CNB Financial Corp. | 5177 | 125 |
| Colony Bankcorp, Inc.<sup>†</sup> <br>| 961 | 16 |
| Columbia Banking System, Inc. | 12793 | 329 |
| Columbia Financial, Inc.\* | 3531 | 53 |
| Community Financial System, Inc. | 6373 | 374 |
| Community Trust Bancorp, Inc. | 1938 | 108 |
| Community West Bancshares | 5321 | 111 |
| ConnectOne Bancorp, Inc. | 2936 | 73 |
| Customers Bancorp, Inc.\* | 3825 | 250 |
| CVB Financial Corp. | 17121 | 324 |
| Dime Community Bancshares, Inc. | 4580 | 137 |
| Eastern Bankshares, Inc. | 22782 | 413 |
| Enterprise Financial Services Corp. | 3678 | 213 |
| Equity Bancshares, Inc., Class A | 2394 | 97 |
| Esquire Financial Holdings, Inc. | 887 | 91 |
| Farmers National Banc Corp. | 7639 | 110 |
| FB Financial Corp. | 4592 | 256 |
| Financial Institutions, Inc. | 3101 | 84 |
| First Bancorp | 5526 | 292 |
| First BanCorp | 21023 | 464 |
| First Bancorp (The), Inc. | 620 | 16 |
| First Bank<sup>(1)</sup> <br>| 6 |  |
| First Busey Corp. | 11588 | 268 |
| First Business Financial Services, Inc. | 836 | 43 |
| First Commonwealth Financial Corp. | 19731 | 336 |
| First Community Bankshares, Inc. | 2214 | 77 |
| First Community Corp. | 4256 | 120 |
| First Financial Bancorp | 9930 | 251 |
| First Financial Bankshares, Inc. | 19735 | 664 |
| First Financial Corp. | 1826 | 103 |
| First Financial Northwest, Inc.<sup>(2) \*</sup> <br>| 1552 | 2 |
| First Foundation, Inc.\* | 3990 | 22 |
| First Guaranty Bancshares, Inc. | 537 | 4 |
| First Hawaiian, Inc. | 13570 | 337 |
| First Internet Bancorp | 1165 | 26 |
| First Interstate BancSystem, Inc., Class A | 9869 | 315 |
| First Merchants Corp. | 7129 | 269 |
| First Mid Bancshares, Inc. | 2956 | 112 |
| First Savings Financial Group, Inc. | 7752 | 244 |
| First U.S. Bancshares, Inc. | 7886 | 98 |
| First United Corp. | 5315 | 195 |
| Five Star Bancorp | 2129 | 69 |
| Flushing Financial Corp. | 4630 | 64 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Banks – 9.9%continued** | **Banks – 9.9%continued** | **Banks – 9.9%continued** |
| FS Bancorp, Inc. | 1659 | $66 |
| Fulton Financial Corp. | 23085 | 430 |
| German American Bancorp, Inc. | 3642 | 143 |
| Glacier Bancorp, Inc. | 14722 | 717 |
| Great Southern Bancorp, Inc. | 1172 | 72 |
| Hancock Whitney Corp. | 11329 | 709 |
| Hanmi Financial Corp. | 3420 | 84 |
| Harleysville Financial Corp. | 203 | 5 |
| Hawthorn Bancshares, Inc. | 739 | 23 |
| HBT Financial, Inc. | 3193 | 80 |
| Heritage Commerce Corp. | 6384 | 63 |
| Heritage Financial Corp. | 5544 | 134 |
| Hilltop Holdings, Inc. | 10366 | 346 |
| Home Bancorp, Inc. | 2150 | 117 |
| Home BancShares, Inc. | 24343 | 689 |
| HomeTrust Bancshares, Inc. | 2633 | 108 |
| Hope Bancorp, Inc. | 14091 | 152 |
| Horizon Bancorp, Inc. | 5602 | 90 |
| Independent Bank Corp. | 7954 | 550 |
| Independent Bank Corp. | 2129 | 66 |
| International Bancshares Corp. | 8385 | 576 |
| Investar Holding Corp. | 7578 | 176 |
| Jeffersonville Bancorp | 514 | 11 |
| Kearny Financial Corp. | 16613 | 109 |
| Kentucky First Federal Bancorp\* | 942 | 4 |
| Lake Shore Bancorp, Inc. | 786 | 10 |
| Lakeland Financial Corp. | 3281 | 211 |
| Landmark Bancorp, Inc. | 1130 | 30 |
| Magyar Bancorp, Inc. | 1016 | 17 |
| Mechanics Bancorp, Class A\* | 3245 | 43 |
| Mercantile Bank Corp. | 3975 | 179 |
| Metrocity Bankshares, Inc. | 2661 | 74 |
| Metropolitan Bank Holding Corp. | 1242 | 93 |
| Mid Penn Bancorp, Inc. | 722 | 21 |
| MidWestOne Financial Group, Inc. | 988 | 28 |
| NASB Financial, Inc. | 779 | 27 |
| National Bank Holdings Corp., Class A | 4537 | 175 |
| National Bankshares, Inc. | 621 | 18 |
| NB Bancorp, Inc. | 5031 | 89 |
| NBT Bancorp, Inc. | 7171 | 299 |
| Nicolet Bankshares, Inc. | 2042 | 275 |
| Northeast Bank | 1535 | 154 |
| Northeast Community Bancorp, Inc. | 1844 | 38 |
| Northfield Bancorp, Inc. | 10850 | 128 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **128** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Banks – 9.9%continued** | **Banks – 9.9%continued** | **Banks – 9.9%continued** |
| Northrim BanCorp, Inc. | 4608 | $100 |
| Northwest Bancshares, Inc. | 16074 | 199 |
| Norwood Financial Corp. | 790 | 20 |
| OceanFirst Financial Corp. | 6363 | 112 |
| OFG Bancorp | 7258 | 316 |
| Ohio Valley Banc Corp. | 1122 | 41 |
| Old Second Bancorp, Inc. | 1830 | 32 |
| Orrstown Financial Services, Inc. | 1952 | 66 |
| Park National Corp. | 2010 | 327 |
| Pathfinder Bancorp, Inc. | 1047 | 16 |
| Pathward Financial, Inc. | 2468 | 183 |
| Patriot National Bancorp, Inc.\* | 93742 | 122 |
| &nbsp;&nbsp; Peoples Bancorp of North Carolina, <br> Inc.<br>| 1071 | 33 |
| Peoples Bancorp, Inc. | 4440 | 133 |
| Peoples Financial Corp. | 201 | 4 |
| Peoples Financial Services Corp. | 720 | 35 |
| Preferred Bank | 2611 | 236 |
| Primis Financial Corp. | 524 | 5 |
| Provident Bancorp, Inc.<sup>(1) \*</sup> <br>| 18 |  |
| Provident Financial Holdings, Inc. | 1221 | 19 |
| Provident Financial Services, Inc. | 16271 | 314 |
| Renasant Corp. | 11653 | 430 |
| Republic Bancorp, Inc., Class A | 2179 | 157 |
| S&T Bancorp, Inc. | 4923 | 185 |
| Seacoast Banking Corp. of Florida | 10914 | 332 |
| ServisFirst Bancshares, Inc. | 8746 | 704 |
| Shore Bancshares, Inc. | 6009 | 99 |
| Sierra Bancorp | 689 | 20 |
| Simmons First National Corp., Class A | 12956 | 248 |
| SmartFinancial, Inc. | 1774 | 63 |
| South Plains Financial, Inc. | 1596 | 62 |
| Southern First Bancshares, Inc.\* | 3065 | 135 |
| Southern Missouri Bancorp, Inc. | 495 | 26 |
| Southside Bancshares, Inc. | 3379 | 95 |
| Stellar Bancorp, Inc. | 6349 | 193 |
| Stock Yards Bancorp, Inc. | 4254 | 298 |
| Texas Capital Bancshares, Inc.\* | 5993 | 507 |
| Third Coast Bancshares, Inc.\* | 3015 | 114 |
| Timberland Bancorp, Inc. | 1259 | 42 |
| Tompkins Financial Corp. | 1646 | 109 |
| Towne Bank | 8788 | 304 |
| TriCo Bancshares | 3389 | 150 |
| TrustCo Bank Corp. NY | 1751 | 64 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Banks – 9.9%continued** | **Banks – 9.9%continued** | **Banks – 9.9%continued** |
| Trustmark Corp. | 8637 | $342 |
| UMB Financial Corp. | 8277 | 980 |
| Union Bankshares, Inc.<sup>†</sup> <br>| 4522 | 112 |
| United Bancorp, Inc. | 1107 | 15 |
| United Bankshares, Inc. | 17087 | 636 |
| United Community Banks, Inc. | 15456 | 485 |
| Unity Bancorp, Inc. | 1631 | 80 |
| Univest Financial Corp. | 3731 | 112 |
| Veritex Holdings, Inc. | 5539 | 186 |
| Virginia National Bankshares Corp. | 105 | 4 |
| WaFd, Inc. | 7781 | 236 |
| Washington Trust Bancorp, Inc. | 2924 | 84 |
| WesBanco, Inc. | 15650 | 500 |
| West BanCorp, Inc. | 838 | 17 |
| Westamerica BanCorp | 4140 | 207 |
| Western New England Bancorp, Inc. | 5980 | 72 |
| WSFS Financial Corp. | 11649 | 628 |
|  |  | **35824** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| MGP Ingredients, Inc. | 2281 | 55 |
| National Beverage Corp.\* | 10841 | 401 |
| Vita Coco (The) Co., Inc.\* | 6550 | 278 |
|  |  | **734** |
| **Biotechnology – 6.2%** | **Biotechnology – 6.2%** | **Biotechnology – 6.2%** |
| 4D Molecular Therapeutics, Inc.\* | 6580 | 57 |
| 89bio, Inc.\* | 14571 | 214 |
| Abeona Therapeutics, Inc.<sup>\* †</sup> <br>| 16671 | 88 |
| ACADIA Pharmaceuticals, Inc.\* | 14167 | 302 |
| Achieve Life Sciences, Inc.<sup>\* †</sup> <br>| 27256 | 86 |
| Actuate Therapeutics, Inc.<sup>\* †</sup> <br>| 14364 | 96 |
| Acumen Pharmaceuticals, Inc.\* | 903 | 2 |
| Adaptimmune Therapeutics PLC ADR<sup>\* †</sup> <br>| 16891 | 2 |
| ADMA Biologics, Inc.\* | 29815 | 437 |
| Agenus, Inc.<sup>\* †</sup> <br>| 6456 | 25 |
| Agios Pharmaceuticals, Inc.\* | 3554 | 143 |
| Akero Therapeutics, Inc.\* | 3668 | 174 |
| Alector, Inc.\* | 11486 | 34 |
| Alkermes PLC\* | 19584 | 588 |
| Allogene Therapeutics, Inc.\* | 19958 | 25 |
| Altimmune, Inc.<sup>\* †</sup> <br>| 8626 | 33 |
| Alvotech S.A.<sup>\* †</sup> <br>| 30785 | 252 |
| ALX Oncology Holdings, Inc.\* | 18872 | 35 |
| Amicus Therapeutics, Inc.\* | 48196 | 380 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Biotechnology – 6.2%continued** | **Biotechnology – 6.2%continued** | **Biotechnology – 6.2%continued** |
| AnaptysBio, Inc.<sup>\* †</sup> <br>| 7918 | $242 |
| Anavex Life Sciences Corp.<sup>\* †</sup> <br>| 16210 | 144 |
| Anika Therapeutics, Inc.\* | 3595 | 34 |
| Annexon, Inc.\* | 4623 | 14 |
| Annovis Bio, Inc.\* | 26351 | 55 |
| Aravive, Inc.<sup>(2) \*</sup> <br>| 8839 |  |
| Arbutus Biopharma Corp.\* | 5627 | 26 |
| Arcellx, Inc.\* | 7092 | 582 |
| Arcturus Therapeutics Holdings, Inc.\* | 6103 | 112 |
| Arcus Biosciences, Inc.\* | 11456 | 156 |
| Arcutis Biotherapeutics, Inc.\* | 13305 | 251 |
| Ardelyx, Inc.\* | 4733 | 26 |
| ArriVent Biopharma, Inc.<sup>\* †</sup> <br>| 4628 | 85 |
| Arrowhead Pharmaceuticals, Inc.\* | 13940 | 481 |
| ARS Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 9956 | 100 |
| Assembly Biosciences, Inc.\* | 5566 | 142 |
| Astria Therapeutics, Inc.\* | 16608 | 121 |
| Aura Biosciences, Inc.\* | 16423 | 101 |
| Aurinia Pharmaceuticals, Inc.\* | 14845 | 164 |
| Avita Medical, Inc.<sup>\* †</sup> <br>| 12060 | 62 |
| Beyondspring, Inc.\* | 5429 | 10 |
| Biomea Fusion, Inc.<sup>\* †</sup> <br>| 23529 | 48 |
| Boundless Bio, Inc.\* | 58678 | 72 |
| C4 Therapeutics, Inc.\* | 4640 | 10 |
| Cabaletta Bio, Inc.\* | 10002 | 23 |
| Capricor Therapeutics, Inc.<sup>\* †</sup> <br>| 15742 | 114 |
| CareDx, Inc.\* | 5677 | 83 |
| Caribou Biosciences, Inc.<sup>\* †</sup> <br>| 12024 | 28 |
| Cartesian Therapeutics, Inc.<sup>\* †</sup> <br>| 3668 | 37 |
| Catalyst Pharmaceuticals, Inc.\* | 25563 | 504 |
| Celcuity, Inc.<sup>\* †</sup> <br>| 12384 | 612 |
| Celldex Therapeutics, Inc.\* | 6683 | 173 |
| CervoMed, Inc.<sup>\* †</sup> <br>| 4275 | 35 |
| Cibus, Inc.<sup>(1) \* †</sup> <br>| 1 |  |
| Cidara Therapeutics, Inc.\* | 6636 | 635 |
| Climb Bio, Inc.<sup>\* †</sup> <br>| 11704 | 24 |
| Cogent Biosciences, Inc.\* | 9429 | 135 |
| Coherus Oncology, Inc.<sup>\* †</sup> <br>| 10990 | 18 |
| Corbus Pharmaceuticals Holdings, Inc.\* | 1910 | 24 |
| CRISPR Therapeutics A.G.<sup>\* †</sup> <br>| 8784 | 569 |
| Cullinan Therapeutics, Inc.\* | 8019 | 48 |
| CureVac N.V.\* | 22914 | 124 |
| Curis, Inc.\* | 10303 | 17 |
| CytomX Therapeutics, Inc.<sup>\* †</sup> <br>| 42758 | 136 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Biotechnology – 6.2%continued** | **Biotechnology – 6.2%continued** | **Biotechnology – 6.2%continued** |
| Day One Biopharmaceuticals, Inc.\* | 4825 | $34 |
| Denali Therapeutics, Inc.\* | 14703 | 213 |
| Design Therapeutics, Inc.<sup>\* †</sup> <br>| 17651 | 133 |
| DiaMedica Therapeutics, Inc.<sup>\* †</sup> <br>| 14743 | 101 |
| Dianthus Therapeutics, Inc.<sup>\* †</sup> <br>| 3232 | 127 |
| Disc Medicine, Inc.\* | 1635 | 108 |
| Dyadic International, Inc.\* | 11601 | 14 |
| Dynavax Technologies Corp.\* | 21054 | 209 |
| Dyne Therapeutics, Inc.\* | 11456 | 145 |
| Eagle Pharmaceuticals, Inc.\* | 2878 | 8 |
| Editas Medicine, Inc.\* | 6265 | 22 |
| Elicio Therapeutics, Inc.<sup>\* †</sup> <br>| 11848 | 130 |
| Emergent BioSolutions, Inc.<sup>\* †</sup> <br>| 7369 | 65 |
| Enanta Pharmaceuticals, Inc.\* | 10524 | 126 |
| Engene Holdings, Inc.\* | 9607 | 66 |
| Entrada Therapeutics, Inc.\* | 10514 | 61 |
| Foghorn Therapeutics, Inc.\* | 7461 | 36 |
| Fortress Biotech, Inc.<sup>\* †</sup> <br>| 55752 | 206 |
| Galectin Therapeutics, Inc.<sup>\* †</sup> <br>| 5782 | 24 |
| Genelux Corp.<sup>\* †</sup> <br>| 27074 | 114 |
| Geron Corp.<sup>\* †</sup> <br>| 18957 | 26 |
| Greenwich Lifesciences, Inc.<sup>\* †</sup> <br>| 5065 | 50 |
| Gyre Therapeutics, Inc.\* | 7423 | 55 |
| Humacyte, Inc.<sup>\* †</sup> <br>| 13535 | 24 |
| Immatics N.V.\* | 7116 | 61 |
| Immix Biopharma, Inc.\* | 16132 | 34 |
| ImmuCell Corp.\* | 2005 | 13 |
| Immunic, Inc.<sup>\* †</sup> <br>| 11654 | 10 |
| Immunome, Inc.\* | 9071 | 106 |
| Inhibrx Biosciences, Inc.\* | 7218 | 243 |
| Inmune Bio, Inc.\* | 12414 | 26 |
| Inovio Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 50876 | 119 |
| Ironwood Pharmaceuticals, Inc.\* | 30517 | 40 |
| Jasper Therapeutics, Inc.\* | 3638 | 9 |
| KalVista Pharmaceuticals, Inc.\* | 13063 | 159 |
| Keros Therapeutics, Inc.\* | 1854 | 29 |
| &nbsp;&nbsp; Kiniksa Pharmaceuticals International <br> PLC\*<br>| 7447 | 289 |
| Klotho Neurosciences, Inc.\* | 64534 | 31 |
| Kodiak Sciences, Inc.\* | 26421 | 433 |
| Korro Bio, Inc.<sup>\* †</sup> <br>| 2358 | 113 |
| Krystal Biotech, Inc.\* | 2039 | 360 |
| Kura Oncology, Inc.\* | 12946 | 115 |
| Larimar Therapeutics, Inc.\* | 375 | 1 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **130** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Biotechnology – 6.2%continued** | **Biotechnology – 6.2%continued** | **Biotechnology – 6.2%continued** |
| Lexeo Therapeutics, Inc.<sup>\* †</sup> <br>| 5365 | $36 |
| Lexicon Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 8772 | 12 |
| MacroGenics, Inc.\* | 6690 | 11 |
| MannKind Corp.\* | 27933 | 150 |
| MDxHealth S.A.\* | 69780 | 324 |
| MediciNova, Inc.\* | 14934 | 19 |
| MeiraGTx Holdings PLC\* | 9665 | 80 |
| Mereo Biopharma Group PLC ADR\* | 1007 | 2 |
| Merrimack Pharmaceuticals, Inc.<sup>(2) \*</sup> <br>| 7504 |  |
| Mersana Therapeutics, Inc.\* | 321 | 2 |
| MiMedx Group, Inc.\* | 10156 | 71 |
| Mineralys Therapeutics, Inc.\* | 6813 | 258 |
| Mirum Pharmaceuticals, Inc.\* | 9559 | 701 |
| Monte Rosa Therapeutics, Inc.<sup>\* †</sup> <br>| 9082 | 67 |
| Neurogene, Inc.\* | 2621 | 45 |
| Nkarta, Inc.\* | 18031 | 37 |
| Nurix Therapeutics, Inc.\* | 4367 | 40 |
| OKYO Pharma Ltd.\* | 18849 | 38 |
| Olema Pharmaceuticals, Inc.\* | 14786 | 145 |
| Organogenesis Holdings, Inc.\* | 6209 | 26 |
| ORIC Pharmaceuticals, Inc.\* | 16004 | 192 |
| PDL BioPharma, Inc.<sup>(2) \*</sup> <br>| 24608 | 10 |
| PepGen, Inc.\* | 5256 | 24 |
| Perspective Therapeutics, Inc.\* | 7001 | 24 |
| PMV Pharmaceuticals, Inc.\* | 6605 | 9 |
| Praxis Precision Medicines, Inc.\* | 2904 | 154 |
| Precigen, Inc.<sup>\* †</sup> <br>| 68543 | 226 |
| Precision BioSciences, Inc.\* | 7949 | 44 |
| Prime Medicine, Inc.\* | 12837 | 71 |
| ProKidney Corp.\* | 6092 | 15 |
| ProQR Therapeutics N.V.\* | 4690 | 10 |
| Protagonist Therapeutics, Inc.\* | 4085 | 271 |
| Protalix BioTherapeutics, Inc.<sup>\* †</sup> <br>| 503 | 1 |
| Prothena Corp. PLC\* | 4103 | 40 |
| PTC Therapeutics, Inc.\* | 7981 | 490 |
| Q32 Bio, Inc.\* | 4787 | 9 |
| REGENXBIO, Inc.\* | 11043 | 107 |
| Relay Therapeutics, Inc.\* | 11439 | 60 |
| Repare Therapeutics, Inc.\* | 83675 | 147 |
| Replimune Group, Inc.<sup>\* †</sup> <br>| 12254 | 51 |
| Rezolute, Inc.\* | 24249 | 228 |
| Rhythm Pharmaceuticals, Inc.\* | 6186 | 625 |
| Sana Biotechnology, Inc.<sup>\* †</sup> <br>| 38985 | 138 |
| Savara, Inc.\* | 5462 | 19 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Biotechnology – 6.2%continued** | **Biotechnology – 6.2%continued** | **Biotechnology – 6.2%continued** |
| Scholar Rock Holding Corp.\* | 16168 | $602 |
| Sera Prognostics, Inc., Class A<sup>\* †</sup> <br>| 11092 | 34 |
| Serina Therapeutics, Inc.<sup>\* †</sup> <br>| 7092 | 38 |
| Shattuck Labs, Inc.\* | 3786 | 9 |
| Solid Biosciences, Inc.\* | 372 | 2 |
| Spero Therapeutics, Inc.\* | 6376 | 12 |
| Spyre Therapeutics, Inc.<sup>\* †</sup> <br>| 3146 | 53 |
| Stoke Therapeutics, Inc.<sup>\* †</sup> <br>| 9633 | 226 |
| Sutro Biopharma, Inc.\* | 2516 | 2 |
| Tango Therapeutics, Inc.<sup>\* †</sup> <br>| 8821 | 74 |
| Tenaya Therapeutics, Inc.<sup>\* †</sup> <br>| 5333 | 9 |
| TG Therapeutics, Inc.\* | 13623 | 492 |
| Tourmaline Bio, Inc.\* | 5153 | 246 |
| Travere Therapeutics, Inc.\* | 7359 | 176 |
| Tyra Biosciences, Inc.<sup>\* †</sup> <br>| 4717 | 66 |
| UroGen Pharma Ltd.<sup>\* †</sup> <br>| 12565 | 251 |
| Vanda Pharmaceuticals, Inc.\* | 7497 | 37 |
| Vaxcyte, Inc.\* | 8240 | 297 |
| Veracyte, Inc.\* | 8839 | 303 |
| Vericel Corp.\* | 5939 | 187 |
| Voyager Therapeutics, Inc.\* | 7892 | 37 |
| vTv Therapeutics, Inc., Class A<sup>\* †</sup> <br>| 4280 | 100 |
| XBiotech, Inc.\* | 5234 | 14 |
| Xencor, Inc.\* | 3894 | 46 |
| XOMA Royalty Corp.\* | 6828 | 263 |
| Zymeworks, Inc.\* | 5021 | 86 |
|  |  | **22329** |
| **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** |
| Savers Value Village, Inc.<sup>\* †</sup> <br>| 16040 | **213** |
| **Building Products – 1.5%** | **Building Products – 1.5%** | **Building Products – 1.5%** |
| American Woodmark Corp.\* | 2039 | 136 |
| Apogee Enterprises, Inc. | 4458 | 194 |
| AZZ, Inc. | 3061 | 334 |
| CSW Industrials, Inc. | 1880 | 457 |
| Gibraltar Industries, Inc.\* | 5005 | 314 |
| Griffon Corp. | 7234 | 551 |
| Hayward Holdings, Inc.\* | 21958 | 332 |
| Insteel Industries, Inc. | 5380 | 206 |
| JELD-WEN Holding, Inc.\* | 9006 | 44 |
| Quanex Building Products Corp. | 4258 | 61 |
| Resideo Technologies, Inc.\* | 17595 | 760 |
| Tecnoglass, Inc. | 5144 | 344 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Building Products – 1.5%continued** | **Building Products – 1.5%continued** | **Building Products – 1.5%continued** |
| UFP Industries, Inc. | 8984 | $840 |
| Zurn Elkay Water Solutions Corp. | 18630 | 876 |
|  |  | **5449** |
| **Capital Markets – 1.7%** | **Capital Markets – 1.7%** | **Capital Markets – 1.7%** |
| Acadian Asset Management, Inc. | 3628 | 175 |
| ArrowMark Financial Corp. | 2106 | 46 |
| &nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A<br>| 6151 | 267 |
| &nbsp;&nbsp; Associated Capital Group, Inc., <br> Class A<sup>†</sup> <br>| 1983 | 67 |
| B. Riley Financial, Inc.\* | 1907 | 11 |
| BGC Group, Inc., Class A | 35299 | 334 |
| Capital Southwest Corp.<sup>†</sup> <br>| 5539 | 121 |
| Cohen & Steers, Inc. | 3621 | 238 |
| Coincheck Group N.V.\* | 19094 | 88 |
| Diamond Hill Investment Group, Inc. | 911 | 128 |
| DigitalBridge Group, Inc. | 19559 | 229 |
| GAMCO Investors, Inc., Class A | 5421 | 126 |
| Moelis & Co., Class A | 7830 | 558 |
| Morgan Stanley Direct Lending Fund<sup>†</sup> <br>| 8784 | 141 |
| Oaktree Specialty Lending Corp. | 8975 | 117 |
| Patria Investments Ltd., Class A | 14046 | 205 |
| Piper Sandler Cos. | 2685 | 932 |
| PJT Partners, Inc., Class A | 2928 | 520 |
| Siebert Financial Corp.<sup>\* †</sup> <br>| 5256 | 15 |
| StepStone Group, Inc., Class A | 6202 | 405 |
| StoneX Group, Inc.\* | 6398 | 646 |
| Victory Capital Holdings, Inc., Class A | 8572 | 555 |
| Virtus Investment Partners, Inc. | 812 | 154 |
| Westwood Holdings Group, Inc. | 1748 | 29 |
| WisdomTree, Inc.<sup>†</sup> <br>| 11695 | 163 |
|  |  | **6270** |
| **Chemicals – 1.9%** | **Chemicals – 1.9%** | **Chemicals – 1.9%** |
| AdvanSix, Inc. | 3337 | 65 |
| Alto Ingredients, Inc.\* | 7672 | 8 |
| American Vanguard Corp.\* | 3104 | 18 |
| Arq, Inc.\* | 713 | 5 |
| Ashland, Inc. | 4612 | 221 |
| Aspen Aerogels, Inc.\* | 3502 | 24 |
| Avient Corp. | 11324 | 373 |
| Balchem Corp. | 4401 | 660 |
| Cabot Corp. | 7773 | 591 |
| Chemours (The) Co. | 15275 | 242 |
| H.B. Fuller Co. | 8809 | 522 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Chemicals – 1.9%continued** | **Chemicals – 1.9%continued** | **Chemicals – 1.9%continued** |
| Hawkins, Inc. | 5625 | $1028 |
| Huntsman Corp. | 17569 | 158 |
| Ingevity Corp.\* | 5661 | 313 |
| Innospec, Inc. | 3296 | 254 |
| Intrepid Potash, Inc.\* | 650 | 20 |
| Koppers Holdings, Inc. | 5823 | 163 |
| Kronos Worldwide, Inc. | 3601 | 21 |
| LSB Industries, Inc.\* | 4562 | 36 |
| Mativ Holdings, Inc. | 10465 | 118 |
| Minerals Technologies, Inc. | 5237 | 325 |
| Olin Corp. | 11527 | 288 |
| Orion S.A. | 5761 | 44 |
| Perimeter Solutions, Inc.\* | 14894 | 334 |
| Quaker Chemical Corp. | 2802 | 369 |
| Sensient Technologies Corp. | 6123 | 575 |
| Stepan Co. | 3333 | 159 |
| Tronox Holdings PLC | 14448 | 58 |
|  |  | **6992** |
| **Commercial Services & Supplies – 1.6%** | **Commercial Services & Supplies – 1.6%** | **Commercial Services & Supplies – 1.6%** |
| ABM Industries, Inc. | 9101 | 420 |
| ACCO Brands Corp. | 14540 | 58 |
| ACV Auctions, Inc., Class A\* | 15374 | 152 |
| Brady Corp., Class A | 6995 | 546 |
| Brink's (The) Co. | 6630 | 775 |
| Casella Waste Systems, Inc., Class A\* | 5978 | 567 |
| CECO Environmental Corp.\* | 1428 | 73 |
| Cimpress PLC\* | 3645 | 230 |
| Civeo Corp. | 239 | 6 |
| CompX International, Inc.<sup>†</sup> <br>| 2196 | 51 |
| CoreCivic, Inc.\* | 15029 | 306 |
| Deluxe Corp. | 6097 | 118 |
| Ennis, Inc. | 4387 | 80 |
| GEO Group (The), Inc.\* | 14720 | 302 |
| HNI Corp. | 6471 | 303 |
| Interface, Inc. | 6378 | 185 |
| Liquidity Services, Inc.\* | 3429 | 94 |
| MillerKnoll, Inc. | 11582 | 205 |
| NL Industries, Inc. | 5922 | 36 |
| Odyssey Marine Exploration, Inc.\* | 377 | 1 |
| OPENLANE, Inc.\* | 17817 | 513 |
| &nbsp;&nbsp; Perma-Fix Environmental Services, Inc.<sup>\*</sup> <br>† <br>| 1089 | 11 |
| Pitney Bowes, Inc. | 20288 | 232 |
| Quad/Graphics, Inc. | 1820 | 11 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **132** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Commercial Services & Supplies – 1.6%continued** | **Commercial Services & Supplies – 1.6%continued** | **Commercial Services & Supplies – 1.6%continued** |
| Steelcase, Inc., Class A | 13445 | $231 |
| UniFirst Corp. | 2066 | 345 |
| Virco Mfg. Corp. | 3222 | 25 |
|  |  | **5876** |
| **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** |
| ADTRAN Holdings, Inc.\* | 6474 | 61 |
| Applied Optoelectronics, Inc.\* | 5779 | 150 |
| Aviat Networks, Inc.\* | 2093 | 48 |
| BK Technologies Corp.\* | 291 | 25 |
| Calix, Inc.\* | 6327 | 388 |
| Clearfield, Inc.\* | 3404 | 117 |
| CommScope Holding Co., Inc.\* | 24814 | 384 |
| Comtech Telecommunications Corp.\* | 3514 | 9 |
| Digi International, Inc.\* | 7476 | 272 |
| Extreme Networks, Inc.\* | 14248 | 294 |
| Harmonic, Inc.\* | 13154 | 134 |
| Ituran Location and Control Ltd. | 2852 | 102 |
| KVH Industries, Inc.\* | 5656 | 32 |
| NETGEAR, Inc.\* | 4172 | 135 |
| NetScout Systems, Inc.\* | 10160 | 262 |
| Ribbon Communications, Inc.\* | 3698 | 14 |
| Viasat, Inc.\* | 13174 | 386 |
| Viavi Solutions, Inc.\* | 26866 | 341 |
|  |  | **3154** |
| **Construction & Engineering – 2.7%** | **Construction & Engineering – 2.7%** | **Construction & Engineering – 2.7%** |
| Arcosa, Inc. | 7605 | 713 |
| Argan, Inc. | 2527 | 682 |
| Centuri Holdings, Inc.\* | 8975 | 190 |
| Construction Partners, Inc., Class A\* | 5401 | 686 |
| Dycom Industries, Inc.\* | 4067 | 1187 |
| Everus Construction Group, Inc.\* | 6397 | 549 |
| Fluor Corp.\* | 19332 | 813 |
| Granite Construction, Inc. | 7598 | 833 |
| Great Lakes Dredge & Dock Corp.\* | 5755 | 69 |
| IES Holdings, Inc.\* | 1163 | 463 |
| Limbach Holdings, Inc.\* | 1146 | 111 |
| Matrix Service Co.\* | 7516 | 98 |
| MYR Group, Inc.\* | 2189 | 455 |
| NWPX Infrastructure, Inc.\* | 3665 | 194 |
| Orion Group Holdings, Inc.\* | 2084 | 17 |
| Primoris Services Corp. | 4142 | 569 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Construction & Engineering – 2.7%continued** | **Construction & Engineering – 2.7%continued** | **Construction & Engineering – 2.7%continued** |
| Sterling Infrastructure, Inc.\* | 5479 | $1861 |
| Tutor Perini Corp.\* | 3841 | 252 |
|  |  | **9742** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| Knife River Corp.\* | 6289 | 483 |
| United States Lime & Minerals, Inc. | 4621 | 608 |
|  |  | **1091** |
| **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** |
| &nbsp;&nbsp; Antalpha Platform Holding Co., <br> Class A<sup>\* †</sup> <br>| 8784 | 107 |
| Atlanticus Holdings Corp.\* | 927 | 54 |
| Bread Financial Holdings, Inc. | 5923 | 330 |
| Dave, Inc.\* | 1337 | 267 |
| Encore Capital Group, Inc.\* | 4723 | 197 |
| Enova International, Inc.\* | 3389 | 390 |
| EZCORP, Inc., Class A\* | 5055 | 96 |
| FirstCash Holdings, Inc. | 5733 | 908 |
| Green Dot Corp., Class A\* | 7758 | 104 |
| LendingClub Corp.\* | 8178 | 124 |
| Medallion Financial Corp. | 836 | 9 |
| Metalpha Technology Holding Ltd.\* | 30195 | 111 |
| Navient Corp. | 23257 | 306 |
| Nelnet, Inc., Class A | 4704 | 590 |
| PRA Group, Inc.\* | 7038 | 109 |
| PROG Holdings, Inc. | 9961 | 322 |
| Upstart Holdings, Inc.<sup>\* †</sup> <br>| 8991 | 457 |
| World Acceptance Corp.\* | 1202 | 203 |
|  |  | **4684** |
| **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** |
| Andersons (The), Inc. | 2762 | 110 |
| Chefs' Warehouse (The), Inc.\* | 2189 | 128 |
| Grocery Outlet Holding Corp.\* | 10296 | 165 |
| Ingles Markets, Inc., Class A | 3855 | 268 |
| &nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 1263 | 51 |
| PriceSmart, Inc. | 2887 | 350 |
| United Natural Foods, Inc.\* | 5938 | 223 |
| Village Super Market, Inc., Class A | 1303 | 49 |
| Weis Markets, Inc. | 3258 | 234 |
|  |  | **1578** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| Ardagh Metal Packaging S.A. | 66062 | 264 |
| Greif, Inc., Class A | 3391 | 203 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Containers & Packaging – 0.3%continued** | **Containers & Packaging – 0.3%continued** | **Containers & Packaging – 0.3%continued** |
| Myers Industries, Inc. | 4776 | $81 |
| O-I Glass, Inc.\* | 16210 | 210 |
| TriMas Corp. | 6614 | 255 |
|  |  | **1013** |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| A-Mark Precious Metals, Inc. | 6814 | 176 |
| Weyco Group, Inc. | 2911 | 88 |
|  |  | **264** |
| **Diversified Consumer Services – 1.6%** | **Diversified Consumer Services – 1.6%** | **Diversified Consumer Services – 1.6%** |
| Adtalem Global Education, Inc.\* | 8835 | 1365 |
| Afya Ltd., Class A | 9166 | 143 |
| American Public Education, Inc.\* | 3977 | 157 |
| Coursera, Inc.\* | 16423 | 192 |
| Driven Brands Holdings, Inc.\* | 17557 | 283 |
| Frontdoor, Inc.\* | 7685 | 517 |
| Graham Holdings Co., Class B | 633 | 745 |
| Laureate Education, Inc.\* | 14532 | 458 |
| Matthews International Corp., Class A | 5043 | 123 |
| Mister Car Wash, Inc.\* | 33024 | 176 |
| OneSpaWorld Holdings Ltd. | 10502 | 222 |
| Perdoceo Education Corp. | 6989 | 263 |
| Strategic Education, Inc. | 3037 | 261 |
| Stride, Inc.\* | 4628 | 689 |
| Udemy, Inc.\* | 14322 | 101 |
| Universal Technical Institute, Inc.\* | 2325 | 76 |
| WW International, Inc.<sup>(1) \*</sup> <br>| 1 |  |
|  |  | **5771** |
| **Diversified Real Estate Investment Trusts – 0.4%** | **Diversified Real Estate Investment Trusts – 0.4%** | **Diversified Real Estate Investment Trusts – 0.4%** |
| Alexander & Baldwin, Inc. | 8968 | 163 |
| American Assets Trust, Inc. | 6022 | 122 |
| Armada Hoffler Properties, Inc. | 4139 | 29 |
| Broadstone Net Lease, Inc. | 16850 | 301 |
| CTO Realty Growth, Inc. | 8084 | 132 |
| Essential Properties Realty Trust, Inc. | 21054 | 627 |
| Gladstone Commercial Corp. | 3884 | 48 |
| Global Net Lease, Inc. | 20706 | 168 |
|  |  | **1590** |
| **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** |
| Anterix, Inc.\* | 5117 | 110 |
| ATN International, Inc. | 1638 | 25 |
| Bandwidth, Inc., Class A\* | 2096 | 35 |
| Cogent Communications Holdings, Inc. | 5312 | 204 |
| Globalstar, Inc.\* | 11882 | 432 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Diversified Telecommunication Services – 0.4%continued** | **Diversified Telecommunication Services – 0.4%continued** | **Diversified Telecommunication Services – 0.4%continued** |
| IDT Corp., Class B | 3676 | $192 |
| Iridium Communications, Inc. | 14607 | 255 |
| Liberty Latin America Ltd., Class C\* | 11503 | 97 |
| LICT Corp.\* | 6 | 66 |
| Shenandoah Telecommunications Co. | 6295 | 84 |
|  |  | **1500** |
| **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** |
| ALLETE, Inc. | 8451 | 561 |
| Hawaiian Electric Industries, Inc.\* | 17569 | 194 |
| MGE Energy, Inc. | 5897 | 497 |
| Otter Tail Corp. | 7178 | 588 |
| Portland General Electric Co. | 13847 | 609 |
| TXNM Energy, Inc. (New York Stock <br> Exchange)<br>| 10027 | 567 |
|  |  | **3016** |
| **Electrical Equipment – 1.7%** | **Electrical Equipment – 1.7%** | **Electrical Equipment – 1.7%** |
| Allient, Inc. | 2926 | 131 |
| American Superconductor Corp.\* | 514 | 30 |
| Array Technologies, Inc.<sup>\* †</sup> <br>| 18346 | 149 |
| Atkore, Inc. | 6193 | 389 |
| Babcock & Wilcox Enterprises, Inc.\* | 5612 | 16 |
| Bloom Energy Corp., Class A\* | 24116 | 2039 |
| EnerSys | 5758 | 650 |
| LSI Industries, Inc. | 3374 | 80 |
| NEXTracker, Inc., Class A\* | 15891 | 1176 |
| Orion Energy Systems, Inc.\* | 296 | 3 |
| Powell Industries, Inc. | 2937 | 895 |
| Preformed Line Products Co. | 1303 | 256 |
| &nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 20754 | 154 |
| Thermon Group Holdings, Inc.\* | 2323 | 62 |
| TPI Composites, Inc.<sup>(1) \*</sup> <br>| 4933 |  |
| Ultralife Corp.\* | 1955 | 13 |
| Vicor Corp.\* | 4095 | 204 |
|  |  | **6247** |
| **Electronic Equipment, Instruments & Components – 4.1%** | **Electronic Equipment, Instruments & Components – 4.1%** | **Electronic Equipment, Instruments & Components – 4.1%** |
| Advanced Energy Industries, Inc. | 4817 | 820 |
| Arlo Technologies, Inc.\* | 8187 | 139 |
| Badger Meter, Inc. | 3813 | 681 |
| Bel Fuse, Inc., Class A | 1154 | 134 |
| Bel Fuse, Inc., Class B | 3656 | 516 |
| Belden, Inc. | 4975 | 598 |
| Benchmark Electronics, Inc. | 6471 | 249 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **134** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Electronic Equipment, Instruments & Components – 4.1%continued** | **Electronic Equipment, Instruments & Components – 4.1%continued** | **Electronic Equipment, Instruments & Components – 4.1%continued** |
| Climb Global Solutions, Inc. | 3855 | $520 |
| Crane NXT Co. | 5811 | 390 |
| CTS Corp. | 3629 | 145 |
| Daktronics, Inc.\* | 5650 | 118 |
| Data I/O Corp.\* | 4226 | 14 |
| ePlus, Inc. | 7263 | 516 |
| Fabrinet\* | 5613 | 2047 |
| Frequency Electronics, Inc.<sup>\* †</sup> <br>| 4735 | 160 |
| Identiv, Inc.\* | 260 | 1 |
| Insight Enterprises, Inc.\* | 6435 | 730 |
| IPG Photonics Corp.\* | 4392 | 348 |
| Itron, Inc.\* | 5916 | 737 |
| Kimball Electronics, Inc.\* | 3586 | 107 |
| Knowles Corp.\* | 9995 | 233 |
| Methode Electronics, Inc.<sup>(3)</sup> <br>| 5673 | 43 |
| Mirion Technologies, Inc.\* | 23679 | 551 |
| M-Tron Industries, Inc.\* | 2483 | 138 |
| Napco Security Technologies, Inc. | 3628 | 156 |
| nLight, Inc.\* | 8572 | 254 |
| Novanta, Inc.\* | 4934 | 494 |
| OSI Systems, Inc.\* | 3635 | 906 |
| PC Connection, Inc. | 4599 | 285 |
| Plexus Corp.\* | 4171 | 603 |
| Powerfleet, Inc. NJ\* | 1546 | 8 |
| Rogers Corp.\* | 2426 | 195 |
| Sanmina Corp.\* | 9006 | 1037 |
| ScanSource, Inc.\* | 3205 | 141 |
| TTM Technologies, Inc.\* | 11406 | 657 |
| Vishay Intertechnology, Inc. | 14465 | 221 |
| Vishay Precision Group, Inc.\* | 4000 | 128 |
|  |  | **15020** |
| **Energy Equipment & Services – 1.5%** | **Energy Equipment & Services – 1.5%** | **Energy Equipment & Services – 1.5%** |
| Archrock, Inc. | 18275 | 481 |
| Atlas Energy Solutions, Inc.<sup>†</sup> <br>| 12602 | 143 |
| Bristow Group, Inc.\* | 4732 | 171 |
| Cactus, Inc., Class A | 7514 | 297 |
| DMC Global, Inc.\* | 3907 | 33 |
| Expro Group Holdings N.V.\* | 12372 | 147 |
| Forum Energy Technologies, Inc.\* | 434 | 12 |
| Geospace Technologies Corp.<sup>\* †</sup> <br>| 4440 | 84 |
| Gulf Island Fabrication, Inc.\* | 3889 | 27 |
| Helix Energy Solutions Group, Inc.\* | 25458 | 167 |
| Helmerich & Payne, Inc. | 12079 | 267 |
| Innovex International, Inc.\* | 4404 | 82 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Energy Equipment & Services – 1.5%continued** | **Energy Equipment & Services – 1.5%continued** | **Energy Equipment & Services – 1.5%continued** |
| KLX Energy Services Holdings, Inc.\* | 590 | $1 |
| Kodiak Gas Services, Inc. | 10391 | 384 |
| Liberty Energy, Inc. | 17703 | 218 |
| Mammoth Energy Services, Inc.\* | 1811 | 4 |
| Nabors Industries Ltd.\* | 1230 | 50 |
| Natural Gas Services Group, Inc. | 2613 | 73 |
| Next Bridge Hydrocarbons, Inc.<sup>(2) (4) \*</sup> <br>| 2700 |  |
| Nine Energy Service, Inc.\* | 2298 | 1 |
| Noble Corp. PLC | 19109 | 540 |
| Oceaneering International, Inc.\* | 12430 | 308 |
| Oil States International, Inc.\* | 4302 | 26 |
| Patterson-UTI Energy, Inc. | 43385 | 225 |
| ProFrac Holding Corp., Class A\* | 16230 | 60 |
| ProPetro Holding Corp.\* | 7392 | 39 |
| RPC, Inc. | 28629 | 136 |
| SEACOR Marine Holdings, Inc.\* | 7475 | 49 |
| Seadrill Ltd.\* | 10641 | 321 |
| Solaris Energy Infrastructure, Inc. | 3750 | 150 |
| TETRA Technologies, Inc.\* | 8478 | 49 |
| Tidewater, Inc.\* | 6525 | 348 |
| Transocean Ltd.\* | 109538 | 342 |
| Valaris Ltd.\* | 7520 | 367 |
|  |  | **5602** |
| **Entertainment – 0.5%** | **Entertainment – 0.5%** | **Entertainment – 0.5%** |
| Atlanta Braves Holdings, Inc., Class C\* | 14381 | 598 |
| Cinemark Holdings, Inc. | 11406 | 320 |
| CuriosityStream, Inc. | 20240 | 107 |
| IMAX Corp.\* | 4649 | 152 |
| &nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp.\*<br>| 2987 | 135 |
| Manchester United PLC, Class A\* | 18327 | 278 |
| Marcus (The) Corp. | 3631 | 56 |
| Playtika Holding Corp.<sup>†</sup> <br>| 26539 | 103 |
| Reading International, Inc., Class A\* | 2207 | 3 |
| Sphere Entertainment Co.<sup>\* †</sup> <br>| 2987 | 186 |
|  |  | **1938** |
| **Financial Services – 2.5%** | **Financial Services – 2.5%** | **Financial Services – 2.5%** |
| Acacia Research Corp.\* | 5189 | 17 |
| &nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior S.A., Class E<br>| 6245 | 287 |
| California First Leasing Corp.\* | 1239 | 26 |
| Cannae Holdings, Inc. | 9660 | 177 |
| Cass Information Systems, Inc. | 1513 | 59 |
| Dlocal Ltd.<sup>†</sup> <br>| 35056 | 501 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Financial Services – 2.5%continued** | **Financial Services – 2.5%continued** | **Financial Services – 2.5%continued** |
| Enact Holdings, Inc. | 15537 | $596 |
| Essent Group Ltd. | 13653 | 868 |
| EVERTEC, Inc. | 7812 | 264 |
| &nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C<br>| 873 | 147 |
| Flywire Corp.\* | 10566 | 143 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 8727 | 268 |
| Jackson Financial, Inc., Class A | 8156 | 826 |
| Lesaka Technologies, Inc.\* | 4422 | 18 |
| Marqeta, Inc., Class A\* | 47250 | 249 |
| Merchants Bancorp | 4584 | 146 |
| NCR Atleos Corp.\* | 7106 | 279 |
| NMI Holdings, Inc.\* | 8606 | 330 |
| Onity Group, Inc.\* | 25 | 1 |
| Pagseguro Digital Ltd., Class A | 30970 | 310 |
| Payoneer Global, Inc.\* | 33162 | 201 |
| PennyMac Financial Services, Inc. | 4596 | 569 |
| Radian Group, Inc. | 23839 | 863 |
| Remitly Global, Inc.\* | 17291 | 282 |
| &nbsp;&nbsp; Security National Financial Corp., <br> Class A\*<br>| 6181 | 54 |
| Sezzle, Inc.<sup>\* †</sup> <br>| 3438 | 273 |
| StoneCo Ltd., Class A\* | 29843 | 564 |
| Walker & Dunlop, Inc. | 5490 | 459 |
| Waterstone Financial, Inc. | 3425 | 53 |
| Western Union (The) Co. | 33598 | 268 |
|  |  | **9098** |
| **Food Products – 1.0%** | **Food Products – 1.0%** | **Food Products – 1.0%** |
| Alico, Inc. | 4304 | 149 |
| B&G Foods, Inc.<sup>†</sup> <br>| 9258 | 41 |
| Bridgford Foods Corp.\* | 4712 | 37 |
| Calavo Growers, Inc. | 2094 | 54 |
| Cal-Maine Foods, Inc. | 5162 | 486 |
| Farmer Bros. Co.\* | 3321 | 6 |
| Fresh Del Monte Produce, Inc. | 4145 | 144 |
| Hain Celestial Group (The), Inc.\* | 9921 | 16 |
| J&J Snack Foods Corp. | 2476 | 238 |
| John B. Sanfilippo & Son, Inc. | 943 | 61 |
| Lifeway Foods, Inc.\* | 1655 | 46 |
| Limoneira Co. | 1958 | 29 |
| Marzetti (The) Co. | 2730 | 472 |
| Nomad Foods Ltd. | 21131 | 278 |
| Seaboard Corp. | 87 | 317 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Food Products – 1.0%continued** | **Food Products – 1.0%continued** | **Food Products – 1.0%continued** |
| Seneca Foods Corp., Class A\* | 3595 | $388 |
| Simply Good Foods (The) Co.\* | 11395 | 283 |
| Tootsie Roll Industries, Inc.<sup>†</sup> <br>| 8195 | 343 |
| TreeHouse Foods, Inc.\* | 8618 | 174 |
| Vital Farms, Inc.\* | 4889 | 201 |
|  |  | **3763** |
| **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** |
| Chesapeake Utilities Corp. | 3094 | 417 |
| MDU Resources Group, Inc. | 20813 | 371 |
| New Jersey Resources Corp. | 13966 | 672 |
| Northwest Natural Holding Co. | 5350 | 240 |
| ONE Gas, Inc. | 16362 | 1324 |
| RGC Resources, Inc. | 1183 | 27 |
| Southwest Gas Holdings, Inc. | 8106 | 635 |
| Spire, Inc. | 7912 | 645 |
|  |  | **4331** |
| **Ground Transportation – 0.2%** | **Ground Transportation – 0.2%** | **Ground Transportation – 0.2%** |
| ArcBest Corp. | 3593 | 251 |
| Covenant Logistics Group, Inc. | 6483 | 140 |
| Heartland Express, Inc. | 10653 | 89 |
| Marten Transport Ltd. | 7462 | 80 |
| PAMT CORP.\* | 5367 | 61 |
| Universal Logistics Holdings, Inc.<sup>†</sup> <br>| 3776 | 89 |
| Werner Enterprises, Inc. | 6417 | 169 |
|  |  | **879** |
| **Health Care Equipment & Supplies – 3.1%** | **Health Care Equipment & Supplies – 3.1%** | **Health Care Equipment & Supplies – 3.1%** |
| Accuray, Inc.\* | 8776 | 15 |
| Alphatec Holdings, Inc.\* | 12463 | 181 |
| AngioDynamics, Inc.\* | 7215 | 81 |
| Apyx Medical Corp.\* | 3381 | 7 |
| Artivion, Inc.\* | 7033 | 298 |
| AtriCure, Inc.\* | 7421 | 262 |
| Avanos Medical, Inc.\* | 8437 | 98 |
| Axogen, Inc.\* | 6913 | 123 |
| &nbsp;&nbsp; Baird Medical Investment Holdings <br> Ltd.\*<br>| 15475 | 33 |
| Bioventus, Inc., Class A\* | 4999 | 33 |
| Cerus Corp.\* | 32871 | 52 |
| CONMED Corp. | 4042 | 190 |
| CVRx, Inc.<sup>\* †</sup> <br>| 7249 | 59 |
| Daxor Corp.\* | 1197 | 16 |
| DENTSPLY SIRONA, Inc. | 20240 | 257 |
| Electromed, Inc.\* | 10088 | 248 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **136** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Health Care Equipment & Supplies – 3.1%continued** | **Health Care Equipment & Supplies – 3.1%continued** | **Health Care Equipment & Supplies – 3.1%continued** |
| Embecta Corp. | 6809 | $96 |
| Enovis Corp.\* | 5687 | 173 |
| Envista Holdings Corp.\* | 15195 | 310 |
| Establishment Labs Holdings, Inc.<sup>\* †</sup> <br>| 3640 | 149 |
| FONAR Corp.\* | 6621 | 100 |
| Haemonetics Corp.\* | 5731 | 279 |
| ICU Medical, Inc.\* | 2338 | 280 |
| Inmode Ltd.\* | 8913 | 133 |
| Inogen, Inc.\* | 2053 | 17 |
| Integer Holdings Corp.\* | 5468 | 565 |
| Integra LifeSciences Holdings Corp.\* | 6986 | 100 |
| iRadimed Corp. | 4656 | 331 |
| iRhythm Technologies, Inc.\* | 3371 | 580 |
| Kewaunee Scientific Corp.\* | 3936 | 168 |
| Lantheus Holdings, Inc.\* | 9324 | 478 |
| LeMaitre Vascular, Inc. | 7165 | 627 |
| LivaNova PLC\* | 7041 | 369 |
| Merit Medical Systems, Inc.\* | 8839 | 736 |
| Neogen Corp.\* | 25538 | 146 |
| NeuroPace, Inc.\* | 12399 | 128 |
| Omnicell, Inc.\* | 6623 | 202 |
| OraSure Technologies, Inc.\* | 13215 | 42 |
| Orchestra BioMed Holdings, Inc.\* | 10828 | 27 |
| Orthofix Medical, Inc.\* | 9937 | 146 |
| OrthoPediatrics Corp.\* | 4819 | 89 |
| Pro-Dex, Inc.<sup>\* †</sup> <br>| 8159 | 276 |
| Pulmonx Corp.\* | 13623 | 22 |
| Pulse Biosciences, Inc.<sup>\* †</sup> <br>| 14599 | 258 |
| QuidelOrtho Corp.\* | 5852 | 172 |
| RxSight, Inc.\* | 7256 | 65 |
| Sanara Medtech, Inc.\* | 2708 | 86 |
| SANUWAVE Health, Inc.<sup>\* †</sup> <br>| 2866 | 107 |
| Semler Scientific, Inc.<sup>\* †</sup> <br>| 3115 | 93 |
| SI-BONE, Inc.\* | 10477 | 154 |
| Sight Sciences, Inc.\* | 12574 | 43 |
| STAAR Surgical Co.\* | 6126 | 165 |
| Stereotaxis, Inc.\* | 818 | 3 |
| Streamex Corp.<sup>(1) \* †</sup> <br>| 1 |  |
| Surmodics, Inc.\* | 3455 | 103 |
| Tactile Systems Technology, Inc.\* | 1938 | 27 |
| Tandem Diabetes Care, Inc.\* | 6683 | 81 |
| Tela Bio, Inc.\* | 36518 | 54 |
| TransMedics Group, Inc.\* | 3746 | 420 |
| Treace Medical Concepts, Inc.\* | 13362 | 90 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Health Care Equipment & Supplies – 3.1%continued** | **Health Care Equipment & Supplies – 3.1%continued** | **Health Care Equipment & Supplies – 3.1%continued** |
| UFP Technologies, Inc.\* | 2602 | $519 |
| Utah Medical Products, Inc. | 2084 | 131 |
| Varex Imaging Corp.\* | 8025 | 100 |
| Zimvie, Inc.\* | 5153 | 98 |
| Zynex, Inc.<sup>\* †</sup> <br>| 7114 | 10 |
|  |  | **11301** |
| **Health Care Providers & Services – 3.1%** | **Health Care Providers & Services – 3.1%** | **Health Care Providers & Services – 3.1%** |
| Acadia Healthcare Co., Inc.\* | 9044 | 224 |
| AdaptHealth Corp.\* | 8122 | 73 |
| Addus HomeCare Corp.\* | 2842 | 335 |
| Alignment Healthcare, Inc.\* | 19330 | 337 |
| AMN Healthcare Services, Inc.\* | 7151 | 139 |
| Ardent Health, Inc.\* | 14512 | 192 |
| Astrana Health, Inc.\* | 6890 | 195 |
| BrightSpring Health Services, Inc.\* | 7685 | 227 |
| Brookdale Senior Living, Inc.\* | 28233 | 239 |
| Castle Biosciences, Inc.\* | 5540 | 126 |
| Community Health Systems, Inc.\* | 14460 | 46 |
| Concentra Group Holdings Parent, Inc. | 13896 | 291 |
| CorVel Corp.\* | 10602 | 821 |
| Cross Country Healthcare, Inc.\* | 9397 | 133 |
| Cryo-Cell International, Inc. | 638 | 3 |
| DocGo, Inc.\* | 8989 | 12 |
| Enhabit, Inc.\* | 9258 | 74 |
| Ensign Group (The), Inc. | 8988 | 1553 |
| Fulgent Genetics, Inc.\* | 4159 | 94 |
| GeneDx Holdings Corp.\* | 2883 | 311 |
| HealthEquity, Inc.\* | 9060 | 859 |
| Hims & Hers Health, Inc.\* | 22292 | 1264 |
| Joint (The) Corp.\* | 8451 | 81 |
| Kindly MD, Inc.\* | 7065 | 8 |
| LifeStance Health Group, Inc.\* | 37249 | 205 |
| ModivCare, Inc.\* | 5774 | 1 |
| National HealthCare Corp. | 2904 | 353 |
| National Research Corp. | 5594 | 72 |
| NeoGenomics, Inc.\* | 14215 | 110 |
| OPKO Health, Inc.\* | 62830 | 97 |
| Option Care Health, Inc.\* | 19743 | 548 |
| Owens & Minor, Inc.\* | 7112 | 34 |
| Pennant Group (The), Inc.\* | 3742 | 94 |
| Premier, Inc., Class A | 13885 | 386 |
| Privia Health Group, Inc.\* | 11417 | 284 |
| Progyny, Inc.\* | 10536 | 227 |
| RadNet, Inc.\* | 7263 | 554 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Health Care Providers & Services – 3.1%continued** | **Health Care Providers & Services – 3.1%continued** | **Health Care Providers & Services – 3.1%continued** |
| Select Medical Holdings Corp. | 17222 | $221 |
| Sonida Senior Living, Inc.\* | 3215 | 89 |
| Surgery Partners, Inc.\* | 8540 | 185 |
| U.S. Physical Therapy, Inc. | 2340 | 199 |
|  |  | **11296** |
| **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. | 9855 | 414 |
| CareTrust REIT, Inc. | 12413 | 431 |
| Community Healthcare Trust, Inc. | 2711 | 41 |
| Diversified Healthcare Trust | 25714 | 113 |
| Global Medical REIT, Inc. | 1368 | 46 |
| LTC Properties, Inc. | 5090 | 188 |
| Medical Properties Trust, Inc.<sup>†</sup> <br>| 61260 | 311 |
| National Health Investors, Inc. | 5901 | 469 |
| Sabra Health Care REIT, Inc. | 26863 | 501 |
| Sila Realty Trust, Inc. | 5539 | 139 |
|  |  | **2653** |
| **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** |
| American Well Corp., Class A\* | 170 | 1 |
| Certara, Inc.\* | 13255 | 162 |
| Evolent Health, Inc., Class A\* | 15372 | 130 |
| GoodRx Holdings, Inc., Class A\* | 46707 | 198 |
| HealthStream, Inc. | 4142 | 117 |
| LifeMD, Inc.\* | 10217 | 69 |
| OptimizeRx Corp.\* | 11076 | 227 |
| Phreesia, Inc.\* | 6111 | 144 |
| Schrodinger, Inc.\* | 7447 | 149 |
| Simulations Plus, Inc.\* | 3269 | 49 |
| Teladoc Health, Inc.\* | 17759 | 137 |
| TruBridge, Inc.\* | 6079 | 123 |
| Veradigm, Inc.\* | 24689 | 119 |
| Waystar Holding Corp.\* | 17912 | 679 |
|  |  | **2304** |
| **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. | 27595 | 331 |
| Braemar Hotels & Resorts, Inc. | 9686 | 26 |
| Chatham Lodging Trust | 4847 | 32 |
| DiamondRock Hospitality Co. | 30227 | 241 |
| Park Hotels & Resorts, Inc.<sup>†</sup> <br>| 27875 | 309 |
| Pebblebrook Hotel Trust | 16907 | 193 |
| RLJ Lodging Trust<sup>†</sup> <br>| 24150 | 174 |
| Ryman Hospitality Properties, Inc. | 6445 | 577 |
| Service Properties Trust | 21473 | 58 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%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** |
| Sotherly Hotels, Inc.\* | 2334 | $2 |
| Summit Hotel Properties, Inc. | 9394 | 52 |
| Sunstone Hotel Investors, Inc. | 29549 | 277 |
| Xenia Hotels & Resorts, Inc. | 14700 | 202 |
|  |  | **2474** |
| **Hotels, Restaurants & Leisure – 1.9%** | **Hotels, Restaurants & Leisure – 1.9%** | **Hotels, Restaurants & Leisure – 1.9%** |
| Arcos Dorados Holdings, Inc., Class A | 26075 | 176 |
| Biglari Holdings, Inc., Class B<sup>\* †</sup> <br>| 569 | 184 |
| BJ's Restaurants, Inc.\* | 3918 | 120 |
| Bloomin' Brands, Inc. | 9848 | 71 |
| Brightstar Lottery PLC<sup>†</sup> <br>| 10816 | 187 |
| Canterbury Park Holding Corp. | 995 | 16 |
| Cheesecake Factory (The), Inc.<sup>†</sup> <br>| 4966 | 271 |
| Cracker Barrel Old Country Store, Inc.<sup>†</sup> <br>| 3404 | 150 |
| Dave & Buster's Entertainment, Inc.<sup>\* †</sup> <br>| 7623 | 138 |
| Denny's Corp.\* | 10271 | 54 |
| Dine Brands Global, Inc.<sup>†</sup> <br>| 2214 | 55 |
| El Pollo Loco Holdings, Inc.<sup>(1) \*</sup> <br>| 15 |  |
| Genius Sports Ltd.\* | 24249 | 300 |
| Global Business Travel Group I\* | 46499 | 376 |
| Golden Entertainment, Inc. | 545 | 13 |
| Hilton Grand Vacations, Inc.\* | 9766 | 408 |
| Jack in the Box, Inc.<sup>†</sup> <br>| 2943 | 58 |
| Kura Sushi U.S.A., Inc., Class A\* | 1337 | 79 |
| Life Time Group Holdings, Inc.\* | 19561 | 540 |
| Lottery.com, Inc.<sup>\* †</sup> <br>| 7072 | 31 |
| Lucky Strike Entertainment Corp.<sup>†</sup> <br>| 14131 | 145 |
| Marriott Vacations Worldwide Corp. | 3492 | 232 |
| Monarch Casino & Resort, Inc. | 1083 | 115 |
| Nathan's Famous, Inc. | 1103 | 122 |
| Papa John's International, Inc.<sup>†</sup> <br>| 3542 | 171 |
| Penn Entertainment, Inc.\* | 15020 | 289 |
| Pursuit Attractions and Hospitality, Inc.\* | 2961 | 107 |
| Red Robin Gourmet Burgers, Inc.\* | 87 | 1 |
| Red Rock Resorts, Inc., Class A | 8680 | 530 |
| Rush Street Interactive, Inc.\* | 9737 | 199 |
| Shake Shack, Inc., Class A\* | 3500 | 328 |
| Soho House & Co., Inc.\* | 19667 | 174 |
| &nbsp;&nbsp; Town Sports International Holdings, <br> Inc.<sup>(2) \*</sup> <br>| 1105 |  |
| Travel + Leisure Co. | 10640 | 633 |
| United Parks & Resorts, Inc.\* | 6289 | 325 |
| Wendy's (The) Co. | 19942 | 183 |
|  |  | **6781** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **138** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Household Durables – 1.9%** | **Household Durables – 1.9%** | **Household Durables – 1.9%** |
| Beazer Homes U.S.A., Inc.\* | 3615 | $89 |
| Cavco Industries, Inc.\* | 1335 | 775 |
| Champion Homes, Inc.\* | 7074 | 540 |
| Cricut, Inc., Class A | 21385 | 134 |
| Dream Finders Homes, Inc., Class A<sup>\* †</sup> <br>| 9546 | 247 |
| Ethan Allen Interiors, Inc. | 3720 | 110 |
| Flexsteel Industries, Inc. | 3122 | 145 |
| GoPro, Inc., Class A<sup>\* †</sup> <br>| 12055 | 26 |
| Green Brick Partners, Inc.\* | 4454 | 329 |
| &nbsp;&nbsp; Hamilton Beach Brands Holding Co., <br> Class A<br>| 2068 | 30 |
| Hooker Furnishings Corp. | 1169 | 12 |
| Hovnanian Enterprises, Inc., Class A\* | 244 | 31 |
| Installed Building Products, Inc. | 3312 | 817 |
| iRobot Corp.<sup>\* †</sup> <br>| 3882 | 14 |
| KB Home | 11214 | 714 |
| Koss Corp.\* | 3236 | 16 |
| La-Z-Boy, Inc. | 6601 | 226 |
| Leggett & Platt, Inc. | 13750 | 122 |
| Lifetime Brands, Inc. | 499 | 2 |
| M/I Homes, Inc.\* | 2993 | 432 |
| Newell Brands, Inc. | 40820 | 214 |
| Nobility Homes, Inc. | 677 | 20 |
| Sonos, Inc.\* | 11712 | 185 |
| Taylor Morrison Home Corp.\* | 16510 | 1090 |
| Tri Pointe Homes, Inc.\* | 15955 | 542 |
| Universal Electronics, Inc.\* | 2695 | 13 |
|  |  | **6875** |
| **Household Products – 0.4%** | **Household Products – 0.4%** | **Household Products – 0.4%** |
| Central Garden & Pet Co.\* | 7860 | 257 |
| Central Garden & Pet Co., Class A\* | 6648 | 196 |
| Energizer Holdings, Inc. | 7955 | 198 |
| Oil-Dri Corp. of America | 5826 | 356 |
| Spectrum Brands Holdings, Inc. | 4888 | 257 |
| WD-40 Co. | 1824 | 360 |
|  |  | **1624** |
| **Independent Power & Renewable Electricity Producers – 0.4%** | **Independent Power & Renewable Electricity Producers – 0.4%** | **Independent Power & Renewable Electricity Producers – 0.4%** |
| Hallador Energy Co.\* | 8680 | 170 |
| Kenon Holdings Ltd. | 5347 | 241 |
| Ormat Technologies, Inc. | 5907 | 569 |
| ReNew Energy Global PLC, Class A\* | 36839 | 284 |
|  |  | **1264** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Industrial Real Estate Investment Trusts – 0.4%** | **Industrial Real Estate Investment Trusts – 0.4%** | **Industrial Real Estate Investment Trusts – 0.4%** |
| Industrial Logistics Properties Trust | 7704 | $45 |
| Innovative Industrial Properties, Inc. | 3402 | 182 |
| LXP Industrial Trust | 29684 | 266 |
| One Liberty Properties, Inc. | 8761 | 194 |
| Plymouth Industrial REIT, Inc. | 3583 | 80 |
| Terreno Realty Corp. | 9066 | 514 |
|  |  | **1281** |
| **Insurance – 2.1%** | **Insurance – 2.1%** | **Insurance – 2.1%** |
| Ambac Financial Group, Inc.\* | 4483 | 37 |
| American Coastal Insurance Corp. | 3337 | 38 |
| AMERISAFE, Inc. | 2621 | 115 |
| Atlantic American Corp. | 5001 | 14 |
| Baldwin Insurance Group (The), Inc.\* | 7926 | 223 |
| Bowhead Specialty Holdings, Inc.\* | 3247 | 88 |
| Citizens, Inc.\* | 4519 | 24 |
| CNO Financial Group, Inc. | 28833 | 1140 |
| Donegal Group, Inc., Class A | 3780 | 73 |
| Employers Holdings, Inc. | 6420 | 273 |
| F&G Annuities & Life, Inc. | 12060 | 377 |
| Fidelis Insurance Holdings Ltd. | 11075 | 201 |
| Genworth Financial, Inc.\* | 49404 | 440 |
| Goosehead Insurance, Inc., Class A | 2594 | 193 |
| Greenlight Capital Re Ltd., Class A\* | 9811 | 125 |
| &nbsp;&nbsp; Hamilton Insurance Group Ltd., <br> Class B\*<br>| 10502 | 260 |
| HCI Group, Inc. | 1146 | 220 |
| Horace Mann Educators Corp. | 4201 | 190 |
| Investors Title Co. | 485 | 130 |
| Kansas City Life Insurance Co. | 1484 | 48 |
| Kestrel Group Ltd.<sup>\* †</sup> <br>| 197 | 5 |
| Lemonade, Inc.<sup>\* †</sup> <br>| 6053 | 324 |
| MBIA, Inc.\* | 13256 | 99 |
| Mercury General Corp. | 2995 | 254 |
| Oscar Health, Inc., Class A<sup>\* †</sup> <br>| 23336 | 442 |
| Palomar Holdings, Inc.\* | 2939 | 343 |
| ProAssurance Corp.\* | 9373 | 225 |
| Root, Inc., Class A\* | 1719 | 154 |
| Safety Insurance Group, Inc. | 1695 | 120 |
| Selective Insurance Group, Inc. | 7606 | 617 |
| SiriusPoint Ltd.\* | 9325 | 169 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc.\*<br>| 4054 | 193 |
| Stewart Information Services Corp. | 2100 | 154 |
| Trupanion, Inc.\* | 4392 | 190 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Insurance – 2.1%continued** | **Insurance – 2.1%continued** | **Insurance – 2.1%continued** |
| United Fire Group, Inc. | 3061 | $93 |
| Universal Insurance Holdings, Inc. | 3253 | 85 |
|  |  | **7676** |
| **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** |
| Angi, Inc.\* | 5921 | 96 |
| Bumble, Inc., Class A\* | 10088 | 61 |
| Cargurus, Inc.\* | 10705 | 399 |
| Cars.com, Inc.\* | 7445 | 91 |
| EverQuote, Inc., Class A\* | 3247 | 74 |
| IAC, Inc.\* | 8020 | 273 |
| QuinStreet, Inc.\* | 11627 | 180 |
| Shutterstock, Inc. | 2670 | 56 |
| Taboola.com Ltd.\* | 33024 | 113 |
| Travelzoo\* | 3750 | 37 |
| TripAdvisor, Inc.\* | 12017 | 195 |
| Yelp, Inc.\* | 10782 | 336 |
| Ziff Davis, Inc.\* | 6007 | 229 |
| ZipRecruiter, Inc., Class A\* | 9333 | 39 |
| ZoomInfo Technologies, Inc.\* | 33405 | 365 |
|  |  | **2544** |
| **IT Services – 0.4%** | **IT Services – 0.4%** | **IT Services – 0.4%** |
| ASGN, Inc.\* | 6872 | 325 |
| CI&T, Inc., Class A\* | 15085 | 78 |
| CSP, Inc. | 2035 | 23 |
| DigitalOcean Holdings, Inc.\* | 7781 | 266 |
| DXC Technology Co.\* | 18522 | 252 |
| Fastly, Inc., Class A\* | 14154 | 121 |
| Hackett Group (The), Inc. | 5155 | 98 |
| Information Services Group, Inc. | 3097 | 18 |
| Tucows, Inc., Class A<sup>\* †</sup> <br>| 1194 | 22 |
| Unisys Corp.\* | 4525 | 18 |
| VTEX, Class A\* | 15468 | 68 |
|  |  | **1289** |
| **Leisure Products – 0.6%** | **Leisure Products – 0.6%** | **Leisure Products – 0.6%** |
| Acushnet Holdings Corp. | 4458 | 350 |
| American Outdoor Brands, Inc.\* | 1836 | 16 |
| Clarus Corp. | 4064 | 14 |
| Escalade, Inc. | 3648 | 46 |
| JAKKS Pacific, Inc. | 439 | 8 |
| Johnson Outdoors, Inc., Class A | 2344 | 95 |
| Malibu Boats, Inc., Class A\* | 2677 | 87 |
| Marine Products Corp. | 5149 | 46 |
| MasterCraft Boat Holdings, Inc.\* | 5539 | 119 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Leisure Products – 0.6%continued** | **Leisure Products – 0.6%continued** | **Leisure Products – 0.6%continued** |
| Peloton Interactive, Inc., Class A\* | 40466 | $364 |
| Polaris, Inc. | 5729 | 333 |
| Sturm Ruger & Co., Inc. | 1946 | 84 |
| Topgolf Callaway Brands Corp.\* | 11241 | 107 |
| YETI Holdings, Inc.\* | 9840 | 326 |
|  |  | **1995** |
| **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** |
| 10X Genomics, Inc., Class A\* | 12602 | 147 |
| Alpha Teknova, Inc.<sup>\* †</sup> <br>| 2232 | 14 |
| Azenta, Inc.\* | 8716 | 250 |
| BioLife Solutions, Inc.\* | 7257 | 185 |
| Champions Oncology, Inc.\* | 5248 | 34 |
| Codexis, Inc.\* | 6823 | 17 |
| CryoPort, Inc.\* | 4165 | 40 |
| Fortrea Holdings, Inc.\* | 10364 | 87 |
| Harvard Bioscience, Inc.<sup>\* †</sup> <br>| 19576 | 9 |
| Lifecore Biomedical, Inc.\* | 3054 | 22 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A\*<br>| 12342 | 35 |
| Mesa Laboratories, Inc. | 1420 | 95 |
| Nautilus Biotechnology, Inc.\* | 15067 | 13 |
| Omniab, Inc.<sup>(2) \*</sup> <br>| 1740 |  |
| OmniAb, Inc.\* | 15685 | 25 |
| Omniab, Inc. (NASDAQ Exchange)<sup>(2) \*</sup> <br>| 1740 |  |
| Quanterix Corp.\* | 8829 | 48 |
| &nbsp;&nbsp; Rapid Micro Biosystems, Inc., Class A<sup>\*</sup> <br>† <br>| 2924 | 10 |
| Sotera Health Co.\* | 24967 | 393 |
| Standard BioTools, Inc.\* | 12888 | 17 |
|  |  | **1441** |
| **Machinery – 4.0%** | **Machinery – 4.0%** | **Machinery – 4.0%** |
| Aebi Schmidt Holding A.G. | 2542 | 32 |
| Alamo Group, Inc. | 1554 | 297 |
| Albany International Corp., Class A | 4313 | 230 |
| Astec Industries, Inc. | 3855 | 186 |
| Atmus Filtration Technologies, Inc. | 10623 | 479 |
| Chart Industries, Inc.\* | 4717 | 944 |
| Columbus McKinnon Corp. | 2295 | 33 |
| Douglas Dynamics, Inc. | 3037 | 95 |
| Eastern (The) Co. | 1139 | 27 |
| Enerpac Tool Group Corp. | 8545 | 350 |
| Enpro, Inc. | 2604 | 588 |
| ESCO Technologies, Inc. | 3938 | 831 |
| Federal Signal Corp. | 10751 | 1279 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **140** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Machinery – 4.0%continued** | **Machinery – 4.0%continued** | **Machinery – 4.0%continued** |
| Franklin Electric Co., Inc. | 6401 | $609 |
| FreightCar America, Inc.\* | 1420 | 14 |
| Gorman-Rupp (The) Co. | 4399 | 204 |
| Graham Corp.\* | 3081 | 169 |
| Greenbrier (The) Cos., Inc. | 3417 | 158 |
| Helios Technologies, Inc. | 2672 | 139 |
| Hillenbrand, Inc. | 10349 | 280 |
| Hurco Cos., Inc.\* | 1244 | 22 |
| Hyster-Yale, Inc. | 2531 | 93 |
| JBT Marel Corp. | 4344 | 610 |
| Kadant, Inc. | 1341 | 399 |
| Kennametal, Inc. | 11944 | 250 |
| L.B. Foster Co., Class A\* | 1431 | 39 |
| Lindsay Corp. | 1456 | 205 |
| Miller Industries, Inc. | 2232 | 90 |
| Mueller Water Products, Inc., Class A | 22758 | 581 |
| Omega Flex, Inc. | 1114 | 35 |
| Proto Labs, Inc.\* | 3622 | 181 |
| REV Group, Inc. | 4966 | 281 |
| SPX Technologies, Inc.\* | 7251 | 1354 |
| Standex International Corp. | 2785 | 590 |
| Stratasys Ltd.\* | 6295 | 70 |
| Taylor Devices, Inc.<sup>\* †</sup> <br>| 975 | 48 |
| Tennant Co. | 2738 | 222 |
| Terex Corp. | 7596 | 390 |
| Titan International, Inc.\* | 8301 | 63 |
| Trinity Industries, Inc. | 12797 | 359 |
| Twin Disc, Inc.<sup>†</sup> <br>| 2306 | 32 |
| Wabash National Corp. | 4512 | 45 |
| Watts Water Technologies, Inc., Class A | 4095 | 1144 |
| Worthington Enterprises, Inc. | 8548 | 474 |
|  |  | **14521** |
| **Marine Transportation – 0.3%** | **Marine Transportation – 0.3%** | **Marine Transportation – 0.3%** |
| Danaos Corp.<sup>†</sup> <br>| 1910 | 172 |
| Matson, Inc. | 7022 | 692 |
| Star Bulk Carriers Corp. | 13766 | 256 |
|  |  | **1120** |
| **Media – 1.1%** | **Media – 1.1%** | **Media – 1.1%** |
| AMC Networks, Inc., Class A\* | 5254 | 43 |
| Boston Omaha Corp., Class A<sup>(1) \* †</sup> <br>| 1 |  |
| Cable One, Inc. | 692 | 122 |
| Cumulus Media, Inc., Class A\* | 5103 | 1 |
| DoubleVerify Holdings, Inc.\* | 17291 | 207 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Media – 1.1%continued** | **Media – 1.1%continued** | **Media – 1.1%continued** |
| EchoStar Corp., Class A\* | 19472 | $1487 |
| Emerald Holding, Inc.<sup>†</sup> <br>| 6388 | 32 |
| &nbsp;&nbsp; Entravision Communications Corp., <br> Class A<br>| 44095 | 103 |
| EW Scripps (The) Co., Class A\* | 4903 | 12 |
| Gannett Co., Inc.\* | 16230 | 67 |
| Gray Media, Inc. | 15870 | 92 |
| Harte Hanks, Inc.\* | 790 | 3 |
| iHeartMedia, Inc., Class A\* | 12756 | 37 |
| Integral Ad Science Holding Corp.\* | 16804 | 171 |
| John Wiley & Sons, Inc., Class A | 6435 | 260 |
| Magnite, Inc.\* | 8119 | 177 |
| Marchex, Inc., Class B\* | 6086 | 11 |
| Saga Communications, Inc., Class A | 1049 | 13 |
| Scholastic Corp. | 4790 | 131 |
| Sinclair, Inc. | 7655 | 116 |
| Stagwell, Inc.\* | 27113 | 153 |
| TechTarget, Inc.\* | 2932 | 17 |
| TEGNA, Inc. | 27673 | 563 |
| Thryv Holdings, Inc.\* | 7829 | 94 |
|  |  | **3912** |
| **Metals & Mining – 1.2%** | **Metals & Mining – 1.2%** | **Metals & Mining – 1.2%** |
| Alpha Metallurgical Resources, Inc.\* | 1463 | 240 |
| American Battery Technology Co.\* | 78282 | 380 |
| Ampco-Pittsburgh Corp.\* | 1957 | 5 |
| Ascent Industries Co.\* | 108 | 1 |
| Coeur Mining, Inc.\* | 32237 | 605 |
| Commercial Metals Co. | 15868 | 909 |
| Constellium S.E.\* | 18272 | 272 |
| Contango ORE, Inc.<sup>\* †</sup> <br>| 231 | 6 |
| Elevra Lithium Ltd. ADR\* | 485 | 12 |
| Fortitude Gold Corp. | 3667 | 16 |
| Hecla Mining Co. | 74848 | 906 |
| Kaiser Aluminum Corp. | 2118 | 163 |
| Materion Corp. | 4738 | 572 |
| Olympic Steel, Inc. | 2253 | 69 |
| SunCoke Energy, Inc. | 1970 | 16 |
| Tredegar Corp.\* | 4630 | 37 |
| Worthington Steel, Inc. | 8534 | 259 |
|  |  | **4468** |
| **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** |
| ACRES Commercial Realty Corp.\* | 2177 | 46 |
| Adamas Trust, Inc. | 7592 | 53 |
| AG Mortgage Investment Trust, Inc. | 1885 | 14 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Mortgage Real Estate Investment Trusts – 0.4%continued** | **Mortgage Real Estate Investment Trusts – 0.4%continued** | **Mortgage Real Estate Investment Trusts – 0.4%continued** |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, <br> Inc.<br>| 22897 | $232 |
| Arbor Realty Trust, Inc.<sup>†</sup> <br>| 17347 | 212 |
| ARMOUR Residential REIT, Inc.<sup>†</sup> <br>| 1089 | 16 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A<sup>†</sup> <br>| 17979 | 331 |
| BrightSpire Capital, Inc. | 8348 | 45 |
| Cherry Hill Mortgage Investment Corp. | 2918 | 7 |
| Dynex Capital, Inc.<sup>†</sup> <br>| 2552 | 31 |
| Ellington Financial, Inc. | 1097 | 14 |
| Franklin BSP Realty Trust, Inc. | 5894 | 64 |
| Granite Point Mortgage Trust, Inc. | 4584 | 14 |
| Invesco Mortgage Capital, Inc.<sup>†</sup> <br>| 1741 | 13 |
| Ladder Capital Corp. | 19330 | 211 |
| Orchid Island Capital, Inc.<sup>†</sup> <br>| 929 | 6 |
| Ready Capital Corp.<sup>†</sup> <br>| 3514 | 14 |
| Redwood Trust, Inc. | 8122 | 47 |
| Two Harbors Investment Corp. | 5960 | 59 |
|  |  | **1429** |
| **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** |
| Avista Corp. | 9622 | 364 |
| Black Hills Corp. | 8927 | 550 |
| Northwestern Energy Group, Inc. | 7938 | 465 |
| Unitil Corp. | 2529 | 121 |
|  |  | **1500** |
| **Office Real Estate Investment Trusts – 0.6%** | **Office Real Estate Investment Trusts – 0.6%** | **Office Real Estate Investment Trusts – 0.6%** |
| Brandywine Realty Trust | 22676 | 94 |
| City Office REIT, Inc. | 9427 | 66 |
| COPT Defense Properties | 13387 | 389 |
| Douglas Emmett, Inc. | 20189 | 314 |
| Easterly Government Properties, Inc. | 4310 | 99 |
| Empire State Realty Trust, Inc., Class A | 17765 | 136 |
| Franklin Street Properties Corp. | 11685 | 19 |
| Hudson Pacific Properties, Inc.\* | 17503 | 48 |
| JBG SMITH Properties<sup>†</sup> <br>| 7447 | 166 |
| Paramount Group, Inc.\* | 23728 | 155 |
| Piedmont Realty Trust, Inc. | 16234 | 146 |
| SL Green Realty Corp. | 7937 | 475 |
|  |  | **2107** |
| **Oil, Gas & Consumable Fuels – 3.4%** | **Oil, Gas & Consumable Fuels – 3.4%** | **Oil, Gas & Consumable Fuels – 3.4%** |
| Ardmore Shipping Corp. | 15706 | 186 |
| Baytex Energy Corp. | 27540 | 64 |
| BKV Corp.\* | 8594 | 199 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Oil, Gas & Consumable Fuels – 3.4%continued** | **Oil, Gas & Consumable Fuels – 3.4%continued** | **Oil, Gas & Consumable Fuels – 3.4%continued** |
| California Resources Corp. | 9737 | $518 |
| Calumet, Inc.<sup>\* †</sup> <br>| 8784 | 160 |
| Centrus Energy Corp., Class A<sup>\* †</sup> <br>| 586 | 182 |
| Civitas Resources, Inc. | 9356 | 304 |
| Clean Energy Fuels Corp.\* | 9818 | 25 |
| CMB Tech N.V.\* | 14564 | 137 |
| CNX Resources Corp.\* | 18224 | 585 |
| Comstock Resources, Inc.\* | 11666 | 231 |
| Core Natural Resources, Inc. | 6754 | 564 |
| Crescent Energy Co., Class A | 2403 | 21 |
| CVR Energy, Inc.\* | 13475 | 492 |
| Delek U.S. Holdings, Inc. | 8174 | 264 |
| DHT Holdings, Inc. | 20252 | 242 |
| Dorian LPG Ltd. | 554 | 17 |
| Evolution Petroleum Corp. | 12426 | 60 |
| FLEX LNG Ltd.<sup>\* †</sup> <br>| 7162 | 180 |
| FutureFuel Corp. | 5144 | 20 |
| Golar LNG Ltd. | 16164 | 653 |
| Green Plains, Inc.\* | 11268 | 99 |
| Gulfport Energy Corp.\* | 2440 | 442 |
| HighPeak Energy, Inc.<sup>†</sup> <br>| 12794 | 90 |
| International Seaways, Inc. | 6817 | 314 |
| Kinetik Holdings, Inc.<sup>†</sup> <br>| 7949 | 340 |
| Magnolia Oil & Gas Corp., Class A | 21115 | 504 |
| Murphy Oil Corp. | 18675 | 531 |
| NACCO Industries, Inc., Class A | 2741 | 116 |
| Navigator Holdings Ltd. | 8930 | 138 |
| Nordic American Tankers Ltd. | 8638 | 27 |
| Northern Oil & Gas, Inc.<sup>†</sup> <br>| 9945 | 247 |
| Par Pacific Holdings, Inc.\* | 3381 | 120 |
| PBF Energy, Inc., Class A | 15891 | 479 |
| Peabody Energy Corp. | 14921 | 396 |
| PrimeEnergy Resources Corp.<sup>\* †</sup> <br>| 1067 | 178 |
| REX American Resources Corp.\* | 16564 | 507 |
| SandRidge Energy, Inc. | 3229 | 36 |
| Scorpio Tankers, Inc. | 8566 | 480 |
| SFL Corp. Ltd. | 14009 | 106 |
| SM Energy Co. | 15374 | 384 |
| Talos Energy, Inc.\* | 18141 | 174 |
| Teekay Corp. Ltd. | 10362 | 85 |
| Teekay Tankers Ltd., Class A | 4590 | 232 |
| Uranium Energy Corp.\* | 48255 | 644 |
| VAALCO Energy, Inc. | 12049 | 48 |
| Viper Energy, Inc., Class A | 5159 | 197 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **142** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Oil, Gas & Consumable Fuels – 3.4%continued** | **Oil, Gas & Consumable Fuels – 3.4%continued** | **Oil, Gas & Consumable Fuels – 3.4%continued** |
| W&T Offshore, Inc.<sup>†</sup> <br>| 28403 | $52 |
| World Kinect Corp. | 8431 | 219 |
|  |  | **12289** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| Clearwater Paper Corp.\* | 2471 | 51 |
| Magnera Corp.<sup>(1) \* †</sup> <br>| 32 |  |
| Sylvamo Corp. | 4540 | 201 |
|  |  | **252** |
| **Passenger Airlines – 0.2%** | **Passenger Airlines – 0.2%** | **Passenger Airlines – 0.2%** |
| SkyWest, Inc.\* | 7989 | **804** |
| **Personal Care Products – 0.3%** | **Personal Care Products – 0.3%** | **Personal Care Products – 0.3%** |
| Edgewell Personal Care Co. | 7398 | 151 |
| Interparfums, Inc. | 2594 | 255 |
| Mannatech, Inc.\* | 3194 | 31 |
| Medifast, Inc.<sup>\* †</sup> <br>| 2652 | 36 |
| Natural Alternatives International, Inc.\* | 1147 | 3 |
| Nature's Sunshine Products, Inc.\* | 2537 | 40 |
| Nu Skin Enterprises, Inc., Class A | 9201 | 112 |
| Oddity Tech Ltd., Class A\* | 6636 | 414 |
| USANA Health Sciences, Inc.\* | 1556 | 43 |
|  |  | **1085** |
| **Pharmaceuticals – 2.3%** | **Pharmaceuticals – 2.3%** | **Pharmaceuticals – 2.3%** |
| Alto Neuroscience, Inc.<sup>\* †</sup> <br>| 7249 | 29 |
| Amneal Pharmaceuticals, Inc.\* | 27245 | 273 |
| Amphastar Pharmaceuticals, Inc.\* | 7571 | 202 |
| Amylyx Pharmaceuticals, Inc.\* | 19667 | 267 |
| ANI Pharmaceuticals, Inc.\* | 2514 | 230 |
| Assertio Holdings, Inc.<sup>\* †</sup> <br>| 2602 | 2 |
| Atea Pharmaceuticals, Inc.\* | 7065 | 20 |
| Avadel Pharmaceuticals PLC\* | 10884 | 166 |
| Axsome Therapeutics, Inc.\* | 3186 | 387 |
| Biote Corp., Class A\* | 12314 | 37 |
| Cassava Sciences, Inc.\* | 7816 | 23 |
| Collegium Pharmaceutical, Inc.\* | 11059 | 387 |
| Contineum Therapeutics, Inc., Class A\* | 4191 | 49 |
| Enliven Therapeutics, Inc.\* | 6233 | 128 |
| Esperion Therapeutics, Inc.\* | 92789 | 246 |
| Eton Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 7256 | 158 |
| Evolus, Inc.\* | 7600 | 47 |
| EyePoint Pharmaceuticals, Inc.\* | 9258 | 132 |
| Fulcrum Therapeutics, Inc.\* | 16141 | 148 |
| GH Research PLC<sup>\* †</sup> <br>| 6724 | 96 |
| Harmony Biosciences Holdings, Inc.\* | 2497 | 69 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Pharmaceuticals – 2.3%continued** | **Pharmaceuticals – 2.3%continued** | **Pharmaceuticals – 2.3%continued** |
| Harrow, Inc.\* | 11285 | $544 |
| Indivior PLC\* | 12602 | 304 |
| Innoviva, Inc.\* | 18275 | 334 |
| LENZ Therapeutics, Inc.<sup>\* †</sup> <br>| 5270 | 245 |
| Ligand Pharmaceuticals, Inc.\* | 3243 | 574 |
| Liquidia Corp.\* | 6462 | 147 |
| Maze Therapeutics, Inc.\* | 8975 | 233 |
| MediWound Ltd.<sup>\* †</sup> <br>| 5502 | 99 |
| Ocular Therapeutix, Inc.\* | 395 | 5 |
| Oculis Holding A.G.\* | 7234 | 128 |
| Omeros Corp.<sup>\* †</sup> <br>| 11009 | 45 |
| Organon & Co. | 26351 | 281 |
| Otonomy, Inc.<sup>(2) \*</sup> <br>| 400 |  |
| Pacira BioSciences, Inc.\* | 7687 | 198 |
| Phathom Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 6813 | 80 |
| Phibro Animal Health Corp., Class A | 5804 | 235 |
| Pliant Therapeutics, Inc.<sup>\* †</sup> <br>| 8053 | 12 |
| Prestige Consumer Healthcare, Inc.\* | 8270 | 516 |
| Rafael Holdings, Inc., Class B\* | 10894 | 15 |
| &nbsp;&nbsp; Rani Therapeutics Holdings, Inc., <br> Class A\*<br>| 21309 | 11 |
| SIGA Technologies, Inc. | 4718 | 43 |
| Supernus Pharmaceuticals, Inc.\* | 7445 | 356 |
| Tarsus Pharmaceuticals, Inc.\* | 2969 | 176 |
| Terns Pharmaceuticals, Inc.\* | 10914 | 82 |
| Theravance Biopharma, Inc.\* | 6602 | 96 |
| Third Harmonic Bio, Inc.<sup>(2) \* †</sup> <br>| 6789 |  |
| Tilray Brands, Inc.<sup>\* †</sup> <br>| 83622 | 145 |
| Verrica Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 1678 | 7 |
| WaVe Life Sciences Ltd.\* | 5075 | 37 |
| Xeris Biopharma Holdings, Inc.\* | 21958 | 179 |
|  |  | **8223** |
| **Professional Services – 2.2%** | **Professional Services – 2.2%** | **Professional Services – 2.2%** |
| Acuren Corp.\* | 8662 | 115 |
| Alight, Inc., Class A | 40919 | 133 |
| Asure Software, Inc.\* | 900 | 7 |
| Barrett Business Services, Inc. | 12377 | 549 |
| CBIZ, Inc.\* | 15521 | 822 |
| Concentrix Corp. | 6493 | 300 |
| Conduent, Inc.\* | 19720 | 55 |
| CRA International, Inc. | 2611 | 544 |
| CSG Systems International, Inc. | 4994 | 322 |
| DLH Holdings Corp.\* | 980 | 6 |
| Exponent, Inc. | 8062 | 560 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Professional Services – 2.2%continued** | **Professional Services – 2.2%continued** | **Professional Services – 2.2%continued** |
| First Advantage Corp.\* | 17569 | $270 |
| Forrester Research, Inc.\* | 4311 | 46 |
| Franklin Covey Co.\* | 3285 | 64 |
| Heidrick & Struggles International, Inc. | 4387 | 218 |
| Huron Consulting Group, Inc.\* | 2652 | 389 |
| ICF International, Inc. | 2647 | 246 |
| Insperity, Inc. | 5492 | 270 |
| Kelly Services, Inc., Class A | 3280 | 43 |
| Korn Ferry | 7672 | 537 |
| ManpowerGroup, Inc. | 5880 | 223 |
| Maximus, Inc. | 6917 | 632 |
| Resources Connection, Inc. | 5155 | 26 |
| TriNet Group, Inc. | 5677 | 380 |
| TrueBlue, Inc.\* | 5185 | 32 |
| TTEC Holdings, Inc.<sup>\* †</sup> <br>| 3066 | 10 |
| Upwork, Inc.\* | 13367 | 248 |
| Verra Mobility Corp.\* | 17325 | 428 |
| Where Food Comes From, Inc.<sup>\* †</sup> <br>| 275 | 4 |
| Willdan Group, Inc.\* | 2046 | 198 |
| WNS Holdings Ltd.\* | 5835 | 445 |
|  |  | **8122** |
| **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** |
| Altisource Asset Management Corp.\* | 1 |  |
| Altisource Portfolio Solutions S.A.\* | 4309 | 50 |
| American Realty Investors, Inc.\* | 1204 | 20 |
| AMREP Corp.\* | 1164 | 28 |
| Anywhere Real Estate, Inc.\* | 12276 | 130 |
| Compass, Inc., Class A\* | 45770 | 367 |
| Cushman & Wakefield PLC\* | 14146 | 225 |
| Douglas Elliman, Inc.\* | 4785 | 14 |
| eXp World Holdings, Inc.<sup>†</sup> <br>| 7392 | 79 |
| Forestar Group, Inc.\* | 7151 | 190 |
| FRP Holdings, Inc.\* | 1465 | 36 |
| JW Mays, Inc.\* | 359 | 14 |
| Kennedy-Wilson Holdings, Inc. | 15906 | 132 |
| Marcus & Millichap, Inc. | 4010 | 118 |
| Newmark Group, Inc., Class A | 16170 | 302 |
| RE/MAX Holdings, Inc., Class A\* | 4245 | 40 |
| RMR Group (The), Inc., Class A | 81 | 1 |
| St. Joe (The) Co. | 4401 | 218 |
| Star Holdings\* | 2122 | 17 |
| Stratus Properties, Inc.<sup>\* †</sup> <br>| 1019 | 22 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%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.\* | 5438 | $87 |
| Transcontinental Realty Investors, Inc.\* | 305 | 14 |
|  |  | **2104** |
| **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** |
| Bluerock Homes Trust, Inc. | 1250 | 15 |
| BRT Apartments Corp. | 2145 | 33 |
| Centerspace | 1135 | 67 |
| Elme Communities | 10323 | 174 |
| Independence Realty Trust, Inc. | 27174 | 445 |
| NexPoint Residential Trust, Inc. | 2602 | 84 |
| UMH Properties, Inc. | 5645 | 84 |
| Veris Residential, Inc. | 11884 | 181 |
|  |  | **1083** |
| **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** |
| Acadia Realty Trust | 11847 | 239 |
| Alexander's, Inc. | 442 | 104 |
| CBL & Associates Properties, Inc. | 2673 | 82 |
| Curbline Properties Corp. | 7920 | 177 |
| Getty Realty Corp. | 5124 | 137 |
| InvenTrust Properties Corp. | 8693 | 249 |
| Kite Realty Group Trust | 28240 | 630 |
| Macerich (The) Co. | 18608 | 339 |
| NETSTREIT Corp.<sup>†</sup> <br>| 8212 | 148 |
| Phillips Edison & Co., Inc. | 14720 | 505 |
| Saul Centers, Inc. | 1357 | 43 |
| SITE Centers Corp. | 3957 | 36 |
| Tanger, Inc. | 10503 | 355 |
| Urban Edge Properties | 14879 | 304 |
| Whitestone REIT | 10936 | 134 |
|  |  | **3482** |
| **Semiconductors & Semiconductor Equipment – 3.0%** | **Semiconductors & Semiconductor Equipment – 3.0%** | **Semiconductors & Semiconductor Equipment – 3.0%** |
| ACM Research, Inc., Class A\* | 7423 | 290 |
| Aeluma, Inc.<sup>\* †</sup> <br>| 7447 | 120 |
| Alpha & Omega Semiconductor Ltd.\* | 3684 | 103 |
| Ambarella, Inc.\* | 4496 | 371 |
| Amtech Systems, Inc.\* | 597 | 6 |
| Atomera, Inc.<sup>\* †</sup> <br>| 19858 | 88 |
| Axcelis Technologies, Inc.\* | 7703 | 752 |
| Blaize Holdings, Inc.<sup>\* †</sup> <br>| 36650 | 126 |
| CEVA, Inc.\* | 2933 | 77 |
| Cohu, Inc.\* | 3354 | 68 |
| Credo Technology Group Holding Ltd.\* | 18788 | 2736 |
| Diodes, Inc.\* | 6099 | 325 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **144** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Semiconductors & Semiconductor Equipment – 3.0%continued** | **Semiconductors & Semiconductor Equipment – 3.0%continued** | **Semiconductors & Semiconductor Equipment – 3.0%continued** |
| FormFactor, Inc.\* | 9622 | $350 |
| Ichor Holdings Ltd.\* | 2826 | 50 |
| Impinj, Inc.\* | 3320 | 600 |
| inTEST Corp.\* | 3331 | 26 |
| Kopin Corp.\* | 280 | 1 |
| Kulicke & Soffa Industries, Inc. | 8493 | 345 |
| Magnachip Semiconductor Corp.\* | 2830 | 9 |
| Maxeon Solar Technologies Ltd.<sup>\* †</sup> <br>| 20271 | 68 |
| Meta Materials, Inc.\* |  |  |
| NVE Corp. | 1392 | 91 |
| PDF Solutions, Inc.\* | 10150 | 262 |
| Penguin Solutions, Inc.\* | 10240 | 269 |
| Photronics, Inc.\* | 4856 | 111 |
| Power Integrations, Inc. | 6906 | 278 |
| Rambus, Inc.\* | 13507 | 1407 |
| Semtech Corp.\* | 7606 | 543 |
| SiTime Corp.\* | 2179 | 657 |
| Synaptics, Inc.\* | 4845 | 331 |
| Ultra Clean Holdings, Inc.\* | 8572 | 234 |
| Veeco Instruments, Inc.\* | 9383 | 286 |
|  |  | **10980** |
| **Software – 5.6%** | **Software – 5.6%** | **Software – 5.6%** |
| A10 Networks, Inc. | 7256 | 132 |
| ACI Worldwide, Inc.\* | 15260 | 805 |
| Adeia, Inc. | 12862 | 216 |
| Agilysys, Inc.\* | 3953 | 416 |
| Airship AI Holdings, Inc.<sup>\* †</sup> <br>| 30314 | 157 |
| Alarm.com Holdings, Inc.\* | 4735 | 251 |
| Alkami Technology, Inc.\* | 10996 | 273 |
| Amplitude, Inc., Class A\* | 13367 | 143 |
| Appian Corp., Class A\* | 7447 | 228 |
| Asana, Inc., Class A\* | 23867 | 319 |
| AvePoint, Inc.\* | 20217 | 303 |
| Beamr Imaging Ltd.<sup>\* †</sup> <br>| 31307 | 96 |
| Blackbaud, Inc.\* | 6633 | 427 |
| BlackLine, Inc.\* | 6491 | 345 |
| Box, Inc., Class A\* | 18441 | 595 |
| Braze, Inc., Class A\* | 12137 | 345 |
| Cerence, Inc.\* | 118 | 2 |
| Clear Secure, Inc., Class A | 9356 | 312 |
| &nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A\*<br>| 26276 | 474 |
| Cognyte Software Ltd.\* | 11266 | 95 |
| Commvault Systems, Inc.\* | 5071 | 957 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Software – 5.6%continued** | **Software – 5.6%continued** | **Software – 5.6%continued** |
| Consensus Cloud Solutions, Inc.\* | 2032 | $60 |
| CoreCard Corp.\* | 3438 | 93 |
| Daily Journal Corp.\* | 222 | 103 |
| Digimarc Corp.<sup>\* †</sup> <br>| 4142 | 40 |
| Digital Turbine, Inc.\* | 9958 | 64 |
| Domo, Inc., Class B\* | 4287 | 68 |
| eGain Corp.\* | 4149 | 36 |
| EverCommerce, Inc.<sup>\* †</sup> <br>| 18522 | 206 |
| Five9, Inc.\* | 8819 | 213 |
| Freshworks, Inc., Class A\* | 19481 | 229 |
| I3 Verticals, Inc., Class A\* | 2688 | 87 |
| Intapp, Inc.\* | 8335 | 341 |
| InterDigital, Inc.<sup>†</sup> <br>| 5256 | 1814 |
| Jamf Holding Corp.\* | 13367 | 143 |
| Karooooo Ltd. | 3056 | 175 |
| Life360, Inc.<sup>\* †</sup> <br>| 7829 | 832 |
| LiveRamp Holdings, Inc.\* | 7300 | 198 |
| Magic Software Enterprises Ltd. | 5920 | 121 |
| Meridianlink, Inc.\* | 7829 | 156 |
| N-able, Inc.\* | 19094 | 149 |
| nCino, Inc.\* | 11839 | 321 |
| NCR Voyix Corp.\* | 14215 | 178 |
| Next Technology Holding, Inc.\* | 222 | 6 |
| Nukkleus, Inc.<sup>\* †</sup> <br>| 9356 | 66 |
| ON24, Inc.\* | 12412 | 71 |
| OneSpan, Inc. | 8311 | 132 |
| PagerDuty, Inc.\* | 10415 | 172 |
| PAR Technology Corp.<sup>\* †</sup> <br>| 3325 | 132 |
| Progress Software Corp.\* | 5768 | 253 |
| Q2 Holdings, Inc.\* | 6386 | 462 |
| Qualys, Inc.\* | 4401 | 582 |
| Radware Ltd.\* | 4392 | 116 |
| Rapid7, Inc.\* | 6182 | 116 |
| Red Violet, Inc. | 2661 | 139 |
| Rekor Systems, Inc.\* | 88993 | 140 |
| ReposiTrak, Inc.<sup>(1)</sup> <br>| 33 | 1 |
| Rezolve AI PLC<sup>\* †</sup> <br>| 70734 | 352 |
| Rimini Street, Inc.\* | 31880 | 149 |
| RingCentral, Inc., Class A\* | 10224 | 290 |
| Sapiens International Corp. N.V. | 6725 | 289 |
| SEMrush Holdings, Inc., Class A\* | 15085 | 107 |
| SoundThinking, Inc.\* | 3320 | 40 |
| Sprinklr, Inc., Class A\* | 26158 | 202 |
| Sprout Social, Inc., Class A\* | 6813 | 88 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **145** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Software – 5.6%continued** | **Software – 5.6%continued** | **Software – 5.6%continued** |
| SPS Commerce, Inc.\* | 5858 | $610 |
| Synchronoss Technologies, Inc.<sup>(1) \*</sup> <br>| 1 |  |
| Tenable Holdings, Inc.\* | 12286 | 358 |
| Teradata Corp.\* | 11756 | 253 |
| Upland Software, Inc.<sup>(1) \*</sup> <br>| 51 |  |
| Varonis Systems, Inc.\* | 11405 | 655 |
| Verint Systems, Inc.\* | 8379 | 170 |
| Vertex, Inc., Class A\* | 18346 | 455 |
| Viant Technology, Inc., Class A\* | 8159 | 70 |
| Weave Communications, Inc.\* | 8513 | 57 |
| WM Technology, Inc.\* | 97370 | 113 |
| Workiva, Inc.\* | 4569 | 393 |
| Xperi, Inc.\* | 5144 | 33 |
| Yext, Inc.\* | 12412 | 106 |
| Zeta Global Holdings Corp., Class A\* | 26363 | 524 |
|  |  | **20220** |
| **Specialized Real Estate Investment Trusts – 0.4%** | **Specialized Real Estate Investment Trusts – 0.4%** | **Specialized Real Estate Investment Trusts – 0.4%** |
| Four Corners Property Trust, Inc. | 10323 | 252 |
| Gladstone Land Corp.<sup>†</sup> <br>| 10391 | 95 |
| National Storage Affiliates Trust | 7423 | 224 |
| Outfront Media, Inc. | 19203 | 352 |
| PotlatchDeltic Corp. | 10843 | 442 |
| Safehold, Inc. | 2865 | 44 |
| Smartstop Self Storage REIT, Inc.<sup>†</sup> <br>| 3438 | 130 |
|  |  | **1539** |
| **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** |
| 1-800-Flowers.com, Inc., Class A<sup>\* †</sup> <br>| 5759 | 27 |
| Abercrombie & Fitch Co., Class A\* | 7672 | 656 |
| Academy Sports & Outdoors, Inc. | 8798 | 440 |
| American Eagle Outfitters, Inc. | 21623 | 370 |
| America's Car-Mart, Inc.\* | 1397 | 41 |
| Arhaus, Inc.\* | 13799 | 147 |
| Asbury Automotive Group, Inc.\* | 2317 | 566 |
| Barnes & Noble Education, Inc.\* | 238 | 2 |
| Bed Bath & Beyond, Inc.\* | 4385 | 43 |
| Boot Barn Holdings, Inc.\* | 3583 | 594 |
| Buckle (The), Inc. | 3987 | 234 |
| Build-A-Bear Workshop, Inc. | 3645 | 238 |
| Caleres, Inc. | 6451 | 84 |
| Camping World Holdings, Inc., Class A | 5056 | 80 |
| Cato (The) Corp., Class A\* | 4214 | 18 |
| Children's Place (The), Inc.<sup>\* †</sup> <br>| 3547 | 22 |
| Citi Trends, Inc.\* | 4230 | 131 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Specialty Retail – 2.5%continued** | **Specialty Retail – 2.5%continued** | **Specialty Retail – 2.5%continued** |
| Designer Brands, Inc., Class A<sup>†</sup> <br>| 8009 | $28 |
| Genesco, Inc.\* | 3227 | 94 |
| Group 1 Automotive, Inc. | 2619 | 1146 |
| GrowGeneration Corp.\* | 6680 | 13 |
| Guess?, Inc.<sup>†</sup> <br>| 6159 | 103 |
| Haverty Furniture Cos., Inc. | 3051 | 67 |
| Monro, Inc. | 4694 | 84 |
| National Vision Holdings, Inc.\* | 8610 | 251 |
| ODP (The) Corp.\* | 5249 | 146 |
| PetMed Express, Inc.\* | 3594 | 9 |
| Revolve Group, Inc.\* | 8612 | 183 |
| RideNow Group, Inc.<sup>\* †</sup> <br>| 32072 | 141 |
| Sally Beauty Holdings, Inc.\* | 19176 | 312 |
| Shoe Carnival, Inc. | 7529 | 157 |
| Signet Jewelers Ltd. | 6215 | 596 |
| Sleep Number Corp.<sup>\* †</sup> <br>| 2833 | 20 |
| Sonic Automotive, Inc., Class A | 6649 | 506 |
| ThredUp, Inc., Class A\* | 11456 | 108 |
| Upbound Group, Inc. | 6228 | 147 |
| Urban Outfitters, Inc.\* | 8144 | 582 |
| Victoria's Secret & Co.\* | 8906 | 242 |
| Winmark Corp. | 720 | 358 |
| Zumiez, Inc.\* | 4807 | 94 |
|  |  | **9080** |
| **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** |
| AstroNova, Inc.<sup>\* †</sup> <br>| 11351 | 116 |
| CompoSecure, Inc., Class A\* | 10311 | 215 |
| CPI Card Group, Inc.\* | 4392 | 66 |
| Diebold Nixdorf, Inc.\* | 3819 | 218 |
| Immersion Corp. | 6309 | 46 |
| TransAct Technologies, Inc.\* | 3243 | 18 |
|  |  | **679** |
| **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** |
| Carter's, Inc. | 4294 | 121 |
| Culp, Inc.\* | 3104 | 14 |
| Fossil Group, Inc.\* | 5265 | 14 |
| G-III Apparel Group Ltd.\* | 5097 | 136 |
| Kontoor Brands, Inc. | 5428 | 433 |
| Movado Group, Inc. | 2693 | 51 |
| Oxford Industries, Inc. | 3312 | 134 |
| Rocky Brands, Inc. | 2993 | 89 |
| Steven Madden Ltd. | 11086 | 371 |
| Superior Group of Cos., Inc. | 2993 | 32 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **146** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Textiles, Apparel & Luxury Goods – 0.5%continued** | **Textiles, Apparel & Luxury Goods – 0.5%continued** | **Textiles, Apparel & Luxury Goods – 0.5%continued** |
| Under Armour, Inc., Class A<sup>\* †</sup> <br>| 42919 | $214 |
| Unifi, Inc.\* | 588 | 3 |
| Vera Bradley, Inc.<sup>\* †</sup> <br>| 2958 | 6 |
| Wolverine World Wide, Inc. | 8212 | 225 |
|  |  | **1843** |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| Turning Point Brands, Inc. | 194 | 19 |
| Universal Corp. | 3855 | 216 |
|  |  | **235** |
| **Total Broadband and Communications – 0.0%** | **Total Broadband and Communications – 0.0%** | **Total Broadband and Communications – 0.0%** |
| Machten, Inc.\* | 862 | **6** |
| **Trading Companies & Distributors – 1.3%** | **Trading Companies & Distributors – 1.3%** | **Trading Companies & Distributors – 1.3%** |
| BlueLinx Holdings, Inc.\* | 2374 | 174 |
| Boise Cascade Co. | 5826 | 451 |
| Distribution Solutions Group, Inc.\* | 5650 | 170 |
| DNOW, Inc.\* | 12133 | 185 |
| DXP Enterprises, Inc.\* | 1272 | 151 |
| EVI Industries, Inc. | 1882 | 60 |
| GATX Corp. | 4656 | 814 |
| Global Industrial Co. | 5530 | 203 |
| Herc Holdings, Inc. | 3786 | 442 |
| McGrath RentCorp | 4163 | 488 |
| MRC Global, Inc.\* | 11752 | 169 |
| NPK International, Inc.\* | 10180 | 115 |
| Rush Enterprises, Inc., Class A | 16596 | 887 |
| Titan Machinery, Inc.\* | 1428 | 24 |
| Transcat, Inc.\* | 2797 | 205 |
| Willis Lease Finance Corp. | 1695 | 232 |
|  |  | **4770** |
| **Transportation Infrastructure – 0.1%** | **Transportation Infrastructure – 0.1%** | **Transportation Infrastructure – 0.1%** |
| Corp. America Airports S.A.<sup>\* †</sup> <br>| 15962 | **289** |
| **Water Utilities – 0.5%** | **Water Utilities – 0.5%** | **Water Utilities – 0.5%** |
| American States Water Co. | 5799 | 425 |
| Artesian Resources Corp., Class A | 2911 | 95 |
| Cadiz, Inc.\* | 10353 | 49 |
| California Water Service Group | 7289 | 334 |
| Consolidated Water Co. Ltd. | 6928 | 244 |
| H2O America | 3918 | 191 |
| Middlesex Water Co. | 4354 | 236 |
| York Water (The) Co. | 3056 | 93 |
|  |  | **1667** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| Gogo, Inc.\* | 5073 | $44 |
| Spok Holdings, Inc. | 9783 | 169 |
| Telephone and Data Systems, Inc. | 12548 | 492 |
|  |  | **705** |
| **Total Common Stocks** |  |  |
| **(Cost $221,843)** |  | **356628** |
| **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. | 161 | **7** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $5)** |  | **7** |
| **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 | **66** |
| **Total Preferred Stocks** |  |  |
| **(Cost $67)** |  | **66** |
| **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 | 3 |
| &nbsp;&nbsp; Inhibrx, Inc. (Contingent Value <br> Rights)<sup>(2) \*</sup> <br>| 7862 |  |
| Sage Therapeutics, Inc.<sup>(2) \*</sup> <br>| 8772 |  |
| Tobira Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(2) (4) \*</sup> <br>| 16926 |  |
|  |  | **3** |
| **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. <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 11874 | **—** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **147** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  |
| **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 |  |
| Sun Pharmaceutical Industries Ltd. <br> (Contingent Value Rights)<sup>(2) \*</sup> <br>| 44767 |  |
|  |  | **—** |
| **Total Rights** |  |  |
| **(Cost $131)** |  | **3** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| Escrow Equity Commonwealth <sup>(2) \*</sup> <br>| 15338 |  |
| **Total Other** |  |  |
| **(Cost $93)** |  | **—** |

---

---

| | | |
|:---|:---|:---|
|  | 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<sup>(1) \*</sup> <br>| 743 | $1 |
| &nbsp;&nbsp; Pulse Biosciences, Inc., Exp. 6/27/29, <br> Strike $0.00\*<br>| 1625 | 5 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **6** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 6.6%**  | **INVESTMENT COMPANIES – 6.6%**  | **INVESTMENT COMPANIES – 6.6%**  |
| Ellington Credit Co.<sup>†</sup> <br>| 3256 | $18 |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(5) (6) (7)</sup> <br>| 18411506 | 18411 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(5) (6)</sup> <br>| 5379513 | 5380 |
| **Total Investment Companies** |  |  |
| **(Cost $23,810)** |  | **23809** |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 4.14%, 11/28/25<sup>(8) (9)</sup> <br>| $460 | **$457** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $457)** | **(Cost $457)** | **457** |
| **Total Investments – 105.0%** | **Total Investments – 105.0%** |  |
| **(Cost $246,406)** | **(Cost $246,406)** | **380976** |
| Liabilities less Other Assets – (5.0%) | Liabilities less Other Assets – (5.0%) | (18090)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$362886** |

---

<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 September 30, 2025, the value of these restricted* *securities amounted to approximately $3,000 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. (Contingent <br> Value Rights)<br>| 3/1/23 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/2/16 | &nbsp;&nbsp; 131 |

---

---

| | |
|:---|:---|
| <sup>(5)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(6)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(7)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(8)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(9)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **148** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR - American Depositary Receipt |

---

*Percentages shown are based on Net Assets.* 

At September 30, 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>| 49 | $6016 | Long | 12/25 | $79 |

---

<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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Banks | &nbsp;&nbsp; $35784 | &nbsp;&nbsp; $38 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $35824 |
| Biotechnology | &nbsp;&nbsp; 22319 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 22329 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; 298475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 298475 |
| Total Common Stocks | &nbsp;&nbsp; 356578 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 356628 |
| Master Limited Partnerships | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
| Preferred Stocks | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66 |
| Rights<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| Warrants | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| Investment Companies | &nbsp;&nbsp; 23809 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23809 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 457 | &nbsp;&nbsp; — | &nbsp;&nbsp; 457 |
| Total Investments | &nbsp;&nbsp; $380461 | &nbsp;&nbsp; $500 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $380976 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **149** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%**  | **COMMON STOCKS – 98.1%**  | **COMMON STOCKS – 98.1%**  |
| **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** | **Aerospace & Defense – 1.9%** |
| AAR Corp.\* | 16887 | $1514 |
| AeroVironment, Inc.\* | 15100 | 4755 |
| AerSale Corp.\* | 15663 | 128 |
| AIRO Group Holdings, Inc.\* | 3606 | 69 |
| Archer Aviation, Inc., Class A<sup>\* †</sup> <br>| 260385 | 2495 |
| Astronics Corp.\* | 14305 | 653 |
| Byrna Technologies, Inc.<sup>\* †</sup> <br>| 8551 | 190 |
| Cadre Holdings, Inc. | 13450 | 491 |
| Ducommun, Inc.\* | 6507 | 626 |
| Eve Holding, Inc.<sup>\* †</sup> <br>| 25500 | 97 |
| Intuitive Machines, Inc.\* | 51646 | 543 |
| &nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 78885 | 7208 |
| Mercury Systems, Inc.\* | 24616 | 1905 |
| Moog, Inc., Class A | 13291 | 2760 |
| National Presto Industries, Inc. | 2436 | 273 |
| Park Aerospace Corp. | 8770 | 178 |
| Redwire Corp.<sup>\* †</sup> <br>| 23655 | 213 |
| Satellogic, Inc., Class A<sup>\* †</sup> <br>| 32329 | 106 |
| V2X, Inc.\* | 9178 | 533 |
| Voyager Technologies, Inc., Class A<sup>\* †</sup> <br>| 6560 | 195 |
| VSE Corp. | 9608 | 1597 |
|  |  | **26529** |
| **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** |
| Arrive AI, Inc.<sup>\* †</sup> <br>| 4114 | 15 |
| Forward Air Corp.\* | 10002 | 257 |
| Hub Group, Inc., Class A | 28252 | 973 |
| Radiant Logistics, Inc.\* | 16484 | 97 |
|  |  | **1342** |
| **Automobile Components – 1.3%** | **Automobile Components – 1.3%** | **Automobile Components – 1.3%** |
| Adient PLC\* | 39763 | 958 |
| &nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 54239 | 326 |
| Cooper-Standard Holdings, Inc.\* | 7836 | 289 |
| Dana, Inc. | 62626 | 1255 |
| Dorman Products, Inc.<sup>\* †</sup> <br>| 13058 | 2036 |
| Fox Factory Holding Corp.\* | 19797 | 481 |
| Garrett Motion, Inc. | 63649 | 867 |
| Gentherm, Inc.\* | 14311 | 487 |
| Goodyear Tire & Rubber (The) Co.\* | 123494 | 924 |
| Holley, Inc.\* | 28461 | 89 |
| LCI Industries | 11649 | 1085 |
| Luminar Technologies, Inc.<sup>\* †</sup> <br>| 23539 | 45 |
| Modine Manufacturing Co.\* | 24794 | 3525 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Automobile Components – 1.3%continued** | **Automobile Components – 1.3%continued** | **Automobile Components – 1.3%continued** |
| Motorcar Parts of America, Inc.\* | 6569 | $109 |
| Patrick Industries, Inc. | 15378 | 1591 |
| Phinia, Inc. | 18220 | 1047 |
| Solid Power, Inc.<sup>\* †</sup> <br>| 71755 | 249 |
| Standard Motor Products, Inc.<sup>†</sup> <br>| 10051 | 410 |
| Strattec Security Corp.<sup>\* †</sup> <br>| 1874 | 128 |
| Visteon Corp. | 12994 | 1557 |
| XPEL, Inc.\* | 11259 | 372 |
|  |  | **17830** |
| **Automobiles – 0.0%** | **Automobiles – 0.0%** | **Automobiles – 0.0%** |
| &nbsp;&nbsp; Faraday Future Intelligent Electric, Inc.<sup>\*</sup> <br>† <br>| 46478 | 60 |
| Livewire Group, Inc.<sup>\* †</sup> <br>| 18271 | 87 |
| Winnebago Industries, Inc. | 12733 | 426 |
|  |  | **573** |
| **Banks – 9.8%** | **Banks – 9.8%** | **Banks – 9.8%** |
| 1st Source Corp. | 8779 | 540 |
| ACNB Corp.<sup>†</sup> <br>| 4887 | 215 |
| Amalgamated Financial Corp. | 10976 | 298 |
| Amerant Bancorp, Inc. | 17387 | 335 |
| Ameris Bancorp | 31352 | 2298 |
| Ames National Corp. | 4453 | 90 |
| Arrow Financial Corp. | 7824 | 221 |
| Associated Banc-Corp | 78990 | 2031 |
| Atlantic Union Bankshares Corp. | 67504 | 2382 |
| Axos Financial, Inc.\* | 25746 | 2179 |
| Banc of California, Inc. | 60996 | 1010 |
| BancFirst Corp. | 9911 | 1253 |
| Bancorp (The), Inc.\* | 21583 | 1616 |
| Bank First Corp. | 4307 | 523 |
| Bank of Hawaii Corp. | 18706 | 1228 |
| Bank of Marin Bancorp | 7064 | 172 |
| Bank of NT Butterfield & Son (The) Ltd. | 19756 | 848 |
| Bank7 Corp. | 1955 | 90 |
| BankFinancial Corp. | 5593 | 67 |
| BankUnited, Inc. | 35729 | 1363 |
| Bankwell Financial Group, Inc. | 3267 | 145 |
| Banner Corp. | 16170 | 1059 |
| Bar Harbor Bankshares | 7107 | 217 |
| BayCom Corp. | 4938 | 142 |
| BCB Bancorp, Inc. | 7347 | 64 |
| Beacon Financial Corp. | 39133 | 928 |
| Blue Foundry Bancorp\* | 8831 | 80 |
| Blue Ridge Bankshares, Inc.\* | 32177 | 136 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **150** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Banks – 9.8%continued** | **Banks – 9.8%continued** | **Banks – 9.8%continued** |
| Bridgewater Bancshares, Inc.\* | 9787 | $172 |
| &nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp.<br>| 6405 | 395 |
| Business First Bancshares, Inc. | 13393 | 316 |
| BV Financial, Inc.\* | 4006 | 65 |
| Byline Bancorp, Inc. | 14640 | 406 |
| C&F Financial Corp. | 1509 | 101 |
| Cadence Bank | 88235 | 3312 |
| California BanCorp\* | 10572 | 176 |
| Camden National Corp. | 7952 | 307 |
| Capital Bancorp, Inc. | 5548 | 177 |
| Capital City Bank Group, Inc. | 6416 | 268 |
| Capitol Federal Financial, Inc. | 57846 | 367 |
| Carter Bankshares, Inc.\* | 10606 | 206 |
| Cathay General Bancorp | 31956 | 1534 |
| CB Financial Services, Inc.<sup>†</sup> <br>| 2152 | 72 |
| Central Pacific Financial Corp. | 12555 | 381 |
| CF Bankshares, Inc. | 2078 | 50 |
| Chain Bridge Bancorp, Inc., Class A<sup>\* †</sup> <br>| 1128 | 37 |
| Chemung Financial Corp. | 2055 | 108 |
| ChoiceOne Financial Services, Inc.<sup>†</sup> <br>| 6702 | 194 |
| Citizens & Northern Corp.<sup>†</sup> <br>| 7063 | 140 |
| Citizens Community Bancorp, Inc. | 4870 | 78 |
| Citizens Financial Services, Inc. | 2202 | 133 |
| City Holding Co.<sup>†</sup> <br>| 6685 | 828 |
| Civista Bancshares, Inc. | 9082 | 184 |
| CNB Financial Corp. | 13144 | 318 |
| Coastal Financial Corp.\* | 6105 | 660 |
| CoastalSouth Bancshares, Inc.<sup>\* †</sup> <br>| 2215 | 48 |
| Colony Bankcorp, Inc.<sup>†</sup> <br>| 8210 | 140 |
| Columbia Financial, Inc.\* | 12596 | 189 |
| Community Financial System, Inc. | 25054 | 1469 |
| Community Trust Bancorp, Inc. | 7620 | 426 |
| Community West Bancshares | 7971 | 166 |
| ConnectOne Bancorp, Inc. | 22435 | 557 |
| Customers Bancorp, Inc.\* | 13997 | 915 |
| CVB Financial Corp. | 62342 | 1179 |
| Dime Community Bancshares, Inc. | 18780 | 560 |
| Eagle Bancorp Montana, Inc. | 3838 | 66 |
| Eagle Bancorp, Inc.<sup>†</sup> <br>| 13188 | 267 |
| Eagle Financial Services, Inc.<sup>†</sup> <br>| 2139 | 81 |
| Eastern Bankshares, Inc. | 92777 | 1684 |
| ECB Bancorp, Inc.<sup>\* †</sup> <br>| 3966 | 63 |
| Enterprise Financial Services Corp. | 17449 | 1012 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Banks – 9.8%continued** | **Banks – 9.8%continued** | **Banks – 9.8%continued** |
| Equity Bancshares, Inc., Class A | 6656 | $271 |
| Esquire Financial Holdings, Inc. | 3411 | 348 |
| Farmers & Merchants Bancorp, Inc. | 5896 | 147 |
| Farmers National Banc Corp. | 17058 | 246 |
| FB Bancorp, Inc.<sup>\* †</sup> <br>| 8809 | 106 |
| FB Financial Corp. | 19662 | 1096 |
| Fidelity D&D Bancorp, Inc. | 2228 | 98 |
| Financial Institutions, Inc. | 9235 | 251 |
| Finward Bancorp<sup>†</sup> <br>| 1583 | 51 |
| Finwise Bancorp<sup>\* †</sup> <br>| 4204 | 82 |
| First Bancorp | 19062 | 1008 |
| First BanCorp | 76609 | 1689 |
| First Bancorp (The), Inc. | 5227 | 137 |
| First Bank | 10147 | 165 |
| First Busey Corp. | 40530 | 938 |
| First Business Financial Services, Inc.<sup>†</sup> <br>| 3790 | 194 |
| First Capital, Inc.<sup>†</sup> <br>| 1505 | 69 |
| First Commonwealth Financial Corp. | 49176 | 838 |
| First Community Bankshares, Inc. | 7266 | 253 |
| First Community Corp. | 3456 | 98 |
| First Financial Bancorp | 44918 | 1134 |
| First Financial Bankshares, Inc. | 63483 | 2136 |
| First Financial Corp. | 5305 | 299 |
| First Financial Northwest, Inc.<sup>(1) \*</sup> <br>| 3248 | 4 |
| First Foundation, Inc.\* | 29601 | 165 |
| First Internet Bancorp | 3632 | 82 |
| First Interstate BancSystem, Inc., Class A | 42487 | 1354 |
| First Merchants Corp. | 27603 | 1041 |
| First Mid Bancshares, Inc. | 10171 | 385 |
| First National Corp.<sup>†</sup> <br>| 3641 | 83 |
| First Savings Financial Group, Inc. | 2824 | 89 |
| First United Corp. | 2786 | 102 |
| First Western Financial, Inc.\* | 3884 | 89 |
| Firstsun Capital Bancorp<sup>\* †</sup> <br>| 5979 | 232 |
| Five Star Bancorp<sup>†</sup> <br>| 7419 | 239 |
| Flagstar Financial, Inc. | 143650 | 1659 |
| Flushing Financial Corp. | 14727 | 203 |
| Franklin Financial Services Corp.<sup>†</sup> <br>| 1940 | 89 |
| FS Bancorp, Inc. | 3178 | 127 |
| Fulton Financial Corp. | 86607 | 1614 |
| FVCBankcorp, Inc. | 7651 | 99 |
| GBank Financial Holdings, Inc.<sup>\* †</sup> <br>| 4152 | 163 |
| German American Bancorp, Inc. | 17019 | 668 |
| Glacier Bancorp, Inc. | 56476 | 2749 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Banks – 9.8%continued** | **Banks – 9.8%continued** | **Banks – 9.8%continued** |
| Great Southern Bancorp, Inc. | 3996 | $245 |
| Greene County Bancorp, Inc. | 3321 | 75 |
| Guaranty Bancshares, Inc. | 4137 | 202 |
| Hancock Whitney Corp. | 40873 | 2559 |
| Hanmi Financial Corp. | 14272 | 352 |
| Hanover Bancorp, Inc. | 2190 | 49 |
| HarborOne Bancorp, Inc. | 17871 | 243 |
| Hawthorn Bancshares, Inc.<sup>†</sup> <br>| 2686 | 83 |
| HBT Financial, Inc. | 5545 | 140 |
| Heritage Commerce Corp. | 28056 | 279 |
| Heritage Financial Corp. | 15861 | 384 |
| Hilltop Holdings, Inc. | 21080 | 705 |
| Hingham Institution For Savings (The)<sup>†</sup> <br>| 791 | 209 |
| Home Bancorp, Inc. | 3179 | 173 |
| Home BancShares, Inc. | 89016 | 2519 |
| HomeTrust Bancshares, Inc. | 7401 | 303 |
| Hope Bancorp, Inc. | 58310 | 628 |
| Horizon Bancorp, Inc. | 20368 | 326 |
| Independent Bank Corp. | 23065 | 1595 |
| Independent Bank Corp. | 9353 | 290 |
| International Bancshares Corp. | 25781 | 1772 |
| Investar Holding Corp. | 4359 | 101 |
| John Marshall Bancorp, Inc. | 6181 | 123 |
| Kearny Financial Corp. | 26588 | 175 |
| Lakeland Financial Corp. | 11906 | 764 |
| Landmark Bancorp, Inc. | 2083 | 56 |
| LCNB Corp. | 6359 | 95 |
| LINKBANCORP, Inc. | 10923 | 78 |
| Live Oak Bancshares, Inc. | 16654 | 587 |
| MainStreet Bancshares, Inc. | 3591 | 75 |
| Mechanics Bancorp, Class A\* | 8627 | 115 |
| Mercantile Bank Corp. | 7354 | 331 |
| Meridian Corp. | 4605 | 73 |
| Metrocity Bankshares, Inc. | 9109 | 252 |
| Metropolitan Bank Holding Corp. | 4299 | 322 |
| Mid Penn Bancorp, Inc. | 9200 | 264 |
| Middlefield Banc Corp. | 3431 | 103 |
| Midland States Bancorp, Inc. | 9602 | 165 |
| MidWestOne Financial Group, Inc. | 7648 | 216 |
| MVB Financial Corp. | 5400 | 135 |
| National Bank Holdings Corp., Class A | 17788 | 687 |
| National Bankshares, Inc. | 2917 | 86 |
| NB Bancorp, Inc.<sup>†</sup> <br>| 16335 | 288 |
| NBT Bancorp, Inc. | 24294 | 1015 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Banks – 9.8%continued** | **Banks – 9.8%continued** | **Banks – 9.8%continued** |
| Nicolet Bankshares, Inc. | 6398 | $861 |
| Northeast Bank | 3726 | 373 |
| Northeast Community Bancorp, Inc. | 6035 | 124 |
| Northfield Bancorp, Inc. | 17191 | 203 |
| Northpointe Bancshares, Inc. | 5013 | 86 |
| Northrim BanCorp, Inc. | 10332 | 224 |
| Northwest Bancshares, Inc. | 68628 | 850 |
| Norwood Financial Corp.<sup>†</sup> <br>| 4025 | 102 |
| Oak Valley Bancorp | 3410 | 96 |
| OceanFirst Financial Corp. | 26991 | 474 |
| OFG Bancorp | 21037 | 915 |
| Ohio Valley Banc Corp. | 1755 | 65 |
| Old National Bancorp | 165928 | 3642 |
| Old Second Bancorp, Inc. | 23537 | 407 |
| OP Bancorp | 5940 | 83 |
| Orange County Bancorp, Inc. | 5647 | 142 |
| Origin Bancorp, Inc. | 14007 | 484 |
| Orrstown Financial Services, Inc. | 8837 | 300 |
| Park National Corp. | 7016 | 1140 |
| Parke Bancorp, Inc. | 4894 | 105 |
| Pathward Financial, Inc. | 11235 | 832 |
| Patriot National Bancorp, Inc.\* | 28397 | 37 |
| PCB Bancorp | 5355 | 112 |
| Peapack-Gladstone Financial Corp. | 7507 | 207 |
| &nbsp;&nbsp; Peoples Bancorp of North Carolina, <br> Inc.<br>| 1816 | 56 |
| Peoples Bancorp, Inc. | 16419 | 492 |
| Peoples Financial Services Corp. | 4333 | 211 |
| Pioneer Bancorp, Inc.\* | 5388 | 70 |
| Plumas Bancorp | 3009 | 130 |
| Ponce Financial Group, Inc.\* | 9140 | 134 |
| Preferred Bank | 5577 | 504 |
| Primis Financial Corp. | 10201 | 107 |
| Princeton Bancorp, Inc. | 2502 | 80 |
| Provident Bancorp, Inc.\* | 7289 | 91 |
| Provident Financial Services, Inc. | 61056 | 1177 |
| QCR Holdings, Inc. | 7826 | 592 |
| RBB Bancorp | 7837 | 147 |
| Red River Bancshares, Inc. | 2281 | 148 |
| Renasant Corp. | 44746 | 1651 |
| Republic Bancorp, Inc., Class A | 3885 | 281 |
| Rhinebeck Bancorp, Inc.\* | 2007 | 23 |
| Richmond Mutual BanCorp, Inc.<sup>†</sup> <br>| 4639 | 66 |
| Riverview Bancorp, Inc. | 9772 | 53 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **152** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Banks – 9.8%continued** | **Banks – 9.8%continued** | **Banks – 9.8%continued** |
| S&T Bancorp, Inc. | 18027 | $678 |
| SB Financial Group, Inc. | 3093 | 60 |
| Seacoast Banking Corp. of Florida | 40078 | 1220 |
| ServisFirst Bancshares, Inc. | 24399 | 1965 |
| Shore Bancshares, Inc. | 14447 | 237 |
| Sierra Bancorp | 5952 | 172 |
| Simmons First National Corp., Class A | 66885 | 1282 |
| SmartFinancial, Inc. | 6741 | 241 |
| Sound Financial Bancorp, Inc. | 1026 | 47 |
| South Plains Financial, Inc.<sup>†</sup> <br>| 6169 | 238 |
| Southern First Bancshares, Inc.\* | 3568 | 157 |
| Southern Missouri Bancorp, Inc. | 4526 | 238 |
| Southside Bancshares, Inc. | 13491 | 381 |
| SR Bancorp, Inc.<sup>†</sup> <br>| 3571 | 54 |
| Stellar Bancorp, Inc.<sup>†</sup> <br>| 22183 | 673 |
| Sterling Bancorp, Inc.<sup>(1) \*</sup> <br>| 9809 |  |
| Stock Yards Bancorp, Inc. | 12450 | 871 |
| Texas Capital Bancshares, Inc.\* | 21545 | 1821 |
| Third Coast Bancshares, Inc.\* | 5954 | 226 |
| Timberland Bancorp, Inc. | 3452 | 115 |
| Tompkins Financial Corp. | 6362 | 421 |
| Towne Bank | 34753 | 1201 |
| TriCo Bancshares | 14284 | 634 |
| Triumph Financial, Inc.\* | 10678 | 534 |
| TrustCo Bank Corp. NY | 8683 | 315 |
| Trustmark Corp. | 27066 | 1072 |
| UMB Financial Corp. | 34420 | 4074 |
| Union Bankshares, Inc.<sup>†</sup> <br>| 1754 | 43 |
| United Bankshares, Inc. | 66931 | 2491 |
| United Community Banks, Inc. | 57755 | 1811 |
| United Security Bancshares | 7167 | 67 |
| Unity Bancorp, Inc. | 3407 | 167 |
| Univest Financial Corp. | 13460 | 404 |
| USCB Financial Holdings, Inc. | 5289 | 92 |
| Valley National Bancorp | 229773 | 2436 |
| Veritex Holdings, Inc. | 25106 | 842 |
| Virginia National Bankshares Corp. | 2377 | 92 |
| WaFd, Inc. | 37238 | 1128 |
| Washington Trust Bancorp, Inc. | 8972 | 259 |
| WesBanco, Inc. | 44978 | 1436 |
| West BanCorp, Inc. | 7025 | 143 |
| Westamerica BanCorp | 11658 | 583 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Banks – 9.8%continued** | **Banks – 9.8%continued** | **Banks – 9.8%continued** |
| Western New England Bancorp, Inc. | 8569 | $103 |
| WSFS Financial Corp. | 26497 | 1429 |
|  |  | **133794** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| MGP Ingredients, Inc. | 6571 | 159 |
| National Beverage Corp.\* | 11272 | 416 |
| Vita Coco (The) Co., Inc.\* | 20830 | 885 |
| Zevia PBC, Class A\* | 16549 | 45 |
|  |  | **1505** |
| **Biotechnology – 7.3%** | **Biotechnology – 7.3%** | **Biotechnology – 7.3%** |
| 4D Molecular Therapeutics, Inc.\* | 19555 | 170 |
| 89bio, Inc.\* | 58945 | 867 |
| Abeona Therapeutics, Inc.<sup>\* †</sup> <br>| 20444 | 108 |
| Absci Corp.<sup>\* †</sup> <br>| 63292 | 192 |
| ACADIA Pharmaceuticals, Inc.\* | 58848 | 1256 |
| Actuate Therapeutics, Inc.<sup>\* †</sup> <br>| 3939 | 26 |
| ADC Therapeutics S.A.\* | 35565 | 142 |
| ADMA Biologics, Inc.\* | 109627 | 1607 |
| Agios Pharmaceuticals, Inc.\* | 26694 | 1072 |
| Akebia Therapeutics, Inc.\* | 117980 | 322 |
| Akero Therapeutics, Inc.\* | 33038 | 1569 |
| Aldeyra Therapeutics, Inc.\* | 25422 | 133 |
| Alector, Inc.\* | 34297 | 102 |
| Alkermes PLC\* | 76712 | 2301 |
| Allogene Therapeutics, Inc.<sup>\* †</sup> <br>| 76293 | 95 |
| Altimmune, Inc.<sup>\* †</sup> <br>| 39505 | 149 |
| Amicus Therapeutics, Inc.\* | 131468 | 1036 |
| AnaptysBio, Inc.<sup>\* †</sup> <br>| 9179 | 281 |
| Anavex Life Sciences Corp.<sup>\* †</sup> <br>| 39436 | 351 |
| Anika Therapeutics, Inc.\* | 5940 | 56 |
| Annexon, Inc.\* | 46934 | 143 |
| Apogee Therapeutics, Inc.\* | 15457 | 614 |
| Arbutus Biopharma Corp.\* | 70062 | 318 |
| ARCA biopharma, Inc.<sup>\* †</sup> <br>| 12939 | 249 |
| Arcellx, Inc.\* | 16173 | 1328 |
| Arcturus Therapeutics Holdings, Inc.\* | 12023 | 222 |
| Arcus Biosciences, Inc.\* | 32406 | 441 |
| Arcutis Biotherapeutics, Inc.\* | 50597 | 954 |
| Ardelyx, Inc.\* | 111489 | 614 |
| ArriVent Biopharma, Inc.<sup>\* †</sup> <br>| 11762 | 217 |
| Arrowhead Pharmaceuticals, Inc.\* | 57023 | 1967 |
| ARS Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 27833 | 280 |
| Astria Therapeutics, Inc.\* | 17181 | 125 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Biotechnology – 7.3%continued** | **Biotechnology – 7.3%continued** | **Biotechnology – 7.3%continued** |
| aTyr Pharma, Inc.<sup>\* †</sup> <br>| 41864 | $30 |
| Aura Biosciences, Inc.\* | 20457 | 126 |
| Aurinia Pharmaceuticals, Inc.\* | 55029 | 608 |
| Avidity Biosciences, Inc.<sup>\* †</sup> <br>| 48198 | 2100 |
| Avita Medical, Inc.<sup>\* †</sup> <br>| 4465 | 23 |
| Beam Therapeutics, Inc.<sup>\* †</sup> <br>| 45181 | 1097 |
| Benitec Biopharma, Inc.<sup>\* †</sup> <br>| 6685 | 94 |
| Bicara Therapeutics, Inc.<sup>\* †</sup> <br>| 16038 | 253 |
| BioCryst Pharmaceuticals, Inc.\* | 98885 | 751 |
| Biohaven Ltd.\* | 42640 | 640 |
| Bridgebio Pharma, Inc.\* | 73921 | 3839 |
| Bright Minds Biosciences, Inc.\* | 2246 | 136 |
| Candel Therapeutics, Inc.<sup>\* †</sup> <br>| 20786 | 106 |
| Capricor Therapeutics, Inc.<sup>\* †</sup> <br>| 18077 | 130 |
| Cardiff Oncology, Inc.<sup>\* †</sup> <br>| 29200 | 60 |
| CareDx, Inc.\* | 25713 | 374 |
| Cartesian Therapeutics, Inc.<sup>\* †</sup> <br>| 4935 | 50 |
| Catalyst Pharmaceuticals, Inc.\* | 54757 | 1079 |
| Celcuity, Inc.<sup>\* †</sup> <br>| 13946 | 689 |
| Celldex Therapeutics, Inc.\* | 30873 | 799 |
| CG oncology, Inc.<sup>\* †</sup> <br>| 26405 | 1064 |
| Cidara Therapeutics, Inc.\* | 7207 | 690 |
| Cogent Biosciences, Inc.\* | 61368 | 881 |
| Coherus Oncology, Inc.<sup>\* †</sup> <br>| 54305 | 89 |
| Compass Therapeutics, Inc.<sup>\* †</sup> <br>| 46915 | 164 |
| Corvus Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 27883 | 206 |
| CRISPR Therapeutics A.G.<sup>\* †</sup> <br>| 39122 | 2536 |
| Cullinan Therapeutics, Inc.\* | 24675 | 146 |
| Cytokinetics, Inc.\* | 55221 | 3035 |
| Day One Biopharmaceuticals, Inc.\* | 34083 | 240 |
| Denali Therapeutics, Inc.\* | 62428 | 906 |
| Design Therapeutics, Inc.<sup>\* †</sup> <br>| 12241 | 92 |
| DiaMedica Therapeutics, Inc.<sup>\* †</sup> <br>| 14932 | 103 |
| Dianthus Therapeutics, Inc.<sup>\* †</sup> <br>| 7727 | 304 |
| Disc Medicine, Inc.\* | 10922 | 722 |
| Dynavax Technologies Corp.\* | 48535 | 482 |
| Dyne Therapeutics, Inc.\* | 51569 | 652 |
| Editas Medicine, Inc.\* | 41502 | 144 |
| Eledon Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 26497 | 69 |
| Emergent BioSolutions, Inc.\* | 25718 | 227 |
| Enanta Pharmaceuticals, Inc.\* | 9492 | 114 |
| Entrada Therapeutics, Inc.\* | 14401 | 84 |
| Erasca, Inc.\* | 81202 | 177 |
| Fate Therapeutics, Inc.\* | 57942 | 73 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Biotechnology – 7.3%continued** | **Biotechnology – 7.3%continued** | **Biotechnology – 7.3%continued** |
| Fennec Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 10972 | $103 |
| Foghorn Therapeutics, Inc.\* | 15346 | 75 |
| Geron Corp.<sup>\* †</sup> <br>| 256980 | 352 |
| Gossamer Bio, Inc.\* | 87839 | 231 |
| GRAIL, Inc.<sup>\* †</sup> <br>| 14697 | 869 |
| Greenwich Lifesciences, Inc.<sup>\* †</sup> <br>| 3479 | 35 |
| Gyre Therapeutics, Inc.<sup>\* †</sup> <br>| 4425 | 33 |
| Heron Therapeutics, Inc.<sup>\* †</sup> <br>| 76461 | 96 |
| Humacyte, Inc.<sup>\* †</sup> <br>| 62463 | 109 |
| Ideaya Biosciences, Inc.\* | 37887 | 1031 |
| ImmunityBio, Inc.<sup>\* †</sup> <br>| 108193 | 266 |
| Immunome, Inc.\* | 36213 | 424 |
| Immunovant, Inc.\* | 32051 | 517 |
| Inhibikase Therapeutics, Inc.<sup>\* †</sup> <br>| 29265 | 47 |
| Inhibrx Biosciences, Inc.\* | 4444 | 150 |
| Inmune Bio, Inc.<sup>\* †</sup> <br>| 10614 | 22 |
| Intellia Therapeutics, Inc.<sup>\* †</sup> <br>| 46870 | 809 |
| Iovance Biotherapeutics, Inc.<sup>\* †</sup> <br>| 123112 | 267 |
| Ironwood Pharmaceuticals, Inc.\* | 79332 | 104 |
| Jade Biosciences, Inc.<sup>†</sup> <br>| 15221 | 131 |
| Janux Therapeutics, Inc.\* | 18369 | 449 |
| KalVista Pharmaceuticals, Inc.\* | 17800 | 217 |
| Keros Therapeutics, Inc.\* | 15964 | 253 |
| Kodiak Sciences, Inc.\* | 15835 | 259 |
| Korro Bio, Inc.<sup>\* †</sup> <br>| 3101 | 149 |
| Krystal Biotech, Inc.\* | 11723 | 2069 |
| Kura Oncology, Inc.\* | 37899 | 335 |
| Kymera Therapeutics, Inc.<sup>\* †</sup> <br>| 23825 | 1349 |
| Larimar Therapeutics, Inc.\* | 21988 | 71 |
| Lexeo Therapeutics, Inc.<sup>\* †</sup> <br>| 10953 | 73 |
| Madrigal Pharmaceuticals, Inc.\* | 8795 | 4034 |
| MannKind Corp.\* | 143091 | 768 |
| MeiraGTx Holdings PLC\* | 19547 | 161 |
| Metsera, Inc.<sup>\* †</sup> <br>| 25236 | 1321 |
| MiMedx Group, Inc.<sup>\* †</sup> <br>| 55767 | 389 |
| Mineralys Therapeutics, Inc.\* | 18502 | 702 |
| Mirum Pharmaceuticals, Inc.\* | 19090 | 1399 |
| Monopar Therapeutics, Inc.\* | 1736 | 142 |
| Monte Rosa Therapeutics, Inc.<sup>\* †</sup> <br>| 22582 | 167 |
| Myriad Genetics, Inc.\* | 42760 | 309 |
| Neurogene, Inc.<sup>\* †</sup> <br>| 4611 | 80 |
| Nkarta, Inc.\* | 20482 | 42 |
| Novavax, Inc.<sup>\* †</sup> <br>| 70682 | 613 |
| Nurix Therapeutics, Inc.\* | 35441 | 327 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **154** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Biotechnology – 7.3%continued** | **Biotechnology – 7.3%continued** | **Biotechnology – 7.3%continued** |
| Nuvalent, Inc., Class A\* | 20298 | $1755 |
| Nuvectis Pharma, Inc.<sup>\* †</sup> <br>| 6216 | 37 |
| Olema Pharmaceuticals, Inc.\* | 28280 | 277 |
| Organogenesis Holdings, Inc.<sup>\* †</sup> <br>| 32159 | 136 |
| ORIC Pharmaceuticals, Inc.\* | 27329 | 328 |
| Palvella Therapeutics, Inc.\* | 3178 | 199 |
| Perspective Therapeutics, Inc.<sup>\* †</sup> <br>| 27812 | 95 |
| Praxis Precision Medicines, Inc.\* | 8420 | 446 |
| Precigen, Inc.<sup>\* †</sup> <br>| 69855 | 230 |
| Prime Medicine, Inc.\* | 36146 | 200 |
| Protagonist Therapeutics, Inc.\* | 27527 | 1829 |
| Protalix BioTherapeutics, Inc.<sup>\* †</sup> <br>| 32575 | 72 |
| Protara Therapeutics, Inc.\* | 17343 | 75 |
| Prothena Corp. PLC\* | 18973 | 185 |
| PTC Therapeutics, Inc.\* | 36765 | 2256 |
| Puma Biotechnology, Inc.\* | 21215 | 113 |
| &nbsp;&nbsp; Recursion Pharmaceuticals, Inc., <br> Class A<sup>\* †</sup> <br>| 173168 | 845 |
| REGENXBIO, Inc.\* | 21995 | 212 |
| Relay Therapeutics, Inc.\* | 62561 | 327 |
| Replimune Group, Inc.<sup>\* †</sup> <br>| 33051 | 138 |
| Rezolute, Inc.\* | 36494 | 343 |
| Rhythm Pharmaceuticals, Inc.\* | 24697 | 2494 |
| Rigel Pharmaceuticals, Inc.\* | 8172 | 232 |
| Rocket Pharmaceuticals, Inc.\* | 41373 | 135 |
| Sana Biotechnology, Inc.<sup>\* †</sup> <br>| 63669 | 226 |
| Savara, Inc.\* | 53840 | 192 |
| Scholar Rock Holding Corp.\* | 38360 | 1429 |
| SELLAS Life Sciences Group, Inc.<sup>\* †</sup> <br>| 49751 | 80 |
| Sionna Therapeutics, Inc.<sup>\* †</sup> <br>| 5998 | 176 |
| Soleno Therapeutics, Inc.\* | 19738 | 1334 |
| Solid Biosciences, Inc.\* | 28216 | 174 |
| Spyre Therapeutics, Inc.<sup>\* †</sup> <br>| 23385 | 392 |
| Stoke Therapeutics, Inc.<sup>\* †</sup> <br>| 21210 | 498 |
| Syndax Pharmaceuticals, Inc.\* | 40236 | 619 |
| Tango Therapeutics, Inc.<sup>\* †</sup> <br>| 33877 | 285 |
| Taysha Gene Therapies, Inc.\* | 99986 | 327 |
| Tectonic Therapeutic, Inc.<sup>\* †</sup> <br>| 5161 | 81 |
| Tevogen Bio Holdings, Inc.\* | 22851 | 18 |
| TG Therapeutics, Inc.<sup>\* †</sup> <br>| 68673 | 2481 |
| Tonix Pharmaceuticals Holding Corp.<sup>\* †</sup> <br>| 4157 | 100 |
| Tourmaline Bio, Inc.\* | 8186 | 392 |
| Travere Therapeutics, Inc.\* | 41670 | 996 |
| TriSalus Life Sciences, Inc.<sup>\* †</sup> <br>| 10161 | 47 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Biotechnology – 7.3%continued** | **Biotechnology – 7.3%continued** | **Biotechnology – 7.3%continued** |
| TuHURA Biosciences, Inc.<sup>\* †</sup> <br>| 14940 | $37 |
| Twist Bioscience Corp.\* | 27913 | 785 |
| Tyra Biosciences, Inc.<sup>\* †</sup> <br>| 11288 | 158 |
| Upstream Bio, Inc.<sup>\* †</sup> <br>| 15462 | 291 |
| UroGen Pharma Ltd.<sup>\* †</sup> <br>| 17403 | 347 |
| Vanda Pharmaceuticals, Inc.\* | 27283 | 136 |
| Vaxcyte, Inc.\* | 54104 | 1949 |
| Vera Therapeutics, Inc.\* | 24306 | 706 |
| Veracyte, Inc.\* | 37049 | 1272 |
| Verastem, Inc.\* | 21029 | 186 |
| Vericel Corp.\* | 23750 | 747 |
| Vir Biotechnology, Inc.\* | 42414 | 242 |
| Viridian Therapeutics, Inc.\* | 33110 | 715 |
| Voyager Therapeutics, Inc.<sup>\* †</sup> <br>| 23150 | 108 |
| Xencor, Inc.\* | 33112 | 388 |
| Xenon Pharmaceuticals, Inc.\* | 35887 | 1441 |
| XOMA Royalty Corp.\* | 4383 | 169 |
| Zenas Biopharma, Inc.<sup>\* †</sup> <br>| 7847 | 174 |
| Zymeworks, Inc.\* | 23444 | 400 |
|  |  | **99897** |
| **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** |
| Groupon, Inc.<sup>\* †</sup> <br>| 11795 | 275 |
| Kohl's Corp.<sup>†</sup> <br>| 51569 | 793 |
| Savers Value Village, Inc.<sup>\* †</sup> <br>| 18191 | 241 |
|  |  | **1309** |
| **Building Products – 1.3%** | **Building Products – 1.3%** | **Building Products – 1.3%** |
| American Woodmark Corp.\* | 6696 | 447 |
| Apogee Enterprises, Inc. | 9985 | 435 |
| AZZ, Inc. | 14062 | 1535 |
| CSW Industrials, Inc. | 7703 | 1870 |
| Gibraltar Industries, Inc.\* | 14087 | 885 |
| Griffon Corp. | 18152 | 1382 |
| Insteel Industries, Inc. | 8766 | 336 |
| Janus International Group, Inc.\* | 63974 | 631 |
| JELD-WEN Holding, Inc.\* | 40277 | 198 |
| Masterbrand, Inc.\* | 59960 | 790 |
| Quanex Building Products Corp. | 21715 | 309 |
| Resideo Technologies, Inc.\* | 65290 | 2819 |
| Tecnoglass, Inc. | 11501 | 769 |
| UFP Industries, Inc. | 28548 | 2669 |
| Zurn Elkay Water Solutions Corp. | 71070 | 3342 |
|  |  | **18417** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Capital Markets – 1.7%** | **Capital Markets – 1.7%** | **Capital Markets – 1.7%** |
| Acadian Asset Management, Inc. | 12695 | $611 |
| AlTi Global, Inc.<sup>\* †</sup> <br>| 19959 | 71 |
| &nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A<br>| 29683 | 1288 |
| Bakkt Holdings, Inc.\* | 5868 | 197 |
| BGC Group, Inc., Class A | 171352 | 1621 |
| Cohen & Steers, Inc. | 13093 | 859 |
| Diamond Hill Investment Group, Inc. | 1191 | 167 |
| DigitalBridge Group, Inc. | 80905 | 947 |
| Donnelley Financial Solutions, Inc.\* | 12571 | 647 |
| Forge Global Holdings, Inc.<sup>\* †</sup> <br>| 4680 | 79 |
| GCM Grosvenor, Inc., Class A<sup>†</sup> <br>| 23030 | 278 |
| Marex Group PLC | 25451 | 856 |
| MarketWise, Inc. | 700 | 12 |
| Moelis & Co., Class A | 35160 | 2508 |
| Open Lending Corp.<sup>\* †</sup> <br>| 50592 | 107 |
| P10, Inc., Class A | 27434 | 298 |
| Patria Investments Ltd., Class A<sup>†</sup> <br>| 30661 | 448 |
| Perella Weinberg Partners | 29381 | 626 |
| Piper Sandler Cos. | 8277 | 2872 |
| PJT Partners, Inc., Class A | 10864 | 1931 |
| Siebert Financial Corp.<sup>\* †</sup> <br>| 7203 | 21 |
| &nbsp;&nbsp; Silvercrest Asset Management Group, <br> Inc., Class A<br>| 4082 | 64 |
| StepStone Group, Inc., Class A | 32965 | 2153 |
| StoneX Group, Inc.\* | 21765 | 2196 |
| Value Line, Inc. | 559 | 22 |
| Victory Capital Holdings, Inc., Class A | 20957 | 1357 |
| Virtus Investment Partners, Inc. | 3102 | 589 |
| Westwood Holdings Group, Inc. | 3807 | 63 |
| WisdomTree, Inc.<sup>†</sup> <br>| 56825 | 790 |
|  |  | **23678** |
| **Chemicals – 1.6%** | **Chemicals – 1.6%** | **Chemicals – 1.6%** |
| AdvanSix, Inc. | 12325 | 239 |
| American Vanguard Corp.\* | 13082 | 75 |
| Arq, Inc.\* | 15569 | 112 |
| ASP Isotopes, Inc.\* | 36220 | 348 |
| Aspen Aerogels, Inc.\* | 31551 | 220 |
| Avient Corp. | 43451 | 1432 |
| Balchem Corp. | 15528 | 2330 |
| Cabot Corp. | 25630 | 1949 |
| Chemours (The) Co. | 71230 | 1128 |
| Core Molding Technologies, Inc.\* | 4250 | 87 |
| Ecovyst, Inc.\* | 54522 | 478 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Chemicals – 1.6%continued** | **Chemicals – 1.6%continued** | **Chemicals – 1.6%continued** |
| Flotek Industries, Inc.<sup>\* †</sup> <br>| 6686 | $98 |
| H.B. Fuller Co. | 25875 | 1534 |
| Hawkins, Inc. | 9244 | 1689 |
| Ingevity Corp.\* | 17235 | 951 |
| Innospec, Inc. | 11808 | 911 |
| Intrepid Potash, Inc.\* | 5204 | 159 |
| Koppers Holdings, Inc. | 9079 | 254 |
| Kronos Worldwide, Inc. | 10328 | 59 |
| LSB Industries, Inc.\* | 25114 | 198 |
| Mativ Holdings, Inc. | 25388 | 287 |
| Minerals Technologies, Inc. | 14925 | 927 |
| Orion S.A. | 25990 | 197 |
| Perimeter Solutions, Inc.\* | 65821 | 1474 |
| PureCycle Technologies, Inc.<sup>\* †</sup> <br>| 61361 | 807 |
| Quaker Chemical Corp. | 6600 | 870 |
| Rayonier Advanced Materials, Inc.\* | 30644 | 221 |
| Sensient Technologies Corp. | 20002 | 1877 |
| Solesence, Inc.<sup>\* †</sup> <br>| 9154 | 30 |
| Stepan Co. | 10143 | 484 |
| Trinseo PLC<sup>†</sup> <br>| 16272 | 38 |
| Tronox Holdings PLC | 56330 | 226 |
| Valhi, Inc.<sup>†</sup> <br>| 1589 | 25 |
|  |  | **21714** |
| **Commercial Services & Supplies – 1.5%** | **Commercial Services & Supplies – 1.5%** | **Commercial Services & Supplies – 1.5%** |
| ABM Industries, Inc. | 29277 | 1350 |
| ACCO Brands Corp. | 40669 | 162 |
| Acme United Corp. | 1711 | 71 |
| ACV Auctions, Inc., Class A\* | 79226 | 785 |
| BrightView Holdings, Inc.\* | 33514 | 449 |
| Brink's (The) Co. | 19929 | 2329 |
| Casella Waste Systems, Inc., Class A\* | 29709 | 2819 |
| CECO Environmental Corp.\* | 13797 | 707 |
| Cimpress PLC\* | 7089 | 447 |
| CompX International, Inc.<sup>†</sup> <br>| 1025 | 24 |
| CoreCivic, Inc.\* | 51020 | 1038 |
| Deluxe Corp. | 20886 | 404 |
| Ennis, Inc. | 11524 | 211 |
| Enviri Corp.\* | 35473 | 450 |
| GEO Group (The), Inc.\* | 63994 | 1311 |
| Healthcare Services Group, Inc.\* | 34442 | 580 |
| HNI Corp. | 21456 | 1005 |
| Interface, Inc. | 27410 | 793 |
| Liquidity Services, Inc.\* | 11001 | 302 |
| MillerKnoll, Inc. | 31876 | 566 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **156** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Commercial Services & Supplies – 1.5%continued** | **Commercial Services & Supplies – 1.5%continued** | **Commercial Services & Supplies – 1.5%continued** |
| Mobile Infrastructure Corp.<sup>\* †</sup> <br>| 4500 | $16 |
| Montrose Environmental Group, Inc.\* | 15121 | 415 |
| NL Industries, Inc. | 4175 | 26 |
| OPENLANE, Inc.\* | 50284 | 1447 |
| &nbsp;&nbsp; Perma-Fix Environmental Services, Inc.<sup>\*</sup> <br>† <br>| 8033 | 81 |
| Pitney Bowes, Inc. | 81530 | 930 |
| Quad/Graphics, Inc. | 14398 | 90 |
| Steelcase, Inc., Class A | 39647 | 682 |
| UniFirst Corp. | 7137 | 1193 |
| Vestis Corp. | 54276 | 246 |
| Virco Mfg. Corp. | 5196 | 40 |
|  |  | **20969** |
| **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** |
| ADTRAN Holdings, Inc.\* | 35099 | 329 |
| Applied Optoelectronics, Inc.<sup>\* †</sup> <br>| 25691 | 666 |
| Aviat Networks, Inc.\* | 5468 | 125 |
| BK Technologies Corp.\* | 1455 | 123 |
| Calix, Inc.\* | 27892 | 1712 |
| Clearfield, Inc.\* | 5222 | 180 |
| CommScope Holding Co., Inc.\* | 100930 | 1562 |
| Digi International, Inc.\* | 17240 | 629 |
| Extreme Networks, Inc.\* | 62445 | 1289 |
| Harmonic, Inc.\* | 53098 | 541 |
| Inseego Corp.<sup>\* †</sup> <br>| 6295 | 94 |
| NETGEAR, Inc.\* | 12978 | 420 |
| NetScout Systems, Inc.\* | 33037 | 853 |
| Ribbon Communications, Inc.\* | 44065 | 167 |
| Viasat, Inc.\* | 55755 | 1634 |
| Viavi Solutions, Inc.\* | 104771 | 1330 |
|  |  | **11654** |
| **Construction & Engineering – 2.3%** | **Construction & Engineering – 2.3%** | **Construction & Engineering – 2.3%** |
| Ameresco, Inc., Class A\* | 15204 | 511 |
| Arcosa, Inc. | 22963 | 2152 |
| Argan, Inc. | 6277 | 1695 |
| Bowman Consulting Group Ltd.\* | 6518 | 276 |
| Centuri Holdings, Inc.\* | 33290 | 705 |
| Concrete Pumping Holdings, Inc. | 11268 | 79 |
| Construction Partners, Inc., Class A\* | 22208 | 2820 |
| Dycom Industries, Inc.\* | 13264 | 3870 |
| Fluor Corp.\* | 77612 | 3265 |
| Granite Construction, Inc. | 20728 | 2273 |
| Great Lakes Dredge & Dock Corp.\* | 31418 | 377 |
| IES Holdings, Inc.<sup>\* †</sup> <br>| 4276 | 1700 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Construction & Engineering – 2.3%continued** | **Construction & Engineering – 2.3%continued** | **Construction & Engineering – 2.3%continued** |
| Limbach Holdings, Inc.\* | 5013 | $487 |
| Matrix Service Co.\* | 12822 | 168 |
| MYR Group, Inc.\* | 7294 | 1517 |
| NWPX Infrastructure, Inc.\* | 4511 | 239 |
| Orion Group Holdings, Inc.\* | 17769 | 148 |
| Primoris Services Corp. | 25611 | 3517 |
| Southland Holdings, Inc.\* | 7443 | 32 |
| Sterling Infrastructure, Inc.\* | 14117 | 4795 |
| Tutor Perini Corp.\* | 21065 | 1382 |
|  |  | **32008** |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| Knife River Corp.\* | 27029 | 2078 |
| Smith-Midland Corp.<sup>\* †</sup> <br>| 1371 | 50 |
| Titan America S.A.\* | 11336 | 169 |
| United States Lime & Minerals, Inc. | 5122 | 674 |
|  |  | **2971** |
| **Consumer Finance – 1.0%** | **Consumer Finance – 1.0%** | **Consumer Finance – 1.0%** |
| Atlanticus Holdings Corp.\* | 2485 | 146 |
| Bread Financial Holdings, Inc. | 22083 | 1232 |
| Consumer Portfolio Services, Inc.\* | 4524 | 34 |
| Dave, Inc.\* | 4386 | 874 |
| Encore Capital Group, Inc.\* | 10767 | 449 |
| Enova International, Inc.\* | 11429 | 1315 |
| FirstCash Holdings, Inc. | 18751 | 2971 |
| Green Dot Corp., Class A\* | 25324 | 340 |
| Jefferson Capital, Inc.<sup>†</sup> <br>| 5752 | 99 |
| LendingClub Corp.\* | 53519 | 813 |
| LendingTree, Inc.\* | 5281 | 342 |
| Medallion Financial Corp. | 8198 | 83 |
| Navient Corp. | 32769 | 431 |
| Nelnet, Inc., Class A | 6097 | 765 |
| NerdWallet, Inc., Class A\* | 19395 | 209 |
| Oportun Financial Corp.\* | 18473 | 114 |
| OppFi, Inc.<sup>†</sup> <br>| 11688 | 132 |
| PRA Group, Inc.<sup>\* †</sup> <br>| 18607 | 287 |
| PROG Holdings, Inc. | 18584 | 601 |
| Regional Management Corp. | 4305 | 168 |
| Upstart Holdings, Inc.<sup>\* †</sup> <br>| 39817 | 2023 |
| Vroom, Inc.\* | 560 | 15 |
| World Acceptance Corp.\* | 1242 | 210 |
|  |  | **13653** |
| **Consumer Staples Distribution & Retail – 0.5%** | **Consumer Staples Distribution & Retail – 0.5%** | **Consumer Staples Distribution & Retail – 0.5%** |
| Andersons (The), Inc. | 15469 | 616 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Consumer Staples Distribution & Retail – 0.5%continued** | **Consumer Staples Distribution & Retail – 0.5%continued** | **Consumer Staples Distribution & Retail – 0.5%continued** |
| Chefs' Warehouse (The), Inc.\* | 17251 | $1006 |
| Grocery Outlet Holding Corp.\* | 44797 | 719 |
| &nbsp;&nbsp; Guardian Pharmacy Services, Inc., <br> Class A\*<br>| 9238 | 242 |
| HF Foods Group, Inc.\* | 18958 | 52 |
| Ingles Markets, Inc., Class A | 6941 | 483 |
| &nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 6011 | 241 |
| PriceSmart, Inc. | 12147 | 1472 |
| United Natural Foods, Inc.\* | 28350 | 1067 |
| Village Super Market, Inc., Class A | 4392 | 164 |
| Weis Markets, Inc. | 7821 | 562 |
|  |  | **6624** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| Ardagh Metal Packaging S.A. | 65890 | 263 |
| Greif, Inc., Class A | 11926 | 713 |
| Greif, Inc., Class B | 2251 | 139 |
| Myers Industries, Inc.<sup>†</sup> <br>| 17245 | 292 |
| O-I Glass, Inc.\* | 72604 | 941 |
| Ranpak Holdings Corp.\* | 23165 | 130 |
| TriMas Corp. | 15682 | 606 |
|  |  | **3084** |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| A-Mark Precious Metals, Inc. | 9012 | 233 |
| GigaCloud Technology, Inc., Class A<sup>\* †</sup> <br>| 11741 | 334 |
| Weyco Group, Inc. | 2890 | 87 |
|  |  | **654** |
| **Diversified Consumer Services – 1.4%** | **Diversified Consumer Services – 1.4%** | **Diversified Consumer Services – 1.4%** |
| Adtalem Global Education, Inc.\* | 16797 | 2594 |
| American Public Education, Inc.\* | 8039 | 317 |
| Carriage Services, Inc. | 6647 | 296 |
| Coursera, Inc.\* | 65372 | 766 |
| Driven Brands Holdings, Inc.\* | 27826 | 448 |
| European Wax Center, Inc., Class A\* | 15266 | 61 |
| Frontdoor, Inc.\* | 35201 | 2369 |
| Graham Holdings Co., Class B | 1522 | 1792 |
| KinderCare Learning Cos., Inc.\* | 15525 | 103 |
| Laureate Education, Inc.<sup>\* †</sup> <br>| 60843 | 1919 |
| Lincoln Educational Services Corp.\* | 14002 | 329 |
| Matthews International Corp., Class A | 14060 | 341 |
| McGraw Hill, Inc.<sup>\* †</sup> <br>| 11304 | 142 |
| Mister Car Wash, Inc.<sup>\* †</sup> <br>| 46284 | 247 |
| Nerdy, Inc.<sup>\* †</sup> <br>| 28165 | 36 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Diversified Consumer Services – 1.4%continued** | **Diversified Consumer Services – 1.4%continued** | **Diversified Consumer Services – 1.4%continued** |
| OneSpaWorld Holdings Ltd. | 44852 | $948 |
| Perdoceo Education Corp. | 29119 | 1097 |
| Strategic Education, Inc. | 11033 | 949 |
| Stride, Inc.\* | 20211 | 3010 |
| Udemy, Inc.\* | 45696 | 320 |
| Universal Technical Institute, Inc.\* | 22056 | 718 |
|  |  | **18802** |
| **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** |
| Alexander & Baldwin, Inc. | 34270 | 624 |
| Alpine Income Property Trust, Inc. | 5948 | 84 |
| American Assets Trust, Inc. | 24430 | 497 |
| Armada Hoffler Properties, Inc. | 37559 | 263 |
| Broadstone Net Lease, Inc. | 90049 | 1609 |
| CTO Realty Growth, Inc. | 14307 | 233 |
| Essential Properties Realty Trust, Inc. | 94186 | 2803 |
| Gladstone Commercial Corp. | 21682 | 267 |
| Global Net Lease, Inc. | 94611 | 769 |
| Modiv Industrial, Inc. | 4811 | 71 |
| NexPoint Diversified Real Estate Trust<sup>†</sup> <br>| 16062 | 59 |
|  |  | **7279** |
| **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** |
| Anterix, Inc.\* | 5266 | 113 |
| ATN International, Inc.<sup>†</sup> <br>| 5056 | 76 |
| Bandwidth, Inc., Class A\* | 12922 | 216 |
| Cogent Communications Holdings, Inc. | 21276 | 816 |
| Globalstar, Inc.\* | 23709 | 863 |
| IDT Corp., Class B | 7709 | 403 |
| Liberty Latin America Ltd., Class A\* | 14745 | 122 |
| Liberty Latin America Ltd., Class C\* | 58999 | 498 |
| Lumen Technologies, Inc.\* | 451184 | 2761 |
| Shenandoah Telecommunications Co.<sup>†</sup> <br>| 23941 | 321 |
| Uniti Group, Inc.\* | 67611 | 414 |
|  |  | **6603** |
| **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** |
| ALLETE, Inc. | 27640 | 1835 |
| Genie Energy Ltd., Class B | 10010 | 150 |
| Hawaiian Electric Industries, Inc.\* | 82418 | 910 |
| MGE Energy, Inc. | 17431 | 1467 |
| Oklo, Inc.<sup>\* †</sup> <br>| 51423 | 5741 |
| Otter Tail Corp. | 18230 | 1494 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **158** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Electric Utilities – 1.2%continued** | **Electric Utilities – 1.2%continued** | **Electric Utilities – 1.2%continued** |
| Portland General Electric Co. | 52357 | $2304 |
| TXNM Energy, Inc. (New York Stock <br> Exchange)<br>| 46085 | 2606 |
|  |  | **16507** |
| **Electrical Equipment – 2.3%** | **Electrical Equipment – 2.3%** | **Electrical Equipment – 2.3%** |
| Allient, Inc. | 6771 | 303 |
| American Superconductor Corp.\* | 20666 | 1227 |
| Amprius Technologies, Inc.<sup>\* †</sup> <br>| 44027 | 463 |
| Array Technologies, Inc.<sup>\* †</sup> <br>| 71772 | 585 |
| Atkore, Inc. | 15906 | 998 |
| Bloom Energy Corp., Class A<sup>\* †</sup> <br>| 101561 | 8589 |
| Complete Solaria, Inc.<sup>\* †</sup> <br>| 28812 | 51 |
| EnerSys | 18196 | 2055 |
| Enovix Corp.<sup>\* †</sup> <br>| 77759 | 775 |
| Eos Energy Enterprises, Inc.\* | 120396 | 1371 |
| Fluence Energy, Inc.<sup>\* †</sup> <br>| 35831 | 387 |
| Hyliion Holdings Corp.<sup>\* †</sup> <br>| 61156 | 121 |
| KULR Technology Group, Inc.<sup>\* †</sup> <br>| 18103 | 75 |
| LSI Industries, Inc. | 12536 | 296 |
| NANO Nuclear Energy, Inc.<sup>\* †</sup> <br>| 14700 | 567 |
| Net Power, Inc.<sup>\* †</sup> <br>| 18999 | 57 |
| NEXTracker, Inc., Class A\* | 69046 | 5109 |
| NuScale Power Corp.<sup>\* †</sup> <br>| 59937 | 2158 |
| Plug Power, Inc.<sup>\* †</sup> <br>| 515865 | 1202 |
| Powell Industries, Inc. | 4518 | 1377 |
| Power Solutions International, Inc.\* | 3123 | 307 |
| Preformed Line Products Co. | 1129 | 221 |
| &nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 79454 | 589 |
| SKYX Platforms Corp.\* | 34340 | 38 |
| Sunrun, Inc.\* | 99136 | 1714 |
| T1 Energy, Inc.<sup>\* †</sup> <br>| 55456 | 121 |
| Thermon Group Holdings, Inc.\* | 15441 | 413 |
| Vicor Corp.\* | 11032 | 549 |
|  |  | **31718** |
| **Electronic Equipment, Instruments & Components – 3.2%** | **Electronic Equipment, Instruments & Components – 3.2%** | **Electronic Equipment, Instruments & Components – 3.2%** |
| 908 Devices, Inc.<sup>\* †</sup> <br>| 12831 | 112 |
| Advanced Energy Industries, Inc. | 17828 | 3033 |
| Aeva Technologies, Inc.<sup>\* †</sup> <br>| 14448 | 210 |
| Arlo Technologies, Inc.\* | 46930 | 795 |
| Badger Meter, Inc. | 14039 | 2507 |
| Bel Fuse, Inc., Class A | 802 | 93 |
| Bel Fuse, Inc., Class B | 4891 | 690 |
| Belden, Inc. | 18746 | 2255 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Electronic Equipment, Instruments & Components – 3.2%continued** | **Electronic Equipment, Instruments & Components – 3.2%continued** | **Electronic Equipment, Instruments & Components – 3.2%continued** |
| Benchmark Electronics, Inc. | 16903 | $652 |
| Climb Global Solutions, Inc. | 1836 | 248 |
| CTS Corp. | 13743 | 549 |
| Daktronics, Inc.\* | 18037 | 377 |
| ePlus, Inc. | 12477 | 886 |
| Evolv Technologies Holdings, Inc.\* | 53935 | 407 |
| Fabrinet\* | 17095 | 6233 |
| Frequency Electronics, Inc.<sup>\* †</sup> <br>| 3298 | 112 |
| Insight Enterprises, Inc.\* | 13670 | 1550 |
| Itron, Inc.\* | 21500 | 2678 |
| Kimball Electronics, Inc.\* | 11660 | 348 |
| Knowles Corp.\* | 40271 | 939 |
| Methode Electronics, Inc.<sup>(2)</sup> <br>| 15765 | 119 |
| MicroVision, Inc.<sup>\* †</sup> <br>| 120892 | 150 |
| Mirion Technologies, Inc.\* | 111156 | 2585 |
| M-Tron Industries, Inc.\* | 1283 | 71 |
| Napco Security Technologies, Inc. | 16335 | 702 |
| Neonode, Inc.\* | 5716 | 20 |
| nLight, Inc.\* | 22740 | 674 |
| Novanta, Inc.\* | 17034 | 1706 |
| OSI Systems, Inc.\* | 7596 | 1893 |
| Ouster, Inc.\* | 24010 | 649 |
| PC Connection, Inc. | 5204 | 323 |
| Plexus Corp.\* | 12729 | 1842 |
| Powerfleet, Inc. NJ<sup>\* †</sup> <br>| 58614 | 307 |
| Red Cat Holdings, Inc.\* | 40324 | 417 |
| Richardson Electronics Ltd. | 5738 | 56 |
| Rogers Corp.\* | 8789 | 707 |
| Sanmina Corp.\* | 24740 | 2848 |
| ScanSource, Inc.\* | 9888 | 435 |
| TTM Technologies, Inc.\* | 47677 | 2746 |
| Vishay Intertechnology, Inc. | 57364 | 878 |
| Vishay Precision Group, Inc.\* | 5726 | 184 |
| Vuzix Corp.<sup>\* †</sup> <br>| 30259 | 95 |
|  |  | **44081** |
| **Energy Equipment & Services – 1.6%** | **Energy Equipment & Services – 1.6%** | **Energy Equipment & Services – 1.6%** |
| Archrock, Inc. | 78399 | 2063 |
| Aris Water Solutions, Inc., Class A | 14695 | 362 |
| Atlas Energy Solutions, Inc.<sup>†</sup> <br>| 36501 | 415 |
| Borr Drilling Ltd.\* | 115976 | 312 |
| Bristow Group, Inc.\* | 13435 | 485 |
| Cactus, Inc., Class A | 32417 | 1279 |
| Core Laboratories, Inc. | 22142 | 274 |
| DMC Global, Inc.\* | 9149 | 77 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Energy Equipment & Services – 1.6%continued** | **Energy Equipment & Services – 1.6%continued** | **Energy Equipment & Services – 1.6%continued** |
| Energy Services of America Corp.<sup>†</sup> <br>| 6191 | $64 |
| Expro Group Holdings N.V.\* | 48774 | 579 |
| Flowco Holdings, Inc., Class A | 9657 | 143 |
| Forum Energy Technologies, Inc.\* | 5389 | 144 |
| Helix Energy Solutions Group, Inc.\* | 64970 | 426 |
| Helmerich & Payne, Inc. | 45777 | 1011 |
| Innovex International, Inc.\* | 18224 | 338 |
| Kodiak Gas Services, Inc. | 31888 | 1179 |
| Liberty Energy, Inc. | 74665 | 921 |
| Mammoth Energy Services, Inc.\* | 12040 | 28 |
| Nabors Industries Ltd.<sup>\* †</sup> <br>| 7189 | 294 |
| &nbsp;&nbsp; National Energy Services Reunited <br> Corp.\*<br>| 28321 | 291 |
| Natural Gas Services Group, Inc. | 4944 | 138 |
| Noble Corp. PLC | 59796 | 1691 |
| Oceaneering International, Inc.\* | 44454 | 1102 |
| Oil States International, Inc.\* | 28177 | 171 |
| Patterson-UTI Energy, Inc. | 166908 | 865 |
| ProFrac Holding Corp., Class A\* | 6247 | 23 |
| ProPetro Holding Corp.\* | 37392 | 196 |
| Ranger Energy Services, Inc., Class A | 9751 | 137 |
| RPC, Inc. | 41956 | 200 |
| SEACOR Marine Holdings, Inc.<sup>\* †</sup> <br>| 10501 | 68 |
| Seadrill Ltd.\* | 29687 | 897 |
| Select Water Solutions, Inc. | 44149 | 472 |
| Solaris Energy Infrastructure, Inc. | 17268 | 690 |
| TETRA Technologies, Inc.\* | 58986 | 339 |
| Tidewater, Inc.\* | 23276 | 1241 |
| Transocean Ltd.\* | 402336 | 1255 |
| Valaris Ltd.\* | 30180 | 1472 |
|  |  | **21642** |
| **Entertainment – 0.5%** | **Entertainment – 0.5%** | **Entertainment – 0.5%** |
| &nbsp;&nbsp; AMC Entertainment Holdings, Inc., <br> Class A<sup>\* †</sup> <br>| 205345 | 596 |
| &nbsp;&nbsp; Atlanta Braves Holdings, Inc., Class A<sup>\*</sup> <br>† <br>| 3263 | 148 |
| Atlanta Braves Holdings, Inc., Class C\* | 21714 | 903 |
| Cinemark Holdings, Inc.<sup>†</sup> <br>| 49188 | 1378 |
| CuriosityStream, Inc. | 15217 | 81 |
| Eventbrite, Inc., Class A\* | 37304 | 94 |
| Gaia, Inc.\* | 9305 | 55 |
| Golden Matrix Group, Inc.<sup>\* †</sup> <br>| 11734 | 13 |
| IMAX Corp.\* | 20708 | 678 |
| Lionsgate Studios Corp.\* | 96855 | 668 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Entertainment – 0.5%continued** | **Entertainment – 0.5%continued** | **Entertainment – 0.5%continued** |
| &nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp.\*<br>| 18751 | $848 |
| Marcus (The) Corp. | 10939 | 170 |
| Playstudios, Inc.\* | 49049 | 47 |
| Playtika Holding Corp.<sup>†</sup> <br>| 26326 | 103 |
| Reservoir Media, Inc.\* | 9597 | 78 |
| Sphere Entertainment Co.<sup>\* †</sup> <br>| 13142 | 816 |
| Starz Entertainment Corp.\* | 5447 | 80 |
| Vivid Seats, Inc., Class A<sup>\* †</sup> <br>| 1952 | 33 |
|  |  | **6789** |
| **Financial Services – 2.4%** | **Financial Services – 2.4%** | **Financial Services – 2.4%** |
| Acacia Research Corp.\* | 16284 | 53 |
| Alerus Financial Corp. | 11110 | 246 |
| AvidXchange Holdings, Inc.\* | 80588 | 802 |
| &nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior S.A., Class E<br>| 13547 | 623 |
| Better Home & Finance Holding Co.<sup>\* †</sup> <br>| 2297 | 129 |
| Burford Capital Ltd. | 95135 | 1138 |
| Cannae Holdings, Inc. | 27137 | 497 |
| Cantaloupe, Inc.\* | 27966 | 296 |
| Cass Information Systems, Inc. | 5733 | 225 |
| Compass Diversified Holdings | 31874 | 211 |
| Enact Holdings, Inc. | 13735 | 527 |
| Essent Group Ltd. | 46170 | 2934 |
| EVERTEC, Inc. | 30423 | 1028 |
| &nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C<br>| 4421 | 743 |
| Finance of America Cos., Inc., Class A\* | 2047 | 46 |
| Flywire Corp.\* | 55369 | 750 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<sup>†</sup> <br>| 56704 | 1741 |
| International Money Express, Inc.\* | 13105 | 183 |
| Jackson Financial, Inc., Class A | 33899 | 3432 |
| loanDepot, Inc., Class A<sup>\* †</sup> <br>| 38035 | 117 |
| Marqeta, Inc., Class A\* | 181568 | 959 |
| Merchants Bancorp | 12243 | 389 |
| NCR Atleos Corp.\* | 34654 | 1362 |
| NewtekOne, Inc.<sup>†</sup> <br>| 11516 | 132 |
| NMI Holdings, Inc.\* | 36929 | 1416 |
| Onity Group, Inc.\* | 3220 | 129 |
| Pagseguro Digital Ltd., Class A | 84751 | 847 |
| Payoneer Global, Inc.\* | 131445 | 795 |
| Paysafe Ltd.\* | 15433 | 199 |
| Paysign, Inc.\* | 16593 | 104 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **160** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Financial Services – 2.4%continued** | **Financial Services – 2.4%continued** | **Financial Services – 2.4%continued** |
| PennyMac Financial Services, Inc. | 13842 | $1715 |
| Priority Technology Holdings, Inc.\* | 11721 | 80 |
| Radian Group, Inc. | 64191 | 2325 |
| Remitly Global, Inc.\* | 78909 | 1286 |
| Repay Holdings Corp.\* | 37035 | 194 |
| &nbsp;&nbsp; Security National Financial Corp., <br> Class A\*<br>| 7313 | 63 |
| Sezzle, Inc.<sup>\* †</sup> <br>| 7529 | 599 |
| StoneCo Ltd., Class A\* | 118809 | 2247 |
| SWK Holdings Corp. | 1549 | 22 |
| Triller Group, Inc.<sup>\* †</sup> <br>| 48901 | 40 |
| Velocity Financial, Inc.\* | 4475 | 81 |
| Walker & Dunlop, Inc. | 15590 | 1304 |
| Waterstone Financial, Inc. | 7567 | 118 |
|  |  | **32127** |
| **Food Products – 0.8%** | **Food Products – 0.8%** | **Food Products – 0.8%** |
| Alico, Inc. | 2677 | 93 |
| B&G Foods, Inc.<sup>†</sup> <br>| 37057 | 164 |
| Beyond Meat, Inc.<sup>\* †</sup> <br>| 36570 | 69 |
| BRC, Inc., Class A<sup>\* †</sup> <br>| 48791 | 76 |
| Calavo Growers, Inc. | 7892 | 203 |
| Cal-Maine Foods, Inc. | 21753 | 2047 |
| Dole PLC | 33632 | 452 |
| Forafric Global PLC\* | 1760 | 15 |
| Fresh Del Monte Produce, Inc. | 15739 | 547 |
| Hain Celestial Group (The), Inc.\* | 46830 | 74 |
| J&J Snack Foods Corp. | 7320 | 703 |
| John B. Sanfilippo & Son, Inc. | 3720 | 239 |
| Lifeway Foods, Inc.\* | 2582 | 72 |
| Limoneira Co. | 8146 | 121 |
| Mama's Creations, Inc.\* | 15926 | 167 |
| Marzetti (The) Co. | 9498 | 1641 |
| Mission Produce, Inc.\* | 20045 | 241 |
| Seneca Foods Corp., Class A\* | 2171 | 234 |
| Simply Good Foods (The) Co.\* | 44247 | 1098 |
| SunOpta, Inc.\* | 45022 | 264 |
| Tootsie Roll Industries, Inc.<sup>†</sup> <br>| 8487 | 356 |
| TreeHouse Foods, Inc.\* | 23495 | 475 |
| Utz Brands, Inc. | 34037 | 414 |
| Vital Farms, Inc.\* | 16373 | 674 |
| Westrock Coffee Co.<sup>\* †</sup> <br>| 17048 | 83 |
|  |  | **10522** |
| **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** |
| Brookfield Infrastructure Corp., Class A | 56946 | 2342 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Gas Utilities – 1.0%continued** | **Gas Utilities – 1.0%continued** | **Gas Utilities – 1.0%continued** |
| Chesapeake Utilities Corp. | 10816 | $1457 |
| New Jersey Resources Corp. | 47875 | 2305 |
| Northwest Natural Holding Co. | 19225 | 864 |
| ONE Gas, Inc. | 28385 | 2297 |
| RGC Resources, Inc. | 4141 | 93 |
| Southwest Gas Holdings, Inc. | 30646 | 2401 |
| Spire, Inc. | 27649 | 2254 |
|  |  | **14013** |
| **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** |
| ArcBest Corp. | 10763 | 752 |
| Covenant Logistics Group, Inc. | 7591 | 164 |
| FTAI Infrastructure, Inc. | 51178 | 223 |
| Heartland Express, Inc. | 20640 | 173 |
| Hertz Global Holdings, Inc.<sup>\* †</sup> <br>| 54915 | 374 |
| Marten Transport Ltd. | 26936 | 287 |
| PAMT CORP.\* | 2912 | 33 |
| Proficient Auto Logistics, Inc.<sup>\* †</sup> <br>| 11894 | 82 |
| RXO, Inc.\* | 76785 | 1181 |
| Universal Logistics Holdings, Inc.<sup>†</sup> <br>| 3175 | 74 |
| Werner Enterprises, Inc. | 27376 | 721 |
|  |  | **4064** |
| **Health Care Equipment & Supplies – 2.4%** | **Health Care Equipment & Supplies – 2.4%** | **Health Care Equipment & Supplies – 2.4%** |
| Accuray, Inc.\* | 51318 | 86 |
| Alphatec Holdings, Inc.\* | 54805 | 797 |
| AngioDynamics, Inc.\* | 18262 | 204 |
| Anteris Technologies Global Corp.<sup>\* †</sup> <br>| 16262 | 73 |
| Artivion, Inc.\* | 18013 | 763 |
| AtriCure, Inc.\* | 22851 | 805 |
| Avanos Medical, Inc.\* | 21182 | 245 |
| Axogen, Inc.\* | 20481 | 365 |
| Beta Bionics, Inc.<sup>\* †</sup> <br>| 17896 | 356 |
| Bioventus, Inc., Class A\* | 22242 | 149 |
| Butterfly Network, Inc.\* | 90029 | 174 |
| CapsoVision, Inc.\* | 3933 | 19 |
| Carlsmed, Inc.\* | 3622 | 48 |
| Ceribell, Inc.\* | 12062 | 139 |
| Cerus Corp.\* | 90893 | 144 |
| ClearPoint Neuro, Inc.<sup>\* †</sup> <br>| 12302 | 268 |
| CONMED Corp. | 14711 | 692 |
| CVRx, Inc.<sup>\* †</sup> <br>| 8500 | 69 |
| Delcath Systems, Inc.\* | 14009 | 151 |
| Electromed, Inc.\* | 3409 | 84 |
| Embecta Corp. | 27329 | 386 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Health Care Equipment & Supplies – 2.4%continued** | **Health Care Equipment & Supplies – 2.4%continued** | **Health Care Equipment & Supplies – 2.4%continued** |
| Enovis Corp.\* | 26962 | $818 |
| Glaukos Corp.\* | 26400 | 2153 |
| Haemonetics Corp.\* | 22785 | 1110 |
| ICU Medical, Inc.\* | 11429 | 1371 |
| Inogen, Inc.\* | 11823 | 97 |
| Integer Holdings Corp.\* | 16303 | 1685 |
| Integra LifeSciences Holdings Corp.\* | 31649 | 453 |
| iRadimed Corp.<sup>†</sup> <br>| 3784 | 269 |
| iRhythm Technologies, Inc.\* | 15077 | 2593 |
| Kestra Medical Technologies Ltd.<sup>\* †</sup> <br>| 6119 | 145 |
| KORU Medical Systems, Inc.\* | 21744 | 83 |
| Lantheus Holdings, Inc.\* | 32245 | 1654 |
| LeMaitre Vascular, Inc. | 9869 | 864 |
| LENSAR, Inc.\* | 4509 | 56 |
| LivaNova PLC\* | 25771 | 1350 |
| Lucid Diagnostics, Inc.<sup>\* †</sup> <br>| 34707 | 35 |
| Merit Medical Systems, Inc.\* | 27656 | 2302 |
| Myomo, Inc.\* | 4980 | 4 |
| Neogen Corp.\* | 103397 | 590 |
| Neuronetics, Inc.<sup>\* †</sup> <br>| 17301 | 47 |
| NeuroPace, Inc.\* | 11309 | 117 |
| Novocure Ltd.\* | 47940 | 619 |
| Omnicell, Inc.\* | 21997 | 670 |
| OraSure Technologies, Inc.\* | 35141 | 113 |
| Orthofix Medical, Inc.\* | 18295 | 268 |
| OrthoPediatrics Corp.\* | 7853 | 145 |
| Outset Medical, Inc.<sup>\* †</sup> <br>| 7703 | 109 |
| PROCEPT BioRobotics Corp.<sup>\* †</sup> <br>| 24807 | 885 |
| Pro-Dex, Inc.\* | 1021 | 35 |
| Pulmonx Corp.\* | 22476 | 36 |
| Pulse Biosciences, Inc.<sup>\* †</sup> <br>| 8243 | 146 |
| QuidelOrtho Corp.\* | 32029 | 943 |
| RxSight, Inc.\* | 16821 | 151 |
| Sanara Medtech, Inc.\* | 1617 | 51 |
| SANUWAVE Health, Inc.\* | 3240 | 121 |
| Semler Scientific, Inc.<sup>\* †</sup> <br>| 5788 | 174 |
| Shoulder Innovations, Inc.<sup>\* †</sup> <br>| 2701 | 34 |
| SI-BONE, Inc.\* | 17848 | 263 |
| Sight Sciences, Inc.\* | 19383 | 67 |
| STAAR Surgical Co.\* | 23566 | 633 |
| Stereotaxis, Inc.\* | 30944 | 96 |
| Surmodics, Inc.\* | 6516 | 195 |
| Tactile Systems Technology, Inc.\* | 10838 | 150 |
| Tandem Diabetes Care, Inc.\* | 31267 | 380 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Health Care Equipment & Supplies – 2.4%continued** | **Health Care Equipment & Supplies – 2.4%continued** | **Health Care Equipment & Supplies – 2.4%continued** |
| TransMedics Group, Inc.\* | 15718 | $1764 |
| Treace Medical Concepts, Inc.\* | 22379 | 150 |
| UFP Technologies, Inc.\* | 3553 | 709 |
| Utah Medical Products, Inc. | 1436 | 90 |
| Varex Imaging Corp.\* | 19471 | 241 |
| Zimvie, Inc.\* | 12918 | 245 |
|  |  | **33296** |
| **Health Care Providers & Services – 3.1%** | **Health Care Providers & Services – 3.1%** | **Health Care Providers & Services – 3.1%** |
| AdaptHealth Corp.\* | 47552 | 426 |
| Addus HomeCare Corp.\* | 8579 | 1012 |
| agilon health, Inc.\* | 148189 | 153 |
| AirSculpt Technologies, Inc.<sup>\* †</sup> <br>| 8851 | 71 |
| Alignment Healthcare, Inc.\* | 69119 | 1206 |
| AMN Healthcare Services, Inc.\* | 17967 | 348 |
| Ardent Health, Inc.\* | 10851 | 144 |
| Astrana Health, Inc.\* | 19300 | 547 |
| Aveanna Healthcare Holdings, Inc.\* | 23346 | 207 |
| BrightSpring Health Services, Inc.<sup>\* †</sup> <br>| 44400 | 1312 |
| Brookdale Senior Living, Inc.\* | 108493 | 919 |
| Castle Biosciences, Inc.\* | 13402 | 305 |
| Clover Health Investments Corp.<sup>\* †</sup> <br>| 190548 | 583 |
| Community Health Systems, Inc.\* | 62118 | 199 |
| Concentra Group Holdings Parent, Inc. | 55242 | 1156 |
| CorVel Corp.\* | 13753 | 1065 |
| Cross Country Healthcare, Inc.\* | 14664 | 208 |
| DocGo, Inc.\* | 46949 | 64 |
| Enhabit, Inc.\* | 23210 | 186 |
| Ensign Group (The), Inc. | 26579 | 4592 |
| Fulgent Genetics, Inc.\* | 9826 | 222 |
| GeneDx Holdings Corp.\* | 8875 | 956 |
| Guardant Health, Inc.\* | 56470 | 3528 |
| HealthEquity, Inc.\* | 40367 | 3826 |
| Hims & Hers Health, Inc.<sup>\* †</sup> <br>| 90155 | 5114 |
| Innovage Holding Corp.\* | 10142 | 52 |
| Joint (The) Corp.\* | 6689 | 64 |
| LifeStance Health Group, Inc.\* | 62287 | 343 |
| Nano-X Imaging Ltd.<sup>\* †</sup> <br>| 29875 | 110 |
| National HealthCare Corp. | 6005 | 730 |
| National Research Corp. | 5935 | 76 |
| NeoGenomics, Inc.\* | 60065 | 464 |
| Nutex Health, Inc.<sup>\* †</sup> <br>| 1619 | 167 |
| Omada Health, Inc.<sup>\* †</sup> <br>| 4559 | 101 |
| Oncology Institute (The), Inc.\* | 30076 | 105 |
| OPKO Health, Inc.\* | 194109 | 301 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **162** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Health Care Providers & Services – 3.1%continued** | **Health Care Providers & Services – 3.1%continued** | **Health Care Providers & Services – 3.1%continued** |
| Option Care Health, Inc.\* | 77901 | $2162 |
| Owens & Minor, Inc.\* | 35982 | 173 |
| PACS Group, Inc.\* | 20876 | 287 |
| Pediatrix Medical Group, Inc.\* | 40328 | 675 |
| Pennant Group (The), Inc.\* | 15873 | 400 |
| Performant Healthcare, Inc.<sup>\* †</sup> <br>| 32850 | 254 |
| Premier, Inc., Class A | 39069 | 1086 |
| Privia Health Group, Inc.\* | 54286 | 1352 |
| Progyny, Inc.\* | 35486 | 764 |
| RadNet, Inc.\* | 32293 | 2461 |
| SBC Medical Group Holdings, Inc.\* | 3051 | 13 |
| Select Medical Holdings Corp. | 52770 | 678 |
| Sonida Senior Living, Inc.<sup>\* †</sup> <br>| 2809 | 78 |
| Surgery Partners, Inc.\* | 36506 | 790 |
| Talkspace, Inc.\* | 69112 | 191 |
| U.S. Physical Therapy, Inc. | 7115 | 604 |
| Viemed Healthcare, Inc.\* | 16257 | 110 |
|  |  | **42940** |
| **Health Care Real Estate Investment Trusts – 1.0%** | **Health Care Real Estate Investment Trusts – 1.0%** | **Health Care Real Estate Investment Trusts – 1.0%** |
| American Healthcare REIT, Inc. | 75372 | 3166 |
| CareTrust REIT, Inc. | 100849 | 3497 |
| Community Healthcare Trust, Inc. | 12865 | 197 |
| Diversified Healthcare Trust<sup>†</sup> <br>| 102371 | 451 |
| Global Medical REIT, Inc. | 5980 | 202 |
| LTC Properties, Inc. | 21586 | 796 |
| National Health Investors, Inc. | 21905 | 1741 |
| Sabra Health Care REIT, Inc. | 112770 | 2102 |
| Sila Realty Trust, Inc. | 26396 | 663 |
| Strawberry Fields REIT, Inc. | 3956 | 49 |
| Universal Health Realty Income Trust | 6080 | 238 |
|  |  | **13102** |
| **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** |
| Claritev Corp.<sup>\* †</sup> <br>| 3570 | 189 |
| Definitive Healthcare Corp.\* | 16696 | 68 |
| Evolent Health, Inc., Class A\* | 54680 | 463 |
| Health Catalyst, Inc.\* | 33731 | 96 |
| HealthStream, Inc. | 11573 | 327 |
| LifeMD, Inc.\* | 18468 | 125 |
| OptimizeRx Corp.\* | 7673 | 157 |
| Phreesia, Inc.\* | 27013 | 635 |
| Schrodinger, Inc.\* | 26714 | 536 |
| Simulations Plus, Inc.\* | 8152 | 123 |
| Teladoc Health, Inc.\* | 82950 | 641 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Health Care Technology – 0.4%continued** | **Health Care Technology – 0.4%continued** | **Health Care Technology – 0.4%continued** |
| TruBridge, Inc.<sup>\* †</sup> <br>| 4690 | $95 |
| Waystar Holding Corp.\* | 51762 | 1963 |
|  |  | **5418** |
| **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** |
| Apple Hospitality REIT, Inc. | 105948 | 1272 |
| Braemar Hotels & Resorts, Inc. | 27757 | 76 |
| Chatham Lodging Trust | 21652 | 145 |
| DiamondRock Hospitality Co. | 97328 | 775 |
| Pebblebrook Hotel Trust | 55375 | 631 |
| RLJ Lodging Trust<sup>†</sup> <br>| 70350 | 506 |
| Ryman Hospitality Properties, Inc. | 29264 | 2622 |
| Service Properties Trust | 72585 | 197 |
| Summit Hotel Properties, Inc. | 51716 | 284 |
| Sunstone Hotel Investors, Inc. | 89849 | 842 |
| Xenia Hotels & Resorts, Inc. | 46815 | 642 |
|  |  | **7992** |
| **Hotels, Restaurants & Leisure – 1.8%** | **Hotels, Restaurants & Leisure – 1.8%** | **Hotels, Restaurants & Leisure – 1.8%** |
| Accel Entertainment, Inc.\* | 25415 | 281 |
| Bally's Corp.\* | 4095 | 45 |
| Biglari Holdings, Inc., Class B<sup>\* †</sup> <br>| 324 | 105 |
| BJ's Restaurants, Inc.<sup>\* †</sup> <br>| 9458 | 289 |
| Bloomin' Brands, Inc. | 39520 | 283 |
| Brightstar Lottery PLC<sup>†</sup> <br>| 52931 | 913 |
| Brinker International, Inc.\* | 20946 | 2653 |
| Cheesecake Factory (The), Inc.<sup>†</sup> <br>| 21849 | 1194 |
| Cracker Barrel Old Country Store, Inc.<sup>†</sup> <br>| 10489 | 462 |
| Dave & Buster's Entertainment, Inc.<sup>\* †</sup> <br>| 12793 | 232 |
| Denny's Corp.\* | 24600 | 129 |
| Dine Brands Global, Inc.<sup>†</sup> <br>| 7144 | 177 |
| El Pollo Loco Holdings, Inc.\* | 12341 | 120 |
| First Watch Restaurant Group, Inc.\* | 21271 | 333 |
| Genius Sports Ltd.\* | 103382 | 1280 |
| Global Business Travel Group I<sup>\* †</sup> <br>| 44240 | 358 |
| Golden Entertainment, Inc. | 9125 | 215 |
| Hilton Grand Vacations, Inc.\* | 27339 | 1143 |
| Inspired Entertainment, Inc.\* | 11682 | 110 |
| Jack in the Box, Inc.<sup>†</sup> <br>| 9001 | 178 |
| Krispy Kreme, Inc.<sup>†</sup> <br>| 37792 | 146 |
| Kura Sushi U.S.A., Inc., Class A<sup>\* †</sup> <br>| 2979 | 177 |
| Life Time Group Holdings, Inc.\* | 64201 | 1772 |
| Lindblad Expeditions Holdings, Inc.\* | 17694 | 227 |
| Marriott Vacations Worldwide Corp. | 13164 | 876 |
| Monarch Casino & Resort, Inc. | 6028 | 638 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Hotels, Restaurants & Leisure – 1.8%continued** | **Hotels, Restaurants & Leisure – 1.8%continued** | **Hotels, Restaurants & Leisure – 1.8%continued** |
| Nathan's Famous, Inc. | 1398 | $155 |
| Papa John's International, Inc.<sup>†</sup> <br>| 15457 | 744 |
| Portillo's, Inc., Class A<sup>\* †</sup> <br>| 28416 | 183 |
| Potbelly Corp.\* | 12054 | 205 |
| Pursuit Attractions and Hospitality, Inc.\* | 10013 | 362 |
| RCI Hospitality Holdings, Inc.<sup>†</sup> <br>| 3781 | 115 |
| Red Rock Resorts, Inc., Class A | 23111 | 1411 |
| Rush Street Interactive, Inc.\* | 41945 | 859 |
| Sabre Corp.\* | 171021 | 313 |
| Serve Robotics, Inc.<sup>\* †</sup> <br>| 21703 | 252 |
| Shake Shack, Inc., Class A\* | 18376 | 1720 |
| Six Flags Entertainment Corp.\* | 45369 | 1031 |
| Super Group SGHC Ltd. | 75313 | 994 |
| Sweetgreen, Inc., Class A\* | 48336 | 386 |
| Target Hospitality Corp.\* | 15621 | 133 |
| United Parks & Resorts, Inc.\* | 12853 | 665 |
| Xponential Fitness, Inc., Class A\* | 12859 | 100 |
|  |  | **23964** |
| **Household Durables – 1.8%** | **Household Durables – 1.8%** | **Household Durables – 1.8%** |
| Bassett Furniture Industries, Inc. | 4214 | 66 |
| Beazer Homes U.S.A., Inc.\* | 13175 | 323 |
| Cavco Industries, Inc.\* | 3612 | 2098 |
| Century Communities, Inc. | 12302 | 780 |
| Champion Homes, Inc.\* | 27103 | 2070 |
| Cricut, Inc., Class A<sup>†</sup> <br>| 22042 | 139 |
| Dream Finders Homes, Inc., Class A<sup>\* †</sup> <br>| 14245 | 369 |
| Ethan Allen Interiors, Inc. | 10937 | 322 |
| Flexsteel Industries, Inc. | 1767 | 82 |
| Green Brick Partners, Inc.\* | 14776 | 1091 |
| &nbsp;&nbsp; Hamilton Beach Brands Holding Co., <br> Class A<br>| 3821 | 55 |
| Helen of Troy Ltd.\* | 10835 | 273 |
| Hovnanian Enterprises, Inc., Class A\* | 2240 | 288 |
| Installed Building Products, Inc. | 11088 | 2735 |
| KB Home | 31424 | 2000 |
| La-Z-Boy, Inc. | 19561 | 671 |
| Legacy Housing Corp.\* | 4239 | 117 |
| Leggett & Platt, Inc. | 62922 | 559 |
| LGI Homes, Inc.\* | 9838 | 509 |
| Lovesac (The) Co.<sup>\* †</sup> <br>| 6226 | 105 |
| M/I Homes, Inc.\* | 12345 | 1783 |
| Meritage Homes Corp. | 33570 | 2431 |
| Sonos, Inc.\* | 55540 | 878 |
| Taylor Morrison Home Corp.\* | 45954 | 3033 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Household Durables – 1.8%continued** | **Household Durables – 1.8%continued** | **Household Durables – 1.8%continued** |
| Traeger, Inc.\* | 16510 | $20 |
| Tri Pointe Homes, Inc.\* | 40766 | 1385 |
|  |  | **24182** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| Central Garden & Pet Co.\* | 4251 | 139 |
| Central Garden & Pet Co., Class A\* | 23658 | 699 |
| Energizer Holdings, Inc. | 31352 | 780 |
| Oil-Dri Corp. of America | 4735 | 289 |
| Spectrum Brands Holdings, Inc. | 11257 | 591 |
| WD-40 Co. | 6428 | 1270 |
|  |  | **3768** |
| **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** |
| Hallador Energy Co.\* | 14338 | 281 |
| Montauk Renewables, Inc.<sup>\* †</sup> <br>| 34588 | 69 |
| Ormat Technologies, Inc. | 28868 | 2779 |
|  |  | **3129** |
| **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** |
| Brookfield Business Corp., Class A<sup>†</sup> <br>| 10911 | **366** |
| **Industrial Real Estate Investment Trusts – 0.4%** | **Industrial Real Estate Investment Trusts – 0.4%** | **Industrial Real Estate Investment Trusts – 0.4%** |
| Industrial Logistics Properties Trust | 25393 | 148 |
| Innovative Industrial Properties, Inc. | 13108 | 702 |
| LXP Industrial Trust | 137777 | 1235 |
| One Liberty Properties, Inc. | 8647 | 191 |
| Plymouth Industrial REIT, Inc. | 19404 | 433 |
| Terreno Realty Corp. | 48399 | 2747 |
|  |  | **5456** |
| **Insurance – 1.9%** | **Insurance – 1.9%** | **Insurance – 1.9%** |
| Abacus Global Management, Inc.\* | 18432 | 106 |
| Ambac Financial Group, Inc.\* | 20201 | 168 |
| American Coastal Insurance Corp. | 11816 | 135 |
| &nbsp;&nbsp; American Integrity Insurance Group, <br> Inc.<sup>\* †</sup> <br>| 3781 | 84 |
| AMERISAFE, Inc. | 8950 | 392 |
| &nbsp;&nbsp; Aspen Insurance Holdings Ltd., <br> Class A<sup>\* †</sup> <br>| 7334 | 269 |
| Ategrity Specialty Holdings LLC<sup>\* †</sup> <br>| 3252 | 64 |
| Baldwin Insurance Group (The), Inc.\* | 33207 | 937 |
| Bowhead Specialty Holdings, Inc.\* | 7458 | 202 |
| Citizens, Inc.\* | 20948 | 110 |
| CNO Financial Group, Inc. | 45643 | 1805 |
| Crawford & Co., Class A | 8194 | 88 |
| Donegal Group, Inc., Class A | 7859 | 152 |
| eHealth, Inc.\* | 13710 | 59 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **164** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Insurance – 1.9%continued** | **Insurance – 1.9%continued** | **Insurance – 1.9%continued** |
| Employers Holdings, Inc. | 11388 | $484 |
| F&G Annuities & Life, Inc. | 10037 | 314 |
| Fidelis Insurance Holdings Ltd. | 27358 | 497 |
| Genworth Financial, Inc.\* | 195009 | 1736 |
| GoHealth, Inc., Class A\* | 859 | 4 |
| Goosehead Insurance, Inc., Class A | 11398 | 848 |
| Greenlight Capital Re Ltd., Class A\* | 12289 | 156 |
| &nbsp;&nbsp; Hamilton Insurance Group Ltd., <br> Class B\*<br>| 21767 | 540 |
| HCI Group, Inc. | 4890 | 939 |
| Heritage Insurance Holdings, Inc.\* | 10720 | 270 |
| Hippo Holdings, Inc.\* | 8381 | 303 |
| Horace Mann Educators Corp. | 19336 | 873 |
| Investors Title Co. | 662 | 177 |
| James River Group Holdings Ltd. | 18409 | 102 |
| Kestrel Group Ltd.<sup>\* †</sup> <br>| 1318 | 36 |
| Kingstone Cos., Inc. | 5326 | 78 |
| Kingsway Financial Services, Inc.<sup>\* †</sup> <br>| 9924 | 145 |
| Lemonade, Inc.<sup>\* †</sup> <br>| 26304 | 1408 |
| MBIA, Inc.\* | 21334 | 159 |
| Mercury General Corp. | 12745 | 1080 |
| NI Holdings, Inc.\* | 3700 | 50 |
| Oscar Health, Inc., Class A<sup>\* †</sup> <br>| 91799 | 1738 |
| Palomar Holdings, Inc.\* | 12474 | 1456 |
| ProAssurance Corp.\* | 24123 | 579 |
| Root, Inc., Class A\* | 5433 | 486 |
| Safety Insurance Group, Inc.<sup>†</sup> <br>| 6966 | 492 |
| Selective Insurance Group, Inc. | 28785 | 2334 |
| Selectquote, Inc.\* | 66754 | 131 |
| SiriusPoint Ltd.\* | 48462 | 877 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc.\*<br>| 16875 | 803 |
| Slide Insurance Holdings, Inc.<sup>\* †</sup> <br>| 12859 | 203 |
| Stewart Information Services Corp. | 13148 | 964 |
| Tiptree, Inc. | 11209 | 215 |
| Trupanion, Inc.\* | 17520 | 758 |
| United Fire Group, Inc. | 9830 | 299 |
| Universal Insurance Holdings, Inc.<sup>†</sup> <br>| 11999 | 316 |
|  |  | **26421** |
| **Interactive Media & Services – 0.6%** | **Interactive Media & Services – 0.6%** | **Interactive Media & Services – 0.6%** |
| Angi, Inc.\* | 19076 | 310 |
| Arena Group Holdings (The), Inc.\* | 6247 | 34 |
| Bumble, Inc., Class A\* | 34320 | 209 |
| Cargurus, Inc.\* | 38900 | 1448 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Interactive Media & Services – 0.6%continued** | **Interactive Media & Services – 0.6%continued** | **Interactive Media & Services – 0.6%continued** |
| Cars.com, Inc.\* | 27115 | $331 |
| EverQuote, Inc., Class A\* | 13034 | 298 |
| fuboTV, Inc.<sup>\* †</sup> <br>| 157694 | 655 |
| Getty Images Holdings, Inc.<sup>\* †</sup> <br>| 51504 | 102 |
| Grindr, Inc.\* | 15730 | 236 |
| MediaAlpha, Inc., Class A\* | 15849 | 180 |
| Nextdoor Holdings, Inc.\* | 98997 | 207 |
| QuinStreet, Inc.\* | 25661 | 397 |
| Rumble, Inc.<sup>\* †</sup> <br>| 49922 | 362 |
| Shutterstock, Inc. | 11527 | 240 |
| Teads Holding Co.<sup>\* †</sup> <br>| 17759 | 29 |
| Travelzoo<sup>\* †</sup> <br>| 3053 | 30 |
| TripAdvisor, Inc.\* | 55009 | 895 |
| TrueCar, Inc.\* | 36804 | 68 |
| Vimeo, Inc.\* | 70158 | 544 |
| Webtoon Entertainment, Inc.<sup>\* †</sup> <br>| 8540 | 166 |
| Yelp, Inc.\* | 29244 | 912 |
| Ziff Davis, Inc.\* | 19710 | 751 |
| ZipRecruiter, Inc., Class A\* | 32662 | 138 |
|  |  | **8542** |
| **IT Services – 0.5%** | **IT Services – 0.5%** | **IT Services – 0.5%** |
| Applied Digital Corp.<sup>\* †</sup> <br>| 101334 | 2325 |
| ASGN, Inc.\* | 20218 | 957 |
| Backblaze, Inc., Class A\* | 24996 | 232 |
| BigBear.ai Holdings, Inc.<sup>\* †</sup> <br>| 136692 | 891 |
| Commerce.com, Inc.\* | 31680 | 158 |
| Crexendo, Inc.\* | 7788 | 51 |
| CSP, Inc.<sup>†</sup> <br>| 3812 | 44 |
| DigitalOcean Holdings, Inc.\* | 32336 | 1104 |
| Fastly, Inc., Class A\* | 64663 | 553 |
| Grid Dynamics Holdings, Inc.\* | 31258 | 241 |
| Hackett Group (The), Inc. | 11734 | 223 |
| Information Services Group, Inc. | 17580 | 101 |
| Rackspace Technology, Inc.<sup>\* †</sup> <br>| 36687 | 52 |
| TSS, Inc.<sup>\* †</sup> <br>| 8641 | 156 |
| Tucows, Inc., Class A<sup>\* †</sup> <br>| 3507 | 65 |
| Unisys Corp.\* | 32507 | 127 |
| VTEX, Class A\* | 27082 | 119 |
|  |  | **7399** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| Acushnet Holdings Corp. | 13040 | 1023 |
| American Outdoor Brands, Inc.<sup>\* †</sup> <br>| 5861 | 51 |
| Clarus Corp.<sup>†</sup> <br>| 14054 | 49 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Leisure Products – 0.5%continued** | **Leisure Products – 0.5%continued** | **Leisure Products – 0.5%continued** |
| Escalade, Inc.<sup>†</sup> <br>| 4767 | $60 |
| Funko, Inc., Class A\* | 18272 | 63 |
| JAKKS Pacific, Inc. | 4202 | 79 |
| Johnson Outdoors, Inc., Class A | 2539 | 102 |
| Latham Group, Inc.\* | 21094 | 160 |
| Malibu Boats, Inc., Class A\* | 8590 | 279 |
| Marine Products Corp. | 4859 | 43 |
| MasterCraft Boat Holdings, Inc.<sup>\* †</sup> <br>| 7778 | 167 |
| Outdoor Holding Co.<sup>\* †</sup> <br>| 44203 | 65 |
| Peloton Interactive, Inc., Class A\* | 178308 | 1605 |
| Polaris, Inc. | 25196 | 1465 |
| Smith & Wesson Brands, Inc. | 20614 | 203 |
| Sturm Ruger & Co., Inc. | 7551 | 328 |
| Topgolf Callaway Brands Corp.\* | 62271 | 592 |
|  |  | **6334** |
| **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** |
| 10X Genomics, Inc., Class A\* | 50527 | 591 |
| Adaptive Biotechnologies Corp.\* | 70589 | 1056 |
| Alpha Teknova, Inc.<sup>\* †</sup> <br>| 5375 | 33 |
| Atlantic International Corp.\* | 7123 | 22 |
| Azenta, Inc.\* | 19225 | 552 |
| BioLife Solutions, Inc.\* | 17818 | 454 |
| Codexis, Inc.\* | 40794 | 100 |
| CryoPort, Inc.\* | 23023 | 218 |
| Cytek Biosciences, Inc.\* | 55838 | 194 |
| Fortrea Holdings, Inc.\* | 42604 | 359 |
| Ginkgo Bioworks Holdings, Inc.<sup>\* †</sup> <br>| 18510 | 270 |
| Lifecore Biomedical, Inc.\* | 12931 | 95 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A\*<br>| 52822 | 152 |
| MaxCyte, Inc.\* | 51471 | 81 |
| Mesa Laboratories, Inc. | 2458 | 165 |
| Niagen Bioscience, Inc.\* | 24641 | 230 |
| Omniab, Inc.<sup>(1) \*</sup> <br>| 3016 |  |
| OmniAb, Inc.\* | 47610 | 76 |
| Omniab, Inc. (NASDAQ Exchange)<sup>(1) \*</sup> <br>| 3016 |  |
| Pacific Biosciences of California, Inc.<sup>\* †</sup> <br>| 132790 | 170 |
| Personalis, Inc.<sup>\* †</sup> <br>| 23499 | 153 |
| Quanterix Corp.\* | 19243 | 104 |
| Quantum-Si, Inc.<sup>\* †</sup> <br>| 73490 | 104 |
| Standard BioTools, Inc.\* | 140261 | 182 |
|  |  | **5361** |
| **Machinery – 3.8%** | **Machinery – 3.8%** | **Machinery – 3.8%** |
| 3D Systems Corp.<sup>\* †</sup> <br>| 63836 | 185 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Machinery – 3.8%continued** | **Machinery – 3.8%continued** | **Machinery – 3.8%continued** |
| Aebi Schmidt Holding A.G. | 17431 | $217 |
| AirJoule Technologies Corp.<sup>\* †</sup> <br>| 12512 | 59 |
| Alamo Group, Inc.<sup>†</sup> <br>| 4890 | 933 |
| Albany International Corp., Class A | 14253 | 760 |
| Astec Industries, Inc. | 10858 | 523 |
| Atmus Filtration Technologies, Inc. | 39487 | 1780 |
| Blue Bird Corp.\* | 14987 | 862 |
| Chart Industries, Inc.\* | 21396 | 4282 |
| Columbus McKinnon Corp. | 13496 | 193 |
| Douglas Dynamics, Inc. | 10816 | 338 |
| Eastern (The) Co. | 2827 | 66 |
| Energy Recovery, Inc.\* | 24946 | 385 |
| Enerpac Tool Group Corp. | 25626 | 1051 |
| Enpro, Inc. | 9994 | 2259 |
| ESCO Technologies, Inc. | 12309 | 2599 |
| Federal Signal Corp. | 28420 | 3382 |
| Franklin Electric Co., Inc. | 18896 | 1799 |
| Gencor Industries, Inc.\* | 4925 | 72 |
| Gorman-Rupp (The) Co. | 9792 | 454 |
| Graham Corp.\* | 4914 | 270 |
| Greenbrier (The) Cos., Inc. | 14290 | 660 |
| Helios Technologies, Inc. | 15674 | 817 |
| Hillenbrand, Inc. | 33351 | 902 |
| Hillman Solutions Corp.\* | 93466 | 858 |
| Hyster-Yale, Inc. | 5500 | 203 |
| JBT Marel Corp. | 24715 | 3471 |
| Kadant, Inc. | 5570 | 1657 |
| Kennametal, Inc. | 35960 | 753 |
| L.B. Foster Co., Class A\* | 4758 | 128 |
| Lindsay Corp. | 5136 | 722 |
| Luxfer Holdings PLC | 12390 | 172 |
| Manitowoc (The) Co., Inc.\* | 16203 | 162 |
| Mayville Engineering Co., Inc.\* | 7068 | 97 |
| Microvast Holdings, Inc.\* | 93846 | 361 |
| Miller Industries, Inc. | 5186 | 210 |
| Mueller Water Products, Inc., Class A | 73815 | 1884 |
| Omega Flex, Inc. | 1696 | 53 |
| Palladyne AI Corp.<sup>\* †</sup> <br>| 11239 | 97 |
| Park-Ohio Holdings Corp. | 4758 | 101 |
| Proto Labs, Inc.\* | 11227 | 562 |
| REV Group, Inc. | 22971 | 1302 |
| Richtech Robotics, Inc., Class B<sup>\* †</sup> <br>| 33626 | 144 |
| SPX Technologies, Inc.\* | 22813 | 4261 |
| Standex International Corp. | 5687 | 1205 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **166** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Machinery – 3.8%continued** | **Machinery – 3.8%continued** | **Machinery – 3.8%continued** |
| Tennant Co. | 8867 | $719 |
| Terex Corp. | 30521 | 1566 |
| Titan International, Inc.\* | 22874 | 173 |
| Trinity Industries, Inc. | 38726 | 1086 |
| Wabash National Corp. | 18992 | 187 |
| Watts Water Technologies, Inc., Class A | 13002 | 3631 |
| Worthington Enterprises, Inc. | 14871 | 825 |
|  |  | **51438** |
| **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** |
| Costamare Bulkers Holdings Ltd.\* | 4191 | 60 |
| Costamare, Inc. | 20946 | 250 |
| Genco Shipping & Trading Ltd. | 15977 | 284 |
| Himalaya Shipping Ltd.<sup>\* †</sup> <br>| 14318 | 118 |
| Matson, Inc. | 15388 | 1517 |
| Pangaea Logistics Solutions Ltd. | 14494 | 74 |
| Safe Bulkers, Inc. | 27352 | 121 |
|  |  | **2424** |
| **Media – 1.0%** | **Media – 1.0%** | **Media – 1.0%** |
| Advantage Solutions, Inc.<sup>\* †</sup> <br>| 47327 | 72 |
| Altice U.S.A., Inc., Class A<sup>\* †</sup> <br>| 121195 | 292 |
| AMC Networks, Inc., Class A\* | 15726 | 130 |
| Boston Omaha Corp., Class A<sup>\* †</sup> <br>| 10554 | 138 |
| Cable One, Inc. | 2437 | 432 |
| EchoStar Corp., Class A\* | 64162 | 4899 |
| Emerald Holding, Inc.<sup>†</sup> <br>| 7925 | 40 |
| &nbsp;&nbsp; Entravision Communications Corp., <br> Class A<br>| 31678 | 74 |
| EW Scripps (The) Co., Class A\* | 29527 | 73 |
| Gambling.com Group Ltd.\* | 7791 | 64 |
| Gannett Co., Inc.\* | 66387 | 274 |
| Gray Media, Inc. | 41506 | 240 |
| Ibotta, Inc., Class A<sup>\* †</sup> <br>| 6581 | 183 |
| iHeartMedia, Inc., Class A\* | 57323 | 165 |
| Integral Ad Science Holding Corp.\* | 35598 | 362 |
| John Wiley & Sons, Inc., Class A | 19475 | 788 |
| Magnite, Inc.\* | 66167 | 1441 |
| National CineMedia, Inc. | 30998 | 140 |
| Newsmax, Inc.\* | 5643 | 70 |
| Nexxen International Ltd.<sup>\* †</sup> <br>| 17748 | 164 |
| PubMatic, Inc., Class A\* | 19598 | 162 |
| Scholastic Corp. | 9584 | 262 |
| Sinclair, Inc. | 18216 | 275 |
| Stagwell, Inc.\* | 54231 | 305 |
| TechTarget, Inc.\* | 14351 | 83 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Media – 1.0%continued** | **Media – 1.0%continued** | **Media – 1.0%continued** |
| TEGNA, Inc. | 76090 | $1547 |
| Thryv Holdings, Inc.\* | 17479 | 211 |
| WideOpenWest, Inc.\* | 23761 | 123 |
|  |  | **13009** |
| **Metals & Mining – 2.0%** | **Metals & Mining – 2.0%** | **Metals & Mining – 2.0%** |
| Alpha Metallurgical Resources, Inc.\* | 5535 | 908 |
| American Battery Technology Co.\* | 43803 | 213 |
| Ascent Industries Co.\* | 3621 | 47 |
| Caledonia Mining Corp. PLC | 7836 | 284 |
| Century Aluminum Co.\* | 24995 | 734 |
| Coeur Mining, Inc.\* | 302991 | 5684 |
| Commercial Metals Co. | 53650 | 3073 |
| Compass Minerals International, Inc.\* | 16288 | 313 |
| Constellium S.E.\* | 67324 | 1002 |
| Contango ORE, Inc.<sup>\* †</sup> <br>| 4146 | 103 |
| Critical Metals Corp.<sup>\* †</sup> <br>| 15964 | 99 |
| Dakota Gold Corp.<sup>\* †</sup> <br>| 39808 | 181 |
| Ferroglobe PLC<sup>†</sup> <br>| 55865 | 254 |
| Friedman Industries, Inc. | 3448 | 75 |
| Hecla Mining Co. | 283885 | 3435 |
| Idaho Strategic Resources, Inc.<sup>\* †</sup> <br>| 6147 | 208 |
| Ivanhoe Electric, Inc.\* | 40441 | 508 |
| Kaiser Aluminum Corp. | 7613 | 587 |
| Lifezone Metals Ltd.<sup>\* †</sup> <br>| 13284 | 73 |
| MAC Copper Ltd.\* | 29004 | 354 |
| Materion Corp. | 9786 | 1182 |
| Metallus, Inc.<sup>\* †</sup> <br>| 17289 | 286 |
| NioCorp. Developments Ltd.<sup>\* †</sup> <br>| 32757 | 219 |
| Novagold Resources, Inc.\* | 143314 | 1261 |
| Olympic Steel, Inc.<sup>†</sup> <br>| 4602 | 140 |
| Perpetua Resources Corp.\* | 35545 | 719 |
| Ramaco Resources, Inc., Class A\* | 13570 | 450 |
| Ryerson Holding Corp.<sup>†</sup> <br>| 12799 | 293 |
| SSR Mining, Inc.\* | 96383 | 2354 |
| SunCoke Energy, Inc. | 40186 | 328 |
| Tredegar Corp.\* | 12553 | 101 |
| U.S. Gold Corp.<sup>\* †</sup> <br>| 5404 | 89 |
| United States Antimony Corp.<sup>\* †</sup> <br>| 43993 | 273 |
| US Goldmining, Inc.<sup>\* †</sup> <br>| 1043 | 13 |
| Vox Royalty Corp.<sup>†</sup> <br>| 22581 | 97 |
| Warrior Met Coal, Inc. | 24661 | 1569 |
| Worthington Steel, Inc. | 15522 | 472 |
|  |  | **27981** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Mortgage Real Estate Investment Trusts – 0.9%** | **Mortgage Real Estate Investment Trusts – 0.9%** | **Mortgage Real Estate Investment Trusts – 0.9%** |
| ACRES Commercial Realty Corp.\* | 2819 | $60 |
| Adamas Trust, Inc. | 40041 | 279 |
| Advanced Flower Capital, Inc.<sup>†</sup> <br>| 10142 | 39 |
| AG Mortgage Investment Trust, Inc. | 13532 | 98 |
| Angel Oak Mortgage REIT, Inc. | 6431 | 60 |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, <br> Inc.<br>| 66074 | 669 |
| Arbor Realty Trust, Inc.<sup>†</sup> <br>| 90293 | 1102 |
| Ares Commercial Real Estate Corp.<sup>†</sup> <br>| 25842 | 117 |
| ARMOUR Residential REIT, Inc.<sup>†</sup> <br>| 52410 | 783 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A<sup>†</sup> <br>| 77130 | 1420 |
| BrightSpire Capital, Inc. | 60480 | 328 |
| &nbsp;&nbsp; Chicago Atlantic Real Estate Finance, <br> Inc.<sup>†</sup> <br>| 8554 | 109 |
| Chimera Investment Corp. | 37558 | 497 |
| Claros Mortgage Trust, Inc. | 44420 | 147 |
| Dynex Capital, Inc.<sup>†</sup> <br>| 62122 | 763 |
| Ellington Financial, Inc. | 43814 | 569 |
| Franklin BSP Realty Trust, Inc. | 38996 | 424 |
| Invesco Mortgage Capital, Inc.<sup>†</sup> <br>| 31712 | 240 |
| KKR Real Estate Finance Trust, Inc.<sup>†</sup> <br>| 26732 | 241 |
| Ladder Capital Corp. | 53928 | 588 |
| Lument Finance Trust, Inc.<sup>†</sup> <br>| 21851 | 44 |
| MFA Financial, Inc. | 48813 | 449 |
| Nexpoint Real Estate Finance, Inc.<sup>†</sup> <br>| 3657 | 52 |
| Orchid Island Capital, Inc.<sup>†</sup> <br>| 59783 | 419 |
| PennyMac Mortgage Investment Trust | 41432 | 508 |
| Ready Capital Corp.<sup>†</sup> <br>| 78197 | 303 |
| Redwood Trust, Inc. | 62201 | 360 |
| Rithm Property Trust, Inc. | 18811 | 47 |
| Seven Hills Realty Trust | 6964 | 72 |
| Sunrise Realty Trust, Inc.<sup>†</sup> <br>| 5330 | 55 |
| TPG RE Finance Trust, Inc. | 31874 | 273 |
| Two Harbors Investment Corp. | 49127 | 485 |
|  |  | **11600** |
| **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** |
| Avista Corp. | 38176 | 1443 |
| Black Hills Corp. | 34477 | 2123 |
| Northwestern Energy Group, Inc. | 29255 | 1715 |
| TXNM Energy, Inc.<sup>(1)</sup> <br>| 50000 |  |
| Unitil Corp. | 7511 | 360 |
|  |  | **5641** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Office Real Estate Investment Trusts – 0.7%** | **Office Real Estate Investment Trusts – 0.7%** | **Office Real Estate Investment Trusts – 0.7%** |
| Brandywine Realty Trust<sup>†</sup> <br>| 80659 | $336 |
| City Office REIT, Inc. | 18302 | 127 |
| COPT Defense Properties | 53992 | 1569 |
| Douglas Emmett, Inc. | 76552 | 1192 |
| Easterly Government Properties, Inc. | 19282 | 442 |
| Empire State Realty Trust, Inc., Class A | 64735 | 496 |
| Franklin Street Properties Corp. | 39152 | 63 |
| Hudson Pacific Properties, Inc.\* | 173264 | 478 |
| JBG SMITH Properties<sup>†</sup> <br>| 29531 | 657 |
| NET Lease Office Properties | 7098 | 211 |
| Paramount Group, Inc.\* | 88239 | 577 |
| Peakstone Realty Trust | 17444 | 229 |
| Piedmont Realty Trust, Inc. | 58973 | 531 |
| Postal Realty Trust, Inc., Class A | 10737 | 168 |
| SL Green Realty Corp. | 33973 | 2032 |
|  |  | **9108** |
| **Oil, Gas & Consumable Fuels – 3.2%** | **Oil, Gas & Consumable Fuels – 3.2%** | **Oil, Gas & Consumable Fuels – 3.2%** |
| Ardmore Shipping Corp. | 16389 | 195 |
| Berry Corp. | 37182 | 141 |
| BKV Corp.<sup>\* †</sup> <br>| 7855 | 182 |
| California Resources Corp. | 32054 | 1705 |
| Calumet, Inc.<sup>\* †</sup> <br>| 32574 | 594 |
| Centrus Energy Corp., Class A<sup>\* †</sup> <br>| 7442 | 2308 |
| Clean Energy Fuels Corp.\* | 81902 | 211 |
| CNX Resources Corp.\* | 64733 | 2079 |
| Comstock Resources, Inc.\* | 35018 | 694 |
| Core Natural Resources, Inc. | 24668 | 2059 |
| Crescent Energy Co., Class A<sup>†</sup> <br>| 84495 | 754 |
| CVR Energy, Inc.\* | 14695 | 536 |
| Delek U.S. Holdings, Inc. | 28225 | 911 |
| DHT Holdings, Inc. | 60211 | 719 |
| Diversified Energy Co. PLC | 27051 | 379 |
| Dorian LPG Ltd. | 17531 | 522 |
| Empire Petroleum Corp.<sup>\* †</sup> <br>| 8713 | 39 |
| Encore Energy Corp.<sup>\* †</sup> <br>| 86560 | 278 |
| Energy Fuels, Inc.<sup>\* †</sup> <br>| 101472 | 1558 |
| Epsilon Energy Ltd. | 9285 | 47 |
| Evolution Petroleum Corp.<sup>†</sup> <br>| 14706 | 71 |
| Excelerate Energy, Inc., Class A | 10841 | 273 |
| FLEX LNG Ltd.<sup>\* †</sup> <br>| 14746 | 372 |
| FutureFuel Corp. | 13512 | 52 |
| Gevo, Inc.<sup>\* †</sup> <br>| 109797 | 215 |
| Golar LNG Ltd.<sup>†</sup> <br>| 47254 | 1910 |
| Granite Ridge Resources, Inc. | 25432 | 138 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **168** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Oil, Gas & Consumable Fuels – 3.2%continued** | **Oil, Gas & Consumable Fuels – 3.2%continued** | **Oil, Gas & Consumable Fuels – 3.2%continued** |
| Green Plains, Inc.\* | 30266 | $266 |
| Gulfport Energy Corp.\* | 7539 | 1364 |
| HighPeak Energy, Inc.<sup>†</sup> <br>| 8723 | 62 |
| &nbsp;&nbsp; Infinity Natural Resources, Inc., <br> Class A<sup>\* †</sup> <br>| 7203 | 94 |
| International Seaways, Inc.<sup>†</sup> <br>| 19027 | 877 |
| Kinetik Holdings, Inc.<sup>†</sup> <br>| 20897 | 893 |
| Kolibri Global Energy, Inc.<sup>\* †</sup> <br>| 14089 | 78 |
| Kosmos Energy Ltd.\* | 221748 | 368 |
| Lightbridge Corp.\* | 10208 | 216 |
| Magnolia Oil & Gas Corp., Class A | 88225 | 2106 |
| Murphy Oil Corp. | 63982 | 1818 |
| NACCO Industries, Inc., Class A | 2009 | 85 |
| Navigator Holdings Ltd. | 15287 | 237 |
| New Fortress Energy, Inc.<sup>\* †</sup> <br>| 79593 | 176 |
| NextDecade Corp.\* | 63197 | 429 |
| NextNRG, Inc.<sup>\* †</sup> <br>| 9846 | 18 |
| Nordic American Tankers Ltd. | 96359 | 303 |
| Northern Oil & Gas, Inc.<sup>†</sup> <br>| 45825 | 1136 |
| OPAL Fuels, Inc., Class A<sup>\* †</sup> <br>| 10629 | 23 |
| Par Pacific Holdings, Inc.\* | 23960 | 849 |
| PBF Energy, Inc., Class A | 39636 | 1196 |
| Peabody Energy Corp. | 57878 | 1535 |
| Prairie Operating Co.<sup>\* †</sup> <br>| 11330 | 22 |
| PrimeEnergy Resources Corp.<sup>\* †</sup> <br>| 200 | 33 |
| REX American Resources Corp.\* | 14075 | 431 |
| Riley Exploration Permian, Inc. | 6319 | 171 |
| Sable Offshore Corp.\* | 35951 | 628 |
| SandRidge Energy, Inc. | 16916 | 191 |
| Scorpio Tankers, Inc. | 21048 | 1180 |
| SFL Corp. Ltd. | 57158 | 430 |
| SM Energy Co. | 53970 | 1348 |
| Summit Midstream Corp.\* | 4407 | 90 |
| Talos Energy, Inc.\* | 56706 | 544 |
| Teekay Corp. Ltd. | 24797 | 203 |
| Teekay Tankers Ltd., Class A | 11363 | 574 |
| Uranium Energy Corp.\* | 201272 | 2685 |
| VAALCO Energy, Inc. | 48489 | 195 |
| Verde Clean Fuels, Inc.<sup>\* †</sup> <br>| 4407 | 13 |
| Vital Energy, Inc.\* | 14131 | 239 |
| Vitesse Energy, Inc.<sup>†</sup> <br>| 13805 | 321 |
| W&T Offshore, Inc.<sup>†</sup> <br>| 46725 | 85 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Oil, Gas & Consumable Fuels – 3.2%continued** | **Oil, Gas & Consumable Fuels – 3.2%continued** | **Oil, Gas & Consumable Fuels – 3.2%continued** |
| World Kinect Corp. | 26090 | $677 |
| XCF Global, Inc., Class A\* | 21918 | 29 |
|  |  | **43160** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| Clearwater Paper Corp.\* | 7421 | 154 |
| Magnera Corp.<sup>\* †</sup> <br>| 15521 | 182 |
| Sylvamo Corp. | 16226 | 717 |
|  |  | **1053** |
| **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** |
| Allegiant Travel Co.\* | 6818 | 414 |
| flyExclusive, Inc.<sup>\* †</sup> <br>| 2844 | 14 |
| Frontier Group Holdings, Inc.<sup>\* †</sup> <br>| 40212 | 178 |
| JetBlue Airways Corp.\* | 155907 | 767 |
| Joby Aviation, Inc.<sup>\* †</sup> <br>| 218234 | 3522 |
| SkyWest, Inc.\* | 19136 | 1925 |
| Strata Critical Medical, Inc.<sup>\* †</sup> <br>| 30534 | 155 |
| Sun Country Airlines Holdings, Inc.\* | 24055 | 284 |
|  |  | **7259** |
| **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** |
| Beauty Health (The) Co.<sup>\* †</sup> <br>| 54661 | 109 |
| Edgewell Personal Care Co. | 21412 | 436 |
| FitLife Brands, Inc.<sup>\* †</sup> <br>| 2203 | 44 |
| Herbalife Ltd.\* | 47758 | 403 |
| Honest (The) Co., Inc.<sup>\* †</sup> <br>| 43724 | 161 |
| Interparfums, Inc. | 8665 | 852 |
| Lifevantage Corp.<sup>†</sup> <br>| 5049 | 49 |
| Medifast, Inc.<sup>\* †</sup> <br>| 5094 | 70 |
| Nature's Sunshine Products, Inc.\* | 8442 | 131 |
| Nu Skin Enterprises, Inc., Class A | 23056 | 281 |
| Olaplex Holdings, Inc.<sup>\* †</sup> <br>| 65787 | 86 |
| USANA Health Sciences, Inc.\* | 5106 | 141 |
| Waldencast PLC, Class A<sup>\* †</sup> <br>| 20301 | 40 |
|  |  | **2803** |
| **Pharmaceuticals – 2.0%** | **Pharmaceuticals – 2.0%** | **Pharmaceuticals – 2.0%** |
| Aardvark Therapeutics, Inc.\* | 2818 | 37 |
| Aclaris Therapeutics, Inc.\* | 42210 | 80 |
| Alumis, Inc.<sup>\* †</sup> <br>| 26113 | 104 |
| Amneal Pharmaceuticals, Inc.\* | 71149 | 712 |
| Amphastar Pharmaceuticals, Inc.\* | 17294 | 461 |
| Amylyx Pharmaceuticals, Inc.\* | 32796 | 446 |
| ANI Pharmaceuticals, Inc.\* | 8608 | 788 |
| Aquestive Therapeutics, Inc.<sup>\* †</sup> <br>| 39958 | 223 |
| Arvinas, Inc.\* | 31075 | 265 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Pharmaceuticals – 2.0%continued** | **Pharmaceuticals – 2.0%continued** | **Pharmaceuticals – 2.0%continued** |
| Atea Pharmaceuticals, Inc.\* | 37769 | $109 |
| Avadel Pharmaceuticals PLC\* | 42225 | 645 |
| Axsome Therapeutics, Inc.\* | 19127 | 2323 |
| BioAge Labs, Inc.<sup>\* †</sup> <br>| 11244 | 66 |
| Biote Corp., Class A\* | 14017 | 42 |
| Collegium Pharmaceutical, Inc.\* | 15166 | 531 |
| CorMedix, Inc.<sup>\* †</sup> <br>| 32969 | 383 |
| Crinetics Pharmaceuticals, Inc.\* | 42717 | 1779 |
| Edgewise Therapeutics, Inc.\* | 31844 | 516 |
| Enliven Therapeutics, Inc.<sup>\* †</sup> <br>| 19667 | 403 |
| Esperion Therapeutics, Inc.<sup>\* †</sup> <br>| 93482 | 248 |
| Eton Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 11836 | 257 |
| Evolus, Inc.\* | 28045 | 172 |
| EyePoint Pharmaceuticals, Inc.\* | 27451 | 391 |
| Fulcrum Therapeutics, Inc.\* | 20785 | 191 |
| Harmony Biosciences Holdings, Inc.\* | 20652 | 569 |
| Harrow, Inc.\* | 14917 | 719 |
| Indivior PLC\* | 57380 | 1383 |
| Innoviva, Inc.\* | 29737 | 543 |
| Journey Medical Corp.<sup>\* †</sup> <br>| 5901 | 42 |
| LENZ Therapeutics, Inc.<sup>\* †</sup> <br>| 7591 | 354 |
| Ligand Pharmaceuticals, Inc.\* | 9018 | 1597 |
| Liquidia Corp.\* | 30365 | 690 |
| Maze Therapeutics, Inc.\* | 9280 | 241 |
| MBX Biosciences, Inc.<sup>\* †</sup> <br>| 7242 | 127 |
| MediWound Ltd.<sup>\* †</sup> <br>| 3996 | 72 |
| Mind Medicine MindMed, Inc.<sup>\* †</sup> <br>| 34860 | 411 |
| Nuvation Bio, Inc.<sup>\* †</sup> <br>| 116718 | 432 |
| Ocular Therapeutix, Inc.\* | 66413 | 776 |
| Omeros Corp.<sup>\* †</sup> <br>| 31668 | 130 |
| Pacira BioSciences, Inc.\* | 21768 | 561 |
| Phathom Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 19872 | 234 |
| Phibro Animal Health Corp., Class A | 9691 | 392 |
| Prestige Consumer Healthcare, Inc.\* | 23406 | 1461 |
| Rapport Therapeutics, Inc.<sup>\* †</sup> <br>| 8166 | 243 |
| scPharmaceuticals, Inc.\* | 18658 | 106 |
| Septerna, Inc.<sup>\* †</sup> <br>| 10329 | 194 |
| SIGA Technologies, Inc. | 19707 | 180 |
| Supernus Pharmaceuticals, Inc.\* | 25519 | 1220 |
| Tarsus Pharmaceuticals, Inc.\* | 18519 | 1101 |
| Terns Pharmaceuticals, Inc.\* | 34040 | 256 |
| Theravance Biopharma, Inc.\* | 17592 | 257 |
| Third Harmonic Bio, Inc.<sup>(1) \* †</sup> <br>| 11686 |  |
| Trevi Therapeutics, Inc.\* | 41282 | 378 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Pharmaceuticals – 2.0%continued** | **Pharmaceuticals – 2.0%continued** | **Pharmaceuticals – 2.0%continued** |
| Tvardi Therapeutics, Inc.<sup>\* †</sup> <br>| 2228 | $87 |
| WaVe Life Sciences Ltd.\* | 52493 | 384 |
| Xeris Biopharma Holdings, Inc.\* | 72549 | 591 |
| Zevra Therapeutics, Inc.\* | 25544 | 243 |
|  |  | **27146** |
| **Professional Services – 1.9%** | **Professional Services – 1.9%** | **Professional Services – 1.9%** |
| Acuren Corp.\* | 80519 | 1072 |
| Alight, Inc., Class A | 203474 | 663 |
| Asure Software, Inc.\* | 12798 | 105 |
| Barrett Business Services, Inc. | 11890 | 527 |
| BlackSky Technology, Inc.<sup>\* †</sup> <br>| 14671 | 296 |
| CBIZ, Inc.\* | 23362 | 1237 |
| Conduent, Inc.\* | 71081 | 199 |
| CRA International, Inc. | 3133 | 653 |
| CSG Systems International, Inc. | 13190 | 849 |
| Exponent, Inc. | 24015 | 1669 |
| First Advantage Corp.<sup>\* †</sup> <br>| 37362 | 575 |
| Forrester Research, Inc.\* | 5428 | 58 |
| Franklin Covey Co.\* | 5040 | 98 |
| Heidrick & Struggles International, Inc. | 9700 | 483 |
| HireQuest, Inc.<sup>†</sup> <br>| 2737 | 26 |
| Huron Consulting Group, Inc.\* | 8075 | 1185 |
| IBEX Holdings Ltd.\* | 5090 | 206 |
| ICF International, Inc. | 8681 | 806 |
| Innodata, Inc.<sup>\* †</sup> <br>| 14543 | 1121 |
| Insperity, Inc. | 17065 | 840 |
| Kelly Services, Inc., Class A | 14211 | 186 |
| Kforce, Inc. | 8414 | 252 |
| Korn Ferry | 24459 | 1712 |
| Legalzoom.com, Inc.\* | 56057 | 582 |
| Maximus, Inc. | 26784 | 2447 |
| Mistras Group, Inc.\* | 8361 | 82 |
| Planet Labs PBC\* | 110391 | 1433 |
| RCM Technologies, Inc.\* | 2537 | 67 |
| Resolute Holdings Management, Inc.<sup>\* †</sup> <br>| 2007 | 145 |
| Resources Connection, Inc. | 15278 | 77 |
| Skillsoft Corp.\* | 2139 | 28 |
| Spire Global, Inc.<sup>\* †</sup> <br>| 12874 | 141 |
| TriNet Group, Inc. | 14159 | 947 |
| TrueBlue, Inc.\* | 13420 | 82 |
| TTEC Holdings, Inc.<sup>\* †</sup> <br>| 9649 | 32 |
| Upwork, Inc.\* | 58190 | 1081 |
| Verra Mobility Corp.\* | 75486 | 1865 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **170** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Professional Services – 1.9%continued** | **Professional Services – 1.9%continued** | **Professional Services – 1.9%continued** |
| Willdan Group, Inc.\* | 6572 | $635 |
| WNS Holdings Ltd.\* | 17761 | 1355 |
|  |  | **25817** |
| **Real Estate Management & Development – 0.7%** | **Real Estate Management & Development – 0.7%** | **Real Estate Management & Development – 0.7%** |
| American Realty Investors, Inc.<sup>\* †</sup> <br>| 890 | 15 |
| Anywhere Real Estate, Inc.\* | 50221 | 532 |
| Compass, Inc., Class A\* | 220948 | 1774 |
| Cushman & Wakefield PLC\* | 109530 | 1744 |
| Douglas Elliman, Inc.\* | 36257 | 104 |
| eXp World Holdings, Inc.<sup>†</sup> <br>| 41043 | 437 |
| Forestar Group, Inc.\* | 9083 | 241 |
| FRP Holdings, Inc.\* | 5646 | 137 |
| Kennedy-Wilson Holdings, Inc. | 56352 | 469 |
| Logistic Properties of The Americas<sup>\* †</sup> <br>| 1801 | 8 |
| Marcus & Millichap, Inc. | 11196 | 329 |
| Maui Land & Pineapple Co., Inc.\* | 3524 | 66 |
| Newmark Group, Inc., Class A | 73562 | 1372 |
| RE/MAX Holdings, Inc., Class A\* | 9170 | 86 |
| Real Brokerage (The), Inc.<sup>\* †</sup> <br>| 50127 | 209 |
| RMR Group (The), Inc., Class A | 7246 | 114 |
| Seaport Entertainment Group, Inc.<sup>\* †</sup> <br>| 3735 | 86 |
| St. Joe (The) Co. | 17945 | 888 |
| Stratus Properties, Inc.<sup>\* †</sup> <br>| 3449 | 73 |
| Tejon Ranch Co.\* | 10112 | 162 |
| Transcontinental Realty Investors, Inc.\* | 1036 | 48 |
|  |  | **8894** |
| **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp; Apartment Investment and <br> Management Co., Class A<br>| 61886 | 491 |
| BRT Apartments Corp. | 5442 | 85 |
| Centerspace | 7947 | 468 |
| Clipper Realty, Inc.<sup>†</sup> <br>| 7045 | 27 |
| Elme Communities | 41533 | 700 |
| Independence Realty Trust, Inc. | 111284 | 1824 |
| NexPoint Residential Trust, Inc. | 10526 | 339 |
| UMH Properties, Inc. | 37618 | 559 |
| Veris Residential, Inc. | 36829 | 560 |
|  |  | **5053** |
| **Retail Real Estate Investment Trusts – 1.2%** | **Retail Real Estate Investment Trusts – 1.2%** | **Retail Real Estate Investment Trusts – 1.2%** |
| Acadia Realty Trust | 62292 | 1255 |
| Alexander's, Inc. | 1023 | 240 |
| CBL & Associates Properties, Inc. | 8494 | 260 |
| Curbline Properties Corp. | 45739 | 1020 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Retail Real Estate Investment Trusts – 1.2%continued** | **Retail Real Estate Investment Trusts – 1.2%continued** | **Retail Real Estate Investment Trusts – 1.2%continued** |
| FrontView REIT, Inc. | 9411 | $129 |
| Getty Realty Corp. | 25093 | 673 |
| InvenTrust Properties Corp. | 36834 | 1054 |
| Kite Realty Group Trust | 104362 | 2327 |
| Macerich (The) Co. | 120073 | 2185 |
| NETSTREIT Corp.<sup>†</sup> <br>| 44947 | 812 |
| Phillips Edison & Co., Inc. | 59815 | 2054 |
| Saul Centers, Inc.<sup>†</sup> <br>| 5816 | 185 |
| SITE Centers Corp. | 23722 | 214 |
| Tanger, Inc. | 52969 | 1793 |
| Urban Edge Properties | 60158 | 1231 |
| Whitestone REIT | 21288 | 261 |
|  |  | **15693** |
| **Semiconductors & Semiconductor Equipment – 3.5%** | **Semiconductors & Semiconductor Equipment – 3.5%** | **Semiconductors & Semiconductor Equipment – 3.5%** |
| ACM Research, Inc., Class A\* | 23913 | 936 |
| Aehr Test Systems<sup>\* †</sup> <br>| 13462 | 405 |
| Aeluma, Inc.<sup>\* †</sup> <br>| 4418 | 71 |
| Alpha & Omega Semiconductor Ltd.\* | 11812 | 330 |
| Ambarella, Inc.\* | 19262 | 1589 |
| Ambiq Micro, Inc.\* | 2369 | 71 |
| Atomera, Inc.<sup>\* †</sup> <br>| 13876 | 61 |
| Axcelis Technologies, Inc.\* | 15248 | 1489 |
| Blaize Holdings, Inc.<sup>\* †</sup> <br>| 35820 | 124 |
| CEVA, Inc.\* | 11041 | 292 |
| Cohu, Inc.<sup>\* †</sup> <br>| 21504 | 437 |
| Credo Technology Group Holding Ltd.\* | 70085 | 10205 |
| Diodes, Inc.\* | 21685 | 1154 |
| FormFactor, Inc.\* | 36843 | 1342 |
| Ichor Holdings Ltd.\* | 16011 | 281 |
| Impinj, Inc.\* | 12278 | 2219 |
| indie Semiconductor, Inc., Class A<sup>\* †</sup> <br>| 91469 | 372 |
| Kopin Corp.<sup>\* †</sup> <br>| 75153 | 183 |
| Kulicke & Soffa Industries, Inc. | 24400 | 992 |
| MaxLinear, Inc.\* | 38548 | 620 |
| Navitas Semiconductor Corp.<sup>\* †</sup> <br>| 63252 | 457 |
| NVE Corp. | 2303 | 150 |
| PDF Solutions, Inc.\* | 15026 | 388 |
| Penguin Solutions, Inc.\* | 24563 | 646 |
| Photronics, Inc.\* | 27552 | 632 |
| Power Integrations, Inc. | 26824 | 1079 |
| Rambus, Inc.\* | 51048 | 5319 |
| Rigetti Computing, Inc.<sup>\* †</sup> <br>| 151149 | 4503 |
| Semtech Corp.\* | 41250 | 2947 |
| Silicon Laboratories, Inc.\* | 15255 | 2000 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **171** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Semiconductors & Semiconductor Equipment – 3.5%continued** | **Semiconductors & Semiconductor Equipment – 3.5%continued** | **Semiconductors & Semiconductor Equipment – 3.5%continued** |
| SiTime Corp.\* | 10087 | $3039 |
| SkyWater Technology, Inc.<sup>\* †</sup> <br>| 12398 | 231 |
| Synaptics, Inc.\* | 18125 | 1239 |
| Ultra Clean Holdings, Inc.\* | 21096 | 575 |
| Veeco Instruments, Inc.\* | 27057 | 823 |
|  |  | **47201** |
| **Software – 6.3%** | **Software – 6.3%** | **Software – 6.3%** |
| 8x8, Inc.\* | 62651 | 133 |
| A10 Networks, Inc. | 34082 | 619 |
| ACI Worldwide, Inc.\* | 49893 | 2633 |
| Adeia, Inc. | 51348 | 863 |
| Agilysys, Inc.\* | 12243 | 1289 |
| Airship AI Holdings, Inc.<sup>\* †</sup> <br>| 9490 | 49 |
| Alarm.com Holdings, Inc.\* | 22566 | 1198 |
| Alkami Technology, Inc.<sup>\* †</sup> <br>| 32242 | 801 |
| Amplitude, Inc., Class A\* | 41619 | 446 |
| Appian Corp., Class A\* | 18565 | 567 |
| Arteris, Inc.\* | 13916 | 141 |
| Asana, Inc., Class A\* | 40893 | 546 |
| AudioEye, Inc.\* | 4247 | 59 |
| AvePoint, Inc.\* | 62859 | 943 |
| Bit Digital, Inc.<sup>\* †</sup> <br>| 148347 | 445 |
| Bitdeer Technologies Group, Class A<sup>\* †</sup> <br>| 42432 | 725 |
| Blackbaud, Inc.\* | 18106 | 1164 |
| BlackLine, Inc.\* | 24635 | 1308 |
| Blend Labs, Inc., Class A\* | 97987 | 358 |
| Box, Inc., Class A\* | 66501 | 2146 |
| Braze, Inc., Class A\* | 37684 | 1072 |
| C3.ai, Inc., Class A<sup>\* †</sup> <br>| 57884 | 1004 |
| Cerence, Inc.\* | 19211 | 239 |
| Cipher Mining, Inc.<sup>\* †</sup> <br>| 125359 | 1578 |
| Cleanspark, Inc.<sup>\* †</sup> <br>| 131223 | 1903 |
| Clear Secure, Inc., Class A | 39598 | 1322 |
| &nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A\*<br>| 116730 | 2103 |
| Commvault Systems, Inc.\* | 21157 | 3994 |
| Consensus Cloud Solutions, Inc.\* | 9029 | 265 |
| Core Scientific, Inc.<sup>\* †</sup> <br>| 134445 | 2412 |
| CoreCard Corp.\* | 2640 | 71 |
| CS Disco, Inc.\* | 12157 | 79 |
| Daily Journal Corp.\* | 593 | 276 |
| Digimarc Corp.<sup>\* †</sup> <br>| 7907 | 77 |
| Digital Turbine, Inc.\* | 49479 | 317 |
| Domo, Inc., Class B\* | 15303 | 242 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Software – 6.3%continued** | **Software – 6.3%continued** | **Software – 6.3%continued** |
| D-Wave Quantum, Inc.\* | 146141 | $3611 |
| eGain Corp.\* | 9032 | 79 |
| EverCommerce, Inc.<sup>\* †</sup> <br>| 7385 | 82 |
| Expensify, Inc., Class A\* | 28453 | 53 |
| Five9, Inc.\* | 36068 | 873 |
| Freshworks, Inc., Class A\* | 94830 | 1116 |
| Hut 8 Corp.\* | 44571 | 1551 |
| I3 Verticals, Inc., Class A<sup>\* †</sup> <br>| 10827 | 351 |
| Intapp, Inc.\* | 26726 | 1093 |
| InterDigital, Inc.<sup>†</sup> <br>| 12265 | 4234 |
| Jamf Holding Corp.\* | 33739 | 361 |
| Kaltura, Inc.\* | 42560 | 61 |
| Life360, Inc.<sup>\* †</sup> <br>| 7609 | 809 |
| LiveRamp Holdings, Inc.\* | 30565 | 829 |
| MARA Holdings, Inc.<sup>\* †</sup> <br>| 175783 | 3210 |
| Mercurity Fintech Holding, Inc.<sup>\* †</sup> <br>| 14922 | 367 |
| Meridianlink, Inc.\* | 14975 | 298 |
| Mitek Systems, Inc.\* | 20961 | 205 |
| N-able, Inc.\* | 33784 | 263 |
| NCR Voyix Corp.\* | 65632 | 824 |
| NextNav, Inc.<sup>\* †</sup> <br>| 41605 | 595 |
| ON24, Inc.\* | 18523 | 106 |
| OneSpan, Inc. | 17056 | 271 |
| Ooma, Inc.<sup>\* †</sup> <br>| 12217 | 146 |
| Pagaya Technologies Ltd., Class A\* | 21760 | 646 |
| PagerDuty, Inc.\* | 40229 | 665 |
| PAR Technology Corp.<sup>\* †</sup> <br>| 18936 | 749 |
| Porch Group, Inc.\* | 38083 | 639 |
| Progress Software Corp.\* | 20275 | 891 |
| PROS Holdings, Inc.<sup>\* †</sup> <br>| 20573 | 471 |
| Q2 Holdings, Inc.\* | 29432 | 2131 |
| Qualys, Inc.\* | 17298 | 2289 |
| Rapid7, Inc.\* | 30175 | 566 |
| Red Violet, Inc. | 5354 | 280 |
| ReposiTrak, Inc.<sup>†</sup> <br>| 5445 | 81 |
| Rezolve AI PLC<sup>\* †</sup> <br>| 68293 | 340 |
| Rimini Street, Inc.\* | 23204 | 109 |
| Riot Platforms, Inc.\* | 164942 | 3139 |
| Sapiens International Corp. N.V. | 14703 | 632 |
| SEMrush Holdings, Inc., Class A\* | 24513 | 174 |
| Silvaco Group, Inc.<sup>\* †</sup> <br>| 4963 | 27 |
| SoundHound AI, Inc., Class A<sup>\* †</sup> <br>| 173202 | 2785 |
| SoundThinking, Inc.\* | 5017 | 60 |
| Sprinklr, Inc., Class A\* | 52553 | 406 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **172** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Software – 6.3%continued** | **Software – 6.3%continued** | **Software – 6.3%continued** |
| Sprout Social, Inc., Class A\* | 24224 | $313 |
| SPS Commerce, Inc.\* | 18012 | 1876 |
| Synchronoss Technologies, Inc.\* | 4992 | 30 |
| Telos Corp.<sup>\* †</sup> <br>| 25839 | 177 |
| Tenable Holdings, Inc.\* | 57350 | 1672 |
| Terawulf, Inc.<sup>\* †</sup> <br>| 134200 | 1533 |
| Varonis Systems, Inc.\* | 52198 | 3000 |
| Verint Systems, Inc.\* | 28395 | 575 |
| Vertex, Inc., Class A\* | 30726 | 762 |
| Viant Technology, Inc., Class A\* | 6426 | 55 |
| Weave Communications, Inc.\* | 27724 | 185 |
| WM Technology, Inc.\* | 41501 | 48 |
| Workiva, Inc.\* | 23776 | 2047 |
| Xperi, Inc.\* | 21753 | 141 |
| Yext, Inc.\* | 47837 | 408 |
| Zeta Global Holdings Corp., Class A\* | 88092 | 1750 |
|  |  | **86427** |
| **Specialized Real Estate Investment Trusts – 0.4%** | **Specialized Real Estate Investment Trusts – 0.4%** | **Specialized Real Estate Investment Trusts – 0.4%** |
| Farmland Partners, Inc.<sup>†</sup> <br>| 19715 | 215 |
| Four Corners Property Trust, Inc. | 47109 | 1149 |
| Gladstone Land Corp.<sup>†</sup> <br>| 15834 | 145 |
| Outfront Media, Inc. | 65987 | 1209 |
| PotlatchDeltic Corp. | 37088 | 1511 |
| Safehold, Inc. | 26404 | 409 |
| Smartstop Self Storage REIT, Inc.<sup>†</sup> <br>| 14765 | 556 |
|  |  | **5194** |
| **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** |
| 1-800-Flowers.com, Inc., Class A<sup>\* †</sup> <br>| 10341 | 48 |
| Abercrombie & Fitch Co., Class A\* | 22281 | 1906 |
| Academy Sports & Outdoors, Inc. | 31352 | 1568 |
| Advance Auto Parts, Inc.<sup>†</sup> <br>| 28385 | 1743 |
| American Eagle Outfitters, Inc. | 76854 | 1315 |
| America's Car-Mart, Inc.\* | 3515 | 103 |
| Arhaus, Inc.\* | 24112 | 256 |
| Arko Corp. | 36761 | 168 |
| Asbury Automotive Group, Inc.\* | 9287 | 2270 |
| BARK, Inc.<sup>\* †</sup> <br>| 44383 | 37 |
| Barnes & Noble Education, Inc.\* | 8257 | 82 |
| Bed Bath & Beyond, Inc.\* | 25882 | 253 |
| Boot Barn Holdings, Inc.\* | 14552 | 2411 |
| Buckle (The), Inc. | 14934 | 876 |
| Build-A-Bear Workshop, Inc. | 5902 | 385 |
| Caleres, Inc. | 15486 | 202 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Specialty Retail – 2.2%continued** | **Specialty Retail – 2.2%continued** | **Specialty Retail – 2.2%continued** |
| Camping World Holdings, Inc., Class A | 28372 | $448 |
| Citi Trends, Inc.\* | 2290 | 71 |
| Designer Brands, Inc., Class A<sup>†</sup> <br>| 16870 | 60 |
| Envela Corp.\* | 3960 | 31 |
| EVgo, Inc.<sup>\* †</sup> <br>| 59898 | 283 |
| Genesco, Inc.\* | 4771 | 138 |
| Group 1 Automotive, Inc. | 5962 | 2608 |
| Haverty Furniture Cos., Inc. | 6510 | 143 |
| J Jill, Inc. | 3782 | 65 |
| Lands' End, Inc.<sup>\* †</sup> <br>| 5795 | 82 |
| MarineMax, Inc.\* | 8866 | 225 |
| Monro, Inc. | 14120 | 254 |
| National Vision Holdings, Inc.\* | 36820 | 1075 |
| ODP (The) Corp.\* | 12968 | 361 |
| OneWater Marine, Inc., Class A<sup>\* †</sup> <br>| 5341 | 85 |
| Petco Health & Wellness Co., Inc.\* | 36743 | 142 |
| RealReal (The), Inc.<sup>\* †</sup> <br>| 45229 | 481 |
| Revolve Group, Inc.\* | 18901 | 403 |
| Sally Beauty Holdings, Inc.\* | 47764 | 778 |
| Shoe Carnival, Inc. | 8645 | 180 |
| Signet Jewelers Ltd. | 18949 | 1818 |
| Sleep Number Corp.<sup>\* †</sup> <br>| 9001 | 63 |
| Sonic Automotive, Inc., Class A | 7071 | 538 |
| Stitch Fix, Inc., Class A\* | 49658 | 216 |
| ThredUp, Inc., Class A\* | 43650 | 412 |
| Tile Shop Holdings, Inc.\* | 14418 | 87 |
| Torrid Holdings, Inc.<sup>\* †</sup> <br>| 19626 | 34 |
| Upbound Group, Inc. | 24763 | 585 |
| Urban Outfitters, Inc.\* | 28941 | 2067 |
| Victoria's Secret & Co.\* | 32749 | 889 |
| Warby Parker, Inc., Class A\* | 46414 | 1280 |
| Winmark Corp. | 1409 | 701 |
| Zumiez, Inc.\* | 6827 | 134 |
|  |  | **30360** |
| **Technology Hardware, Storage & Peripherals – 0.8%** | **Technology Hardware, Storage & Peripherals – 0.8%** | **Technology Hardware, Storage & Peripherals – 0.8%** |
| CompoSecure, Inc., Class A\* | 20816 | 433 |
| Corsair Gaming, Inc.\* | 22293 | 199 |
| CPI Card Group, Inc.\* | 2819 | 43 |
| Diebold Nixdorf, Inc.\* | 12006 | 685 |
| Eastman Kodak Co.<sup>\* †</sup> <br>| 29876 | 191 |
| Immersion Corp. | 13215 | 97 |
| IonQ, Inc.<sup>\* †</sup> <br>| 130809 | 8045 |
| Quantum Computing, Inc.<sup>\* †</sup> <br>| 63478 | 1168 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **173** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Technology Hardware, Storage & Peripherals – 0.8%continued** | **Technology Hardware, Storage & Peripherals – 0.8%continued** | **Technology Hardware, Storage & Peripherals – 0.8%continued** |
| Turtle Beach Corp.\* | 6991 | $111 |
| Xerox Holdings Corp.<sup>†</sup> <br>| 56068 | 211 |
|  |  | **11183** |
| **Textiles, Apparel & Luxury Goods – 0.6%** | **Textiles, Apparel & Luxury Goods – 0.6%** | **Textiles, Apparel & Luxury Goods – 0.6%** |
| Capri Holdings Ltd.\* | 54922 | 1094 |
| Carter's, Inc. | 16835 | 475 |
| Ermenegildo Zegna N.V.<sup>†</sup> <br>| 28717 | 271 |
| Figs, Inc., Class A\* | 41574 | 278 |
| G-III Apparel Group Ltd.\* | 18237 | 485 |
| Hanesbrands, Inc.\* | 166034 | 1094 |
| Kontoor Brands, Inc. | 26061 | 2079 |
| Lakeland Industries, Inc.<sup>†</sup> <br>| 4726 | 70 |
| Movado Group, Inc. | 7245 | 138 |
| Oxford Industries, Inc. | 6660 | 270 |
| Rocky Brands, Inc. | 3495 | 104 |
| Steven Madden Ltd. | 33895 | 1135 |
| Superior Group of Cos., Inc. | 5348 | 57 |
| Wolverine World Wide, Inc.<sup>†</sup> <br>| 38102 | 1046 |
|  |  | **8596** |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| Ispire Technology, Inc.<sup>\* †</sup> <br>| 8437 | 22 |
| Turning Point Brands, Inc. | 8095 | 800 |
| Universal Corp. | 11475 | 641 |
|  |  | **1463** |
| **Trading Companies & Distributors – 1.1%** | **Trading Companies & Distributors – 1.1%** | **Trading Companies & Distributors – 1.1%** |
| Alta Equipment Group, Inc. | 9596 | 69 |
| BlueLinx Holdings, Inc.\* | 3595 | 263 |
| Boise Cascade Co. | 17820 | 1378 |
| Custom Truck One Source, Inc.\* | 28184 | 181 |
| Distribution Solutions Group, Inc.<sup>\* †</sup> <br>| 4573 | 138 |
| DNOW, Inc.\* | 49200 | 750 |
| DXP Enterprises, Inc.\* | 6151 | 732 |
| EVI Industries, Inc. | 2605 | 82 |
| GATX Corp. | 16997 | 2971 |
| Global Industrial Co. | 6685 | 245 |
| Herc Holdings, Inc. | 15456 | 1803 |
| Hudson Technologies, Inc.\* | 18397 | 183 |
| Karat Packaging, Inc. | 4253 | 107 |
| McGrath RentCorp<sup>†</sup> <br>| 11624 | 1364 |
| MRC Global, Inc.\* | 39633 | 572 |
| NPK International, Inc.\* | 36700 | 415 |
| Rush Enterprises, Inc., Class A | 28878 | 1544 |
| Rush Enterprises, Inc., Class B<sup>†</sup> <br>| 4082 | 234 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  | **COMMON STOCKS - 98.1%continued**  |
| **Trading Companies & Distributors – 1.1%continued** | **Trading Companies & Distributors – 1.1%continued** | **Trading Companies & Distributors – 1.1%continued** |
| Titan Machinery, Inc.\* | 9959 | $167 |
| Transcat, Inc.\* | 4330 | 317 |
| Willis Lease Finance Corp. | 1356 | 186 |
| Xometry, Inc., Class A\* | 20554 | 1120 |
|  |  | **14821** |
| **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** |
| Sky Harbour Group Corp.<sup>\* †</sup> <br>| 10520 | **104** |
| **Water Utilities – 0.3%** | **Water Utilities – 0.3%** | **Water Utilities – 0.3%** |
| American States Water Co.<sup>†</sup> <br>| 18192 | 1334 |
| Cadiz, Inc.\* | 27110 | 128 |
| California Water Service Group | 28182 | 1293 |
| Consolidated Water Co. Ltd. | 7043 | 248 |
| Global Water Resources, Inc. | 5996 | 62 |
| H2O America | 15002 | 731 |
| Middlesex Water Co. | 8397 | 454 |
| Pure Cycle Corp.\* | 9270 | 103 |
| York Water (The) Co. | 6677 | 203 |
|  |  | **4556** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| Gogo, Inc.\* | 36264 | 312 |
| Spok Holdings, Inc. | 9521 | 164 |
| Telephone and Data Systems, Inc. | 47107 | 1848 |
|  |  | **2324** |
| **Total Common Stocks** |  |  |
| **(Cost $794,977)** |  | **1340330** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| Cartesian Therapeutics, Inc.<sup>(1) \*</sup> <br>| 50322 |  |
| &nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 7412 |  |
| &nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 26398 |  |
| &nbsp;&nbsp; Inhibrx, Inc. (Contingent Value <br> Rights)<sup>(1) \*</sup> <br>| 15255 |  |
| &nbsp;&nbsp; Oncternal Therapeutics, Inc. <br> (Contingent Value Rights)<sup>(1) (3) \* †</sup> <br>| 398 |  |
| Tobira Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) (3) \*</sup> <br>| 5175 |  |
|  |  | **—** |
| **Total Rights** |  |  |
| **(Cost $40)** |  | **—** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **174** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| Escrow DLB Oil & Gas, Inc. <sup>(1) \*</sup> <br>| 1200 | $— |
| Escrow Petrocorp, Inc. <sup>(1) \*</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, Inc., Exp. 6/27/29, <br> Strike $0.00<sup>\* †</sup> <br>| 836 | $3 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **3** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 11.2%**  | **INVESTMENT COMPANIES – 11.2%**  | **INVESTMENT COMPANIES – 11.2%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(4) (5) (6)</sup> <br>| 129686641 | $129687 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(4) (5)</sup> <br>| 23865084 | 23865 |
| **Total Investment Companies** |  |  |
| **(Cost $153,552)** |  | **153552** |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 4.04%, 11/28/25<sup>(7) (8)</sup> <br>| $1970 | **$1957** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $1,957)** | **(Cost $1,957)** | **1957** |
| **Total Investments – 109.4%** | **Total Investments – 109.4%** |  |
| **(Cost $950,526)** | **(Cost $950,526)** | **1495842** |
| Liabilities less Other Assets – (9.4%) | Liabilities less Other Assets – (9.4%) | (128880)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1366962** |

---

<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 affiliate.*

<sup>(3)</sup> *Restricted security. At September 30, 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; $— |

---

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/2/16 | &nbsp;&nbsp; $40 |

---

---

| | |
|:---|:---|
| <sup>(4)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(5)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(6)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(7)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(8)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

*Percentages shown are based on Net Assets.* 

At September 30, 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>| 211 | $25906 | Long | 12/25 | $190 |

---

<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 SEMIANNUAL REPORT **175** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **SMALL CAP INDEX FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Banks | &nbsp;&nbsp; $133790 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $133794 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; 1206536 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1206536 |
| Total Common Stocks | &nbsp;&nbsp; 1340326 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1340330 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Investment Companies | &nbsp;&nbsp; 153552 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 153552 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1957 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1957 |
| Total Investments | &nbsp;&nbsp; $1493878 | &nbsp;&nbsp; $1960 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $1495842 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $190 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **176** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **SMALL CAP VALUE FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.3%**  | **COMMON STOCKS – 95.3%**  | **COMMON STOCKS – 95.3%**  |
| **Automobile Components – 1.3%** | **Automobile Components – 1.3%** | **Automobile Components – 1.3%** |
| &nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 522120 | $3138 |
| Goodyear Tire & Rubber (The) Co.\* | 57013 | 427 |
| LCI Industries | 7043 | 656 |
| Phinia, Inc. | 14374 | 826 |
| Standard Motor Products, Inc.<sup>†</sup> <br>| 68213 | 2784 |
| Visteon Corp. | 6450 | 773 |
|  |  | **8604** |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** | **Automobiles – 0.1%** |
| Harley-Davidson, Inc. | 24793 | **692** |
| **Banks – 16.7%** | **Banks – 16.7%** | **Banks – 16.7%** |
| 1st Source Corp. | 10229 | 630 |
| ACNB Corp.<sup>†</sup> <br>| 14838 | 653 |
| Amalgamated Financial Corp. | 24992 | 679 |
| Ameris Bancorp | 43836 | 3214 |
| Axos Financial, Inc.\* | 80350 | 6802 |
| Bank First Corp. | 5942 | 721 |
| Bank of NT Butterfield & Son (The) Ltd. | 44228 | 1898 |
| Bank7 Corp. | 15234 | 705 |
| Banner Corp. | 30942 | 2027 |
| Bar Harbor Bankshares | 20626 | 628 |
| Beacon Financial Corp. | 24509 | 581 |
| Business First Bancshares, Inc. | 25333 | 598 |
| Cadence Bank | 147558 | 5539 |
| Camden National Corp. | 15304 | 591 |
| Cathay General Bancorp | 97645 | 4688 |
| Central Pacific Financial Corp. | 37651 | 1142 |
| ChoiceOne Financial Services, Inc.<sup>†</sup> <br>| 21871 | 633 |
| Civista Bancshares, Inc. | 4562 | 93 |
| CNB Financial Corp. | 16281 | 394 |
| Colony Bankcorp, Inc.<sup>†</sup> <br>| 37857 | 644 |
| Community Financial System, Inc. | 56895 | 3336 |
| Community Trust Bancorp, Inc. | 68789 | 3849 |
| Customers Bancorp, Inc.\* | 42856 | 2802 |
| CVB Financial Corp. | 103560 | 1958 |
| Enterprise Financial Services Corp. | 23309 | 1351 |
| Equity Bancshares, Inc., Class A | 15514 | 631 |
| Farmers National Banc Corp. | 46687 | 673 |
| FB Financial Corp. | 13264 | 739 |
| First Bancorp | 24660 | 1304 |
| First BanCorp | 334286 | 7371 |
| First Bank | 41073 | 669 |
| First Business Financial Services, Inc.<sup>†</sup> <br>| 14678 | 752 |
| First Commonwealth Financial Corp. | 50368 | 859 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Banks – 16.7%continued** | **Banks – 16.7%continued** | **Banks – 16.7%continued** |
| First Financial Bancorp | 104640 | $2642 |
| First Financial Corp. | 17426 | 984 |
| First Hawaiian, Inc. | 9026 | 224 |
| First Merchants Corp. | 32694 | 1233 |
| First Mid Bancshares, Inc. | 17668 | 669 |
| FS Bancorp, Inc. | 15918 | 635 |
| Glacier Bancorp, Inc. | 27946 | 1360 |
| Guaranty Bancshares, Inc. | 14943 | 729 |
| Hancock Whitney Corp. | 69396 | 4345 |
| Hanmi Financial Corp. | 27179 | 671 |
| HBT Financial, Inc. | 26987 | 680 |
| Heritage Financial Corp. | 34192 | 827 |
| Horizon Bancorp, Inc. | 31127 | 498 |
| Independent Bank Corp. | 19940 | 618 |
| Mercantile Bank Corp. | 14258 | 642 |
| Metrocity Bankshares, Inc. | 22156 | 614 |
| Metropolitan Bank Holding Corp. | 11266 | 843 |
| NBT Bancorp, Inc. | 105345 | 4399 |
| Nicolet Bankshares, Inc. | 5554 | 747 |
| Northeast Community Bancorp, Inc. | 26110 | 537 |
| Northrim BanCorp, Inc. | 33624 | 728 |
| Northwest Bancshares, Inc. | 105290 | 1305 |
| OFG Bancorp | 61846 | 2690 |
| Old Second Bancorp, Inc. | 21321 | 369 |
| Pathward Financial, Inc. | 16860 | 1248 |
| PCB Bancorp | 32526 | 683 |
| Preferred Bank | 17861 | 1614 |
| QCR Holdings, Inc. | 16688 | 1262 |
| S&T Bancorp, Inc. | 16403 | 617 |
| Shore Bancshares, Inc. | 45677 | 750 |
| Sierra Bancorp | 57712 | 1668 |
| SmartFinancial, Inc. | 20046 | 716 |
| Southern Missouri Bancorp, Inc. | 11887 | 625 |
| Southside Bancshares, Inc. | 20914 | 591 |
| Stock Yards Bancorp, Inc. | 9893 | 692 |
| Texas Capital Bancshares, Inc.\* | 27977 | 2365 |
| TriCo Bancshares | 63143 | 2804 |
| Trustmark Corp. | 32304 | 1279 |
| UMB Financial Corp. | 23894 | 2828 |
| Unity Bancorp, Inc. | 14512 | 709 |
| Univest Financial Corp. | 34039 | 1022 |
| USCB Financial Holdings, Inc. | 33599 | 586 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Banks – 16.7%continued** | **Banks – 16.7%continued** | **Banks – 16.7%continued** |
| Westamerica BanCorp | 33223 | $1661 |
| WSFS Financial Corp. | 11297 | 609 |
|  |  | **112472** |
| **Biotechnology – 3.2%** | **Biotechnology – 3.2%** | **Biotechnology – 3.2%** |
| Agios Pharmaceuticals, Inc.\* | 24106 | 968 |
| Akebia Therapeutics, Inc.\* | 233599 | 638 |
| Black Diamond Therapeutics, Inc.\* | 294847 | 1117 |
| Cardiff Oncology, Inc.<sup>\* †</sup> <br>| 47660 | 98 |
| CRISPR Therapeutics A.G.<sup>\* †</sup> <br>| 17468 | 1132 |
| CureVac N.V.\* | 200883 | 1083 |
| Emergent BioSolutions, Inc.\* | 159350 | 1405 |
| GRAIL, Inc.<sup>\* †</sup> <br>| 47955 | 2836 |
| Immatics N.V.<sup>\* †</sup> <br>| 148569 | 1266 |
| Instil Bio, Inc.<sup>\* †</sup> <br>| 7837 | 140 |
| Keros Therapeutics, Inc.\* | 40990 | 648 |
| Monte Rosa Therapeutics, Inc.<sup>\* †</sup> <br>| 296298 | 2196 |
| Myriad Genetics, Inc.\* | 124802 | 902 |
| Novavax, Inc.<sup>\* †</sup> <br>| 126202 | 1094 |
| Nurix Therapeutics, Inc.\* | 12429 | 115 |
| Organogenesis Holdings, Inc.<sup>\* †</sup> <br>| 36987 | 156 |
| PDL BioPharma, Inc.<sup>(1) \*</sup> <br>| 1029654 | 432 |
| Puma Biotechnology, Inc.\* | 163379 | 867 |
| Rezolute, Inc.\* | 80066 | 753 |
| Tonix Pharmaceuticals Holding Corp.<sup>\* †</sup> <br>| 85253 | 2060 |
| Veracyte, Inc.\* | 43687 | 1500 |
|  |  | **21406** |
| **Building Products – 0.9%** | **Building Products – 0.9%** | **Building Products – 0.9%** |
| American Woodmark Corp.\* | 3546 | 237 |
| Gibraltar Industries, Inc.\* | 10662 | 669 |
| Insteel Industries, Inc. | 2875 | 110 |
| Masterbrand, Inc.\* | 46383 | 611 |
| UFP Industries, Inc. | 45256 | 4231 |
|  |  | **5858** |
| **Capital Markets – 0.3%** | **Capital Markets – 0.3%** | **Capital Markets – 0.3%** |
| Hercules Capital, Inc. | 68102 | 1288 |
| Virtus Investment Partners, Inc. | 3336 | 634 |
|  |  | **1922** |
| **Chemicals – 1.2%** | **Chemicals – 1.2%** | **Chemicals – 1.2%** |
| AdvanSix, Inc. | 1953 | 38 |
| Avient Corp. | 17554 | 578 |
| Ecovyst, Inc.\* | 17293 | 152 |
| Flotek Industries, Inc.<sup>\* †</sup> <br>| 58242 | 850 |
| H.B. Fuller Co. | 20281 | 1202 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Chemicals – 1.2%continued** | **Chemicals – 1.2%continued** | **Chemicals – 1.2%continued** |
| Innospec, Inc. | 26172 | $2020 |
| Koppers Holdings, Inc. | 21943 | 614 |
| Perimeter Solutions, Inc.\* | 107045 | 2397 |
| Stepan Co. | 10860 | 518 |
|  |  | **8369** |
| **Commercial Services & Supplies – 1.2%** | **Commercial Services & Supplies – 1.2%** | **Commercial Services & Supplies – 1.2%** |
| CoreCivic, Inc.\* | 27898 | 568 |
| Deluxe Corp. | 37559 | 727 |
| Ennis, Inc. | 40675 | 743 |
| Healthcare Services Group, Inc.\* | 10914 | 184 |
| Interface, Inc. | 30234 | 875 |
| OPENLANE, Inc.\* | 26203 | 754 |
| Steelcase, Inc., Class A | 13870 | 239 |
| UniFirst Corp. | 23830 | 3984 |
|  |  | **8074** |
| **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** |
| Ceragon Networks Ltd.<sup>\* †</sup> <br>| 258149 | 602 |
| Clearfield, Inc.\* | 19135 | 658 |
| Digi International, Inc.\* | 68350 | 2492 |
| Harmonic, Inc.\* | 65744 | 669 |
| NETGEAR, Inc.\* | 26672 | 864 |
| Ribbon Communications, Inc.\* | 162077 | 616 |
|  |  | **5901** |
| **Construction & Engineering – 1.7%** | **Construction & Engineering – 1.7%** | **Construction & Engineering – 1.7%** |
| Arcosa, Inc. | 58093 | 5444 |
| Concrete Pumping Holdings, Inc. | 106837 | 753 |
| Fluor Corp.\* | 60695 | 2554 |
| Granite Construction, Inc. | 3099 | 340 |
| Great Lakes Dredge & Dock Corp.\* | 66571 | 798 |
| Primoris Services Corp. | 10327 | 1418 |
|  |  | **11307** |
| **Consumer Finance – 1.7%** | **Consumer Finance – 1.7%** | **Consumer Finance – 1.7%** |
| Atlanticus Holdings Corp.\* | 12146 | 712 |
| Bread Financial Holdings, Inc. | 12731 | 710 |
| Enova International, Inc.\* | 639 | 74 |
| Navient Corp. | 137479 | 1808 |
| Nelnet, Inc., Class A | 39123 | 4905 |
| PROG Holdings, Inc. | 22416 | 725 |
| Regional Management Corp. | 19666 | 766 |
| World Acceptance Corp.\* | 10662 | 1803 |
|  |  | **11503** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **178** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Consumer Staples Distribution & Retail – 0.8%** | **Consumer Staples Distribution & Retail – 0.8%** | **Consumer Staples Distribution & Retail – 0.8%** |
| Andersons (The), Inc. | 133858 | **$5329** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Myers Industries, Inc.<sup>†</sup> <br>| 53369 | **904** |
| **Distributors – 0.4%** | **Distributors – 0.4%** | **Distributors – 0.4%** |
| GigaCloud Technology, Inc., Class A<sup>\* †</sup> <br>| 91163 | **2589** |
| **Diversified Consumer Services – 0.5%** | **Diversified Consumer Services – 0.5%** | **Diversified Consumer Services – 0.5%** |
| American Public Education, Inc.\* | 25401 | 1002 |
| Graham Holdings Co., Class B | 603 | 710 |
| Mister Car Wash, Inc.<sup>\* †</sup> <br>| 76475 | 408 |
| Perdoceo Education Corp. | 9709 | 366 |
| Strategic Education, Inc. | 6936 | 596 |
|  |  | **3082** |
| **Diversified Real Estate Investment Trusts – 1.3%** | **Diversified Real Estate Investment Trusts – 1.3%** | **Diversified Real Estate Investment Trusts – 1.3%** |
| Alexander & Baldwin, Inc. | 33285 | 606 |
| American Assets Trust, Inc. | 78898 | 1603 |
| Armada Hoffler Properties, Inc. | 82442 | 578 |
| Broadstone Net Lease, Inc. | 98045 | 1752 |
| Essential Properties Realty Trust, Inc. | 139388 | 4148 |
|  |  | **8687** |
| **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** |
| Bandwidth, Inc., Class A\* | 6184 | 103 |
| IDT Corp., Class B | 5208 | 272 |
| Uniti Group, Inc.\* | 357997 | 2191 |
|  |  | **2566** |
| **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** |
| Otter Tail Corp. | 34838 | 2855 |
| Portland General Electric Co. | 90357 | 3976 |
| TXNM Energy, Inc. (New York Stock <br> Exchange)<br>| 67251 | 3803 |
|  |  | **10634** |
| **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** |
| Allient, Inc. | 27925 | 1250 |
| Atkore, Inc. | 43565 | 2733 |
| EnerSys | 42412 | 4791 |
| NEXTracker, Inc., Class A\* | 32386 | 2396 |
| Power Solutions International, Inc.\* | 9389 | 922 |
| Preformed Line Products Co. | 5690 | 1116 |
| Sensata Technologies Holding PLC | 85911 | 2625 |
| &nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 276316 | 2047 |
| Thermon Group Holdings, Inc.\* | 21967 | 587 |
|  |  | **18467** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Electronic Equipment, Instruments & Components – 2.7%** | **Electronic Equipment, Instruments & Components – 2.7%** | **Electronic Equipment, Instruments & Components – 2.7%** |
| Bel Fuse, Inc., Class B | 1552 | $219 |
| Benchmark Electronics, Inc. | 5273 | 203 |
| ePlus, Inc. | 8701 | 618 |
| Itron, Inc.\* | 8548 | 1065 |
| Kimball Electronics, Inc.\* | 21395 | 639 |
| PC Connection, Inc. | 78775 | 4883 |
| Sanmina Corp.\* | 69197 | 7965 |
| ScanSource, Inc.\* | 3718 | 163 |
| TTM Technologies, Inc.\* | 32935 | 1897 |
| Vishay Precision Group, Inc.\* | 22515 | 722 |
|  |  | **18374** |
| **Energy Equipment & Services – 1.8%** | **Energy Equipment & Services – 1.8%** | **Energy Equipment & Services – 1.8%** |
| Aris Water Solutions, Inc., Class A | 23030 | 568 |
| Atlas Energy Solutions, Inc.<sup>†</sup> <br>| 36084 | 410 |
| Expro Group Holdings N.V.\* | 196517 | 2335 |
| Helix Energy Solutions Group, Inc.\* | 75664 | 496 |
| Innovex International, Inc.\* | 35590 | 660 |
| Liberty Energy, Inc. | 48499 | 598 |
| Noble Corp. PLC | 57294 | 1620 |
| TETRA Technologies, Inc.\* | 159077 | 915 |
| Tidewater, Inc.\* | 20579 | 1098 |
| Valaris Ltd.\* | 65291 | 3184 |
|  |  | **11884** |
| **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** |
| Marcus (The) Corp. | 42129 | 654 |
| Reservoir Media, Inc.\* | 9592 | 78 |
|  |  | **732** |
| **Financial Services – 2.1%** | **Financial Services – 2.1%** | **Financial Services – 2.1%** |
| Burford Capital Ltd. | 52929 | 633 |
| Enact Holdings, Inc. | 6343 | 243 |
| Essent Group Ltd. | 55265 | 3513 |
| Merchants Bancorp | 37671 | 1198 |
| Pagseguro Digital Ltd., Class A | 234069 | 2341 |
| Radian Group, Inc. | 168543 | 6104 |
|  |  | **14032** |
| **Food Products – 0.3%** | **Food Products – 0.3%** | **Food Products – 0.3%** |
| Adecoagro S.A.<sup>†</sup> <br>| 13018 | 102 |
| Mission Produce, Inc.\* | 10480 | 126 |
| Seneca Foods Corp., Class A\* | 6419 | 693 |
| Village Farms International, Inc.<sup>\* †</sup> <br>| 409322 | 1281 |
|  |  | **2202** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **179** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Gas Utilities – 1.8%** | **Gas Utilities – 1.8%** | **Gas Utilities – 1.8%** |
| MDU Resources Group, Inc. | 33979 | $605 |
| New Jersey Resources Corp. | 75021 | 3612 |
| Northwest Natural Holding Co. | 35209 | 1582 |
| Southwest Gas Holdings, Inc. | 16803 | 1316 |
| Spire, Inc. | 57783 | 4711 |
|  |  | **11826** |
| **Ground Transportation – 0.6%** | **Ground Transportation – 0.6%** | **Ground Transportation – 0.6%** |
| ArcBest Corp. | 56048 | 3916 |
| Universal Logistics Holdings, Inc.<sup>†</sup> <br>| 5754 | 135 |
|  |  | **4051** |
| **Health Care Equipment & Supplies – 1.3%** | **Health Care Equipment & Supplies – 1.3%** | **Health Care Equipment & Supplies – 1.3%** |
| Artivion, Inc.\* | 15857 | 671 |
| Avanos Medical, Inc.\* | 14150 | 164 |
| Embecta Corp. | 8510 | 120 |
| ICU Medical, Inc.\* | 12912 | 1549 |
| Inmode Ltd.\* | 12506 | 186 |
| Integer Holdings Corp.\* | 6287 | 650 |
| Integra LifeSciences Holdings Corp.\* | 78902 | 1131 |
| LivaNova PLC\* | 15222 | 797 |
| Outset Medical, Inc.<sup>\* †</sup> <br>| 89204 | 1260 |
| QuidelOrtho Corp.\* | 20828 | 613 |
| Varex Imaging Corp.\* | 53421 | 662 |
| Zimvie, Inc.\* | 36402 | 690 |
|  |  | **8493** |
| **Health Care Providers & Services – 1.2%** | **Health Care Providers & Services – 1.2%** | **Health Care Providers & Services – 1.2%** |
| AdaptHealth Corp.\* | 147299 | 1318 |
| Addus HomeCare Corp.\* | 2365 | 279 |
| Aveanna Healthcare Holdings, Inc.\* | 77588 | 688 |
| Castle Biosciences, Inc.\* | 8234 | 187 |
| Concentra Group Holdings Parent, Inc. | 31229 | 654 |
| Cross Country Healthcare, Inc.\* | 29836 | 424 |
| Innovage Holding Corp.\* | 104443 | 539 |
| National HealthCare Corp. | 6114 | 743 |
| NeoGenomics, Inc.\* | 118011 | 911 |
| Select Medical Holdings Corp. | 116156 | 1491 |
| Surgery Partners, Inc.\* | 35475 | 768 |
|  |  | **8002** |
| **Health Care Real Estate Investment Trusts – 1.6%** | **Health Care Real Estate Investment Trusts – 1.6%** | **Health Care Real Estate Investment Trusts – 1.6%** |
| CareTrust REIT, Inc. | 100490 | 3485 |
| National Health Investors, Inc. | 54204 | 4309 |
| Sabra Health Care REIT, Inc. | 126258 | 2353 |
| Sila Realty Trust, Inc. | 25439 | 639 |
|  |  | **10786** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** |
| Certara, Inc.\* | 58334 | $713 |
| Definitive Healthcare Corp.\* | 143430 | 582 |
| Evolent Health, Inc., Class A\* | 56598 | 479 |
| HealthStream, Inc. | 4474 | 126 |
| Teladoc Health, Inc.\* | 139939 | 1082 |
|  |  | **2982** |
| **Hotel & Resort Real Estate Investment Trusts – 1.1%** | **Hotel & Resort Real Estate Investment Trusts – 1.1%** | **Hotel & Resort Real Estate Investment Trusts – 1.1%** |
| Apple Hospitality REIT, Inc. | 115197 | 1384 |
| DiamondRock Hospitality Co. | 260809 | 2076 |
| RLJ Lodging Trust<sup>†</sup> <br>| 95299 | 686 |
| Sunstone Hotel Investors, Inc. | 283661 | 2658 |
| Xenia Hotels & Resorts, Inc. | 47620 | 653 |
|  |  | **7457** |
| **Hotels, Restaurants & Leisure – 1.4%** | **Hotels, Restaurants & Leisure – 1.4%** | **Hotels, Restaurants & Leisure – 1.4%** |
| BJ's Restaurants, Inc.<sup>\* †</sup> <br>| 3435 | 105 |
| Brightstar Lottery PLC<sup>†</sup> <br>| 108693 | 1875 |
| Cracker Barrel Old Country Store, Inc.<sup>†</sup> <br>| 14931 | 658 |
| Golden Entertainment, Inc. | 20145 | 475 |
| Life Time Group Holdings, Inc.\* | 23022 | 635 |
| Marriott Vacations Worldwide Corp. | 30029 | 1999 |
| Portillo's, Inc., Class A<sup>\* †</sup> <br>| 50310 | 324 |
| Potbelly Corp.\* | 50678 | 864 |
| Pursuit Attractions and Hospitality, Inc.\* | 17361 | 628 |
| RCI Hospitality Holdings, Inc.<sup>†</sup> <br>| 13831 | 422 |
| Red Rock Resorts, Inc., Class A | 19944 | 1218 |
|  |  | **9203** |
| **Household Durables – 4.4%** | **Household Durables – 4.4%** | **Household Durables – 4.4%** |
| Ethan Allen Interiors, Inc. | 87845 | 2588 |
| Green Brick Partners, Inc.\* | 19875 | 1468 |
| Hovnanian Enterprises, Inc., Class A\* | 8884 | 1141 |
| KB Home | 95621 | 6085 |
| La-Z-Boy, Inc. | 6323 | 217 |
| M/I Homes, Inc.\* | 26074 | 3766 |
| Meritage Homes Corp. | 38972 | 2823 |
| Taylor Morrison Home Corp.\* | 147761 | 9754 |
| Tri Pointe Homes, Inc.\* | 61048 | 2074 |
|  |  | **29916** |
| **Industrial Real Estate Investment Trusts – 1.2%** | **Industrial Real Estate Investment Trusts – 1.2%** | **Industrial Real Estate Investment Trusts – 1.2%** |
| LXP Industrial Trust | 129808 | 1163 |
| One Liberty Properties, Inc. | 73143 | 1618 |
| Plymouth Industrial REIT, Inc. | 59376 | 1326 |
| Terreno Realty Corp. | 65169 | 3698 |
|  |  | **7805** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **180** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Insurance – 3.3%** | **Insurance – 3.3%** | **Insurance – 3.3%** |
| Brighthouse Financial, Inc.\* | 10376 | $551 |
| CNO Financial Group, Inc. | 196186 | 7759 |
| Employers Holdings, Inc. | 123681 | 5254 |
| F&G Annuities & Life, Inc. | 33994 | 1063 |
| Genworth Financial, Inc.\* | 320756 | 2855 |
| Heritage Insurance Holdings, Inc.\* | 36524 | 920 |
| Kemper Corp. | 25150 | 1296 |
| Mercury General Corp. | 10367 | 879 |
| Stewart Information Services Corp. | 18778 | 1377 |
|  |  | **21954** |
| **Interactive Media & Services – 1.2%** | **Interactive Media & Services – 1.2%** | **Interactive Media & Services – 1.2%** |
| Angi, Inc.\* | 154992 | 2520 |
| Cars.com, Inc.\* | 110224 | 1347 |
| Taboola.com Ltd.\* | 165856 | 566 |
| TripAdvisor, Inc.\* | 45013 | 732 |
| Vimeo, Inc.\* | 116668 | 904 |
| Ziff Davis, Inc.\* | 33445 | 1274 |
| ZoomInfo Technologies, Inc.\* | 59573 | 650 |
|  |  | **7993** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| ASGN, Inc.\* | 24418 | 1156 |
| DXC Technology Co.\* | 41056 | 560 |
| Grid Dynamics Holdings, Inc.\* | 11308 | 87 |
| Hackett Group (The), Inc. | 4082 | 78 |
|  |  | **1881** |
| **Leisure Products – 0.2%** | **Leisure Products – 0.2%** | **Leisure Products – 0.2%** |
| Brunswick Corp. | 11903 | 753 |
| JAKKS Pacific, Inc. | 26709 | 500 |
|  |  | **1253** |
| **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** |
| AbCellera Biologics, Inc.<sup>\* †</sup> <br>| 134936 | 679 |
| CryoPort, Inc.\* | 64338 | 610 |
| Omniab, Inc.<sup>(1) \*</sup> <br>| 6939 |  |
| Omniab, Inc. (NASDAQ Exchange)<sup>(1) \*</sup> <br>| 6939 |  |
| Quantum-Si, Inc.<sup>\* †</sup> <br>| 936175 | 1320 |
|  |  | **2609** |
| **Machinery – 1.8%** | **Machinery – 1.8%** | **Machinery – 1.8%** |
| Astec Industries, Inc. | 15012 | 723 |
| Enpro, Inc. | 5148 | 1163 |
| Greenbrier (The) Cos., Inc. | 12112 | 559 |
| Helios Technologies, Inc. | 20588 | 1073 |
| Kennametal, Inc. | 28770 | 602 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Machinery – 1.8%continued** | **Machinery – 1.8%continued** | **Machinery – 1.8%continued** |
| Miller Industries, Inc. | 1695 | $69 |
| Proto Labs, Inc.\* | 15348 | 768 |
| Standex International Corp. | 19757 | 4186 |
| Terex Corp. | 28022 | 1438 |
| Trinity Industries, Inc. | 23062 | 647 |
| Worthington Enterprises, Inc. | 10912 | 605 |
|  |  | **11833** |
| **Marine Transportation – 0.6%** | **Marine Transportation – 0.6%** | **Marine Transportation – 0.6%** |
| Matson, Inc. | 34185 | 3370 |
| Safe Bulkers, Inc. | 78834 | 350 |
| Star Bulk Carriers Corp. | 7290 | 136 |
|  |  | **3856** |
| **Media – 2.2%** | **Media – 2.2%** | **Media – 2.2%** |
| EchoStar Corp., Class A\* | 22200 | 1695 |
| Gannett Co., Inc.\* | 158530 | 655 |
| Gray Media, Inc. | 234862 | 1357 |
| Ibotta, Inc., Class A<sup>\* †</sup> <br>| 25048 | 698 |
| Integral Ad Science Holding Corp.\* | 78475 | 798 |
| Nexxen International Ltd.<sup>\* †</sup> <br>| 68653 | 635 |
| Sinclair, Inc. | 38706 | 584 |
| Stagwell, Inc.\* | 121141 | 682 |
| TEGNA, Inc. | 387390 | 7876 |
|  |  | **14980** |
| **Metals & Mining – 3.1%** | **Metals & Mining – 3.1%** | **Metals & Mining – 3.1%** |
| Coeur Mining, Inc.\* | 262198 | 4919 |
| Commercial Metals Co. | 141089 | 8082 |
| Constellium S.E.\* | 42709 | 635 |
| Hecla Mining Co. | 451899 | 5468 |
| Kaiser Aluminum Corp. | 2349 | 181 |
| SunCoke Energy, Inc. | 73069 | 596 |
| Worthington Steel, Inc. | 24307 | 739 |
|  |  | **20620** |
| **Mortgage Real Estate Investment Trusts – 0.9%** | **Mortgage Real Estate Investment Trusts – 0.9%** | **Mortgage Real Estate Investment Trusts – 0.9%** |
| Arbor Realty Trust, Inc.<sup>†</sup> <br>| 194390 | 2374 |
| Dynex Capital, Inc.<sup>†</sup> <br>| 109998 | 1352 |
| Ellington Financial, Inc. | 99949 | 1297 |
| Ladder Capital Corp. | 115660 | 1262 |
|  |  | **6285** |
| **Multi-Utilities – 1.4%** | **Multi-Utilities – 1.4%** | **Multi-Utilities – 1.4%** |
| Black Hills Corp. | 62207 | 3831 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **181** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Multi-Utilities – 1.4%continued** | **Multi-Utilities – 1.4%continued** | **Multi-Utilities – 1.4%continued** |
| Northwestern Energy Group, Inc. | 65840 | $3859 |
| Unitil Corp. | 42879 | 2052 |
|  |  | **9742** |
| **Office Real Estate Investment Trusts – 0.8%** | **Office Real Estate Investment Trusts – 0.8%** | **Office Real Estate Investment Trusts – 0.8%** |
| Douglas Emmett, Inc. | 53389 | 831 |
| Empire State Realty Trust, Inc., Class A | 212333 | 1627 |
| Highwoods Properties, Inc. | 15624 | 497 |
| JBG SMITH Properties<sup>†</sup> <br>| 27476 | 611 |
| SL Green Realty Corp. | 32961 | 1972 |
|  |  | **5538** |
| **Oil, Gas & Consumable Fuels – 4.5%** | **Oil, Gas & Consumable Fuels – 4.5%** | **Oil, Gas & Consumable Fuels – 4.5%** |
| California Resources Corp. | 75367 | 4008 |
| Centrus Energy Corp., Class A<sup>\* †</sup> <br>| 5521 | 1712 |
| Civitas Resources, Inc. | 34184 | 1111 |
| CNX Resources Corp.\* | 152777 | 4907 |
| Core Natural Resources, Inc. | 15472 | 1292 |
| DHT Holdings, Inc. | 350591 | 4189 |
| Dorian LPG Ltd. | 20579 | 613 |
| HighPeak Energy, Inc.<sup>†</sup> <br>| 125755 | 889 |
| Nordic American Tankers Ltd. | 15282 | 48 |
| Northern Oil & Gas, Inc.<sup>†</sup> <br>| 52105 | 1292 |
| REX American Resources Corp.\* | 40720 | 1247 |
| Riley Exploration Permian, Inc. | 38533 | 1045 |
| SandRidge Energy, Inc. | 53975 | 609 |
| Scorpio Tankers, Inc. | 42869 | 2403 |
| SFL Corp. Ltd. | 67571 | 509 |
| SM Energy Co. | 62123 | 1551 |
| Teekay Tankers Ltd., Class A | 47425 | 2397 |
| World Kinect Corp. | 21726 | 564 |
|  |  | **30386** |
| **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** |
| SkyWest, Inc.\* | 15974 | 1607 |
| Sun Country Airlines Holdings, Inc.\* | 138449 | 1635 |
|  |  | **3242** |
| **Personal Care Products – 0.0%** | **Personal Care Products – 0.0%** | **Personal Care Products – 0.0%** |
| USANA Health Sciences, Inc.\* | 11411 | **314** |
| **Pharmaceuticals – 2.1%** | **Pharmaceuticals – 2.1%** | **Pharmaceuticals – 2.1%** |
| Amneal Pharmaceuticals, Inc.\* | 109665 | 1098 |
| Amphastar Pharmaceuticals, Inc.\* | 4175 | 111 |
| Amylyx Pharmaceuticals, Inc.\* | 162539 | 2209 |
| Fulcrum Therapeutics, Inc.\* | 160977 | 1481 |
| Ligand Pharmaceuticals, Inc.\* | 14069 | 2492 |
| Pacira BioSciences, Inc.\* | 46648 | 1202 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Pharmaceuticals – 2.1%continued** | **Pharmaceuticals – 2.1%continued** | **Pharmaceuticals – 2.1%continued** |
| Prestige Consumer Healthcare, Inc.\* | 52624 | $3284 |
| Supernus Pharmaceuticals, Inc.\* | 49112 | 2347 |
| Theravance Biopharma, Inc.\* | 9883 | 144 |
|  |  | **14368** |
| **Professional Services – 0.8%** | **Professional Services – 0.8%** | **Professional Services – 0.8%** |
| Concentrix Corp. | 11641 | 537 |
| Korn Ferry | 45587 | 3190 |
| Mistras Group, Inc.\* | 57051 | 562 |
| Willdan Group, Inc.\* | 14129 | 1366 |
|  |  | **5655** |
| **Real Estate Management & Development – 1.0%** | **Real Estate Management & Development – 1.0%** | **Real Estate Management & Development – 1.0%** |
| Cushman & Wakefield PLC\* | 252400 | 4018 |
| Howard Hughes Holdings, Inc.\* | 8082 | 664 |
| Newmark Group, Inc., Class A | 118839 | 2217 |
|  |  | **6899** |
| **Retail Real Estate Investment Trusts – 1.4%** | **Retail Real Estate Investment Trusts – 1.4%** | **Retail Real Estate Investment Trusts – 1.4%** |
| Acadia Realty Trust | 30695 | 618 |
| Getty Realty Corp. | 49075 | 1317 |
| InvenTrust Properties Corp. | 20963 | 600 |
| Kite Realty Group Trust | 29517 | 658 |
| Phillips Edison & Co., Inc. | 60782 | 2087 |
| Tanger, Inc. | 39915 | 1351 |
| Urban Edge Properties | 99341 | 2033 |
| Whitestone REIT | 50957 | 626 |
|  |  | **9290** |
| **Semiconductors & Semiconductor Equipment – 3.1%** | **Semiconductors & Semiconductor Equipment – 3.1%** | **Semiconductors & Semiconductor Equipment – 3.1%** |
| ACM Research, Inc., Class A\* | 53149 | 2080 |
| Axcelis Technologies, Inc.\* | 54039 | 5276 |
| Diodes, Inc.\* | 36690 | 1952 |
| Photronics, Inc.\* | 216567 | 4970 |
| Synaptics, Inc.\* | 38513 | 2632 |
| Veeco Instruments, Inc.\* | 121017 | 3683 |
|  |  | **20593** |
| **Software – 1.1%** | **Software – 1.1%** | **Software – 1.1%** |
| Box, Inc., Class A\* | 17016 | 549 |
| Daily Journal Corp.\* | 1500 | 698 |
| I3 Verticals, Inc., Class A<sup>\* †</sup> <br>| 40900 | 1327 |
| LiveRamp Holdings, Inc.\* | 22949 | 623 |
| Mitek Systems, Inc.\* | 72861 | 712 |
| N-able, Inc.\* | 155918 | 1216 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **182** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Software – 1.1%continued** | **Software – 1.1%continued** | **Software – 1.1%continued** |
| OneSpan, Inc. | 43100 | $685 |
| Porch Group, Inc.\* | 100055 | 1679 |
|  |  | **7489** |
| **Specialized Real Estate Investment Trusts – 0.2%** | **Specialized Real Estate Investment Trusts – 0.2%** | **Specialized Real Estate Investment Trusts – 0.2%** |
| EPR Properties | 11685 | 678 |
| Farmland Partners, Inc.<sup>†</sup> <br>| 28572 | 311 |
| PotlatchDeltic Corp. | 15196 | 619 |
|  |  | **1608** |
| **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** |
| Academy Sports & Outdoors, Inc. | 14554 | 728 |
| American Eagle Outfitters, Inc. | 81804 | 1400 |
| Asbury Automotive Group, Inc.\* | 3042 | 744 |
| Group 1 Automotive, Inc. | 1533 | 671 |
| Lands' End, Inc.<sup>\* †</sup> <br>| 23260 | 328 |
| National Vision Holdings, Inc.\* | 25520 | 745 |
| Sally Beauty Holdings, Inc.\* | 15501 | 252 |
| Shoe Carnival, Inc. | 80622 | 1676 |
| Signet Jewelers Ltd. | 20943 | 2009 |
| Sonic Automotive, Inc., Class A | 58762 | 4471 |
| Urban Outfitters, Inc.\* | 13714 | 979 |
| Victoria's Secret & Co.\* | 38367 | 1041 |
|  |  | **15044** |
| **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** |
| Corsair Gaming, Inc.\* | 90679 | 809 |
| Diebold Nixdorf, Inc.\* | 43277 | 2468 |
| Turtle Beach Corp.\* | 43633 | 694 |
|  |  | **3971** |
| **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** |
| G-III Apparel Group Ltd.\* | 6757 | 180 |
| PVH Corp. | 20806 | 1743 |
| Rocky Brands, Inc. | 14330 | 427 |
|  |  | **2350** |
| **Trading Companies & Distributors – 2.2%** | **Trading Companies & Distributors – 2.2%** | **Trading Companies & Distributors – 2.2%** |
| Boise Cascade Co. | 13077 | 1011 |
| DNOW, Inc.\* | 42266 | 645 |
| GATX Corp. | 35103 | 6136 |
| Hudson Technologies, Inc.\* | 100976 | 1003 |
| NPK International, Inc.\* | 203486 | 2301 |
| Rush Enterprises, Inc., Class A | 54262 | 2901 |
| Willis Lease Finance Corp. | 3764 | 516 |
|  |  | **14513** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  | **COMMON STOCKS - 95.3%continued**  |
| **Water Utilities – 0.1%** | **Water Utilities – 0.1%** | **Water Utilities – 0.1%** |
| Artesian Resources Corp., Class A | 17143 | **$559** |
| **Total Common Stocks** |  |  |
| **(Cost $432,787)** |  | **640936** |
| **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 | **—** |
| **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 $—)** |  | **—** |
| **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 | $5 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **5** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 8.1%**  | **INVESTMENT COMPANIES – 8.1%**  | **INVESTMENT COMPANIES – 8.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(2) (3) (4)</sup> <br>| 25505211 | $25505 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(2) (3)</sup> <br>| 28723893 | 28724 |
| **Total Investment Companies** |  |  |
| **(Cost $54,229)** |  | **54229** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **183** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **SMALL CAP VALUE FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 4.02%, 11/28/25<sup>(5) (6)</sup> <br>| $2195 | **$2181** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $2,181)** | **(Cost $2,181)** | **2181** |
| **Total Investments – 103.7%** | **Total Investments – 103.7%** |  |
| **(Cost $489,197)** | **(Cost $489,197)** | **697351** |
| Liabilities less Other Assets – (3.7%) | Liabilities less Other Assets – (3.7%) | (24599)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$672752** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(2)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(3)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(4)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(5)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(6)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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 September 30, 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>| 206 | $25292 | Long | 12/25 | $290 |
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 18 | 6065 | Long | 12/25 | 71 |
| Total |  |  |  |  | $361 |

---

<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 September 30, 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; $20974 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $432 | &nbsp;&nbsp; $21406 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; 619530 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 619530 |
| Total Common Stocks | &nbsp;&nbsp; 640504 | &nbsp;&nbsp; — | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 640936 |
| Warrants | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| Investment Companies | &nbsp;&nbsp; 54229 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54229 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2181 |
| Total Investments | &nbsp;&nbsp; $694738 | &nbsp;&nbsp; $2181 | &nbsp;&nbsp; $432 | &nbsp;&nbsp; $697351 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $361 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $361 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **184** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **STOCK INDEX FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%**  | **COMMON STOCKS – 97.3%**  | **COMMON STOCKS – 97.3%**  |
| **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** |
| Axon Enterprise, Inc.\* | 22321 | $16019 |
| Boeing (The) Co.\* | 223113 | 48155 |
| General Dynamics Corp. | 74153 | 25286 |
| General Electric Co. | 312104 | 93887 |
| Howmet Aerospace, Inc. | 119683 | 23485 |
| Huntington Ingalls Industries, Inc. | 11209 | 3227 |
| L3Harris Technologies, Inc. | 55696 | 17010 |
| Lockheed Martin Corp. | 61183 | 30543 |
| Northrop Grumman Corp. | 40211 | 24501 |
| RTX Corp. | 394732 | 66051 |
| Textron, Inc. | 49797 | 4207 |
| TransDigm Group, Inc. | 16109 | 21232 |
|  |  | **373603** |
| **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** |
| C.H. Robinson Worldwide, Inc. | 34188 | 4527 |
| &nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 43692 | 5356 |
| FedEx Corp. | 65702 | 15493 |
| United Parcel Service, Inc., Class B | 209651 | 17512 |
|  |  | **42888** |
| **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** |
| Aptiv PLC\* | 68379 | **5896** |
| **Automobiles – 2.3%** | **Automobiles – 2.3%** | **Automobiles – 2.3%** |
| Ford Motor Co. | 1108598 | 13259 |
| General Motors Co. | 286601 | 17474 |
| Tesla, Inc.\* | 820693 | 364978 |
|  |  | **395711** |
| **Banks – 3.5%** | **Banks – 3.5%** | **Banks – 3.5%** |
| Bank of America Corp. | 1984968 | 102405 |
| Citigroup, Inc. | 543790 | 55195 |
| Citizens Financial Group, Inc. | 127445 | 6775 |
| Fifth Third Bancorp | 204743 | 9121 |
| Huntington Bancshares, Inc. | 457736 | 7905 |
| JPMorgan Chase & Co. | 806518 | 254400 |
| KeyCorp | 299383 | 5595 |
| M&T Bank Corp. | 48075 | 9501 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 117739 | 23657 |
| Regions Financial Corp. | 265651 | 7005 |
| Truist Financial Corp. | 388550 | 17765 |
| U.S. Bancorp | 465756 | 22510 |
| Wells Fargo & Co. | 943801 | 79109 |
|  |  | **600943** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Beverages – 0.9%** | **Beverages – 0.9%** | **Beverages – 0.9%** |
| Brown-Forman Corp., Class B | 38677 | $1047 |
| Coca-Cola (The) Co. | 1128811 | 74863 |
| Constellation Brands, Inc., Class A | 41199 | 5548 |
| Keurig Dr. Pepper, Inc. | 379297 | 9676 |
| Molson Coors Beverage Co., Class B | 43012 | 1946 |
| Monster Beverage Corp.\* | 207132 | 13942 |
| PepsiCo, Inc. | 397228 | 55787 |
|  |  | **162809** |
| **Biotechnology – 1.5%** | **Biotechnology – 1.5%** | **Biotechnology – 1.5%** |
| AbbVie, Inc. | 519401 | 120262 |
| Amgen, Inc. | 155780 | 43961 |
| Biogen, Inc.\* | 46361 | 6494 |
| Gilead Sciences, Inc. | 367676 | 40812 |
| Incyte Corp.\* | 48393 | 4104 |
| Moderna, Inc.\* | 81450 | 2104 |
| Regeneron Pharmaceuticals, Inc. | 28960 | 16284 |
| Vertex Pharmaceuticals, Inc.\* | 74084 | 29014 |
|  |  | **263035** |
| **Broadline Retail – 3.7%** | **Broadline Retail – 3.7%** | **Broadline Retail – 3.7%** |
| Amazon.com, Inc.\* | 2838789 | 623313 |
| eBay, Inc. | 137736 | 12527 |
|  |  | **635840** |
| **Building Products – 0.5%** | **Building Products – 0.5%** | **Building Products – 0.5%** |
| A.O. Smith Corp. | 27470 | 2017 |
| Allegion PLC | 25913 | 4596 |
| Builders FirstSource, Inc.\* | 28749 | 3486 |
| Carrier Global Corp. | 228516 | 13642 |
| Johnson Controls International PLC | 195075 | 21448 |
| Lennox International, Inc. | 8457 | 4477 |
| Masco Corp. | 57873 | 4074 |
| Trane Technologies PLC | 66007 | 27852 |
|  |  | **81592** |
| **Capital Markets – 3.4%** | **Capital Markets – 3.4%** | **Capital Markets – 3.4%** |
| Ameriprise Financial, Inc. | 28250 | 13878 |
| Bank of New York Mellon (The) Corp. | 211130 | 23005 |
| Blackrock, Inc. | 42598 | 49664 |
| Blackstone, Inc. | 215086 | 36747 |
| Cboe Global Markets, Inc. | 31046 | 7614 |
| Charles Schwab (The) Corp. | 504910 | 48204 |
| CME Group, Inc. | 105873 | 28606 |
| Coinbase Global, Inc., Class A\* | 65309 | 22041 |
| FactSet Research Systems, Inc. | 9634 | 2760 |
| Franklin Resources, Inc. | 78774 | 1822 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **185** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Capital Markets – 3.4%continued** | **Capital Markets – 3.4%continued** | **Capital Markets – 3.4%continued** |
| Goldman Sachs Group (The), Inc. | 89243 | $71069 |
| Interactive Brokers Group, Inc., Class A | 128239 | 8824 |
| Intercontinental Exchange, Inc. | 167386 | 28201 |
| Invesco Ltd. | 126463 | 2901 |
| KKR & Co., Inc. | 199408 | 25913 |
| Moody's Corp. | 45737 | 21793 |
| Morgan Stanley | 358312 | 56957 |
| MSCI, Inc. | 23519 | 13345 |
| Nasdaq, Inc.<sup>(1)</sup> <br>| 127345 | 11264 |
| Northern Trust Corp.<sup>(1)</sup> <br>| 58149 | 7827 |
| Raymond James Financial, Inc. | 53972 | 9316 |
| Robinhood Markets, Inc., Class A\* | 222343 | 31835 |
| S&P Global, Inc. | 92390 | 44967 |
| State Street Corp. | 84435 | 9795 |
| T. Rowe Price Group, Inc. | 63508 | 6518 |
|  |  | **584866** |
| **Chemicals – 1.1%** | **Chemicals – 1.1%** | **Chemicals – 1.1%** |
| Air Products and Chemicals, Inc. | 64224 | 17515 |
| Albemarle Corp. | 40560 | 3289 |
| CF Industries Holdings, Inc. | 53236 | 4775 |
| Corteva, Inc. | 202729 | 13711 |
| Dow, Inc. | 227703 | 5221 |
| DuPont de Nemours, Inc. | 118244 | 9211 |
| Eastman Chemical Co. | 41111 | 2592 |
| Ecolab, Inc. | 76595 | 20977 |
| International Flavors & Fragrances, Inc. | 67354 | 4145 |
| Linde PLC | 138310 | 65697 |
| LyondellBasell Industries N.V., Class A | 65927 | 3233 |
| Mosaic (The) Co. | 107531 | 3729 |
| PPG Industries, Inc. | 63313 | 6655 |
| Sherwin-Williams (The) Co. | 69277 | 23988 |
|  |  | **184738** |
| **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** |
| Cintas Corp. | 101342 | 20801 |
| Copart, Inc.\* | 268798 | 12088 |
| Republic Services, Inc. | 60023 | 13774 |
| Rollins, Inc. | 83499 | 4905 |
| Veralto Corp. | 71541 | 7627 |
| Waste Management, Inc. | 106726 | 23568 |
|  |  | **82763** |
| **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** |
| Arista Networks, Inc.\* | 303503 | 44224 |
| Cisco Systems, Inc. | 1166576 | 79817 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Communications Equipment – 0.9%continued** | **Communications Equipment – 0.9%continued** | **Communications Equipment – 0.9%continued** |
| F5, Inc.\* | 17133 | $5537 |
| Motorola Solutions, Inc. | 49122 | 22463 |
|  |  | **152041** |
| **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** |
| EMCOR Group, Inc. | 12304 | 7992 |
| Quanta Services, Inc. | 43644 | 18087 |
|  |  | **26079** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Martin Marietta Materials, Inc. | 17641 | 11119 |
| Vulcan Materials Co. | 38677 | 11898 |
|  |  | **23017** |
| **Consumer Finance – 0.6%** | **Consumer Finance – 0.6%** | **Consumer Finance – 0.6%** |
| American Express Co. | 160399 | 53278 |
| Capital One Financial Corp. | 189368 | 40256 |
| Synchrony Financial | 113613 | 8072 |
|  |  | **101606** |
| **Consumer Staples Distribution & Retail – 1.8%** | **Consumer Staples Distribution & Retail – 1.8%** | **Consumer Staples Distribution & Retail – 1.8%** |
| Costco Wholesale Corp. | 130336 | 120643 |
| Dollar General Corp. | 65938 | 6815 |
| Dollar Tree, Inc.\* | 57212 | 5399 |
| Kroger (The) Co. | 182816 | 12324 |
| Sysco Corp. | 142425 | 11727 |
| Target Corp. | 129824 | 11645 |
| Walmart, Inc. | 1280048 | 131922 |
|  |  | **300475** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| Amcor PLC | 615866 | 5038 |
| Avery Dennison Corp. | 19851 | 3219 |
| Ball Corp. | 77567 | 3911 |
| International Paper Co. | 143854 | 6675 |
| Packaging Corp. of America | 24996 | 5447 |
| Smurfit WestRock PLC | 141666 | 6031 |
|  |  | **30321** |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| Genuine Parts Co. | 40418 | 5602 |
| LKQ Corp. | 59621 | 1821 |
| Pool Corp. | 11075 | 3434 |
|  |  | **10857** |
| **Diversified Telecommunication Services – 0.7%** | **Diversified Telecommunication Services – 0.7%** | **Diversified Telecommunication Services – 0.7%** |
| AT&T, Inc. | 2109953 | 59585 |
| Verizon Communications, Inc. | 1222908 | 53747 |
|  |  | **113332** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **186** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** |
| Alliant Energy Corp. | 79608 | $5366 |
| American Electric Power Co., Inc. | 157641 | 17735 |
| Constellation Energy Corp. | 92401 | 30406 |
| Duke Energy Corp. | 229207 | 28364 |
| Edison International | 103685 | 5732 |
| Entergy Corp. | 131840 | 12286 |
| Evergy, Inc. | 68390 | 5199 |
| Eversource Energy | 116434 | 8283 |
| Exelon Corp. | 287298 | 12931 |
| FirstEnergy Corp. | 163609 | 7497 |
| NextEra Energy, Inc. | 595719 | 44971 |
| NRG Energy, Inc. | 58529 | 9479 |
| PG&E Corp. | 610269 | 9203 |
| Pinnacle West Capital Corp. | 29818 | 2673 |
| PPL Corp. | 218877 | 8133 |
| Southern (The) Co. | 324783 | 30780 |
| Xcel Energy, Inc. | 169926 | 13705 |
|  |  | **252743** |
| **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** |
| AMETEK, Inc. | 68210 | 12824 |
| Eaton Corp. PLC | 115290 | 43147 |
| Emerson Electric Co. | 166621 | 21857 |
| GE Vernova, Inc. | 80487 | 49491 |
| Generac Holdings, Inc.\* | 18253 | 3056 |
| Hubbell, Inc. | 15926 | 6853 |
| Rockwell Automation, Inc. | 33467 | 11698 |
|  |  | **148926** |
| **Electronic Equipment, Instruments & Components – 0.7%** | **Electronic Equipment, Instruments & Components – 0.7%** | **Electronic Equipment, Instruments & Components – 0.7%** |
| Amphenol Corp., Class A | 357616 | 44255 |
| CDW Corp. | 41342 | 6585 |
| Corning, Inc. | 228128 | 18713 |
| Jabil, Inc. | 32011 | 6952 |
| Keysight Technologies, Inc.\* | 53255 | 9315 |
| TE Connectivity PLC | 88075 | 19335 |
| Teledyne Technologies, Inc.\* | 13821 | 8100 |
| Trimble, Inc.\* | 71622 | 5848 |
| Zebra Technologies Corp., Class A\* | 13634 | 4052 |
|  |  | **123155** |
| **Energy Equipment & Services – 0.2%** | **Energy Equipment & Services – 0.2%** | **Energy Equipment & Services – 0.2%** |
| Baker Hughes Co. | 291709 | 14212 |
| Halliburton Co. | 227512 | 5597 |
| Schlumberger N.V. | 422693 | 14528 |
|  |  | **34337** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Entertainment – 1.5%** | **Entertainment – 1.5%** | **Entertainment – 1.5%** |
| Electronic Arts, Inc. | 68207 | $13757 |
| Live Nation Entertainment, Inc.\* | 46513 | 7600 |
| Netflix, Inc.\* | 124798 | 149623 |
| Take-Two Interactive Software, Inc.\* | 50132 | 12952 |
| TKO Group Holdings, Inc. | 19868 | 4013 |
| Walt Disney (The) Co. | 530591 | 60753 |
| Warner Bros. Discovery, Inc.\* | 724030 | 14140 |
|  |  | **262838** |
| **Financial Services – 3.9%** | **Financial Services – 3.9%** | **Financial Services – 3.9%** |
| Apollo Global Management, Inc. | 131165 | 17480 |
| Berkshire Hathaway, Inc., Class B\* | 535770 | 269353 |
| Block, Inc.\* | 154345 | 11155 |
| Corpay, Inc.\* | 22285 | 6419 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 145467 | 9592 |
| Fiserv, Inc.\* | 162496 | 20951 |
| Global Payments, Inc. | 65148 | 5412 |
| Jack Henry & Associates, Inc. | 18981 | 2827 |
| Mastercard, Inc., Class A | 240797 | 136968 |
| PayPal Holdings, Inc.\* | 287062 | 19250 |
| Visa, Inc., Class A<sup>†</sup> <br>| 498699 | 170246 |
|  |  | **669653** |
| **Food Products – 0.5%** | **Food Products – 0.5%** | **Food Products – 0.5%** |
| Archer-Daniels-Midland Co. | 138128 | 8252 |
| Bunge Global S.A. | 46905 | 3811 |
| Campbell's (The) Co.<sup>†</sup> <br>| 72339 | 2285 |
| Conagra Brands, Inc. | 114110 | 2089 |
| General Mills, Inc. | 156918 | 7912 |
| Hershey (The) Co. | 43036 | 8050 |
| Hormel Foods Corp. | 67157 | 1661 |
| J.M. Smucker (The) Co. | 29615 | 3216 |
| Kellanova | 72474 | 5944 |
| Kraft Heinz (The) Co. | 230379 | 5999 |
| Lamb Weston Holdings, Inc. | 49360 | 2867 |
| McCormick & Co., Inc. (Non Voting) | 66700 | 4463 |
| Mondelez International, Inc., Class A | 372246 | 23254 |
| Tyson Foods, Inc., Class A | 74545 | 4048 |
|  |  | **83851** |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| Atmos Energy Corp. | 47064 | **8036** |
| **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** |
| CSX Corp. | 560953 | 19919 |
| JB Hunt Transport Services, Inc. | 19824 | 2660 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **187** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Ground Transportation – 0.9%continued** | **Ground Transportation – 0.9%continued** | **Ground Transportation – 0.9%continued** |
| Norfolk Southern Corp. | 67453 | $20264 |
| Old Dominion Freight Line, Inc. | 50774 | 7148 |
| Uber Technologies, Inc.\* | 615508 | 60301 |
| Union Pacific Corp. | 171307 | 40492 |
|  |  | **150784** |
| **Health Care Equipment & Supplies – 2.0%** | **Health Care Equipment & Supplies – 2.0%** | **Health Care Equipment & Supplies – 2.0%** |
| Abbott Laboratories | 511860 | 68558 |
| Align Technology, Inc.\* | 15980 | 2001 |
| Baxter International, Inc. | 129625 | 2952 |
| Becton Dickinson & Co. | 81246 | 15207 |
| Boston Scientific Corp.\* | 432965 | 42270 |
| Cooper (The) Cos., Inc.\* | 51973 | 3563 |
| Dexcom, Inc.\* | 108331 | 7290 |
| Edwards Lifesciences Corp.\* | 170161 | 13233 |
| GE HealthCare Technologies, Inc. | 127262 | 9557 |
| Hologic, Inc.\* | 61335 | 4139 |
| IDEXX Laboratories, Inc.\* | 23993 | 15329 |
| Insulet Corp.\* | 20883 | 6447 |
| Intuitive Surgical, Inc.\* | 103796 | 46421 |
| Medtronic PLC | 380309 | 36221 |
| ResMed, Inc. | 44674 | 12229 |
| Solventum Corp.\* | 49815 | 3636 |
| STERIS PLC | 30825 | 7627 |
| Stryker Corp. | 102033 | 37719 |
| Zimmer Biomet Holdings, Inc. | 54677 | 5386 |
|  |  | **339785** |
| **Health Care Providers & Services – 1.6%** | **Health Care Providers & Services – 1.6%** | **Health Care Providers & Services – 1.6%** |
| Cardinal Health, Inc. | 70890 | 11127 |
| Cencora, Inc. | 55047 | 17204 |
| Centene Corp.\* | 121022 | 4318 |
| Cigna Group (The) | 77100 | 22224 |
| CVS Health Corp. | 374716 | 28250 |
| DaVita, Inc.\* | 11886 | 1579 |
| Elevance Health, Inc. | 64319 | 20783 |
| HCA Healthcare, Inc. | 49184 | 20962 |
| Henry Schein, Inc.\* | 28345 | 1881 |
| Humana, Inc. | 34048 | 8858 |
| Labcorp Holdings, Inc. | 24744 | 7103 |
| McKesson Corp. | 37018 | 28598 |
| Molina Healthcare, Inc.\* | 18669 | 3573 |
| Quest Diagnostics, Inc. | 32953 | 6280 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Health Care Providers & Services – 1.6%continued** | **Health Care Providers & Services – 1.6%continued** | **Health Care Providers & Services – 1.6%continued** |
| UnitedHealth Group, Inc. | 263656 | $91040 |
| Universal Health Services, Inc., Class B | 14820 | 3030 |
|  |  | **276810** |
| **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. | 51335 | 4278 |
| Healthpeak Properties, Inc. | 230556 | 4415 |
| Ventas, Inc. | 133473 | 9342 |
| Welltower, Inc. | 192787 | 34343 |
|  |  | **52378** |
| **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. | 209364 | **3563** |
| **Hotels, Restaurants & Leisure – 1.8%** | **Hotels, Restaurants & Leisure – 1.8%** | **Hotels, Restaurants & Leisure – 1.8%** |
| Airbnb, Inc., Class A\* | 121536 | 14757 |
| Booking Holdings, Inc. | 9578 | 51714 |
| Carnival Corp.\* | 306682 | 8866 |
| Chipotle Mexican Grill, Inc.\* | 389348 | 15259 |
| Darden Restaurants, Inc. | 34726 | 6610 |
| Domino's Pizza, Inc. | 9123 | 3938 |
| DoorDash, Inc., Class A\* | 106478 | 28961 |
| Expedia Group, Inc. | 36595 | 7822 |
| Hilton Worldwide Holdings, Inc. | 70653 | 18330 |
| Las Vegas Sands Corp. | 80882 | 4351 |
| Marriott International, Inc., Class A | 67635 | 17615 |
| McDonald's Corp. | 210065 | 63837 |
| MGM Resorts International<sup>\* †</sup> <br>| 51654 | 1790 |
| Norwegian Cruise Line Holdings Ltd.\* | 123550 | 3043 |
| Royal Caribbean Cruises Ltd. | 73551 | 23800 |
| Starbucks Corp. | 332871 | 28161 |
| Wynn Resorts Ltd. | 24834 | 3185 |
| Yum! Brands, Inc. | 84584 | 12857 |
|  |  | **314896** |
| **Household Durables – 0.3%** | **Household Durables – 0.3%** | **Household Durables – 0.3%** |
| D.R. Horton, Inc.<sup>†</sup> <br>| 84040 | 14242 |
| Garmin Ltd. | 45805 | 11278 |
| Lennar Corp., Class A | 70321 | 8864 |
| Mohawk Industries, Inc.\* | 13272 | 1711 |
| NVR, Inc.\* | 808 | 6492 |
| PulteGroup, Inc. | 61449 | 8119 |
|  |  | **50706** |
| **Household Products – 0.8%** | **Household Products – 0.8%** | **Household Products – 0.8%** |
| Church & Dwight Co., Inc. | 67964 | 5956 |
| Clorox (The) Co. | 31840 | 3926 |
| Colgate-Palmolive Co. | 230514 | 18427 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **188** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Household Products – 0.8%continued** | **Household Products – 0.8%continued** | **Household Products – 0.8%continued** |
| Kimberly-Clark Corp. | 93164 | $11584 |
| Procter & Gamble (The) Co. | 682537 | 104872 |
|  |  | **144765** |
| **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** |
| AES (The) Corp. | 186446 | 2454 |
| Vistra Corp. | 95592 | 18728 |
|  |  | **21182** |
| **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** |
| 3M Co. | 159074 | 24685 |
| Honeywell International, Inc. | 188194 | 39615 |
|  |  | **64300** |
| **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** |
| Prologis, Inc. | 269925 | **30912** |
| **Insurance – 1.8%** | **Insurance – 1.8%** | **Insurance – 1.8%** |
| Aflac, Inc. | 144976 | 16194 |
| Allstate (The) Corp. | 77253 | 16582 |
| American International Group, Inc. | 168650 | 13246 |
| Aon PLC, Class A | 63702 | 22715 |
| Arch Capital Group Ltd. | 107994 | 9798 |
| Arthur J. Gallagher & Co. | 73346 | 22718 |
| Assurant, Inc. | 15319 | 3318 |
| Brown & Brown, Inc. | 91209 | 8555 |
| Chubb Ltd. | 110047 | 31061 |
| Cincinnati Financial Corp. | 46387 | 7334 |
| Erie Indemnity Co., Class A | 5894 | 1875 |
| Everest Group Ltd. | 10781 | 3776 |
| Globe Life, Inc. | 25074 | 3585 |
| Hartford Insurance Group (The), Inc. | 84334 | 11249 |
| Loews Corp. | 52536 | 5274 |
| Marsh & McLennan Cos., Inc. | 141397 | 28496 |
| MetLife, Inc. | 168167 | 13852 |
| Principal Financial Group, Inc. | 53798 | 4460 |
| Progressive (The) Corp. | 170718 | 42159 |
| Prudential Financial, Inc. | 98196 | 10187 |
| Travelers (The) Cos., Inc. | 67018 | 18713 |
| W R Berkley Corp. | 89081 | 6825 |
| Willis Towers Watson PLC | 29565 | 10213 |
|  |  | **312185** |
| **Interactive Media & Services – 7.1%** | **Interactive Media & Services – 7.1%** | **Interactive Media & Services – 7.1%** |
| Alphabet, Inc., Class A | 1704743 | 414423 |
| Alphabet, Inc., Class C | 1368928 | 333402 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Interactive Media & Services – 7.1%continued** | **Interactive Media & Services – 7.1%continued** | **Interactive Media & Services – 7.1%continued** |
| Match Group, Inc. | 57223 | $2021 |
| Meta Platforms, Inc., Class A | 635541 | 466729 |
|  |  | **1216575** |
| **IT Services – 0.9%** | **IT Services – 0.9%** | **IT Services – 0.9%** |
| Accenture PLC, Class A | 180235 | 44446 |
| Akamai Technologies, Inc.\* | 35496 | 2689 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 140457 | 9420 |
| EPAM Systems, Inc.\* | 13103 | 1976 |
| Gartner, Inc.\* | 20198 | 5309 |
| GoDaddy, Inc., Class A\* | 43959 | 6015 |
| International Business Machines Corp. | 271061 | 76483 |
| VeriSign, Inc. | 24784 | 6929 |
|  |  | **153267** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| Hasbro, Inc. | 45620 | **3460** |
| **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** |
| Agilent Technologies, Inc. | 82993 | 10652 |
| Bio-Techne Corp. | 55443 | 3084 |
| &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.\*<br>| 17669 | 2765 |
| Danaher Corp. | 183952 | 36470 |
| IQVIA Holdings, Inc.\* | 47115 | 8949 |
| Mettler-Toledo International, Inc.\* | 5988 | 7351 |
| Revvity, Inc. | 30484 | 2672 |
| Thermo Fisher Scientific, Inc. | 109507 | 53113 |
| Waters Corp.\* | 15792 | 4735 |
| West Pharmaceutical Services, Inc. | 19730 | 5176 |
|  |  | **134967** |
| **Machinery – 1.5%** | **Machinery – 1.5%** | **Machinery – 1.5%** |
| Caterpillar, Inc. | 138257 | 65969 |
| Cummins, Inc. | 40562 | 17132 |
| Deere & Co. | 74780 | 34194 |
| Dover Corp. | 37320 | 6226 |
| Fortive Corp. | 92703 | 4542 |
| IDEX Corp. | 19019 | 3096 |
| Illinois Tool Works, Inc. | 79539 | 20741 |
| Ingersoll Rand, Inc. | 110378 | 9119 |
| Nordson Corp. | 17902 | 4063 |
| Otis Worldwide Corp. | 112884 | 10321 |
| PACCAR, Inc. | 152012 | 14946 |
| Parker-Hannifin Corp. | 37883 | 28721 |
| Pentair PLC | 49115 | 5440 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **189** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Machinery – 1.5%continued** | **Machinery – 1.5%continued** | **Machinery – 1.5%continued** |
| Snap-on, Inc. | 15092 | $5230 |
| Stanley Black & Decker, Inc. | 41496 | 3084 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.<br>| 50577 | 10139 |
| Xylem, Inc. | 69324 | 10225 |
|  |  | **253188** |
| **Media – 0.4%** | **Media – 0.4%** | **Media – 0.4%** |
| &nbsp;&nbsp; Charter Communications, Inc., Class A<sup>\*</sup> <br>† <br>| 25294 | 6958 |
| Comcast Corp., Class A | 1073704 | 33736 |
| Fox Corp., Class A | 63091 | 3979 |
| Fox Corp., Class B | 43447 | 2489 |
| Interpublic Group of (The) Cos., Inc. | 106999 | 2986 |
| News Corp., Class A | 126833 | 3895 |
| News Corp., Class B | 34133 | 1179 |
| Omnicom Group, Inc. | 50432 | 4112 |
| Paramount Skydance Corp., Class B<sup>†</sup> <br>| 104542 | 1978 |
| Trade Desk (The), Inc., Class A\* | 119438 | 5854 |
|  |  | **67166** |
| **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** |
| Freeport-McMoRan, Inc. | 421158 | 16518 |
| Newmont Corp. | 327803 | 27637 |
| Nucor Corp. | 64995 | 8802 |
| Steel Dynamics, Inc. | 44047 | 6142 |
|  |  | **59099** |
| **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** |
| Ameren Corp. | 80001 | 8350 |
| CenterPoint Energy, Inc. | 193272 | 7499 |
| CMS Energy Corp. | 88419 | 6478 |
| Consolidated Edison, Inc. | 100395 | 10092 |
| Dominion Energy, Inc. | 241492 | 14772 |
| DTE Energy Co. | 58216 | 8233 |
| NiSource, Inc. | 139565 | 6043 |
| Public Service Enterprise Group, Inc. | 146532 | 12230 |
| Sempra | 192976 | 17364 |
| WEC Energy Group, Inc. | 94058 | 10778 |
|  |  | **101839** |
| **Office Real Estate Investment Trusts – 0.0%** | **Office Real Estate Investment Trusts – 0.0%** | **Office Real Estate Investment Trusts – 0.0%** |
| BXP, Inc. | 49383 | **3671** |
| **Oil, Gas & Consumable Fuels – 2.6%** | **Oil, Gas & Consumable Fuels – 2.6%** | **Oil, Gas & Consumable Fuels – 2.6%** |
| APA Corp. | 124916 | 3033 |
| Chevron Corp. | 560733 | 87076 |
| ConocoPhillips | 362457 | 34285 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Oil, Gas & Consumable Fuels – 2.6%continued** | **Oil, Gas & Consumable Fuels – 2.6%continued** | **Oil, Gas & Consumable Fuels – 2.6%continued** |
| Coterra Energy, Inc. | 203239 | $4807 |
| Devon Energy Corp. | 199967 | 7011 |
| Diamondback Energy, Inc. | 51507 | 7371 |
| EOG Resources, Inc. | 155731 | 17461 |
| EQT Corp. | 176691 | 9617 |
| Expand Energy Corp. | 64638 | 6867 |
| Exxon Mobil Corp.<sup>†</sup> <br>| 1252267 | 141193 |
| Kinder Morgan, Inc. | 566176 | 16028 |
| Marathon Petroleum Corp. | 91502 | 17636 |
| Occidental Petroleum Corp. | 220721 | 10429 |
| ONEOK, Inc. | 191160 | 13949 |
| Phillips 66 | 117389 | 15967 |
| Targa Resources Corp. | 64540 | 10813 |
| Texas Pacific Land Corp. | 5566 | 5197 |
| Valero Energy Corp. | 91919 | 15650 |
| Williams (The) Cos., Inc. | 359098 | 22749 |
|  |  | **447139** |
| **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** |
| Delta Air Lines, Inc. | 195384 | 11088 |
| Southwest Airlines Co. | 153904 | 4911 |
| United Airlines Holdings, Inc.\* | 96523 | 9315 |
|  |  | **25314** |
| **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** |
| Estee Lauder (The) Cos., Inc., Class A | 74147 | 6534 |
| Kenvue, Inc. | 534471 | 8674 |
|  |  | **15208** |
| **Pharmaceuticals – 2.7%** | **Pharmaceuticals – 2.7%** | **Pharmaceuticals – 2.7%** |
| Bristol-Myers Squibb Co. | 585145 | 26390 |
| Eli Lilly & Co. | 233369 | 178061 |
| Johnson & Johnson | 707781 | 131237 |
| Merck & Co., Inc. | 725060 | 60854 |
| Pfizer, Inc. | 1643597 | 41879 |
| Viatris, Inc. | 289532 | 2866 |
| Zoetis, Inc. | 127052 | 18590 |
|  |  | **459877** |
| **Professional Services – 0.5%** | **Professional Services – 0.5%** | **Professional Services – 0.5%** |
| Automatic Data Processing, Inc. | 119712 | 35136 |
| Broadridge Financial Solutions, Inc. | 34672 | 8258 |
| Dayforce, Inc.\* | 46551 | 3207 |
| Equifax, Inc. | 34978 | 8973 |
| Jacobs Solutions, Inc. | 35663 | 5344 |
| Leidos Holdings, Inc. | 38277 | 7233 |
| Paychex, Inc. | 93246 | 11820 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **190** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Professional Services – 0.5%continued** | **Professional Services – 0.5%continued** | **Professional Services – 0.5%continued** |
| Paycom Software, Inc. | 14862 | $3093 |
| Verisk Analytics, Inc. | 42862 | 10780 |
|  |  | **93844** |
| **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** |
| CBRE Group, Inc., Class A\* | 87464 | 13781 |
| CoStar Group, Inc.\* | 124762 | 10526 |
|  |  | **24307** |
| **Residential Real Estate Investment Trusts – 0.2%** | **Residential Real Estate Investment Trusts – 0.2%** | **Residential Real Estate Investment Trusts – 0.2%** |
| AvalonBay Communities, Inc. | 39055 | 7544 |
| Camden Property Trust | 26660 | 2847 |
| Equity Residential | 94089 | 6090 |
| Essex Property Trust, Inc. | 17109 | 4579 |
| Invitation Homes, Inc. | 148334 | 4351 |
| &nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 31375 | 4384 |
| UDR, Inc. | 75196 | 2802 |
|  |  | **32597** |
| **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 | 27931 | 2830 |
| Kimco Realty Corp. | 175858 | 3842 |
| Realty Income Corp. | 259391 | 15768 |
| Regency Centers Corp. | 40944 | 2985 |
| Simon Property Group, Inc. | 98295 | 18447 |
|  |  | **43872** |
| **Semiconductors & Semiconductor Equipment – 13.4%** | **Semiconductors & Semiconductor Equipment – 13.4%** | **Semiconductors & Semiconductor Equipment – 13.4%** |
| Advanced Micro Devices, Inc.\* | 478128 | 77356 |
| Analog Devices, Inc. | 146490 | 35993 |
| Applied Materials, Inc. | 236459 | 48413 |
| Broadcom, Inc. | 1378191 | 454679 |
| First Solar, Inc.\* | 31067 | 6851 |
| Intel Corp.\* | 1261675 | 42329 |
| KLA Corp. | 39128 | 42203 |
| Lam Research Corp. | 374583 | 50157 |
| Microchip Technology, Inc. | 162091 | 10409 |
| Micron Technology, Inc. | 330400 | 55282 |
| Monolithic Power Systems, Inc. | 14053 | 12938 |
| NVIDIA Corp. | 7145285 | 1333167 |
| NXP Semiconductors N.V. | 73612 | 16764 |
| ON Semiconductor Corp.\* | 109735 | 5411 |
| QUALCOMM, Inc. | 317357 | 52795 |
| Skyworks Solutions, Inc. | 36783 | 2832 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Semiconductors & Semiconductor Equipment – 13.4%continued** | **Semiconductors & Semiconductor Equipment – 13.4%continued** | **Semiconductors & Semiconductor Equipment – 13.4%continued** |
| Teradyne, Inc. | 42223 | $5812 |
| Texas Instruments, Inc. | 263341 | 48384 |
|  |  | **2301775** |
| **Software – 11.1%** | **Software – 11.1%** | **Software – 11.1%** |
| Adobe, Inc.\* | 122771 | 43308 |
| AppLovin Corp., Class A\* | 78427 | 56353 |
| Autodesk, Inc.\* | 63542 | 20185 |
| Cadence Design Systems, Inc.\* | 81017 | 28458 |
| Crowdstrike Holdings, Inc., Class A\* | 72729 | 35665 |
| Datadog, Inc., Class A\* | 90954 | 12952 |
| Fair Isaac Corp.\* | 7223 | 10809 |
| Fortinet, Inc.\* | 186211 | 15657 |
| Gen Digital, Inc. | 161246 | 4578 |
| Intuit, Inc. | 82414 | 56281 |
| Microsoft Corp. | 2176835 | 1127492 |
| Oracle Corp. | 483492 | 135977 |
| Palantir Technologies, Inc., Class A\* | 662825 | 120913 |
| Palo Alto Networks, Inc.\* | 195482 | 39804 |
| PTC, Inc.\* | 35178 | 7142 |
| Roper Technologies, Inc. | 31305 | 15612 |
| Salesforce, Inc. | 277773 | 65832 |
| ServiceNow, Inc.\* | 60798 | 55951 |
| Synopsys, Inc.\* | 53005 | 26152 |
| Tyler Technologies, Inc.\* | 12515 | 6547 |
| Workday, Inc., Class A\* | 60970 | 14677 |
|  |  | **1900345** |
| **Specialized Real Estate Investment Trusts – 0.7%** | **Specialized Real Estate Investment Trusts – 0.7%** | **Specialized Real Estate Investment Trusts – 0.7%** |
| American Tower Corp. | 134528 | 25872 |
| Crown Castle, Inc. | 122185 | 11790 |
| Digital Realty Trust, Inc. | 91958 | 15898 |
| Equinix, Inc. | 28012 | 21940 |
| Extra Space Storage, Inc. | 58683 | 8271 |
| Iron Mountain, Inc. | 91385 | 9316 |
| Public Storage | 45270 | 13076 |
| SBA Communications Corp. | 28949 | 5597 |
| VICI Properties, Inc. | 327308 | 10674 |
| Weyerhaeuser Co. | 200099 | 4960 |
|  |  | **127394** |
| **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** |
| AutoZone, Inc.\* | 4960 | 21280 |
| Best Buy Co., Inc. | 50854 | 3846 |
| CarMax, Inc.\* | 35733 | 1603 |
| Home Depot (The), Inc. | 292413 | 118483 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **191** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  | **COMMON STOCKS - 97.3%continued**  |
| **Specialty Retail – 1.7%continued** | **Specialty Retail – 1.7%continued** | **Specialty Retail – 1.7%continued** |
| Lowe's Cos., Inc. | 165089 | $41489 |
| O'Reilly Automotive, Inc.\* | 253069 | 27283 |
| Ross Stores, Inc. | 96470 | 14701 |
| TJX (The) Cos., Inc. | 330112 | 47714 |
| Tractor Supply Co. | 158296 | 9002 |
| Ulta Beauty, Inc.\* | 13548 | 7407 |
| Williams-Sonoma, Inc. | 35703 | 6978 |
|  |  | **299786** |
| **Technology Hardware, Storage & Peripherals – 6.9%** | **Technology Hardware, Storage & Peripherals – 6.9%** | **Technology Hardware, Storage & Peripherals – 6.9%** |
| Apple, Inc. | 4346210 | 1106675 |
| Dell Technologies, Inc., Class C | 87724 | 12437 |
| Hewlett Packard Enterprise Co. | 384692 | 9448 |
| HP, Inc. | 257101 | 7001 |
| NetApp, Inc. | 59598 | 7060 |
| Seagate Technology Holdings PLC | 62741 | 14811 |
| Super Micro Computer, Inc.<sup>\* †</sup> <br>| 135735 | 6507 |
| Western Digital Corp.<sup>†</sup> <br>| 104413 | 12536 |
|  |  | **1176475** |
| **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** |
| Deckers Outdoor Corp.\* | 39256 | 3980 |
| Lululemon Athletica, Inc.\* | 28877 | 5138 |
| NIKE, Inc., Class B | 348103 | 24273 |
| Ralph Lauren Corp. | 11904 | 3733 |
| Tapestry, Inc. | 61520 | 6965 |
|  |  | **44089** |
| **Tobacco – 0.6%** | **Tobacco – 0.6%** | **Tobacco – 0.6%** |
| Altria Group, Inc. | 498823 | 32952 |
| Philip Morris International, Inc. | 458686 | 74399 |
|  |  | **107351** |
| **Trading Companies & Distributors – 0.3%** | **Trading Companies & Distributors – 0.3%** | **Trading Companies & Distributors – 0.3%** |
| Fastenal Co. | 339146 | 16632 |
| United Rentals, Inc. | 19078 | 18213 |
| W.W. Grainger, Inc. | 13010 | 12398 |
|  |  | **47243** |
| **Water Utilities – 0.0%** | **Water Utilities – 0.0%** | **Water Utilities – 0.0%** |
| American Water Works Co., Inc. | 53479 | **7444** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| T-Mobile U.S., Inc. | 141150 | **33788** |
| **Total Common Stocks** |  |  |
| **(Cost $3,760,476)** |  | **16699297** |

---

---

| | | |
|:---|:---|:---|
|  | 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 - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(2) (3) (4)</sup> <br>| 3680775 | $3681 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(2) (3)</sup> <br>| 431861345 | 431861 |
| **Total Investment Companies** |  |  |
| **(Cost $435,542)** |  | **435542** |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 3.91%, 11/28/25<sup>(5) (6)</sup> <br>| $31161 | **$30960** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $30,964)** | **(Cost $30,964)** | **30960** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $4,226,982)** | **(Cost $4,226,982)** | **17165799** |
| Other Assets less Liabilities – 0.0% | Other Assets less Liabilities – 0.0% | 284 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$17166083** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Investment in affiliate.* |
| <sup>(2)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(3)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(4)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(5)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(6)</sup> <br>| *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **192** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

At September 30, 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>| 1370 | $461604 | Long | 12/25 | $2658 |

---

<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 September 30, 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; $16699297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16699297 |
| Investment Companies | &nbsp;&nbsp; 435542 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 435542 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 30960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30960 |
| Total Investments | &nbsp;&nbsp; $17134839 | &nbsp;&nbsp; $30960 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17165799 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $2658 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2658 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **193** EQUITY FUNDS

------

**Schedule of Investments** <br>

**U.S. QUALITY ESG FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.0%**  | **COMMON STOCKS – 99.0%**  | **COMMON STOCKS – 99.0%**  |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| Howmet Aerospace, Inc. | 4758 | **$934** |
| **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** |
| C.H. Robinson Worldwide, Inc. | 6745 | 893 |
| Expeditors International of Washington, <br> Inc.<br>| 12149 | 1489 |
|  |  | **2382** |
| **Automobiles – 1.4%** | **Automobiles – 1.4%** | **Automobiles – 1.4%** |
| Tesla, Inc.\* | 13022 | **5791** |
| **Banks – 3.7%** | **Banks – 3.7%** | **Banks – 3.7%** |
| Bank of America Corp. | 5651 | 292 |
| Citigroup, Inc. | 43538 | 4419 |
| Commerce Bancshares, Inc. | 13496 | 807 |
| First Hawaiian, Inc. | 33879 | 841 |
| JPMorgan Chase & Co. | 28654 | 9038 |
|  |  | **15397** |
| **Biotechnology – 3.5%** | **Biotechnology – 3.5%** | **Biotechnology – 3.5%** |
| AbbVie, Inc. | 26153 | 6055 |
| Amgen, Inc. | 7962 | 2247 |
| Gilead Sciences, Inc. | 33335 | 3700 |
| Halozyme Therapeutics, Inc.\* | 22111 | 1622 |
| Incyte Corp.\* | 9371 | 795 |
|  |  | **14419** |
| **Broadline Retail – 3.6%** | **Broadline Retail – 3.6%** | **Broadline Retail – 3.6%** |
| Amazon.com, Inc.\* | 55433 | 12171 |
| eBay, Inc. | 19328 | 1758 |
| Etsy, Inc.\* | 15849 | 1052 |
|  |  | **14981** |
| **Building Products – 1.1%** | **Building Products – 1.1%** | **Building Products – 1.1%** |
| Lennox International, Inc. | 2564 | 1357 |
| Masco Corp. | 10494 | 739 |
| Trane Technologies PLC | 5967 | 2518 |
|  |  | **4614** |
| **Capital Markets – 3.2%** | **Capital Markets – 3.2%** | **Capital Markets – 3.2%** |
| Affiliated Managers Group, Inc. | 1049 | 250 |
| Ameriprise Financial, Inc. | 1604 | 788 |
| Bank of New York Mellon (The) Corp. | 20308 | 2213 |
| Goldman Sachs Group (The), Inc. | 963 | 767 |
| Invesco Ltd. | 75265 | 1727 |
| Janus Henderson Group PLC | 30521 | 1358 |
| Morgan Stanley | 27342 | 4346 |
| State Street Corp. | 16497 | 1914 |
|  |  | **13363** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Chemicals – 0.9%** | **Chemicals – 0.9%** | **Chemicals – 0.9%** |
| Ecolab, Inc. | 7197 | $1971 |
| Sherwin-Williams (The) Co. | 5320 | 1842 |
|  |  | **3813** |
| **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** |
| Cintas Corp. | 1418 | 291 |
| Veralto Corp. | 15934 | 1699 |
|  |  | **1990** |
| **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** |
| Cisco Systems, Inc. | 27444 | 1878 |
| F5, Inc.\* | 1063 | 344 |
| Motorola Solutions, Inc. | 1173 | 536 |
|  |  | **2758** |
| **Construction & Engineering – 0.7%** | **Construction & Engineering – 0.7%** | **Construction & Engineering – 0.7%** |
| AECOM | 6810 | 889 |
| EMCOR Group, Inc. | 2841 | 1845 |
|  |  | **2734** |
| **Consumer Finance – 0.9%** | **Consumer Finance – 0.9%** | **Consumer Finance – 0.9%** |
| Ally Financial, Inc. | 13741 | 539 |
| SLM Corp. | 49358 | 1366 |
| Synchrony Financial | 24140 | 1715 |
|  |  | **3620** |
| **Consumer Staples Distribution & Retail – 0.8%** | **Consumer Staples Distribution & Retail – 0.8%** | **Consumer Staples Distribution & Retail – 0.8%** |
| Costco Wholesale Corp. | 2784 | 2577 |
| Walmart, Inc. | 9022 | 930 |
|  |  | **3507** |
| **Containers & Packaging – 0.8%** | **Containers & Packaging – 0.8%** | **Containers & Packaging – 0.8%** |
| Avery Dennison Corp. | 5807 | 942 |
| Crown Holdings, Inc. | 11273 | 1089 |
| Sealed Air Corp. | 41059 | 1451 |
|  |  | **3482** |
| **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** |
| H&R Block, Inc. | 4017 | **203** |
| **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** |
| Iridium Communications, Inc. | 11233 | **196** |
| **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** |
| Duke Energy Corp. | 7161 | 886 |
| Exelon Corp. | 17583 | 792 |
|  |  | **1678** |
| **Electrical Equipment – 1.3%** | **Electrical Equipment – 1.3%** | **Electrical Equipment – 1.3%** |
| Acuity, Inc. | 4068 | 1401 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **194** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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**  |
| **Electrical Equipment – 1.3%continued** | **Electrical Equipment – 1.3%continued** | **Electrical Equipment – 1.3%continued** |
| GE Vernova, Inc. | 5972 | $3672 |
| Rockwell Automation, Inc. | 716 | 250 |
|  |  | **5323** |
| **Energy Equipment & Services – 0.6%** | **Energy Equipment & Services – 0.6%** | **Energy Equipment & Services – 0.6%** |
| Schlumberger N.V. | 29833 | 1025 |
| TechnipFMC PLC | 42249 | 1667 |
|  |  | **2692** |
| **Entertainment – 1.9%** | **Entertainment – 1.9%** | **Entertainment – 1.9%** |
| Electronic Arts, Inc. | 10995 | 2218 |
| Netflix, Inc.\* | 3607 | 4324 |
| Spotify Technology S.A.\* | 2091 | 1460 |
|  |  | **8002** |
| **Financial Services – 3.9%** | **Financial Services – 3.9%** | **Financial Services – 3.9%** |
| Berkshire Hathaway, Inc., Class B\* | 8226 | 4136 |
| Equitable Holdings, Inc. | 29191 | 1482 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 21702 | 1431 |
| Fiserv, Inc.\* | 10812 | 1394 |
| Mastercard, Inc., Class A | 3355 | 1908 |
| MGIC Investment Corp. | 56153 | 1593 |
| PayPal Holdings, Inc.\* | 12611 | 846 |
| Visa, Inc., Class A | 7818 | 2669 |
| Voya Financial, Inc. | 8412 | 629 |
|  |  | **16088** |
| **Food Products – 0.6%** | **Food Products – 0.6%** | **Food Products – 0.6%** |
| Ingredion, Inc. | 10983 | 1341 |
| Kellanova | 12263 | 1006 |
|  |  | **2347** |
| **Gas Utilities – 0.3%** | **Gas Utilities – 0.3%** | **Gas Utilities – 0.3%** |
| UGI Corp. | 43868 | **1459** |
| **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** |
| Landstar System, Inc. | 5828 | 714 |
| Union Pacific Corp. | 10632 | 2513 |
|  |  | **3227** |
| **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** |
| Hologic, Inc.\* | 18925 | 1277 |
| IDEXX Laboratories, Inc.\* | 3071 | 1962 |
|  |  | **3239** |
| **Health Care Providers & Services – 1.9%** | **Health Care Providers & Services – 1.9%** | **Health Care Providers & Services – 1.9%** |
| Cardinal Health, Inc. | 10750 | 1687 |
| Cencora, Inc. | 1134 | 354 |
| Cigna Group (The) | 6938 | 2000 |

---

---

| | | |
|:---|:---|:---|
|  | 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 Providers & Services – 1.9%continued** | **Health Care Providers & Services – 1.9%continued** | **Health Care Providers & Services – 1.9%continued** |
| DaVita, Inc.\* | 9667 | $1285 |
| McKesson Corp. | 3360 | 2596 |
| UnitedHealth Group, Inc. | 583 | 201 |
|  |  | **8123** |
| **Health Care Technology – 0.8%** | **Health Care Technology – 0.8%** | **Health Care Technology – 0.8%** |
| Doximity, Inc., Class A\* | 23605 | 1727 |
| Veeva Systems, Inc., Class A\* | 5612 | 1672 |
|  |  | **3399** |
| **Hotels, Restaurants & Leisure – 2.0%** | **Hotels, Restaurants & Leisure – 2.0%** | **Hotels, Restaurants & Leisure – 2.0%** |
| Airbnb, Inc., Class A\* | 4164 | 506 |
| Booking Holdings, Inc. | 732 | 3952 |
| Domino's Pizza, Inc. | 938 | 405 |
| Hilton Worldwide Holdings, Inc. | 7471 | 1938 |
| Travel + Leisure Co. | 25452 | 1514 |
|  |  | **8315** |
| **Household Durables – 0.4%** | **Household Durables – 0.4%** | **Household Durables – 0.4%** |
| TopBuild Corp.\* | 4060 | **1587** |
| **Household Products – 1.9%** | **Household Products – 1.9%** | **Household Products – 1.9%** |
| Clorox (The) Co. | 5959 | 735 |
| Colgate-Palmolive Co. | 21934 | 1753 |
| Kimberly-Clark Corp. | 13477 | 1676 |
| Procter & Gamble (The) Co. | 24004 | 3688 |
|  |  | **7852** |
| **Independent Power & Renewable Electricity Producers – 0.7%** | **Independent Power & Renewable Electricity Producers – 0.7%** | **Independent Power & Renewable Electricity Producers – 0.7%** |
| Brookfield Renewable Corp. | 47710 | 1642 |
| Clearway Energy, Inc., Class C | 44127 | 1247 |
|  |  | **2889** |
| **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** |
| 3M Co. | 11634 | **1805** |
| **Insurance – 2.4%** | **Insurance – 2.4%** | **Insurance – 2.4%** |
| Aflac, Inc. | 15739 | 1758 |
| American International Group, Inc. | 4851 | 381 |
| Hartford Insurance Group (The), Inc. | 13344 | 1780 |
| MetLife, Inc. | 22712 | 1871 |
| Prudential Financial, Inc. | 12092 | 1255 |
| Unum Group | 18493 | 1438 |
| Willis Towers Watson PLC | 4852 | 1676 |
|  |  | **10159** |
| **Interactive Media & Services – 6.1%** | **Interactive Media & Services – 6.1%** | **Interactive Media & Services – 6.1%** |
| Alphabet, Inc., Class A | 69047 | 16785 |
| Meta Platforms, Inc., Class A | 11928 | 8760 |
|  |  | **25545** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **195** EQUITY FUNDS

------

**Schedule of Investments** <br>

**U.S. QUALITY ESG 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**  |
| **IT Services – 1.5%** | **IT Services – 1.5%** | **IT Services – 1.5%** |
| Accenture PLC, Class A | 7671 | $1892 |
| International Business Machines Corp. | 15374 | 4338 |
|  |  | **6230** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| Hasbro, Inc. | 19408 | **1472** |
| **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** |
| Mettler-Toledo International, Inc.\* | 1427 | 1752 |
| Waters Corp.\* | 5102 | 1529 |
|  |  | **3281** |
| **Machinery – 1.7%** | **Machinery – 1.7%** | **Machinery – 1.7%** |
| Caterpillar, Inc. | 5942 | 2835 |
| Illinois Tool Works, Inc. | 7866 | 2051 |
| Otis Worldwide Corp. | 3415 | 312 |
| Parker-Hannifin Corp. | 403 | 306 |
| Pentair PLC | 15866 | 1757 |
|  |  | **7261** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| Newmont Corp. | 17577 | 1482 |
| Royal Gold, Inc. | 9044 | 1814 |
|  |  | **3296** |
| **Oil, Gas & Consumable Fuels – 1.1%** | **Oil, Gas & Consumable Fuels – 1.1%** | **Oil, Gas & Consumable Fuels – 1.1%** |
| Cheniere Energy, Inc. | 7839 | 1842 |
| Chevron Corp. | 1278 | 198 |
| EOG Resources, Inc. | 11041 | 1238 |
| Exxon Mobil Corp. | 11084 | 1250 |
|  |  | **4528** |
| **Pharmaceuticals – 2.6%** | **Pharmaceuticals – 2.6%** | **Pharmaceuticals – 2.6%** |
| Bristol-Myers Squibb Co. | 41847 | 1887 |
| Eli Lilly & Co. | 2688 | 2051 |
| Johnson & Johnson | 11322 | 2099 |
| Merck & Co., Inc. | 7374 | 619 |
| Pfizer, Inc. | 136339 | 3474 |
| Zoetis, Inc. | 5015 | 734 |
|  |  | **10864** |
| **Professional Services – 2.3%** | **Professional Services – 2.3%** | **Professional Services – 2.3%** |
| Automatic Data Processing, Inc. | 10907 | 3201 |
| Broadridge Financial Solutions, Inc. | 7204 | 1716 |
| ExlService Holdings, Inc.\* | 26505 | 1167 |
| Paychex, Inc. | 2881 | 365 |
| Paycom Software, Inc. | 2729 | 568 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Professional Services – 2.3%continued** | **Professional Services – 2.3%continued** | **Professional Services – 2.3%continued** |
| Paylocity Holding Corp.\* | 7747 | $1234 |
| Verisk Analytics, Inc. | 5789 | 1456 |
|  |  | **9707** |
| **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** |
| CBRE Group, Inc., Class A\* | 11914 | **1877** |
| **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** |
| AvalonBay Communities, Inc. | 7021 | **1356** |
| **Retail Real Estate Investment Trusts – 0.1%** | **Retail Real Estate Investment Trusts – 0.1%** | **Retail Real Estate Investment Trusts – 0.1%** |
| Brixmor Property Group, Inc. | 7587 | **210** |
| **Semiconductors & Semiconductor Equipment – 12.8%** | **Semiconductors & Semiconductor Equipment – 12.8%** | **Semiconductors & Semiconductor Equipment – 12.8%** |
| Applied Materials, Inc. | 20725 | 4243 |
| Broadcom, Inc. | 29959 | 9884 |
| KLA Corp. | 907 | 978 |
| Lam Research Corp. | 34225 | 4583 |
| NVIDIA Corp. | 173647 | 32399 |
| QUALCOMM, Inc. | 7951 | 1323 |
|  |  | **53410** |
| **Software – 12.6%** | **Software – 12.6%** | **Software – 12.6%** |
| Adobe, Inc.\* | 7111 | 2508 |
| AppLovin Corp., Class A\* | 3467 | 2491 |
| Autodesk, Inc.\* | 6396 | 2032 |
| Bentley Systems, Inc., Class B | 24113 | 1241 |
| Cadence Design Systems, Inc.\* | 4635 | 1628 |
| Dropbox, Inc., Class A\* | 49940 | 1509 |
| Fair Isaac Corp.\* | 674 | 1009 |
| Intuit, Inc. | 6438 | 4397 |
| Manhattan Associates, Inc.\* | 1096 | 225 |
| Microsoft Corp. | 54136 | 28040 |
| Oracle Corp. | 4936 | 1388 |
| Palantir Technologies, Inc., Class A\* | 2517 | 459 |
| PTC, Inc.\* | 8689 | 1764 |
| Salesforce, Inc. | 14539 | 3446 |
| Teradata Corp.\* | 12145 | 261 |
|  |  | **52398** |
| **Specialty Retail – 2.6%** | **Specialty Retail – 2.6%** | **Specialty Retail – 2.6%** |
| Best Buy Co., Inc. | 7715 | 583 |
| Home Depot (The), Inc. | 11046 | 4476 |
| Lowe's Cos., Inc. | 14425 | 3625 |
| Ulta Beauty, Inc.\* | 1133 | 620 |
| Williams-Sonoma, Inc. | 8756 | 1711 |
|  |  | **11015** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **196** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 – 6.9%** | **Technology Hardware, Storage & Peripherals – 6.9%** | **Technology Hardware, Storage & Peripherals – 6.9%** |
| Apple, Inc. | 105291 | $26810 |
| HP, Inc. | 20417 | 556 |
| NetApp, Inc. | 6585 | 780 |
| Western Digital Corp. | 4054 | 487 |
|  |  | **28633** |
| **Textiles, Apparel & Luxury Goods – 1.1%** | **Textiles, Apparel & Luxury Goods – 1.1%** | **Textiles, Apparel & Luxury Goods – 1.1%** |
| Crocs, Inc.\* | 12499 | 1044 |
| Deckers Outdoor Corp.\* | 11786 | 1195 |
| NIKE, Inc., Class B | 7775 | 542 |
| Tapestry, Inc. | 16711 | 1892 |
|  |  | **4673** |
| **Trading Companies & Distributors – 0.8%** | **Trading Companies & Distributors – 0.8%** | **Trading Companies & Distributors – 0.8%** |
| Fastenal Co. | 41325 | 2027 |
| W.W. Grainger, Inc. | 1468 | 1399 |
|  |  | **3426** |
| **Wireless Telecommunication Services – 0.4%** | **Wireless Telecommunication Services – 0.4%** | **Wireless Telecommunication Services – 0.4%** |
| Millicom International Cellular S.A. | 30805 | **1495** |
| **Total Common Stocks** |  |  |
| **(Cost $247,514)** |  | **413045** |
| **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(1) (2)</sup> <br>| 3752759 | 3753 |
| **Total Investment Companies** |  |  |
| **(Cost $3,753)** |  | **3753** |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 4.18%, 11/28/25<sup>(3) (4)</sup> <br>| $236 | **$235** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $234)** | **(Cost $234)** | **235** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $251,501)** | **(Cost $251,501)** | **417033** |
| Other Assets less Liabilities – 0.0% | Other Assets less Liabilities – 0.0% | 143 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$417176** |

---

<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 September 30, 2025 is disclosed.*

<sup>(3)</sup> *Discount rate at the time of purchase.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 September 30, 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 | $3706 | Long | 12/25 | $50 |

---

<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 September 30, 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; $413045 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $413045 |
| Investment Companies | &nbsp;&nbsp; 3753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3753 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235 |
| Total Investments | &nbsp;&nbsp; $416798 | &nbsp;&nbsp; $235 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $417033 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $50 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **197** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup> | **COMMON STOCKS – 98.9%** <sup>(1)</sup> | **COMMON STOCKS – 98.9%** <sup>(1)</sup> |
| **Australia – 1.1%** | **Australia – 1.1%** | **Australia – 1.1%** |
| ANZ Group Holdings Ltd. | 134148 | $2942 |
| APA Group | 62563 | 368 |
| Aristocrat Leisure Ltd. | 25304 | 1175 |
| ASX Ltd. | 8981 | 348 |
| BlueScope Steel Ltd. | 21484 | 323 |
| Brambles Ltd. | 61756 | 1018 |
| CAR Group Ltd. | 18203 | 444 |
| Cochlear Ltd. | 2893 | 535 |
| Coles Group Ltd. | 59855 | 924 |
| Computershare Ltd. | 25508 | 613 |
| Evolution Mining Ltd. | 92107 | 664 |
| Fortescue Ltd. | 74875 | 929 |
| Goodman Group | 91372 | 1989 |
| Macquarie Group Ltd. | 16151 | 2349 |
| Northern Star Resources Ltd. | 59798 | 943 |
| QBE Insurance Group Ltd. | 68625 | 936 |
| REA Group Ltd. | 2606 | 400 |
| South32 Ltd. | 220113 | 400 |
| Suncorp Group Ltd. | 48481 | 652 |
| Transurban Group | 139926 | 1281 |
| WiseTech Global Ltd. | 9775 | 585 |
| Woodside Energy Group Ltd. | 84770 | 1273 |
|  |  | **21091** |
| **Austria – 0.1%** | **Austria – 0.1%** | **Austria – 0.1%** |
| Mondi PLC | 18929 | 262 |
| OMV A.G. | 7832 | 418 |
| Verbund A.G. | 3702 | 269 |
|  |  | **949** |
| **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** |
| Ageas S.A./N.V. | 6342 | 440 |
| Elia Group S.A./N.V. | 2224 | 257 |
| KBC Group N.V. | 10403 | 1247 |
| Lotus Bakeries N.V. | 20 | 189 |
| Syensqo S.A. | 3500 | 284 |
|  |  | **2417** |
| **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** |
| MercadoLibre, Inc.\* | 2078 | 4856 |
| Wheaton Precious Metals Corp. | 21205 | 2373 |
| Yara International ASA | 9211 | 336 |
|  |  | **7565** |
| **Canada – 3.2%** | **Canada – 3.2%** | **Canada – 3.2%** |
| Agnico Eagle Mines Ltd. | 22756 | 3833 |
| Bank of Montreal | 32542 | 4241 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **Canada – 3.2%continued** | **Canada – 3.2%continued** | **Canada – 3.2%continued** |
| Bank of Nova Scotia (The) | 56136 | $3630 |
| Brookfield Corp. | 63076 | 4328 |
| CAE, Inc.\* | 15514 | 459 |
| Cameco Corp. | 19703 | 1654 |
| Canadian National Railway Co. | 23662 | 2231 |
| Canadian Tire Corp. Ltd., Class A | 2544 | 303 |
| CGI, Inc. | 9421 | 839 |
| Dollarama, Inc. | 12505 | 1649 |
| Element Fleet Management Corp. | 19573 | 507 |
| Enbridge, Inc. | 97933 | 4941 |
| FirstService Corp. | 1927 | 367 |
| Fortis, Inc. | 22257 | 1129 |
| George Weston Ltd. | 8073 | 492 |
| Hydro One Ltd. | 13743 | 490 |
| Imperial Oil Ltd. | 8727 | 791 |
| Intact Financial Corp. | 8208 | 1597 |
| Keyera Corp. | 10222 | 343 |
| Kinross Gold Corp. | 54572 | 1354 |
| Loblaw Cos. Ltd. | 27152 | 1050 |
| Metro, Inc. | 9657 | 649 |
| National Bank of Canada | 17474 | 1856 |
| Nutrien Ltd. | 21876 | 1285 |
| Open Text Corp. | 13145 | 491 |
| Pembina Pipeline Corp. | 25004 | 1011 |
| RB Global, Inc. | 8723 | 945 |
| Rogers Communications, Inc., Class B | 16602 | 572 |
| Shopify, Inc., Class A\* | 55372 | 8226 |
| Sun Life Financial, Inc. | 25128 | 1509 |
| TELUS Corp. | 18800 | 296 |
| Thomson Reuters Corp. | 7349 | 1141 |
| Toronto-Dominion Bank (The) | 77536 | 6200 |
| WSP Global, Inc. | 6080 | 1195 |
|  |  | **61604** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Antofagasta PLC | 17577 | 655 |
| Lundin Mining Corp. | 32404 | 483 |
|  |  | **1138** |
| **China – 0.2%** | **China – 0.2%** | **China – 0.2%** |
| Prosus N.V.\* | 59132 | **4194** |
| **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\* | 37487 | **398** |
| **Denmark – 0.8%** | **Denmark – 0.8%** | **Denmark – 0.8%** |
| AP Moller - Maersk A/S, Class A | 133 | 260 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **198** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **Denmark – 0.8%continued** | **Denmark – 0.8%continued** | **Denmark – 0.8%continued** |
| AP Moller - Maersk A/S, Class B | 199 | $390 |
| Coloplast A/S, Class B | 5703 | 488 |
| DSV A/S | 9247 | 1846 |
| Genmab A/S\* | 2824 | 870 |
| Novo Nordisk A/S, Class B | 146215 | 8070 |
| Novonesis (Novozymes) B | 15218 | 933 |
| Orsted A.S.\* | 26924 | 484 |
| Pandora A/S | 3699 | 484 |
| ROCKWOOL A/S, Class B | 4353 | 163 |
| Tryg A/S | 14394 | 366 |
| Vestas Wind Systems A/S | 45604 | 885 |
|  |  | **15239** |
| **Finland – 0.3%** | **Finland – 0.3%** | **Finland – 0.3%** |
| Elisa OYJ | 6842 | 359 |
| Kesko OYJ, Class B | 13829 | 294 |
| Kone OYJ, Class B | 15309 | 1045 |
| Metso OYJ | 31672 | 436 |
| Neste OYJ | 21050 | 386 |
| Nokia OYJ | 236090 | 1131 |
| Sampo OYJ, Class A | 109039 | 1255 |
| Stora Enso OYJ (Registered) | 26687 | 294 |
| UPM-Kymmene OYJ | 24463 | 670 |
|  |  | **5870** |
| **France – 2.8%** | **France – 2.8%** | **France – 2.8%** |
| Aeroports de Paris S.A. | 1718 | 228 |
| Air Liquide S.A. | 26247 | 5462 |
| AXA S.A. | 80036 | 3832 |
| BNP Paribas S.A. | 46126 | 4205 |
| Bouygues S.A. | 8662 | 391 |
| Bureau Veritas S.A. | 14104 | 443 |
| Carrefour S.A. | 29199 | 442 |
| &nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 29531 | 1061 |
| Covivio S.A./France | 3139 | 212 |
| Credit Agricole S.A. | 47481 | 935 |
| Danone S.A. | 29371 | 2559 |
| Dassault Systemes S.E. | 29805 | 1003 |
| Eiffage S.A. | 3421 | 440 |
| EssilorLuxottica S.A. | 13687 | 4464 |
| Gecina S.A. | 2410 | 242 |
| Getlink S.E. | 16266 | 299 |
| Hermes International S.C.A. | 1434 | 3517 |
| Kering S.A. | 3374 | 1124 |
| Legrand S.A. | 11758 | 1961 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **France – 2.8%continued** | **France – 2.8%continued** | **France – 2.8%continued** |
| L'Oreal S.A. | 10959 | $4749 |
| LVMH Moet Hennessy Louis Vuitton S.E. | 11334 | 6935 |
| Publicis Groupe S.A. | 10232 | 982 |
| Rexel S.A. | 10940 | 361 |
| Societe Generale S.A. | 32768 | 2180 |
| TotalEnergies S.E. | 92894 | 5668 |
|  |  | **53695** |
| **Germany – 1.0%** | **Germany – 1.0%** | **Germany – 1.0%** |
| adidas A.G. | 7613 | 1606 |
| Beiersdorf A.G. | 4218 | 441 |
| Commerzbank A.G. | 34769 | 1310 |
| Covestro A.G.\* | 8723 | 597 |
| Deutsche Boerse A.G. | 8379 | 2245 |
| Deutsche Lufthansa A.G. (Registered) | 27068 | 229 |
| Evonik Industries A.G. | 10107 | 176 |
| GEA Group A.G. | 6794 | 502 |
| Heidelberg Materials A.G. | 6023 | 1356 |
| Henkel A.G. & Co. KGaA | 5395 | 400 |
| Infineon Technologies A.G. | 58740 | 2293 |
| Knorr-Bremse A.G. | 3722 | 349 |
| LEG Immobilien S.E. | 3433 | 273 |
| Merck KGaA | 5650 | 727 |
| MTU Aero Engines A.G. | 2383 | 1094 |
| &nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen (Registered)<br>| 5881 | 3758 |
| Scout24 S.E. | 3191 | 399 |
| Symrise A.G. | 6129 | 534 |
| Vonovia S.E. | 33322 | 1040 |
| Zalando S.E.\* | 11292 | 346 |
|  |  | **19675** |
| **Hong Kong – 0.6%** | **Hong Kong – 0.6%** | **Hong Kong – 0.6%** |
| AIA Group Ltd. | 483200 | 4632 |
| CK Infrastructure Holdings Ltd. | 33500 | 220 |
| Hang Seng Bank Ltd. | 34378 | 524 |
| HKT Trust & HKT Ltd. | 202000 | 299 |
| Hong Kong & China Gas Co. Ltd. | 545463 | 474 |
| Hong Kong Exchanges & Clearing Ltd. | 54000 | 3069 |
| MTR Corp. Ltd. | 63626 | 216 |
| Prudential PLC | 115486 | 1626 |
| Sino Land Co. Ltd. | 165113 | 209 |
| Swire Pacific Ltd., Class A | 17500 | 148 |
| WH Group Ltd.<sup>(2)</sup> <br>| 397500 | 432 |
|  |  | **11849** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **199** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **Ireland – 0.5%** | **Ireland – 0.5%** | **Ireland – 0.5%** |
| Accenture PLC, Class A | 28231 | $6962 |
| AerCap Holdings N.V. | 7891 | 955 |
| Kerry Group PLC, Class A | 7878 | 709 |
| Kingspan Group PLC | 7661 | 645 |
|  |  | **9271** |
| **Israel – 0.0%** | **Israel – 0.0%** | **Israel – 0.0%** |
| Nice Ltd.\* | 2803 | **408** |
| **Italy – 0.7%** | **Italy – 0.7%** | **Italy – 0.7%** |
| Coca-Cola HBC A.G. - CDI\* | 10391 | 490 |
| Enel S.p.A. | 364586 | 3458 |
| FinecoBank Banca Fineco S.p.A. | 30510 | 661 |
| Generali | 38376 | 1508 |
| Infrastrutture Wireless Italiane S.p.A. | 17347 | 204 |
| Intesa Sanpaolo S.p.A. | 646985 | 4279 |
| Moncler S.p.A. | 10087 | 592 |
| Nexi S.p.A. | 27252 | 154 |
| Poste Italiane S.p.A. | 19178 | 455 |
| Prysmian S.p.A. | 12558 | 1254 |
|  |  | **13055** |
| **Japan – 5.6%** | **Japan – 5.6%** | **Japan – 5.6%** |
| Aeon Co. Ltd. | 100900 | 1225 |
| Ajinomoto Co., Inc. | 41400 | 1188 |
| ANA Holdings, Inc. | 8800 | 170 |
| Asahi Kasei Corp. | 55000 | 432 |
| Asics Corp. | 31500 | 823 |
| Astellas Pharma, Inc. | 80400 | 877 |
| Bandai Namco Holdings, Inc. | 26700 | 888 |
| Bridgestone Corp. | 25400 | 1175 |
| Capcom Co. Ltd. | 15300 | 417 |
| Dai Nippon Printing Co. Ltd. | 19700 | 335 |
| Daifuku Co. Ltd. | 14800 | 473 |
| Dai-ichi Life Holdings, Inc. | 160700 | 1264 |
| Daiichi Sankyo Co. Ltd. | 77500 | 1735 |
| Daikin Industries Ltd. | 11900 | 1369 |
| Daiwa House Industry Co. Ltd. | 25200 | 906 |
| Daiwa Securities Group, Inc. | 60800 | 493 |
| Eisai Co. Ltd. | 11405 | 383 |
| ENEOS Holdings, Inc. | 122700 | 779 |
| FANUC Corp. | 42400 | 1208 |
| Fast Retailing Co. Ltd. | 8500 | 2581 |
| Fuji Electric Co. Ltd. | 6400 | 437 |
| FUJIFILM Holdings Corp. | 50700 | 1263 |
| Fujitsu Ltd. | 79900 | 1879 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **Japan – 5.6%continued** | **Japan – 5.6%continued** | **Japan – 5.6%continued** |
| Hankyu Hanshin Holdings, Inc. | 10600 | $313 |
| Hitachi Ltd. | 207800 | 5457 |
| Hoya Corp. | 15600 | 2155 |
| Isuzu Motors Ltd. | 24700 | 312 |
| ITOCHU Corp. | 54100 | 3111 |
| JFE Holdings, Inc. | 24400 | 300 |
| Kao Corp. | 21200 | 924 |
| KDDI Corp. | 142500 | 2283 |
| Kikkoman Corp. | 31300 | 265 |
| Kobe Bussan Co. Ltd. | 6900 | 190 |
| Komatsu Ltd. | 43000 | 1496 |
| Konami Group Corp. | 4600 | 664 |
| Kubota Corp. | 43400 | 545 |
| LY Corp. | 120700 | 389 |
| Marubeni Corp. | 64200 | 1602 |
| MatsukiyoCocokara & Co. | 15800 | 321 |
| MEIJI Holdings Co. Ltd. | 10600 | 220 |
| Mitsubishi Chemical Group Corp. | 56800 | 328 |
| Mitsubishi Estate Co. Ltd. | 48400 | 1115 |
| Mitsui Fudosan Co. Ltd. | 120400 | 1315 |
| Mizuho Financial Group, Inc. | 114100 | 3819 |
| &nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 58500 | 1327 |
| NEC Corp. | 58800 | 1880 |
| Nexon Co. Ltd. | 15100 | 332 |
| Nippon Paint Holdings Co. Ltd. | 46700 | 319 |
| Nissin Foods Holdings Co. Ltd. | 7600 | 143 |
| Nitto Denko Corp. | 32600 | 773 |
| Nomura Holdings, Inc. | 134300 | 983 |
| Nomura Research Institute Ltd. | 17076 | 655 |
| Obayashi Corp. | 29800 | 489 |
| Oriental Land Co. Ltd. | 49000 | 1178 |
| ORIX Corp. | 52400 | 1368 |
| Osaka Gas Co. Ltd. | 17200 | 499 |
| Pan Pacific International Holdings Corp. | 86000 | 567 |
| Panasonic Holdings Corp. | 106500 | 1157 |
| Rakuten Group, Inc.\* | 67000 | 434 |
| Recruit Holdings Co. Ltd. | 60500 | 3246 |
| Renesas Electronics Corp. | 76600 | 880 |
| Secom Co. Ltd. | 18800 | 689 |
| Sekisui Chemical Co. Ltd. | 17800 | 331 |
| Sekisui House Ltd. | 27100 | 616 |
| SG Holdings Co. Ltd. | 14000 | 145 |
| Shimadzu Corp. | 11100 | 280 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **200** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **Japan – 5.6%continued** | **Japan – 5.6%continued** | **Japan – 5.6%continued** |
| Shin-Etsu Chemical Co. Ltd. | 75700 | $2477 |
| Shiseido Co. Ltd. | 16900 | 289 |
| SoftBank Corp. | 1301100 | 1914 |
| SoftBank Group Corp. | 43400 | 5512 |
| Sompo Holdings, Inc. | 40700 | 1257 |
| Sony Financial Group, Inc.\* | 279800 | 310 |
| Sony Group Corp. | 279800 | 8029 |
| Subaru Corp. | 26400 | 541 |
| Sumitomo Metal Mining Co. Ltd. | 12100 | 390 |
| Sumitomo Mitsui Financial Group, Inc. | 167400 | 4686 |
| Sumitomo Mitsui Trust Group, Inc. | 29500 | 856 |
| Suntory Beverage & Food Ltd. | 6100 | 191 |
| Sysmex Corp. | 22826 | 283 |
| T&D Holdings, Inc. | 22200 | 543 |
| TDK Corp. | 88500 | 1280 |
| TIS, Inc. | 10700 | 353 |
| Toho Co. Ltd. | 5100 | 328 |
| Tokio Marine Holdings, Inc. | 83700 | 3541 |
| Tokyo Electron Ltd. | 20300 | 3660 |
| Tokyo Gas Co. Ltd. | 14400 | 512 |
| Tokyu Corp. | 23500 | 287 |
| Toray Industries, Inc. | 62000 | 396 |
| Unicharm Corp. | 47800 | 312 |
| West Japan Railway Co. | 18400 | 403 |
| Yamaha Motor Co. Ltd.<sup>†</sup> <br>| 41500 | 312 |
| Yokogawa Electric Corp. | 10700 | 307 |
| Yokohama Financial Group, Inc. | 49000 | 376 |
| ZOZO, Inc. | 22800 | 209 |
|  |  | **107269** |
| **Jersey – 0.0%** | **Jersey – 0.0%** | **Jersey – 0.0%** |
| Aptiv PLC\* | 9836 | **848** |
| **Luxembourg – 0.0%** | **Luxembourg – 0.0%** | **Luxembourg – 0.0%** |
| Eurofins Scientific S.E. | 5761 | **419** |
| **Netherlands – 1.6%** | **Netherlands – 1.6%** | **Netherlands – 1.6%** |
| Akzo Nobel N.V. | 7600 | 541 |
| ASML Holding N.V. | 17903 | 17455 |
| ASR Nederland N.V. | 6348 | 432 |
| ING Groep N.V. | 136896 | 3568 |
| Koninklijke Ahold Delhaize N.V. | 40721 | 1647 |
| Koninklijke KPN N.V. | 170031 | 816 |
| NN Group N.V. | 11850 | 837 |
| NXP Semiconductors N.V. | 11515 | 2622 |
| Randstad N.V. | 5740 | 246 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **Netherlands – 1.6%continued** | **Netherlands – 1.6%continued** | **Netherlands – 1.6%continued** |
| Universal Music Group N.V. | 49263 | $1430 |
| Wolters Kluwer N.V. | 10690 | 1459 |
|  |  | **31053** |
| **New Zealand – 0.1%** | **New Zealand – 0.1%** | **New Zealand – 0.1%** |
| Contact Energy Ltd. | 46792 | 246 |
| Meridian Energy Ltd. | 76116 | 246 |
| Xero Ltd.\* | 7086 | 741 |
|  |  | **1233** |
| **Norway – 0.2%** | **Norway – 0.2%** | **Norway – 0.2%** |
| Aker BP ASA | 12326 | 314 |
| DNB Bank ASA | 39244 | 1072 |
| Equinor ASA | 33162 | 811 |
| Gjensidige Forsikring ASA | 10577 | 311 |
| Mowi ASA | 23279 | 494 |
| Norsk Hydro ASA | 56730 | 384 |
| Orkla ASA | 34169 | 357 |
| Telenor ASA | 24598 | 408 |
|  |  | **4151** |
| **Poland – 0.0%** | **Poland – 0.0%** | **Poland – 0.0%** |
| InPost S.A.\* | 11470 | **141** |
| **Portugal – 0.1%** | **Portugal – 0.1%** | **Portugal – 0.1%** |
| &nbsp;&nbsp; Banco Espirito Santo S.A. <br> (Registered)<sup>(3) \*</sup> <br>| 29034 |  |
| EDP S.A. | 149972 | 712 |
| Galp Energia SGPS S.A. | 22075 | 419 |
| Jeronimo Martins SGPS S.A. | 13504 | 329 |
|  |  | **1460** |
| **Singapore – 0.3%** | **Singapore – 0.3%** | **Singapore – 0.3%** |
| CapitaLand Ascendas REIT | 197000 | 427 |
| CapitaLand Investment Ltd. | 92858 | 194 |
| Grab Holdings Ltd., Class A\* | 117271 | 706 |
| Keppel Ltd. | 65500 | 453 |
| Sembcorp Industries Ltd. | 44000 | 206 |
| Singapore Exchange Ltd. | 40400 | 518 |
| STMicroelectronics N.V. | 30677 | 867 |
| United Overseas Bank Ltd. | 57300 | 1537 |
|  |  | **4908** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| Anglo American PLC | 50307 | **1894** |
| **Spain – 0.6%** | **Spain – 0.6%** | **Spain – 0.6%** |
| &nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 8520 | 682 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **201** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **Spain – 0.6%continued** | **Spain – 0.6%continued** | **Spain – 0.6%continued** |
| Aena SME S.A.<sup>(2)</sup> <br>| 33704 | $923 |
| Amadeus IT Group S.A. | 20123 | 1593 |
| Banco de Sabadell S.A. | 231968 | 901 |
| Cellnex Telecom S.A.\* | 22241 | 771 |
| Endesa S.A. | 13323 | 426 |
| Iberdrola S.A. | 287909 | 5455 |
| Redeia Corp. S.A. | 17631 | 341 |
| Repsol S.A. | 51186 | 908 |
|  |  | **12000** |
| **Sweden – 0.9%** | **Sweden – 0.9%** | **Sweden – 0.9%** |
| AddTech AB, Class B | 12522 | 409 |
| Alfa Laval AB | 12572 | 577 |
| Assa Abloy AB, Class B | 44731 | 1569 |
| Atlas Copco AB, Class A | 119954 | 2043 |
| Atlas Copco AB, Class B | 72742 | 1098 |
| Boliden AB\* | 12158 | 496 |
| Epiroc AB, Class A | 28384 | 599 |
| Epiroc AB, Class B | 19836 | 375 |
| EQT AB | 16681 | 583 |
| Essity AB, Class B | 25791 | 674 |
| Evolution AB | 6387 | 524 |
| H&M Hennes & Mauritz AB, Class B | 28770 | 537 |
| Holmen AB, Class B | 3548 | 135 |
| Indutrade AB | 11663 | 269 |
| Nibe Industrier AB, Class B | 64362 | 255 |
| Sandvik AB | 47426 | 1328 |
| Skanska AB, Class B | 14490 | 378 |
| SKF AB, Class B | 15145 | 378 |
| Svenska Cellulosa AB S.C.A., Class B | 30391 | 403 |
| Svenska Handelsbanken AB, Class A | 66021 | 863 |
| Tele2 AB, Class B | 26667 | 455 |
| Telia Co. AB | 98805 | 377 |
| Volvo AB, Class B | 71754 | 2069 |
|  |  | **16394** |
| **Switzerland – 1.4%** | **Switzerland – 1.4%** | **Switzerland – 1.4%** |
| ABB Ltd. (Registered) | 71561 | 5158 |
| Baloise Holding A.G. (Registered) | 1987 | 492 |
| &nbsp;&nbsp; Banque Cantonale Vaudoise <br> (Registered)<br>| 1740 | 206 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Participation Certificate)<br>| 42 | 644 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Registered)<br>| 5 | 753 |
| DSM-Firmenich A.G. | 8179 | 699 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **Switzerland – 1.4%continued** | **Switzerland – 1.4%continued** | **Switzerland – 1.4%continued** |
| Geberit A.G. (Registered) | 1504 | $1137 |
| Givaudan S.A. (Registered) | 420 | 1712 |
| Julius Baer Group Ltd. | 9226 | 642 |
| &nbsp;&nbsp; Kuehne + Nagel International A.G. <br> (Registered)<br>| 2021 | 378 |
| Logitech International S.A. (Registered) | 6737 | 742 |
| Lonza Group A.G. (Registered) | 3174 | 2130 |
| SGS S.A. (Registered) | 7552 | 786 |
| SIG Group A.G.\* | 17001 | 176 |
| Sika A.G. (Registered) | 6765 | 1516 |
| Sonova Holding A.G. (Registered) | 2169 | 594 |
| Swiss Life Holding A.G. (Registered) | 1289 | 1389 |
| Swiss Prime Site A.G. (Registered) | 3978 | 557 |
| Swisscom A.G. (Registered) | 1159 | 841 |
| VAT Group A.G. | 1384 | 551 |
| Zurich Insurance Group A.G. | 6706 | 4787 |
|  |  | **25890** |
| **United Kingdom – 3.2%** | **United Kingdom – 3.2%** | **United Kingdom – 3.2%** |
| 3i Group PLC | 44115 | 2432 |
| Admiral Group PLC | 13185 | 596 |
| Ashtead Group PLC | 19241 | 1293 |
| Associated British Foods PLC | 16724 | 461 |
| AstraZeneca PLC | 70416 | 10756 |
| Auto Trader Group PLC | 44560 | 473 |
| Aviva PLC | 135151 | 1252 |
| Barratt Redrow PLC | 68470 | 360 |
| BT Group PLC | 271628 | 699 |
| Bunzl PLC | 16134 | 509 |
| Coca-Cola Europacific Partners PLC | 10471 | 947 |
| DCC PLC | 4212 | 272 |
| HSBC Holdings PLC | 792279 | 11183 |
| Informa PLC | 57894 | 715 |
| Intertek Group PLC | 6504 | 416 |
| J Sainsbury PLC | 89164 | 401 |
| Kingfisher PLC | 82304 | 344 |
| Land Securities Group PLC | 28547 | 224 |
| Legal & General Group PLC | 246666 | 793 |
| Lloyds Banking Group PLC | 2720127 | 3064 |
| M&G PLC | 109790 | 375 |
| Melrose Industries PLC | 60635 | 500 |
| National Grid PLC | 221616 | 3195 |
| Pearson PLC | 27401 | 389 |
| Phoenix Group Holdings PLC | 35856 | 311 |
| Reckitt Benckiser Group PLC | 30592 | 2363 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **202** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 3.2%continued** | **United Kingdom – 3.2%continued** | **United Kingdom – 3.2%continued** |
| RELX PLC (London Exchange) | 82874 | $3958 |
| Rentokil Initial PLC | 115095 | 582 |
| Sage Group (The) PLC | 43361 | 644 |
| Schroders PLC | 31979 | 162 |
| Segro PLC | 58450 | 517 |
| Smiths Group PLC | 14034 | 448 |
| Spirax Group PLC | 3544 | 327 |
| SSE PLC | 49019 | 1149 |
| Tesco PLC | 298315 | 1788 |
| Unilever PLC | 111067 | 6565 |
| Vodafone Group PLC | 859670 | 997 |
| Whitbread PLC | 9195 | 400 |
| WPP PLC | 57265 | 286 |
|  |  | **62146** |
| **United States – 72.9%** | **United States – 72.9%** | **United States – 72.9%** |
| 3M Co. | 24469 | 3797 |
| Adobe, Inc.\* | 19250 | 6790 |
| Advanced Micro Devices, Inc.\* | 73580 | 11905 |
| Aflac, Inc. | 23424 | 2616 |
| Agilent Technologies, Inc. | 12777 | 1640 |
| Akamai Technologies, Inc.\* | 7012 | 531 |
| Albertsons Cos., Inc., Class A | 17645 | 309 |
| Alcon A.G. | 22536 | 1688 |
| Align Technology, Inc.\* | 3508 | 439 |
| Allegion PLC | 3793 | 673 |
| Allstate (The) Corp. | 12082 | 2593 |
| Alnylam Pharmaceuticals, Inc.\* | 5928 | 2703 |
| Alphabet, Inc., Class A | 264266 | 64243 |
| Alphabet, Inc., Class C | 223533 | 54441 |
| American Express Co. | 25464 | 8458 |
| American Tower Corp. | 21260 | 4089 |
| American Water Works Co., Inc. | 8737 | 1216 |
| Ameriprise Financial, Inc. | 4287 | 2106 |
| Amgen, Inc. | 24472 | 6906 |
| Analog Devices, Inc. | 22570 | 5545 |
| Annaly Capital Management, Inc. | 26557 | 537 |
| Applied Materials, Inc. | 36405 | 7454 |
| Arch Capital Group Ltd. | 17049 | 1547 |
| Atlassian Corp., Class A\* | 7499 | 1198 |
| Atmos Energy Corp. | 7041 | 1202 |
| Autodesk, Inc.\* | 9729 | 3091 |
| Automatic Data Processing, Inc. | 18544 | 5443 |
| AutoZone, Inc.\* | 776 | 3329 |
| Avery Dennison Corp. | 3934 | 638 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| Axon Enterprise, Inc.\* | 3365 | $2415 |
| Baker Hughes Co. | 45310 | 2208 |
| Ball Corp. | 11435 | 577 |
| Bank of New York Mellon (The) Corp. | 32507 | 3542 |
| Best Buy Co., Inc. | 8994 | 680 |
| Biogen, Inc.\* | 6732 | 943 |
| Blackrock, Inc. | 6746 | 7865 |
| Booking Holdings, Inc. | 1491 | 8050 |
| Bristol-Myers Squibb Co. | 92544 | 4174 |
| Broadridge Financial Solutions, Inc. | 5278 | 1257 |
| Bunge Global S.A. | 6956 | 565 |
| Burlington Stores, Inc.\* | 3022 | 769 |
| BXP, Inc. | 6573 | 489 |
| C.H. Robinson Worldwide, Inc. | 5393 | 714 |
| Cadence Design Systems, Inc.\* | 12430 | 4366 |
| Capital One Financial Corp. | 29008 | 6167 |
| Carrier Global Corp. | 34920 | 2085 |
| Caterpillar, Inc. | 21373 | 10198 |
| Cboe Global Markets, Inc. | 4979 | 1221 |
| CBRE Group, Inc., Class A\* | 13435 | 2117 |
| Cencora, Inc. | 8352 | 2610 |
| Charles Schwab (The) Corp. | 78357 | 7481 |
| Charter Communications, Inc., Class A\* | 4034 | 1110 |
| Cheniere Energy, Inc. | 10057 | 2363 |
| Church & Dwight Co., Inc. | 10855 | 951 |
| Cigna Group (The) | 12179 | 3511 |
| Cintas Corp. | 16537 | 3394 |
| Citizens Financial Group, Inc. | 19598 | 1042 |
| Clorox (The) Co. | 5416 | 668 |
| CMS Energy Corp. | 12847 | 941 |
| CNH Industrial N.V. | 43031 | 467 |
| Coca-Cola (The) Co. | 185487 | 12302 |
| Colgate-Palmolive Co. | 34574 | 2764 |
| Comcast Corp., Class A | 169759 | 5334 |
| Consolidated Edison, Inc. | 16083 | 1617 |
| Cooper (The) Cos., Inc.\* | 9173 | 629 |
| CRH PLC | 30664 | 3677 |
| Crown Castle, Inc. | 19555 | 1887 |
| CSL Ltd. | 21818 | 2866 |
| CSX Corp. | 85389 | 3032 |
| Cummins, Inc. | 6262 | 2645 |
| D.R. Horton, Inc. | 12459 | 2111 |
| Danaher Corp. | 29249 | 5799 |
| Darden Restaurants, Inc. | 5248 | 999 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **203** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| DaVita, Inc.\* | 2077 | $276 |
| Deckers Outdoor Corp.\* | 7252 | 735 |
| Deere & Co. | 11710 | 5355 |
| Delta Air Lines, Inc. | 7131 | 405 |
| Dexcom, Inc.\* | 17682 | 1190 |
| Dick's Sporting Goods, Inc. | 2988 | 664 |
| Digital Realty Trust, Inc. | 15312 | 2647 |
| Docusign, Inc.\* | 9115 | 657 |
| Dollar General Corp. | 9958 | 1029 |
| Dover Corp. | 6050 | 1009 |
| Eaton Corp. PLC | 17752 | 6644 |
| eBay, Inc. | 20844 | 1896 |
| Ecolab, Inc. | 11566 | 3167 |
| Edison International | 17562 | 971 |
| Edwards Lifesciences Corp.\* | 26487 | 2060 |
| Electronic Arts, Inc. | 10806 | 2180 |
| Elevance Health, Inc. | 10245 | 3310 |
| Eli Lilly & Co. | 36610 | 27933 |
| EMCOR Group, Inc. | 2027 | 1317 |
| Equinix, Inc. | 4475 | 3505 |
| Equitable Holdings, Inc. | 13447 | 683 |
| Essential Utilities, Inc. | 13807 | 551 |
| Estee Lauder (The) Cos., Inc., Class A | 10553 | 930 |
| Eversource Energy | 16556 | 1178 |
| Exelon Corp. | 45712 | 2058 |
| &nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 6151 | 754 |
| FactSet Research Systems, Inc. | 1732 | 496 |
| Fair Isaac Corp.\* | 1107 | 1657 |
| Ferguson Enterprises, Inc. | 8910 | 2001 |
| Ferrovial S.E. | 23188 | 1335 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 23780 | 1568 |
| First Solar, Inc.\* | 4636 | 1022 |
| Fiserv, Inc.\* | 25133 | 3240 |
| Fortive Corp. | 14451 | 708 |
| Fox Corp., Class A | 9488 | 598 |
| Fox Corp., Class B | 6954 | 398 |
| Garmin Ltd. | 7398 | 1822 |
| Gartner, Inc.\* | 3722 | 978 |
| General Electric Co. | 48459 | 14577 |
| General Mills, Inc. | 23905 | 1205 |
| Genuine Parts Co. | 6233 | 864 |
| Gilead Sciences, Inc. | 56594 | 6282 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| Graco, Inc. | 7351 | $625 |
| Halliburton Co. | 40195 | 989 |
| Hartford Insurance Group (The), Inc. | 12845 | 1713 |
| HCA Healthcare, Inc. | 8233 | 3509 |
| Healthpeak Properties, Inc. | 33967 | 650 |
| Hewlett Packard Enterprise Co. | 59678 | 1466 |
| Hilton Worldwide Holdings, Inc. | 10710 | 2779 |
| Hologic, Inc.\* | 9982 | 674 |
| Home Depot (The), Inc. | 45209 | 18318 |
| Hormel Foods Corp. | 14761 | 365 |
| HP, Inc. | 42958 | 1170 |
| Hubbell, Inc. | 2393 | 1030 |
| HubSpot, Inc.\* | 2255 | 1055 |
| Humana, Inc. | 5487 | 1428 |
| Huntington Bancshares, Inc. | 67329 | 1163 |
| IDEX Corp. | 3291 | 536 |
| IDEXX Laboratories, Inc.\* | 3666 | 2342 |
| Illinois Tool Works, Inc. | 12702 | 3312 |
| Incyte Corp.\* | 7292 | 618 |
| Ingersoll Rand, Inc. | 17959 | 1484 |
| Insulet Corp.\* | 3401 | 1050 |
| Intel Corp.\* | 198163 | 6648 |
| Intercontinental Exchange, Inc. | 25982 | 4377 |
| International Business Machines Corp. | 42219 | 11913 |
| International Flavors & Fragrances, Inc. | 12566 | 773 |
| International Paper Co. | 22615 | 1049 |
| Intuit, Inc. | 12670 | 8652 |
| IQVIA Holdings, Inc.\* | 7795 | 1481 |
| Iron Mountain, Inc. | 13364 | 1362 |
| J.M. Smucker (The) Co. | 4727 | 513 |
| James Hardie Industries PLC - CDI\* | 27765 | 517 |
| JB Hunt Transport Services, Inc. | 3853 | 517 |
| Johnson & Johnson | 109330 | 20272 |
| Johnson Controls International PLC | 29804 | 3277 |
| Kellanova | 12315 | 1010 |
| Kenvue, Inc. | 87802 | 1425 |
| Keurig Dr. Pepper, Inc. | 58354 | 1489 |
| KeyCorp | 41894 | 783 |
| Keysight Technologies, Inc.\* | 7725 | 1351 |
| Kimberly-Clark Corp. | 15037 | 1870 |
| Kroger (The) Co. | 28506 | 1922 |
| Labcorp Holdings, Inc. | 3766 | 1081 |
| Lam Research Corp. | 58099 | 7779 |
| Lennox International, Inc. | 1438 | 761 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **204** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| Linde PLC | 21457 | $10192 |
| Lowe's Cos., Inc. | 25448 | 6395 |
| LPL Financial Holdings, Inc. | 3673 | 1222 |
| Lululemon Athletica, Inc.\* | 5174 | 921 |
| LyondellBasell Industries N.V., Class A | 11765 | 577 |
| Marathon Petroleum Corp. | 13982 | 2695 |
| Marsh & McLennan Cos., Inc. | 22510 | 4536 |
| Martin Marietta Materials, Inc. | 2742 | 1728 |
| Marvell Technology, Inc. | 39031 | 3281 |
| Mastercard, Inc., Class A | 38931 | 22144 |
| McCormick & Co., Inc. (Non Voting) | 11174 | 748 |
| McDonald's Corp. | 32455 | 9863 |
| Merck & Co., Inc. | 114005 | 9568 |
| Mettler-Toledo International, Inc.\* | 969 | 1190 |
| Microsoft Corp. | 321005 | 166265 |
| Molina Healthcare, Inc.\* | 2520 | 482 |
| Monster Beverage Corp.\* | 33135 | 2230 |
| Moody's Corp. | 7327 | 3491 |
| Morgan Stanley | 54453 | 8656 |
| Nasdaq, Inc.<sup>(4)</sup> <br>| 19086 | 1688 |
| NetApp, Inc. | 9076 | 1075 |
| Neurocrine Biosciences, Inc.\* | 4575 | 642 |
| Newmont Corp. | 49976 | 4214 |
| NiSource, Inc. | 20861 | 903 |
| Northern Trust Corp.<sup>(4)</sup> <br>| 8962 | 1207 |
| Novartis A.G. (Registered) | 86374 | 11107 |
| NRG Energy, Inc. | 8866 | 1436 |
| Nucor Corp. | 10472 | 1418 |
| NVIDIA Corp. | 1108990 | 206915 |
| NVR, Inc.\* | 132 | 1061 |
| Old Dominion Freight Line, Inc. | 8614 | 1213 |
| Omnicom Group, Inc. | 8327 | 679 |
| ONEOK, Inc. | 28119 | 2052 |
| O'Reilly Automotive, Inc.\* | 38776 | 4180 |
| Owens Corning | 3826 | 541 |
| Palo Alto Networks, Inc.\* | 30242 | 6158 |
| Paychex, Inc. | 14574 | 1847 |
| PayPal Holdings, Inc.\* | 41533 | 2785 |
| Pentair PLC | 7261 | 804 |
| PepsiCo, Inc. | 62200 | 8735 |
| Phillips 66 | 18566 | 2525 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 18089 | 3635 |
| Pool Corp. | 1609 | 499 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| PPG Industries, Inc. | 10038 | $1055 |
| Principal Financial Group, Inc. | 10418 | 864 |
| Procter & Gamble (The) Co. | 106595 | 16378 |
| Progressive (The) Corp. | 26651 | 6581 |
| Prologis, Inc. | 42067 | 4818 |
| Prudential Financial, Inc. | 16245 | 1685 |
| PTC, Inc.\* | 5456 | 1108 |
| PulteGroup, Inc. | 8986 | 1187 |
| QIAGEN N.V. | 10434 | 463 |
| Quanta Services, Inc. | 6741 | 2794 |
| Quest Diagnostics, Inc. | 5045 | 962 |
| Raymond James Financial, Inc. | 8660 | 1495 |
| Regions Financial Corp. | 40766 | 1075 |
| Revvity, Inc. | 5336 | 468 |
| Rivian Automotive, Inc., Class A<sup>\* †</sup> <br>| 36209 | 532 |
| Rockwell Automation, Inc. | 5091 | 1779 |
| Royalty Pharma PLC, Class A | 18674 | 659 |
| S&P Global, Inc. | 14247 | 6934 |
| Salesforce, Inc. | 43333 | 10270 |
| SBA Communications Corp. | 4843 | 936 |
| Schlumberger N.V. | 68330 | 2348 |
| Schneider Electric S.E. | 24913 | 7033 |
| Seagate Technology Holdings PLC | 9658 | 2280 |
| Sempra | 29427 | 2648 |
| ServiceNow, Inc.\* | 9402 | 8653 |
| Smurfit WestRock PLC | 9886 | 421 |
| &nbsp;&nbsp; Smurfit WestRock PLC (London Stock <br> Exchange)<br>| 13746 | 580 |
| Solventum Corp.\* | 7495 | 547 |
| Spotify Technology S.A.\* | 6950 | 4851 |
| State Street Corp. | 12656 | 1468 |
| Steel Dynamics, Inc. | 6539 | 912 |
| STERIS PLC | 4430 | 1096 |
| Swiss Re A.G. | 13616 | 2523 |
| Synchrony Financial | 17054 | 1212 |
| Synopsys, Inc.\* | 8424 | 4156 |
| Sysco Corp. | 21990 | 1811 |
| T. Rowe Price Group, Inc. | 9975 | 1024 |
| Take-Two Interactive Software, Inc.\* | 8295 | 2143 |
| Targa Resources Corp. | 9804 | 1643 |
| Target Corp. | 20322 | 1823 |
| Tesla, Inc.\* | 131730 | 58583 |
| Texas Instruments, Inc. | 41243 | 7578 |
| TJX (The) Cos., Inc. | 50479 | 7296 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **205** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.9%** <sup>(1)</sup>**continued**  |
| **United States – 72.9%continued** | **United States – 72.9%continued** | **United States – 72.9%continued** |
| Tractor Supply Co. | 23860 | $1357 |
| Trane Technologies PLC | 10124 | 4272 |
| TransUnion | 8838 | 740 |
| Travelers (The) Cos., Inc. | 10318 | 2881 |
| Trimble, Inc.\* | 10721 | 875 |
| Truist Financial Corp. | 59633 | 2726 |
| Twilio, Inc., Class A\* | 6877 | 688 |
| U.S. Bancorp | 71165 | 3439 |
| Ulta Beauty, Inc.\* | 2054 | 1123 |
| Union Pacific Corp. | 27023 | 6387 |
| United Parcel Service, Inc., Class B | 33083 | 2763 |
| United Rentals, Inc. | 2955 | 2821 |
| Valero Energy Corp. | 14258 | 2428 |
| Veeva Systems, Inc., Class A\* | 7033 | 2095 |
| Veralto Corp. | 11102 | 1184 |
| Verizon Communications, Inc. | 192001 | 8438 |
| Vertex Pharmaceuticals, Inc.\* | 11680 | 4574 |
| Visa, Inc., Class A | 77780 | 26553 |
| W.W. Grainger, Inc. | 2083 | 1985 |
| Walt Disney (The) Co. | 81633 | 9347 |
| Waters Corp.\* | 2894 | 868 |
| Welltower, Inc. | 29649 | 5282 |
| West Pharmaceutical Services, Inc. | 3236 | 849 |
| Western Digital Corp. | 15787 | 1895 |
| Weyerhaeuser Co. | 33673 | 835 |
| Williams (The) Cos., Inc. | 55598 | 3522 |
| Williams-Sonoma, Inc. | 5575 | 1090 |
| Willis Towers Watson PLC | 4627 | 1598 |
| Workday, Inc., Class A\* | 9721 | 2340 |
| Xylem, Inc. | 10942 | 1614 |
| Yum! Brands, Inc. | 12537 | 1906 |
| Zimmer Biomet Holdings, Inc. | 8898 | 876 |
| Zoetis, Inc. | 20108 | 2942 |
| Zscaler, Inc.\* | 4562 | 1367 |
|  |  | **1398517** |
| **Total Common Stocks** |  |  |
| **(Cost $931,715)** |  | **1896741** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **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, 2.97%<sup>(5)</sup> <br>| 6524 | $526 |
| Sartorius A.G., 0.38%<sup>(5)</sup> <br>| 1341 | 312 |
|  |  | **838** |
| **Total Preferred Stocks** |  |  |
| **(Cost $789)** |  | **838** |
| **RIGHTS – 0.0%**  |  |  |
| **United States – 0.0%** |  |  |
| &nbsp;&nbsp; ABIOMED, Inc. (Contingent Value <br> Rights)<sup>(3) \*</sup> <br>| 2380 | **—** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **—** |
| **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(6) (7)</sup> <br>| 10357390 | 10357 |
| **Total Investment Companies** |  |  |
| **(Cost $10,357)** |  | **10357** |
| **Total Investments – 99.5%** |  |  |
| **(Cost $942,861)** |  | **1907936** |
| Other Assets less Liabilities – 0.5% |  | 10430 |
| **Net Assets – 100.0%** |  | **$1918366** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At September 30,* <br> *2025, the value of these securities amounted to approximately $1,355,000* <br> *or 0.1% of net assets.*<br>|
| <sup>(3)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(4)</sup> <br>| *Investment in affiliate.* |
| <sup>(5)</sup> <br>| *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(6)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(7)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| CDI – CREST Depository Interest |
| FTSE – Financial Times Stock Exchange |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **206** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| |
|:---|
| S&P – Standard & Poor's |
| SPI – Standardized Precipitation Index |

---

*Percentages shown are based on Net Assets.* 

At September 30, 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>| 174 | United States <br> Dollar<br>| 116 | 12/17/25 | $1 |
| Bank of Montreal | New Zealand <br> Dollar<br>| 124 | United States <br> Dollar<br>| 74 | 12/17/25 | 2 |
| BNP Paribas | Hong Kong <br> Dollar<br>| 391 | United States <br> Dollar<br>| 50 | 12/17/25 | —\* |
| BNP Paribas | Swedish Krona | 168 | United States <br> Dollar<br>| 18 | 12/17/25 | —\* |
| JPMorgan Chase | United States <br> Dollar<br>| 267 | Euro | 227 | 12/17/25 | —\* |
| Morgan Stanley | Canadian <br> Dollar<br>| 144 | United States <br> Dollar<br>| 105 | 12/17/25 | 1 |
| Morgan Stanley | Danish Krone | 734 | United States <br> Dollar<br>| 116 | 12/17/25 | —\* |
| Morgan Stanley | Euro | 270 | United States <br> Dollar<br>| 320 | 12/17/25 | 1 |
| Morgan Stanley | Swiss Franc | 567 | United States <br> Dollar<br>| 719 | 12/17/25 | 1 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 6 |
| Bank of Montreal | United States <br> Dollar<br>| 780 | Canadian <br> Dollar<br>| 1077 | 12/17/25 | (4)<br>|
| Goldman Sachs | Japanese Yen | 167050 | United States <br> Dollar<br>| 1132 | 12/17/25 | (6)<br>|
| JPMorgan Chase | United States <br> Dollar<br>| 270 | British Pound | 199 | 12/17/25 | (2)<br>|
| JPMorgan Chase | United States <br> Dollar<br>| 1065 | Japanese Yen | 155497 | 12/17/25 | (5)<br>|
| Morgan Stanley | Canadian <br> Dollar<br>| 500 | United States <br> Dollar<br>| 360 | 12/17/25 | (—)\*<br>|
| Morgan Stanley | Euro | 250 | United States <br> Dollar<br>| 295 | 12/17/25 | (—)\*<br>|
| UBS | United States <br> Dollar<br>| 103 | Australian <br> Dollar<br>| 155 | 12/17/25 | (—)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (17)<br>|
| Total |  |  |  |  |  | $(11)<br>|

---

*\** *Amount rounds to less than one thousand.*

At September 30, 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>| 42 | $14151 | Long | 12/25 | $191 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>| 30 | $1952 | Long | 12/25 | $35 |
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 6 | 759 | Long | 12/25 | 6 |
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 4 | 587 | Long | 12/25 | (3)<br>|
| &nbsp;&nbsp; Topix Index <br> (Japanese <br> Yen)<br>| 5 | 1062 | Long | 12/25 | 7 |
| Total |  |  |  |  | $236 |

---

<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 September 30, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Information Technology | 29.6<br> %<br>|
| Financials | 15.6 |
| Industrials | 10.3 |
| Consumer Discretionary | 9.9 |
| Health Care | 9.5 |
| Communication Services | 9.3 |
| Consumer Staples | 5.1 |
| Materials | 3.6 |
| Energy | 2.2 |
| Real Estate | 2.0 |
| Utilities | 1.8 |
| Short-Term Investments | 0.6 |
| Total Investments | 99.5 |
| Other Assets less Liabilities | 0.5 |
| Net Assets | 100.0<br> %<br>|

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **207** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **WORLD SELECTION INDEX FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

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 September 30, 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 September 30, 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; $7229 | &nbsp;&nbsp; $336 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7565 |
| Canada | &nbsp;&nbsp; 61604 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61604 |
| Chile | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 655 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1138 |
| &nbsp;&nbsp; Congo, The Democ. <br> Rep. of<br>| &nbsp;&nbsp; 398 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 398 |
| Hong Kong | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 11550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11849 |
| Ireland | &nbsp;&nbsp; 7917 | &nbsp;&nbsp; 1354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9271 |
| Japan | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 106959 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107269 |
| Jersey | &nbsp;&nbsp; 848 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 848 |
| Netherlands | &nbsp;&nbsp; 2622 | &nbsp;&nbsp; 28431 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31053 |
| Singapore | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 4202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4908 |
| United Kingdom | &nbsp;&nbsp; 947 | &nbsp;&nbsp; 61199 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62146 |
| United States | &nbsp;&nbsp; 1370405 | &nbsp;&nbsp; 28112 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1398517 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 200175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 200175 |
| Total Common Stocks | &nbsp;&nbsp; 1453768 | &nbsp;&nbsp; 442973 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1896741 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 838 | &nbsp;&nbsp; — | &nbsp;&nbsp; 838 |
| Investment Companies | &nbsp;&nbsp; 10357 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10357 |
| Total Investments | &nbsp;&nbsp; $1464125 | &nbsp;&nbsp; $443811 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1907936 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6 |
| Futures Contracts | &nbsp;&nbsp; 239 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 239 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (17)<br>|
| Futures Contracts | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $236 | &nbsp;&nbsp; $(11)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $225 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **208** NORTHERN FUNDS SEMIANNUAL REPORT

------

**EQUITY FUNDS** <br>

---

| | |
|:---|:---|
| **Notes to the financial statements**  | **September 30, 2025 (UNAUDITED)** |

---

&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 48 funds as of September 30, 2025. 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 Funds (each a "Fund" and collectively, the "Funds") are separate, diversified investment portfolios of the Trust. Each of the Funds is presented herein and has its own investment objective (e.g., long-term capital appreciation or total return).

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 each Fund and as securities lending agent to each Fund except for the Global Tactical Asset Allocation Fund. 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

NORTHERN FUNDS SEMIANNUAL REPORT **209** EQUITY FUNDS

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**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <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) SECURITIES LENDING** In order to generate additional income, the Funds (other than the Global Tactical Asset Allocation Fund) may lend securities to banks, brokers and dealers or other qualified institutions. In exchange, the borrower provides initial collateral having an initial market value of not less than 102% of the market value of the borrowed securities (105% of the market value of the borrowed securities, if the borrowed securities or the collateral are not denominated in U.S. Dollars). Collateral is maintained in an amount at least equal to the current market value of the securities loaned. This collateral is marked-to-market on a daily basis.

Securities lending may represent no more than one-third of the value of a Fund's total assets (including the loan collateral).

Pursuant to an exemptive order issued by the SEC, Northern Trust (the "Securities Lending Agent"), an affiliate of the Investment Adviser, renders securities lending services to the Funds. For such services, Northern Trust receives a percentage of securities lending revenue generated for the Funds. In addition, cash collateral received by the Funds in connection with a securities loan may be invested in shares of other registered or unregistered money market funds that comply with Rule 2a-7 under the 1940 Act, including money market funds that pay investment advisory or other fees to NTI, Northern Trust, or an affiliate. See Note 6 for more information.

Collateral for loans of portfolio securities made by a Fund may consist of cash, cash equivalents, or securities issued or guaranteed by the U.S. government or its agencies (or any combination thereof). Any cash collateral received by a Fund in connection with these loans may be invested in a variety of short-term investments, either directly or indirectly through

registered or unregistered money market funds that comply with Rule 2a-7 under the 1940 Act, including money market funds managed by NTI.

When a Fund lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the investment of the cash collateral. The market value of securities on loan and the value of investments made with cash collateral received are disclosed in the Schedules of Investments. Non-cash collateral received is not recorded as an asset in the Funds' financial statements because the Funds do not obtain ownership or exercise effective control over such collateral. Securities lending income represents the Funds' net revenue from the securities lending program, including income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the Funds, and other related expenses. The net amount earned from cash collateral invested in money market funds managed by NTI is reflected in the Statements of Operations under Dividend income from investments in affiliates, while the net amount earned from non-cash collateral is reflected in the Statements of Operations under Income from securities loaned (net of fees). The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day.

A Fund will have the right to terminate a loan at any time and recall the loaned securities within the normal and customary settlement time for securities transactions. A Fund does not have the right to vote securities on loan, but loans may be called so that the securities may be voted by a Fund in accordance with policies and procedures approved by the Board and NTI. A borrower might become insolvent or refuse to honor its obligation to return the securities. In the event of a default by a borrower with respect to any loan, the Securities Lending Agent will exercise any and all remedies provided under the applicable borrower agreement. These remedies include purchasing replacement securities for the Fund by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If the proceeds from the collateral are less than the purchase cost of the replacement securities, the Securities Lending Agent is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Authorization Agreement. In this event, a Fund could experience delays in recovering its securities and possibly may incur a capital loss. Each Fund will be responsible for any loss that might result from its investment of the cash collateral it receives from a borrower.

EQUITY FUNDS **210** NORTHERN FUNDS SEMIANNUAL REPORT

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**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

Information with respect to the securities lending activities and fees earned by Northern Trust during the six months ended September 30, 2025, are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | FAIR VALUE OF<br> OF SECURITIES<br> LOANED<br>| CASH<br> COLLATERAL<br> RECEIVED<br>| NON-CASH<br> COLLATERAL<br> RECEIVED<br>| FEES EARNED |
| &nbsp;&nbsp; Active M Emerging <br> Markets Equity<br>| $1500 | $1682 | $— | $—\* |
| &nbsp;&nbsp; Active M <br> International <br> Equity<br>| 1371 | 1036 | 430 | —\* |
| &nbsp;&nbsp; Emerging Markets <br> Equity Index<br>| 9697 | 2000 | 8307 | 3 |
| &nbsp;&nbsp; Global Real Estate <br> Index<br>| 6891 | 6458 | 774 | 2 |
| Income Equity | 2005 | 2079 |  | —\* |
| International Equity |  |  |  | —\* |
| &nbsp;&nbsp; International Equity <br> Index<br>| 26682 | 8046 | 20162 | 4 |
| Large Cap Core |  |  |  | —\* |
| Large Cap Value | 842 | 856 |  | —\* |
| Mid Cap Index | 44604 | 45468 | 645 | 6 |
| &nbsp;&nbsp; Multi-Manager <br> Global Listed <br> Infrastructure<br>| 1073 | 1127 |  | 19 |
| &nbsp;&nbsp; Multi-Manager <br> Global Real <br> Estate<br>| 975 | 998 |  | —\* |
| Small Cap Core | 18083 | 18411 | 360 | 29 |
| Small Cap Index | 128235 | 129687 | 2821 | 89 |
| Small Cap Value | 25006 | 25505 | 737 | 42 |
| Stock Index | 10081 | 3681 | 6574 | 1 |
| U.S. Quality ESG |  |  |  | —\* |
| &nbsp;&nbsp; World Selection <br> Index<br>| 833 |  | 883 | —\* |

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\* *Amount rounds to less than one thousand.*

The Funds' securities lending transactions are accounted for as secured borrowings and have an overnight and continuous contractual maturity. The gross amounts of recognized liabilities for securities lending transactions outstanding as of

September 30, 2025, are disclosed as Payable upon return of securities loaned on the Statements of Assets and Liabilities, where applicable.

As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan in the Funds. Refer to the Fund's Schedule of Investments for details on the securities out on loan. Additional information about master netting arrangements can be found in Note 10.

Securities lending agreements may be subject to regulation as qualified financial contracts ("QFCs"). QFCs include, but are not limited to, securities contracts, commodities contracts, forward contracts, repurchase agreements, securities lending agreements and swaps agreements, as well as related master agreements, security agreements, credit enhancements, and reimbursement obligations. Regulations adopted by federal banking regulators under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which took effect in 2019, require that certain QFCs with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. If a covered counterparty of a Fund or certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact a Fund's credit and counterparty risks. The remaining maturities of the securities lending transactions are considered overnight and continuous.

**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) 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

NORTHERN FUNDS SEMIANNUAL REPORT **211** EQUITY FUNDS

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**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

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.

**E) 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.

**F) 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.

**G) 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

EQUITY FUNDS **212** NORTHERN FUNDS SEMIANNUAL REPORT

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**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

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.

**H) 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.

**I) 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.

Redemption fees for the six months ended September 30, 2025, were as follows:

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| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| Active M International Equity | $1 |
| Emerging Markets Equity Index | (2) |
| Global Real Estate Index | —\* |
| International Equity | 1 |

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| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| International Equity Index | $40 |
| Multi-Manager Global Listed Infrastructure | 1 |
| World Selection Index | 1 |

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<sup>\*</sup> *Amounts round to less than one thousand.*

Redemption fees for the fiscal year ended March 31, 2025, were as follows:

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| | |
|:---|:---|
| *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 |

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<sup>\*</sup> *Amounts round to less than one thousand.*

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 periods. There were no redemption fees paid for the six months ended September 30, 2025, for the Active M Emerging Markets Equity and Multi-Manager Global Real Estate Funds, and for the fiscal year ended March 31, 2025, for the Active M Emerging Markets Equity and Multi-Manager Global Real Estate Funds.

**J) DISTRIBUTIONS TO SHAREHOLDERS** Distributions of dividends from net investment income, if any, are declared and paid as follows:

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| | |
|:---|:---|
|  | 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 |
| 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 |

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NORTHERN FUNDS SEMIANNUAL REPORT **213** EQUITY FUNDS

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**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

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| | |
|:---|:---|
|  | DECLARATION AND<br> PAYMENT FREQUENCY<br>|
| Small Cap Index | Annually |
| Small Cap Value | Annually |
| Stock Index | Quarterly |
| U.S. Quality ESG | Quarterly |
| World Selection Index | Annually |

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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:

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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 |
| &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 |

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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 |
| &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 |

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\* *Amount rounds to less than one thousand.*

**K) 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 Funds incurred net capital losses and/or late year ordinary losses for which the Funds intend to treat as having been incurred in the following fiscal year:

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| | |
|:---|:---|
| *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 |

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EQUITY FUNDS **214** NORTHERN FUNDS SEMIANNUAL REPORT

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**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

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:

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| | | |
|:---|:---|:---|
| *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 |
| &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 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | UNDISTRIBUTED | UNDISTRIBUTED |  |
| *Amounts in thousands* | ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| UNREALIZED <br> GAINS (LOSSES)<br>|
| 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 |  |
| 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, 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.* 

NORTHERN FUNDS SEMIANNUAL REPORT **215** EQUITY FUNDS

------

**EQUITY 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  |
| *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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**L) 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 six months ended September 30, 2025.

EQUITY FUNDS **216** NORTHERN FUNDS SEMIANNUAL REPORT

------

**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the six months ended September 30, 2025.

**4. BANK BORROWINGS** 

The Trust and Northern Institutional Funds, a registered investment company also advised by NTI, jointly entered into a $185,000,000 senior unsecured revolving credit facility on November 8, 2024, 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.

During the six months ended September 30, 2025, the following Funds had borrowings with the average loan amounts and weighted average interest rates as disclosed below:

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | DOLLAR<br> AMOUNT<br>| RATE |
| Global Real Estate Index | $3391 | 5.42<br> %<br>|
| Income Equity | 5200 | 5.43 |
| International Equity | 167 | 5.40 |
| International Equity Index | 1500 | 5.43 |
| Large Cap Core | 100 | 5.46 |
| Large Cap Value | 400 | 5.42 |
| Small Cap Value | 46400 | 5.44 |

---

No other Funds had any borrowings or incurred any interest expense during the six months ended September 30, 2025. No Funds had any outstanding loan amounts at September 30, 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.

NORTHERN FUNDS SEMIANNUAL REPORT **217** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

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 September 30, 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>|
| 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>|

---

The contractual reimbursement arrangements described above may not be terminated before July 31, 2026 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 September 30, 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 September 30, 2025, AllianceBernstein L.P., Causeway 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 September 30, 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 September 30, 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.

EQUITY FUNDS **218** NORTHERN FUNDS SEMIANNUAL REPORT

------

**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

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 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 September 30, 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.

Each Fund that participates in securities lending may invest cash collateral received in Northern Institutional Funds Liquid Assets Portfolio ("Liquid Assets Portfolio"), a money market fund advised by NTI. Accordingly, each Fund bears indirectly a proportionate share of Liquid Assets Portfolio's operating expenses. These operating expenses include the management, transfer agent and custody fees that Liquid Assets Portfolio pays to NTI or its affiliates. At September 30, 2025, certain Funds held an investment in Liquid Assets 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 Liquid Assets Portfolio's prospectus) on any assets invested in the Liquid Assets Portfolio is 0.03 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 Liquid Assets Portfolio, 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 six months ended September 30, 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 six months ended September 30, 2025, there were no Funds that paid Northern Trust Securities, Inc., an affiliate of NTI, brokerage commissions.

During the six months ended September 30, 2025, there were no Funds that received reimbursements from NTI in connection with settlement fees pursuant to the European Union's Central

NORTHERN FUNDS SEMIANNUAL REPORT **219** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

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 six months ended September 30, 2025, the International Equity Index and World Selection Index Funds paid Northern Trust approximately $11,000 and $2,000, respectively. The Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, International Equity, Multi-Manager Global Listed Infrastructure and Multi-Manager Global Real Estate Funds each paid amounts to Northern Trust of less than $1,000. The Emerging Markets Equity Index, Global Real Estate Index, International Equity Index, Multi-Manager Global Listed Infrastructure and World Selection Index Funds received amounts from Northern Trust of approximately $2,000, $2,000, $29,000, $4,000 and $5,000, respectively. The Active M Emerging Markets Equity, Active M International Equity, International 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.

**7. INVESTMENT TRANSACTIONS** 

For the six months ended September 30, 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>| $— | $63187 | $— | $66326 |
| &nbsp;&nbsp; Active M International <br> Equity<br>|  | 181740 |  | 148790 |
| &nbsp;&nbsp; Emerging Markets <br> Equity Index<br>|  | 436195 |  | 350405 |
| &nbsp;&nbsp; Global Real Estate <br> Index<br>|  | 17784 |  | 436327 |
| &nbsp;&nbsp; Global Tactical Asset <br> Allocation<br>|  | 12037 |  | 20194 |
| Income Equity |  | 60007 |  | 62517 |
| International Equity |  | 57566 |  | 56442 |
| &nbsp;&nbsp; International Equity <br> Index<br>|  | 812670 |  | 526114 |
| Large Cap Core |  | 85579 |  | 85087 |
| Large Cap Value |  | 26888 |  | 28853 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Purchases | Sales | Sales |
| *Amounts in thousands*  | U.S. GOVERNMENT | OTHER | U.S. GOVERNMENT | OTHER |
| Mid Cap Index | $— | $144075 | $— | $235439 |
| &nbsp;&nbsp; Multi-Manager Global <br> Listed Infrastructure<br>|  | 270221 |  | 273324 |
| &nbsp;&nbsp; Multi-Manager Global <br> Real Estate<br>|  | 17977 |  | 30358 |
| Small Cap Core |  | 49365 |  | 87544 |
| Small Cap Index |  | 185766 |  | 175372 |
| Small Cap Value |  | 268734 |  | 467226 |
| Stock Index |  | 285658 |  | 669407 |
| U.S. Quality ESG |  | 49251 |  | 200177 |
| World Selection Index |  | 72542 |  | 348339 |

---

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 September 30, 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>| $43634 | $(2759) | $40875 | $144987 |
| &nbsp;&nbsp; Active M <br> International <br> Equity<br>| 160370 | (12151) | 148219 | 445581 |
| &nbsp;&nbsp; Emerging <br> Markets <br> Equity Index<br>| 978497 | (61831) | 916666 | 1412061 |
| &nbsp;&nbsp; Global Real <br> Estate Index<br>| 195385 | (22629) | 172756 | 582522 |
| &nbsp;&nbsp; Global Tactical <br> Asset <br> Allocation<br>| 13813 | (48) | 13765 | 64730 |
| Income Equity | 95645 | (3457) | 92188 | 173138 |
| &nbsp;&nbsp; International <br> Equity<br>| 35417 | (1676) | 33741 | 127829 |
| &nbsp;&nbsp; International <br> Equity Index<br>| 2678675 | (64618) | 2614057 | 3417046 |
| Large Cap Core | 165270 | (1529) | 163741 | 179819 |
| Large Cap Value | 14389 | (1068) | 13321 | 53393 |

---

EQUITY FUNDS **220** NORTHERN FUNDS SEMIANNUAL REPORT

------

**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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>|
| Mid Cap Index | $805045 | $(91291) | $713754 | $1380148 |
| &nbsp;&nbsp; Multi-Manager <br> Global Listed <br> Infrastructure<br>| 125393 | (20248) | 105145 | 834173 |
| &nbsp;&nbsp; Multi-Manager <br> Global Real <br> Estate<br>| 9568 | (1896) | 7672 | 78248 |
| Small Cap Core | 159673 | (25578) | 134095 | 246960 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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>|
| Small Cap Index | $581783 | $(67836) | $513947 | $982085 |
| Small Cap Value | 221803 | (13557) | 208246 | 489466 |
| Stock Index | 12959607 | (91450) | 12868157 | 4300300 |
| &nbsp;&nbsp; U.S. Quality <br> ESG<br>| 169128 | (5716) | 163412 | 253671 |
| &nbsp;&nbsp; World Selection <br> Index<br>| 957573 | (21302) | 936271 | 971890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. CAPITAL SHARE TRANSACTIONS**

Transactions in Shares class for the six months ended September 30, 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  | 1198 | $20042 |  | $— | (1566) | $(26100) | (368) | $(6058) |
| Active M International Equity  | 5051 | 61345 |  |  | (2799) | (35601) | 2252 | 25744 |
| Emerging Markets Equity Index  | 20735 | 278905 |  |  | (17956) | (218401) | 2779 | 60504 |
| Global Real Estate Index  | 4728 | 46908 | 317 | 3211 | (48042) | (467180) | (42997) | (417061) |
| Global Tactical Asset Allocation  | 107 | 1453 | 58 | 801 | (619) | (8408) | (454) | (6154) |
| Income Equity  | 1526 | 26839 | 115 | 2022 | (1702) | (28922) | (61) | (61) |
| International Equity  | 693 | 8020 |  |  | (693) | (8071) |  | (51) |
| International Equity Index  | 37406 | 564298 |  |  | (23625) | (378421) | 13781 | 185877 |
| Large Cap Core  | 518 | 16300 | 55 | 1736 | (554) | (16740) | 19 | 1296 |
| Large Cap Value  | 21 | 426 |  |  | (163) | (3379) | (142) | (2953) |
| Mid Cap Index  | 5333 | 107733 |  |  | (10331) | (206143) | (4998) | (98410) |
| Multi-Manager Global Listed Infrastructure  | 6037 | 81072 | 609 | 8206 | (6690) | (87148) | (44) | 2130 |
| Multi-Manager Global Real Estate  | 73 | 755 | 39 | 413 | (1523) | (15752) | (1411) | (14584) |
| Small Cap Index  | 9157 | 127108 |  |  | (9632) | (125339) | (475) | 1769 |
| Small Cap Value  | 1873 | 23463 |  |  | (17841) | (220436) | (15968) | (196973) |
| Stock Index  | 12048 | 774597 | 350 | 22502 | (14793) | (887830) | (2395) | (90731) |

---

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) |

---

NORTHERN FUNDS SEMIANNUAL REPORT **221** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <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>|
| 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 Class K shares for the six months ended September 30, 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  | 907 | $22949 |  | $— | (713) | $(17232) | 194 | $5717 |
| U.S. Quality ESG  | 853 | 18722 | 26 | 583 | (7736) | (171056) | (6857) | (151751) |
| World Selection Index  | 1602 | 38823 |  |  | (11547) | (287844) | (9945) | (249021) |

---

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 I shares for the six months ended September 30, 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  | 294 | $7045 |  | $— | (2415) | $(60070) | (2121) | $(53025) |
| U.S. Quality ESG  | 204 | 4419 | 12 | 256 | (299) | (6438) | (83) | (1763) |
| World Selection Index  | 2601 | 61995 |  |  | (5489) | (130498) | (2888) | (68503) |

---

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) |

---

EQUITY FUNDS **222** NORTHERN FUNDS SEMIANNUAL REPORT

------

**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. INVESTMENTS IN AFFILIATES** 

Transactions in affiliated investments for the six months ended September 30, 2025, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF PERIOD<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 PERIOD<br>| SHARES, END<br> OF PERIOD<br>|
| &nbsp;&nbsp; Active M Emerging <br> Markets Equity<br>| Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $1900 | $218 | $— | $— | $— | $— <br><sup>(1),\*</sup><br>| $1682 | 1681765 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 4733 | 50457 | 50804 |  |  |  | 104 | 4386 | 4385791 |
|  | Total | $4733 | $52357 | $51022 | $— | $— | $— | $104 | $6068 | 6067556 |
| &nbsp;&nbsp; Active M <br> International <br> Equity<br>| Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $3321 | $2285 | $— | $— | $— | $1 <br><sup>(1)</sup><br>| $1036 | 1035481 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 17420 | 116930 | 115367 |  |  |  | 423 | 18983 | 18983307 |
|  | Total | $17420 | $120251 | $117652 | $— | $— | $— | $424 | $20019 | 20018788 |
| &nbsp;&nbsp; Emerging Markets <br> Equity Index<br>| Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $50746 | $48746 | $— | $— | $— | $1 <br><sup>(1)</sup><br>| $2000 | 1999920 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 48840 | 313370 | 306573 |  |  |  | 1063 | 55637 | 55637276 |
|  | Total | $48840 | $364116 | $355319 | $— | $— | $— | $1064 | $57637 | 57637196 |
| &nbsp;&nbsp; Global Real Estate <br> Index<br>| Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $20243 | $13785 | $— | $— | $— | $4 <br><sup>(1)</sup><br>| $6458 | 6458160 |

---

NORTHERN FUNDS SEMIANNUAL REPORT **223** 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 PERIOD<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 PERIOD<br>| SHARES, END<br> OF PERIOD<br>|
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $10255 | $115778 | $109396 | $— | $— | $— | $179 | $16637 | 16636721 |
|  | Total | $10255 | $136021 | $123181 | $— | $— | $— | $183 | $23095 | 23094881 |
| &nbsp;&nbsp; Global Tactical Asset <br> Allocation<br>| Flexshares<sup>®</sup> <br> Developed <br> Markets <br> Ex-U.S. Quality <br> Low <br> Volatility <br> Index Fund<br>| $2071 | $2885 | $— | $354 | $— | $— | $99 | $5310 | 170955 |
|  | Flexshares<sup>®</sup> <br> Global <br> Quality <br> Real Estate <br> Index Fund<br>| 771 |  | 721 | 50 | (100) |  |  |  |  |
|  | Flexshares<sup>®</sup> <br> Iboxx <br> 5-Year <br> Target <br> Duration <br> TIPS Index <br> Fund<br>| 1564 |  |  | 2 |  |  | 46 | 1566 | 64503 |
|  | Flexshares<sup>®</sup> <br> Morningstar <br> Developed <br> Markets <br> Ex-U.S. Factor <br> Tilt Index <br> Fund<br>| 3507 |  | 770 | 483 | 116 |  | 72 | 3336 | 37599 |
|  | Flexshares<sup>®</sup> <br> Morningstar <br> Emerging <br> Markets <br> Factor Tilt <br> Index Fund<br>| 4834 | 1314 | 1208 | 763 | 130 |  | 69 | 5833 | 92428 |
|  | Flexshares<sup>®</sup> <br> Morningstar <br> U.S. Market <br> Factor Tilt <br> Index Fund<br>| 8968 | 973 | 295 | 1533 | 34 |  | 64 | 11213 | 46280 |
|  | Flexshares<sup>®</sup> <br> STOXX <br> Global <br> Broad <br> Infrastructure <br> Index Fund<br>| 807 | 2359 | 781 | 92 | (41) |  | 33 | 2436 | 38712 |
|  | Flexshares<sup>®</sup> <br> U.S. Quality <br> Low <br> Volatility <br> Index Fund<br>| 4794 |  |  | 438 |  |  | 41 | 5232 | 72722 |

---

EQUITY FUNDS **224** NORTHERN FUNDS SEMIANNUAL REPORT

------

**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF PERIOD<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 PERIOD<br>| SHARES, END<br> OF PERIOD<br>|
|  | Northern <br> Funds - <br> Fixed <br> Income <br> Fund<br>| $11746 | $— | $4280 | $161 | $(32) | $— | $214 | $7595 | 838325 |
|  | Northern <br> Funds - <br> High Yield <br> Fixed <br> Income <br> Fund<br>| 2364 |  | 865 | 43 | (25) |  | 53 | 1517 | 246309 |
|  | Northern <br> Funds - <br> International <br> Equity <br> Index Fund<br>| 4372 |  | 651 | 626 | 78 |  |  | 4425 | 254029 |
|  | Northern <br> Funds - <br> Small Cap <br> Core Fund<br>| 1799 | 242 |  | 313 |  |  |  | 2354 | 85945 |
|  | Northern <br> Funds - <br> Stock <br> Index Fund<br>| 18330 | 1276 | 8384 | 1896 | 291 |  | 82 | 13409 | 197777 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 1162 | 10468 | 8357 |  |  |  | 53 | 3273 | 3273036 |
|  | Total | $67089 | $19517 | $26312 | $6754 | $451 | $— | $826 | $67499 | 5418620 |
| Income Equity | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $5170 | $3091 | $— | $— | $— | $— <br><sup>(1),\*</sup><br>| $2079 | 2078818 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 2565 | 16871 | 15607 |  |  |  | 63 | 3829 | 3829300 |
|  | Total | $2565 | $22041 | $18698 | $— | $— | $— | $63 | $5908 | 5908118 |
| International Equity | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $409 | $409 | $— | $— | $— | $— <br><sup>(1),\*</sup><br>| $— |  |

---

NORTHERN FUNDS SEMIANNUAL REPORT **225** 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 PERIOD<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 PERIOD<br>| SHARES, END<br> OF PERIOD<br>|
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $122 | $8924 | $8527 | $— | $— | $— | $14 | $519 | 519329 |
|  | Total | $122 | $9333 | $8936 | $— | $— | $— | $14 | $519 | 519329 |
| &nbsp;&nbsp; International Equity <br> Index<br>| Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $40433 | $32387 | $— | $— | $— | $8 <br><sup>(1)</sup><br>| $8046 | 8046335 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 1914 | 422159 | 409143 |  |  |  | 266 | 14930 | 14930026 |
|  | Total | $1914 | $462592 | $441530 | $— | $— | $— | $274 | $22976 | 22976361 |
| Large Cap Core | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $2412 | $2412 | $— | $— | $— | $— <br><sup>(1),\*</sup><br>| $— |  |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 3105 | 19661 | 18616 |  |  |  | 53 | 4150 | 4149717 |
|  | Total | $3105 | $22073 | $21028 | $— | $— | $— | $53 | $4150 | 4149717 |
| Large Cap Value | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $1925 | $1069 | $— | $— | $— | $— <br><sup>(1),\*</sup><br>| $856 | 856464 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 502 | 2259 | 2531 |  |  |  | 14 | 230 | 229464 |
|  | Total | $502 | $4184 | $3600 | $— | $— | $— | $14 | $1086 | 1085928 |
| Mid Cap Index | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $191404 | $145936 | $— | $— | $— | $35 <br><sup>(1)</sup><br>| $45468 | 45468134 |

---

EQUITY FUNDS **226** NORTHERN FUNDS SEMIANNUAL REPORT

------

**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF PERIOD<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 PERIOD<br>| SHARES, END<br> OF PERIOD<br>|
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $21363 | $126535 | $121304 | $— | $— | $— | $232 | $26594 | 26593659 |
|  | Total | $21363 | $317939 | $267240 | $— | $— | $— | $267 | $72062 | 72061793 |
| &nbsp;&nbsp; Multi-Manager <br> Global Listed <br> Infrastructure<br>| Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $32359 | $31232 | $— | $— | $— | $93 <br><sup>(1)</sup><br>| $1127 | 1126624 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 25814 | 170224 | 162525 |  |  |  | 571 | 33513 | 33512983 |
|  | Total | $25814 | $202583 | $193757 | $— | $— | $— | $664 | $34640 | 34639607 |
| &nbsp;&nbsp; Multi-Manager <br> Global Real Estate<br>| Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $5210 | $4212 | $— | $— | $— | $— <br><sup>(1),\*</sup><br>| $998 | 998334 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 2984 | 22710 | 23724 |  |  |  | 56 | 1970 | 1969462 |
|  | Total | $2984 | $27920 | $27936 | $— | $— | $— | $56 | $2968 | 2967796 |
| Small Cap Core | Methode <br> Electronics, <br> Inc.<br>| $40 | $3 | $7 | $13 | $(6) | $— | $1 | $43 | 5673 |
|  | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>|  | 40040 | 21629 |  |  |  | 162 <br><sup>(1)</sup><br>| 18411 | 18411506 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 10890 | 33538 | 39048 |  |  |  | 172 | 5380 | 5379513 |
|  | Total | $10930 | $73581 | $60684 | $13 | $(6) | $— | $335 | $23834 | 23796692 |
| Small Cap Index | Methode <br> Electronics, <br> Inc.<br>| $109 | $47 | $64 | $38 | $(11) | $— | $3 | $119 | 15765 |

---

NORTHERN FUNDS SEMIANNUAL REPORT **227** 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 PERIOD<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 PERIOD<br>| SHARES, END<br> OF PERIOD<br>|
|  | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $241619 | $111932 | $— | $— | $— | $493 <br><sup>(1)</sup><br>| $129687 | 129686641 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 22924 | 68310 | 67369 |  |  |  | 268 | 23865 | 23865084 |
|  | Total | $23033 | $309976 | $179365 | $38 | $(11) | $— | $764 | $153671 | 153567490 |
| Small Cap Value | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $80425 | $54920 | $— | $— | $— | $228 <br><sup>(1)</sup><br>| $25505 | 25505211 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 14658 | 136413 | 122347 |  |  |  | 443 | 28724 | 28723893 |
|  | Total | $14658 | $216838 | $177267 | $— | $— | $— | $671 | $54229 | 54229104 |
| Stock Index | Nasdaq, <br> Inc.<br>| $9517 | $457 | $275 | $1494 | $71 | $— | $66 | $11264 | 127345 |
|  | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>|  | 88443 | 84762 |  |  |  | 4 <br><sup>(1)</sup><br>| 3681 | 3680775 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 129995 | 702945 | 401079 |  |  |  | 2404 | 431861 | 431861345 |
|  | Northern <br> Trust Corp.<br>| 5886 | 28 | 195 | 2072 | 36 |  | 91 | 7827 | 58149 |
|  | Total | $145398 | $791873 | $486311 | $3566 | $107 | $— | $2565 | $454633 | 435727614 |
| U.S. Quality ESG | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $1905 | $1905 | $— | $— | $— | $— <br><sup>(1),\*</sup><br>| $— |  |

---

EQUITY FUNDS **228** NORTHERN FUNDS SEMIANNUAL REPORT

------

**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF PERIOD<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 PERIOD<br>| SHARES, END<br> OF PERIOD<br>|
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $5176 | $21273 | $22696 | $— | $— | $— | $102 | $3753 | 3752759 |
|  | Total | $5176 | $23178 | $24601 | $— | $— | $— | $102 | $3753 | 3752759 |
| &nbsp;&nbsp; World Selection <br> Index<br>| Nasdaq, <br> Inc.<br>| $1697 | $31 | $315 | $186 | $89 | $— | $11 | $1688 | 19086 |
|  | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>|  | 3301 | 3301 |  |  |  | — <br><sup>(1),\*</sup><br>|  |  |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 33984 | 101778 | 125405 |  |  |  | 319 | 10357 | 10357390 |
|  | Northern <br> Trust Corp.<br>| 1073 |  | 217 | 305 | 46 |  | 15 | 1207 | 8962 |
|  | Total | $36754 | $105110 | $129238 | $491 | $135 | $— | $345 | $13252 | 10385438 |

---

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees* *paid or accrued to the Funds, and other related expenses.* 

*\** *Amount rounds to less than one thousand.*

**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 September 30, 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>| $34<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| $— |
| Active M International Equity | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 3<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| Emerging Markets Equity Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 705<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 29 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (26) |
| Global Real Estate Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 134<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (18)\*<br>|
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 9 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (2) |

---

NORTHERN FUNDS SEMIANNUAL REPORT **229** 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>| $29<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| $— |
| Income Equity | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 34<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
|  | Equity contracts |  |  | Outstanding options written, at<br> value<br>| (55) |
| International Equity | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 54<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| International Equity Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 925<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (34)\*<br>|
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 4 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (115) |
| Large Cap Core | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 53<br> \*<br>| Net Assets - Net unrealized<br> depreciation<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>| (153)\*<br>|
| &nbsp;&nbsp; Multi-Manager Global Listed <br> Infrastructure<br>| Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 161<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| Small Cap Core | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 79<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| Small Cap Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 190<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| Small Cap Value | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 361<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| Stock Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 2,658<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| U.S. Quality ESG | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 50<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| World Selection Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 239<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (3)\*<br>|
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 6 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (17) |

---

\* *Includes cumulative appreciation/depreciation on futures contracts 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.* 

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 **230** NORTHERN FUNDS SEMIANNUAL REPORT

------

**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

As of September 30, 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 | BNP Paribas | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
|  | Citibank | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; (23) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —\* |
|  | Goldman Sachs | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
|  | Total | &nbsp;&nbsp;&nbsp; $29 | &nbsp;&nbsp;&nbsp; $(23) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6 |
| Global Real Estate Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
|  | Citibank | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
|  | Goldman Sachs | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; —\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —\* |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
|  | UBS | &nbsp;&nbsp;&nbsp; —\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —\* |
|  | Total | &nbsp;&nbsp;&nbsp; $9 | &nbsp;&nbsp;&nbsp; $(2) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7 |
| International Equity Index Fund | JPMorgan Chase | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
|  | Total | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $(1) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3 |
| World Selection Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | BNP Paribas | &nbsp;&nbsp;&nbsp; —\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —\* |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; —\* | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
|  | Total | &nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp;&nbsp; $(3) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &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; $(23) | &nbsp;&nbsp;&nbsp; $23 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1) |
|  | UBS | &nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2) |
|  | Total | &nbsp;&nbsp;&nbsp; $(26) | &nbsp;&nbsp;&nbsp; $23 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3) |
| Global Real Estate Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; —\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | BNP Paribas | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (—)\*<br>|
|  | Citibank | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Total | &nbsp;&nbsp;&nbsp; $(2) | &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| International Equity Index Fund | BNP Paribas | &nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13) |
|  | Goldman Sachs | &nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (38) |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; (58) | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (57) |

---

NORTHERN FUNDS SEMIANNUAL REPORT **231** 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; $(6) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6) |
|  | Total | &nbsp;&nbsp;&nbsp; $(115) | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(114) |
| World Selection Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1) |
|  | Goldman Sachs | &nbsp;&nbsp;&nbsp; (6) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6) |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; (7) | &nbsp;&nbsp;&nbsp; —\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7) |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; —\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | UBS | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (—)\*<br>|
|  | Total | &nbsp;&nbsp;&nbsp; $(17) | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(14) |

---

\* *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 six months ended September 30, 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; $560 |
| Active M International Equity | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 2383 |
| Emerging Markets Equity Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 10001 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; (9) |
| Global Real Estate Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 647 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; (220) |
| Global Tactical Asset Allocation | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (29) |
| Income Equity | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 529 |
|  | Equity contracts | Net realized gains (losses) on options written | &nbsp;&nbsp;&nbsp; (350) |
| International Equity | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 239 |
| International Equity Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 6977 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; 176 |
| Large Cap Core | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 365 |
| Large Cap Value | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 118 |
| Mid Cap Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 785 |
| Multi-Manager Global Listed Infrastructure | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 1891 |
| Small Cap Core | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 1324 |
| Small Cap Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 1585 |
| Small Cap Value | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 5077 |
| Stock Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 24913 |
| U.S. Quality ESG | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 620 |
| World Selection Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 1991 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; (6) |

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EQUITY FUNDS **232** NORTHERN FUNDS SEMIANNUAL REPORT

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**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

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| | | | |
|:---|:---|:---|:---|
|  |  | &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; $84 |
| Active M International Equity | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 212 |
| Emerging Markets Equity Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 2412 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; 7 |
| Global Real Estate Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 300 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; (9) |
| Global Tactical Asset Allocation | Interest rate contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 3 |
| Income Equity | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 45 |
|  | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on options <br> written<br>| &nbsp;&nbsp;&nbsp; (8) |
| International Equity | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 101 |
| International Equity Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 1962 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; 10 |
| Large Cap Core | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 71 |
| Large Cap Value | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (—)\*<br>|
| Mid Cap Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (27) |
| Multi-Manager Global Listed Infrastructure | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 269 |
| Small Cap Core | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 159 |
| Small Cap Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 538 |
| Small Cap Value | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 466 |
| Stock Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 1516 |
| U.S. Quality ESG | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 84 |
| World Selection Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 585 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; 5 |

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\* *Amount rounds to less than one thousand.*

NORTHERN FUNDS SEMIANNUAL REPORT **233** EQUITY FUNDS

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**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

Volume of derivative activity for the six months ended September 30, 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 |  | $— | 36 | $704 |  | $— |
| Active M International Equity |  |  | 45 | 1495 |  |  |
| Emerging Markets Equity Index | 39 | 742 | 76 | 4257 |  |  |
| Global Real Estate Index | 60 | 356 | 150 | 1716 |  |  |
| Global Tactical Asset Allocation |  |  |  |  | 2 | 1352 |
| Income Equity |  |  | 76 | 590 |  |  |
| International Equity |  |  | 63 | 230 |  |  |
| International Equity Index | 35 | 2708 | 152 | 1643 |  |  |
| Large Cap Core |  |  | 17 | 1323 |  |  |
| Large Cap Value |  |  | 7 | 324 |  |  |
| Mid Cap Index |  |  | 45 | 3248 |  |  |
| Multi-Manager Global Listed Infrastructure |  |  | 92 | 1240 |  |  |
| Small Cap Core |  |  | 16 | 3534 |  |  |
| Small Cap Index |  |  | 39 | 2262 |  |  |
| Small Cap Value |  |  | 55 | 3237 |  |  |
| Stock Index |  |  | 15 | 62103 |  |  |
| U.S. Quality ESG |  |  | 23 | 1178 |  |  |
| World Selection Index | 92 | 447 | 102 | 1337 |  |  |

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*\**

*Activity for the period is measured by number of trades during the period 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**

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, 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.

EQUITY FUNDS **234** NORTHERN FUNDS SEMIANNUAL REPORT

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**EQUITY FUNDS** <br>

**September 30, 2025 (UNAUDITED)** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**13. 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. This update does not have a material impact on the Funds' financial statements. The disclosures are required on an annual basis and will first apply to the Funds' March 31, 2026 annual financial statements.

**14. GLOBAL INSTABILITY**

Unexpected political, regulatory and diplomatic events and military conflicts around the world may affect investor and consumer confidence and may adversely impact global and domestic financial markets and the broader economy. Such conflicts have caused, and could continue to cause, significant market disruptions and volatility within specific markets and globally. The hostilities and sanctions resulting from those conflicts have, and could continue to have, a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters.

**15. SUBSEQUENT EVENTS** 

Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.

NORTHERN FUNDS SEMIANNUAL REPORT **235** EQUITY FUNDS

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**EQUITY FUNDS** <br>

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| | |
|:---|:---|
| **Form N-CSR - Items 8 - 11**  | **September 30, 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.**

See next page for Statement Regarding Basis for Approval of Investment Advisory Contract.

EQUITY FUNDS **236** NORTHERN FUNDS SEMIANNUAL REPORT

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**EQUITY FUNDS** <br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT** <br>| **September 30, 2025 (Unaudited)** |

---

**Considerations for all Northern Funds Equity Funds except Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, and Multi-Manager Global Real Estate Funds**

At an in-person meeting held on May 19-20, 2025 (the "Annual Contract Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Northern Funds (the "Trust"), including all of the Trustees who are not "interested persons" ("Independent Trustees") as defined in the Investment Company Act of 1940 (the "1940 Act") voting separately, reviewed and approved the continuance of the investment management agreements (collectively, the "Management Agreement") between Northern Trust Investments, Inc. ("Northern") and the Trust, on behalf of each of the Global Tactical Asset Allocation Fund, Income Equity Fund, International Equity Fund, Large Cap Core Fund, Large Cap Value Fund, Small Cap Value Fund, Small Cap Core Fund, and U.S. Quality ESG Fund (each, an "Actively Managed Fund"); and Emerging Markets Equity Index Fund, Global Real Estate Index Fund, International Equity Index Fund, Mid Cap Index Fund, Small Cap Index Fund, Stock Index Fund and World Selection Index Fund (formerly known as Global Sustainability Index Fund) (each, an "Index Fund" and, together with the Actively Managed Funds, each, a "Fund" and collectively, the "Funds") for an additional one-year period.

In advance of and at the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Management Agreement, Northern and Northern's affiliates. This information included written materials and verbal presentations at an in-person Board meeting held on February 12-13, 2025 (the "February Meeting"), and an executive session of the Independent Trustees held via videoconference on April 15, 2025 (the "April Meeting"). At the Annual Contract Meeting, the Trustees considered these reports and presentations and discussed the information that had been provided. Throughout the process, the Trustees asked questions of and requested additional information from Northern. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law. They met in executive sessions at the Annual Contract Meeting and each of the other Board meetings with their independent legal counsel and without employees of Northern or the interested Trustee present.

In evaluating the Management Agreement, the Independent Trustees discussed with independent legal counsel Northern's reports, presentations and other information that had been provided to them at the February and April Meetings and at the Annual Contract Meeting, as well as their interactions with and information provided by Northern throughout the year and in past years at various meetings. The Trustees noted that the evaluation process with respect to Northern and the Management Agreement was an ongoing one throughout the year.

The Trustees reviewed and assessed, among other things, information relating to: (a) the nature, extent and quality of the services provided by Northern; (b) the Funds' investment performance over different time periods, including versus an applicable benchmark that generally represents the market segments in which the respective Fund invests (a style benchmark) and in comparison to the investment performance of a universe of comparable peer funds ("Performance Universe") selected by an independent third-party provider of mutual fund data ("Data Provider"); (c) the contractual management fee rates (before fee waivers and expense reimbursements, if any), actual advisory fee rates (after fee waivers and expense reimbursements, if any), and total expense ratios (after fee waivers and expense reimbursements, if any) of the Funds, including in comparison to those borne by a group and universe of comparable peer funds ("Expense Group" and "Expense Universe," respectively) selected by the Data Provider; (d) the cost of the services and profits realized by Northern and its affiliates from their relationship with the Funds; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to Northern and its affiliates as a result of Northern's relationship with the Funds; and (g) other factors deemed relevant by the Trustees.

In addition, the Board reviewed, among other things, materials relating to: (i) compliance reports; (ii) information about Northern's and its affiliates' risk management processes, stress testing, business continuity and cyber-security programs; (iii) the qualifications of Northern and its affiliates to provide services to the Funds, including Northern's staffing for the Funds, information on portfolio managers and other personnel, as well as Northern's ability to attract and retain portfolio management talent; (iv) Northern's and its affiliates' financial resources and investments in technology to benefit the Funds; (v) information about purchases and redemptions of each Fund's shares; and (vi) policies adopted by Northern regarding brokerage, including soft dollars, trade allocations and other matters.

The Trustees were provided with information on the composition of the Performance Universe and Expense Group for each Fund by the Data Provider. In considering the Management Agreement, the Trustees also considered conditions and trends prevailing generally in the economy, the securities markets, and the industry. In evaluating the Management Agreement for each of the Funds, the Trustees gave weight to various factors, including those discussed below, but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors. The Trustees considered the information provided to them about the Funds together and with respect to each Fund separately as the Board deemed appropriate.

NORTHERN FUNDS SEMIANNUAL REPORT **237** EQUITY FUNDS

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**EQUITY FUNDS** <br>

&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT (continued)** <br>

*Nature, Extent and Quality of Services*

The Trustees considered the nature, extent and quality of the services provided by Northern to the Funds, including both the investment advisory services, and separately the administrative and other non-advisory services that are provided to the Funds by Northern and its affiliates. These services include acting as the Funds' administrator and sub-administrator, custodian and transfer agent, and providing other services necessary for the operation of the Funds and the Trust. The Trustees considered that the Management Agreement encompassed both the advisory and administrative functions being rendered by Northern and its affiliates.

The Trustees considered that Northern is responsible for the management of the investment operations of each Fund and the composition of each Fund's portfolio, including the day-to-day management of each Fund, subject to the supervision of the Board. The Trustees discussed that, under the Management Agreement, Northern was responsible for, among other things: (i) furnishing a continuous investment program for each Fund; (ii) determining what investments or securities will be purchased, retained or sold by each Fund, and what portion of each Fund's assets will be invested or held uninvested as cash; (iii) trading the assets of each Fund with broker-dealers selected by Northern, including using Northern's best judgment to obtain the best overall terms available in executing Fund transactions; (iv) reviewing and preparing Fund regulatory documents; and (v) monitoring for anticipated purchases and redemptions of Fund shares.

The Trustees considered the strength of Northern's and its affiliates' risk management processes, including Northern's and its affiliates' significant commitments to address regulatory compliance requirements applicable to the Funds. They considered information regarding the effectiveness and resources of the compliance team, including maintaining and monitoring Northern's and the Funds' compliance programs. The Trustees also noted that on a regular basis they received and reviewed information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures. They considered the quality of Northern's compliance oversight program with respect to the Funds' service providers, as well as Northern's responses to any compliance or operational matters raised during the year.

The Trustees considered ongoing expenditures made by Northern and its affiliates to continue improving the quality and scope of their services to the Funds, and the quality of Northern's communications with and services to Fund shareholders. The Trustees reviewed the administrative services provided to the Funds by Northern and its affiliates, including its oversight of the Funds' day-to-day custodial, transfer agency and fund accounting operations. The Trustees noted that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, had expanded over time as a result

of regulatory, market and other developments The Trustees considered Northern's initiatives undertaken in the past few years to address additional regulatory and reporting requirements.

The Trustees considered the qualifications, background and responsibilities of Northern's senior management and investment personnel. They noted Northern's recruitment and retention plans for attracting investment professionals, as well as its portfolio management compensation structure, and the consistency of its investment approach with respect to the Funds. The Trustees also considered the financial position and stability of the Northern Trust Corporation, the corporate parent of Northern and its affiliates.

Following consideration of this and other information, the Board was satisfied with the nature, extent and quality of services provided by Northern and its affiliates to the Funds and their shareholders.

*Performance*

The Trustees considered the investment performance of each of the Funds, including whether it had operated within its respective investment objective. The Trustees focused on information on the Funds' investment performance for the one-, three-, and five-year periods ended January 31, 2025, and compared the investment performance of each Fund to its respective Performance Universe. The Funds were ranked by the Data Provider in quintiles based on a Fund's performance compared against their respective Performance Universe, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees reviewed the Funds' performance relative to their respective performance style benchmarks and also considered more recent Fund performance.

The Trustees noted that the Actively Managed Funds were generally all in the top three quintiles for the one- and three-year periods and/or the one- and five-year periods. The Trustees also noted that the Index Funds generally tracked their underlying indexes. The Trustees noted that:

• Global Tactical Asset Allocation Fund was in the fourth quintile for each of the one-year, three-year, and five-year periods. and also underperformed its style benchmark index for the one-year, three-year, and five-year periods;

• Small Cap Value Fund was in the fourth quintile for the one-year and three-year periods, and in the fifth quintile for the five-year period, and also underperformed its style benchmark index for the one-year and five-year periods, but outperformed its style benchmark index for the three-year period;

• U.S. Quality ESG Fund was in the fourth quintile for the one-year and three-year periods, and in the second quintile for the five-year period, and also underperformed its style benchmark index for the one-year, three-year, and five-year periods;

EQUITY FUNDS **238** NORTHERN FUNDS SEMIANNUAL REPORT

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**EQUITY FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Income Equity Fund was in the first quintile for the one-year, three-year, and five-year periods; however, it underperformed its style benchmark index for the one-year, three-year, and five-year periods.

For the Global Tactical Asset Allocation Fund, Northern explained that longer-term underperformance was driven by a prior approach to strategic positioning and implementation of underlying fund allocations, and described initiatives taken to improve in these areas. Northern also noted that the Fund's more recent performance has been closer to that of its style benchmark index.

For the Small Cap Value Fund, Northern attributed recent underperformance to having underweight exposure to higher volatility and less profitable stocks, which outperformed lower volatility and higher profitability names in the style benchmark index. Northern also noted that inflation and increased volatility associated with the pandemic bubble continue to weigh on intermediate-term performance results.

For the U.S. Quality ESG Fund, Northern explained that the performance of certain of the largest companies in the market-capitalization weighted benchmark index had an outsized impact on index returns, particularly over the shorter term, which resulted in the Fund's relative underperformance. Northern also noted initiatives taken to improve performance, including continuing to refine its methodology for ranking and rating securities' ESG characteristics, and evaluating factor enhancements that may benefit the total return of the Fund's strategy.

For the Income Equity Fund, Northern explained that the Fund's strategy focuses on companies with high quality fundamentals, which caused underperformance in the Fund relative to the S&P 500 Index. Northern also indicated that higher risk non-dividend paying companies have seen greater price appreciation versus more consistent dividend paying stable companies, which further impacted relative performance to the Fund's benchmark. Northern noted that, when measuring the Fund's returns versus more fundamentally focused value or income strategies, the Income Equity Fund consistently ranks well versus its peers over long periods.

The Trustees considered Northern's discussions of the Funds' performance and reviewed Northern's processes to address performance issues, if any. The Trustees noted that Northern's quarterly performance reviews had assisted them in evaluating performance issues with respect to any Funds that were underperforming.

The Trustees concluded that, based on the information received, each Fund's performance was generally satisfactory.

*Fee Rates, Costs of Services and Profitability*

The Trustees evaluated each Fund's contractual management fee rates (before fee waivers and expense reimbursements, if any) and actual advisory fee rates (after fee waivers and expense reimbursements, if any); each Fund's total operating expense ratios (after fee waivers and expense reimbursements, if any); and Northern's contractual commitments to limit total annual fund operating expenses with respect to each Fund. The Trustees considered that the Funds were sweeping uninvested cash daily into a Northern-affiliated money market portfolio, and that Northern was in each case reimbursing back to the investing Fund or waiving, as the case may be, the net management fee, after reimbursements, attributable to any assets invested in the applicable money market portfolio. In addition, the Trustees considered actions taken in past years to reduce Fund expenses.

The Trustees reviewed information on the management fee rates paid by each Fund under the Management Agreement and each Fund's total operating expense ratios compared to each Fund's respective Expense Group and Expense Universe. The Trustees noted that the contractual management fee rates used by the Data Provider represent a combination of the advisory fee and any administrative fees. The Trustees further noted that the Funds' actual advisory fee rates represent a combination of advisory fees and administrative fees, but some of the actual advisory fee rates used by the Data Provider for funds in the Expense Group present administrative fees separately from, and not included within, the actual advisory fee rates for those funds. As a result, the Funds' actual advisory fee rates may appear higher than the actual advisory fee rates of funds that do not include administrative fees. The Trustees considered that Northern had reimbursed expenses and/or waived fees for most of the Funds for the fiscal year ended March 31, 2025 and had agreed to renew such waiver agreements for an additional one year period. The Board considered that comparative fee and expense data is based upon information taken from the most recent annual financial report available to the Data Provider for the funds that comprise each Fund's Expense Group, and further considered how such reports reflect historical asset levels and that expenses and waivers for the funds in each Fund's Expense Group may be different from those currently existing. While recognizing such inherent limitations, and the fact that expense ratios and management rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by the Data Provider to be an appropriate measure of comparative fees and expenses.

The Funds were ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees noted that the Funds' total operating expense ratios (after fee waivers and expense reimbursements) were in the first or second quintile of their respective Expense Group. The Trustees also noted that the Funds' contractual management fee rates and actual advisory fee rates were in the first or second quintile of their respective Expense Group. The Trustees considered the management fees charged by Northern to

NORTHERN FUNDS SEMIANNUAL REPORT **239** EQUITY FUNDS

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**EQUITY FUNDS** <br>

&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT (continued)** <br>

other similarly managed funds and client accounts, including Northern's explanations of differences among such funds and accounts as compared to the Funds where relevant.

Following these comparisons and upon further consideration and discussion, the Trustees concluded that the compensation payable by each Fund under the Management Agreement was fair and reasonable in light of the services provided.

The Trustees considered the amount of assets in each Fund; the information provided by Northern relating to the costs of the services provided by Northern and its affiliates; and the profits realized by Northern and its affiliates through their relationship on a Fund-by-Fund basis and on an overall Trust basis, both before and after marketing and distribution expenses and certain non-distribution costs. The Trustees considered Northern's assumptions and methodology for allocating costs to each Fund, recognizing that cost allocation methodologies are inherently subjective and not audited, and that the overall methodology has remained consistent with that used in the Funds' profitability report presentations from prior years.

The Trustees discussed profitability information provided by Northern, including as compared to information provided by the Data Provider with respect to other publicly traded advisers. They considered that comparisons of advisory agreement profitability across fund families are difficult and may be impacted by numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees considered Northern's expense reimbursements during the year. They considered the nature of the Funds and the high quality of the services provided by Northern and its affiliates, and that Northern and its affiliates appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Funds.

Based upon its consideration of all these factors, the Trustees concluded that Northern's profitability was not excessive in view of the nature, extent and quality of services provided to each Fund.

*Economies of Scale*

The Trustees considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflected these economies of scale for the benefit of shareholders. The Trustees noted that the management fee structure of each Fund did not have breakpoints. They took into account management's discussion of the Funds' management fee structure and considered Northern's view that the Funds were sharing in economies of scale through the level at which the Funds' management fees are set and through Northern's contractual expense reimbursement agreement to limit total fund operating expenses for each Fund. Based on the foregoing, the Trustees concluded that each Fund's current management fee structure reasonably reflected Northern's economies of scale.

*Fall Out and Other Benefits to Northern*

The Trustees reviewed other benefits accruing to Northern and its affiliates as a result of their relationship with the Funds. Those benefits included fees received by the affiliates for transfer agency, custodial and sub-administrative functions, for which the Board reviewed the nature, extent and quality of the services provided at its February Meeting. The Trustees considered that many of the Funds' shareholders had other client relationships with Northern's affiliates. In addition, the Trustees considered that the scale of the Funds provided opportunities to Northern to obtain securities trading advantages for its other advisory clients, and that Northern and its affiliates benefit from their ability to leverage resources over a larger asset base. The Trustees considered the extent to which Northern benefited from receipt of research products and services generated by the Funds.

*Conclusion*

After deliberation and based on the Trustees' review, including consideration of each of the factors referenced above, the Board, including the Independent Trustees, determined that the compensation payable under the Management Agreement on behalf of each Fund is fair and reasonable in light of the services provided by Northern 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 continuance of the Management Agreement on behalf of each Fund.

**Considerations for Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, and Multi-Manager Global Real Estate Funds**

At an in-person meeting held on May 19-20, 2025 (the "Annual Contract Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Northern Funds (the "Trust"), including all of the Trustees who are not "interested persons" ("Independent Trustees") as defined in the Investment Company Act of 1940 (the "1940 Act") voting separately, reviewed and approved the continuance of (i) the investment management agreement (the "Multi-Manager Management Agreement") between Northern Trust Investments, Inc. ("Northern") and the Trust, on behalf of each of Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, and Multi-Manager Global Real Estate Funds (each a "Multi-Manager Equity Fund" and collectively, the "Multi-Manager Equity Funds"); and (ii) the sub-advisory agreements ("Sub-Advisory Agreements") between Northern and each sub-adviser to the Multi-Manager Equity Funds for an additional one-year period.

In advance of and at the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Multi-Manager Management Agreement, Northern

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and Northern's affiliates, and information relating to the Sub-Advisory Agreements and each sub-adviser. This information included written materials and verbal presentations at an in-person Board meeting held on February 12-13, 2025 (the "February Meeting"), and an executive session of the Independent Trustees held via videoconference on April 15, 2025 (the "April Meeting"). At the Annual Contract Meeting, the Trustees considered these reports and presentations and discussed the information that had been provided. Throughout the process, the Trustees asked questions of and requested additional information from Northern. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law. They met in executive sessions at the Annual Contract Meeting and each of the other Board meetings, with their independent legal counsel and without employees of Northern or the interested Trustee present.

1. <u>Management Agreement</u>

In evaluating the Multi-Manager Management Agreement, the Independent Trustees discussed with independent legal counsel Northern's reports, presentations and other information that had been provided to them at the February and April Meetings and at the Annual Contract Meeting, as well as their interactions with and information provided by Northern throughout the year and in past years at various meetings. The Trustees noted that the evaluation process with respect to Northern and the Multi-Manager Management Agreement was an ongoing one throughout the year.

The Trustees reviewed and assessed, among other things, information relating to: (a) the nature, extent and quality of the services provided by Northern; (b) the Multi-Manager Equity Funds' investment performance over different time periods, including versus an applicable benchmark that generally represents the market segments in which the respective Multi-Manager Equity Fund invests (a style benchmark) and in comparison to the investment performance of a universe of comparable peer funds ("Performance Universe") selected by an independent third-party provider of mutual fund data ("Data Provider"); (c) the contractual management fee rates (before fee waivers and expense reimbursements, if any), actual advisory fee rates (after fee waivers and expense reimbursements, if any), and total expense ratios (after fee waivers and expense reimbursements, if any) of the Multi-Manager Equity Funds, including in comparison to those borne by a group and universe of comparable peer funds ("Expense Group" and "Expense Universe," respectively) selected by the Data Provider; (d) the cost of the services and profits realized by Northern and its affiliates from their relationship with the Multi-Manager Equity Funds; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to Northern and its affiliates as a result of Northern's relationship with the Multi-Manager Equity Funds; and (g) other factors deemed relevant by the Trustees.

In addition, the Board reviewed, among other things, materials relating to: (i) compliance reports; (ii) information about Northern's and its affiliates' risk management processes, stress testing, business continuity and cyber-security programs; (iii) the qualifications of Northern and its affiliates to provide services to the Multi-Manager Equity Funds, including Northern's staffing for the Multi-Manager Equity Funds, information on portfolio managers and other personnel, as well as Northern's ability to attract and retain portfolio management talent; (iv) Northern's and its affiliates' financial resources and investments in technology to benefit the Multi-Manager Equity Funds; (v) information about purchases and redemptions of each Multi-Manager Equity Fund's shares; (vi) policies adopted by Northern regarding brokerage, including soft dollars, trade allocations and other matters; and (vii) Northern's oversight of the sub-advisers of the Multi-Manager Equity Funds.

The Trustees were provided with information on the composition of the Performance Universe and Expense Group for each Multi-Manager Equity Fund by the Data Provider. In considering the Multi-Manager Management Agreement, the Trustees also considered conditions and trends prevailing generally in the economy, the securities markets, and the industry. In evaluating the Multi-Manager Management Agreement for each of the Multi-Manager Equity Funds, the Trustees gave weight to various factors, including those discussed below, but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors. The Trustees considered the information provided to them about the Multi-Manager Equity Funds together and with respect to each Multi-Manager Equity Fund separately as the Board deemed appropriate.

*Nature, Extent and Quality of Services*

The Trustees considered the nature, extent and quality of the services provided by Northern to the Multi-Manager Equity Funds, including both the investment advisory services, and separately the administrative and other non-advisory services that are provided to the Multi-Manager Equity Funds by Northern and its affiliates. These services include acting as the Multi-Manager Equity Funds' administrator and sub-administrator, custodian and transfer agent, and providing other services necessary for the operation of the Multi-Manager Equity Funds and the Trust. The Trustees considered that the Multi-Manager Management Agreement encompassed both the advisory and administrative functions being rendered by Northern and its affiliates.

The Trustees considered that Northern engaged sub-advisers, subject to the Trustees' approval, to each manage a discrete portion of the Multi-Manager Equity Funds' assets. They considered that Northern provided overall general investment management services to the Multi-Manager Equity Funds and had the ultimate responsibility to oversee the sub-advisers, including to recommend their hiring, termination and replacement, subject to the Trustees' approval. The Trustees discussed that Northern

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was responsible for, among other things: (i) selecting each Multi-Manager Equity Fund's overall investment strategies; (ii) recommending and selecting sub-advisers; (iii) allocating and reallocating assets among the sub-advisers; (iv) monitoring and evaluating each sub-adviser's performance; (v) providing administration services; and (vi) implementing procedures to ensure the sub-advisers comply with the applicable Multi-Manager Equity Fund's investment objectives, policies and restrictions. The Trustees noted that Northern also managed the cash portion of each Multi-Manager Equity Fund, in addition to providing the foregoing services.

The Trustees considered Northern's expertise in managing multi-manager strategies and its investments in the multi-manager business. In addition, the Trustees considered that Northern selects the sub-advisers to manage the Multi-Manager Equity Funds on the basis of both qualitative and quantitative analyses that assess a number of factors. They noted that Northern allocates a portion of the assets of each Multi-Manager Equity Fund to a sub-adviser selected through this process on the basis of a particular strategy assigned to it. Therefore, the Trustees considered that the sub-advisers are chosen not only based on their performance but for their anticipated investment strategy with the other sub-advisers managing assets of the same Multi-Manager Equity Fund.

The Trustees considered the strength of Northern's and its affiliates' risk management processes, including Northern's and its affiliates' significant commitments to address regulatory compliance requirements applicable to the Multi-Manager Equity Funds. They noted that Northern's staff conducted thorough operational and compliance due diligence on prospective and existing sub-advisers and monitored the sub-advisers on a continuing basis throughout the year. They considered information regarding the effectiveness and resources of the compliance team, including maintaining and monitoring Northern's and the Multi-Manager Equity Funds' compliance programs. The Trustees also noted that on a regular basis they received and reviewed information from the Trust's Chief Compliance Officer ("CCO") regarding the Multi-Manager Equity Funds' compliance policies and procedures. They considered the quality of Northern's compliance oversight program with respect to the Multi-Manager Equity Funds' service providers, as well as Northern's responses to any compliance or operational matters raised during the year.

The Trustees considered ongoing expenditures made by Northern and its affiliates to continue improving the quality and scope of their services to the Multi-Manager Equity Funds, and the quality of Northern's communications with and services to the Multi-Manager Equity Funds' shareholders. The Trustees reviewed the administrative services provided to the Multi-Manager Equity Funds by Northern and its affiliates, including its oversight of the Multi-Manager Equity Funds' day-to-day custodial, transfer agency and fund accounting operations. The Trustees noted that the scope of services provided by Northern, and the undertakings

required of Northern in connection with those services, had expanded over time as a result of regulatory, market and other developments. The Trustees considered Northern's initiatives undertaken in the past few years to address additional regulatory and reporting requirements.

The Trustees considered the qualifications, background and responsibilities of Northern's senior management and investment personnel. They noted Northern's recruitment and retention plans for attracting investment professionals, as well as its portfolio management compensation structure, and the consistency of its investment approach with respect to the Multi-Manager Equity Funds. The Trustees also considered the financial position and stability of the Northern Trust Corporation, the corporate parent of Northern and its affiliates.

Following consideration of this and other information, the Board was satisfied with the nature, extent and quality of services provided by Northern and its affiliates to the Multi-Manager Equity Funds and their shareholders.

*Performance*

The Trustees considered the investment performance of each of the Multi-Manager Equity Funds, including whether it had operated within its respective investment objective. The Trustees focused on information on the Multi-Manager Equity Funds' investment performance for the one-, three-, and five-year periods ended January 31, 2025, and compared the investment performance of each Multi-Manager Equity Fund to its respective Performance Universe. The Multi-Manager Equity Funds were ranked by the Data Provider in quintiles based on a Multi-Manager Equity Fund's performance compared against their respective Performance Universe, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees reviewed the Multi-Manager Equity Funds' performance relative to their respective performance style benchmarks and also considered more recent Fund performance. The Trustees noted that:

• Active M Emerging Markets Equity Fund underperformed its style benchmark index for the one-year, three-year, and five-year periods, although it was in the third quintile for the one-year, three-year, and five-year periods;

• Multi-Manager Global Real Estate Fund was in the fifth quintile for the one-year period, fourth quintile for the three-year period, and third quintile for the five-year period, and also underperformed its style benchmark index for the one-year and three-year periods but outperformed its style benchmark index for the five-year period.

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• Multi-Manager Global Listed Infrastructure Fund was in the fifth quintile for the one-year and five-year periods, and fourth quintile for the three-year period, and also underperformed its style benchmark index for the one-year, three-year, and five-year periods.

The Trustees considered Northern's discussions of the Multi-Manager Equity Funds' performance and considered Northern's continual monitoring of sub-advisers and their performance during the year, which included due diligence meetings. The Trustees reviewed Northern's processes to address performance issues, if any. The Trustees noted that Northern's quarterly performance reviews had assisted them in evaluating performance issues with respect to any Multi-Manager Equity Funds that were underperforming.

In particular, for the Active M Emerging Markets Equity Fund, Northern explained that country allocation negatively impacted performance for the one-year period. The Trustees also considered recent sub-adviser changes for the Fund to seek to improve Fund performance.

For the Multi-Manager Global Listed Infrastructure Fund, the Trustees considered that structural underweights to certain industries significantly contributed to intermediate-term underperformance. The Trustees also noted recent changes to the sub-adviser lineup and asset allocation among sub-advisers to seek to improve Fund performance.

For the Multi-Manager Global Real Estate Fund, Northern explained that an underweight to healthcare real estate investment trusts and stock selection in the United States were the primary detractors from performance for the one-year period. The Trustees noted that the Multi-Manager Global Real Estate Fund's longer-term performance relative to its style benchmark remained positive.

The Trustees concluded that, based on the information received, the Multi-Manager Equity Funds' performance was generally satisfactory.

*Fee Rates, Costs of Services and Profitability*

The Trustees evaluated each Multi-Manager Equity Funds' contractual management fee rates (before fee waivers and expense reimbursements, if any) and actual advisory fee rates (after fee waivers and expense reimbursements, if any); each Multi-Manager Equity Funds' total operating expense ratios (after fee waivers and expense reimbursements, if any); and Northern's contractual commitments to limit total annual fund operating expenses with respect to each Multi-Manager Equity Fund. The Trustees considered that the Multi-Manager Equity Funds were sweeping uninvested cash daily into a Northern-affiliated money market portfolio, and that Northern was in each case reimbursing back to

the investing Multi-Manager Equity Fund or waiving, as the case may be, the net management fee, after reimbursements, attributable to any assets invested in the applicable money market portfolio.

The Trustees reviewed information on the management fee rates paid by each Multi-Manager Equity Fund under the Multi-Manager Management Agreement and each Multi-Manager Equity Fund's total operating expense ratio compared to each Multi-Manager Equity Fund's respective Expense Group and Expense Universe. The Trustees noted that the contractual management fee rates used by the Data Provider represent a combination of the advisory fee and any administrative fees. The Trustees further noted that the Funds' actual advisory fee rates represent a combination of advisory fees and administrative fees, but some of the actual advisory fee rates used by the Data Provider for funds in the Expense Group present administrative fees separately from, and not included within, the actual advisory fee rates for those funds. As a result, the Multi-Manager Equity Funds' actual advisory fee rates may appear higher than the actual advisory fee rates of funds that do not include administrative fees. The Trustees considered that Northern had reimbursed expenses and/or waived fees for all of the Multi-Manager Equity Funds for the fiscal year ended March 31, 2025 and had agreed to renew such waiver agreements for an additional one year period. The Board considered that comparative fee and expense data is based upon information taken from the most recent annual financial report available to the Data Provider for the funds that comprise each Multi-Manager Equity Fund's Expense Group, and further considered how such reports reflect historical asset levels and that expenses and waivers (as applicable) for the funds in each Multi-Manager Equity Fund's Expense Group may be different from those currently existing. While recognizing such inherent limitations, and the fact that expense ratios and management rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by the Data Provider to be an appropriate measure of comparative fees and expenses.

The Multi-Manager Equity Funds were ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees noted that the total operating expense ratios (after fee waivers and expense reimbursements) for all of the Multi-Manager Equity Funds were in the second quintile of their respective Expense Group, except the Multi-Manager Global Listed Infrastructure Fund, which was in the fourth quintile of its Expense Group. The Trustees considered Northern's explanation regarding the limited number of peers comprising the Multi-Manager Global Listed Infrastructure Fund's Expense Group and Expense Universe, including that such peer groups may include funds with strategies different from that of the Multi-Manager Global Listed Infrastructure Fund. The Trustees also considered comparative expense information for a custom group of peer funds selected by Northern. The Trustees also considered the management fees

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charged by Northern to other similarly managed funds and client accounts, including Northern's explanations of differences among such funds and accounts as compared to the Multi-Manager Equity Funds where relevant.

Following these comparisons and upon further consideration and discussion, the Trustees concluded that the compensation payable by each Fund under the Management Agreement was fair and reasonable in light of the services provided.

The Trustees received information describing the Multi-Manager Equity Funds' management fee structure and the amount retained by Northern after payment of the sub-advisory fees, and Northern's role under the Management Agreement in overseeing the sub-advisers. The Trustees considered that each of the Multi-Manager Equity Funds utilized multiple sub-advisers. In addition, the Trustees considered the amount of assets in each Multi-Manager Equity Fund; the information provided by Northern relating to the costs of the services provided by it and its affiliates; and the profits realized by Northern and its affiliates through their relationship on a Fund-by-Fund basis and on an overall Trust basis, both before and after marketing and distribution expenses and certain non-distribution costs. The Trustees noted that Northern had presented profitability information to the Trustees quarterly on a Fund-by-Fund basis as well as reports showing the expected impact on profitability by the addition or termination of sub-advisers, if any, as required by the Multi-Manager Equity Funds' exemptive order. The Trustees considered Northern's assumptions and methodology for allocating costs to each Multi-Manager Equity Fund, recognizing that cost allocation methodologies are inherently subjective and not audited, and that the overall methodology has remained consistent with that used in the Multi-Manager Equity Funds' profitability report presentations from prior years.

The Trustees discussed profitability information provided by Northern, including as compared to information provided by the Data Provider with respect to other publicly traded advisers. They considered that comparisons of advisory agreement profitability across fund families are difficult and may be impacted by numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees considered Northern's expense reimbursements during the year. They considered the nature of the Multi-Manager Equity Funds and the high quality of the services provided by Northern and its affiliates, and that Northern and its affiliates appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Multi-Manager Equity Funds.

Based upon its consideration of all these factors, the Trustees concluded that Northern's profitability was not excessive in view of the nature, extent and quality of services provided to each Multi-Manager Equity Fund.

*Economies of Scale*

The Trustees considered the extent to which economies of scale would be realized as the Multi-Manager Equity Funds grow and whether fee levels reflected these economies of scale for the benefit of shareholders. The Trustees noted that the management fee structures for all of the Multi-Manager Equity Funds have breakpoints, thus ensuring that as a Multi-Manager Equity Fund's assets grow, its shareholders would benefit from reduced fees. They took into account management's discussion of the Multi-Manager Equity Funds' management fee structure and considered Northern's view that the Multi-Manager Equity Funds were sharing in economies of scale through the level at which the Funds' management fees are set and through Northern's contractual expense reimbursements to limit total fund operating expenses for the Funds to specific levels.

Based on the foregoing, the Trustees concluded that each Multi-Manager Equity Fund's current management fee structure reasonably reflected Northern's economies of scale.

*Fall Out and Other Benefits to Northern*

The Trustees reviewed other benefits accruing to Northern and its affiliates as a result of their relationship with the Multi-Manager Equity Funds. Those benefits included fees received by the affiliates for transfer agency, custodial and sub-administrative functions, for which the Board reviewed the nature, extent and quality of the services provided at its February Meeting. The Trustees considered that many of the Multi-Manager Equity Funds' shareholders had other client relationships with Northern's affiliates. In addition, the Trustees considered that the scale of the Multi-Manager Equity Funds provided opportunities to Northern to obtain securities trading advantages for its other advisory clients, and that Northern and its affiliates benefit from their ability to leverage resources over a larger asset base. The Trustees considered the benefits from many of the sub-advisory fee structures where the fee is based on all assets managed by the sub-adviser for the Multi-Manager Equity Funds and Northern's other discretionary clients, if any.

*Conclusion*

After deliberation and based on the Trustees' review, including consideration of each of the factors referenced above, the Board, including the Independent Trustees, determined that the compensation payable under the Multi-Manager Management Agreement on behalf of each Multi-Manager Equity Fund is fair and reasonable in light of the services provided by Northern 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 continuance of the Multi-Manager Management Agreement on behalf of each Multi-Manager Equity Fund.

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2. <u>Sub-Advisory Agreements</u>

The Trustees considered the Sub-Advisory Agreements for the Multi-Manager Equity Funds. The Trustees reviewed and discussed information and written materials from Northern and the sub-advisers regarding: (i) the nature and quality of the investment advisory services to be provided by the sub-advisers, including the experience and qualifications of the personnel providing such services; (ii) each sub-adviser's financial condition, history of operations and ownership structure; (iii) the sub-advisers' brokerage and soft dollar practices; (iv) the sub-advisers' investment strategies and styles of investing; (v) the performance history of the sub-advisers with respect to the applicable Multi-Manager Equity Fund; (vi) information with respect to each sub-adviser's risk management and cybersecurity programs, compliance policies and procedures (including their codes of ethics), and the CCO's evaluations of such policies and procedures, as well as the sub-adviser's regulatory history; (vii) the sub-advisers' conflicts of interest in managing the Multi-Manager Equity Funds, including each sub-adviser's other financial or business relationships with Northern or its affiliates; and (viii) the terms of the existing Sub-Advisory Agreements. The Trustees reviewed and discussed Northern's strategy for allocating assets among the various sub-advisers, as well as the current allocations of assets among the various sub-advisers.

In evaluating the Sub-Advisory Agreements, 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 of Northern with respect to each of the sub-advisers.

*Nature, Extent and Quality of Services*

The Trustees considered the information and evaluations provided by Northern with respect to each sub-adviser's operations, qualifications, and experience in managing the type of strategies for which the sub-adviser was engaged in connection with a Multi-Manager Equity Fund. The Trustees placed emphasis on the CCO's compliance program and the ongoing compliance monitoring for each sub-adviser. The Trustees concluded that each sub-adviser had provided, and was able to provide, quality services to the Multi-Manager Equity Funds.

*Fees, Expenses and Performance*

The Trustees considered that the sub-advisers were each paid sub-advisory fees by Northern out of Northern's management fees and not directly by the Multi-Manager Equity Funds. The Trustees believed, based on Northern's representations, that each Sub-Advisory Agreement had been negotiated at arm's-length among Northern and each sub-adviser, and considered the reductions in certain of the sub-advisory fees in the past few years. In addition, the Trustees reviewed and compared each sub-adviser's fees paid by Northern out of its management fees

and fees paid to the sub-advisers by its other accounts with similar strategies, if any. Finally, the Trustees considered Northern's representations that the fees to be paid to the sub-advisers were reasonable in light of the existing and anticipated quality of the services to be performed by them.

While the Trustees considered Northern's profitability with respect to each Multi-Manager Equity Fund, they did not consider the sub-advisers' projected profitability, which they did not consider particularly relevant given that Northern pays the sub-advisers out of its own management fees and thus had an incentive to negotiate the lowest possible sub-advisory fees.

The Trustees considered and evaluated the performance information presented with respect to each sub-adviser and Northern's evaluation of each sub-adviser's performance. This information was compared to performance information with respect to an applicable performance benchmark index that represents the sub-advised strategy. It was noted that each sub-adviser had a different style, and that these styles would outperform or underperform in various markets.

For the Active M Emerging Markets Equity Fund, the Board considered that Westwood Global Investments, LLC ("Westwood") had underperformed the Fund's style benchmark index for the one-year period and outperformed the Fund's style benchmark index for the three-year and five-year periods and for the period since becoming a sub-adviser to the Fund. The Board considered Northern's explanation that certain country allocations significantly detracted from Westwood's performance for the one-year period, and that Westwood's bottom-up, long-term investment approach resulted in low turnover. The Board considered Northern's report on Westwood's prior years of outperformance. Northern recommended the continuation of Westwood's Sub-Advisory Agreement with the Active M Emerging Markets Equity Fund.

For the Multi-Manager Global Listed Infrastructure Fund, the Board considered Northern's explanation that industry allocation and stock selection by First Sentier Investors (Australia) IM Ltd ("FSI") and KBI Global Investors (North America), Ltd., ("KBI") resulted in underperformance for the one-year period versus the Fund's style benchmark index. The Board noted that each of FSI and KBI had underperformed the Fund's style benchmark index for the three-year period and for the period since becoming a sub-adviser to the Fund. The Board noted that Lazard Asset Management LLC ("Lazard") underperformed the Fund's style benchmark index for the one-year and three-year periods, but outperformed for the five-year period and the period since becoming a sub-adviser to the Fund. Northern attributed Lazard's recent underperformance to stock selection and lack of exposure to certain high-performing industries. The Board considered Northern's report that FSI and Lazard had each experienced stronger performance in the first quarter of 2025. Northern recommended the continuation of FSI's, KBI's and Lazard's

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Sub-Advisory Agreements with the Multi-Manager Global Listed Infrastructure Fund, with noted concerns regarding the performance of KBI.

For the Multi-Manager Global Real Estate Fund, the Board considered Northern's explanation that poor stock selection in the United States, as well as an underweight to the healthcare sector, by Massachusetts Financial Services Company ("MFS"), resulted in underperformance relative to the Fund's style benchmark index for the one-year period. The Board considered that MFS had outperformed the Fund's style benchmark index for the period since becoming a sub-adviser to the Fund, and that MFS' out of benchmark exposures have historically added value. Northern recommended the continuation of MFS' Sub-Advisory Agreement with the Multi-Manager Global Real Estate Fund.

The Trustees concluded that, based upon the information provided, that the sub-advisers' performance was generally satisfactory and, where there had been ongoing sub-adviser underperformance, Northern had continually monitored and made changes to seek to improve Fund performance, including by replacing sub-advisers.

*Economies of Scale*

The Trustees considered information prepared by Northern that showed that the levels of aggregate sub-advisory fee rates generally decreased as the Multi-Manager Equity Funds' assets increased, as most of the sub-advisers had breakpoints incorporated into their sub-advisory fee structures. However, the Trustees generally considered economies of scale with respect to the Multi-Manager Equity Funds primarily at the management fee rate level given that Northern pays the sub-advisers out of its own management fees, including Northern's contractual expense limitations for the Multi-Manager Equity Funds.

*Other Benefits*

The Trustees considered other benefits derived or to be derived by certain of the sub-advisers as a result of their relationship with the Multi-Manager Equity Funds. These benefits included, in certain cases, research and other benefits in connection with brokerage commissions paid by the Multi-Manager Equity Funds. The Trustees noted that they had received reports from the Trust's CCO with respect to the quality of each sub-adviser's trade execution on behalf of the Multi-Manager Equity Funds and soft dollar usage. The Trustees considered the other relationships that certain of the sub-advisers had with Northern, including sub-advisory and/or custodial relationships.

*Conclusion*

Based on the Trustees' deliberations and the recommendations by Northern, the Trustees concluded that the fees paid to each sub-adviser on a Fund-by-Fund basis were fair and reasonable in light of the services provided by each of them. The Trustees

concluded that the Sub-Advisory Agreements with respect to each Multi-Manager Equity Fund should be reapproved for an additional one-year period.

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**NORTHERN FUNDS FIXED INCOME AND MONEY** 

**MARKET FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION** 

September 30, 2025

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**TABLE OF CONTENTS**<br>

---

| | |
|:---|:---|
| **2** | **[STATEMENTS OF ASSETS AND LIABILITIES](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_FS-FundBookHeader_1)** |
| **6** | **[STATEMENTS OF OPERATIONS](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_FS-FundBookHeader_5)** |
| **10** | **[STATEMENTS OF CHANGES IN NET ASSETS](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_FS-FundBookHeader_9)** |
| **16** | **[FINANCIAL HIGHLIGHTS](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_FS-FundBookHeader_15)** |
| **35** | **[SCHEDULES OF INVESTMENTS](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_1)** |
| **35** | **[ARIZONA TAX-EXEMPT FUND (Ticker Symbol: NOAZX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_1)** |
| **39** | **[BOND INDEX FUND (Ticker Symbol: NOBOX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_5)** |
| **122** | **[CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND (Ticker Symbol: NCITX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_88)** |
| **129** | **[CALIFORNIA TAX-EXEMPT FUND (Ticker Symbol: NCATX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_95)** |
| **135** | **[CORE BOND FUND (Ticker Symbol: NOCBX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_101)** |
| **147** | **[FIXED INCOME FUND (Ticker Symbol: NOFIX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_113)** |
| **159** | **[HIGH YIELD FIXED INCOME FUND (Ticker Symbol: NHFIX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_125)** |
| **175** | **[INTERMEDIATE TAX-EXEMPT FUND (Ticker Symbol: NOITX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_141)** |
| **193** | **[LIMITED TERM TAX-EXEMPT FUND (Ticker Symbol: NSITX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_159)** |
| **203** | **[LIMITED TERM U.S. GOVERNMENT FUND (Ticker Symbol: NSIUX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_169)** |
| **205** | **[MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND (Ticker Symbol: NMHYX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_171)** |
| **246** | **[SHORT BOND FUND (Ticker Symbol: BSBAX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_212)** |
| **256** | **[TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND (Ticker Symbol: NTAUX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_222)** |
| **279** | **[TAX-EXEMPT FUND (Ticker Symbol: NOTEX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_245)** |
| **295** | **[ULTRA-SHORT FIXED INCOME FUND](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_261)[(Ticker Symbol](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_261)**[s](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_261)**[: Shares:](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_261)[NUSFX](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_261)[, Siebert Williams Shank Shares:](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_261)[SWSFX](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_261)[)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_261)** |
| **305** | **[U.S. GOVERNMENT FUND (Ticker Symbol: NOUGX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_271)** |
| **308** | **[U.S. GOVERNMENT MONEY MARKET FUND (Ticker Symbol: NOGXX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_274)** |
| **312** | **[U.S. GOVERNMENT SELECT MONEY MARKET FUND (Ticker Symbol: NOSXX)](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_SOI-TOC-SOI-38_278)** |
| **316** | **[NOTES TO THE FINANCIAL STATEMENTS](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_NTF-NotestoFinancialStatements_1)** |
| **338** | **[FORM N-CSR - ITEMS 8-11](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_NCSR811-FormNCSRTOC_1)** |
| **339** | **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_6e5529c5-5bad-4b07-8734-a5e2c85e6bf3_BFA-TOC-BasisforApproval_1)** |

---

NORTHERN FUNDS SEMIANNUAL 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; $54374 | &nbsp;&nbsp; $2279342 | &nbsp;&nbsp; $235446 | &nbsp;&nbsp; $123521 | &nbsp;&nbsp; $88367 |
| Investments in affiliates, at value | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 70859 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 2811 | &nbsp;&nbsp; 1334 | &nbsp;&nbsp; 5087 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &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; 601 | &nbsp;&nbsp; 17728 | &nbsp;&nbsp; 2528 | &nbsp;&nbsp; 1291 | &nbsp;&nbsp; 709 |
| Dividend income receivable | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 19 |
| Securities lending income receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 52367 | &nbsp;&nbsp; 7434 | &nbsp;&nbsp; 1622 | &nbsp;&nbsp; 220 |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15 |
| Receivable for fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 807 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 9 |
| Receivable from investment adviser | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 | &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; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 11 |
| Total Assets | &nbsp;&nbsp; 55663 | &nbsp;&nbsp; 2421326 | &nbsp;&nbsp; 248728 | &nbsp;&nbsp; 127810 | &nbsp;&nbsp; 94440 |
| LIABILITIES: |  |  |  |  |  |
| Cash overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 |
| Payable upon return of securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 23468 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 38987 | &nbsp;&nbsp; 5226 | &nbsp;&nbsp; 2151 | &nbsp;&nbsp; 818 |
| Payable for when-issued securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 48078 | &nbsp;&nbsp; 2848 | &nbsp;&nbsp; — | &nbsp;&nbsp; 210 |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| Payable for fund shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; 2855 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 76 |
| Distributions payable to shareholders | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 1490 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 65 |
| 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; 23 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 6 |
| Custody fees | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
| Shareholder servicing fees | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1 |
| Transfer agent fees | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Accrued other liabilities | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 18 |
| Total Liabilities | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 115063 | &nbsp;&nbsp; 8252 | &nbsp;&nbsp; 2272 | &nbsp;&nbsp; 1225 |
| Net Assets | &nbsp;&nbsp; $55595 | &nbsp;&nbsp; $2306263 | &nbsp;&nbsp; $240476 | &nbsp;&nbsp; $125538 | &nbsp;&nbsp; $93215 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |  |
| Capital stock | &nbsp;&nbsp; $69684 | &nbsp;&nbsp; $2602804 | &nbsp;&nbsp; $272852 | &nbsp;&nbsp; $139900 | &nbsp;&nbsp; $123166 |
| Distributable earnings (loss) | &nbsp;&nbsp; (14089)<br>| &nbsp;&nbsp; (296541)<br>| &nbsp;&nbsp; (32376)<br>| &nbsp;&nbsp; (14362)<br>| &nbsp;&nbsp; (29951)<br>|
| Net Assets | &nbsp;&nbsp; $55595 | &nbsp;&nbsp; $2306263 | &nbsp;&nbsp; $240476 | &nbsp;&nbsp; $125538 | &nbsp;&nbsp; $93215 |
| **Net Assets:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $55595 | &nbsp;&nbsp; $2306263 | &nbsp;&nbsp; $240476 | &nbsp;&nbsp; $125538 | &nbsp;&nbsp; $93215 |
| **Total Shares Outstanding ($.001 par value, unlimited authorization):** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; 5842 | &nbsp;&nbsp; 247159 | &nbsp;&nbsp; 24063 | &nbsp;&nbsp; 11993 | &nbsp;&nbsp; 10318 |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $9.03 |
| Investments, at cost | &nbsp;&nbsp; $57543 | &nbsp;&nbsp; $2389777 | &nbsp;&nbsp; $240544 | &nbsp;&nbsp; $129231 | &nbsp;&nbsp; $90594 |
| Investments in affiliates, at cost | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 70850 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 2811 | &nbsp;&nbsp; 1334 | &nbsp;&nbsp; 5087 |
| Foreign currencies, at cost | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities on loan, at value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25404 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

<br> <sup>(1)</sup> *Investments in affiliates, at value and Investments in affiliates, at cost include securities purchased using cash collateral received from securities lending activities.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **2** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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>|
| $290532 | &nbsp;&nbsp; $2296753 | &nbsp;&nbsp; $1081734 | &nbsp;&nbsp; $330412 | &nbsp;&nbsp; $24846 | &nbsp;&nbsp; $144116 |
| 2132 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 178001 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 25342 | &nbsp;&nbsp; 2984 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 17991 <br><sup>(1)</sup><br>|
|  — | &nbsp;&nbsp; 1124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; 163 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| 2179 | &nbsp;&nbsp; 40012 | &nbsp;&nbsp; 13912 | &nbsp;&nbsp; 4180 | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 2446 |
| 5 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 |
| 762 | &nbsp;&nbsp; 363 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 584 | &nbsp;&nbsp; 1081 |
| 46 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 9 | &nbsp;&nbsp; 3163 | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 3 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 143 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| 4 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 13 |
| 295672 | &nbsp;&nbsp; 2519851 | &nbsp;&nbsp; 1121206 | &nbsp;&nbsp; 337818 | &nbsp;&nbsp; 25699 | &nbsp;&nbsp; 165874 |
| 47 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 191 |
| 1620 | &nbsp;&nbsp; 130309 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11527 |
| 612 | &nbsp;&nbsp; 10960 | &nbsp;&nbsp; 5226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 1320 |
| 719 | &nbsp;&nbsp; 33319 | &nbsp;&nbsp; 17852 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2075 |
| 48 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 7 | &nbsp;&nbsp; 1139 | &nbsp;&nbsp; 1348 | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| 214 | &nbsp;&nbsp; 2607 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 140 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34 |
| 21 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 16 |
| 4 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 |
| 9 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 9 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 |
| 14 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 2 |
| 19 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 16 |
| 3343 | &nbsp;&nbsp; 178781 | &nbsp;&nbsp; 25180 | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 15362 |
| $292329 | &nbsp;&nbsp; $2341070 | &nbsp;&nbsp; $1096026 | &nbsp;&nbsp; $336306 | &nbsp;&nbsp; $25069 | &nbsp;&nbsp; $150512 |
| $394121 | &nbsp;&nbsp; $3266737 | &nbsp;&nbsp; $1276177 | &nbsp;&nbsp; $358946 | &nbsp;&nbsp; $32726 | &nbsp;&nbsp; $218784 |
| (101792)<br>| &nbsp;&nbsp; (925667)<br>| &nbsp;&nbsp; (180151)<br>| &nbsp;&nbsp; (22640)<br>| &nbsp;&nbsp; (7657)<br>| &nbsp;&nbsp; (68272)<br>|
| $292329 | &nbsp;&nbsp; $2341070 | &nbsp;&nbsp; $1096026 | &nbsp;&nbsp; $336306 | &nbsp;&nbsp; $25069 | &nbsp;&nbsp; $150512 |
| $292329 | &nbsp;&nbsp; $2341070 | &nbsp;&nbsp; $1096026 | &nbsp;&nbsp; $336306 | &nbsp;&nbsp; $25069 | &nbsp;&nbsp; $150512 |
| 32283 | &nbsp;&nbsp; 380054 | &nbsp;&nbsp; 111246 | &nbsp;&nbsp; 33438 | &nbsp;&nbsp; 2646 | &nbsp;&nbsp; 17676 |
| $9.06 | &nbsp;&nbsp; $6.16 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $8.52 |
| $298700 | &nbsp;&nbsp; $2322080 | &nbsp;&nbsp; $1112207 | &nbsp;&nbsp; $330883 | &nbsp;&nbsp; $24710 | &nbsp;&nbsp; $147162 |
| 2132 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 178001 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 25342 | &nbsp;&nbsp; 2984 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 17991 <br><sup>(1)</sup><br>|
|  — | &nbsp;&nbsp; 171 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| $1579 | &nbsp;&nbsp; $137557 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11555 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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; $226749 | &nbsp;&nbsp; $3171304 | &nbsp;&nbsp; $748584 | &nbsp;&nbsp; $1746931 | &nbsp;&nbsp; $28922 |
| Investments in affiliates, at value | &nbsp;&nbsp; 1164 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 29048 | &nbsp;&nbsp; 5601 | &nbsp;&nbsp; 9124 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 60 |
| Repurchase agreements, at cost, which approximates value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest income receivable | &nbsp;&nbsp; 1831 | &nbsp;&nbsp; 30909 | &nbsp;&nbsp; 10301 | &nbsp;&nbsp; 13172 | &nbsp;&nbsp; 248 |
| Dividend income receivable | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 869 |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for fund shares sold | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2327 | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 5230 | &nbsp;&nbsp; 2 |
| Receivable from investment adviser | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 1 |
| Prepaid and other assets | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 4 |
| Total Assets | &nbsp;&nbsp; 229815 | &nbsp;&nbsp; 3233853 | &nbsp;&nbsp; 765158 | &nbsp;&nbsp; 1774555 | &nbsp;&nbsp; 30106 |
| LIABILITIES: |  |  |  |  |  |
| Cash overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 576 | &nbsp;&nbsp; — |
| Payable upon return of securities loaned | &nbsp;&nbsp; 489 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2324 | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 866 |
| Payable for when-issued securities | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 114263 | &nbsp;&nbsp; 13404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for fund shares redeemed | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 3849 | &nbsp;&nbsp; — |
| Distributions payable to shareholders | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 1545 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 1342 | &nbsp;&nbsp; 17 |
| Payable to affiliates: |  |  |  |  |  |
| Management fees | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 2 |
| Custody fees | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — |
| Shareholder servicing fees | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — |
| Transfer agent fees | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 1 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3 |
| Accrued other liabilities | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 18 |
| Total Liabilities | &nbsp;&nbsp; 1407 | &nbsp;&nbsp; 118825 | &nbsp;&nbsp; 15679 | &nbsp;&nbsp; 8276 | &nbsp;&nbsp; 907 |
| Net Assets | &nbsp;&nbsp; $228408 | &nbsp;&nbsp; $3115028 | &nbsp;&nbsp; $749479 | &nbsp;&nbsp; $1766279 | &nbsp;&nbsp; $29199 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |  |
| Capital stock | &nbsp;&nbsp; $254868 | &nbsp;&nbsp; $3138603 | &nbsp;&nbsp; $932467 | &nbsp;&nbsp; $1785237 | &nbsp;&nbsp; $34912 |
| Distributable earnings (loss) | &nbsp;&nbsp; (26460)<br>| &nbsp;&nbsp; (23575)<br>| &nbsp;&nbsp; (182988)<br>| &nbsp;&nbsp; (18958)<br>| &nbsp;&nbsp; (5713)<br>|
| Net Assets | &nbsp;&nbsp; $228408 | &nbsp;&nbsp; $3115028 | &nbsp;&nbsp; $749479 | &nbsp;&nbsp; $1766279 | &nbsp;&nbsp; $29199 |
| **Net Assets:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $228408 | &nbsp;&nbsp; $3115028 | &nbsp;&nbsp; $749479 | &nbsp;&nbsp; $1737759 | &nbsp;&nbsp; $29199 |
| Siebert Williams Shank Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28520 | &nbsp;&nbsp; — |
| **Total Shares Outstanding ($.001 par value, unlimited authorization):** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; 12413 | &nbsp;&nbsp; 305027 | &nbsp;&nbsp; 78853 | &nbsp;&nbsp; 168108 | &nbsp;&nbsp; 3290 |
| Siebert Williams Shank Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2759 | &nbsp;&nbsp; — |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $18.40 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $8.88 |
| Siebert Williams Shank Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.34 | &nbsp;&nbsp; — |
| Investments, at cost | &nbsp;&nbsp; $225220 | &nbsp;&nbsp; $3163056 | &nbsp;&nbsp; $783871 | &nbsp;&nbsp; $1739642 | &nbsp;&nbsp; $28978 |
| Investments in affiliates, at cost | &nbsp;&nbsp; 1164 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 29048 | &nbsp;&nbsp; 5601 | &nbsp;&nbsp; 9124 <br><sup>(1)</sup><br>| &nbsp;&nbsp; 60 |
| Securities on loan, at value | &nbsp;&nbsp; $479 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2277 | &nbsp;&nbsp; $10 |

---

<br> <sup>(1)</sup> *Investments in affiliates, at value and Investments in affiliates, at cost include securities purchased using cash collateral received from securities lending activities.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **4** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | |
|:---|:---|
| U.S. Government<br> Money<br> Market Fund<br>| U.S. Government<br> Select<br> Money<br> Market Fund<br>|
| $11464765 | &nbsp;&nbsp; $2385890 |
| 9584000 | &nbsp;&nbsp; 2291000 |
| 24699 | &nbsp;&nbsp; 34638 |
| 67406 | &nbsp;&nbsp; 13332 |
| 81147 | &nbsp;&nbsp; 16319 |
| 31 | &nbsp;&nbsp; 7 |
| 64 | &nbsp;&nbsp; 20 |
| 21222112 | &nbsp;&nbsp; 4741206 |
| 236741 | &nbsp;&nbsp; 49329 |
| 32710 | &nbsp;&nbsp; 3479 |
| 69180 | &nbsp;&nbsp; 14935 |
| 1141 | &nbsp;&nbsp; 252 |
| 134 | &nbsp;&nbsp; 27 |
| 334 | &nbsp;&nbsp; 72 |
| 41 | &nbsp;&nbsp; 22 |
| 179 | &nbsp;&nbsp; 47 |
| 340460 | &nbsp;&nbsp; 68163 |
| $20881652 | &nbsp;&nbsp; $4673043 |
| $20880857 | &nbsp;&nbsp; $4672899 |
| 795 | &nbsp;&nbsp; 144 |
| $20881652 | &nbsp;&nbsp; $4673043 |
| $20881652 | &nbsp;&nbsp; $4673043 |
| 20880844 | &nbsp;&nbsp; 4672938 |
| $1.00 | &nbsp;&nbsp; $1.00 |
| $11464765 | &nbsp;&nbsp; $2385890 |
|  $— | &nbsp;&nbsp; $— |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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; $1008 | &nbsp;&nbsp;&nbsp;&nbsp; $44233 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $3693 | &nbsp;&nbsp;&nbsp;&nbsp; $2273 |
| Interest income from investments in affiliates (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &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; — |
| Income from securities loaned (net of fees) (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend income from investments in affiliates (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 | &nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 1032 | &nbsp;&nbsp;&nbsp;&nbsp; 45333 | &nbsp;&nbsp;&nbsp;&nbsp; 3790 | &nbsp;&nbsp;&nbsp;&nbsp; 2311 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
| Blue sky fees | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Audit fees | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 1327 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72)<br>|
| Less custodian credits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 286 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **910** | &nbsp;&nbsp;&nbsp;&nbsp; **44544** | &nbsp;&nbsp;&nbsp;&nbsp; **3260** | &nbsp;&nbsp;&nbsp;&nbsp; **2025** |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; (1550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1774)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1804)<br>|
| 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; 1930 | &nbsp;&nbsp;&nbsp;&nbsp; 31576 | &nbsp;&nbsp;&nbsp;&nbsp; 9084 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &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 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 29811 | &nbsp;&nbsp;&nbsp;&nbsp; 5168 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$1290** | &nbsp;&nbsp;&nbsp;&nbsp; **$74355** | &nbsp;&nbsp;&nbsp;&nbsp; **$8428** | &nbsp;&nbsp;&nbsp;&nbsp; **$3049** |

---

<sup>(1)</sup> *Net of $2, $1 and $14, respectively, in foreign withholding taxes.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **6** NORTHERN FUNDS SEMIANNUAL REPORT

------

**For the Six Months Ended September 30, 2025 (UNAUDITED)** <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; $2145 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $7469 | &nbsp;&nbsp; $89153 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $19010 | &nbsp;&nbsp; $5035 | &nbsp;&nbsp; $457 | &nbsp;&nbsp; $5854 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 1745 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; 2207 | &nbsp;&nbsp; 7544 | &nbsp;&nbsp; 90904 | &nbsp;&nbsp; 19301 | &nbsp;&nbsp; 5149 | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 6284 |
| &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 7009 | &nbsp;&nbsp; 2303 | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 7822 | &nbsp;&nbsp; 2667 | &nbsp;&nbsp; 863 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 617 |
| &nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp; (101)<br>| &nbsp;&nbsp; (551)<br>| &nbsp;&nbsp; (249)<br>| &nbsp;&nbsp; (98)<br>| &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp; (83)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>|
| &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 7271 | &nbsp;&nbsp; 2418 | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp; **2018** | &nbsp;&nbsp; **6854** | &nbsp;&nbsp; **83633** | &nbsp;&nbsp; **16883** | &nbsp;&nbsp; **4384** | &nbsp;&nbsp; **406** | &nbsp;&nbsp; **5751** |
| &nbsp;&nbsp;&nbsp; (622)<br>| &nbsp;&nbsp; (1127)<br>| &nbsp;&nbsp; (33310)<br>| &nbsp;&nbsp; (9831)<br>| &nbsp;&nbsp; (945)<br>| &nbsp;&nbsp; (31)<br>| &nbsp;&nbsp; (188)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; 2294 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (21)<br>|
| &nbsp;&nbsp;&nbsp; 1475 | &nbsp;&nbsp; 4957 | &nbsp;&nbsp; 94286 | &nbsp;&nbsp; 27736 | &nbsp;&nbsp; 5119 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 2950 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; (1092)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &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; 2 |
| &nbsp;&nbsp;&nbsp; 984 | &nbsp;&nbsp; 3901 | &nbsp;&nbsp; 62183 | &nbsp;&nbsp; 17905 | &nbsp;&nbsp; 4174 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 2934 |
| &nbsp;&nbsp;&nbsp; **$3002** | &nbsp;&nbsp; **$10755** | &nbsp;&nbsp; **$145816** | &nbsp;&nbsp; **$34788** | &nbsp;&nbsp; **$8558** | &nbsp;&nbsp; **$574** | &nbsp;&nbsp; **$8685** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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; $5982 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $47273 | &nbsp;&nbsp;&nbsp;&nbsp; $15293 | &nbsp;&nbsp;&nbsp;&nbsp; $43141 <br><sup>(1)</sup><br>|
| Interest income from investments in affiliates (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
| Dividend income from investments in affiliates (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 884 | &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |
| 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; 6032 | &nbsp;&nbsp;&nbsp;&nbsp; 48157 | &nbsp;&nbsp;&nbsp;&nbsp; 15464 | &nbsp;&nbsp;&nbsp;&nbsp; 44123 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp; 3233 | &nbsp;&nbsp;&nbsp;&nbsp; 1599 | &nbsp;&nbsp;&nbsp;&nbsp; 2034 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 342 |
| Blue sky fees | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Audit fees | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp; 3982 | &nbsp;&nbsp;&nbsp;&nbsp; 1862 | &nbsp;&nbsp;&nbsp;&nbsp; 2557 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (380)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (318)<br>|
| Less custodian credits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 516 | &nbsp;&nbsp;&nbsp;&nbsp; 3598 | &nbsp;&nbsp;&nbsp;&nbsp; 1678 | &nbsp;&nbsp;&nbsp;&nbsp; 2237 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **5516** | &nbsp;&nbsp;&nbsp;&nbsp; **44559** | &nbsp;&nbsp;&nbsp;&nbsp; **13786** | &nbsp;&nbsp;&nbsp;&nbsp; **41886** |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp;&nbsp; 2153 | &nbsp;&nbsp;&nbsp;&nbsp; (7583)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 560 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (466)<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; 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 6505 | &nbsp;&nbsp;&nbsp;&nbsp; 14357 | &nbsp;&nbsp;&nbsp;&nbsp; 2030 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Gains | &nbsp;&nbsp;&nbsp;&nbsp; 1406 | &nbsp;&nbsp;&nbsp;&nbsp; 8658 | &nbsp;&nbsp;&nbsp;&nbsp; 6774 | &nbsp;&nbsp;&nbsp;&nbsp; 2574 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$6922** | &nbsp;&nbsp;&nbsp;&nbsp; **$53217** | &nbsp;&nbsp;&nbsp;&nbsp; **$20560** | &nbsp;&nbsp;&nbsp;&nbsp; **$44460** |

---

<sup>(1)</sup> *Net of $1 and $20, respectively, in foreign withholding taxes.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **8** NORTHERN FUNDS SEMIANNUAL REPORT

------

**For the Six Months Ended September 30, 2025 (UNAUDITED)** <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; $582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $477555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $95081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &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; 837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (943)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (222)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **520** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **439855** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **88160** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$702** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$439993** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$88174** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 | &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $910 | &nbsp;&nbsp;&nbsp;&nbsp; $1956 | &nbsp;&nbsp;&nbsp;&nbsp; $44544 | &nbsp;&nbsp;&nbsp;&nbsp; $86078 | &nbsp;&nbsp;&nbsp;&nbsp; $3260 | &nbsp;&nbsp;&nbsp;&nbsp; $6418 |
| Net realized losses | &nbsp;&nbsp;&nbsp;&nbsp; (1550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1774)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52362)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3906)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp; 31585 | &nbsp;&nbsp;&nbsp;&nbsp; 68658 | &nbsp;&nbsp;&nbsp;&nbsp; 9084 | &nbsp;&nbsp;&nbsp;&nbsp; 2149 |
| Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp;&nbsp; 713 | &nbsp;&nbsp;&nbsp;&nbsp; 74355 | &nbsp;&nbsp;&nbsp;&nbsp; 102374 | &nbsp;&nbsp;&nbsp;&nbsp; 8428 | &nbsp;&nbsp;&nbsp;&nbsp; 4661 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3175 | &nbsp;&nbsp;&nbsp;&nbsp; (10008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 132645 | &nbsp;&nbsp;&nbsp;&nbsp; (228908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13840 | &nbsp;&nbsp;&nbsp;&nbsp; (26140)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3175 | &nbsp;&nbsp;&nbsp;&nbsp; (10008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 132645 | &nbsp;&nbsp;&nbsp;&nbsp; (228908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13840 | &nbsp;&nbsp;&nbsp;&nbsp; (26140)<br>|
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (910)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6425)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (910)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6425)<br>|
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **3555** | &nbsp;&nbsp;&nbsp;&nbsp; **(11251)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **162247** | &nbsp;&nbsp;&nbsp;&nbsp; **(213150)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **19007** | &nbsp;&nbsp;&nbsp;&nbsp; **(27904)**<br>|
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of period | &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 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; $55595 | &nbsp;&nbsp;&nbsp;&nbsp; $52040 | &nbsp;&nbsp;&nbsp;&nbsp; $2306263 | &nbsp;&nbsp;&nbsp;&nbsp; $2144016 | &nbsp;&nbsp;&nbsp;&nbsp; $240476 | &nbsp;&nbsp;&nbsp;&nbsp; $221469 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **10** NORTHERN FUNDS SEMIANNUAL REPORT

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED September 30, 2025, (UNAUDITED)**<br> **OR THE FISCAL YEAR ENDED March 31, 2025** <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 |
| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| &nbsp;&nbsp;&nbsp; $2025 | &nbsp;&nbsp;&nbsp; $4650 | &nbsp;&nbsp;&nbsp; $2018 | &nbsp;&nbsp;&nbsp; $3926 | &nbsp;&nbsp;&nbsp; $6854 | &nbsp;&nbsp;&nbsp; $14773 | &nbsp;&nbsp;&nbsp; $83633 | &nbsp;&nbsp;&nbsp; $186775 |
| &nbsp;&nbsp;&nbsp; (1804)<br>| &nbsp;&nbsp;&nbsp; (713)<br>| &nbsp;&nbsp;&nbsp; (456)<br>| &nbsp;&nbsp;&nbsp; (1186)<br>| &nbsp;&nbsp;&nbsp; (1149)<br>| &nbsp;&nbsp;&nbsp; (5034)<br>| &nbsp;&nbsp;&nbsp; (31016)<br>| &nbsp;&nbsp;&nbsp; (40600)<br>|
| &nbsp;&nbsp;&nbsp; 2828 | &nbsp;&nbsp;&nbsp; (1708)<br>| &nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp; 1699 | &nbsp;&nbsp;&nbsp; 5050 | &nbsp;&nbsp;&nbsp; 7058 | &nbsp;&nbsp;&nbsp; 93199 | &nbsp;&nbsp;&nbsp; 46437 |
| &nbsp;&nbsp;&nbsp; 3049 | &nbsp;&nbsp;&nbsp; 2229 | &nbsp;&nbsp;&nbsp; 3002 | &nbsp;&nbsp;&nbsp; 4439 | &nbsp;&nbsp;&nbsp; 10755 | &nbsp;&nbsp;&nbsp; 16797 | &nbsp;&nbsp;&nbsp; 145816 | &nbsp;&nbsp;&nbsp; 192612 |
| &nbsp;&nbsp;&nbsp; (18873)<br>| &nbsp;&nbsp;&nbsp; (4742)<br>| &nbsp;&nbsp;&nbsp; (4171)<br>| &nbsp;&nbsp;&nbsp; 4170 | &nbsp;&nbsp;&nbsp; (39967)<br>| &nbsp;&nbsp;&nbsp; (21221)<br>| &nbsp;&nbsp;&nbsp; (354025)<br>| &nbsp;&nbsp;&nbsp; (42365)<br>|
| &nbsp;&nbsp;&nbsp; (18873)<br>| &nbsp;&nbsp;&nbsp; (4742)<br>| &nbsp;&nbsp;&nbsp; (4171)<br>| &nbsp;&nbsp;&nbsp; 4170 | &nbsp;&nbsp;&nbsp; (39967)<br>| &nbsp;&nbsp;&nbsp; (21221)<br>| &nbsp;&nbsp;&nbsp; (354025)<br>| &nbsp;&nbsp;&nbsp; (42365)<br>|
| &nbsp;&nbsp;&nbsp; (2025)<br>| &nbsp;&nbsp;&nbsp; (4653)<br>| &nbsp;&nbsp;&nbsp; (2001)<br>| &nbsp;&nbsp;&nbsp; (3930)<br>| &nbsp;&nbsp;&nbsp; (6816)<br>| &nbsp;&nbsp;&nbsp; (14748)<br>| &nbsp;&nbsp;&nbsp; (83776)<br>| &nbsp;&nbsp;&nbsp; (187361)<br>|
| &nbsp;&nbsp;&nbsp; (2025)<br>| &nbsp;&nbsp;&nbsp; (4653)<br>| &nbsp;&nbsp;&nbsp; (2001)<br>| &nbsp;&nbsp;&nbsp; (3930)<br>| &nbsp;&nbsp;&nbsp; (6816)<br>| &nbsp;&nbsp;&nbsp; (14748)<br>| &nbsp;&nbsp;&nbsp; (83776)<br>| &nbsp;&nbsp;&nbsp; (187361)<br>|
| &nbsp;&nbsp;&nbsp; **(17849)**<br>| &nbsp;&nbsp;&nbsp; **(7166)**<br>| &nbsp;&nbsp;&nbsp; **(3170)**<br>| &nbsp;&nbsp;&nbsp; **4679** | &nbsp;&nbsp;&nbsp; **(36028)**<br>| &nbsp;&nbsp;&nbsp; **(19172)**<br>| &nbsp;&nbsp;&nbsp; **(291985)**<br>| &nbsp;&nbsp;&nbsp; **(37114)**<br>|
| &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 |
| &nbsp;&nbsp;&nbsp; $125538 | &nbsp;&nbsp;&nbsp; $143387 | &nbsp;&nbsp;&nbsp; $93215 | &nbsp;&nbsp;&nbsp; $96385 | &nbsp;&nbsp;&nbsp; $292329 | &nbsp;&nbsp;&nbsp; $328357 | &nbsp;&nbsp;&nbsp; $2341070 | &nbsp;&nbsp;&nbsp; $2633055 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 | &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $16883 | &nbsp;&nbsp;&nbsp;&nbsp; $35275 | &nbsp;&nbsp;&nbsp;&nbsp; $4384 | &nbsp;&nbsp;&nbsp;&nbsp; $9265 | &nbsp;&nbsp;&nbsp;&nbsp; $406 | &nbsp;&nbsp;&nbsp;&nbsp; $738 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; (9831)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15084)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (332)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 27736 | &nbsp;&nbsp;&nbsp;&nbsp; 4977 | &nbsp;&nbsp;&nbsp;&nbsp; 5119 | &nbsp;&nbsp;&nbsp;&nbsp; 4304 | &nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
| Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 34788 | &nbsp;&nbsp;&nbsp;&nbsp; 25168 | &nbsp;&nbsp;&nbsp;&nbsp; 8558 | &nbsp;&nbsp;&nbsp;&nbsp; 11249 | &nbsp;&nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp;&nbsp; 1194 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21610 | &nbsp;&nbsp;&nbsp;&nbsp; (194477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18969)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1411 | &nbsp;&nbsp;&nbsp;&nbsp; (6418)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21610 | &nbsp;&nbsp;&nbsp;&nbsp; (194477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18969)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1411 | &nbsp;&nbsp;&nbsp;&nbsp; (6418)<br>|
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (17362)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4384)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (407)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (740)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (17362)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4384)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (407)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (740)<br>|
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **39036** | &nbsp;&nbsp;&nbsp;&nbsp; **(204601)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(14795)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(78261)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1578** | &nbsp;&nbsp;&nbsp;&nbsp; **(5964)**<br>|
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of period | &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 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; $1096026 | &nbsp;&nbsp;&nbsp;&nbsp; $1056990 | &nbsp;&nbsp;&nbsp;&nbsp; $336306 | &nbsp;&nbsp;&nbsp;&nbsp; $351101 | &nbsp;&nbsp;&nbsp;&nbsp; $25069 | &nbsp;&nbsp;&nbsp;&nbsp; $23491 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **12** NORTHERN FUNDS SEMIANNUAL REPORT

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED September 30, 2025, (UNAUDITED)**<br> **OR THE FISCAL YEAR ENDED March 31, 2025** <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 |
| &nbsp;&nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| &nbsp;&nbsp;&nbsp; $5751 | &nbsp;&nbsp;&nbsp; $12778 | &nbsp;&nbsp;&nbsp; $5516 | &nbsp;&nbsp;&nbsp; $11295 | &nbsp;&nbsp;&nbsp; $44559 | &nbsp;&nbsp;&nbsp; $87425 | &nbsp;&nbsp;&nbsp; $13786 | &nbsp;&nbsp;&nbsp; $26750 |
| &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 2153 | &nbsp;&nbsp;&nbsp; (1181)<br>| &nbsp;&nbsp;&nbsp; (7583)<br>| &nbsp;&nbsp;&nbsp; (12677)<br>|
| &nbsp;&nbsp;&nbsp; 3072 | &nbsp;&nbsp;&nbsp; (2389)<br>| &nbsp;&nbsp;&nbsp; 1391 | &nbsp;&nbsp;&nbsp; 3433 | &nbsp;&nbsp;&nbsp; 6505 | &nbsp;&nbsp;&nbsp; 11798 | &nbsp;&nbsp;&nbsp; 14357 | &nbsp;&nbsp;&nbsp; (2067)<br>|
| &nbsp;&nbsp;&nbsp; 8685 | &nbsp;&nbsp;&nbsp; 11132 | &nbsp;&nbsp;&nbsp; 6922 | &nbsp;&nbsp;&nbsp; 14832 | &nbsp;&nbsp;&nbsp; 53217 | &nbsp;&nbsp;&nbsp; 98042 | &nbsp;&nbsp;&nbsp; 20560 | &nbsp;&nbsp;&nbsp; 12006 |
| &nbsp;&nbsp;&nbsp; (31381)<br>| &nbsp;&nbsp;&nbsp; (8819)<br>| &nbsp;&nbsp;&nbsp; (65883)<br>| &nbsp;&nbsp;&nbsp; 17779 | &nbsp;&nbsp;&nbsp; 353089 | &nbsp;&nbsp;&nbsp; 236891 | &nbsp;&nbsp;&nbsp; (27983)<br>| &nbsp;&nbsp;&nbsp; 29347 |
| &nbsp;&nbsp;&nbsp; (31381)<br>| &nbsp;&nbsp;&nbsp; (8819)<br>| &nbsp;&nbsp;&nbsp; (65883)<br>| &nbsp;&nbsp;&nbsp; 17779 | &nbsp;&nbsp;&nbsp; 353089 | &nbsp;&nbsp;&nbsp; 236891 | &nbsp;&nbsp;&nbsp; (27983)<br>| &nbsp;&nbsp;&nbsp; 29347 |
| &nbsp;&nbsp;&nbsp; (5999)<br>| &nbsp;&nbsp;&nbsp; (12717)<br>| &nbsp;&nbsp;&nbsp; (5584)<br>| &nbsp;&nbsp;&nbsp; (11409)<br>| &nbsp;&nbsp;&nbsp; (44563)<br>| &nbsp;&nbsp;&nbsp; (87427)<br>| &nbsp;&nbsp;&nbsp; (13789)<br>| &nbsp;&nbsp;&nbsp; (26756)<br>|
| &nbsp;&nbsp;&nbsp; (5999)<br>| &nbsp;&nbsp;&nbsp; (12717)<br>| &nbsp;&nbsp;&nbsp; (5584)<br>| &nbsp;&nbsp;&nbsp; (11409)<br>| &nbsp;&nbsp;&nbsp; (44563)<br>| &nbsp;&nbsp;&nbsp; (87427)<br>| &nbsp;&nbsp;&nbsp; (13789)<br>| &nbsp;&nbsp;&nbsp; (26756)<br>|
| &nbsp;&nbsp;&nbsp; **(28695)**<br>| &nbsp;&nbsp;&nbsp; **(10404)**<br>| &nbsp;&nbsp;&nbsp; **(64545)**<br>| &nbsp;&nbsp;&nbsp; **21202** | &nbsp;&nbsp;&nbsp; **361743** | &nbsp;&nbsp;&nbsp; **247506** | &nbsp;&nbsp;&nbsp; **(21212)**<br>| &nbsp;&nbsp;&nbsp; **14597** |
| &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 |
| &nbsp;&nbsp;&nbsp; $150512 | &nbsp;&nbsp;&nbsp; $179207 | &nbsp;&nbsp;&nbsp; $228408 | &nbsp;&nbsp;&nbsp; $292953 | &nbsp;&nbsp;&nbsp; $3115028 | &nbsp;&nbsp;&nbsp; $2753285 | &nbsp;&nbsp;&nbsp; $749479 | &nbsp;&nbsp;&nbsp; $770691 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 | &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>| &nbsp;&nbsp; **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp; $41886 | &nbsp;&nbsp;&nbsp; $79131 | &nbsp;&nbsp;&nbsp; $520 | &nbsp;&nbsp;&nbsp; $762 | &nbsp;&nbsp;&nbsp; $439855 | &nbsp;&nbsp;&nbsp; $951243 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 1294 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; (241)<br>| &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 808 |
| Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp; 2014 | &nbsp;&nbsp;&nbsp; 11012 | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp; 44460 | &nbsp;&nbsp;&nbsp; 91437 | &nbsp;&nbsp;&nbsp; 702 | &nbsp;&nbsp;&nbsp; 987 | &nbsp;&nbsp;&nbsp; 439993 | &nbsp;&nbsp;&nbsp; 952051 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| Net increase (decrease) in net assets resulting from Shares transactions | &nbsp;&nbsp;&nbsp; 102975 | &nbsp;&nbsp;&nbsp; 26938 | &nbsp;&nbsp;&nbsp; 1667 | &nbsp;&nbsp;&nbsp; 2445 | &nbsp;&nbsp;&nbsp; (1328474)<br>| &nbsp;&nbsp;&nbsp; 1774718 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from transactions (Siebert <br> Williams Shank Shares)<br>| &nbsp;&nbsp;&nbsp; (9632)<br>| &nbsp;&nbsp;&nbsp; 5235 | &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; 93343 | &nbsp;&nbsp;&nbsp; 32173 | &nbsp;&nbsp;&nbsp; 1667 | &nbsp;&nbsp;&nbsp; 2445 | &nbsp;&nbsp;&nbsp; (1328474)<br>| &nbsp;&nbsp;&nbsp; 1774718 |
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; (40988)<br>| &nbsp;&nbsp;&nbsp; (78013)<br>| &nbsp;&nbsp;&nbsp; (520)<br>| &nbsp;&nbsp;&nbsp; (762)<br>| &nbsp;&nbsp;&nbsp; (439854)<br>| &nbsp;&nbsp;&nbsp; (951306)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp; (40988)<br>| &nbsp;&nbsp;&nbsp; (78013)<br>| &nbsp;&nbsp;&nbsp; (520)<br>| &nbsp;&nbsp;&nbsp; (762)<br>| &nbsp;&nbsp;&nbsp; (439854)<br>| &nbsp;&nbsp;&nbsp; (951306)<br>|
| &nbsp;&nbsp; DISTRIBUTIONS TO SIEBERT WILLIAMS SHANK SHARES <br> SHAREHOLDERS:<br>|  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; (856)<br>| &nbsp;&nbsp;&nbsp; (1745)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Distributions to Siebert Williams Shank Shares Shareholders | &nbsp;&nbsp;&nbsp; (856)<br>| &nbsp;&nbsp;&nbsp; (1745)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp; **95959** | &nbsp;&nbsp;&nbsp; **43852** | &nbsp;&nbsp;&nbsp; **1849** | &nbsp;&nbsp;&nbsp; **2670** | &nbsp;&nbsp;&nbsp; **(1328335)**<br>| &nbsp;&nbsp;&nbsp; **1775463** |
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1670320 | &nbsp;&nbsp;&nbsp; 1626468 | &nbsp;&nbsp;&nbsp; 27350 | &nbsp;&nbsp;&nbsp; 24680 | &nbsp;&nbsp;&nbsp; 22209987 | &nbsp;&nbsp;&nbsp; 20434524 |
| End of period | &nbsp;&nbsp;&nbsp; $1766279 | &nbsp;&nbsp;&nbsp; $1670320 | &nbsp;&nbsp;&nbsp; $29199 | &nbsp;&nbsp;&nbsp; $27350 | &nbsp;&nbsp;&nbsp; $20881652 | &nbsp;&nbsp;&nbsp; $22209987 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **14** NORTHERN FUNDS SEMIANNUAL REPORT

------

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE SIX MONTHS ENDED September 30, 2025, (UNAUDITED)**<br> **OR THE FISCAL YEAR ENDED March 31, 2025** <br>

---

| | |
|:---|:---|
| U.S. Government<br> Select<br> Money<br> Market Fund | U.S. Government<br> Select<br> Money<br> Market Fund |
| **Sep 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Mar 31,**<br> **2025**<br>|
| $88160 | &nbsp;&nbsp;&nbsp;&nbsp; $207524 |
| 14 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| 88174 | &nbsp;&nbsp;&nbsp;&nbsp; 207682 |
| 315034 | &nbsp;&nbsp;&nbsp;&nbsp; (105182)<br>|
| 315034 | &nbsp;&nbsp;&nbsp;&nbsp; (105182)<br>|
| (88159)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207524)<br>|
| (88159)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207524)<br>|
| **315049** | &nbsp;&nbsp;&nbsp;&nbsp; **(105024)**<br>|
| 4357994 | &nbsp;&nbsp;&nbsp;&nbsp; 4463018 |
| $4673043 | &nbsp;&nbsp;&nbsp;&nbsp; $4357994 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$9.46** | &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 | 0.16 | 0.32 | 0.32 | 0.30 | 0.23 | 0.25 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.06 | &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 | 0.22 | 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; (0.16)<br>| &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; (0.16)<br>| &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 Period | &nbsp;&nbsp; $9.52 | &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>| **2.41%**<br>| **1.19%**<br>| **2.62%**<br>| &nbsp;&nbsp; **(0.82)%**<br>| &nbsp;&nbsp; **(4.74)%**<br>| **3.19%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $55595 | &nbsp;&nbsp; $52040 | &nbsp;&nbsp; $63291 | &nbsp;&nbsp; $77678 | &nbsp;&nbsp; $142101 | &nbsp;&nbsp; $168504 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.47 %<sup>(4)</sup><br>| 0.47 %<sup>(4)</sup><br>| 0.47 %<sup>(4)</sup><br>| 0.46<br> %<br>| 0.46<br> %<br>| 0.46<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.71<br> %<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>(3)</sup> <br>| 3.49 %<sup>(4)</sup><br>| 3.38 %<sup>(4)</sup><br>| 3.29 %<sup>(4)</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>| 3.25<br> %<br>| 3.15<br> %<br>| 3.10<br> %<br>| 2.87<br> %<br>| 1.95<br> %<br>| 2.17<br> %<br>|
| Portfolio Turnover Rate | 19.19<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 $1,000, $5,000, $3,000, $5,000, $500 and $5,000, representing less than 0.01 percent of average* *net assets for the six months ended September 30, 2025 and 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>(4)</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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bond Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$9.22** | &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 | 0.18 | 0.34 | 0.31 | 0.24 | 0.19 | 0.22 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.11 | 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 | 0.29 | 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; (0.18)<br>| &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; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.18)<br>| &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 Period | &nbsp;&nbsp; $9.33 | &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>| **3.22%**<br>| **4.78%**<br>| **1.60%**<br>| &nbsp;&nbsp; **(4.77)%**<br>| &nbsp;&nbsp; **(4.22)%**<br>| **0.36%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $2306263 | &nbsp;&nbsp; $2144016 | &nbsp;&nbsp; $2357166 | &nbsp;&nbsp; $2181197 | &nbsp;&nbsp; $2677710 | &nbsp;&nbsp; $3252218 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.07 %<sup>(3)</sup><br>| 0.07 %<sup>(3)</sup><br>| 0.07 %<sup>(3)</sup><br>| 0.11 %<sup>(4)</sup><br>| 0.15 %<sup>(4)</sup><br>| 0.15 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.12<br> %<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>| 3.95 %<sup>(3)</sup><br>| 3.79 %<sup>(3)</sup><br>| 3.37 %<sup>(3)</sup><br>| 2.53 %<sup>(4)</sup><br>| 1.77 %<sup>(4)</sup><br>| 1.91 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.90<br> %<br>| 3.74<br> %<br>| 3.32<br> %<br>| 2.49<br> %<br>| 1.73<br> %<br>| 1.87<br> %<br>|
| Portfolio Turnover Rate | 24.22<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $27,000, $1,000 and $92,000, representing 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 SEMIANNUAL REPORT **17** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **California** <br> **Intermediate** <br> **Tax-Exempt Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$9.78** | &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 | 0.14 | 0.26 | 0.26 | 0.23 | 0.21 | 0.24 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.21 | &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 | 0.35 | 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; (0.14)<br>| &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; — | &nbsp;&nbsp; (0.02)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.14)<br>| &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 Period | &nbsp;&nbsp; $9.99 | &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>| **3.59%**<br>| **1.98%**<br>| **2.29%**<br>| &nbsp;&nbsp; **(0.39)%**<br>| &nbsp;&nbsp; **(5.20)%**<br>| **4.29%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $240476 | &nbsp;&nbsp; $221469 | &nbsp;&nbsp; $249373 | &nbsp;&nbsp; $273437 | &nbsp;&nbsp; $483410 | &nbsp;&nbsp; $533617 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.45<br> %<br>| 0.45 %<sup>(4)</sup><br>| 0.45 %<sup>(4)</sup><br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.52<br> %<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>(3)</sup> <br>| 2.79<br> %<br>| 2.67 %<sup>(4)</sup><br>| 2.66 %<sup>(4)</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>| 2.72<br> %<br>| 2.60<br> %<br>| 2.59<br> %<br>| 2.31<br> %<br>| 1.89<br> %<br>| 2.13<br> %<br>|
| Portfolio Turnover Rate | 17.50<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 $5,000, $11,000, $19,000, $17,000, less than $1,000 and approximately $19,000, representing less* *than 0.01 percent of average net assets for the six months ended September 30, 2025 and 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>(4)</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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **California** <br> **Tax-Exempt Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$10.36** | &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 | 0.17 | 0.33 | 0.32 | 0.27 | 0.24 | 0.29 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.11 | &nbsp;&nbsp; (0.17)<br>| 0.01 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.85)<br>| 0.21 |
| Total from Investment Operations | 0.28 | 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; (0.17)<br>| &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; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.06)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.17)<br>| &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 Period | &nbsp;&nbsp; $10.47 | &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>| **2.72%**<br>| **1.53%**<br>| **3.25%**<br>| &nbsp;&nbsp; **(1.02)%**<br>| &nbsp;&nbsp; **(5.35)%**<br>| **4.32%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $125538 | &nbsp;&nbsp; $143387 | &nbsp;&nbsp; $150553 | &nbsp;&nbsp; $162392 | &nbsp;&nbsp; $199909 | &nbsp;&nbsp; $218042 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.46 %<sup>(4)</sup><br>| 0.46 %<sup>(4)</sup><br>| 0.46 %<sup>(4)</sup><br>| 0.45<br> %<br>| 0.46<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.57<br> %<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>(3)</sup> <br>| 3.24 %<sup>(4)</sup><br>| 3.14 %<sup>(4)</sup><br>| 3.09 %<sup>(4)</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>| 3.13<br> %<br>| 3.04<br> %<br>| 3.00<br> %<br>| 2.50<br> %<br>| 1.91<br> %<br>| 2.36<br> %<br>|
| Portfolio Turnover Rate | 13.98<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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, $6,000, $14,000, $13,000, less than $1,000 and approximately $9,000, representing less* *than 0.01 percent of average net assets for the six months ended September 30, 2025 and 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>(4)</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 SEMIANNUAL 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** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$8.93** | &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 | 0.20 | 0.37 | 0.33 | 0.25 | 0.13 | 0.15 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.09 | 0.06 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.56)<br>| 0.18 |
| Total from Investment Operations | 0.29 | 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; (0.19)<br>| &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; — | &nbsp;&nbsp; (0.18)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.19)<br>| &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 Period | &nbsp;&nbsp; $9.03 | &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>| **3.34%**<br>| **4.95%**<br>| **1.77%**<br>| &nbsp;&nbsp; **(4.92)%**<br>| &nbsp;&nbsp; **(4.18)%**<br>| **3.08%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $93215 | &nbsp;&nbsp; $96385 | &nbsp;&nbsp; $91706 | &nbsp;&nbsp; $112206 | &nbsp;&nbsp; $189112 | &nbsp;&nbsp; $253092 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.41 %<sup>(4)</sup><br>| 0.41 %<sup>(4)</sup><br>| 0.41 %<sup>(4)</sup><br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.40<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.53<br> %<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>(3)</sup> <br>| 4.38 %<sup>(4)</sup><br>| 4.17 %<sup>(4)</sup><br>| 3.78 %<sup>(4)</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>| 4.26<br> %<br>| 4.05<br> %<br>| 3.68<br> %<br>| 2.76<br> %<br>| 1.26<br> %<br>| 1.19<br> %<br>|
| Portfolio Turnover Rate | 51.62<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $3,000, $8,000, $6,000, $6,000, $1,000 and $10,000, representing less than 0.01 percent of average* *net assets for the six months ended September 30, 2025 and 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>(4)</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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fixed Income Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$8.92** | &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 | 0.20 | 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>| 0.14 | 0.06 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.56)<br>| 0.38 |
| Total from Investment Operations | 0.34 | 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; (0.20)<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; — | &nbsp;&nbsp; (0.06)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.20)<br>| &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 Period | &nbsp;&nbsp; $9.06 | &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>| **3.87%**<br>| **5.14%**<br>| **2.20%**<br>| &nbsp;&nbsp; **(5.23)%**<br>| &nbsp;&nbsp; **(3.58)%**<br>| **5.63%** <br><sup>(4)</sup><br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $292329 | &nbsp;&nbsp; $328357 | &nbsp;&nbsp; $347529 | &nbsp;&nbsp; $481875 | &nbsp;&nbsp; $696741 | &nbsp;&nbsp; $822261 |
| Ratio to average net assets of:<sup>(5)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(6)</sup> <br>| 0.45 %<sup>(7)</sup><br>| 0.45 %<sup>(7)</sup><br>| 0.45 %<sup>(7)</sup><br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.52<br> %<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>(6)</sup> <br>| 4.50 %<sup>(7)</sup><br>| 4.36 %<sup>(7)</sup><br>| 3.82 %<sup>(7)</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>| 4.43<br> %<br>| 4.29<br> %<br>| 3.76<br> %<br>| 3.12<br> %<br>| 1.91<br> %<br>| 1.79<br> %<br>|
| Portfolio Turnover Rate | 44.32<br> %<br>| 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 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>(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> *Annualized for periods less than one year.*

<sup>(6)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $4,000, $10,000, $13,000, $18,000, less than $1,000 and approximately $25,000, representing less* *than 0.01 percent of average net assets for the six months ended September 30, 2025 and 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 SEMIANNUAL REPORT **21** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **High Yield Fixed** <br> **Income Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$5.99** | &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 | 0.21 | 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>| 0.17 | 0.01 | 0.24 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.38)<br>| 1.21 |
| Total from Investment Operations | 0.38 | 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; (0.21)<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; (0.21)<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>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $6.16 | &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>| **6.45%**<br>| **7.21%**<br>| **11.28%**<br>| &nbsp;&nbsp; **(4.08)%**<br>| &nbsp;&nbsp; **(0.61)%**<br>| **28.40%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $2341070 | &nbsp;&nbsp; $2633055 | &nbsp;&nbsp; $2670169 | &nbsp;&nbsp; $2846355 | &nbsp;&nbsp; $3879135 | &nbsp;&nbsp; $3330270 |
| Ratio to average net assets of:<sup>(4)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(5)</sup> <br>| 0.60 %<sup>(6)</sup><br>| 0.60 %<sup>(6)</sup><br>| 0.60 %<sup>(6)</sup><br>| 0.68<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.65<br> %<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>(5)</sup> <br>| 6.92 %<sup>(6)</sup><br>| 6.82 %<sup>(6)</sup><br>| 6.70 %<sup>(6)</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>| 6.87<br> %<br>| 6.77<br> %<br>| 6.66<br> %<br>| 6.11<br> %<br>| 5.12<br> %<br>| 5.57<br> %<br>|
| Portfolio Turnover Rate | 21.79<br> %<br>| 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 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>(4)</sup> *Annualized for periods less than one year.*

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $76,000, $148,000, $126,000, $186,000, $9,000 and $70,000, representing less than 0.01 percent of* *average net assets for the six months ended September 30, 2025 and 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.* 

FIXED INCOME AND MONEY MARKET FUNDS **22** NORTHERN FUNDS SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Intermediate** <br> **Tax-Exempt Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$9.70** | &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 | 0.15 | 0.30 | 0.28 | 0.25 | 0.19 | 0.21 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.16 | &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 | 0.31 | 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; (0.16)<br>| &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; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.07)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.16)<br>| &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 Period | &nbsp;&nbsp; $9.85 | &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>| **3.21%**<br>| **2.14%**<br>| **2.29%**<br>| &nbsp;&nbsp; **(0.29)%**<br>| &nbsp;&nbsp; **(4.35)%**<br>| **4.01%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $1096026 | &nbsp;&nbsp; $1056990 | &nbsp;&nbsp; $1261591 | &nbsp;&nbsp; $1535752 | &nbsp;&nbsp; $2685118 | &nbsp;&nbsp; $3073366 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.45 %<sup>(3)(4)</sup><br>| 0.45 %<sup>(3)(4)</sup><br>| 0.45 %<sup>(3)(4)</sup><br>| 0.45 %<sup>(4)</sup><br>| 0.45<br> %<br>| 0.45 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.50<br> %<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>| 3.16 %<sup>(3)(4)</sup><br>| 3.04 %<sup>(3)(4)</sup><br>| 2.88 %<sup>(3)(4)</sup><br>| 2.55 %<sup>(4)</sup><br>| 1.73<br> %<br>| 1.90 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.11<br> %<br>| 2.99<br> %<br>| 2.83<br> %<br>| 2.51<br> %<br>| 1.70<br> %<br>| 1.87<br> %<br>|
| Portfolio Turnover Rate | 15.81<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 $16,000, $33,000, $64,000, $46,000 and $104,000, representing less than 0.01 percent of average* *net assets for the six months ended September 30, 2025 and 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 SEMIANNUAL REPORT **23** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Limited Term** <br> **Tax-Exempt Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$9.93** | &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 | 0.13 | 0.24 | 0.21 | 0.16 | 0.09 | 0.12 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.13 | 0.05 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.41)<br>| 0.24 |
| Total from Investment Operations | 0.26 | 0.29 | 0.17 | 0.15 | &nbsp;&nbsp; (0.32)<br>| 0.36 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.13)<br>| &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; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.13)<br>| &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 Period | &nbsp;&nbsp; $10.06 | &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>| **2.64%**<br>| **2.98%**<br>| **1.74%**<br>| **1.59%**<br>| &nbsp;&nbsp; **(3.08)%**<br>| **3.47%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $336306 | &nbsp;&nbsp; $351101 | &nbsp;&nbsp; $429362 | &nbsp;&nbsp; $556226 | &nbsp;&nbsp; $726540 | &nbsp;&nbsp; $917624 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.45 %<sup>(3)</sup><br>| 0.45 %<sup>(3)(4)</sup><br>| 0.45 %<sup>(3)(4)</sup><br>| 0.45 %<sup>(3)</sup><br>| 0.45<br> %<br>| 0.45 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.51<br> %<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>| 2.60 %<sup>(3)</sup><br>| 2.43 %<sup>(3)(4)</sup><br>| 2.11 %<sup>(3)(4)</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>| 2.54<br> %<br>| 2.37<br> %<br>| 2.06<br> %<br>| 1.61<br> %<br>| 0.82<br> %<br>| 1.06<br> %<br>|
| Portfolio Turnover Rate | 11.95<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 $6,000, $15,000, $21,000, $30,000 and $46,000, representing less than 0.01 percent of average net* *assets for the six months ended September 30, 2025 and 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.* 

<sup>(4)</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 **24** NORTHERN FUNDS SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Limited Term** <br> **U.S. Government** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$9.41** | &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 | 0.16 | 0.28 | 0.26 | 0.20 | 0.01 | 0.01 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.07 | 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 | 0.23 | 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; (0.16)<br>| &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; (0.16)<br>| &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 Period | &nbsp;&nbsp; $9.48 | &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>| **2.46%**<br>| **5.21%**<br>| **2.11%**<br>| &nbsp;&nbsp; **(0.58)%**<br>| &nbsp;&nbsp; **(4.43)%**<br>| &nbsp;&nbsp; **(0.26)%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $25069 | &nbsp;&nbsp; $23491 | &nbsp;&nbsp; $29455 | &nbsp;&nbsp; $54473 | &nbsp;&nbsp; $47975 | &nbsp;&nbsp; $63809 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.44 %<sup>(3)(4)</sup><br>| 0.44 %<sup>(3)(4)</sup><br>| 0.42 %<sup>(3)(4)</sup><br>| 0.42 %<sup>(4)</sup><br>| 0.42<br> %<br>| 0.41 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.78<br> %<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>| 3.38 %<sup>(3)(4)</sup><br>| 3.03 %<sup>(3)(4)</sup><br>| 2.83 %<sup>(3)(4)</sup><br>| 2.20 %<sup>(4)</sup><br>| 0.17<br> %<br>| 0.02 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before reimbursements and <br> credits<br>| 3.04<br> %<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 | 35.92<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 less than $1,000, $1,000, $1,000, and approximately $4,000 and $4,000, representing less than 0.01 percent of* *average net assets for the six months ended September 30, 2025 and 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 SEMIANNUAL REPORT **25** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multi-Manager High Yield** <br> **Opportunity Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$8.36** | &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 | 0.32 | 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>| 0.17 | &nbsp;&nbsp; (0.08)<br>| 0.23 | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.33)<br>| 1.46 |
| Total from Investment Operations | 0.49 | 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; (0.33)<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; (0.33)<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>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $8.52 | &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>| **5.80%**<br>| **6.36%**<br>| **11.11%**<br>| &nbsp;&nbsp; **(3.80)%**<br>| **1.06%**<br>| **26.25%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $150512 | &nbsp;&nbsp; $179207 | &nbsp;&nbsp; $189611 | &nbsp;&nbsp; $214736 | &nbsp;&nbsp; $180833 | &nbsp;&nbsp; $174617 |
| Ratio to average net assets of:<sup>(4)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(5)</sup> <br>| 0.68 %<sup>(6)</sup><br>| 0.68 %<sup>(6)</sup><br>| 0.74 %<sup>(6)</sup><br>| 0.85<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.78<br> %<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>(5)</sup> <br>| 7.27 %<sup>(6)</sup><br>| 7.01 %<sup>(6)</sup><br>| 7.76 %<sup>(6)</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>| 7.17<br> %<br>| 6.92<br> %<br>| 7.67<br> %<br>| 5.71<br> %<br>| 4.59<br> %<br>| 6.17<br> %<br>|
| Portfolio Turnover Rate | 23.90<br> %<br>| 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 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>(4)</sup> *Annualized for periods less than one year.*

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $5,000, $14,000, $14,000, $16,000, less than $1,000 and approximately $7,000, representing less than* *0.01 percent of average net assets for the six months ended September 30, 2025 and 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.* 

FIXED INCOME AND MONEY MARKET FUNDS **26** NORTHERN FUNDS SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Bond Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$18.29** | &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 | 0.40 | 0.72 | 0.57 | 0.33 | 0.20 | 0.32 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.11 | 0.24 | 0.10 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.74)<br>| 0.49 |
| Total from Investment Operations | 0.51 | 0.96 | 0.67 | 0.02 | &nbsp;&nbsp; (0.54)<br>| 0.81 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.40)<br>| &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; (0.40)<br>| &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 Period | &nbsp;&nbsp; $18.40 | &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>| **2.83%**<br>| **5.43%**<br>| **3.78%**<br>| **0.20%**<br>| &nbsp;&nbsp; **(2.88)%**<br>| **4.34%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $228408 | &nbsp;&nbsp; $292953 | &nbsp;&nbsp; $271751 | &nbsp;&nbsp; $339725 | &nbsp;&nbsp; $425415 | &nbsp;&nbsp; $437099 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.40 %<sup>(4)</sup><br>| 0.40 %<sup>(4)</sup><br>| 0.40 %<sup>(4)</sup><br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.46<br> %<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>(3)</sup> <br>| 4.32 %<sup>(4)</sup><br>| 4.00 %<sup>(4)</sup><br>| 3.18 %<sup>(4)</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>| 4.26<br> %<br>| 3.94<br> %<br>| 3.13<br> %<br>| 1.81<br> %<br>| 1.00<br> %<br>| 1.59<br> %<br>|
| Portfolio Turnover Rate | 60.40<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $3,000, $15,000, $8,000, $16,000, $10,000 and $6,000, representing less than 0.01 percent of* *average net assets for the six months ended September 30, 2025 and 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>(4)</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 SEMIANNUAL 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 Income** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$10.18** | &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 | 0.16 | 0.35 | 0.30 | 0.15 | 0.05 | 0.08 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.03 | 0.05 | 0.12 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>| 0.08 |
| Total from Investment Operations | 0.19 | 0.40 | 0.42 | 0.15 | &nbsp;&nbsp; (0.14)<br>| 0.16 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.16)<br>| &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; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.16)<br>| &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 Period | &nbsp;&nbsp; $10.21 | &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>| **1.87%**<br>| **4.02%**<br>| **4.23%**<br>| **1.58%**<br>| &nbsp;&nbsp; **(1.41)%**<br>| **1.59%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $3115028 | &nbsp;&nbsp; $2753285 | &nbsp;&nbsp; $2505779 | &nbsp;&nbsp; $2379867 | &nbsp;&nbsp; $3993867 | &nbsp;&nbsp; $4861104 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.25 %<sup>(3)(4)</sup><br>| 0.25 %<sup>(3)(4)</sup><br>| 0.25 %<sup>(3)(4)</sup><br>| 0.25 %<sup>(4)</sup><br>| 0.25<br> %<br>| 0.25 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.28<br> %<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>| 3.11 %<sup>(3)(4)</sup><br>| 3.46 %<sup>(3)(4)</sup><br>| 2.96 %<sup>(3)(4)</sup><br>| 1.48 %<sup>(4)</sup><br>| 0.48<br> %<br>| 0.74 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.08<br> %<br>| 3.43<br> %<br>| 2.93<br> %<br>| 1.45<br> %<br>| 0.46<br> %<br>| 0.72<br> %<br>|
| Portfolio Turnover Rate | 53.26<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $48,000, $225,000, $215,000, $66,000 and $139,000, representing less than 0.01 percent of average* *net assets for the six months ended September 30, 2025, 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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Tax-Exempt Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$9.41** | &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 | 0.17 | 0.33 | 0.34 | 0.31 | 0.21 | 0.24 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.09 | &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 | 0.26 | 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; (0.17)<br>| &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; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.17)<br>| &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 Period | &nbsp;&nbsp; $9.50 | &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>| **2.85%**<br>| **1.71%**<br>| **2.73%**<br>| &nbsp;&nbsp; **(2.10)%**<br>| &nbsp;&nbsp; **(4.76)%**<br>| **4.46%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $749479 | &nbsp;&nbsp; $770691 | &nbsp;&nbsp; $756094 | &nbsp;&nbsp; $788997 | &nbsp;&nbsp; $1661137 | &nbsp;&nbsp; $2020291 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.45 %<sup>(3)(4)</sup><br>| 0.45 %<sup>(3)(4)</sup><br>| 0.45 %<sup>(3)(4)</sup><br>| 0.45 %<sup>(4)</sup><br>| 0.45<br> %<br>| 0.45 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.50<br> %<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>| 3.71 %<sup>(3)(4)</sup><br>| 3.49 %<sup>(3)(4)</sup><br>| 3.52 %<sup>(3)(4)</sup><br>| 3.15 %<sup>(4)</sup><br>| 1.93<br> %<br>| 2.13 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.66<br> %<br>| 3.44<br> %<br>| 3.47<br> %<br>| 3.10<br> %<br>| 1.89<br> %<br>| 2.09<br> %<br>|
| Portfolio Turnover Rate | 18.38<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 $9,000, $40,000, $40,000, $26,000, and $118,000, representing less than 0.01 percent of average* *net assets for the six months ended September 30, 2025 and 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 SEMIANNUAL 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** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$10.32** | &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 <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |  |
| Net investment income | 0.25 | 0.49 | 0.42 | 0.21 | 0.06 | 0.11 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.01 | 0.08 | 0.23 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.21)<br>| 0.23 |
| Total from Investment Operations | 0.26 | 0.57 | 0.65 | 0.17 | &nbsp;&nbsp; (0.15)<br>| 0.34 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24)<br>| &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; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.24)<br>| &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 Period | &nbsp;&nbsp; $10.34 | &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>| **2.58%**<br>| **5.67%**<br>| **6.59%**<br>| **1.77%**<br>| &nbsp;&nbsp; **(1.44)%**<br>| **3.29%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $1737759 | &nbsp;&nbsp; $1632225 | &nbsp;&nbsp; $1593840 | &nbsp;&nbsp; $2372561 | &nbsp;&nbsp; $3179581 | &nbsp;&nbsp; $3690747 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.25 %<sup>(4)</sup><br>| 0.25 %<sup>(4)</sup><br>| 0.25 %<sup>(4)</sup><br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.29<br> %<br>| 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 <br> reimbursements and credits<sup>(3)</sup> <br>| 4.71 %<sup>(4)</sup><br>| 4.82 %<sup>(4)</sup><br>| 4.14 %<sup>(4)</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>| 4.67<br> %<br>| 4.78<br> %<br>| 4.10<br> %<br>| 2.11<br> %<br>| 0.52<br> %<br>| 0.91<br> %<br>|
| Portfolio Turnover Rate | 21.60<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $46,000, $88,000, $133,000, $118,000, $7,000 and $142,000, representing less than 0.01 percent of* *average net assets for the six months ended September 30, 2025 and 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>(4)</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 SEMIANNUAL REPORT

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra-Short Fixed Income Fund** | **Siebert Williams Shank** | **Siebert Williams Shank** | **Siebert Williams Shank** | **Siebert Williams Shank** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025**<br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **PERIOD**<br> **ENDED**<br> **Mar 31,**<br> **2023**<sup>(1)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$10.32** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.03** | &nbsp;&nbsp; **$9.98** |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |
| Net investment income | 0.24 | 0.49 | 0.43 | 0.15 |
| Net realized and unrealized gains | 0.02 | 0.08 | 0.22 | 0.06 |
| Total from Investment Operations | 0.26 | 0.57 | 0.65 | 0.21 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $10.03 |
| **Total Return**<sup>(2)</sup> <br>| **2.58%**<br>| **5.67%**<br>| **6.59%**<br>| **2.15%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $28520 | &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 %<sup>(5)</sup><br>| 0.25<br> %<br>|
| Expenses, before reimbursements and credits | 0.28<br> %<br>| 0.29<br> %<br>| 0.28<br> %<br>| 0.28<br> %<br>|
| Net investment income, net of reimbursements and credits<sup>(4)</sup> <br>| 4.71 %<sup>(5)</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 | 4.68<br> %<br>| 4.78<br> %<br>| 4.16<br> %<br>| 2.91 %<sup>(6)</sup><br>|
| Portfolio Turnover Rate | 21.60<br> %<br>| 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. 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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $1,000, $2,000, $2,000 and less than $1,000, representing less than 0.01 percent of average net assets* *for the six months ended September 30, 2025 and 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 SEMIANNUAL REPORT **31** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$8.83** | &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 | 0.16 | 0.28 | 0.25 | 0.19 | 0.04 | 0.01 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.05 | 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 | 0.21 | 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; (0.16)<br>| &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; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.28)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.16)<br>| &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 Period | &nbsp;&nbsp; $8.88 | &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>| **2.35%**<br>| **4.26%**<br>| **1.60%**<br>| &nbsp;&nbsp; **(1.72)%**<br>| &nbsp;&nbsp; **(4.48)%**<br>| &nbsp;&nbsp; **(1.58)%**<br>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $29199 | &nbsp;&nbsp; $27350 | &nbsp;&nbsp; $24680 | &nbsp;&nbsp; $48751 | &nbsp;&nbsp; $44292 | &nbsp;&nbsp; $53343 |
| Ratio to average net assets of:<sup>(2)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.43 %<sup>(3)(4)</sup><br>| 0.45 %<sup>(3)(4)</sup><br>| 0.43 %<sup>(3)(4)</sup><br>| 0.42 %<sup>(4)</sup><br>| 0.43<br> %<br>| 0.42 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.71<br> %<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>| 3.52 %<sup>(3)(4)</sup><br>| 3.27 %<sup>(3)(4)</sup><br>| 2.75 %<sup>(3)(4)</sup><br>| 2.25 %<sup>(4)</sup><br>| 0.36<br> %<br>| 0.11 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before reimbursements and <br> credits<br>| 3.24<br> %<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 | 29.24<br> %<br>| 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 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>(2)</sup> *Annualized for periods less than one year.*

<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 investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled less than $1,000, $1,000 and approximately $1,000, $5,000 and $2,000, representing less than 0.01 percent of* *average net assets for the six months ended September 30, 2025 and 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 SEMIANNUAL REPORT

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government** <br> **Money Market Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$1.00** | &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 | 0.02 | 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; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.05 | 0.05 | 0.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &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; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &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>| **2.03%**<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>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $20881652 | &nbsp;&nbsp; $22209987 | &nbsp;&nbsp; $20434524 | &nbsp;&nbsp; $18584575 | &nbsp;&nbsp; $20213443 | &nbsp;&nbsp; $17518409 |
| Ratio to average net assets of:<sup>(11)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.34 %<sup>(12)</sup><br>| 0.09 %<sup>(12)</sup><br>| 0.22 %<sup>(12)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.36<br> %<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>| 4.01<br> %<br>| 4.61<br> %<br>| 4.95<br> %<br>| 2.21 %<sup>(12)</sup><br>| 0.01 %<sup>(12)</sup><br>| 0.03 %<sup>(12)</sup><br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before reimbursements and <br> credits<br>| 4.00<br> %<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 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>(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> *Annualized for periods less than one year.*

<sup>(12)</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 SEMIANNUAL REPORT **33** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government** <br> **Select Money Market** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **SIX MONTHS**<br> **ENDED**<br> **Sep 30,**<br> **2025** <br> **(UNAUDITED)**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2025**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2024**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2023**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2022**<br>| **FISCAL YEAR**<br> **ENDED**<br> **Mar 31,**<br> **2021**<br>|
| &nbsp;&nbsp; **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp; **$1.00** | &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 | 0.02 | 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; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | 0.05 | 0.05 | 0.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &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; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | &nbsp;&nbsp; $1.00 | &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>| **2.03%**<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>|
| &nbsp;&nbsp; SUPPLEMENTAL DATA AND <br> RATIOS:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, in thousands, end of <br> period<br>| &nbsp;&nbsp; $4673043 | &nbsp;&nbsp; $4357994 | &nbsp;&nbsp; $4463018 | &nbsp;&nbsp; $3509978 | &nbsp;&nbsp; $3727339 | &nbsp;&nbsp; $3911252 |
| Ratio to average net assets of:<sup>(11)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.34 %<sup>(12)</sup><br>| 0.09 %<sup>(12)</sup><br>| 0.23 %<sup>(12)</sup><br>|
| &nbsp;&nbsp; Expenses, before <br> reimbursements and credits<br>| 0.36<br> %<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>| 4.01<br> %<br>| 4.63<br> %<br>| 4.98<br> %<br>| 2.24 %<sup>(12)</sup><br>| 0.23 %<sup>(12)</sup><br>| 0.02 %<sup>(12)</sup><br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before reimbursements and <br> credits<br>| 4.00<br> %<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 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>(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> *Annualized for periods less than one year.*

<sup>(12)</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 SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ARIZONA TAX-EXEMPT FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 94.8%**  | **MUNICIPAL BONDS – 94.8%**  | **MUNICIPAL BONDS – 94.8%**  |
| **Arizona – 92.5%** | **Arizona – 92.5%** | **Arizona – 92.5%** |
| &nbsp;&nbsp; Arizona Board of Regents Revenue <br> Bonds, Series A, Green Bonds,<br>|  |  |
| 5.00%, 7/1/43 | $850 | $893 |
| &nbsp;&nbsp; Arizona Board of Regents State <br> University System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/36 | 495 | 509 |
| &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 | 746 |
| &nbsp;&nbsp; Arizona Board of Regents University <br> System Revenue Refunding Bonds, <br> Stimulus Plan For Economic,<br>|  |  |
| 3.13%, 8/1/39 | 430 | 380 |
| &nbsp;&nbsp; Arizona Board of Regents University <br> System Revenue Refunding Bonds, <br> Stimulus Plan For Economic & <br> Educational Development (BAM <br> Insured),<br>|  |  |
| 5.00%, 8/1/41 | 750 | 809 |
| &nbsp;&nbsp; Arizona State IDA Education Revenue <br> Bonds, Series A-Social, Macombs <br> Facility Project,<br>|  |  |
| 4.00%, 7/1/41 | 500 | 446 |
| &nbsp;&nbsp; Arizona State IDA National Charter <br> Equitable School Revolving Loan <br> Fund Revenue Bonds,<br>|  |  |
| 5.00%, 11/1/41 | 545 | 564 |
| &nbsp;&nbsp; Arizona State University Sustainable <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/36 | 795 | 840 |
| Buckeye Arizona Excise TRB, |  |  |
| 5.00%, 7/1/38 | 650 | 720 |
| Bullhead City Excise TRB, |  |  |
| 4.00%, 7/1/52 | 1000 | 900 |
| &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 | 432 |
| &nbsp;&nbsp; Gilbert Water Resource Municipal <br> Property Corp. Utility System <br> Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/28 | 500 | 507 |
| 5.00%, 7/1/30 | 500 | 507 |
| 5.00%, 7/1/31 | 600 | 608 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **Arizona – 92.5%continued** | **Arizona – 92.5%continued** | **Arizona – 92.5%continued** |
| &nbsp;&nbsp; Glendale IDA Revenue Refunding <br> Bonds, Midwestern University,<br>|  |  |
| 5.00%, 5/15/32 | $500 | $544 |
| &nbsp;&nbsp; Glendale Senior Excise Tax Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/32 | 500 | 572 |
| 5.00%, 7/1/37 | 1000 | 1121 |
| &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 | 798 |
| &nbsp;&nbsp; Lake Havasu City Wastewater System <br> Senior Lien Revenue G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/42 | 500 | 538 |
| &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 | 276 |
| &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 | 311 |
| &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 | 574 |
| &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 | 265 |
| &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 | 1020 |
| &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 | 305 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **Arizona – 92.5%continued** | **Arizona – 92.5%continued** | **Arizona – 92.5%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 | $651 |
| &nbsp;&nbsp; Maricopa County IDA Education <br> Revenue Bonds, Legacy Traditional <br> Schools Project,<br>|  |  |
| 5.00%, 7/1/35 | 965 | 1018 |
| &nbsp;&nbsp; Maricopa County IDA Educational <br> Facilities Revenue Bonds, Creighton <br> University Project,<br>|  |  |
| 5.00%, 7/1/39 | 1285 | 1333 |
| 5.00%, 7/1/47 | 1000 | 1011 |
| &nbsp;&nbsp; Maricopa County IDA Educational <br> Revenue Refunding Bonds, Legacy <br> Traditional School,<br>|  |  |
| 4.25%, 7/1/44 | 300 | 262 |
| &nbsp;&nbsp; Maricopa County IDA Hospital <br> Revenue Refunding Bonds, Series A, <br> HonorHealth,<br>|  |  |
| 5.00%, 9/1/42 | 2000 | 2028 |
| &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 | 2492 |
| &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 | 825 |
| &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 | 547 |
| &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 | 1046 |
| Mesa Utility System Revenue Bonds, |  |  |
| 3.00%, 7/1/44 | 500 | 388 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **Arizona – 92.5%continued** | **Arizona – 92.5%continued** | **Arizona – 92.5%continued** |
| Mesa Utility Systems Revenue Bonds, |  |  |
| 5.00%, 7/1/44 | $500 | $525 |
| &nbsp;&nbsp; Phoenix Civic Airport Improvement <br> Corp. Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 7/1/34 | 1000 | 1033 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Excise Tax Subordinate Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 7/1/45 | 1000 | 980 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/44 | 1545 | 1582 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Bonds, Series B <br> (AMT),<br>|  |  |
| 3.25%, 7/1/49 | 1330 | 995 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 7/1/33 | 840 | 870 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Wastewater System Junior Lien <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/34 | 700 | 737 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Water System Junior Lien Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/44 | 2000 | 2068 |
| &nbsp;&nbsp; Phoenix G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| 5.00%, 7/1/41 | 750 | 820 |
| 5.00%, 7/1/47 | 750 | 793 |
| &nbsp;&nbsp; Phoenix IDA Healthcare Facilities <br> Revenue Bonds, Mayo Clinic,<br>|  |  |
| 4.00%, 11/15/57 | 1000 | 881 |
| &nbsp;&nbsp; Pima County IDA Revenue Refunding <br> Bonds, Tucson Medical Center,<br>|  |  |
| 3.00%, 4/1/51 | 1000 | 681 |
| &nbsp;&nbsp; Pinal County Revenue Obligations <br> Bonds (BAM Insured),<br>|  |  |
| 5.25%, 8/1/50 | 1000 | 1065 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **36** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **Arizona – 92.5%continued** | **Arizona – 92.5%continued** | **Arizona – 92.5%continued** |
| &nbsp;&nbsp; Pinal County Unified School District No. <br> 20 G.O. Unlimited Bonds, Series A, <br> Maricopa Project of 2024 (BAM <br> Insured),<br>|  |  |
| 5.00%, 7/1/32 | $150 | $169 |
| 5.00%, 7/1/43 | 200 | 211 |
| &nbsp;&nbsp; Queen Creek Excise Tax & State <br> Shared Revenue Bonds,<br>|  |  |
| 4.00%, 8/1/45 | 1250 | 1193 |
| 5.00%, 8/1/54 | 1000 | 1040 |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/50 | 725 | 753 |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Bonds, Series B,<br>|  |  |
| 5.25%, 1/1/53 | 600 | 638 |
| &nbsp;&nbsp; Salt Verde Financial Corp. Senior Gas <br> Revenue Bonds,<br>|  |  |
| 5.00%, 12/1/32 | 500 | 546 |
| 5.00%, 12/1/37 | 1000 | 1073 |
| &nbsp;&nbsp; Scottsdale Municipal Property Corp. <br> Excise Tax Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/30 | 1675 | 1806 |
| Sedona Excise TRB (AGM Insured), |  |  |
| 5.00%, 7/1/41 | 100 | 106 |
| Tempe Excise TRB, |  |  |
| 5.00%, 7/1/38 | 500 | 559 |
| &nbsp;&nbsp; Vistancia Community Facilities District <br> G.O. Unlimited Refunding Bonds <br> (BAM Insured),<br>|  |  |
| 4.00%, 7/15/26 | 450 | 455 |
| &nbsp;&nbsp; Yavapai County Jail District Revenue <br> Bonds (BAM Insured),<br>|  |  |
| 5.00%, 7/1/29 | 955 | 1039 |
| &nbsp;&nbsp; Yuma IDA Hospital Revenue Refunding <br> Bonds, Yuma Regional Medical <br> Center,<br>|  |  |
| 5.00%, 8/1/40 | 700 | 748 |
|  |  | **51423** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  | **MUNICIPAL BONDS - 94.8%continued**  |
| **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 | **$177** |
| **Virginia – 2.0%** | **Virginia – 2.0%** | **Virginia – 2.0%** |
| &nbsp;&nbsp; Richmond G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| 4.00%, 7/15/29 | 1095 | **1122** |
| **Total Municipal Bonds** |  |  |
| **(Cost $55,890)** |  | **52722** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.2%**  | **INVESTMENT COMPANIES – 1.2%**  | **INVESTMENT COMPANIES – 1.2%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(3) (4)</sup> <br>| 674087 | $674 |
| **Total Investment Companies** |  |  |
| **(Cost $674)** |  | **674** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 3.0%**  | **SHORT-TERM INVESTMENTS – 3.0%**  | **SHORT-TERM INVESTMENTS – 3.0%**  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital <br> Authority Health Care System <br> Variable Revenue Bonds, Series G, <br> Atrium Health,<br>|  |  |
| 2.55%, 10/1/25<sup>(5)</sup> <br>| $1000 | $1000 |
| &nbsp;&nbsp; Mesa Utility Systems Revenue Bonds <br> (AG Insured),<br>|  |  |
| 5.00%, 7/1/26 | 640 | 652 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $1,653)** | **(Cost $1,653)** | **1652** |
| **Total Investments – 99.0%** | **Total Investments – 99.0%** |  |
| **(Cost $58,217)** | **(Cost $58,217)** | **55048** |
| Other Assets less Liabilities – 1.0% | Other Assets less Liabilities – 1.0% | 547 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$55595** |

---

<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 September* *30, 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.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **37** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ARIZONA TAX-EXEMPT FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(4)</sup> *7-day current yield as of September 30, 2025 is disclosed.*

<sup>(5)</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>|
| AGM - Assured Guaranty Municipal Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GNMA - Government National Mortgage Association |
| IDA - Industrial Development Authority |
| IDR - Industrial Development Revenue |
| 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 September 30, 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; $52722 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52722 |
| Investment Companies | &nbsp;&nbsp; 674 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 674 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1652 |
| Total Investments | &nbsp;&nbsp; $674 | &nbsp;&nbsp; $54374 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $55048 |

---

<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 SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **BOND INDEX FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | 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; 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 | 51 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2025-1, Class A3<br>|  |  |
| 4.43%, 6/26/28 | 100 | 101 |
| &nbsp;&nbsp; BMW Vehicle Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.56%, 9/25/29 | 100 | 101 |
| &nbsp;&nbsp; Capital One Prime Auto Receivables <br> Trust, Series 2024-1, Class A3<br>|  |  |
| 4.62%, 7/16/29 | 100 | 101 |
| &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> 2024-2, Class B<br>|  |  |
| 5.69%, 11/15/29 | 100 | 103 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-4, Class A3<br>|  |  |
| 4.60%, 10/15/29 | 50 | 50 |
| &nbsp;&nbsp; Carmax Auto Owner Trust, Series <br> 2025-2, Class A3<br>|  |  |
| 4.48%, 3/15/30 | 100 | 101 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2024-P3, Class A4<br>|  |  |
| 4.31%, 9/10/30 | 25 | 25 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P3, Class A3<br>|  |  |
| 4.04%, 11/11/30 | 100 | 100 |
| &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 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-1, Class B<br>|  |  |
| 4.79%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-1, Class C<br>|  |  |
| 4.99%, 9/15/32 | 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; Drive Auto Receivables Trust, Series <br> 2025-1, Class D<br>|  |  |
| 5.41%, 9/15/32 | $25 | $25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-2, Class B<br>|  |  |
| 4.14%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-2, Class C<br>|  |  |
| 4.39%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-2, Class D<br>|  |  |
| 4.90%, 12/15/32 | 25 | 25 |
| &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 D<br>|  |  |
| 5.81%, 12/16/30 | 50 | 51 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class B<br>|  |  |
| 4.86%, 2/15/30 | 50 | 51 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class C<br>|  |  |
| 5.09%, 10/15/31 | 25 | 25 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class D<br>|  |  |
| 5.57%, 10/15/31 | 25 | 25 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.72%, 6/15/28 | 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> 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 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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; 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 | 51 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2025-B, Class A3<br>|  |  |
| 3.91%, 4/15/30 | 100 | 100 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2025-B, Class A4<br>|  |  |
| 3.95%, 7/15/31 | 100 | 100 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-1, Class A3<br>|  |  |
| 4.66%, 2/21/28 | 50 | 50 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-2, Class A3<br>|  |  |
| 4.58%, 5/22/28 | 50 | 50 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-3, Class A4<br>|  |  |
| 4.20%, 8/20/29 | 50 | 50 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-4, <br> Class A3<br>|  |  |
| 4.40%, 8/16/29 | 100 | 101 |
| &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; GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-2, <br> Class A3<br>|  |  |
| 4.28%, 4/16/30 | 100 | 101 |
| &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 | 101 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-4, Class A3<br>|  |  |
| 4.33%, 5/15/29 | 100 | 101 |

---

---

| | | |
|:---|:---|:---|
|  | 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; Honda Auto Receivables Owner Trust, <br> Series 2025-1, Class A3<br>|  |  |
| 4.57%, 9/21/29 | $100 | $101 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-2, Class A3<br>|  |  |
| 4.15%, 10/15/29 | 100 | 100 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-3, Class A3<br>|  |  |
| 4.04%, 2/21/30 | 75 | 75 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2024-B, Class A3<br>|  |  |
| 4.84%, 3/15/29 | 50 | 51 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.32%, 10/15/29 | 100 | 101 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-B, Class A3<br>|  |  |
| 4.36%, 12/17/29 | 100 | 101 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-C, Class A3<br>|  |  |
| 3.88%, 4/15/30 | 100 | 100 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-C, Class A4<br>|  |  |
| 3.89%, 1/15/32 | 50 | 50 |
| &nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.61%, 4/16/29 | 50 | 51 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2025-1, Class A3<br>|  |  |
| 4.78%, 12/17/29 | 50 | 51 |
| &nbsp;&nbsp; Nissan Auto Lease Trust, Series 2024-B, <br> Class A3<br>|  |  |
| 4.92%, 11/15/27 | 100 | 101 |
| &nbsp;&nbsp; Nissan Auto Receivables Owner Trust, <br> Series 2025-A, Class A3<br>|  |  |
| 4.49%, 12/17/29 | 150 | 152 |
| &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 | 51 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class C<br>|  |  |
| 5.84%, 6/17/30 | 50 | 51 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **40** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 2024-2, 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 |
| &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 2024-B, Class A3<br>|  |  |
| 5.33%, 1/16/29 | 100 | 102 |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2024-C, Class A4<br>|  |  |
| 4.83%, 11/15/29 | 100 | 102 |
| &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 Lease Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.50%, 6/20/28 | 50 | 51 |
| &nbsp;&nbsp; Volkswagen Auto Lease Trust, Series <br> 2025-B, Class A3<br>|  |  |
| 4.01%, 1/22/29 | 50 | 50 |
| &nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, <br> Series 2025-1, Class A3<br>|  |  |
| 4.50%, 8/20/29 | 50 | 51 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2022-C, Class A4<br>|  |  |
| 3.68%, 9/15/28 | 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 Auto Receivables Trust, <br> Series 2025-A, Class A4<br>|  |  |
| 4.86%, 11/15/30 | 225 | 229 |

---

---

| | | |
|:---|:---|:---|
|  | 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; World Omni Automobile Lease <br> Securitization Trust, Series 2025-A, <br> Class A3<br>|  |  |
| 4.42%, 4/17/28 | $50 | $50 |
|  |  | **4848** |
| **Credit Card – 0.2%** | **Credit Card – 0.2%** | **Credit Card – 0.2%** |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2023-2, Class A<br>|  |  |
| 4.80%, 5/15/30 | 100 | 102 |
| &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 | 104 |
| &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 | 102 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-2, Class A<br>|  |  |
| 4.28%, 4/15/30 | 200 | 202 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-3, Class A<br>|  |  |
| 4.51%, 4/15/32 | 100 | 102 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-4, Class A<br>|  |  |
| 4.30%, 7/15/30 | 200 | 202 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-5, Class A<br>|  |  |
| 4.51%, 7/15/32 | 100 | 102 |
| &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; BA Credit Card Trust, Series 2025-A1, <br> Class A<br>|  |  |
| 4.31%, 5/15/30 | 100 | 101 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2021-A2, Class A2<br>|  |  |
| 1.39%, 7/15/30 | 150 | 140 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 – 0.2%continued** | **Credit Card – 0.2%continued** | **Credit Card – 0.2%continued** |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2024-A1, Class A<br>|  |  |
| 3.92%, 9/15/29 | $75 | $75 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2025-A1, Class A<br>|  |  |
| 3.82%, 9/16/30 | 75 | 75 |
| &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%, 1/15/29 | 100 | 101 |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2024-A2, <br> Class A<br>|  |  |
| 4.63%, 1/15/31 | 100 | 102 |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2025-A1, <br> Class A<br>|  |  |
| 4.16%, 7/15/30 | 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 | 100 |
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2025-A2, Class A<br>|  |  |
| 4.49%, 6/21/32 | 100 | 102 |
| &nbsp;&nbsp; First National Master Note Trust, Series <br> 2024-1, Class A<br>|  |  |
| 5.34%, 5/15/30 | 100 | 102 |
| &nbsp;&nbsp; First National Master Note Trust, Series <br> 2025-1, Class A<br>|  |  |
| 4.85%, 2/15/30 | 100 | 102 |
| &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 | 102 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A2, Class A<br>|  |  |
| 4.93%, 7/15/30 | 100 | 102 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2025-A2, Class A<br>|  |  |
| 4.49%, 5/15/31 | 100 | 101 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 0.2%continued** | **Credit Card – 0.2%continued** | **Credit Card – 0.2%continued** |
| &nbsp;&nbsp; Synchrony Card Issuance Trust, Series <br> 2025-A1, Class A<br>|  |  |
| 4.78%, 2/15/31 | $75 | $76 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| 4.94%, 2/15/29 | 100 | 102 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A2, Class A<br>|  |  |
| 4.29%, 10/15/29 | 100 | 101 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2025-A1, Class A<br>|  |  |
| 4.34%, 5/15/30 | 100 | 101 |
| &nbsp;&nbsp; World Financial Network Credit Card <br> Master Note Trust, Series 2024-B, <br> Class A<br>|  |  |
| 4.62%, 5/15/31 | 100 | 101 |
| &nbsp;&nbsp; World Financial Network Credit Card <br> Master Trust, Series 2024-A, Class A<br>|  |  |
| 5.47%, 2/15/31 | 100 | 102 |
|  |  | **3597** |
| **Other – 0.0%** | **Other – 0.0%** | **Other – 0.0%** |
| &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 A, Series 2025-1, Class A1<br>|  |  |
| 4.63%, 4/15/30 | 100 | 101 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner <br> Trust, Series 2018-4, Class A<br>|  |  |
| 4.06%, 11/15/30 | 100 | 100 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.96%, 11/15/28 | 50 | 51 |
| &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 | 101 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2025-B, Class A3<br>|  |  |
| 4.17%, 12/17/29 | 50 | 50 |
| &nbsp;&nbsp; PSNH Funding LLC 3, Series 2018-1, <br> Class A3<br>|  |  |
| 3.81%, 2/1/35 | 100 | 98 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **42** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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**  |
| **Other – 0.0%continued** | **Other – 0.0%continued** | **Other – 0.0%continued** |
| &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 | 101 |
| &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 2025-1, <br> Class A<br>|  |  |
| 4.71%, 1/21/31 | 100 | 102 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2025-3, <br> Class A1A<br>|  |  |
| 4.51%, 3/20/30 | 50 | 50 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2025-5, <br> Class A1A<br>|  |  |
| 4.40%, 6/20/31 | 100 | 101 |
|  |  | **1260** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $9,617)** |  | **9705** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.8%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.8%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.8%**  |
| **Non Agency – 0.8%** | **Non Agency – 0.8%** | **Non Agency – 0.8%** |
| BANK, Series 2017-BNK7, Class A5 |  |  |
| 3.44%, 9/15/60 | 250 | 246 |
| BANK, Series 2017-BNK9, Class A4 |  |  |
| 3.54%, 11/15/54 | 250 | 245 |
| BANK, Series 2018-BN10, Class A5 |  |  |
| 3.69%, 2/15/61 | 200 | 197 |
| BANK, Series 2018-BN11, Class A3 |  |  |
| 4.05%, 3/15/61 | 200 | 199 |
| BANK, Series 2018-BN12, Class A4 |  |  |
| 4.26%, 5/15/61 | 300 | 299 |
| BANK, Series 2018-BN13, Class A5 |  |  |
| 4.22%, 8/15/61 | 100 | 100 |
| BANK, Series 2018-BN14, Class A4 |  |  |
| 4.23%, 9/15/60 | 200 | 199 |
| BANK, Series 2018-BN15, Class A4 |  |  |
| 4.41%, 11/15/61 | 300 | 300 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  |
| **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** |
| BANK, Series 2019-BN18, Class A3 |  |  |
| 3.33%, 5/15/62 | $200 | $193 |
| BANK, Series 2019-BN19, Class A3 |  |  |
| 3.18%, 8/15/61 | 300 | 283 |
| BANK, Series 2020-BN28, Class A4 |  |  |
| 1.84%, 3/15/63 | 500 | 443 |
| BANK, Series 2021-BN31, Class A4 |  |  |
| 2.04%, 2/15/54 | 200 | 176 |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 200 | 178 |
| BANK, Series 2021-BN38, Class A5 |  |  |
| 2.52%, 12/15/64 | 300 | 264 |
| BANK, Series 2022-BNK42, Class A5 |  |  |
| 4.49%, 6/15/55 | 200 | 196 |
| BANK, Series 2022-BNK44, Class A5 |  |  |
| 5.74%, 11/15/55<sup>(1)</sup> <br>| 500 | 529 |
| BANK, Series 2024-BNK47, Class A5 |  |  |
| 5.72%, 6/15/57 | 200 | 213 |
| BANK, Series 2024-BNK48, Class A5 |  |  |
| 5.05%, 10/15/57 | 200 | 203 |
| BANK, Series 2025-BNK49, Class A5 |  |  |
| 5.62%, 3/15/58 | 200 | 212 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Trust, <br> Series 2019-C3, Class A4<br>|  |  |
| 3.58%, 5/15/52 | 200 | 195 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Trust, <br> Series 2019-C5, Class C<br>|  |  |
| 3.71%, 11/15/52 | 150 | 133 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2018-C2, Class A5<br>|  |  |
| 4.31%, 12/15/51 | 150 | 150 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2024-5C27, Class A3<br>|  |  |
| 6.01%, 7/15/57 | 500 | 526 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2024-C30, Class A5<br>|  |  |
| 5.53%, 11/15/57 | 200 | 211 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2025-C35, Class A5<br>|  |  |
| 5.59%, 7/15/58 | 250 | 264 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B2, Class A5<br>|  |  |
| 3.88%, 2/15/51 | 150 | 148 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  |
| **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B3, Class A5<br>|  |  |
| 4.03%, 4/10/51 | $100 | $99 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B5, Class A4<br>|  |  |
| 4.21%, 7/15/51 | 200 | 199 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B6, Class B<br>|  |  |
| 4.59%, 10/10/51<sup>(1)</sup> <br>| 125 | 118 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B8, Class A5<br>|  |  |
| 4.23%, 1/15/52 | 100 | 99 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-B16, Class A5<br>|  |  |
| 2.73%, 2/15/53 | 200 | 186 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-B18, Class A5<br>|  |  |
| 1.93%, 7/15/53 | 500 | 441 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-IG1, Class A3<br>|  |  |
| 2.69%, 9/15/43 | 100 | 87 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2021-B23, Class A5<br>|  |  |
| 2.07%, 2/15/54 | 200 | 175 |
| &nbsp;&nbsp; BenchmarkMortgage Trust, Series <br> 2021-B26, Class A5<br>|  |  |
| 2.61%, 6/15/54 | 200 | 179 |
| &nbsp;&nbsp; BMO Mortgage Trust, Series <br> 2024-C10, Class A5<br>|  |  |
| 5.48%, 11/15/57 | 200 | 209 |
| &nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD5, <br> Class A4<br>|  |  |
| 3.43%, 8/15/50 | 250 | 246 |
| &nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD6, <br> Class A5<br>|  |  |
| 3.46%, 11/13/50 | 200 | 196 |
| &nbsp;&nbsp; CD Mortgage Trust, Series 2018-CD7, <br> Class A4<br>|  |  |
| 4.28%, 8/15/51 | 200 | 198 |
| &nbsp;&nbsp; CD Mortgage Trust, Series 2019-CD8, <br> Class A4<br>|  |  |
| 2.91%, 8/15/57 | 150 | 139 |
| &nbsp;&nbsp; CGMS Commercial Mortgage Trust, <br> Series 2017-B1, Class A4<br>|  |  |
| 3.46%, 8/15/50 | 250 | 246 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  |
| **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2017-P8, Class A4<br>|  |  |
| 3.47%, 9/15/50 | $250 | $243 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-B2, Class A4<br>|  |  |
| 4.01%, 3/10/51 | 100 | 99 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-C5, Class A4<br>|  |  |
| 4.23%, 6/10/51 | 200 | 199 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-C6, Class A4<br>|  |  |
| 4.41%, 11/10/51 | 200 | 199 |
| &nbsp;&nbsp; Commercial Mortgage Trust, Series <br> 2018-COR3, Class A3<br>|  |  |
| 4.23%, 5/10/51 | 200 | 197 |
| &nbsp;&nbsp; Commercial Mortgage Trust, Series <br> 2019-GC44, Class C<br>|  |  |
| 3.51%, 8/15/57<sup>(1)</sup> <br>| 150 | 123 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2018-C14, Class A4<br>|  |  |
| 4.42%, 11/15/51 | 300 | 298 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2018-CX11, Class A5<br>|  |  |
| 4.03%, 4/15/51 | 175 | 174 |
| &nbsp;&nbsp; DBJPM Mortgage Trust, Series <br> 2020-C9, Class A5<br>|  |  |
| 1.93%, 8/15/53 | 100 | 89 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2017-GS7, Class A4<br>|  |  |
| 3.43%, 8/10/50 | 250 | 245 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2017-GS8, Class A4<br>|  |  |
| 3.47%, 11/10/50 | 200 | 196 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2018-GS9, Class A4<br>|  |  |
| 3.99%, 3/10/51 | 150 | 149 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2019-GC40, Class A4<br>|  |  |
| 3.16%, 7/10/52 | 150 | 142 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2020-GC45, Class A5<br>|  |  |
| 2.91%, 2/13/53 | 300 | 281 |
| &nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2017-JP7, Class A5<br>|  |  |
| 3.45%, 9/15/50 | 100 | 98 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **44** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  |
| **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** |
| &nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2019-COR5, Class A4<br>|  |  |
| 3.39%, 6/13/52 | $200 | $189 |
| &nbsp;&nbsp; JPMDB Commercial Mortgage <br> Securities Trust, Series 2017-C7, <br> Class A5<br>|  |  |
| 3.41%, 10/15/50 | 200 | 196 |
| &nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2025-C35, <br> Class A5<br>|  |  |
| 5.63%, 8/15/58 | 500 | 531 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2018-H4, Class A4<br>|  |  |
| 4.31%, 12/15/51 | 100 | 99 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2018-L1, Class A4<br>|  |  |
| 4.41%, 10/15/51 | 200 | 200 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2019-H7, Class A4<br>|  |  |
| 3.26%, 7/15/52 | 250 | 240 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2020-HR8, Class A4<br>|  |  |
| 2.04%, 7/15/53 | 500 | 448 |
| &nbsp;&nbsp; Morgan Stanley Capital I, Series <br> 2017-HR2, Class A4<br>|  |  |
| 3.59%, 12/15/50 | 200 | 197 |
| &nbsp;&nbsp; MSWF Commercial Mortgage Trust, <br> Series 2023-1, Class A5<br>|  |  |
| 5.75%, 5/15/56 | 250 | 265 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C2, Class B<br>|  |  |
| 3.99%, 8/15/50 | 100 | 97 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C3, Class A4<br>|  |  |
| 3.43%, 8/15/50 | 175 | 171 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C6, Class A5<br>|  |  |
| 3.58%, 12/15/50 | 100 | 98 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C7, Class A4<br>|  |  |
| 3.68%, 12/15/50 | 150 | 148 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C10, Class A4<br>|  |  |
| 4.31%, 5/15/51 | 200 | 199 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  |
| **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C11, Class A5<br>|  |  |
| 4.24%, 6/15/51 | $150 | $149 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C13, Class A4<br>|  |  |
| 4.33%, 10/15/51 | 200 | 198 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C14, Class A4<br>|  |  |
| 4.45%, 12/15/51 | 100 | 100 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C8, Class A4<br>|  |  |
| 3.98%, 2/15/51 | 150 | 148 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C9, Class A4<br>|  |  |
| 4.12%, 3/15/51 | 100 | 98 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C39, Class A5<br>|  |  |
| 3.42%, 9/15/50 | 250 | 244 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C40, Class A4<br>|  |  |
| 3.58%, 10/15/50 | 100 | 99 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C41, Class A4<br>|  |  |
| 3.47%, 11/15/50 | 200 | 196 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, Class A4<br>|  |  |
| 3.59%, 12/15/50 | 100 | 98 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2018-C43, Class A4<br>|  |  |
| 4.01%, 3/15/51 | 150 | 149 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2018-C48, Class A5<br>|  |  |
| 4.30%, 1/15/52 | 100 | 100 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2019-C50, Class A5<br>|  |  |
| 3.73%, 5/15/52 | 200 | 194 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2020-C55, Class A5<br>|  |  |
| 2.73%, 2/15/53 | 100 | 93 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2020-C56, Class A5<br>|  |  |
| 2.45%, 6/15/53 | 500 | 461 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2025-5C3, Class A3<br>|  |  |
| 6.10%, 1/15/58 | 250 | 265 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%continued**  |
| **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** | **Non Agency – 0.8%continued** |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2025-5C5, Class A3<br>|  |  |
| 5.59%, 7/15/58 | $200 | $209 |
|  |  | **17730** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $18,249)** |  | **17730** |
| **CORPORATE BONDS – 20.5%**  | **CORPORATE BONDS – 20.5%**  | **CORPORATE BONDS – 20.5%**  |
| **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** |
| AppLovin Corp., |  |  |
| 5.13%, 12/1/29  | 500 | 512 |
| Interpublic Group of (The) Cos., Inc., |  |  |
| 4.75%, 3/30/30  | 300 | 301 |
|  |  | **813** |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Boeing (The) Co., |  |  |
| 2.70%, 2/1/27  | 219 | 215 |
| 6.26%, 5/1/27  | 2500 | 2572 |
| 3.25%, 2/1/28  | 1366 | 1334 |
| 3.25%, 3/1/28  | 55 | 54 |
| 3.20%, 3/1/29  | 159 | 153 |
| 2.95%, 2/1/30  | 250 | 235 |
| 5.15%, 5/1/30  | 43 | 44 |
| 6.13%, 2/15/33  | 135 | 145 |
| 6.63%, 2/15/38  | 100 | 111 |
| 5.71%, 5/1/40  | 200 | 204 |
| 5.81%, 5/1/50  | 1060 | 1059 |
| GE Capital Funding LLC, |  |  |
| 4.55%, 5/15/32  | 700 | 708 |
| General Dynamics Corp., |  |  |
| 2.63%, 11/15/27  | 104 | 101 |
| 3.75%, 5/15/28  | 246 | 246 |
| 4.25%, 4/1/40  | 100 | 91 |
| 2.85%, 6/1/41  | 160 | 120 |
| HEICO Corp., |  |  |
| 5.35%, 8/1/33  | 150 | 156 |
| Howmet Aerospace, Inc., |  |  |
| 3.00%, 1/15/29  | 200 | 193 |
| Huntington Ingalls Industries, Inc., |  |  |
| 2.04%, 8/16/28  | 200 | 188 |
| L3Harris Technologies, Inc., |  |  |
| 5.40%, 1/15/27  | 1000 | 1016 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Aerospace & Defense – 0.6%continued** | **Aerospace & Defense – 0.6%continued** | **Aerospace & Defense – 0.6%continued** |
| 4.40%, 6/15/28  | $449 | $452 |
| 5.50%, 8/15/54  | 100 | 99 |
| Lockheed Martin Corp., |  |  |
| 5.25%, 1/15/33  | 1200 | 1262 |
| 3.60%, 3/1/35  | 135 | 125 |
| 4.07%, 12/15/42  | 168 | 145 |
| 3.80%, 3/1/45  | 230 | 188 |
| 4.09%, 9/15/52  | 20 | 16 |
| 5.20%, 2/15/64  | 200 | 189 |
| Northrop Grumman Corp., |  |  |
| 3.25%, 1/15/28  | 500 | 492 |
| 5.05%, 11/15/40  | 250 | 245 |
| 4.75%, 6/1/43  | 250 | 231 |
| 3.85%, 4/15/45  | 8 | 7 |
| 4.03%, 10/15/47  | 252 | 205 |
| Precision Castparts Corp., |  |  |
| 4.38%, 6/15/45  | 100 | 88 |
| RTX Corp., |  |  |
| 1.90%, 9/1/31  | 71 | 62 |
| 2.38%, 3/15/32  | 68 | 60 |
| 4.50%, 6/1/42  | 250 | 226 |
| 4.80%, 12/15/43  | 400 | 371 |
| 3.75%, 11/1/46  | 750 | 587 |
| 6.40%, 3/15/54  | 300 | 336 |
| Textron, Inc., |  |  |
| 2.45%, 3/15/31  | 250 | 225 |
|  |  | **14556** |
| **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** |
| NIKE, Inc., |  |  |
| 2.85%, 3/27/30  | 750 | 712 |
| 3.25%, 3/27/40  | 75 | 61 |
| Ralph Lauren Corp., |  |  |
| 2.95%, 6/15/30  | 100 | 95 |
|  |  | **868** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| Apollo Global Management, Inc., |  |  |
| 6.38%, 11/15/33  | 200 | 221 |
| Ares Capital Corp., |  |  |
| 5.95%, 7/15/29  | 300 | 310 |
| Ares Management Corp., |  |  |
| 6.38%, 11/10/28  | 100 | 106 |
| Ares Strategic Income Fund, |  |  |
| 6.20%, 3/21/32  | 150 | 155 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **46** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** |
| Barings BDC, Inc., |  |  |
| 3.30%, 11/23/26  | $200 | $196 |
| BlackRock Funding, Inc., |  |  |
| 4.70%, 3/14/29  | 500 | 511 |
| 4.90%, 1/8/35  | 200 | 205 |
| Blackrock, Inc., |  |  |
| 1.90%, 1/28/31 <sup>†</sup> <br>| 720 | 642 |
| Blackstone Private Credit Fund, |  |  |
| 3.25%, 3/15/27  | 300 | 294 |
| 6.00%, 1/29/32  | 200 | 206 |
| 6.00%, 11/22/34 <sup>†</sup> <br>| 200 | 205 |
| Blackstone Secured Lending Fund, |  |  |
| 5.30%, 6/30/30  | 200 | 201 |
| Blue Owl Capital Corp., |  |  |
| 5.95%, 3/15/29  | 400 | 408 |
| Blue Owl Capital Corp. II, |  |  |
| 8.45%, 11/15/26  | 100 | 104 |
| Blue Owl Credit Income Corp., |  |  |
| 7.75%, 9/16/27  | 200 | 210 |
| 5.80%, 3/15/30  | 400 | 406 |
| Blue Owl Finance LLC, |  |  |
| 4.13%, 10/7/51  | 200 | 146 |
| Blue Owl Technology Finance Corp., |  |  |
| 6.10%, 3/15/28 <sup>(2)</sup> <br>| 200 | 203 |
| 6.75%, 4/4/29  | 100 | 103 |
| Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.21%), <br> 5.64%, 5/19/29 <sup>(3)</sup> <br>| 400 | 415 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.50%), <br> 5.85%, 5/19/34 <sup>(3)</sup> <br>| 200 | 214 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.01%), <br> 6.14%, 8/24/34 <sup>(3)</sup> <br>| 300 | 327 |
| Franklin Resources, Inc., |  |  |
| 2.95%, 8/12/51  | 150 | 96 |
| FS KKR Capital Corp., |  |  |
| 3.25%, 7/15/27  | 200 | 193 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.,<br>|  |  |
| 6.38%, 7/1/34  | 100 | 102 |
| Hercules Capital, Inc., |  |  |
| 3.38%, 1/20/27  | 100 | 98 |
| HPS Corporate Lending Fund, |  |  |
| 5.45%, 1/14/28  | 200 | 202 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** |
| Janus Henderson U.S. Holdings, Inc., |  |  |
| 5.45%, 9/10/34  | $30 | $30 |
| Main Street Capital Corp., |  |  |
| 6.95%, 3/1/29  | 100 | 105 |
| Morgan Stanley Direct Lending Fund, |  |  |
| 6.15%, 5/17/29  | 200 | 207 |
| New Mountain Finance Corp., |  |  |
| 6.20%, 10/15/27  | 200 | 204 |
| Oaktree Specialty Lending Corp., |  |  |
| 6.34%, 2/27/30  | 100 | 100 |
| Raymond James Financial, Inc., |  |  |
| 4.90%, 9/11/35  | 150 | 148 |
| 3.75%, 4/1/51  | 100 | 75 |
| Sixth Street Specialty Lending, Inc., |  |  |
| 6.13%, 3/1/29 <sup>†</sup> <br>| 100 | 103 |
| TPG Operating Group II L.P., |  |  |
| 5.88%, 3/5/34  | 50 | 53 |
| Voya Financial, Inc., |  |  |
| 4.80%, 6/15/46  | 100 | 90 |
|  |  | **7594** |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| American Honda Finance Corp., |  |  |
| 4.90%, 3/12/27  | 1000 | 1011 |
| 4.80%, 3/5/30  | 500 | 509 |
| Aptiv Swiss Holdings Ltd., |  |  |
| 4.65%, 9/13/29  | 400 | 404 |
| 4.15%, 5/1/52  | 200 | 151 |
| BorgWarner, Inc., |  |  |
| 4.38%, 3/15/45  | 170 | 144 |
| Ford Motor Credit Co. LLC, |  |  |
| 5.85%, 5/17/27  | 1000 | 1012 |
| 7.12%, 11/7/33  | 1800 | 1924 |
| General Motors Co., |  |  |
| 6.80%, 10/1/27  | 118 | 123 |
| 5.00%, 10/1/28  | 227 | 231 |
| 5.60%, 10/15/32  | 183 | 190 |
| 6.25%, 10/2/43  | 350 | 356 |
| 6.75%, 4/1/46  | 145 | 155 |
| 5.40%, 4/1/48 <sup>†</sup> <br>| 267 | 243 |
| General Motors Financial Co., Inc., |  |  |
| 2.70%, 8/20/27  | 658 | 640 |
| 6.00%, 1/9/28  | 500 | 518 |
| 2.40%, 4/10/28  | 119 | 114 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Automotive – 0.5%continued** | **Automotive – 0.5%continued** | **Automotive – 0.5%continued** |
| 5.80%, 6/23/28  | $500 | $518 |
| 5.65%, 1/17/29  | 84 | 87 |
| 4.30%, 4/6/29  | 82 | 81 |
| 3.60%, 6/21/30  | 99 | 94 |
| 2.35%, 1/8/31  | 33 | 29 |
| 3.10%, 1/12/32  | 33 | 30 |
| 5.90%, 1/7/35  | 500 | 516 |
| Lear Corp., |  |  |
| 3.55%, 1/15/52  | 200 | 136 |
| Toyota Motor Credit Corp., |  |  |
| 3.05%, 3/22/27  | 500 | 494 |
| 4.35%, 10/8/27  | 500 | 504 |
| 4.70%, 1/12/33  | 500 | 507 |
| 4.80%, 1/5/34  | 500 | 509 |
|  |  | **11230** |
| **Banking – 2.5%** | **Banking – 2.5%** | **Banking – 2.5%** |
| Associated Banc-Corp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.03%), <br> 6.46%, 8/29/30 <sup>(3)</sup> <br>| 100 | 104 |
| Bank of America Corp., |  |  |
| 4.25%, 10/22/26  | 47 | 47 |
| 4.18%, 11/25/27  | 146 | 146 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.05%), <br> 2.55%, 2/4/28 <sup>(3)</sup> <br>| 18 | 18 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.77%), 3.71%, 4/24/28 <sup>(3)</sup> <br>| 106 | 105 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 4.95%, 7/22/28 <sup>(3)</sup> <br>| 1500 | 1522 |
| &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 | 523 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.00%), <br> 5.16%, 1/24/31 <sup>(3)</sup> <br>| 1500 | 1548 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.25%), 2.50%, 2/13/31 <sup>(3)</sup> <br>| 2 | 2 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.15%), <br> 2.59%, 4/29/31 <sup>(3)</sup> <br>| 3 | 3 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 2.69%, 4/22/32 <sup>(3)</sup> <br>| 380 | 346 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.16%), <br> 5.02%, 7/22/33 <sup>(3)</sup> <br>| 1403 | 1434 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.91%), <br> 5.29%, 4/25/34 <sup>(3)</sup> <br>| 1000 | 1035 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.84%), <br> 5.87%, 9/15/34 <sup>(3)</sup> <br>| $400 | $429 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.65%), <br> 5.47%, 1/23/35 <sup>(3)</sup> <br>| 600 | 627 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.31%), <br> 5.51%, 1/24/36 <sup>(3)</sup> <br>| 200 | 209 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.70%), <br> 5.74%, 2/12/36 <sup>(3)</sup> <br>| 700 | 727 |
| 6.11%, 1/29/37  | 150 | 162 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.45%), 3.95%, 1/23/49 <sup>(3)</sup> <br>| 600 | 485 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.78%), 4.33%, 3/15/50 <sup>(3)</sup> <br>| 755 | 644 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.41%), 4.08%, 3/20/51 <sup>(3)</sup> <br>| 810 | 659 |
| Bank of America N.A., |  |  |
| 6.00%, 10/15/36  | 250 | 271 |
| BankUnited, Inc., |  |  |
| 5.13%, 6/11/30  | 100 | 100 |
| Capital One N.A., |  |  |
| 2.70%, 2/6/30  | 250 | 234 |
| Citibank N.A., |  |  |
| 5.49%, 12/4/26  | 1000 | 1016 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.65%), 3.67%, 7/24/28 <sup>(3)</sup> <br>| 28 | 28 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.91%), <br> 4.41%, 3/31/31 <sup>(3)</sup> <br>| 500 | 499 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.17%), <br> 2.56%, 5/1/32 <sup>(3)</sup> <br>| 800 | 721 |
| 6.63%, 6/15/32  | 100 | 111 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.66%), <br> 6.17%, 5/25/34 <sup>(3)</sup> <br>| 1400 | 1490 |
| &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 | 2047 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 6.02%, 1/24/36 <sup>(3)</sup> <br>| 500 | 524 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.47%), <br> 5.33%, 3/27/36 <sup>(3)</sup> <br>| 600 | 613 |
| 6.13%, 8/25/36  | 125 | 133 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.17%, 9/11/36 <sup>(3)</sup> <br>| 400 | 404 |
| 8.13%, 7/15/39  | 332 | 426 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 4.55%), <br> 5.32%, 3/26/41 <sup>(3)</sup> <br>| 180 | 179 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **48** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| 5.88%, 1/30/42  | $30 | $32 |
| 4.65%, 7/23/48  | 300 | 268 |
| Citizens Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.00%), <br> 4.58%, 8/9/28 <sup>(3)</sup> <br>| 500 | 503 |
| Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.33%), <br> 6.65%, 4/25/35 <sup>(3)</sup> <br>| 200 | 220 |
| Comerica Bank, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.61%), <br> 5.33%, 8/25/33 <sup>(3) †</sup> <br>| 250 | 250 |
| Fifth Third Bancorp, |  |  |
| 8.25%, 3/1/38  | 275 | 340 |
| First Citizens BancShares, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.97%), 6.25%, <br> 3/12/40 <sup>(3)</sup> <br>| 100 | 101 |
| First Horizon Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.77%), <br> 5.51%, 3/7/31 <sup>(3)</sup> <br>| 100 | 103 |
| First-Citizens Bank & Trust Co., |  |  |
| 6.13%, 3/9/28  | 50 | 52 |
| FNB Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.93%), 5.72%, <br> 12/11/30 <sup>(3)</sup> <br>| 50 | 51 |
| HSBC Bank U.S.A. N.A., |  |  |
| 7.00%, 1/15/39  | 350 | 413 |
| Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.97%), <br> 4.44%, 8/4/28 <sup>(3)</sup> <br>| 500 | 502 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.02%), <br> 6.21%, 8/21/29 <sup>(3)</sup> <br>| 500 | 526 |
| Independent Bank Corp., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.53%), 7.25%, 4/1/35 <sup>(3)</sup> <br>| 50 | 52 |
| JPMorgan Chase & Co., |  |  |
| 8.00%, 4/29/27  | 658 | 698 |
| 4.25%, 10/1/27  | 299 | 301 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.17%), <br> 2.95%, 2/24/28 <sup>(3)</sup> <br>| 204 | 201 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.56%), <br> 4.32%, 4/26/28 <sup>(3)</sup> <br>| 176 | 176 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.99%), <br> 4.85%, 7/25/28 <sup>(3)</sup> <br>| 33 | 33 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.38%), 4.01%, 4/23/29 <sup>(3) †</sup> <br>| $34 | $34 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.45%), <br> 5.30%, 7/24/29 <sup>(3)</sup> <br>| 800 | 824 |
| &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 | 512 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.01%), <br> 5.14%, 1/24/31 <sup>(3)</sup> <br>| 1500 | 1549 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 2.52%), 2.96%, 5/13/31 <sup>(3)</sup> <br>| 545 | 511 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.80%), <br> 4.59%, 4/26/33 <sup>(3)</sup> <br>| 300 | 301 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.58%), <br> 5.72%, 9/14/33 <sup>(3)</sup> <br>| 500 | 529 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.81%), <br> 6.25%, 10/23/34 <sup>(3) †</sup> <br>| 1000 | 1102 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.77%, 4/22/35 <sup>(3)</sup> <br>| 1000 | 1065 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.68%), <br> 5.57%, 4/22/36 <sup>(3) †</sup> <br>| 600 | 632 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.64%), <br> 5.58%, 7/23/36 <sup>(3)</sup> <br>| 400 | 415 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 2.46%), 3.11%, 4/22/41 <sup>(3)</sup> <br>| 100 | 79 |
| 5.60%, 7/15/41  | 405 | 424 |
| 5.63%, 8/16/43  | 150 | 155 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.84%), 4.26%, 2/22/48 <sup>(3)</sup> <br>| 114 | 98 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.72%), 4.03%, 7/24/48 <sup>(3)</sup> <br>| 85 | 70 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.64%), 3.96%, 11/15/48 <sup>(3)</sup> <br>| 400 | 327 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.48%), 3.90%, 1/23/49 <sup>(3)</sup> <br>| 700 | 564 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.44%), <br> 3.11%, 4/22/51 <sup>(3)</sup> <br>| 1300 | 899 |
| KeyBank N.A., |  |  |
| 5.00%, 1/26/33  | 500 | 503 |
| M&T Bank Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.26%), <br> 6.08%, 3/13/32 <sup>(3)</sup> <br>| 100 | 106 |
| Manufacturers & Traders Trust Co., |  |  |
| 4.70%, 1/27/28  | 500 | 507 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 5.02%, 1/12/29 <sup>(3)</sup> <br>| $700 | $713 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| 3.15%, 5/19/27  | 455 | 449 |
| 2.55%, 1/22/30  | 545 | 509 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.20%), <br> 5.49%, 5/14/30 <sup>(3)</sup> <br>| 700 | 729 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.26%), <br> 4.81%, 10/21/32 <sup>(3)</sup> <br>| 300 | 304 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.93%), <br> 5.07%, 1/24/34 <sup>(3) †</sup> <br>| 300 | 306 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.28%), <br> 6.88%, 10/20/34 <sup>(3) †</sup> <br>| 400 | 453 |
| Regions Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 5.50%, 9/6/35 <sup>(3)</sup> <br>| 300 | 308 |
| 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 | 313 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.50%), <br> 6.17%, 1/9/30 <sup>(3)</sup> <br>| 500 | 521 |
| Synovus Bank, |  |  |
| 5.63%, 2/15/28  | 250 | 255 |
| Truist Financial Corp., |  |  |
| 1.13%, 8/3/27  | 221 | 210 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.44%), <br> 4.87%, 1/26/29 <sup>(3)</sup> <br>| 1000 | 1015 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.86%), <br> 1.89%, 6/7/29 <sup>(3)</sup> <br>| 57 | 54 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.62%), <br> 5.44%, 1/24/30 <sup>(3)</sup> <br>| 800 | 828 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.92%), <br> 5.71%, 1/24/35 <sup>(3)</sup> <br>| 500 | 525 |
| U.S. Bancorp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.88%), <br> 6.79%, 10/26/27 <sup>(3)</sup> <br>| 1000 | 1027 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.73%), <br> 2.22%, 1/27/28 <sup>(3)</sup> <br>| 322 | 314 |
| 3.90%, 4/26/28  | 402 | 401 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.02%), <br> 5.78%, 6/12/29 <sup>(3)</sup> <br>| 500 | 520 |
| 1.38%, 7/22/30  | 143 | 125 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.60%), <br> 4.84%, 2/1/34 <sup>(3)</sup> <br>| 500 | 502 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Banking – 2.5%continued** | **Banking – 2.5%continued** | **Banking – 2.5%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.41%), <br> 5.42%, 2/12/36 <sup>(3)</sup> <br>| $300 | $311 |
| Webster Financial Corp., |  |  |
| 4.10%, 3/25/29  | 30 | 29 |
| Wells Fargo & Co., |  |  |
| 3.00%, 10/23/26  | 542 | 536 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.78%), <br> 4.90%, 1/24/28 <sup>(3)</sup> <br>| 2000 | 2018 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.98%), <br> 4.81%, 7/25/28 <sup>(3)</sup> <br>| 500 | 506 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(3)</sup> <br>| 500 | 515 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.15%, 4/23/31 <sup>(3)</sup> <br>| 1000 | 1031 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.99%), <br> 5.56%, 7/25/34 <sup>(3) †</sup> <br>| 700 | 735 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 6.49%, 10/23/34 <sup>(3)</sup> <br>| 300 | 333 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.78%), <br> 5.50%, 1/23/35 <sup>(3)</sup> <br>| 600 | 626 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.74%), <br> 5.61%, 4/23/36 <sup>(3)</sup> <br>| 300 | 315 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.53%), <br> 3.07%, 4/30/41 <sup>(3)</sup> <br>| 100 | 78 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.50%), 5.01%, 4/4/51 <sup>(3)</sup> <br>| 800 | 747 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.13%), <br> 4.61%, 4/25/53 <sup>(3)</sup> <br>| 1000 | 879 |
| Wells Fargo Bank N.A., |  |  |
| 5.25%, 12/11/26  | 1200 | 1217 |
| 5.85%, 2/1/37  | 500 | 530 |
| 6.60%, 1/15/38  | 50 | 56 |
| Wintrust Financial Corp., |  |  |
| 4.85%, 6/6/29  | 100 | 98 |
| Zions Bancorp N.A., |  |  |
| 3.25%, 10/29/29 <sup>†</sup> <br>| 250 | 235 |
|  |  | **56841** |
| **Beverages – 0.3%** | **Beverages – 0.3%** | **Beverages – 0.3%** |
| Brown-Forman Corp., |  |  |
| 4.50%, 7/15/45  | 200 | 177 |
| Coca-Cola (The) Co., |  |  |
| 3.38%, 3/25/27  | 133 | 132 |
| 1.50%, 3/5/28  | 81 | 77 |
| 2.13%, 9/6/29  | 243 | 227 |
| 1.65%, 6/1/30  | 179 | 161 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **50** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Beverages – 0.3%continued** | **Beverages – 0.3%continued** | **Beverages – 0.3%continued** |
| 2.00%, 3/5/31  | $1204 | $1082 |
| 5.00%, 5/13/34  | 500 | 521 |
| 4.65%, 8/14/34  | 500 | 509 |
| Coca-Cola Consolidated, Inc., |  |  |
| 5.45%, 6/1/34  | 200 | 209 |
| Constellation Brands, Inc., |  |  |
| 4.65%, 11/15/28  | 44 | 45 |
| 2.25%, 8/1/31  | 284 | 250 |
| 5.25%, 11/15/48  | 167 | 155 |
| Keurig Dr. Pepper, Inc., |  |  |
| 5.05%, 3/15/29  | 500 | 509 |
| 4.42%, 12/15/46  | 300 | 243 |
| Molson Coors Beverage Co., |  |  |
| 4.20%, 7/15/46  | 300 | 244 |
| Pepsico Singapore Financing I Pte. Ltd., |  |  |
| 4.55%, 2/16/29  | 1800 | 1829 |
| PepsiCo, Inc., |  |  |
| 2.75%, 3/19/30  | 483 | 457 |
| 1.63%, 5/1/30  | 77 | 69 |
| 1.95%, 10/21/31  | 500 | 440 |
| 5.00%, 2/7/35  | 300 | 307 |
| 5.25%, 7/17/54 <sup>†</sup> <br>| 400 | 394 |
|  |  | **8037** |
| **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** |
| AbbVie, Inc., |  |  |
| 2.95%, 11/21/26  | 663 | 655 |
| 4.80%, 3/15/29  | 500 | 511 |
| 4.95%, 3/15/31  | 500 | 517 |
| 5.05%, 3/15/34  | 500 | 515 |
| 4.05%, 11/21/39  | 200 | 179 |
| 4.85%, 6/15/44  | 750 | 707 |
| 4.25%, 11/21/49  | 500 | 421 |
| 5.40%, 3/15/54  | 700 | 696 |
| Amgen, Inc., |  |  |
| 5.15%, 3/2/28  | 500 | 512 |
| 2.00%, 1/15/32  | 1000 | 868 |
| 5.15%, 11/15/41  | 126 | 122 |
| 5.60%, 3/2/43  | 600 | 608 |
| 3.38%, 2/21/50  | 200 | 145 |
| 5.65%, 3/2/53 <sup>†</sup> <br>| 1000 | 997 |
| 5.75%, 3/2/63  | 200 | 200 |
| Biogen, Inc., |  |  |
| 2.25%, 5/1/30  | 40 | 36 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** |
| 3.15%, 5/1/50  | $400 | $260 |
| 3.25%, 2/15/51  | 200 | 131 |
| Bristol-Myers Squibb Co., |  |  |
| 3.90%, 2/20/28  | 726 | 726 |
| 4.35%, 11/15/47  | 1083 | 923 |
| 5.55%, 2/22/54  | 700 | 698 |
| 6.40%, 11/15/63  | 300 | 331 |
| Eli Lilly & Co., |  |  |
| 4.90%, 2/12/32  | 1000 | 1033 |
| 4.55%, 10/15/32  | 800 | 806 |
| 4.60%, 8/14/34  | 500 | 502 |
| 4.95%, 2/27/63  | 100 | 92 |
| 5.60%, 2/12/65  | 500 | 512 |
| Gilead Sciences, Inc., |  |  |
| 1.20%, 10/1/27  | 1050 | 996 |
| 5.25%, 10/15/33  | 1000 | 1049 |
| 2.60%, 10/1/40  | 100 | 73 |
| 4.80%, 4/1/44  | 185 | 173 |
| 4.50%, 2/1/45  | 150 | 134 |
| 4.75%, 3/1/46  | 168 | 154 |
| 4.15%, 3/1/47  | 60 | 51 |
| Johnson & Johnson, |  |  |
| 4.90%, 6/1/31  | 500 | 521 |
| 4.38%, 12/5/33 <sup>†</sup> <br>| 332 | 336 |
| 5.95%, 8/15/37  | 32 | 36 |
| 3.70%, 3/1/46  | 600 | 494 |
| 5.25%, 6/1/54 <sup>†</sup> <br>| 200 | 204 |
| 2.45%, 9/1/60  | 120 | 68 |
| Merck & Co., Inc., |  |  |
| 1.70%, 6/10/27  | 263 | 254 |
| 1.90%, 12/10/28  | 279 | 262 |
| 3.40%, 3/7/29  | 389 | 381 |
| 2.15%, 12/10/31  | 688 | 608 |
| 4.50%, 5/17/33  | 1000 | 1005 |
| 3.60%, 9/15/42  | 25 | 20 |
| 3.70%, 2/10/45  | 60 | 48 |
| 5.70%, 9/15/55  | 400 | 413 |
| 5.15%, 5/17/63  | 200 | 188 |
| Mylan, Inc., |  |  |
| 4.55%, 4/15/28  | 171 | 170 |
| 5.40%, 11/29/43  | 400 | 347 |
| Novartis Capital Corp., |  |  |
| 2.20%, 8/14/30  | 524 | 482 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** |
| 4.70%, 9/18/54  | $300 | $274 |
| Pfizer Investment Enterprises Pte. Ltd., |  |  |
| 4.75%, 5/19/33 <sup>†</sup> <br>| 700 | 707 |
| 5.30%, 5/19/53  | 800 | 773 |
| Pfizer, Inc., |  |  |
| 3.45%, 3/15/29  | 24 | 24 |
| 2.63%, 4/1/30  | 500 | 469 |
| 7.20%, 3/15/39  | 311 | 373 |
| 5.60%, 9/15/40  | 194 | 202 |
| 4.30%, 6/15/43  | 100 | 88 |
| 4.13%, 12/15/46  | 262 | 219 |
| Pharmacia LLC, |  |  |
| 6.60%, 12/1/28  | 125 | 134 |
| Regeneron Pharmaceuticals, Inc., |  |  |
| 1.75%, 9/15/30  | 300 | 265 |
| Royalty Pharma PLC, |  |  |
| 3.55%, 9/2/50  | 300 | 211 |
| 5.90%, 9/2/54  | 100 | 100 |
| Sanofi S.A., |  |  |
| 3.63%, 6/19/28  | 250 | 249 |
| Wyeth LLC, |  |  |
| 5.95%, 4/1/37  | 625 | 677 |
| Zoetis, Inc., |  |  |
| 3.95%, 9/12/47  | 250 | 201 |
| 4.45%, 8/20/48  | 40 | 35 |
|  |  | **27171** |
| **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>|  |  |
| 3.75%, 2/15/28  | 251 | 247 |
| 6.10%, 6/1/29  | 1500 | 1574 |
| 2.80%, 4/1/31  | 650 | 586 |
| 6.55%, 6/1/34  | 500 | 533 |
| 5.75%, 4/1/48  | 520 | 471 |
| 3.90%, 6/1/52  | 800 | 542 |
| 5.50%, 4/1/63  | 200 | 168 |
| Comcast Corp., |  |  |
| 4.55%, 1/15/29  | 300 | 304 |
| 5.10%, 6/1/29  | 1500 | 1551 |
| 3.40%, 4/1/30  | 1370 | 1325 |
| 4.95%, 5/15/32  | 200 | 205 |
| 4.25%, 1/15/33  | 400 | 392 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Cable & Satellite – 0.5%continued** | **Cable & Satellite – 0.5%continued** | **Cable & Satellite – 0.5%continued** |
| 7.05%, 3/15/33  | $140 | $161 |
| 3.75%, 4/1/40  | 1000 | 841 |
| 2.89%, 11/1/51  | 100 | 62 |
| 5.35%, 5/15/53  | 700 | 656 |
| 6.05%, 5/15/55 <sup>†</sup> <br>| 100 | 103 |
| 2.99%, 11/1/63 <sup>†</sup> <br>| 500 | 286 |
| 5.50%, 5/15/64  | 550 | 518 |
| Time Warner Cable LLC, |  |  |
| 7.30%, 7/1/38  | 600 | 656 |
|  |  | **11181** |
| **Capital Goods – 0.0%** | **Capital Goods – 0.0%** | **Capital Goods – 0.0%** |
| Ferguson Enterprises, Inc., |  |  |
| 5.00%, 10/3/34 | 100 | **101** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| Air Products and Chemicals, Inc., |  |  |
| 2.80%, 5/15/50  | 300 | 195 |
| Albemarle Corp., |  |  |
| 4.65%, 6/1/27 <sup>†</sup> <br>| 300 | 300 |
| Avery Dennison Corp., |  |  |
| 2.65%, 4/30/30  | 200 | 185 |
| Cabot Corp., |  |  |
| 5.00%, 6/30/32  | 70 | 71 |
| Dow Chemical (The) Co., |  |  |
| 4.25%, 10/1/34  | 470 | 434 |
| 9.40%, 5/15/39  | 174 | 227 |
| 5.25%, 11/15/41  | 200 | 185 |
| 5.55%, 11/30/48  | 200 | 182 |
| DuPont de Nemours, Inc., |  |  |
| 5.42%, 11/15/48 <sup>†</sup> <br>| 300 | 297 |
| Eastman Chemical Co., |  |  |
| 4.80%, 9/1/42  | 200 | 176 |
| Ecolab, Inc., |  |  |
| 2.75%, 8/18/55  | 300 | 185 |
| FMC Corp., |  |  |
| 6.38%, 5/18/53  | 100 | 99 |
| International Flavors & Fragrances, Inc., |  |  |
| 5.00%, 9/26/48  | 41 | 36 |
| Linde, Inc., |  |  |
| 2.00%, 8/10/50  | 200 | 109 |
| Lubrizol (The) Corp., |  |  |
| 6.50%, 10/1/34  | 50 | 57 |
| LYB International Finance B.V., |  |  |
| 5.25%, 7/15/43  | 565 | 507 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **52** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Chemicals – 0.2%continued** | **Chemicals – 0.2%continued** | **Chemicals – 0.2%continued** |
| LYB International Finance III LLC, |  |  |
| 4.20%, 5/1/50  | $35 | $26 |
| Mosaic (The) Co., |  |  |
| 5.45%, 11/15/33  | 250 | 258 |
| NewMarket Corp., |  |  |
| 2.70%, 3/18/31  | 100 | 91 |
| PPG Industries, Inc., |  |  |
| 2.55%, 6/15/30  | 100 | 93 |
| RPM International, Inc., |  |  |
| 3.75%, 3/15/27  | 100 | 99 |
| Sherwin-Williams (The) Co., |  |  |
| 3.45%, 6/1/27  | 205 | 203 |
| 2.95%, 8/15/29  | 167 | 160 |
| 2.30%, 5/15/30  | 153 | 140 |
| 2.20%, 3/15/32  | 475 | 414 |
| 4.55%, 8/1/45  | 30 | 26 |
| Westlake Corp., |  |  |
| 3.38%, 6/15/30  | 249 | 237 |
|  |  | **4992** |
| **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 | 284 |
| Block Financial LLC, |  |  |
| 3.88%, 8/15/30  | 200 | 193 |
| Cintas Corp. No. 2, |  |  |
| 4.00%, 5/1/32  | 150 | 147 |
| GXO Logistics, Inc., |  |  |
| 6.50%, 5/6/34  | 200 | 215 |
| Paychex, Inc., |  |  |
| 5.35%, 4/15/32  | 400 | 415 |
| Republic Services, Inc., |  |  |
| 3.38%, 11/15/27  | 296 | 293 |
| 3.95%, 5/15/28  | 432 | 432 |
| 2.30%, 3/1/30  | 118 | 109 |
| 5.00%, 12/15/33  | 300 | 310 |
| Waste Connections, Inc., |  |  |
| 2.95%, 1/15/52  | 300 | 196 |
| Waste Management, Inc., |  |  |
| 4.15%, 7/15/49  | 200 | 167 |
| 2.50%, 11/15/50  | 500 | 304 |
|  |  | **3065** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Amrize Finance U.S. LLC, |  |  |
| 5.40%, 4/7/35 <sup>(2)</sup> <br>| $200 | $206 |
| Carlisle Cos., Inc., |  |  |
| 2.75%, 3/1/30  | 300 | 281 |
| CRH America Finance, Inc., |  |  |
| 5.50%, 1/9/35  | 200 | 209 |
| CRH SMW Finance DAC, |  |  |
| 5.20%, 5/21/29  | 200 | 206 |
| Eagle Materials, Inc., |  |  |
| 2.50%, 7/1/31  | 100 | 90 |
| Martin Marietta Materials, Inc., |  |  |
| 3.45%, 6/1/27 <sup>†</sup> <br>| 500 | 495 |
| 5.50%, 12/1/54  | 200 | 198 |
| Owens Corning, |  |  |
| 3.88%, 6/1/30  | 500 | 489 |
| Vulcan Materials Co., |  |  |
| 3.50%, 6/1/30  | 200 | 193 |
| 5.35%, 12/1/34  | 300 | 309 |
|  |  | **2676** |
| **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** |
| Solventum Corp., |  |  |
| 5.90%, 4/30/54<sup>†</sup> <br>| 293 | **301** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| California Endowment (The), |  |  |
| 2.50%, 4/1/51  | 100 | 58 |
| California Institute of Technology, |  |  |
| 4.70%, 11/1/11 <sup>(4)</sup> <br>| 110 | 91 |
| Duke University, |  |  |
| 2.68%, 10/1/44  | 200 | 147 |
| Emory University, |  |  |
| 2.97%, 9/1/50  | 500 | 333 |
| Johns Hopkins University, |  |  |
| 4.08%, 7/1/53  | 100 | 81 |
| Massachusetts Institute of Technology, |  |  |
| 5.60%, 7/1/11 <sup>(4)</sup> <br>| 190 | 192 |
| 4.68%, 7/1/14 <sup>(5)</sup> <br>| 15 | 13 |
| 3.89%, 7/1/16 <sup>(6)</sup> <br>| 300 | 214 |
| Northwestern University, |  |  |
| 4.64%, 12/1/44  | 50 | 48 |
| &nbsp;&nbsp; President and Fellows of Harvard <br> College,<br>|  |  |
| 2.52%, 10/15/50  | 300 | 185 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Consumer Services – 0.1%continued** | **Consumer Services – 0.1%continued** | **Consumer Services – 0.1%continued** |
| &nbsp;&nbsp; Trustees of the University of <br> Pennsylvania (The),<br>|  |  |
| 4.67%, 9/1/12 <sup>(7)</sup> <br>| $100 | $84 |
| University of Southern California, |  |  |
| 2.81%, 10/1/50  | 500 | 325 |
|  |  | **1771** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Amcor Flexibles North America, Inc., |  |  |
| 5.10%, 3/17/30  | 200 | 205 |
| AptarGroup, Inc., |  |  |
| 3.60%, 3/15/32  | 150 | 139 |
| Berry Global, Inc., |  |  |
| 5.80%, 6/15/31  | 300 | 317 |
| International Paper Co., |  |  |
| 6.00%, 11/15/41  | 350 | 364 |
| Packaging Corp. of America, |  |  |
| 3.05%, 10/1/51  | 200 | 131 |
| Sonoco Products Co., |  |  |
| 2.85%, 2/1/32 <sup>†</sup> <br>| 300 | 270 |
| WestRock MWV LLC, |  |  |
| 7.95%, 2/15/31  | 100 | 116 |
|  |  | **1542** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| 3M Co., |  |  |
| 3.05%, 4/15/30  | 1000 | 953 |
| Dover Corp., |  |  |
| 2.95%, 11/4/29  | 10 | 10 |
| Emerson Electric Co., |  |  |
| 2.80%, 12/21/51  | 300 | 193 |
| Honeywell International, Inc., |  |  |
| 2.50%, 11/1/26  | 461 | 454 |
| 1.10%, 3/1/27  | 182 | 175 |
| 2.70%, 8/15/29  | 137 | 130 |
| 3.81%, 11/21/47  | 425 | 334 |
| 5.25%, 3/1/54  | 200 | 192 |
| Illinois Tool Works, Inc., |  |  |
| 3.90%, 9/1/42  | 100 | 85 |
| Parker-Hannifin Corp., |  |  |
| 4.45%, 11/21/44  | 300 | 266 |
|  |  | **2792** |
| **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** |
| Amazon.com, Inc., |  |  |
| 1.20%, 6/3/27  | 544 | 522 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **E-Commerce Discretionary – 0.2%continued** | **E-Commerce Discretionary – 0.2%continued** | **E-Commerce Discretionary – 0.2%continued** |
| 1.65%, 5/12/28  | $533 | $505 |
| 4.65%, 12/1/29  | 500 | 513 |
| 2.88%, 5/12/41  | 600 | 460 |
| 4.95%, 12/5/44  | 156 | 154 |
| 2.50%, 6/3/50  | 200 | 124 |
| 3.10%, 5/12/51  | 800 | 557 |
| 4.25%, 8/22/57  | 400 | 336 |
| eBay, Inc., |  |  |
| 2.60%, 5/10/31  | 167 | 152 |
| 4.00%, 7/15/42  | 235 | 196 |
|  |  | **3519** |
| **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 | 49 |
| 4.20%, 3/15/48  | 300 | 247 |
|  |  | **296** |
| **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** |
| AEP Texas, Inc., |  |  |
| 4.15%, 5/1/49  | 200 | 156 |
| AEP Transmission Co. LLC, |  |  |
| 4.00%, 12/1/46  | 200 | 162 |
| 3.65%, 4/1/50  | 100 | 76 |
| AES (The) Corp., |  |  |
| 5.45%, 6/1/28  | 350 | 358 |
| Alabama Power Co., |  |  |
| 4.30%, 7/15/48  | 300 | 256 |
| Ameren Illinois Co., |  |  |
| 3.85%, 9/1/32  | 500 | 480 |
| Appalachian Power Co., |  |  |
| 7.00%, 4/1/38  | 75 | 85 |
| Arizona Public Service Co., |  |  |
| 4.50%, 4/1/42  | 230 | 203 |
| 4.20%, 8/15/48  | 100 | 81 |
| 4.25%, 3/1/49  | 200 | 163 |
| Avangrid, Inc., |  |  |
| 3.80%, 6/1/29  | 200 | 196 |
| Avista Corp., |  |  |
| 4.00%, 4/1/52  | 100 | 78 |
| Baltimore Gas and Electric Co., |  |  |
| 3.75%, 8/15/47  | 475 | 367 |
| 5.40%, 6/1/53  | 200 | 196 |
| Berkshire Hathaway Energy Co., |  |  |
| 5.15%, 11/15/43  | 300 | 292 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **54** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| 4.45%, 1/15/49  | $200 | $171 |
| Black Hills Corp., |  |  |
| 2.50%, 6/15/30  | 500 | 460 |
| &nbsp;&nbsp; CenterPoint Energy Houston <br> Electric LLC,<br>|  |  |
| 3.55%, 8/1/42 <sup>†</sup> <br>| 40 | 32 |
| 4.25%, 2/1/49  | 500 | 419 |
| Cleco Corporate Holdings LLC, |  |  |
| 4.97%, 5/1/46  | 100 | 87 |
| CMS Energy Corp., |  |  |
| 3.45%, 8/15/27  | 500 | 493 |
| 4.88%, 3/1/44  | 500 | 453 |
| Commonwealth Edison Co., |  |  |
| 5.30%, 6/1/34  | 300 | 313 |
| 6.45%, 1/15/38  | 200 | 223 |
| 4.60%, 8/15/43  | 100 | 91 |
| Connecticut Light and Power (The) Co., |  |  |
| 4.00%, 4/1/48  | 250 | 202 |
| 5.25%, 1/15/53  | 500 | 482 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| 5.38%, 5/15/34  | 300 | 313 |
| 5.85%, 3/15/36  | 100 | 107 |
| 6.75%, 4/1/38  | 100 | 115 |
| 5.50%, 12/1/39  | 85 | 87 |
| 3.95%, 3/1/43  | 120 | 100 |
| 4.45%, 3/15/44  | 100 | 88 |
| 3.85%, 6/15/46  | 100 | 80 |
| 4.65%, 12/1/48  | 100 | 89 |
| 6.15%, 11/15/52  | 500 | 538 |
| Constellation Energy Generation LLC, |  |  |
| 5.75%, 10/1/41  | 430 | 441 |
| &nbsp;&nbsp; Consumers 2023 Securitization <br> Funding LLC,<br>|  |  |
| 5.21%, 9/1/30  | 50 | 52 |
| Dominion Energy South Carolina, Inc., |  |  |
| 6.05%, 1/15/38  | 265 | 286 |
| 5.10%, 6/1/65  | 50 | 46 |
| Dominion Energy, Inc., |  |  |
| 4.25%, 6/1/28  | 500 | 501 |
| 5.25%, 8/1/33  | 250 | 257 |
| 5.95%, 6/15/35  | 500 | 532 |
| 7.00%, 6/15/38  | 20 | 23 |
| 4.90%, 8/1/41  | 35 | 32 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| 4.05%, 9/15/42  | $100 | $82 |
| DTE Electric Co., |  |  |
| 5.25%, 5/15/35  | 200 | 206 |
| 4.05%, 5/15/48  | 300 | 247 |
| 5.85%, 5/15/55  | 200 | 210 |
| &nbsp;&nbsp; DTE Electric Securitization Funding <br> II LLC,<br>|  |  |
| 6.09%, 9/1/37  | 30 | 32 |
| Duke Energy Carolinas LLC, |  |  |
| 4.85%, 3/15/30  | 500 | 514 |
| 6.45%, 10/15/32  | 106 | 117 |
| 6.10%, 6/1/37  | 150 | 161 |
| 3.75%, 6/1/45  | 350 | 278 |
| Duke Energy Corp., |  |  |
| 4.50%, 8/15/32  | 551 | 548 |
| 3.75%, 9/1/46  | 120 | 92 |
| 5.80%, 6/15/54  | 200 | 202 |
| Duke Energy Florida LLC, |  |  |
| 6.35%, 9/15/37  | 340 | 378 |
| 3.40%, 10/1/46  | 290 | 215 |
| Duke Energy Indiana LLC, |  |  |
| 6.12%, 10/15/35  | 500 | 546 |
| 6.35%, 8/15/38  | 25 | 28 |
| 4.90%, 7/15/43  | 500 | 469 |
| Duke Energy Ohio, Inc., |  |  |
| 5.55%, 3/15/54  | 400 | 400 |
| Duke Energy Progress LLC, |  |  |
| 5.55%, 3/15/55  | 300 | 301 |
| &nbsp;&nbsp; Duke Energy Progress NC Storm <br> Funding LLC,<br>|  |  |
| 2.39%, 7/1/37  | 50 | 43 |
| Entergy Arkansas LLC, |  |  |
| 5.75%, 6/1/54  | 300 | 307 |
| Entergy Louisiana LLC, |  |  |
| 3.05%, 6/1/31  | 950 | 891 |
| 3.10%, 6/15/41  | 300 | 228 |
| 4.75%, 9/15/52  | 300 | 267 |
| Eversource Energy, |  |  |
| 1.65%, 8/15/30  | 165 | 145 |
| Exelon Corp., |  |  |
| 5.13%, 3/15/31  | 500 | 516 |
| 5.63%, 6/15/35  | 75 | 78 |
| 4.70%, 4/15/50  | 100 | 86 |
| 4.10%, 3/15/52  | 550 | 430 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| 5.88%, 3/15/55  | $200 | $203 |
| FirstEnergy Corp., |  |  |
| 3.40%, 3/1/50  | 300 | 209 |
| Florida Power & Light Co., |  |  |
| 5.65%, 2/1/37  | 335 | 356 |
| 5.95%, 2/1/38  | 150 | 163 |
| 5.96%, 4/1/39  | 250 | 270 |
| 3.99%, 3/1/49  | 200 | 161 |
| 5.60%, 6/15/54  | 300 | 307 |
| 5.80%, 3/15/65  | 300 | 314 |
| Georgia Power Co., |  |  |
| 4.85%, 3/15/31  | 300 | 308 |
| 5.20%, 3/15/35  | 300 | 307 |
| Idaho Power Co., |  |  |
| 5.50%, 3/15/53  | 100 | 99 |
| Indiana Michigan Power Co., |  |  |
| 6.05%, 3/15/37  | 200 | 217 |
| 5.63%, 4/1/53  | 500 | 502 |
| Interstate Power and Light Co., |  |  |
| 3.10%, 11/30/51  | 300 | 196 |
| ITC Holdings Corp., |  |  |
| 3.35%, 11/15/27  | 200 | 196 |
| MidAmerican Energy Co., |  |  |
| 3.65%, 8/1/48  | 300 | 229 |
| National Grid U.S.A., |  |  |
| 5.80%, 4/1/35  | 50 | 52 |
| &nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.,<br>|  |  |
| 5.10%, 5/6/27  | 700 | 711 |
| 8.00%, 3/1/32  | 50 | 59 |
| 4.30%, 3/15/49 <sup>†</sup> <br>| 125 | 106 |
| &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 | 421 |
| Nevada Power Co., |  |  |
| 6.65%, 4/1/36  | 100 | 112 |
| 5.90%, 5/1/53  | 400 | 407 |
| 6.00%, 3/15/54  | 200 | 208 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| 2.25%, 6/1/30 <sup>†</sup> <br>| 400 | 365 |
| 2.44%, 1/15/32  | 439 | 388 |
| 5.90%, 3/15/55  | 200 | 206 |
| Northern States Power Co., |  |  |
| 5.65%, 6/15/54  | 400 | 413 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| Oglethorpe Power Corp., |  |  |
| 4.50%, 4/1/47  | $300 | $254 |
| Ohio Power Co., |  |  |
| 5.65%, 6/1/34  | 300 | 314 |
| Oklahoma Gas and Electric Co., |  |  |
| 4.15%, 4/1/47  | 200 | 164 |
| Oncor Electric Delivery Co. LLC, |  |  |
| 4.15%, 6/1/32  | 200 | 196 |
| 7.50%, 9/1/38  | 145 | 177 |
| 4.10%, 11/15/48  | 300 | 245 |
| 4.60%, 6/1/52  | 300 | 256 |
| Pacific Gas and Electric Co., |  |  |
| 5.55%, 5/15/29  | 500 | 515 |
| 4.55%, 7/1/30  | 1909 | 1896 |
| 5.90%, 6/15/32  | 800 | 836 |
| 4.50%, 7/1/40  | 500 | 435 |
| 4.95%, 7/1/50  | 100 | 86 |
| PacifiCorp, |  |  |
| 5.30%, 2/15/31  | 400 | 415 |
| 6.10%, 8/1/36  | 200 | 214 |
| 6.25%, 10/15/37  | 275 | 294 |
| 4.13%, 1/15/49  | 50 | 39 |
| 5.80%, 1/15/55  | 100 | 98 |
| PG&E Energy Recovery Funding LLC, |  |  |
| 2.82%, 7/15/46  | 50 | 36 |
| PG&E Recovery Funding LLC, |  |  |
| 5.05%, 7/15/32  | 19 | 20 |
| 4.84%, 6/1/33  | 92 | 94 |
| 5.26%, 1/15/38  | 25 | 26 |
| 5.54%, 7/15/47  | 50 | 50 |
| PG&E Wildfire Recovery Funding LLC, |  |  |
| 3.59%, 6/1/30  | 13 | 13 |
| 4.02%, 6/1/31  | 58 | 58 |
| 4.72%, 6/1/37  | 100 | 99 |
| 4.45%, 12/1/47  | 135 | 120 |
| 5.21%, 12/1/47  | 100 | 97 |
| 4.67%, 12/1/51  | 100 | 89 |
| 5.10%, 6/1/52  | 75 | 71 |
| PPL Capital Funding, Inc., |  |  |
| 5.25%, 9/1/34  | 350 | 358 |
| PPL Electric Utilities Corp., |  |  |
| 6.25%, 5/15/39  | 275 | 307 |
| 4.15%, 6/15/48  | 300 | 249 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **56** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| Public Service Co. of Colorado, |  |  |
| 4.10%, 6/15/48  | $300 | $241 |
| Public Service Electric and Gas Co., |  |  |
| 3.95%, 5/1/42  | 50 | 42 |
| 3.65%, 9/1/42  | 30 | 24 |
| 4.05%, 5/1/48  | 300 | 246 |
| 5.50%, 3/1/55  | 150 | 151 |
| Public Service Enterprise Group, Inc., |  |  |
| 5.20%, 4/1/29  | 600 | 619 |
| 4.90%, 3/15/30  | 700 | 715 |
| Puget Sound Energy, Inc., |  |  |
| 6.27%, 3/15/37  | 75 | 82 |
| 5.64%, 4/15/41  | 340 | 343 |
| San Diego Gas & Electric Co., |  |  |
| 4.50%, 8/15/40  | 150 | 138 |
| 5.35%, 4/1/53  | 300 | 288 |
| SCE Recovery Funding LLC, |  |  |
| 5.11%, 12/15/47  | 100 | 96 |
| Sempra, |  |  |
| 3.25%, 6/15/27  | 150 | 147 |
| 6.00%, 10/15/39  | 250 | 260 |
| Southern (The) Co., |  |  |
| 4.85%, 3/15/35  | 400 | 396 |
| 4.40%, 7/1/46  | 1000 | 852 |
| Southern California Edison Co., |  |  |
| 6.00%, 1/15/34 <sup>†</sup> <br>| 100 | 105 |
| 5.35%, 7/15/35  | 400 | 401 |
| 5.55%, 1/15/37  | 275 | 276 |
| 5.95%, 2/1/38  | 710 | 724 |
| 6.05%, 3/15/39  | 50 | 51 |
| 5.50%, 3/15/40  | 150 | 147 |
| 3.90%, 3/15/43  | 150 | 117 |
| 4.13%, 3/1/48  | 90 | 69 |
| Southwestern Electric Power Co., |  |  |
| 4.10%, 9/15/28  | 250 | 249 |
| 3.90%, 4/1/45  | 170 | 132 |
| Southwestern Public Service Co., |  |  |
| 6.00%, 6/1/54  | 300 | 312 |
| Tampa Electric Co., |  |  |
| 4.10%, 6/15/42  | 50 | 43 |
| 4.30%, 6/15/48  | 100 | 84 |
| Tucson Electric Power Co., |  |  |
| 5.50%, 4/15/53  | 200 | 195 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| Union Electric Co., |  |  |
| 3.90%, 9/15/42  | $50 | $41 |
| 4.00%, 4/1/48  | 250 | 201 |
| 5.25%, 1/15/54  | 250 | 239 |
| Virginia Electric and Power Co., |  |  |
| 6.00%, 5/15/37  | 15 | 16 |
| 6.35%, 11/30/37  | 40 | 44 |
| 8.88%, 11/15/38  | 100 | 135 |
| 4.65%, 8/15/43  | 150 | 136 |
| 4.45%, 2/15/44  | 75 | 66 |
| 3.80%, 9/15/47  | 125 | 97 |
| 5.35%, 1/15/54  | 300 | 288 |
| 5.65%, 3/15/55  | 200 | 201 |
| Virginia Power Fuel Securitization LLC, |  |  |
| 4.88%, 5/1/31  | 100 | 102 |
| Wisconsin Electric Power Co., |  |  |
| 4.30%, 10/15/48  | 100 | 85 |
| Wisconsin Public Service Corp., |  |  |
| 4.75%, 11/1/44  | 100 | 91 |
| 3.30%, 9/1/49  | 150 | 105 |
| Xcel Energy, Inc., |  |  |
| 4.60%, 6/1/32  | 1000 | 992 |
| 5.60%, 4/15/35  | 200 | 207 |
| 6.50%, 7/1/36  | 100 | 110 |
|  |  | **44586** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| Allegion U.S. Holding Co., Inc., |  |  |
| 5.60%, 5/29/34  | 200 | 209 |
| Amphenol Corp., |  |  |
| 5.00%, 1/15/35  | 300 | 306 |
| Carrier Global Corp., |  |  |
| 2.72%, 2/15/30  | 1000 | 937 |
| 6.20%, 3/15/54  | 75 | 81 |
| Fortive Corp., |  |  |
| 4.30%, 6/15/46  | 105 | 88 |
| Hubbell, Inc., |  |  |
| 2.30%, 3/15/31  | 150 | 135 |
| Johnson Controls International PLC, |  |  |
| 4.95%, 7/2/64  | 110 | 96 |
| Keysight Technologies, Inc., |  |  |
| 3.00%, 10/30/29  | 200 | 190 |
| Lennox International, Inc., |  |  |
| 5.50%, 9/15/28  | 200 | 207 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Electrical Equipment – 0.1%continued** | **Electrical Equipment – 0.1%continued** | **Electrical Equipment – 0.1%continued** |
| Otis Worldwide Corp., |  |  |
| 3.36%, 2/15/50  | $200 | $143 |
| Rockwell Automation, Inc., |  |  |
| 4.20%, 3/1/49  | 100 | 84 |
| Trane Technologies Financing Ltd., |  |  |
| 4.65%, 11/1/44  | 35 | 32 |
| Trane Technologies Holdco, Inc., |  |  |
| 5.75%, 6/15/43  | 150 | 158 |
| Trimble, Inc., |  |  |
| 6.10%, 3/15/33  | 200 | 215 |
| Vontier Corp., |  |  |
| 2.95%, 4/1/31  | 200 | 183 |
|  |  | **3064** |
| **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** |
| MasTec, Inc., |  |  |
| 5.90%, 6/15/29  | 100 | 105 |
| Nature Conservancy (The), |  |  |
| 3.96%, 3/1/52  | 50 | 40 |
| Quanta Services, Inc., |  |  |
| 5.25%, 8/9/34  | 200 | 205 |
|  |  | **350** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| Electronic Arts, Inc., |  |  |
| 1.85%, 2/15/31 <sup>†</sup> <br>| 300 | 285 |
| Fox Corp., |  |  |
| 5.58%, 1/25/49  | 300 | 292 |
| Netflix, Inc., |  |  |
| 6.38%, 5/15/29  | 600 | 646 |
| Paramount Global, |  |  |
| 4.20%, 5/19/32  | 600 | 559 |
| 5.85%, 9/1/43  | 197 | 180 |
| 5.25%, 4/1/44  | 30 | 25 |
| Take-Two Interactive Software, Inc., |  |  |
| 4.95%, 3/28/28  | 400 | 407 |
| Walt Disney (The) Co., |  |  |
| 3.70%, 3/23/27  | 297 | 296 |
| 6.40%, 12/15/35  | 31 | 35 |
| 4.13%, 12/1/41  | 105 | 92 |
| 4.95%, 10/15/45  | 1200 | 1140 |
| 3.60%, 1/13/51  | 300 | 227 |
|  |  | **4184** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| Campbell's (The) Co., |  |  |
| 3.13%, 4/24/50  | $350 | $231 |
| Conagra Brands, Inc., |  |  |
| 1.38%, 11/1/27  | 85 | 80 |
| 7.00%, 10/1/28  | 200 | 214 |
| 4.85%, 11/1/28  | 100 | 101 |
| 5.30%, 11/1/38  | 200 | 192 |
| Flowers Foods, Inc., |  |  |
| 6.20%, 3/15/55  | 200 | 198 |
| General Mills, Inc., |  |  |
| 2.88%, 4/15/30  | 218 | 205 |
| 2.25%, 10/14/31  | 432 | 381 |
| Hershey (The) Co., |  |  |
| 4.25%, 5/4/28 <sup>†</sup> <br>| 200 | 202 |
| 4.95%, 2/24/32  | 200 | 206 |
| Hormel Foods Corp., |  |  |
| 1.70%, 6/3/28  | 500 | 471 |
| 3.05%, 6/3/51  | 100 | 67 |
| Ingredion, Inc., |  |  |
| 3.20%, 10/1/26  | 250 | 247 |
| J.M. Smucker (The) Co., |  |  |
| 4.38%, 3/15/45  | 250 | 211 |
| 6.50%, 11/15/53 <sup>†</sup> <br>| 100 | 110 |
| &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 | 373 |
| 7.25%, 11/15/53  | 400 | 459 |
| &nbsp;&nbsp; JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Foods Group Holdings, <br> Inc./JBS U.S.A. Food Co.,<br>|  |  |
| 5.50%, 1/15/36 <sup>(2) (8)</sup> <br>| 400 | 408 |
| Kellanova, |  |  |
| 5.75%, 5/16/54  | 200 | 202 |
| Kraft Heinz Foods Co., |  |  |
| 3.88%, 5/15/27  | 400 | 398 |
| 4.88%, 10/1/49  | 800 | 700 |
| McCormick & Co., Inc., |  |  |
| 4.95%, 4/15/33  | 200 | 204 |
| Mondelez International, Inc., |  |  |
| 3.00%, 3/17/32  | 500 | 459 |
| Pilgrim's Pride Corp., |  |  |
| 6.88%, 5/15/34  | 350 | 386 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **58** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Food – 0.3%continued** | **Food – 0.3%continued** | **Food – 0.3%continued** |
| Tyson Foods, Inc., |  |  |
| 5.10%, 9/28/48  | $300 | $277 |
|  |  | **6982** |
| **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 | 981 |
| 6.59%, 10/15/37  | 105 | 119 |
| 4.30%, 12/1/42  | 75 | 66 |
| 3.45%, 5/1/50  | 12 | 9 |
| 3.25%, 6/1/51  | 58 | 40 |
| 5.45%, 3/1/54  | 300 | 296 |
| Atmos Energy Corp., |  |  |
| 4.15%, 1/15/43  | 250 | 214 |
| 4.13%, 10/15/44  | 75 | 64 |
| 6.20%, 11/15/53  | 200 | 220 |
| CenterPoint Energy Resources Corp., |  |  |
| 5.25%, 3/1/28  | 500 | 513 |
| 5.85%, 1/15/41  | 50 | 51 |
| Essential Utilities, Inc., |  |  |
| 4.80%, 8/15/27  | 600 | 607 |
| National Fuel Gas Co., |  |  |
| 5.50%, 10/1/26  | 300 | 303 |
| NiSource, Inc., |  |  |
| 4.80%, 2/15/44  | 580 | 528 |
| 5.85%, 4/1/55  | 100 | 101 |
| ONE Gas, Inc., |  |  |
| 4.25%, 9/1/32  | 150 | 148 |
| Piedmont Natural Gas Co., Inc., |  |  |
| 5.05%, 5/15/52  | 200 | 182 |
| Southern California Gas Co., |  |  |
| 5.45%, 6/15/35  | 300 | 311 |
| 3.75%, 9/15/42  | 250 | 201 |
| 4.30%, 1/15/49  | 125 | 104 |
| 5.60%, 4/1/54  | 150 | 150 |
| Southern Co. Gas Capital Corp., |  |  |
| 5.88%, 3/15/41  | 300 | 311 |
| Southwest Gas Corp., |  |  |
| 3.80%, 9/29/46  | 50 | 38 |
| Spire Missouri, Inc., |  |  |
| 3.30%, 6/1/51  | 100 | 69 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Gas & Water Utilities – 0.2%continued** | **Gas & Water Utilities – 0.2%continued** | **Gas & Water Utilities – 0.2%continued** |
| Washington Gas Light Co., |  |  |
| 3.65%, 9/15/49  | $100 | $73 |
|  |  | **5699** |
| **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 | 177 |
| Aetna, Inc., |  |  |
| 6.63%, 6/15/36  | 40 | 44 |
| 6.75%, 12/15/37  | 150 | 166 |
| AHS Hospital Corp., |  |  |
| 5.02%, 7/1/45  | 100 | 95 |
| Ascension Health, |  |  |
| 2.53%, 11/15/29  | 750 | 705 |
| Cardinal Health, Inc., |  |  |
| 4.50%, 11/15/44  | 200 | 172 |
| Cencora, Inc., |  |  |
| 4.25%, 3/1/45  | 60 | 50 |
| 4.30%, 12/15/47  | 100 | 83 |
| Centene Corp., |  |  |
| 2.63%, 8/1/31  | 1000 | 859 |
| Cigna Group (The), |  |  |
| 4.80%, 7/15/46  | 880 | 788 |
| 5.60%, 2/15/54  | 200 | 197 |
| 6.00%, 1/15/56  | 300 | 311 |
| CommonSpirit Health, |  |  |
| 3.82%, 10/1/49  | 200 | 150 |
| CVS Health Corp., |  |  |
| 1.30%, 8/21/27  | 39 | 37 |
| 4.30%, 3/25/28  | 234 | 234 |
| 3.25%, 8/15/29  | 191 | 183 |
| 3.75%, 4/1/30  | 386 | 374 |
| 5.30%, 12/5/43  | 150 | 140 |
| 5.13%, 7/20/45  | 1286 | 1167 |
| 5.05%, 3/25/48  | 319 | 284 |
| 6.05%, 6/1/54  | 200 | 202 |
| 6.00%, 6/1/63 <sup>†</sup> <br>| 400 | 394 |
| Dignity Health, |  |  |
| 5.27%, 11/1/64  | 200 | 181 |
| Elevance Health, Inc., |  |  |
| 4.10%, 3/1/28  | 245 | 245 |
| 6.38%, 6/15/37  | 500 | 547 |
| 4.63%, 5/15/42  | 325 | 293 |
| 3.60%, 3/15/51  | 100 | 72 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Health Care Facilities & Services – 0.9%continued** | **Health Care Facilities & Services – 0.9%continued** | **Health Care Facilities & Services – 0.9%continued** |
| 5.65%, 6/15/54  | $300 | $295 |
| 5.70%, 2/15/55  | 300 | 297 |
| HCA, Inc., |  |  |
| 5.50%, 6/1/33  | 500 | 519 |
| 5.75%, 3/1/35  | 300 | 314 |
| 5.13%, 6/15/39  | 200 | 193 |
| 5.50%, 6/15/47 <sup>†</sup> <br>| 330 | 315 |
| 5.25%, 6/15/49  | 50 | 46 |
| 6.00%, 4/1/54  | 300 | 301 |
| 5.95%, 9/15/54  | 100 | 100 |
| 6.20%, 3/1/55 <sup>†</sup> <br>| 200 | 206 |
| 6.10%, 4/1/64  | 200 | 201 |
| Humana, Inc., |  |  |
| 5.75%, 12/1/28 <sup>†</sup> <br>| 500 | 521 |
| 3.13%, 8/15/29  | 85 | 81 |
| 5.38%, 4/15/31  | 300 | 309 |
| 5.50%, 3/15/53  | 300 | 277 |
| Kaiser Foundation Hospitals, |  |  |
| 3.27%, 11/1/49  | 500 | 354 |
| Laboratory Corp. of America Holdings, |  |  |
| 4.70%, 2/1/45  | 300 | 269 |
| McKesson Corp., |  |  |
| 4.65%, 5/30/30  | 500 | 509 |
| &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 | 79 |
| NYU Langone Hospitals, |  |  |
| 4.37%, 7/1/47  | 200 | 173 |
| Quest Diagnostics, Inc., |  |  |
| 4.20%, 6/30/29  | 59 | 59 |
| 6.40%, 11/30/33  | 200 | 222 |
| Sutter Health, |  |  |
| 4.09%, 8/15/48  | 500 | 409 |
| UnitedHealth Group, Inc., |  |  |
| 3.45%, 1/15/27  | 300 | 298 |
| 3.70%, 5/15/27  | 55 | 55 |
| 3.88%, 12/15/28  | 218 | 217 |
| 4.25%, 1/15/29  | 500 | 502 |
| 4.00%, 5/15/29  | 600 | 598 |
| 4.80%, 1/15/30  | 1000 | 1021 |
| 2.00%, 5/15/30  | 216 | 196 |
| 2.30%, 5/15/31  | 200 | 179 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Health Care Facilities & Services – 0.9%continued** | **Health Care Facilities & Services – 0.9%continued** | **Health Care Facilities & Services – 0.9%continued** |
| 5.15%, 7/15/34  | $300 | $308 |
| 6.63%, 11/15/37  | 640 | 725 |
| 6.88%, 2/15/38  | 170 | 197 |
| 4.38%, 3/15/42  | 219 | 195 |
| 4.75%, 7/15/45  | 281 | 256 |
| 5.05%, 4/15/53  | 750 | 687 |
| 5.50%, 4/15/64  | 100 | 96 |
| 5.75%, 7/15/64  | 900 | 896 |
|  |  | **20706** |
| **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** |
| Leggett & Platt, Inc., |  |  |
| 3.50%, 11/15/27 | 500 | **490** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| D.R. Horton, Inc., |  |  |
| 5.50%, 10/15/35  | 200 | 207 |
| Fortune Brands Innovations, Inc., |  |  |
| 4.50%, 3/25/52  | 50 | 41 |
| Lennar Corp., |  |  |
| 4.75%, 11/29/27  | 200 | 202 |
| Masco Corp., |  |  |
| 1.50%, 2/15/28  | 500 | 470 |
| MDC Holdings, Inc., |  |  |
| 2.50%, 1/15/31  | 200 | 176 |
| Meritage Homes Corp., |  |  |
| 5.65%, 3/15/35  | 100 | 102 |
| Mohawk Industries, Inc., |  |  |
| 5.85%, 9/18/28  | 100 | 104 |
| NVR, Inc., |  |  |
| 3.00%, 5/15/30  | 100 | 95 |
| Toll Brothers Finance Corp., |  |  |
| 3.80%, 11/1/29  | 150 | 147 |
|  |  | **1544** |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| Church & Dwight Co., Inc., |  |  |
| 3.95%, 8/1/47  | 100 | 80 |
| Colgate-Palmolive Co., |  |  |
| 4.60%, 3/1/33  | 200 | 204 |
| Estee Lauder (The) Cos., Inc., |  |  |
| 6.00%, 5/15/37 <sup>†</sup> <br>| 100 | 109 |
| 4.38%, 6/15/45  | 150 | 127 |
| 4.15%, 3/15/47  | 70 | 56 |
| 5.15%, 5/15/53 <sup>†</sup> <br>| 100 | 97 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **60** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Household Products – 0.2%continued** | **Household Products – 0.2%continued** | **Household Products – 0.2%continued** |
| Haleon U.S. Capital LLC, |  |  |
| 3.63%, 3/24/32  | $600 | $569 |
| Kenvue, Inc., |  |  |
| 4.90%, 3/22/33  | 200 | 203 |
| 5.10%, 3/22/43  | 200 | 193 |
| 5.05%, 3/22/53  | 200 | 186 |
| Kimberly-Clark Corp., |  |  |
| 2.00%, 11/2/31 <sup>†</sup> <br>| 200 | 178 |
| 6.63%, 8/1/37  | 350 | 408 |
| 3.20%, 7/30/46  | 25 | 18 |
| Procter & Gamble (The) Co., |  |  |
| 3.00%, 3/25/30  | 794 | 762 |
| 1.20%, 10/29/30  | 300 | 263 |
| 2.30%, 2/1/32 <sup>†</sup> <br>| 200 | 182 |
|  |  | **3635** |
| **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** |
| Timken (The) Co., |  |  |
| 4.13%, 4/1/32 | 100 | **96** |
| **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** |
| WW Grainger, Inc., |  |  |
| 4.60%, 6/15/45 | 100 | **90** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| Bank of New York Mellon (The) Corp., |  |  |
| 3.25%, 5/16/27  | 500 | 496 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 3.44%, 2/7/28 <sup>(3)</sup> <br>| 1000 | 993 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.09%), <br> 4.98%, 3/14/30 <sup>(3)</sup> <br>| 500 | 514 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.23%), <br> 5.06%, 7/22/32 <sup>(3)</sup> <br>| 250 | 258 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.51%), <br> 4.71%, 2/1/34 <sup>(3)</sup> <br>| 500 | 502 |
| BGC Group, Inc., |  |  |
| 6.60%, 6/10/29  | 100 | 104 |
| Cboe Global Markets, Inc., |  |  |
| 3.00%, 3/16/32  | 100 | 92 |
| CME Group, Inc., |  |  |
| 3.75%, 6/15/28  | 300 | 299 |
| 5.30%, 9/15/43  | 45 | 46 |
| Goldman Sachs Group (The), Inc., |  |  |
| 5.95%, 1/15/27  | 613 | 628 |
| 3.85%, 1/26/27  | 623 | 621 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 1.95%, 10/21/27 <sup>(3)</sup> <br>| 445 | 435 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 4.94%, 4/23/28 <sup>(3)</sup> <br>| $1000 | $1012 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.77%), 3.69%, 6/5/28 <sup>(3)</sup> <br>| 579 | 575 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.42%), 3.81%, 4/23/29 <sup>(3)</sup> <br>| 70 | 69 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.08%), <br> 5.21%, 1/28/31 <sup>(3)</sup> <br>| 1000 | 1032 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.09%), <br> 1.99%, 1/27/32 <sup>(3)</sup> <br>| 1500 | 1324 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.95%), <br> 6.56%, 10/24/34 <sup>(3)</sup> <br>| 400 | 448 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.55%), <br> 5.85%, 4/25/35 <sup>(3)</sup> <br>| 700 | 746 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.38%), <br> 5.54%, 1/28/36 <sup>(3)</sup> <br>| 400 | 418 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.69%), 4.41%, 4/23/39 <sup>(3)</sup> <br>| 500 | 462 |
| 6.25%, 2/1/41  | 192 | 211 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.51%), <br> 3.21%, 4/22/42 <sup>(3)</sup> <br>| 808 | 625 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 3.44%, 2/24/43 <sup>(3) †</sup> <br>| 400 | 316 |
| 4.80%, 7/8/44  | 350 | 325 |
| Intercontinental Exchange, Inc., |  |  |
| 5.25%, 6/15/31  | 400 | 418 |
| 5.20%, 6/15/62  | 600 | 570 |
| Jefferies Financial Group, Inc., |  |  |
| 2.63%, 10/15/31  | 400 | 356 |
| 6.20%, 4/14/34  | 200 | 213 |
| Lazard Group LLC, |  |  |
| 6.00%, 3/15/31  | 125 | 132 |
| LPL Holdings, Inc., |  |  |
| 5.20%, 3/15/30  | 250 | 255 |
| Morgan Stanley, |  |  |
| 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 | 1044 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.11%), <br> 5.23%, 1/15/31 <sup>(3)</sup> <br>| 2400 | 2477 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.03%), <br> 1.79%, 2/13/32 <sup>(3)</sup> <br>| 36 | 31 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.02%), <br> 1.93%, 4/28/32 <sup>(3)</sup> <br>| 66 | 58 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.88%), <br> 5.42%, 7/21/34 <sup>(3)</sup> <br>| 500 | 521 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.73%), <br> 5.47%, 1/18/35 <sup>(3)</sup> <br>| $700 | $729 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.42%), <br> 5.59%, 1/18/36 <sup>(3)</sup> <br>| 300 | 314 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.76%), <br> 5.66%, 4/17/36 <sup>(3)</sup> <br>| 300 | 316 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.36%), <br> 2.48%, 9/16/36 <sup>(3)</sup> <br>| 600 | 521 |
| &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 | 839 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.80%), 5.94%, <br> 2/7/39 <sup>(3)</sup> <br>| 200 | 209 |
| 6.38%, 7/24/42  | 300 | 337 |
| 4.30%, 1/27/45  | 784 | 688 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.71%), <br> 5.52%, 11/19/55 <sup>(3)</sup> <br>| 300 | 303 |
| Nasdaq, Inc., |  |  |
| 5.95%, 8/15/53 <sup>(9)</sup> <br>| 300 | 314 |
| State Street Corp., |  |  |
| 4.73%, 2/28/30  | 500 | 511 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 4.82%, 1/26/34 <sup>(3) †</sup> <br>| 300 | 304 |
| (Variable, U.S. SOFR + 1.89%), <br> 5.16%, 5/18/34 <sup>(3)</sup> <br>| 400 | 414 |
|  |  | **24452** |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| Aflac, Inc., |  |  |
| 3.60%, 4/1/30  | 500 | 490 |
| Allstate (The) Corp., |  |  |
| 4.50%, 6/15/43  | 45 | 40 |
| 4.20%, 12/15/46  | 100 | 84 |
| &nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 2.12%), 6.50%, 5/15/57 <sup>(3)</sup> <br>| 225 | 237 |
| American Financial Group, Inc., |  |  |
| 5.25%, 4/2/30 <sup>†</sup> <br>| 150 | 156 |
| American International Group, Inc., |  |  |
| 4.50%, 7/16/44  | 9 | 8 |
| 4.38%, 6/30/50  | 300 | 255 |
| American National Group, Inc., |  |  |
| 5.75%, 10/1/29  | 150 | 155 |
| Aon Corp./Aon Global Holdings PLC, |  |  |
| 3.90%, 2/28/52 <sup>†</sup> <br>| 300 | 227 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Insurance – 0.7%continued** | **Insurance – 0.7%continued** | **Insurance – 0.7%continued** |
| Aon North America, Inc., |  |  |
| 5.13%, 3/1/27  | $2000 | $2028 |
| 5.30%, 3/1/31  | 300 | 312 |
| Arch Capital Group Ltd., |  |  |
| 3.64%, 6/30/50 <sup>†</sup> <br>| 200 | 149 |
| Arthur J Gallagher & Co., |  |  |
| 5.75%, 3/2/53  | 250 | 249 |
| 5.55%, 2/15/55  | 200 | 195 |
| Assurant, Inc., |  |  |
| 4.90%, 3/27/28  | 215 | 218 |
| Assured Guaranty U.S. Holdings, Inc., |  |  |
| 6.13%, 9/15/28  | 120 | 126 |
| Athene Holding Ltd., |  |  |
| 6.65%, 2/1/33  | 300 | 326 |
| 6.25%, 4/1/54  | 100 | 102 |
| 6.63%, 5/19/55  | 100 | 107 |
| 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 | 194 |
| Berkshire Hathaway Finance Corp., |  |  |
| 2.88%, 3/15/32  | 178 | 167 |
| 4.40%, 5/15/42  | 100 | 93 |
| 4.30%, 5/15/43  | 300 | 271 |
| 4.25%, 1/15/49  | 300 | 257 |
| Berkshire Hathaway, Inc., |  |  |
| 4.50%, 2/11/43 <sup>†</sup> <br>| 255 | 242 |
| Brighthouse Financial, Inc., |  |  |
| 3.85%, 12/22/51  | 250 | 165 |
| Brown & Brown, Inc., |  |  |
| 4.95%, 3/17/52  | 200 | 176 |
| 6.25%, 6/23/55  | 200 | 210 |
| Chubb (The) Corp., |  |  |
| 6.00%, 5/11/37  | 50 | 55 |
| 6.50%, 5/15/38  | 85 | 97 |
| Chubb INA Holdings LLC, |  |  |
| 6.70%, 5/15/36  | 50 | 57 |
| 4.15%, 3/13/43  | 100 | 87 |
| 2.85%, 12/15/51  | 100 | 65 |
| 3.05%, 12/15/61  | 200 | 125 |
| CNA Financial Corp., |  |  |
| 5.50%, 6/15/33  | 200 | 208 |
| Corebridge Financial, Inc., |  |  |
| 4.40%, 4/5/52  | 300 | 248 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **62** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Insurance – 0.7%continued** | **Insurance – 0.7%continued** | **Insurance – 0.7%continued** |
| Enstar Group Ltd., |  |  |
| 3.10%, 9/1/31  | $150 | $134 |
| Equitable Holdings, Inc., |  |  |
| 5.00%, 4/20/48  | 136 | 125 |
| Everest Reinsurance Holdings, Inc., |  |  |
| 3.13%, 10/15/52  | 200 | 129 |
| F&G Annuities & Life, Inc., |  |  |
| 7.40%, 1/13/28  | 100 | 105 |
| Globe Life, Inc., |  |  |
| 5.85%, 9/15/34  | 150 | 157 |
| Hartford Insurance Group (The), Inc., |  |  |
| 5.95%, 10/15/36  | 285 | 307 |
| Horace Mann Educators Corp., |  |  |
| 7.25%, 9/15/28  | 150 | 161 |
| Lincoln National Corp., |  |  |
| 3.63%, 12/12/26  | 148 | 147 |
| 3.80%, 3/1/28  | 117 | 116 |
| 6.30%, 10/9/37  | 100 | 107 |
| Loews Corp., |  |  |
| 4.13%, 5/15/43  | 75 | 64 |
| Markel Group, Inc., |  |  |
| 5.00%, 5/20/49  | 200 | 180 |
| 3.45%, 5/7/52  | 100 | 69 |
| Marsh & McLennan Cos., Inc., |  |  |
| 5.88%, 8/1/33  | 100 | 108 |
| 5.15%, 3/15/34  | 500 | 518 |
| 5.45%, 3/15/53  | 200 | 198 |
| 5.40%, 3/15/55  | 300 | 294 |
| MetLife, Inc., |  |  |
| 6.38%, 6/15/34  | 485 | 541 |
| 4.72%, 12/15/44  | 370 | 338 |
| 5.25%, 1/15/54  | 100 | 97 |
| Old Republic International Corp., |  |  |
| 5.75%, 3/28/34  | 150 | 156 |
| Principal Financial Group, Inc., |  |  |
| 5.50%, 3/15/53  | 200 | 199 |
| Progressive (The) Corp., |  |  |
| 2.45%, 1/15/27 <sup>†</sup> <br>| 250 | 245 |
| 4.20%, 3/15/48  | 300 | 255 |
| Prudential Financial, Inc., |  |  |
| 5.20%, 3/14/35  | 400 | 411 |
| 3.00%, 3/10/40  | 300 | 234 |
| 3.94%, 12/7/49  | 335 | 265 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Insurance – 0.7%continued** | **Insurance – 0.7%continued** | **Insurance – 0.7%continued** |
| Reinsurance Group of America, Inc., |  |  |
| 6.00%, 9/15/33  | $200 | $214 |
| Selective Insurance Group, Inc., |  |  |
| 5.90%, 4/15/35  | 100 | 104 |
| Transatlantic Holdings, Inc., |  |  |
| 8.00%, 11/30/39  | 70 | 88 |
| Travelers (The) Cos., Inc., |  |  |
| 6.25%, 6/15/37  | 375 | 417 |
| 5.45%, 5/25/53  | 200 | 200 |
| Unum Group, |  |  |
| 4.13%, 6/15/51  | 200 | 152 |
| W R Berkley Corp., |  |  |
| 3.55%, 3/30/52  | 200 | 142 |
| Willis North America, Inc., |  |  |
| 2.95%, 9/15/29  | 500 | 475 |
|  |  | **15633** |
| **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** |
| Alphabet, Inc., |  |  |
| 4.00%, 5/15/30  | 1300 | 1306 |
| 2.05%, 8/15/50  | 75 | 43 |
| 2.25%, 8/15/60 <sup>†</sup> <br>| 400 | 216 |
| Expedia Group, Inc., |  |  |
| 4.63%, 8/1/27  | 300 | 302 |
| Meta Platforms, Inc., |  |  |
| 4.60%, 5/15/28  | 300 | 306 |
| 4.30%, 8/15/29  | 750 | 759 |
| 4.55%, 8/15/31  | 1000 | 1020 |
| 4.95%, 5/15/33  | 1800 | 1864 |
| Uber Technologies, Inc., |  |  |
| 5.35%, 9/15/54  | 250 | 242 |
|  |  | **6058** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| Accenture Capital, Inc., |  |  |
| 4.25%, 10/4/31  | 200 | 200 |
| IBM International Capital Pte. Ltd., |  |  |
| 4.90%, 2/5/34  | 300 | 304 |
| 5.30%, 2/5/54  | 300 | 287 |
| International Business Machines Corp., |  |  |
| 6.50%, 1/15/28  | 226 | 238 |
| 1.95%, 5/15/30  | 797 | 722 |
| 5.20%, 2/10/35  | 700 | 718 |
| 4.25%, 5/15/49  | 300 | 248 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **IT Services – 0.1%continued** | **IT Services – 0.1%continued** | **IT Services – 0.1%continued** |
| Kyndryl Holdings, Inc., |  |  |
| 2.70%, 10/15/28  | $500 | $476 |
| Leidos, Inc., |  |  |
| 5.75%, 3/15/33  | 300 | 317 |
|  |  | **3510** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| Hyatt Hotels Corp., |  |  |
| 5.75%, 1/30/27  | 300 | 306 |
| Las Vegas Sands Corp., |  |  |
| 6.20%, 8/15/34  | 200 | 209 |
| Marriott International, Inc., |  |  |
| 4.80%, 3/15/30  | 400 | 407 |
| 2.85%, 4/15/31  | 500 | 460 |
| 5.10%, 4/15/32  | 300 | 308 |
| McDonald's Corp., |  |  |
| 4.80%, 8/14/28  | 700 | 715 |
| 5.00%, 5/17/29  | 400 | 412 |
| 4.88%, 12/9/45  | 200 | 185 |
| 4.45%, 3/1/47  | 200 | 173 |
| 4.45%, 9/1/48  | 112 | 97 |
| 5.45%, 8/14/53  | 300 | 298 |
| Starbucks Corp., |  |  |
| 3.50%, 11/15/50  | 600 | 427 |
|  |  | **3997** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| Brunswick Corp., |  |  |
| 5.10%, 4/1/52 <sup>†</sup> <br>| 200 | 161 |
| Hasbro, Inc., |  |  |
| 6.35%, 3/15/40  | 50 | 52 |
|  |  | **213** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| AGCO Corp., |  |  |
| 5.80%, 3/21/34  | 100 | 104 |
| Caterpillar Financial Services Corp., |  |  |
| 1.70%, 1/8/27  | 186 | 181 |
| 3.60%, 8/12/27  | 500 | 498 |
| Caterpillar, Inc., |  |  |
| 3.80%, 8/15/42  | 185 | 156 |
| 4.30%, 5/15/44  | 235 | 208 |
| 3.25%, 9/19/49  | 220 | 159 |
| CNH Industrial Capital LLC, |  |  |
| 5.10%, 4/20/29  | 300 | 307 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Machinery – 0.3%continued** | **Machinery – 0.3%continued** | **Machinery – 0.3%continued** |
| Deere & Co., |  |  |
| 3.75%, 4/15/50  | $633 | $500 |
| Eaton Corp., |  |  |
| 3.10%, 9/15/27  | 250 | 247 |
| 4.35%, 5/18/28  | 500 | 506 |
| 4.70%, 8/23/52  | 100 | 91 |
| Flowserve Corp., |  |  |
| 2.80%, 1/15/32  | 100 | 89 |
| IDEX Corp., |  |  |
| 2.63%, 6/15/31  | 100 | 90 |
| Ingersoll Rand, Inc., |  |  |
| 5.31%, 6/15/31  | 500 | 523 |
| John Deere Capital Corp., |  |  |
| 4.15%, 9/15/27  | 118 | 119 |
| 4.65%, 1/7/28  | 400 | 407 |
| 4.95%, 7/14/28  | 1000 | 1027 |
| 4.40%, 9/8/31  | 300 | 302 |
| Kennametal, Inc., |  |  |
| 4.63%, 6/15/28  | 100 | 101 |
| Oshkosh Corp., |  |  |
| 3.10%, 3/1/30  | 100 | 94 |
| Regal Rexnord Corp., |  |  |
| 6.05%, 4/15/28  | 500 | 517 |
| Snap-on, Inc., |  |  |
| 3.10%, 5/1/50  | 100 | 69 |
| Stanley Black & Decker, Inc., |  |  |
| 2.75%, 11/15/50  | 300 | 178 |
| Xylem, Inc., |  |  |
| 2.25%, 1/30/31 <sup>†</sup> <br>| 200 | 180 |
|  |  | **6653** |
| **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** |
| Abbott Laboratories, |  |  |
| 1.15%, 1/30/28  | 400 | 377 |
| 4.75%, 11/30/36  | 353 | 356 |
| 6.15%, 11/30/37  | 202 | 227 |
| 4.75%, 4/15/43  | 100 | 96 |
| Agilent Technologies, Inc., |  |  |
| 2.30%, 3/12/31  | 300 | 269 |
| Baxter International, Inc., |  |  |
| 3.50%, 8/15/46  | 350 | 250 |
| Becton Dickinson & Co., |  |  |
| 4.69%, 2/13/28  | 800 | 810 |
| 4.69%, 12/15/44  | 210 | 188 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **64** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Medical Equipment & Devices – 0.3%continued** | **Medical Equipment & Devices – 0.3%continued** | **Medical Equipment & Devices – 0.3%continued** |
| Boston Scientific Corp., |  |  |
| 7.38%, 1/15/40  | $240 | $292 |
| DH Europe Finance II S.a.r.l., |  |  |
| 2.60%, 11/15/29  | 1100 | 1036 |
| GE HealthCare Technologies, Inc., |  |  |
| 5.91%, 11/22/32  | 600 | 646 |
| Medtronic, Inc., |  |  |
| 4.63%, 3/15/45  | 406 | 373 |
| Revvity, Inc., |  |  |
| 2.25%, 9/15/31  | 300 | 260 |
| Stryker Corp., |  |  |
| 3.65%, 3/7/28  | 152 | 151 |
| 4.10%, 4/1/43  | 50 | 43 |
| 4.38%, 5/15/44  | 200 | 175 |
| 2.90%, 6/15/50  | 200 | 134 |
| Thermo Fisher Scientific, Inc., |  |  |
| 5.00%, 12/5/26  | 500 | 506 |
| 1.75%, 10/15/28  | 38 | 36 |
| 2.80%, 10/15/41  | 500 | 369 |
| Zimmer Biomet Holdings, Inc., |  |  |
| 2.60%, 11/24/31  | 400 | 359 |
|  |  | **6953** |
| **Metals & Mining – 0.0%** | **Metals & Mining – 0.0%** | **Metals & Mining – 0.0%** |
| Freeport-McMoRan, Inc., |  |  |
| 4.63%, 8/1/30  | 500 | 495 |
| Newmont Corp., |  |  |
| 5.88%, 4/1/35  | 100 | 108 |
| &nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty. <br> Ltd.,<br>|  |  |
| 4.20%, 5/13/50  | 300 | 251 |
|  |  | **854** |
| **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 | 98 |
| &nbsp;&nbsp; Baker Hughes Holdings LLC/Baker <br> Hughes Co-Obligor, Inc.,<br>|  |  |
| 2.06%, 12/15/26  | 500 | 488 |
| 4.08%, 12/15/47  | 110 | 89 |
| Halliburton Co., |  |  |
| 2.92%, 3/1/30  | 300 | 282 |
| 4.85%, 11/15/35 <sup>†</sup> <br>| 275 | 271 |
| 7.45%, 9/15/39  | 160 | 191 |
| 4.75%, 8/1/43  | 15 | 13 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Oil & Gas Services & Equipment – 0.1%continued** | **Oil & Gas Services & Equipment – 0.1%continued** | **Oil & Gas Services & Equipment – 0.1%continued** |
| NOV, Inc., |  |  |
| 3.60%, 12/1/29  | $150 | $145 |
|  |  | **1577** |
| **Oil & Gas Supply Chain – 1.4%** | **Oil & Gas Supply Chain – 1.4%** | **Oil & Gas Supply Chain – 1.4%** |
| APA Corp., |  |  |
| 6.10%, 2/15/35  | 200 | 204 |
| Boardwalk Pipelines L.P., |  |  |
| 4.45%, 7/15/27  | 150 | 150 |
| BP Capital Markets America, Inc., |  |  |
| 3.02%, 1/16/27  | 312 | 309 |
| 4.23%, 11/6/28  | 428 | 430 |
| 2.72%, 1/12/32  | 110 | 100 |
| 4.99%, 4/10/34  | 500 | 510 |
| 3.38%, 2/8/61  | 800 | 534 |
| BP Capital Markets PLC, |  |  |
| 3.28%, 9/19/27  | 138 | 136 |
| Cheniere Corpus Christi Holdings LLC, |  |  |
| 2.74%, 12/31/39  | 300 | 252 |
| Cheniere Energy Partners L.P., |  |  |
| 5.95%, 6/30/33  | 500 | 529 |
| Cheniere Energy, Inc., |  |  |
| 5.65%, 4/15/34  | 250 | 258 |
| Chevron U.S.A., Inc., |  |  |
| 1.02%, 8/12/27  | 31 | 30 |
| 4.69%, 4/15/30  | 500 | 512 |
| 4.50%, 10/15/32  | 400 | 403 |
| 2.34%, 8/12/50 <sup>†</sup> <br>| 200 | 119 |
| ConocoPhillips Co., |  |  |
| 5.05%, 9/15/33  | 200 | 206 |
| 3.76%, 3/15/42  | 100 | 82 |
| 5.30%, 5/15/53  | 300 | 286 |
| 5.50%, 1/15/55  | 200 | 196 |
| 4.03%, 3/15/62  | 405 | 302 |
| Coterra Energy, Inc., |  |  |
| 4.38%, 3/15/29  | 200 | 200 |
| DCP Midstream Operating L.P., |  |  |
| 5.63%, 7/15/27  | 300 | 306 |
| Devon Energy Corp., |  |  |
| 5.25%, 10/15/27  | 250 | 250 |
| 5.75%, 9/15/54  | 500 | 464 |
| Diamondback Energy, Inc., |  |  |
| 5.40%, 4/18/34  | 400 | 408 |
| 6.25%, 3/15/53  | 200 | 205 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| 5.75%, 4/18/54  | $300 | $289 |
| 5.90%, 4/18/64  | 100 | 96 |
| &nbsp;&nbsp; Eastern Gas Transmission & Storage, <br> Inc.,<br>|  |  |
| 4.60%, 12/15/44  | 200 | 175 |
| Enbridge Energy Partners L.P., |  |  |
| 7.50%, 4/15/38  | 50 | 59 |
| Energy Transfer L.P., |  |  |
| 4.40%, 3/15/27  | 90 | 90 |
| 4.20%, 4/15/27  | 160 | 160 |
| 5.50%, 6/1/27  | 266 | 271 |
| 4.95%, 6/15/28  | 27 | 27 |
| 5.25%, 4/15/29  | 212 | 218 |
| 4.15%, 9/15/29  | 183 | 181 |
| 6.40%, 12/1/30  | 400 | 434 |
| 7.50%, 7/1/38  | 310 | 360 |
| 4.95%, 1/15/43  | 500 | 443 |
| 5.15%, 2/1/43  | 309 | 281 |
| 5.30%, 4/1/44  | 15 | 14 |
| 5.35%, 5/15/45  | 80 | 73 |
| 6.25%, 4/15/49  | 400 | 404 |
| 6.05%, 9/1/54  | 200 | 196 |
| Enterprise Products Operating LLC, |  |  |
| 3.95%, 2/15/27  | 529 | 529 |
| 3.13%, 7/31/29  | 138 | 133 |
| 6.88%, 3/1/33  | 50 | 57 |
| 7.55%, 4/15/38  | 515 | 618 |
| 5.95%, 2/1/41  | 40 | 42 |
| 4.80%, 2/1/49  | 200 | 178 |
| 4.20%, 1/31/50  | 700 | 571 |
| 5.55%, 2/16/55  | 300 | 297 |
| EOG Resources, Inc., |  |  |
| 4.95%, 4/15/50  | 100 | 91 |
| 5.95%, 7/15/55  | 150 | 157 |
| EQT Corp., |  |  |
| 5.75%, 2/1/34  | 200 | 209 |
| Exxon Mobil Corp., |  |  |
| 3.48%, 3/19/30  | 125 | 122 |
| 2.61%, 10/15/30  | 1010 | 942 |
| 3.00%, 8/16/39  | 200 | 160 |
| 4.33%, 3/19/50  | 500 | 429 |
| Hess Corp., |  |  |
| 7.13%, 3/15/33  | 390 | 453 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| HF Sinclair Corp., |  |  |
| 4.50%, 10/1/30  | $250 | $246 |
| Kinder Morgan Energy Partners L.P., |  |  |
| 7.30%, 8/15/33  | 175 | 200 |
| 6.55%, 9/15/40  | 205 | 223 |
| 7.50%, 11/15/40  | 305 | 358 |
| 6.38%, 3/1/41  | 35 | 37 |
| 5.63%, 9/1/41  | 310 | 309 |
| 5.40%, 9/1/44  | 50 | 48 |
| Kinder Morgan, Inc., |  |  |
| 5.45%, 8/1/52  | 300 | 283 |
| 5.95%, 8/1/54  | 200 | 201 |
| Marathon Petroleum Corp., |  |  |
| 3.80%, 4/1/28  | 38 | 38 |
| 6.50%, 3/1/41  | 300 | 323 |
| MPLX L.P., |  |  |
| 4.80%, 2/15/29  | 300 | 304 |
| 2.65%, 8/15/30  | 300 | 275 |
| 5.20%, 12/1/47  | 407 | 364 |
| 4.70%, 4/15/48  | 400 | 335 |
| 5.65%, 3/1/53  | 100 | 94 |
| Occidental Petroleum Corp., |  |  |
| 6.13%, 1/1/31  | 1160 | 1222 |
| 6.60%, 3/15/46  | 100 | 105 |
| 6.05%, 10/1/54  | 100 | 98 |
| ONEOK Partners L.P., |  |  |
| 6.65%, 10/1/36  | 80 | 87 |
| ONEOK, Inc., |  |  |
| 4.55%, 7/15/28  | 23 | 23 |
| 4.35%, 3/15/29  | 12 | 12 |
| 4.75%, 10/15/31  | 700 | 700 |
| 6.05%, 9/1/33  | 300 | 318 |
| 5.15%, 10/15/43  | 20 | 18 |
| 5.45%, 6/1/47  | 100 | 92 |
| 7.15%, 1/15/51  | 400 | 448 |
| 5.70%, 11/1/54  | 300 | 283 |
| 5.85%, 11/1/64  | 100 | 95 |
| Ovintiv, Inc., |  |  |
| 7.10%, 7/15/53  | 50 | 54 |
| Phillips 66, |  |  |
| 5.88%, 5/1/42  | 140 | 144 |
| Phillips 66 Co., |  |  |
| 4.95%, 3/15/35  | 400 | 396 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **66** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| 4.90%, 10/1/46  | $200 | $176 |
| 5.65%, 6/15/54  | 350 | 335 |
| &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 | 535 |
| 3.80%, 9/15/30  | 137 | 132 |
| Sabine Pass Liquefaction LLC, |  |  |
| 5.00%, 3/15/27  | 268 | 270 |
| 4.50%, 5/15/30  | 300 | 301 |
| Shell Finance U.S., Inc., |  |  |
| 2.38%, 11/7/29  | 287 | 269 |
| 4.13%, 5/11/35  | 300 | 288 |
| 4.55%, 8/12/43  | 60 | 54 |
| 4.38%, 5/11/45  | 390 | 341 |
| 3.75%, 9/12/46  | 230 | 183 |
| Shell International Finance B.V., |  |  |
| 3.88%, 11/13/28  | 9 | 9 |
| 3.63%, 8/21/42  | 230 | 186 |
| 3.13%, 11/7/49  | 100 | 69 |
| 3.00%, 11/26/51  | 150 | 100 |
| Spectra Energy Partners L.P., |  |  |
| 3.38%, 10/15/26  | 360 | 357 |
| 5.95%, 9/25/43  | 89 | 91 |
| 4.50%, 3/15/45  | 110 | 94 |
| Targa Resources Corp., |  |  |
| 6.13%, 3/15/33  | 500 | 532 |
| 6.50%, 2/15/53  | 200 | 211 |
| 6.13%, 5/15/55  | 200 | 201 |
| Tennessee Gas Pipeline Co. LLC, |  |  |
| 7.00%, 3/15/27  | 158 | 164 |
| 7.00%, 10/15/28  | 295 | 317 |
| 7.63%, 4/1/37  | 5 | 6 |
| Valero Energy Corp., |  |  |
| 7.50%, 4/15/32  | 765 | 885 |
| Western Midstream Operating L.P., |  |  |
| 6.15%, 4/1/33  | 700 | 740 |
| Williams (The) Cos., Inc., |  |  |
| 3.75%, 6/15/27  | 548 | 544 |
| 4.90%, 3/15/29  | 500 | 509 |
| 4.65%, 8/15/32  | 600 | 599 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| 5.15%, 3/15/34  | $500 | $508 |
| 5.80%, 11/15/43  | 200 | 202 |
|  |  | **33220** |
| **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 | 937 |
| 4.85%, 4/15/49  | 200 | 174 |
| American Homes 4 Rent L.P., |  |  |
| 4.30%, 4/15/52  | 200 | 160 |
| American Tower Corp., |  |  |
| 3.38%, 10/15/26  | 26 | 26 |
| 3.13%, 1/15/27  | 128 | 126 |
| 3.60%, 1/15/28  | 79 | 78 |
| 1.50%, 1/31/28  | 39 | 37 |
| 3.95%, 3/15/29  | 134 | 133 |
| 3.80%, 8/15/29  | 500 | 490 |
| 5.90%, 11/15/33  | 300 | 321 |
| 5.45%, 2/15/34  | 300 | 312 |
| 2.95%, 1/15/51  | 100 | 65 |
| &nbsp;&nbsp; Americold Realty Operating Partnership <br> L.P.,<br>|  |  |
| 5.60%, 5/15/32  | 100 | 101 |
| AvalonBay Communities, Inc., |  |  |
| 3.90%, 10/15/46  | 300 | 241 |
| Boston Properties L.P., |  |  |
| 2.75%, 10/1/26 <sup>†</sup> <br>| 30 | 29 |
| 4.50%, 12/1/28  | 100 | 100 |
| 6.50%, 1/15/34 <sup>†</sup> <br>| 500 | 539 |
| Brixmor Operating Partnership L.P., |  |  |
| 2.50%, 8/16/31  | 300 | 266 |
| Camden Property Trust, |  |  |
| 5.85%, 11/3/26  | 500 | 509 |
| COPT Defense Properties L.P., |  |  |
| 2.90%, 12/1/33  | 200 | 169 |
| Crown Castle, Inc., |  |  |
| 3.30%, 7/1/30  | 200 | 189 |
| 5.80%, 3/1/34  | 300 | 316 |
| 5.20%, 2/15/49  | 350 | 322 |
| Digital Realty Trust L.P., |  |  |
| 3.60%, 7/1/29  | 300 | 293 |
| EPR Properties, |  |  |
| 3.60%, 11/15/31  | 250 | 231 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** |
| Equinix, Inc., |  |  |
| 2.15%, 7/15/30  | $1000 | $902 |
| ERP Operating L.P., |  |  |
| 3.50%, 3/1/28 <sup>†</sup> <br>| 500 | 494 |
| 4.50%, 6/1/45 <sup>†</sup> <br>| 55 | 49 |
| Essential Properties L.P., |  |  |
| 2.95%, 7/15/31  | 100 | 90 |
| Essex Portfolio L.P., |  |  |
| 4.00%, 3/1/29  | 146 | 145 |
| 3.00%, 1/15/30  | 154 | 146 |
| Extra Space Storage L.P., |  |  |
| 5.70%, 4/1/28  | 700 | 723 |
| 5.90%, 1/15/31  | 300 | 319 |
| Federal Realty OP L.P., |  |  |
| 5.38%, 5/1/28  | 250 | 257 |
| First Industrial L.P., |  |  |
| 5.25%, 1/15/31  | 100 | 102 |
| GLP Capital L.P./GLP Financing II, Inc., |  |  |
| 3.25%, 1/15/32  | 300 | 270 |
| 5.75%, 11/1/37  | 200 | 199 |
| Healthcare Realty Holdings L.P., |  |  |
| 2.00%, 3/15/31  | 100 | 87 |
| Healthpeak OP LLC, |  |  |
| 3.50%, 7/15/29  | 277 | 268 |
| 4.75%, 1/15/33  | 300 | 298 |
| Host Hotels & Resorts L.P., |  |  |
| 3.50%, 9/15/30  | 118 | 111 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership <br> L.P.,<br>|  |  |
| 2.30%, 11/15/28  | 200 | 189 |
| Kilroy Realty L.P., |  |  |
| 4.75%, 12/15/28  | 112 | 113 |
| Kimco Realty OP LLC, |  |  |
| 6.40%, 3/1/34  | 200 | 221 |
| 4.25%, 4/1/45  | 200 | 169 |
| Kite Realty Group L.P., |  |  |
| 4.95%, 12/15/31  | 100 | 101 |
| Kite Realty Group Trust, |  |  |
| 4.75%, 9/15/30  | 100 | 100 |
| LXP Industrial Trust, |  |  |
| 2.38%, 10/1/31  | 100 | 87 |
| Mid-America Apartments L.P., |  |  |
| 2.88%, 9/15/51  | 200 | 129 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** |
| NNN REIT, Inc., |  |  |
| 3.10%, 4/15/50  | $300 | $197 |
| Omega Healthcare Investors, Inc., |  |  |
| 3.25%, 4/15/33 <sup>†</sup> <br>| 300 | 265 |
| &nbsp;&nbsp; Phillips Edison Grocery Center <br> Operating Partnership I L.P.,<br>|  |  |
| 5.75%, 7/15/34  | 100 | 104 |
| Piedmont Operating Partnership L.P., |  |  |
| 9.25%, 7/20/28  | 100 | 111 |
| Prologis L.P., |  |  |
| 4.88%, 6/15/28  | 150 | 153 |
| 1.75%, 7/1/30  | 200 | 179 |
| 4.75%, 1/15/31  | 400 | 408 |
| 4.75%, 6/15/33  | 300 | 303 |
| 5.00%, 1/31/35  | 300 | 304 |
| 5.25%, 5/15/35  | 200 | 206 |
| 5.25%, 6/15/53  | 100 | 97 |
| Public Storage Operating Co., |  |  |
| 5.13%, 1/15/29  | 300 | 310 |
| 2.30%, 5/1/31  | 300 | 270 |
| 2.25%, 11/9/31  | 200 | 177 |
| Realty Income Corp., |  |  |
| 3.00%, 1/15/27  | 56 | 55 |
| 3.40%, 1/15/28  | 61 | 60 |
| 2.10%, 3/15/28  | 600 | 572 |
| 3.10%, 12/15/29  | 123 | 118 |
| 4.90%, 7/15/33  | 300 | 304 |
| Regency Centers L.P., |  |  |
| 3.70%, 6/15/30 <sup>†</sup> <br>| 400 | 389 |
| Rexford Industrial Realty L.P., |  |  |
| 5.00%, 6/15/28  | 200 | 203 |
| Sabra Health Care L.P., |  |  |
| 3.90%, 10/15/29  | 150 | 145 |
| Safehold GL Holdings LLC, |  |  |
| 6.10%, 4/1/34  | 100 | 105 |
| Simon Property Group L.P., |  |  |
| 2.45%, 9/13/29  | 1001 | 940 |
| 4.75%, 9/26/34  | 300 | 298 |
| 6.75%, 2/1/40  | 242 | 279 |
| 4.25%, 10/1/44  | 148 | 126 |
| Store Capital LLC, |  |  |
| 2.70%, 12/1/31  | 200 | 175 |
| Sun Communities Operating L.P., |  |  |
| 2.30%, 11/1/28  | 300 | 284 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **68** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** |
| Tanger Properties L.P., |  |  |
| 2.75%, 9/1/31  | $100 | $90 |
| UDR, Inc., |  |  |
| 2.10%, 6/15/33  | 300 | 249 |
| Ventas Realty L.P., |  |  |
| 4.75%, 11/15/30  | 300 | 304 |
| 5.70%, 9/30/43  | 100 | 100 |
| VICI Properties L.P., |  |  |
| 5.63%, 4/1/35  | 200 | 205 |
| 5.63%, 5/15/52 <sup>†</sup> <br>| 200 | 191 |
| Welltower OP LLC, |  |  |
| 2.05%, 1/15/29  | 67 | 63 |
| 4.13%, 3/15/29  | 260 | 260 |
| 3.10%, 1/15/30  | 218 | 208 |
| 4.95%, 9/1/48  | 100 | 94 |
| Weyerhaeuser Co., |  |  |
| 4.00%, 3/9/52  | 200 | 155 |
|  |  | **20789** |
| **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** |
| CBRE Services, Inc., |  |  |
| 5.95%, 8/15/34 | 200 | **213** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| Costco Wholesale Corp., |  |  |
| 1.75%, 4/20/32  | 300 | 260 |
| Dollar General Corp., |  |  |
| 5.50%, 11/1/52 <sup>†</sup> <br>| 200 | 192 |
| Dollar Tree, Inc., |  |  |
| 2.65%, 12/1/31  | 200 | 178 |
| Kroger (The) Co., |  |  |
| 5.00%, 9/15/34  | 800 | 807 |
| 6.90%, 4/15/38  | 100 | 115 |
| 5.40%, 7/15/40  | 100 | 100 |
| 5.50%, 9/15/54  | 200 | 195 |
| 5.65%, 9/15/64  | 100 | 97 |
| Target Corp., |  |  |
| 5.00%, 4/15/35  | 300 | 304 |
| 4.80%, 1/15/53 <sup>†</sup> <br>| 400 | 363 |
| Walmart, Inc., |  |  |
| 3.70%, 6/26/28  | 251 | 251 |
| 1.80%, 9/22/31  | 2000 | 1764 |
| 3.95%, 6/28/38  | 200 | 185 |
| 4.50%, 4/15/53  | 300 | 269 |
|  |  | **5080** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| AutoNation, Inc., |  |  |
| 3.85%, 3/1/32  | $300 | $281 |
| AutoZone, Inc., |  |  |
| 3.75%, 4/18/29  | 121 | 119 |
| 4.00%, 4/15/30  | 129 | 127 |
| 6.55%, 11/1/33  | 300 | 335 |
| Dick's Sporting Goods, Inc., |  |  |
| 4.10%, 1/15/52  | 100 | 74 |
| Home Depot (The), Inc., |  |  |
| 4.75%, 6/25/29  | 600 | 614 |
| 5.40%, 9/15/40  | 680 | 701 |
| 5.95%, 4/1/41  | 405 | 437 |
| 4.50%, 12/6/48  | 400 | 352 |
| 3.63%, 4/15/52  | 643 | 482 |
| Lowe's Cos., Inc., |  |  |
| 3.35%, 4/1/27  | 115 | 114 |
| 3.65%, 4/5/29  | 76 | 75 |
| 3.75%, 4/1/32  | 500 | 478 |
| 4.50%, 10/15/32  | 300 | 298 |
| 2.80%, 9/15/41  | 200 | 145 |
| 4.05%, 5/3/47  | 94 | 76 |
| 3.00%, 10/15/50 <sup>†</sup> <br>| 700 | 453 |
| 5.85%, 4/1/63  | 300 | 303 |
| O'Reilly Automotive, Inc., |  |  |
| 3.90%, 6/1/29  | 500 | 494 |
| Ross Stores, Inc., |  |  |
| 1.88%, 4/15/31  | 200 | 174 |
| TJX (The) Cos., Inc., |  |  |
| 1.15%, 5/15/28  | 74 | 69 |
|  |  | **6201** |
| **Semiconductors – 0.6%** | **Semiconductors – 0.6%** | **Semiconductors – 0.6%** |
| Advanced Micro Devices, Inc., |  |  |
| 4.39%, 6/1/52  | 150 | 129 |
| Analog Devices, Inc., |  |  |
| 3.45%, 6/15/27  | 500 | 496 |
| 2.80%, 10/1/41  | 300 | 222 |
| Applied Materials, Inc., |  |  |
| 1.75%, 6/1/30  | 500 | 450 |
| 5.85%, 6/15/41  | 100 | 107 |
| Broadcom, Inc., |  |  |
| 4.15%, 2/15/28  | 1000 | 1003 |
| 2.45%, 2/15/31 <sup>(2)</sup> <br>| 1024 | 931 |
| 4.15%, 4/15/32 <sup>(2)</sup> <br>| 500 | 490 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Semiconductors – 0.6%continued** | **Semiconductors – 0.6%continued** | **Semiconductors – 0.6%continued** |
| 5.20%, 7/15/35  | $700 | $721 |
| 4.93%, 5/15/37 <sup>(2) (8)</sup> <br>| 200 | 199 |
| 3.50%, 2/15/41 <sup>(2)</sup> <br>| 200 | 165 |
| 3.75%, 2/15/51 <sup>(2)</sup> <br>| 700 | 548 |
| Intel Corp., |  |  |
| 5.00%, 2/21/31 <sup>†</sup> <br>| 400 | 411 |
| 2.00%, 8/12/31  | 50 | 44 |
| 5.20%, 2/10/33 <sup>†</sup> <br>| 300 | 307 |
| 4.80%, 10/1/41 <sup>†</sup> <br>| 80 | 72 |
| 3.73%, 12/8/47  | 741 | 547 |
| 3.25%, 11/15/49  | 200 | 133 |
| 4.75%, 3/25/50  | 200 | 169 |
| 5.70%, 2/10/53  | 700 | 677 |
| 3.10%, 2/15/60  | 200 | 119 |
| KLA Corp., |  |  |
| 5.25%, 7/15/62  | 250 | 240 |
| Lam Research Corp., |  |  |
| 1.90%, 6/15/30  | 700 | 632 |
| Marvell Technology, Inc., |  |  |
| 5.75%, 2/15/29  | 300 | 313 |
| Micron Technology, Inc., |  |  |
| 5.38%, 4/15/28  | 1000 | 1031 |
| 5.30%, 1/15/31  | 200 | 207 |
| 5.80%, 1/15/35  | 100 | 105 |
| NVIDIA Corp., |  |  |
| 3.50%, 4/1/50  | 400 | 307 |
| QUALCOMM, Inc., |  |  |
| 5.40%, 5/20/33  | 300 | 319 |
| 4.80%, 5/20/45  | 300 | 281 |
| 6.00%, 5/20/53  | 200 | 215 |
| Texas Instruments, Inc., |  |  |
| 2.25%, 9/4/29  | 200 | 187 |
| 4.90%, 3/14/33  | 800 | 824 |
| 5.15%, 2/8/54  | 200 | 193 |
|  |  | **12794** |
| **Software – 0.7%** | **Software – 0.7%** | **Software – 0.7%** |
| Adobe, Inc., |  |  |
| 2.15%, 2/1/27  | 419 | 410 |
| 5.30%, 1/17/35 <sup>†</sup> <br>| 200 | 212 |
| Autodesk, Inc., |  |  |
| 3.50%, 6/15/27  | 135 | 134 |
| Cadence Design Systems, Inc., |  |  |
| 4.30%, 9/10/29  | 400 | 402 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Software – 0.7%continued** | **Software – 0.7%continued** | **Software – 0.7%continued** |
| Concentrix Corp., |  |  |
| 6.85%, 8/2/33 <sup>†</sup> <br>| $200 | $207 |
| Fortinet, Inc., |  |  |
| 2.20%, 3/15/31  | 100 | 89 |
| Intuit, Inc., |  |  |
| 5.20%, 9/15/33  | 300 | 314 |
| Microsoft Corp., |  |  |
| 1.35%, 9/15/30  | 300 | 266 |
| 4.50%, 6/15/47  | 900 | 829 |
| 2.50%, 9/15/50  | 200 | 125 |
| 2.68%, 6/1/60  | 100 | 60 |
| 3.04%, 3/17/62  | 1000 | 651 |
| Oracle Corp., |  |  |
| 2.80%, 4/1/27  | 7 | 7 |
| 4.50%, 5/6/28  | 600 | 604 |
| 2.88%, 3/25/31  | 509 | 467 |
| 5.25%, 2/3/32  | 900 | 928 |
| 4.80%, 9/26/32  | 2200 | 2203 |
| 4.90%, 2/6/33  | 300 | 303 |
| 4.70%, 9/27/34  | 1000 | 977 |
| 3.90%, 5/15/35  | 336 | 306 |
| 3.80%, 11/15/37  | 5 | 4 |
| 5.38%, 7/15/40  | 590 | 579 |
| 3.60%, 4/1/50  | 1000 | 704 |
| 5.55%, 2/6/53  | 500 | 473 |
| 4.38%, 5/15/55  | 25 | 20 |
| 3.85%, 4/1/60  | 500 | 344 |
| Roper Technologies, Inc., |  |  |
| 4.90%, 10/15/34  | 400 | 400 |
| Salesforce, Inc., |  |  |
| 1.50%, 7/15/28  | 1300 | 1221 |
| 1.95%, 7/15/31  | 300 | 266 |
| Synopsys, Inc., |  |  |
| 4.85%, 4/1/30  | 1000 | 1019 |
| VMware LLC, |  |  |
| 2.20%, 8/15/31  | 300 | 265 |
| Workday, Inc., |  |  |
| 3.80%, 4/1/32  | 300 | 286 |
|  |  | **15075** |
| **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** |
| Air Lease Corp., |  |  |
| 3.63%, 12/1/27  | 163 | 160 |
| 2.10%, 9/1/28  | 131 | 122 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **70** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** |
| 4.63%, 10/1/28  | $651 | $654 |
| 3.25%, 10/1/29 <sup>†</sup> <br>| 500 | 475 |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.82%), <br> 6.85%, 1/3/30 <sup>(3)</sup> <br>| 500 | 529 |
| American Express Co., |  |  |
| 1.65%, 11/4/26  | 84 | 82 |
| 5.85%, 11/5/27  | 500 | 518 |
| 4.05%, 5/3/29  | 72 | 72 |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.28%), 5.28%, <br> 7/27/29 <sup>(3)</sup> <br>| 200 | 206 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.94%), <br> 6.49%, 10/30/31 <sup>(3)</sup> <br>| 700 | 767 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.93%), <br> 5.63%, 7/28/34 <sup>(3)</sup> <br>| 300 | 313 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.79%), <br> 5.67%, 4/25/36 <sup>(3)</sup> <br>| 300 | 317 |
| Capital One Financial Corp., |  |  |
| 3.75%, 3/9/27  | 250 | 249 |
| 3.65%, 5/11/27 <sup>†</sup> <br>| 144 | 143 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.86%), <br> 1.88%, 11/2/27 <sup>(3) †</sup> <br>| 355 | 346 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.08%), <br> 5.47%, 2/1/29 <sup>(3)</sup> <br>| 700 | 718 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.64%), <br> 6.31%, 6/8/29 <sup>(3)</sup> <br>| 500 | 524 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.86%), <br> 6.38%, 6/8/34 <sup>(3)</sup> <br>| 400 | 433 |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 3.37%), 7.96%, <br> 11/2/34 <sup>(3)</sup> <br>| 300 | 355 |
| Equifax, Inc., |  |  |
| 2.35%, 9/15/31  | 380 | 336 |
| FactSet Research Systems, Inc., |  |  |
| 3.45%, 3/1/32  | 100 | 92 |
| Fidelity National Financial, Inc., |  |  |
| 3.20%, 9/17/51  | 200 | 128 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.,<br>|  |  |
| 5.10%, 7/15/32 <sup>†</sup> <br>| 400 | 410 |
| Fiserv, Inc., |  |  |
| 5.38%, 8/21/28  | 500 | 516 |
| 3.50%, 7/1/29 <sup>†</sup> <br>| 200 | 194 |
| 4.55%, 2/15/31  | 200 | 201 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** |
| 5.15%, 8/12/34  | $500 | $506 |
| GATX Corp., |  |  |
| 3.50%, 3/15/28  | 500 | 491 |
| 5.20%, 3/15/44  | 35 | 33 |
| 6.05%, 6/5/54  | 150 | 156 |
| Global Payments, Inc., |  |  |
| 4.95%, 8/15/27  | 1000 | 1012 |
| Mastercard, Inc., |  |  |
| 4.35%, 1/15/32  | 500 | 502 |
| 3.80%, 11/21/46  | 500 | 406 |
| Moody's Corp., |  |  |
| 4.25%, 8/8/32  | 500 | 494 |
| PayPal Holdings, Inc., |  |  |
| 2.85%, 10/1/29  | 300 | 286 |
| 5.15%, 6/1/34  | 500 | 515 |
| S&P Global, Inc., |  |  |
| 2.45%, 3/1/27 <sup>†</sup> <br>| 300 | 294 |
| 5.25%, 9/15/33  | 300 | 314 |
| 3.70%, 3/1/52  | 100 | 77 |
| Synchrony Financial, |  |  |
| 3.95%, 12/1/27  | 400 | 395 |
| Verisk Analytics, Inc., |  |  |
| 5.75%, 4/1/33  | 300 | 319 |
| Visa, Inc., |  |  |
| 2.05%, 4/15/30  | 400 | 368 |
| 4.15%, 12/14/35  | 100 | 97 |
| 2.00%, 8/15/50  | 500 | 278 |
|  |  | **15403** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| Nucor Corp., |  |  |
| 2.98%, 12/15/55  | 275 | 174 |
| Steel Dynamics, Inc., |  |  |
| 3.45%, 4/15/30  | 300 | 289 |
|  |  | **463** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| Apple, Inc., |  |  |
| 3.35%, 2/9/27  | 345 | 343 |
| 3.20%, 5/11/27  | 201 | 199 |
| 2.90%, 9/12/27  | 400 | 394 |
| 4.00%, 5/10/28  | 500 | 503 |
| 3.25%, 8/8/29 <sup>†</sup> <br>| 37 | 36 |
| 2.20%, 9/11/29  | 188 | 176 |
| 4.15%, 5/10/30  | 400 | 404 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** |
| 4.50%, 5/12/32  | $300 | $306 |
| 3.35%, 8/8/32 <sup>†</sup> <br>| 450 | 430 |
| 4.30%, 5/10/33 <sup>†</sup> <br>| 300 | 304 |
| 2.38%, 2/8/41  | 215 | 155 |
| 3.85%, 5/4/43  | 305 | 260 |
| 3.45%, 2/9/45  | 25 | 20 |
| 4.38%, 5/13/45  | 160 | 145 |
| 4.65%, 2/23/46  | 206 | 193 |
| 3.85%, 8/4/46  | 20 | 17 |
| 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 | 479 |
| 4.85%, 5/10/53 <sup>†</sup> <br>| 900 | 875 |
| Arrow Electronics, Inc., |  |  |
| 3.88%, 1/12/28  | 250 | 247 |
| CDW LLC/CDW Finance Corp., |  |  |
| 3.28%, 12/1/28  | 500 | 483 |
| Cisco Systems, Inc., |  |  |
| 4.95%, 2/24/32  | 400 | 414 |
| 5.90%, 2/15/39  | 200 | 217 |
| 5.50%, 1/15/40  | 90 | 94 |
| 5.35%, 2/26/64  | 500 | 491 |
| Corning, Inc., |  |  |
| 5.35%, 11/15/48  | 300 | 291 |
| Dell International LLC/EMC Corp., |  |  |
| 5.50%, 4/1/35 <sup>†</sup> <br>| 200 | 207 |
| 8.35%, 7/15/46  | 223 | 290 |
| Dell, Inc., |  |  |
| 7.10%, 4/15/28  | 1000 | 1068 |
| Flex Ltd., |  |  |
| 6.00%, 1/15/28  | 300 | 310 |
| Hewlett Packard Enterprise Co., |  |  |
| 4.85%, 10/15/31  | 800 | 808 |
| 6.35%, 10/15/45  | 200 | 211 |
| HP, Inc., |  |  |
| 6.00%, 9/15/41 <sup>†</sup> <br>| 275 | 284 |
| Jabil, Inc., |  |  |
| 3.00%, 1/15/31  | 300 | 276 |
| Juniper Networks, Inc., |  |  |
| 5.95%, 3/15/41 <sup>†</sup> <br>| 100 | 101 |
| Motorola Solutions, Inc., |  |  |
| 5.60%, 6/1/32  | 400 | 421 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** |
| TD SYNNEX Corp., |  |  |
| 2.65%, 8/9/31  | $150 | $135 |
| Teledyne Technologies, Inc., |  |  |
| 2.75%, 4/1/31  | 200 | 184 |
| Western Digital Corp., |  |  |
| 3.10%, 2/1/32  | 250 | 226 |
|  |  | **12033** |
| **Telecommunications – 0.7%** | **Telecommunications – 0.7%** | **Telecommunications – 0.7%** |
| AT&T, Inc., |  |  |
| 4.70%, 8/15/30  | 400 | 407 |
| 2.75%, 6/1/31  | 359 | 329 |
| 5.40%, 2/15/34  | 1700 | 1767 |
| 3.10%, 2/1/43  | 900 | 666 |
| 4.50%, 3/9/48  | 574 | 487 |
| 3.30%, 2/1/52  | 550 | 369 |
| 5.70%, 11/1/54  | 400 | 395 |
| 3.80%, 12/1/57  | 1200 | 856 |
| 3.65%, 9/15/59  | 500 | 342 |
| T-Mobile U.S.A., Inc., |  |  |
| 4.75%, 2/1/28  | 1066 | 1068 |
| 4.80%, 7/15/28 <sup>†</sup> <br>| 785 | 799 |
| 3.88%, 4/15/30  | 500 | 490 |
| 5.15%, 4/15/34  | 500 | 512 |
| 3.00%, 2/15/41  | 300 | 225 |
| 4.50%, 4/15/50  | 400 | 337 |
| 6.00%, 6/15/54  | 200 | 207 |
| 5.50%, 1/15/55  | 500 | 483 |
| 5.88%, 11/15/55  | 300 | 306 |
| Verizon Communications, Inc., |  |  |
| 3.15%, 3/22/30  | 1352 | 1293 |
| 1.68%, 10/30/30  | 818 | 719 |
| 4.78%, 2/15/35  | 1465 | 1441 |
| 3.40%, 3/22/41  | 300 | 237 |
| 3.88%, 3/1/52 <sup>†</sup> <br>| 300 | 230 |
| 5.50%, 2/23/54  | 200 | 197 |
| 2.99%, 10/30/56  | 700 | 432 |
| 3.70%, 3/22/61  | 1000 | 704 |
|  |  | **15298** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| Altria Group, Inc., |  |  |
| 6.20%, 11/1/28  | 500 | 528 |
| 2.45%, 2/4/32  | 200 | 176 |
| 4.50%, 5/2/43  | 410 | 354 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **72** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Tobacco & Cannabis – 0.2%continued** | **Tobacco & Cannabis – 0.2%continued** | **Tobacco & Cannabis – 0.2%continued** |
| 5.95%, 2/14/49  | $517 | $528 |
| Philip Morris International, Inc., |  |  |
| 5.25%, 9/7/28  | 800 | 826 |
| 4.88%, 2/13/29  | 600 | 613 |
| 1.75%, 11/1/30  | 181 | 160 |
| 4.75%, 11/1/31  | 400 | 407 |
| 4.13%, 3/4/43  | 591 | 505 |
| 4.88%, 11/15/43  | 100 | 93 |
|  |  | **4190** |
| **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 <sup>†</sup> <br>| 252 | 228 |
| Burlington Northern Santa Fe LLC, |  |  |
| 3.25%, 6/15/27  | 325 | 321 |
| 6.20%, 8/15/36  | 455 | 507 |
| 5.15%, 9/1/43  | 280 | 275 |
| 3.55%, 2/15/50  | 400 | 300 |
| 5.50%, 3/15/55  | 150 | 150 |
| CH Robinson Worldwide, Inc., |  |  |
| 4.20%, 4/15/28  | 100 | 100 |
| CSX Corp., |  |  |
| 2.60%, 11/1/26  | 25 | 25 |
| 5.20%, 11/15/33  | 200 | 209 |
| 6.00%, 10/1/36  | 100 | 108 |
| 6.15%, 5/1/37  | 190 | 210 |
| 6.22%, 4/30/40  | 365 | 403 |
| 4.75%, 11/15/48  | 200 | 181 |
| 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  | 105 | 101 |
| FedEx Corp., |  |  |
| 4.25%, 5/15/30 <sup>†</sup> <br>| 95 | 95 |
| 2.40%, 5/15/31 <sup>(2)</sup> <br>| 400 | 360 |
| 4.10%, 4/15/43 <sup>(2)</sup> <br>| 300 | 239 |
| 4.75%, 11/15/45 <sup>(2)</sup> <br>| 200 | 173 |
| &nbsp;&nbsp; JetBlue Pass Through Trust, Series <br> 2020-1, Class A,<br>|  |  |
| 4.00%, 11/15/32  | 141 | 133 |
| Kirby Corp., |  |  |
| 4.20%, 3/1/28  | 100 | 100 |
| Norfolk Southern Corp., |  |  |
| 5.05%, 8/1/30  | 400 | 415 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** |
| 4.45%, 6/15/45  | $275 | $240 |
| 3.94%, 11/1/47  | 300 | 242 |
| 5.35%, 8/1/54  | 100 | 98 |
| 5.95%, 3/15/64  | 200 | 211 |
| Ryder System, Inc., |  |  |
| 6.60%, 12/1/33  | 100 | 112 |
| Southwest Airlines Co., |  |  |
| 5.13%, 6/15/27  | 400 | 405 |
| Union Pacific Corp., |  |  |
| 2.89%, 4/6/36  | 300 | 253 |
| 3.38%, 2/14/42  | 100 | 79 |
| 3.25%, 2/5/50  | 800 | 563 |
| 5.60%, 12/1/54  | 100 | 102 |
| 5.15%, 1/20/63 <sup>†</sup> <br>| 500 | 468 |
| &nbsp;&nbsp; United Airlines Pass Through Trust, <br> Series 2019-1, Class AA,<br>|  |  |
| 4.15%, 8/25/31  | 318 | 310 |
| &nbsp;&nbsp; United Airlines Pass Through Trust, <br> Series 2024-1, Class A,<br>|  |  |
| 5.88%, 2/15/37  | 193 | 197 |
| United Parcel Service, Inc., |  |  |
| 5.20%, 4/1/40  | 500 | 500 |
| 3.75%, 11/15/47  | 180 | 140 |
| 5.30%, 4/1/50 <sup>†</sup> <br>| 377 | 365 |
| 5.60%, 5/22/64  | 200 | 197 |
|  |  | **9201** |
| **Transportation Equipment – 0.0%** | **Transportation Equipment – 0.0%** | **Transportation Equipment – 0.0%** |
| Cummins, Inc., |  |  |
| 1.50%, 9/1/30  | 500 | 442 |
| 4.88%, 10/1/43  | 90 | 87 |
| PACCAR Financial Corp., |  |  |
| 4.00%, 9/26/29  | 200 | 200 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.,<br>|  |  |
| 4.70%, 9/15/28  | 250 | 254 |
|  |  | **983** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| Archer-Daniels-Midland Co., |  |  |
| 3.75%, 9/15/47  | 295 | 228 |
| Bunge Ltd. Finance Corp., |  |  |
| 3.20%, 4/21/31  | 200 | 187 |
| Sysco Corp., |  |  |
| 3.25%, 7/15/27  | 523 | 516 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  | **CORPORATE BONDS - 20.5% continued**  |
| **Wholesale - Consumer Staples – 0.1%continued** | **Wholesale - Consumer Staples – 0.1%continued** | **Wholesale - Consumer Staples – 0.1%continued** |
| 5.38%, 9/21/35  | $250 | $257 |
| 4.45%, 3/15/48  | 300 | 256 |
|  |  | **1444** |
| **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** |
| LKQ Corp., |  |  |
| 5.75%, 6/15/28 | 200 | **207** |
| **Total Corporate Bonds** |  |  |
| **(Cost $488,839)** |  | **473833** |
| **FOREIGN ISSUER BONDS – 6.2%**  | **FOREIGN ISSUER BONDS – 6.2%**  | **FOREIGN ISSUER BONDS – 6.2%**  |
| **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** |
| Embraer Netherlands Finance B.V., |  |  |
| 5.98%, 2/11/35 | 100 | **106** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| Brookfield Asset Management Ltd., |  |  |
| 5.80%, 4/24/35  | 200 | 210 |
| Brookfield Finance, Inc., |  |  |
| 4.85%, 3/29/29  | 300 | 305 |
| 4.35%, 4/15/30  | 500 | 500 |
| 5.68%, 1/15/35  | 300 | 311 |
| CI Financial Corp., |  |  |
| 4.10%, 6/15/51  | 100 | 72 |
| UBS A.G., |  |  |
| 5.65%, 9/11/28  | 800 | 836 |
|  |  | **2234** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| Honda Motor Co. Ltd., |  |  |
| 2.53%, 3/10/27  | 1000 | 978 |
| 5.34%, 7/8/35  | 200 | 204 |
| Magna International, Inc., |  |  |
| 5.50%, 3/21/33  | 200 | 208 |
| &nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| 8.50%, 1/18/31  | 175 | 208 |
|  |  | **1598** |
| **Banking – 1.7%** | **Banking – 1.7%** | **Banking – 1.7%** |
| &nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| 4.62%, 12/16/29 <sup>†</sup> <br>| 350 | 357 |
| 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 | 414 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Banking – 1.7%continued** | **Banking – 1.7%continued** | **Banking – 1.7%continued** |
| 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 | $200 |
| 3.31%, 6/27/29  | 1400 | 1355 |
| 6.94%, 11/7/33  | 400 | 458 |
| Bank of Montreal, |  |  |
| 2.65%, 3/8/27  | 1000 | 981 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.25%), <br> 4.64%, 9/10/30 <sup>(3)</sup> <br>| 300 | 304 |
| Bank of Nova Scotia (The), |  |  |
| 5.65%, 2/1/34  | 500 | 532 |
| Barclays PLC, |  |  |
| &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 | 516 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.74%), <br> 5.69%, 3/12/30 <sup>(3)</sup> <br>| 500 | 519 |
| &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 | 574 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.98%), <br> 6.22%, 5/9/34 <sup>(3)</sup> <br>| 1000 | 1076 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.59%), <br> 5.79%, 2/25/36 <sup>(3)</sup> <br>| 300 | 313 |
| &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 | 77 |
| 5.25%, 8/17/45  | 144 | 139 |
| BPCE S.A., |  |  |
| 3.38%, 12/2/26  | 250 | 248 |
| Canadian Imperial Bank of Commerce, |  |  |
| 3.45%, 4/7/27  | 500 | 496 |
| 6.09%, 10/3/33  | 300 | 326 |
| Commonwealth Bank of Australia, |  |  |
| 4.58%, 11/27/26  | 250 | 252 |
| Cooperatieve Rabobank U.A., |  |  |
| 5.50%, 10/5/26  | 500 | 508 |
| 5.75%, 12/1/43  | 250 | 255 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.65%), <br> 7.08%, 2/10/34 <sup>(3)</sup> <br>| 900 | 989 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.05%), <br> 5.40%, 9/11/35 <sup>(3) †</sup> <br>| 300 | 306 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **74** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Banking – 1.7%continued** | **Banking – 1.7%continued** | **Banking – 1.7%continued** |
| HSBC Holdings PLC, |  |  |
| &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 | 199 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.73%), <br> 2.01%, 9/22/28 <sup>(3)</sup> <br>| 400 | 383 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.04%), <br> 5.13%, 11/19/28 <sup>(3)</sup> <br>| 1500 | 1527 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.97%), <br> 6.16%, 3/9/29 <sup>(3)</sup> <br>| 750 | 782 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.29%), <br> 2.21%, 8/17/29 <sup>(3)</sup> <br>| 150 | 142 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.46%), <br> 5.55%, 3/4/30 <sup>(3) †</sup> <br>| 1000 | 1038 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.29%), <br> 5.13%, 3/3/31 <sup>(3)</sup> <br>| 500 | 512 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.95%), <br> 2.36%, 8/18/31 <sup>(3)</sup> <br>| 1300 | 1177 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.52%), <br> 5.73%, 5/17/32 <sup>(3)</sup> <br>| 800 | 842 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.87%), <br> 5.40%, 8/11/33 <sup>(3)</sup> <br>| 500 | 519 |
| 6.80%, 6/1/38  | 150 | 167 |
| 5.25%, 3/14/44  | 200 | 195 |
| ING Groep N.V., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.01%), <br> 4.86%, 3/25/29 <sup>(3)</sup> <br>| 700 | 709 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.09%), <br> 6.11%, 9/11/34 <sup>(3)</sup> <br>| 200 | 216 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.61%), <br> 5.53%, 3/25/36 <sup>(3)</sup> <br>| 200 | 207 |
| 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 | 507 |
| &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 | 509 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.60%), 6.07%, <br> 6/13/36 <sup>(3) †</sup> <br>| 300 | 315 |
| 4.34%, 1/9/48  | 500 | 409 |
| Mitsubishi UFJ Financial Group, Inc., |  |  |
| 3.29%, 7/25/27  | 378 | 373 |
| 3.74%, 3/7/29  | 1500 | 1481 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Banking – 1.7%continued** | **Banking – 1.7%continued** | **Banking – 1.7%continued** |
| &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 | $1042 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.13%), 5.13%, <br> 7/20/33 <sup>(3)</sup> <br>| 200 | 206 |
| Mitsubshi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.27%), 5.62%, <br> 4/24/36 <sup>(3)</sup> <br>| 200 | 210 |
| Mizuho Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 2.59%, 5/25/31 <sup>(3)</sup> <br>| 1000 | 923 |
| &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 | 531 |
| National Australia Bank Ltd., |  |  |
| 4.90%, 1/14/30  | 500 | 516 |
| NatWest Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 1.75%), 4.89%, 5/18/29 <sup>(3)</sup> <br>| 1000 | 1016 |
| &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 | 316 |
| 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 | 1008 |
| 3.88%, 5/4/32  | 600 | 582 |
| 5.15%, 2/1/34  | 200 | 208 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.60%), <br> 6.53%, 1/10/29 <sup>(3)</sup> <br>| 700 | 733 |
| Standard Chartered Bank, |  |  |
| 4.85%, 12/3/27  | 250 | 255 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| 3.54%, 1/17/28 <sup>†</sup> <br>| 1250 | 1237 |
| 2.13%, 7/8/30  | 400 | 362 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.38%), <br> 4.95%, 7/8/33 <sup>(3)</sup> <br>| 200 | 204 |
| 5.78%, 7/13/33  | 800 | 855 |
| 5.81%, 9/14/33  | 500 | 537 |
| Toronto-Dominion Bank (The), |  |  |
| 1.95%, 1/12/27 <sup>†</sup> <br>| 2052 | 2002 |
| 4.46%, 6/8/32  | 400 | 400 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Banking – 1.7%continued** | **Banking – 1.7%continued** | **Banking – 1.7%continued** |
| UBS A.G., |  |  |
| 7.50%, 2/15/28  | $250 | $269 |
| Westpac Banking Corp., |  |  |
| 3.35%, 3/8/27  | 500 | 496 |
| 5.46%, 11/18/27  | 500 | 516 |
| 1.95%, 11/20/28  | 308 | 290 |
| 5.05%, 4/16/29  | 500 | 516 |
| 6.82%, 11/17/33  | 300 | 336 |
|  |  | **38971** |
| **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  | 1500 | 1405 |
| Anheuser-Busch InBev Worldwide, Inc., |  |  |
| 3.50%, 6/1/30 <sup>†</sup> <br>| 1300 | 1266 |
| 8.00%, 11/15/39  | 310 | 397 |
| 4.95%, 1/15/42  | 190 | 183 |
| 4.50%, 6/1/50  | 200 | 181 |
| Coca-Cola Femsa S.A.B. de C.V., |  |  |
| 1.85%, 9/1/32  | 200 | 167 |
| Diageo Capital PLC, |  |  |
| 5.63%, 10/5/33  | 500 | 532 |
| Diageo Investment Corp., |  |  |
| 5.13%, 8/15/30  | 200 | 207 |
| 5.63%, 4/15/35  | 300 | 318 |
|  |  | **4656** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| AstraZeneca PLC, |  |  |
| 3.13%, 6/12/27  | 31 | 31 |
| 1.38%, 8/6/30  | 731 | 644 |
| 6.45%, 9/15/37  | 450 | 513 |
| 4.00%, 9/18/42  | 250 | 217 |
| GlaxoSmithKline Capital, Inc., |  |  |
| 3.88%, 5/15/28  | 300 | 300 |
| 5.38%, 4/15/34  | 150 | 158 |
| 6.38%, 5/15/38  | 274 | 308 |
| Takeda Pharmaceutical Co. Ltd., |  |  |
| 3.03%, 7/9/40  | 500 | 381 |
| 3.18%, 7/9/50  | 204 | 138 |
|  |  | **2690** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Cable & Satellite – 0.0%** | **Cable & Satellite – 0.0%** | **Cable & Satellite – 0.0%** |
| Grupo Televisa S.A.B., |  |  |
| 6.63%, 1/15/40 | $300 | **$276** |
| **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** |
| Nutrien Ltd., |  |  |
| 4.13%, 3/15/35  | 23 | 21 |
| 5.88%, 12/1/36  | 27 | 29 |
| 5.63%, 12/1/40  | 150 | 151 |
| 6.13%, 1/15/41  | 200 | 210 |
| 5.80%, 3/27/53  | 200 | 204 |
|  |  | **615** |
| **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** |
| RELX Capital, Inc., |  |  |
| 4.75%, 3/27/30  | 300 | 306 |
| Thomson Reuters Corp., |  |  |
| 5.50%, 8/15/35  | 150 | 153 |
|  |  | **459** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| Smurfit Kappa Treasury ULC, |  |  |
| 5.78%, 4/3/54 | 200 | **204** |
| **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 | 209 |
| 4.40%, 12/6/57  | 600 | 515 |
| JD.com, Inc., |  |  |
| 3.38%, 1/14/30  | 300 | 291 |
|  |  | **1015** |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| Emera U.S. Finance L.P., |  |  |
| 2.64%, 6/15/31  | 300 | 268 |
| Enel Americas S.A., |  |  |
| 4.00%, 10/25/26  | 200 | 200 |
| National Grid PLC, |  |  |
| 5.60%, 6/12/28  | 150 | 155 |
|  |  | **623** |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| ABB Finance U.S.A., Inc., |  |  |
| 3.80%, 4/3/28  | 200 | 201 |
| Tyco Electronics Group S.A., |  |  |
| 7.13%, 10/1/37  | 50 | 59 |
|  |  | **260** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **76** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **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 | **$359** |
| **Governmental Banks – 0.4%** | **Governmental Banks – 0.4%** | **Governmental Banks – 0.4%** |
| Export Development Canada, |  |  |
| 3.88%, 2/14/28  | 500 | 502 |
| 4.13%, 2/13/29  | 1000 | 1013 |
| Export-Import Bank of Korea, |  |  |
| 5.25%, 1/14/35  | 300 | 319 |
| 2.50%, 6/29/41  | 500 | 366 |
| &nbsp;&nbsp; Japan Bank for International <br> Cooperation,<br>|  |  |
| 2.75%, 11/16/27  | 1373 | 1343 |
| 4.63%, 7/19/28  | 200 | 204 |
| 3.50%, 10/31/28  | 301 | 298 |
| 1.88%, 4/15/31  | 500 | 448 |
| Korea Development Bank (The), |  |  |
| 4.88%, 2/3/30  | 200 | 207 |
| 4.38%, 2/15/33  | 800 | 798 |
| Kreditanstalt fuer Wiederaufbau, |  |  |
| 2.88%, 4/3/28 <sup>†</sup> <br>| 1215 | 1193 |
| 4.38%, 2/28/34  | 1500 | 1531 |
| 0.00%, 4/18/36 <sup>(10)</sup> <br>| 500 | 320 |
| Landwirtschaftliche Rentenbank, |  |  |
| 3.88%, 6/14/28  | 500 | 503 |
| Oesterreichische Kontrollbank A.G., |  |  |
| 4.25%, 3/1/28  | 500 | 506 |
|  |  | **9551** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Unilever Capital Corp., |  |  |
| 2.90%, 5/5/27  | 326 | 321 |
| 4.88%, 9/8/28  | 400 | 411 |
| 5.90%, 11/15/32  | 125 | 137 |
| 4.63%, 8/12/34 <sup>†</sup> <br>| 100 | 101 |
|  |  | **970** |
| **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 | **179** |
| **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 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Institutional Financial Services – 0.1%continued** | **Institutional Financial Services – 0.1%continued** | **Institutional Financial Services – 0.1%continued** |
| Nomura Holdings, Inc., |  |  |
| 5.39%, 7/6/27  | $1200 | $1222 |
| 6.07%, 7/12/28  | 500 | 523 |
|  |  | **1796** |
| **Insurance – 0.0%** | **Insurance – 0.0%** | **Insurance – 0.0%** |
| Fairfax Financial Holdings Ltd., |  |  |
| 6.35%, 3/22/54  | 200 | 211 |
| Manulife Financial Corp., |  |  |
| 3.70%, 3/16/32  | 300 | 287 |
| RenaissanceRe Holdings Ltd., |  |  |
| 5.75%, 6/5/33  | 200 | 210 |
| XL Group Ltd., |  |  |
| 5.25%, 12/15/43  | 50 | 49 |
|  |  | **757** |
| **Internet Media & Services – 0.0%** | **Internet Media & Services – 0.0%** | **Internet Media & Services – 0.0%** |
| Baidu, Inc., |  |  |
| 2.38%, 8/23/31  | 300 | 271 |
| Weibo Corp., |  |  |
| 3.38%, 7/8/30 <sup>†</sup> <br>| 200 | 189 |
|  |  | **460** |
| **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** |
| Sands China Ltd., |  |  |
| 2.30%, 3/8/27 | 700 | **680** |
| **Machinery – 0.0%** | **Machinery – 0.0%** | **Machinery – 0.0%** |
| nVent Finance S.a.r.l., |  |  |
| 5.65%, 5/15/33 | 200 | **209** |
| **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 | 255 |
| 5.00%, 3/15/42  | 100 | 94 |
|  |  | **349** |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |
| AngloGold Ashanti Holdings PLC, |  |  |
| 3.75%, 10/1/30  | 200 | 191 |
| Barrick North America Finance LLC, |  |  |
| 5.70%, 5/30/41  | 300 | 308 |
| BHP Billiton Finance U.S.A. Ltd., |  |  |
| 4.13%, 2/24/42  | 200 | 176 |
| 5.50%, 9/8/53  | 300 | 305 |
| Kinross Gold Corp., |  |  |
| 6.25%, 7/15/33  | 100 | 109 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Metals & Mining – 0.2%continued** | **Metals & Mining – 0.2%continued** | **Metals & Mining – 0.2%continued** |
| Rio Tinto Alcan, Inc., |  |  |
| 6.13%, 12/15/33  | $100 | $110 |
| 5.75%, 6/1/35  | 100 | 107 |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| 4.75%, 3/22/42  | 150 | 140 |
| 4.13%, 8/21/42  | 300 | 260 |
| 5.88%, 3/14/65  | 300 | 313 |
| Southern Copper Corp., |  |  |
| 7.50%, 7/27/35  | 300 | 355 |
| 6.75%, 4/16/40  | 90 | 102 |
| Vale Overseas Ltd., |  |  |
| 6.13%, 6/12/33  | 600 | 641 |
|  |  | **3117** |
| **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 | 392 |
| 7.20%, 1/15/32  | 15 | 17 |
| 6.45%, 6/30/33  | 135 | 146 |
| 6.75%, 2/1/39  | 200 | 220 |
| Cenovus Energy, Inc., |  |  |
| 3.75%, 2/15/52  | 200 | 142 |
| Enbridge, Inc., |  |  |
| 6.00%, 11/15/28  | 400 | 421 |
| 6.20%, 11/15/30  | 500 | 539 |
| 5.63%, 4/5/34  | 300 | 313 |
| 3.40%, 8/1/51  | 300 | 206 |
| 5.95%, 4/5/54  | 100 | 103 |
| Equinor ASA, |  |  |
| 3.00%, 4/6/27  | 52 | 51 |
| 2.38%, 5/22/30  | 870 | 805 |
| 4.25%, 11/23/41  | 350 | 317 |
| &nbsp;&nbsp; South Bow U.S.A. Infrastructure <br> Holdings LLC,<br>|  |  |
| 5.03%, 10/1/29  | 400 | 405 |
| Suncor Energy, Inc., |  |  |
| 7.15%, 2/1/32  | 200 | 225 |
| 5.95%, 12/1/34  | 50 | 53 |
| 6.80%, 5/15/38  | 130 | 143 |
| 3.75%, 3/4/51  | 100 | 72 |
| TotalEnergies Capital International S.A., |  |  |
| 2.83%, 1/10/30 <sup>†</sup> <br>| 500 | 477 |
| TotalEnergies Capital S.A., |  |  |
| 5.15%, 4/5/34  | 400 | 415 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Oil & Gas Supply Chain – 0.3%continued** | **Oil & Gas Supply Chain – 0.3%continued** | **Oil & Gas Supply Chain – 0.3%continued** |
| 5.28%, 9/10/54  | $500 | $480 |
| TransCanada PipeLines Ltd., |  |  |
| 6.10%, 6/1/40  | 200 | 211 |
| 5.10%, 3/15/49  | 400 | 371 |
| Woodside Finance Ltd., |  |  |
| 5.70%, 9/12/54 <sup>†</sup> <br>| 100 | 96 |
|  |  | **6620** |
| **Regional – 0.2%** | **Regional – 0.2%** | **Regional – 0.2%** |
| Province of Alberta Canada, |  |  |
| 4.50%, 1/24/34  | 500 | 506 |
| Province of British Columbia Canada, |  |  |
| 4.80%, 11/15/28  | 750 | 772 |
| 4.90%, 4/24/29  | 500 | 518 |
| 7.25%, 9/1/36  | 175 | 213 |
| Province of Manitoba Canada, |  |  |
| 4.90%, 5/31/34  | 500 | 516 |
| Province of Ontario Canada, |  |  |
| 4.20%, 1/18/29 <sup>†</sup> <br>| 1000 | 1013 |
| 1.13%, 10/7/30  | 426 | 372 |
| 2.13%, 1/21/32  | 60 | 53 |
| 5.05%, 4/24/34  | 500 | 525 |
| Province of Quebec Canada, |  |  |
| 7.50%, 9/15/29  | 375 | 425 |
| 4.50%, 9/8/33  | 500 | 506 |
|  |  | **5419** |
| **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 | **120** |
| **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 | 959 |
| TSMC Arizona Corp., |  |  |
| 3.13%, 10/25/41  | 500 | 406 |
|  |  | **1365** |
| **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 | **401** |
| **Sovereign Government – 1.0%** | **Sovereign Government – 1.0%** | **Sovereign Government – 1.0%** |
| &nbsp;&nbsp; Canada Government International <br> Bond,<br>|  |  |
| 4.63%, 4/30/29  | 1200 | 1237 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **78** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Sovereign Government – 1.0%continued** | **Sovereign Government – 1.0%continued** | **Sovereign Government – 1.0%continued** |
| Chile Government International Bond, |  |  |
| 2.75%, 1/31/27  | $1000 | $982 |
| 5.65%, 1/13/37  | 300 | 315 |
| 3.50%, 1/25/50  | 210 | 153 |
| 5.33%, 1/5/54 <sup>†</sup> <br>| 500 | 484 |
| 3.10%, 1/22/61  | 500 | 309 |
| &nbsp;&nbsp; Indonesia Government International <br> Bond,<br>|  |  |
| 3.50%, 1/11/28  | 500 | 494 |
| 5.35%, 2/11/49  | 1000 | 997 |
| 5.65%, 1/11/53  | 300 | 304 |
| Israel Government International Bond, |  |  |
| 5.38%, 3/12/29  | 1000 | 1027 |
| 5.63%, 2/19/35  | 500 | 517 |
| 4.50%, 1/30/43  | 200 | 174 |
| 3.88%, 7/3/50  | 600 | 431 |
| Korea International Bond, |  |  |
| 2.75%, 1/19/27  | 200 | 197 |
| 3.50%, 9/20/28  | 500 | 494 |
| &nbsp;&nbsp; Mexico Government International <br> Bond,<br>|  |  |
| 5.40%, 2/9/28 <sup>†</sup> <br>| 1000 | 1024 |
| 3.25%, 4/16/30  | 742 | 699 |
| 4.88%, 5/19/33  | 258 | 250 |
| 3.50%, 2/12/34 <sup>(11)</sup> <br>|  |  |
| 6.35%, 2/9/35  | 500 | 528 |
| 4.75%, 3/8/44  | 1000 | 831 |
| 5.55%, 1/21/45  | 500 | 466 |
| 4.60%, 1/23/46  | 500 | 400 |
| 4.35%, 1/15/47  | 500 | 385 |
| 4.40%, 2/12/52  | 700 | 522 |
| 6.34%, 5/4/53  | 500 | 486 |
| &nbsp;&nbsp; Panama Government International <br> Bond,<br>|  |  |
| 3.88%, 3/17/28  | 565 | 554 |
| 3.16%, 1/23/30  | 33 | 31 |
| 2.25%, 9/29/32  | 102 | 82 |
| 6.88%, 1/31/36 <sup>†</sup> <br>| 500 | 531 |
| 4.50%, 5/15/47 <sup>†</sup> <br>| 250 | 193 |
| 4.50%, 4/1/56  | 1000 | 730 |
| &nbsp;&nbsp; Peruvian Government International <br> Bond,<br>|  |  |
| 6.55%, 3/14/37  | 500 | 556 |
| 3.30%, 3/11/41  | 500 | 388 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Sovereign Government – 1.0%continued** | **Sovereign Government – 1.0%continued** | **Sovereign Government – 1.0%continued** |
| 5.63%, 11/18/50  | $600 | $590 |
| &nbsp;&nbsp; Philippine Government International <br> Bond,<br>|  |  |
| 4.38%, 3/5/30 <sup>†</sup> <br>| 700 | 709 |
| 7.75%, 1/14/31  | 500 | 583 |
| 6.38%, 10/23/34  | 500 | 564 |
| 5.00%, 1/13/37  | 500 | 508 |
| 3.70%, 2/2/42  | 500 | 418 |
| &nbsp;&nbsp; Republic of Italy Government <br> International Bond,<br>|  |  |
| 2.88%, 10/17/29  | 1200 | 1147 |
| 5.38%, 6/15/33  | 175 | 185 |
| &nbsp;&nbsp; Republic of Poland Government <br> International Bond,<br>|  |  |
| 5.38%, 2/12/35  | 400 | 415 |
| 5.50%, 4/4/53  | 500 | 484 |
| 5.50%, 3/18/54  | 200 | 193 |
| &nbsp;&nbsp; Uruguay Government International <br> Bond,<br>|  |  |
| 7.63%, 3/21/36 <sup>†</sup> <br>| 250 | 303 |
| 5.10%, 6/18/50  | 750 | 709 |
|  |  | **23579** |
| **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 | 122 |
| 5.75%, 6/6/28  | 300 | 311 |
| 3.30%, 1/30/32 <sup>†</sup> <br>| 1000 | 921 |
| 5.30%, 1/19/34  | 200 | 205 |
| ORIX Corp., |  |  |
| 5.00%, 9/13/27 <sup>†</sup> <br>| 300 | 305 |
|  |  | **1864** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| ArcelorMittal S.A., |  |  |
| 6.80%, 11/29/32<sup>†</sup> <br>| 500 | **556** |
| **Supranationals – 1.0%** | **Supranationals – 1.0%** | **Supranationals – 1.0%** |
| African Development Bank, |  |  |
| 4.38%, 3/14/28  | 1000 | 1016 |
| Asian Development Bank, |  |  |
| 2.50%, 11/2/27  | 500 | 488 |
| 4.50%, 8/25/28  | 700 | 716 |
| 4.00%, 1/12/33  | 2000 | 1998 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Supranationals – 1.0%continued** | **Supranationals – 1.0%continued** | **Supranationals – 1.0%continued** |
| &nbsp;&nbsp; Asian Infrastructure Investment Bank <br> (The),<br>|  |  |
| 4.13%, 1/18/29  | $1000 | $1014 |
| Council of Europe Development Bank, |  |  |
| 4.13%, 1/24/29  | 500 | 506 |
| &nbsp;&nbsp; European Bank for Reconstruction & <br> Development,<br>|  |  |
| 4.38%, 3/9/28  | 1000 | 1016 |
| European Investment Bank, |  |  |
| 3.88%, 3/15/28  | 1000 | 1005 |
| 3.88%, 6/15/28  | 500 | 503 |
| 4.00%, 2/15/29  | 1000 | 1010 |
| 3.75%, 11/15/29  | 500 | 500 |
| 4.38%, 10/10/31  | 900 | 924 |
| 3.75%, 2/14/33  | 1900 | 1870 |
| 4.88%, 2/15/36  | 200 | 211 |
| Inter-American Development Bank, |  |  |
| 1.13%, 7/20/28  | 197 | 184 |
| 3.13%, 9/18/28  | 1000 | 984 |
| 1.13%, 1/13/31  | 1000 | 871 |
| 3.50%, 4/12/33  | 300 | 289 |
| 3.88%, 10/28/41  | 200 | 180 |
| &nbsp;&nbsp; International Bank for Reconstruction & <br> Development,<br>|  |  |
| 4.00%, 7/25/30  | 500 | 505 |
| 2.50%, 3/29/32  | 1000 | 917 |
| 4.00%, 5/6/32  | 1400 | 1403 |
| 3.88%, 8/28/34  | 500 | 490 |
| 4.70%, 11/8/34  | 500 | 500 |
| 4.75%, 2/15/35  | 25 | 26 |
| 5.06%, 2/28/39  | 1000 | 1030 |
| International Finance Corp., |  |  |
| 4.25%, 7/2/29  | 1000 | 1018 |
| Nordic Investment Bank, |  |  |
| 4.38%, 3/14/28  | 700 | 711 |
|  |  | **21885** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| America Movil S.A.B. de C.V., |  |  |
| 6.13%, 11/15/37  | 505 | 543 |
| &nbsp;&nbsp; Bell Telephone Co. of Canada or Bell <br> Canada,<br>|  |  |
| 4.46%, 4/1/48  | 400 | 334 |
| British Telecommunications PLC, |  |  |
| 5.13%, 12/4/28  | 200 | 205 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Telecommunications – 0.2%continued** | **Telecommunications – 0.2%continued** | **Telecommunications – 0.2%continued** |
| 9.63%, 12/15/30  | $100 | $123 |
| &nbsp;&nbsp; Deutsche Telekom International Finance <br> B.V.,<br>|  |  |
| 8.75%, 6/15/30  | 400 | 472 |
| Orange S.A., |  |  |
| 9.00%, 3/1/31  | 610 | 741 |
| Rogers Communications, Inc., |  |  |
| 4.50%, 3/15/42  | 400 | 348 |
| 5.45%, 10/1/43  | 49 | 47 |
| 4.55%, 3/15/52  | 500 | 415 |
| Telefonica Emisiones S.A., |  |  |
| 4.10%, 3/8/27  | 469 | 468 |
| 5.21%, 3/8/47  | 570 | 512 |
| TELUS Corp., |  |  |
| 3.40%, 5/13/32  | 400 | 369 |
| Vodafone Group PLC, |  |  |
| 7.88%, 2/15/30  | 2 | 2 |
| 6.15%, 2/27/37  | 59 | 64 |
| 5.63%, 2/10/53  | 400 | 389 |
| 5.88%, 6/28/64  | 300 | 299 |
|  |  | **5331** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| BAT Capital Corp., |  |  |
| 4.91%, 4/2/30  | 400 | 408 |
| 5.83%, 2/20/31  | 400 | 423 |
| 7.08%, 8/2/53  | 100 | 114 |
| Reynolds American, Inc., |  |  |
| 7.25%, 6/15/37  | 250 | 288 |
| 6.15%, 9/15/43  | 65 | 67 |
| 5.85%, 8/15/45  | 795 | 788 |
|  |  | **2088** |
| **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 | 44 |
| 6.38%, 11/15/37  | 20 | 22 |
| 4.40%, 8/5/52  | 300 | 258 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **80** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  | **FOREIGN ISSUER BONDS - 6.2% continued**  |
| **Transportation & Logistics – 0.1%continued** | **Transportation & Logistics – 0.1%continued** | **Transportation & Logistics – 0.1%continued** |
| Canadian Pacific Railway Co., |  |  |
| 5.95%, 5/15/37  | $710 | $761 |
| 4.95%, 8/15/45  | 100 | 94 |
|  |  | **1223** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $144,291)** |  | **142585** |
| **U.S. GOVERNMENT AGENCIES – 25.5%** <sup>(12)</sup> | **U.S. GOVERNMENT AGENCIES – 25.5%** <sup>(12)</sup> | **U.S. GOVERNMENT AGENCIES – 25.5%** <sup>(12)</sup> |
| **Fannie Mae – 11.7%** | **Fannie Mae – 11.7%** | **Fannie Mae – 11.7%** |
| 7.13%, 1/15/30 | 1175 | 1336 |
| 0.88%, 8/5/30<sup>†</sup> <br>| 600 | 525 |
| 6.63%, 11/15/30 | 200 | 226 |
| 5.63%, 7/15/37 | 250 | 277 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M11, <br> Class A2,<br>|  |  |
| 2.98%, 8/25/29 | 104 | 100 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M14, <br> Class A2,<br>|  |  |
| 2.81%, 11/25/27<sup>(1)</sup> <br>| 182 | 178 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M4, <br> Class A2,<br>|  |  |
| 2.55%, 12/25/26<sup>(1)</sup> <br>| 85 | 84 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M8, <br> Class A2,<br>|  |  |
| 3.06%, 5/25/27 | 204 | 202 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M1, <br> Class A2,<br>|  |  |
| 2.99%, 12/25/27<sup>(1)</sup> <br>| 156 | 153 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M10, <br> Class A2,<br>|  |  |
| 3.35%, 7/25/28<sup>(1)</sup> <br>| 194 | 191 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M12, <br> Class A2,<br>|  |  |
| 3.63%, 8/25/30<sup>(1)</sup> <br>| 110 | 108 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M13, <br> Class A2,<br>|  |  |
| 3.74%, 9/25/30<sup>(1)</sup> <br>| 142 | 140 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M2, <br> Class A2,<br>|  |  |
| 2.90%, 1/25/28<sup>(1)</sup> <br>| 108 | 106 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M4, <br> Class A2,<br>|  |  |
| 3.06%, 3/25/28<sup>(1)</sup> <br>| 71 | 69 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M8, <br> Class A2,<br>|  |  |
| 3.30%, 6/25/28<sup>(1)</sup> <br>| $79 | $78 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M18, <br> Class A2,<br>|  |  |
| 2.47%, 8/25/29 | 90 | 86 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M4, <br> Class A2,<br>|  |  |
| 3.61%, 2/25/31 | 130 | 126 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M7, <br> Class A2,<br>|  |  |
| 3.14%, 4/25/29 | 155 | 149 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M9, <br> Class A2,<br>|  |  |
| 2.94%, 6/25/29 | 126 | 122 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M42, <br> Class A2,<br>|  |  |
| 1.27%, 7/25/30 | 200 | 176 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M46, <br> Class A2,<br>|  |  |
| 1.32%, 5/25/30 | 488 | 438 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M52, <br> Class A2,<br>|  |  |
| 1.32%, 10/25/30<sup>(1)</sup> <br>| 344 | 302 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M53, <br> Class A2,<br>|  |  |
| 1.69%, 11/25/32<sup>(1)</sup> <br>| 200 | 169 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2021-M11, <br> Class A2,<br>|  |  |
| 1.46%, 3/25/31<sup>(1)</sup> <br>| 200 | 173 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2022-M1, <br> Class A2,<br>|  |  |
| 1.67%, 10/25/31<sup>(1)</sup> <br>| 200 | 172 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2022-M10, <br> Class A2,<br>|  |  |
| 1.93%, 1/25/32<sup>(1)</sup> <br>| 250 | 219 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2023-M1S, <br> Class A2,<br>|  |  |
| 4.50%, 4/25/33<sup>(1)</sup> <br>| 350 | 352 |
| &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 | 26 | 28 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #257042, |  |  |
| 6.50%, 1/1/38 | $59 | $62 |
| Pool #257237, |  |  |
| 4.50%, 6/1/28 | 3 | 3 |
| Pool #707791, |  |  |
| 5.00%, 6/1/33 | 23 | 24 |
| Pool #725425, |  |  |
| 5.50%, 4/1/34 | 11 | 11 |
| Pool #730811, |  |  |
| 4.50%, 8/1/33 | 9 | 9 |
| Pool #735222, |  |  |
| 5.00%, 2/1/35 | 7 | 7 |
| Pool #735358, |  |  |
| 5.50%, 2/1/35 | 26 | 27 |
| Pool #735502, |  |  |
| 6.00%, 4/1/35 | 4 | 4 |
| Pool #737853, |  |  |
| 5.00%, 9/1/33 | 60 | 60 |
| Pool #745336, |  |  |
| 5.00%, 3/1/36 | 133 | 136 |
| Pool #745418, |  |  |
| 5.50%, 4/1/36 | 10 | 10 |
| Pool #745754, |  |  |
| 5.00%, 9/1/34 | 102 | 103 |
| Pool #745826, |  |  |
| 6.00%, 7/1/36 | 43 | 46 |
| Pool #747383, |  |  |
| 5.50%, 10/1/33 | 24 | 24 |
| Pool #755632, |  |  |
| 5.00%, 4/1/34 | 19 | 19 |
| Pool #772730, |  |  |
| 5.00%, 4/1/34 | 20 | 20 |
| Pool #790406, |  |  |
| 6.00%, 9/1/34 | 10 | 10 |
| Pool #793666, |  |  |
| 5.50%, 9/1/34 | 7 | 7 |
| Pool #796250, |  |  |
| 5.50%, 11/1/34 | 13 | 14 |
| Pool #800471, |  |  |
| 5.50%, 10/1/34 | 26 | 27 |
| Pool #817795, |  |  |
| 6.00%, 8/1/36 | 7 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #826057, |  |  |
| 5.00%, 7/1/35 | $22 | $22 |
| Pool #826585, |  |  |
| 5.00%, 8/1/35 | 29 | 30 |
| Pool #828523, |  |  |
| 5.00%, 7/1/35 | 12 | 12 |
| Pool #831676, |  |  |
| 6.50%, 8/1/36 | 3 | 3 |
| Pool #833067, |  |  |
| 5.50%, 9/1/35 | 54 | 56 |
| Pool #833163, |  |  |
| 5.00%, 9/1/35 | 21 | 21 |
| Pool #845425, |  |  |
| 6.00%, 2/1/36 | 7 | 7 |
| Pool #868435, |  |  |
| 6.00%, 4/1/36 | 51 | 53 |
| Pool #869710, |  |  |
| 6.00%, 4/1/36 | 11 | 12 |
| Pool #871135, |  |  |
| 6.00%, 1/1/37 | 15 | 16 |
| Pool #885866, |  |  |
| 6.00%, 6/1/36 | 54 | 57 |
| Pool #888100, |  |  |
| 5.50%, 9/1/36 | 46 | 48 |
| Pool #888205, |  |  |
| 6.50%, 2/1/37 | 11 | 11 |
| Pool #889224, |  |  |
| 5.50%, 1/1/37 | 51 | 53 |
| Pool #889401, |  |  |
| 6.00%, 3/1/38 | 24 | 25 |
| Pool #889579, |  |  |
| 6.00%, 5/1/38 | 52 | 55 |
| Pool #889630, |  |  |
| 6.50%, 3/1/38 | 6 | 6 |
| Pool #889970, |  |  |
| 5.00%, 12/1/36 | 36 | 37 |
| Pool #890234, |  |  |
| 6.00%, 10/1/38 | 24 | 26 |
| Pool #890796, |  |  |
| 3.50%, 12/1/45 | 448 | 422 |
| Pool #893363, |  |  |
| 5.00%, 6/1/36 | 8 | 8 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **82** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #893366, |  |  |
| 5.00%, 4/1/35 | $16 | $17 |
| Pool #898417, |  |  |
| 6.00%, 10/1/36 | 7 | 7 |
| Pool #899079, |  |  |
| 5.00%, 3/1/37 | 14 | 14 |
| Pool #902414, |  |  |
| 5.50%, 11/1/36 | 39 | 40 |
| Pool #906090, |  |  |
| 5.50%, 1/1/37 | 28 | 29 |
| Pool #918515, |  |  |
| 5.00%, 6/1/37 | 25 | 25 |
| 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 | 25 | 25 |
| Pool #928584, |  |  |
| 6.50%, 8/1/37 | 78 | 83 |
| 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 | 113 | 111 |
| 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 | 26 | 27 |
| Pool #943617, |  |  |
| 6.00%, 8/1/37 | 10 | 10 |
| Pool #945876, |  |  |
| 5.50%, 8/1/37 | 4 | 4 |
| Pool #947216, |  |  |
| 6.00%, 10/1/37 | 17 | 17 |
| Pool #953018, |  |  |
| 6.50%, 10/1/37 | 29 | 30 |
| Pool #953910, |  |  |
| 6.00%, 11/1/37 | 16 | 17 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #955771, |  |  |
| 6.50%, 10/1/37 | $10 | $11 |
| Pool #959604, |  |  |
| 6.50%, 11/1/37 | 3 | 3 |
| Pool #959880, |  |  |
| 5.50%, 11/1/37 | 4 | 4 |
| Pool #962687, |  |  |
| 5.00%, 4/1/38 | 28 | 29 |
| Pool #968037, |  |  |
| 6.00%, 1/1/38 | 21 | 22 |
| Pool #969632, |  |  |
| 6.50%, 1/1/38 | 14 | 15 |
| Pool #970013, |  |  |
| 4.50%, 6/1/38 | 60 | 60 |
| Pool #972452, |  |  |
| 5.50%, 3/1/38 | 35 | 36 |
| Pool #981854, |  |  |
| 5.50%, 7/1/38 | 7 | 7 |
| Pool #986760, |  |  |
| 5.50%, 7/1/38 | 82 | 85 |
| Pool #992472, |  |  |
| 6.00%, 10/1/38 | 7 | 8 |
| Pool #995018, |  |  |
| 5.50%, 6/1/38 | 17 | 18 |
| Pool #995203, |  |  |
| 5.00%, 7/1/35 | 105 | 107 |
| Pool #995879, |  |  |
| 6.00%, 4/1/39 | 21 | 23 |
| Pool #AA0649, |  |  |
| 5.00%, 12/1/38 | 82 | 84 |
| Pool #AA4482, |  |  |
| 4.00%, 4/1/39 | 99 | 98 |
| Pool #AA8978, |  |  |
| 4.50%, 7/1/39 | 12 | 12 |
| Pool #AA9357, |  |  |
| 4.50%, 8/1/39 | 90 | 91 |
| Pool #AB2067, |  |  |
| 3.50%, 1/1/41 | 217 | 207 |
| Pool #AB2092, |  |  |
| 4.00%, 1/1/41 | 139 | 135 |
| Pool #AB2693, |  |  |
| 4.50%, 4/1/41 | 138 | 138 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #AB2768, |  |  |
| 4.50%, 4/1/41 | $132 | $132 |
| Pool #AB3035, |  |  |
| 5.00%, 5/1/41 | 232 | 238 |
| Pool #AB3246, |  |  |
| 5.00%, 7/1/41 | 52 | 53 |
| Pool #AB4293, |  |  |
| 3.50%, 1/1/42 | 268 | 255 |
| Pool #AB6016, |  |  |
| 3.50%, 8/1/42 | 161 | 152 |
| Pool #AB7076, |  |  |
| 3.00%, 11/1/42 | 795 | 731 |
| Pool #AB7503, |  |  |
| 3.00%, 1/1/43 | 284 | 261 |
| Pool #AB7733, |  |  |
| 3.00%, 1/1/43 | 627 | 576 |
| Pool #AB9019, |  |  |
| 3.00%, 4/1/43 | 327 | 301 |
| Pool #AB9136, |  |  |
| 2.50%, 4/1/43 | 35 | 31 |
| Pool #AB9990, |  |  |
| 3.00%, 7/1/33 | 64 | 62 |
| Pool #AC3263, |  |  |
| 4.50%, 9/1/29 | 25 | 25 |
| Pool #AC6118, |  |  |
| 4.50%, 11/1/39 | 57 | 57 |
| Pool #AC8518, |  |  |
| 5.00%, 12/1/39 | 86 | 88 |
| Pool #AD0119, |  |  |
| 6.00%, 7/1/38 | 71 | 75 |
| Pool #AD0639, |  |  |
| 6.00%, 12/1/38 | 22 | 23 |
| Pool #AD0969, |  |  |
| 5.50%, 8/1/37 | 82 | 85 |
| Pool #AD5241, |  |  |
| 4.50%, 7/1/40 | 68 | 68 |
| Pool #AD5525, |  |  |
| 5.00%, 6/1/40 | 100 | 102 |
| Pool #AD7859, |  |  |
| 5.00%, 6/1/40 | 41 | 42 |
| Pool #AE0981, |  |  |
| 3.50%, 3/1/41 | 168 | 161 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #AE1807, |  |  |
| 4.00%, 10/1/40 | $265 | $259 |
| Pool #AE3873, |  |  |
| 4.50%, 10/1/40 | 41 | 41 |
| Pool #AE5436, |  |  |
| 4.50%, 10/1/40 | 68 | 68 |
| Pool #AE7758, |  |  |
| 3.50%, 11/1/25 | 1 | 1 |
| Pool #AH1295, |  |  |
| 3.50%, 1/1/26 | 3 | 3 |
| Pool #AH3226, |  |  |
| 5.00%, 2/1/41 | 34 | 35 |
| Pool #AH4158, |  |  |
| 4.00%, 1/1/41 | 48 | 47 |
| Pool #AH4450, |  |  |
| 3.00%, 1/1/26 | 1 | 1 |
| Pool #AH5614, |  |  |
| 3.50%, 2/1/26 | 3 | 3 |
| Pool #AH8854, |  |  |
| 4.50%, 4/1/41 | 57 | 57 |
| Pool #AI1247, |  |  |
| 4.00%, 4/1/26 | 3 | 3 |
| Pool #AI3470, |  |  |
| 4.50%, 6/1/41 | 93 | 93 |
| Pool #AI4361, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 8.09% Cap), 7.04%, 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 | 55 | 55 |
| Pool #AI7743, |  |  |
| 4.00%, 8/1/41 | 54 | 52 |
| Pool #AI9555, |  |  |
| 4.00%, 9/1/41 | 126 | 123 |
| Pool #AI9828, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.82%, 1.82% Floor, <br> 7.93% Cap), 6.75%, 11/1/41<sup>(13)</sup> <br>| 3 | 3 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **84** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #AJ4093, |  |  |
| 3.50%, 10/1/26 | $3 | $3 |
| Pool #AJ4408, |  |  |
| 4.50%, 10/1/41 | 55 | 55 |
| Pool #AJ6086, |  |  |
| 3.00%, 12/1/26 | 9 | 9 |
| Pool #AJ9218, |  |  |
| 4.00%, 2/1/42 | 204 | 199 |
| Pool #AJ9326, |  |  |
| 3.50%, 1/1/42 | 439 | 418 |
| Pool #AJ9355, |  |  |
| 3.00%, 1/1/27 | 22 | 22 |
| Pool #AK4813, |  |  |
| 3.50%, 3/1/42 | 145 | 137 |
| Pool #AK4945, |  |  |
| 3.50%, 2/1/42 | 113 | 107 |
| Pool #AK7766, |  |  |
| 2.50%, 3/1/27 | 33 | 32 |
| Pool #AK9444, |  |  |
| 4.00%, 3/1/42 | 23 | 23 |
| Pool #AL0442, |  |  |
| 5.50%, 6/1/40 | 26 | 27 |
| Pool #AL1849, |  |  |
| 6.00%, 2/1/39 | 97 | 104 |
| Pool #AL1939, |  |  |
| 3.50%, 6/1/42 | 405 | 385 |
| Pool #AL2243, |  |  |
| 4.00%, 3/1/42 | 278 | 271 |
| Pool #AL2303, |  |  |
| 4.50%, 6/1/26<sup>(11)</sup> <br>|  |  |
| Pool #AL2397, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.72%, 1.71% Floor, <br> 7.77% Cap), 6.41%, 8/1/42<sup>(13)</sup> <br>| 4 | 4 |
| Pool #AL3803, |  |  |
| 3.00%, 6/1/28 | 60 | 59 |
| Pool #AL4462, |  |  |
| 2.50%, 6/1/28 | 81 | 80 |
| Pool #AL5167, |  |  |
| 3.50%, 1/1/34 | 64 | 62 |
| Pool #AL5254, |  |  |
| 3.00%, 11/1/27 | 35 | 35 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #AL5377, |  |  |
| 4.00%, 6/1/44 | $918 | $891 |
| Pool #AL5734, |  |  |
| 3.50%, 9/1/29 | 116 | 115 |
| Pool #AL5785, |  |  |
| 4.00%, 9/1/44 | 543 | 528 |
| Pool #AL6488, |  |  |
| 3.50%, 8/1/43 | 209 | 198 |
| Pool #AL7807, |  |  |
| 3.00%, 11/1/30 | 123 | 121 |
| Pool #AL8951, |  |  |
| 3.00%, 8/1/46 | 265 | 240 |
| Pool #AO0752, |  |  |
| 3.00%, 4/1/42 | 171 | 157 |
| Pool #AO0800, |  |  |
| 3.00%, 4/1/27 | 26 | 26 |
| Pool #AO4136, |  |  |
| 3.50%, 6/1/42 | 227 | 215 |
| Pool #AO8629, |  |  |
| 3.50%, 7/1/42 | 85 | 81 |
| Pool #AP6273, |  |  |
| 3.00%, 10/1/42 | 245 | 225 |
| Pool #AQ6784, |  |  |
| 3.50%, 12/1/42 | 213 | 202 |
| Pool #AQ8185, |  |  |
| 2.50%, 1/1/28 | 20 | 20 |
| Pool #AQ8647, |  |  |
| 3.50%, 12/1/42 | 338 | 319 |
| Pool #AR1706, |  |  |
| 2.50%, 1/1/28 | 221 | 218 |
| Pool #AR3054, |  |  |
| 3.00%, 1/1/28 | 60 | 59 |
| Pool #AR3792, |  |  |
| 3.00%, 2/1/43 | 175 | 161 |
| Pool #AR9188, |  |  |
| 2.50%, 3/1/43 | 57 | 51 |
| Pool #AR9582, |  |  |
| 3.00%, 3/1/43 | 143 | 131 |
| Pool #AS0018, |  |  |
| 3.00%, 7/1/43 | 170 | 156 |
| Pool #AS0275, |  |  |
| 3.00%, 8/1/33 | 80 | 78 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #AS3294, |  |  |
| 4.00%, 9/1/44 | $330 | $318 |
| Pool #AS3600, |  |  |
| 3.00%, 10/1/29 | 259 | 255 |
| Pool #AS4085, |  |  |
| 4.00%, 12/1/44 | 154 | 149 |
| Pool #AS4306, |  |  |
| 3.00%, 1/1/45 | 238 | 216 |
| Pool #AS5500, |  |  |
| 3.00%, 7/1/35 | 91 | 87 |
| Pool #AS5666, |  |  |
| 4.00%, 8/1/45 | 225 | 216 |
| Pool #AS5892, |  |  |
| 3.50%, 10/1/45 | 249 | 234 |
| Pool #AS6262, |  |  |
| 3.50%, 11/1/45 | 320 | 300 |
| Pool #AS6398, |  |  |
| 3.50%, 12/1/45 | 279 | 262 |
| Pool #AS6730, |  |  |
| 3.50%, 2/1/46 | 417 | 392 |
| Pool #AS7149, |  |  |
| 3.00%, 5/1/46 | 485 | 441 |
| Pool #AS7157, |  |  |
| 3.00%, 5/1/46 | 186 | 168 |
| Pool #AS7247, |  |  |
| 4.00%, 5/1/46 | 92 | 89 |
| Pool #AS7343, |  |  |
| 3.00%, 6/1/46 | 179 | 162 |
| Pool #AS7480, |  |  |
| 2.00%, 7/1/31 | 41 | 40 |
| Pool #AS7580, |  |  |
| 3.00%, 7/1/46 | 213 | 192 |
| Pool #AS8067, |  |  |
| 3.00%, 10/1/46 | 489 | 442 |
| Pool #AS8074, |  |  |
| 3.00%, 10/1/46 | 152 | 137 |
| Pool #AS8178, |  |  |
| 3.00%, 10/1/36 | 50 | 47 |
| Pool #AS8194, |  |  |
| 2.50%, 10/1/31 | 560 | 541 |
| Pool #AS8424, |  |  |
| 3.00%, 12/1/36 | 90 | 86 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #AS8699, |  |  |
| 4.00%, 1/1/47 | $542 | $521 |
| Pool #AS8960, |  |  |
| 4.00%, 3/1/47 | 183 | 175 |
| Pool #AS9505, |  |  |
| 3.00%, 4/1/32 | 155 | 151 |
| Pool #AS9615, |  |  |
| 4.50%, 5/1/47 | 113 | 111 |
| Pool #AT2720, |  |  |
| 3.00%, 5/1/43 | 402 | 370 |
| Pool #AT3180, |  |  |
| 3.00%, 5/1/43 | 206 | 189 |
| Pool #AU1657, |  |  |
| 2.50%, 7/1/28 | 51 | 50 |
| Pool #AU1689, |  |  |
| 3.50%, 8/1/43 | 975 | 919 |
| Pool #AU3164, |  |  |
| 3.00%, 8/1/33 | 78 | 75 |
| Pool #AU5919, |  |  |
| 3.50%, 9/1/43 | 307 | 289 |
| Pool #AV2339, |  |  |
| 4.00%, 12/1/43 | 157 | 152 |
| Pool #AW8167, |  |  |
| 3.50%, 2/1/42 | 143 | 136 |
| Pool #AW8595, |  |  |
| 3.00%, 8/1/29 | 54 | 53 |
| Pool #AX2163, |  |  |
| 3.50%, 11/1/44 | 175 | 164 |
| Pool #AX4413, |  |  |
| 4.00%, 11/1/44 | 205 | 197 |
| Pool #AX4839, |  |  |
| 3.50%, 11/1/44 | 261 | 245 |
| Pool #AY3062, |  |  |
| 3.00%, 11/1/26 | 10 | 10 |
| Pool #AY9555, |  |  |
| 3.00%, 5/1/45 | 233 | 211 |
| Pool #AZ1449, |  |  |
| 3.00%, 7/1/45 | 191 | 173 |
| Pool #AZ2936, |  |  |
| 3.00%, 9/1/45 | 129 | 117 |
| Pool #AZ2947, |  |  |
| 4.00%, 9/1/45 | 257 | 247 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **86** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #AZ4775, |  |  |
| 3.50%, 10/1/45 | $171 | $160 |
| Pool #AZ6684, |  |  |
| 3.00%, 2/1/31 | 211 | 205 |
| Pool #BA2911, |  |  |
| 3.00%, 11/1/30 | 67 | 65 |
| Pool #BC0326, |  |  |
| 3.50%, 12/1/45 | 130 | 122 |
| Pool #BC0822, |  |  |
| 3.50%, 4/1/46 | 1119 | 1048 |
| Pool #BC1510, |  |  |
| 3.00%, 8/1/46 | 159 | 144 |
| Pool #BC9096, |  |  |
| 3.50%, 12/1/46 | 231 | 217 |
| Pool #BE3171, |  |  |
| 2.50%, 2/1/32 | 178 | 171 |
| Pool #BH1130, |  |  |
| 3.50%, 4/1/32 | 94 | 92 |
| Pool #BH7032, |  |  |
| 3.50%, 12/1/47 | 103 | 96 |
| Pool #BH7106, |  |  |
| 3.50%, 1/1/48 | 218 | 203 |
| Pool #BJ0648, |  |  |
| 3.50%, 3/1/48 | 239 | 222 |
| Pool #BJ9181, |  |  |
| 5.00%, 5/1/48 | 192 | 194 |
| Pool #BJ9260, |  |  |
| 4.00%, 4/1/48 | 181 | 174 |
| Pool #BJ9977, |  |  |
| 4.00%, 5/1/48 | 147 | 140 |
| Pool #BK0276, |  |  |
| 4.00%, 9/1/48 | 71 | 68 |
| Pool #BK0920, |  |  |
| 4.00%, 7/1/48 | 305 | 293 |
| Pool #BK0922, |  |  |
| 4.50%, 7/1/48 | 52 | 51 |
| Pool #BK3044, |  |  |
| 2.50%, 9/1/50 | 406 | 346 |
| Pool #BK4740, |  |  |
| 4.00%, 8/1/48 | 96 | 92 |
| Pool #BK4764, |  |  |
| 4.00%, 8/1/48 | 95 | 91 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #BK4816, |  |  |
| 4.00%, 9/1/48 | $133 | $128 |
| Pool #BM1787, |  |  |
| 4.00%, 9/1/47 | 104 | 100 |
| Pool #BM2001, |  |  |
| 3.50%, 12/1/46 | 67 | 62 |
| Pool #BM3286, |  |  |
| 4.50%, 11/1/47 | 38 | 37 |
| Pool #BM5288, |  |  |
| 3.50%, 1/1/34 | 92 | 91 |
| Pool #BM5804, |  |  |
| 5.00%, 1/1/49 | 208 | 210 |
| Pool #BN1176, |  |  |
| 4.50%, 11/1/48 | 88 | 86 |
| Pool #BN1628, |  |  |
| 4.50%, 11/1/48 | 59 | 58 |
| Pool #BN5947, |  |  |
| 3.50%, 6/1/49 | 148 | 137 |
| Pool #BN6097, |  |  |
| 4.00%, 6/1/49 | 463 | 443 |
| Pool #BN6683, |  |  |
| 3.50%, 6/1/49 | 210 | 194 |
| Pool #BN8985, |  |  |
| 2.00%, 3/1/51 | 290 | 234 |
| Pool #BN9007, |  |  |
| 2.00%, 3/1/51 | 697 | 567 |
| Pool #BO1012, |  |  |
| 3.50%, 8/1/49 | 79 | 73 |
| Pool #BO1021, |  |  |
| 3.50%, 8/1/49 | 102 | 94 |
| Pool #BO1169, |  |  |
| 3.50%, 7/1/49 | 71 | 66 |
| Pool #BO1444, |  |  |
| 3.00%, 10/1/49 | 168 | 150 |
| Pool #BO1461, |  |  |
| 3.00%, 10/1/49 | 98 | 88 |
| Pool #BO3181, |  |  |
| 2.50%, 10/1/49 | 376 | 320 |
| Pool #BO4708, |  |  |
| 3.00%, 11/1/49 | 319 | 284 |
| Pool #BO8620, |  |  |
| 3.00%, 12/1/49 | 369 | 328 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #BP3454, |  |  |
| 2.00%, 5/1/36 | $365 | $337 |
| Pool #BP4660, |  |  |
| 2.50%, 5/1/50 | 112 | 95 |
| Pool #BP6496, |  |  |
| 2.00%, 7/1/35 | 520 | 481 |
| Pool #BP6626, |  |  |
| 2.00%, 8/1/50 | 751 | 611 |
| Pool #BP6683, |  |  |
| 2.50%, 9/1/50 | 504 | 429 |
| Pool #BP7273, |  |  |
| 2.50%, 8/1/50 | 286 | 244 |
| Pool #BP7585, |  |  |
| 2.00%, 9/1/50 | 2484 | 2021 |
| Pool #BQ0202, |  |  |
| 2.50%, 8/1/50 | 374 | 321 |
| Pool #BQ1147, |  |  |
| 2.50%, 10/1/50 | 556 | 477 |
| Pool #BQ1351, |  |  |
| 2.50%, 8/1/50 | 472 | 404 |
| Pool #BQ4077, |  |  |
| 2.00%, 12/1/50 | 810 | 655 |
| Pool #BQ5056, |  |  |
| 2.00%, 10/1/50 | 293 | 240 |
| Pool #BQ5979, |  |  |
| 2.00%, 11/1/50 | 1284 | 1050 |
| Pool #BR1035, |  |  |
| 2.00%, 5/1/51 | 5049 | 4089 |
| Pool #BR4450, |  |  |
| 1.50%, 2/1/36 | 508 | 455 |
| Pool #BR6042, |  |  |
| 2.00%, 2/1/51 | 1776 | 1443 |
| Pool #BR9755, |  |  |
| 2.00%, 4/1/51 | 1211 | 996 |
| Pool #BR9761, |  |  |
| 2.00%, 4/1/51 | 902 | 728 |
| Pool #BT1034, |  |  |
| 2.00%, 7/1/51 | 1728 | 1405 |
| Pool #BT2034, |  |  |
| 2.50%, 3/1/42 | 741 | 657 |
| Pool #BT4528, |  |  |
| 2.50%, 9/1/51 | 7990 | 6894 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #BT8308, |  |  |
| 4.50%, 8/1/52 | $729 | $710 |
| Pool #BT9031, |  |  |
| 2.00%, 8/1/41 | 724 | 628 |
| Pool #BU0066, |  |  |
| 2.50%, 10/1/51 | 857 | 732 |
| Pool #BU4046, |  |  |
| 5.00%, 7/1/53 | 857 | 853 |
| Pool #BX1915, |  |  |
| 6.00%, 1/1/53 | 678 | 701 |
| Pool #BX6021, |  |  |
| 5.00%, 2/1/53 | 320 | 319 |
| Pool #BY0545, |  |  |
| 5.00%, 5/1/53 | 1971 | 1960 |
| Pool #BY4424, |  |  |
| 5.50%, 7/1/53 | 784 | 794 |
| Pool #CA0110, |  |  |
| 3.50%, 8/1/47 | 198 | 185 |
| Pool #CA0619, |  |  |
| 4.00%, 10/1/47 | 58 | 56 |
| Pool #CA0620, |  |  |
| 4.00%, 10/1/47 | 743 | 714 |
| Pool #CA0656, |  |  |
| 3.50%, 11/1/47 | 555 | 517 |
| Pool #CA0859, |  |  |
| 3.50%, 12/1/47 | 397 | 368 |
| Pool #CA0917, |  |  |
| 3.50%, 12/1/47 | 355 | 330 |
| Pool #CA1370, |  |  |
| 4.00%, 3/1/48 | 189 | 181 |
| Pool #CA1378, |  |  |
| 4.00%, 3/1/48 | 152 | 146 |
| Pool #CA1564, |  |  |
| 4.50%, 4/1/48 | 66 | 65 |
| Pool #CA1711, |  |  |
| 4.50%, 5/1/48 | 191 | 188 |
| Pool #CA1902, |  |  |
| 4.50%, 6/1/48 | 187 | 184 |
| Pool #CA1909, |  |  |
| 4.50%, 6/1/48 | 100 | 98 |
| Pool #CA1951, |  |  |
| 4.00%, 7/1/48 | 102 | 98 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **88** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #CA1952, |  |  |
| 4.50%, 6/1/48 | $44 | $44 |
| Pool #CA2056, |  |  |
| 4.50%, 7/1/48 | 58 | 58 |
| Pool #CA2208, |  |  |
| 4.50%, 8/1/48 | 59 | 58 |
| Pool #CA2256, |  |  |
| 3.50%, 8/1/33 | 80 | 78 |
| Pool #CA2366, |  |  |
| 3.50%, 9/1/48 | 65 | 60 |
| Pool #CA2375, |  |  |
| 4.00%, 9/1/48 | 280 | 269 |
| Pool #CA2559, |  |  |
| 4.00%, 11/1/33 | 95 | 95 |
| Pool #CA2729, |  |  |
| 4.50%, 11/1/48 | 241 | 238 |
| Pool #CA3640, |  |  |
| 4.00%, 6/1/49 | 251 | 240 |
| Pool #CA4029, |  |  |
| 4.00%, 8/1/49 | 689 | 659 |
| Pool #CA4143, |  |  |
| 3.00%, 9/1/49 | 2113 | 1888 |
| Pool #CA4420, |  |  |
| 3.00%, 10/1/49 | 317 | 284 |
| Pool #CA4792, |  |  |
| 3.00%, 12/1/49 | 191 | 170 |
| Pool #CA5020, |  |  |
| 3.50%, 1/1/50 | 350 | 323 |
| Pool #CA5452, |  |  |
| 3.00%, 3/1/50 | 606 | 539 |
| Pool #CA5508, |  |  |
| 3.00%, 4/1/50 | 758 | 669 |
| Pool #CA5700, |  |  |
| 2.50%, 5/1/50 | 3262 | 2801 |
| Pool #CA6072, |  |  |
| 2.50%, 6/1/50 | 316 | 269 |
| Pool #CA6074, |  |  |
| 2.50%, 6/1/50 | 437 | 372 |
| Pool #CA6144, |  |  |
| 2.50%, 6/1/50 | 499 | 425 |
| Pool #CA6290, |  |  |
| 3.00%, 7/1/50 | 375 | 334 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #CA6305, |  |  |
| 2.50%, 7/1/50 | $863 | $735 |
| Pool #CA6339, |  |  |
| 2.50%, 7/1/50 | 887 | 755 |
| Pool #CA6346, |  |  |
| 2.50%, 7/1/50 | 501 | 427 |
| Pool #CA6563, |  |  |
| 2.50%, 8/1/35 | 388 | 366 |
| Pool #CA6601, |  |  |
| 2.50%, 8/1/50 | 371 | 315 |
| Pool #CA6951, |  |  |
| 2.50%, 9/1/50 | 347 | 296 |
| Pool #CA6962, |  |  |
| 2.50%, 9/1/50 | 513 | 440 |
| Pool #CA7216, |  |  |
| 2.00%, 10/1/50 | 2204 | 1794 |
| Pool #CA7232, |  |  |
| 2.50%, 10/1/50 | 985 | 839 |
| Pool #CA7596, |  |  |
| 2.00%, 11/1/50 | 381 | 308 |
| Pool #CA7600, |  |  |
| 2.50%, 11/1/50 | 1024 | 871 |
| Pool #CA7697, |  |  |
| 1.50%, 11/1/50 | 1276 | 985 |
| Pool #CA7736, |  |  |
| 2.50%, 11/1/50 | 1017 | 868 |
| Pool #CA8043, |  |  |
| 2.50%, 12/1/50 | 614 | 524 |
| Pool #CA9143, |  |  |
| 2.00%, 2/1/36 | 669 | 618 |
| Pool #CA9355, |  |  |
| 2.00%, 3/1/41 | 400 | 347 |
| Pool #CA9418, |  |  |
| 1.50%, 3/1/36 | 112 | 100 |
| Pool #CB0113, |  |  |
| 2.00%, 4/1/41 | 614 | 535 |
| Pool #CB0325, |  |  |
| 2.00%, 4/1/51 | 1434 | 1165 |
| Pool #CB1903, |  |  |
| 2.50%, 10/1/51 | 1388 | 1192 |
| Pool #CB2049, |  |  |
| 2.50%, 11/1/51 | 1564 | 1318 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #CB2079, |  |  |
| 2.00%, 11/1/51 | $3603 | $2941 |
| Pool #CB3597, |  |  |
| 3.50%, 5/1/52 | 1388 | 1269 |
| Pool #CB3705, |  |  |
| 3.00%, 5/1/37 | 198 | 190 |
| Pool #CB4377, |  |  |
| 4.00%, 8/1/52 | 481 | 456 |
| Pool #CB5094, |  |  |
| 6.50%, 11/1/52 | 1117 | 1179 |
| Pool #CB6031, |  |  |
| 5.00%, 4/1/53 | 81 | 81 |
| Pool #CB6034, |  |  |
| 6.50%, 4/1/53 | 242 | 252 |
| Pool #CB6750, |  |  |
| 5.50%, 7/1/53 | 925 | 938 |
| Pool #CB6755, |  |  |
| 6.00%, 7/1/53 | 770 | 791 |
| Pool #CB6933, |  |  |
| 6.50%, 8/1/53 | 236 | 249 |
| Pool #CB7120, |  |  |
| 6.00%, 9/1/53 | 324 | 332 |
| Pool #CB7123, |  |  |
| 6.00%, 9/1/53 | 309 | 319 |
| Pool #CB7444, |  |  |
| 6.50%, 11/1/53 | 788 | 829 |
| Pool #CB8484, |  |  |
| 5.50%, 5/1/54 | 648 | 655 |
| Pool #CB8821, |  |  |
| 6.00%, 7/1/54 | 874 | 900 |
| Pool #CB9323, |  |  |
| 5.50%, 10/1/54 | 942 | 960 |
| Pool #CB9506, |  |  |
| 6.00%, 11/1/54 | 1002 | 1034 |
| Pool #CC0260, |  |  |
| 6.00%, 4/1/55 | 584 | 605 |
| Pool #DA0508, |  |  |
| 6.00%, 10/1/53 | 261 | 267 |
| Pool #FA0386, |  |  |
| 5.00%, 12/1/54 | 953 | 950 |
| Pool #FA0684, |  |  |
| 6.00%, 2/1/55 | 1798 | 1838 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #FA1595, |  |  |
| 5.50%, 5/1/55 | $978 | $999 |
| Pool #FM1496, |  |  |
| 3.50%, 9/1/49 | 1064 | 983 |
| Pool #FM1708, |  |  |
| 3.00%, 12/1/45 | 200 | 184 |
| Pool #FM1742, |  |  |
| 3.00%, 10/1/49 | 202 | 181 |
| Pool #FM1938, |  |  |
| 4.50%, 9/1/49 | 324 | 320 |
| Pool #FM2305, |  |  |
| 3.50%, 2/1/50 | 518 | 478 |
| Pool #FM2715, |  |  |
| 3.00%, 3/1/50 | 133 | 119 |
| Pool #FM2778, |  |  |
| 3.00%, 3/1/50 | 866 | 773 |
| Pool #FM2963, |  |  |
| 3.00%, 2/1/50 | 721 | 648 |
| Pool #FM3125, |  |  |
| 3.50%, 3/1/50 | 725 | 667 |
| Pool #FM3225, |  |  |
| 3.00%, 5/1/50 | 488 | 437 |
| Pool #FM3610, |  |  |
| 4.00%, 6/1/50 | 260 | 247 |
| Pool #FM3747, |  |  |
| 2.50%, 8/1/50 | 789 | 673 |
| Pool #FM4055, |  |  |
| 2.50%, 8/1/50 | 5610 | 4797 |
| Pool #FM4149, |  |  |
| 3.00%, 9/1/50 | 2392 | 2137 |
| Pool #FM4193, |  |  |
| 2.50%, 9/1/50 | 565 | 486 |
| Pool #FM4476, |  |  |
| 2.00%, 10/1/50 | 1459 | 1193 |
| Pool #FM4544, |  |  |
| 2.00%, 10/1/50 | 771 | 628 |
| Pool #FM4598, |  |  |
| 2.00%, 11/1/40 | 173 | 151 |
| Pool #FM4734, |  |  |
| 2.00%, 11/1/35 | 896 | 828 |
| Pool #FM4799, |  |  |
| 2.00%, 11/1/50 | 661 | 541 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **90** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #FM4868, |  |  |
| 2.00%, 11/1/50 | $1101 | $902 |
| Pool #FM4951, |  |  |
| 1.50%, 11/1/35 | 406 | 365 |
| Pool #FM5087, |  |  |
| 2.00%, 12/1/50 | 457 | 373 |
| Pool #FM5210, |  |  |
| 2.00%, 12/1/50 | 658 | 545 |
| Pool #FM5534, |  |  |
| 2.00%, 1/1/41 | 257 | 222 |
| Pool #FM5570, |  |  |
| 2.00%, 1/1/36 | 503 | 466 |
| Pool #FM5849, |  |  |
| 2.00%, 12/1/50 | 866 | 699 |
| Pool #FM6055, |  |  |
| 2.00%, 2/1/51 | 1700 | 1388 |
| Pool #FM6099, |  |  |
| 2.00%, 2/1/51 | 1693 | 1370 |
| Pool #FM6338, |  |  |
| 2.00%, 2/1/51 | 1050 | 857 |
| Pool #FM6496, |  |  |
| 2.00%, 2/1/51 | 473 | 388 |
| Pool #FM6550, |  |  |
| 2.00%, 3/1/51 | 335 | 275 |
| Pool #FM6943, |  |  |
| 2.00%, 4/1/51 | 1138 | 933 |
| Pool #FM6964, |  |  |
| 2.00%, 5/1/51 | 895 | 736 |
| Pool #FM6991, |  |  |
| 2.00%, 4/1/51 | 1388 | 1136 |
| Pool #FM7078, |  |  |
| 2.00%, 4/1/51 | 1054 | 869 |
| Pool #FM7080, |  |  |
| 2.00%, 4/1/51 | 545 | 448 |
| Pool #FM7411, |  |  |
| 2.00%, 5/1/51 | 2852 | 2300 |
| Pool #FM7429, |  |  |
| 1.50%, 5/1/36 | 175 | 157 |
| Pool #FM7622, |  |  |
| 2.00%, 5/1/51 | 713 | 586 |
| Pool #FM8146, |  |  |
| 2.00%, 7/1/36 | 1157 | 1070 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #FM8848, |  |  |
| 2.50%, 9/1/41 | $695 | $623 |
| Pool #FS0153, |  |  |
| 2.00%, 12/1/36 | 314 | 289 |
| Pool #FS1096, |  |  |
| 2.00%, 1/1/51 | 1231 | 1003 |
| Pool #FS2039, |  |  |
| 2.00%, 2/1/51 | 797 | 649 |
| Pool #FS2442, |  |  |
| 4.00%, 7/1/52 | 721 | 683 |
| Pool #FS2815, |  |  |
| 4.00%, 9/1/52 | 386 | 368 |
| Pool #FS3086, |  |  |
| 5.50%, 10/1/52 | 1405 | 1428 |
| Pool #FS3402, |  |  |
| 5.00%, 11/1/52 | 311 | 310 |
| Pool #FS3421, |  |  |
| 5.00%, 12/1/52 | 319 | 318 |
| Pool #FS3452, |  |  |
| 5.00%, 12/1/52 | 535 | 540 |
| Pool #FS3747, |  |  |
| 5.50%, 12/1/52 | 588 | 595 |
| Pool #FS3762, |  |  |
| 5.00%, 12/1/52 | 462 | 462 |
| Pool #FS3921, |  |  |
| 5.50%, 2/1/53 | 378 | 387 |
| Pool #FS4041, |  |  |
| 5.50%, 3/1/53 | 564 | 572 |
| Pool #FS4047, |  |  |
| 3.50%, 12/1/42 | 157 | 149 |
| Pool #FS4463, |  |  |
| 1.50%, 8/1/37 | 463 | 414 |
| Pool #FS4485, |  |  |
| 6.00%, 5/1/53 | 535 | 552 |
| Pool #FS4522, |  |  |
| 5.00%, 5/1/53 | 162 | 161 |
| Pool #FS4842, |  |  |
| 5.50%, 6/1/53 | 238 | 242 |
| Pool #FS4931, |  |  |
| 6.00%, 6/1/53 | 785 | 806 |
| Pool #FS5115, |  |  |
| 5.50%, 6/1/53 | 436 | 441 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #FS5116, |  |  |
| 5.50%, 6/1/53 | $388 | $395 |
| Pool #FS5119, |  |  |
| 6.00%, 7/1/53 | 2400 | 2480 |
| Pool #FS5304, |  |  |
| 5.50%, 7/1/53 | 164 | 168 |
| Pool #FS5396, |  |  |
| 5.00%, 7/1/53 | 1746 | 1752 |
| Pool #FS5436, |  |  |
| 5.50%, 8/1/53 | 272 | 278 |
| Pool #FS5562, |  |  |
| 2.00%, 3/1/52 | 2958 | 2408 |
| Pool #FS5584, |  |  |
| 6.50%, 8/1/53 | 374 | 393 |
| Pool #FS5696, |  |  |
| 2.00%, 4/1/51 | 261 | 213 |
| Pool #FS5709, |  |  |
| 5.00%, 8/1/53 | 750 | 751 |
| Pool #FS5838, |  |  |
| 6.00%, 9/1/53 | 1093 | 1132 |
| Pool #FS5946, |  |  |
| 2.00%, 3/1/37 | 2328 | 2143 |
| Pool #FS5965, |  |  |
| 6.00%, 10/1/53 | 315 | 325 |
| Pool #FS6092, |  |  |
| 6.00%, 10/1/53 | 284 | 292 |
| Pool #FS6315, |  |  |
| 6.50%, 11/1/53 | 365 | 381 |
| Pool #FS6461, |  |  |
| 6.00%, 10/1/53 | 406 | 419 |
| Pool #FS6533, |  |  |
| 6.00%, 6/1/53 | 1650 | 1710 |
| Pool #FS6611, |  |  |
| 7.00%, 12/1/53 | 1211 | 1267 |
| Pool #FS6635, |  |  |
| 3.00%, 11/1/53 | 1341 | 1179 |
| Pool #FS6855, |  |  |
| 6.50%, 2/1/54 | 438 | 458 |
| Pool #FS7033, |  |  |
| 6.00%, 8/1/53 | 585 | 601 |
| Pool #FS8129, |  |  |
| 5.50%, 5/1/54 | 529 | 540 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #FS8144, |  |  |
| 5.50%, 5/1/54 | $790 | $807 |
| Pool #MA0361, |  |  |
| 4.00%, 3/1/30 | 21 | 21 |
| Pool #MA0711, |  |  |
| 3.50%, 4/1/31 | 43 | 42 |
| Pool #MA1138, |  |  |
| 3.50%, 8/1/32 | 82 | 81 |
| Pool #MA1141, |  |  |
| 3.00%, 8/1/32 | 39 | 37 |
| Pool #MA1200, |  |  |
| 3.00%, 10/1/32 | 227 | 220 |
| Pool #MA2320, |  |  |
| 3.00%, 7/1/35 | 197 | 187 |
| Pool #MA2473, |  |  |
| 3.50%, 12/1/35 | 80 | 77 |
| Pool #MA2512, |  |  |
| 4.00%, 1/1/46 | 107 | 103 |
| Pool #MA2670, |  |  |
| 3.00%, 7/1/46 | 501 | 453 |
| Pool #MA2672, |  |  |
| 3.00%, 7/1/36 | 102 | 97 |
| Pool #MA2705, |  |  |
| 3.00%, 8/1/46 | 363 | 328 |
| Pool #MA2737, |  |  |
| 3.00%, 9/1/46 | 169 | 153 |
| Pool #MA2771, |  |  |
| 3.00%, 10/1/46 | 183 | 165 |
| Pool #MA2775, |  |  |
| 2.50%, 10/1/31 | 82 | 79 |
| Pool #MA2781, |  |  |
| 2.50%, 10/1/46 | 138 | 119 |
| Pool #MA2804, |  |  |
| 3.00%, 11/1/36 | 201 | 190 |
| Pool #MA2863, |  |  |
| 3.00%, 1/1/47 | 3029 | 2737 |
| Pool #MA2895, |  |  |
| 3.00%, 2/1/47 | 189 | 171 |
| Pool #MA3028, |  |  |
| 3.50%, 6/1/37 | 156 | 151 |
| Pool #MA3057, |  |  |
| 3.50%, 7/1/47 | 283 | 264 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **92** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #MA3058, |  |  |
| 4.00%, 7/1/47 | $105 | $100 |
| Pool #MA3059, |  |  |
| 3.50%, 7/1/37 | 26 | 25 |
| Pool #MA3073, |  |  |
| 4.50%, 7/1/47 | 216 | 213 |
| Pool #MA3127, |  |  |
| 3.00%, 9/1/37 | 63 | 60 |
| Pool #MA3150, |  |  |
| 4.50%, 10/1/47 | 118 | 116 |
| Pool #MA3181, |  |  |
| 3.50%, 11/1/37 | 41 | 40 |
| Pool #MA3182, |  |  |
| 3.50%, 11/1/47 | 346 | 323 |
| Pool #MA3184, |  |  |
| 4.50%, 11/1/47 | 41 | 40 |
| Pool #MA3185, |  |  |
| 3.00%, 11/1/37 | 69 | 65 |
| Pool #MA3188, |  |  |
| 3.00%, 11/1/32 | 188 | 183 |
| Pool #MA3211, |  |  |
| 4.00%, 12/1/47 | 66 | 63 |
| Pool #MA3239, |  |  |
| 4.00%, 1/1/48 | 281 | 270 |
| Pool #MA3276, |  |  |
| 3.50%, 2/1/48 | 287 | 267 |
| Pool #MA3281, |  |  |
| 4.00%, 2/1/38 | 146 | 144 |
| Pool #MA3334, |  |  |
| 4.50%, 4/1/48 | 215 | 212 |
| Pool #MA3385, |  |  |
| 4.50%, 6/1/48 | 72 | 71 |
| Pool #MA3413, |  |  |
| 4.00%, 7/1/38 | 25 | 25 |
| Pool #MA3443, |  |  |
| 4.00%, 8/1/48 | 66 | 64 |
| Pool #MA3444, |  |  |
| 4.50%, 8/1/48 | 62 | 61 |
| Pool #MA3467, |  |  |
| 4.00%, 9/1/48 | 64 | 61 |
| Pool #MA3492, |  |  |
| 4.00%, 10/1/38 | 22 | 21 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #MA3547, |  |  |
| 3.00%, 12/1/33 | $109 | $106 |
| Pool #MA3590, |  |  |
| 4.00%, 2/1/39 | 22 | 22 |
| Pool #MA3685, |  |  |
| 3.00%, 6/1/49 | 110 | 98 |
| Pool #MA3692, |  |  |
| 3.50%, 7/1/49 | 85 | 78 |
| Pool #MA3695, |  |  |
| 3.00%, 7/1/34 | 42 | 41 |
| Pool #MA3744, |  |  |
| 3.00%, 8/1/49 | 123 | 110 |
| Pool #MA3765, |  |  |
| 2.50%, 9/1/49 | 265 | 225 |
| Pool #MA3870, |  |  |
| 2.50%, 12/1/49 | 138 | 117 |
| Pool #MA3871, |  |  |
| 3.00%, 12/1/49 | 128 | 114 |
| Pool #MA3896, |  |  |
| 2.50%, 1/1/35 | 681 | 643 |
| Pool #MA3898, |  |  |
| 3.50%, 1/1/35 | 222 | 216 |
| Pool #MA3902, |  |  |
| 2.50%, 1/1/50 | 134 | 114 |
| Pool #MA3934, |  |  |
| 3.00%, 2/1/40 | 80 | 75 |
| Pool #MA3958, |  |  |
| 3.00%, 3/1/40 | 82 | 77 |
| Pool #MA4013, |  |  |
| 2.50%, 5/1/35 | 146 | 138 |
| Pool #MA4014, |  |  |
| 3.00%, 5/1/35 | 229 | 220 |
| Pool #MA4053, |  |  |
| 2.50%, 6/1/35 | 611 | 577 |
| Pool #MA4072, |  |  |
| 2.50%, 7/1/40 | 186 | 169 |
| Pool #MA4078, |  |  |
| 2.50%, 7/1/50 | 1136 | 969 |
| Pool #MA4094, |  |  |
| 2.50%, 8/1/40 | 207 | 188 |
| Pool #MA4096, |  |  |
| 2.50%, 8/1/50 | 712 | 606 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #MA4099, |  |  |
| 2.50%, 8/1/35 | $630 | $595 |
| Pool #MA4100, |  |  |
| 2.00%, 8/1/50 | 1421 | 1154 |
| Pool #MA4119, |  |  |
| 2.00%, 9/1/50 | 1670 | 1359 |
| Pool #MA4122, |  |  |
| 1.50%, 9/1/35 | 224 | 201 |
| Pool #MA4123, |  |  |
| 2.00%, 9/1/35 | 779 | 720 |
| Pool #MA4128, |  |  |
| 2.00%, 9/1/40 | 356 | 313 |
| Pool #MA4153, |  |  |
| 2.50%, 10/1/40 | 103 | 93 |
| Pool #MA4154, |  |  |
| 1.50%, 10/1/35 | 341 | 308 |
| Pool #MA4155, |  |  |
| 2.00%, 10/1/35 | 857 | 792 |
| Pool #MA4181, |  |  |
| 1.50%, 11/1/50 | 2145 | 1650 |
| Pool #MA4232, |  |  |
| 2.00%, 1/1/41 | 307 | 266 |
| Pool #MA4254, |  |  |
| 1.50%, 2/1/51 | 476 | 365 |
| Pool #MA4266, |  |  |
| 1.50%, 2/1/41 | 461 | 385 |
| Pool #MA4278, |  |  |
| 1.50%, 3/1/36 | 1551 | 1390 |
| Pool #MA4280, |  |  |
| 1.50%, 3/1/51 | 826 | 635 |
| Pool #MA4305, |  |  |
| 2.00%, 4/1/51 | 2596 | 2102 |
| Pool #MA4310, |  |  |
| 1.50%, 4/1/41 | 276 | 233 |
| Pool #MA4326, |  |  |
| 2.50%, 5/1/51 | 985 | 835 |
| Pool #MA4333, |  |  |
| 2.00%, 5/1/41 | 730 | 635 |
| Pool #MA4334, |  |  |
| 2.50%, 5/1/41 | 266 | 237 |
| Pool #MA4496, |  |  |
| 1.50%, 12/1/36 | 1679 | 1503 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #MA4500, |  |  |
| 1.50%, 12/1/41 | $375 | $311 |
| Pool #MA4692, |  |  |
| 2.50%, 8/1/37 | 141 | 133 |
| Pool #MA4731, |  |  |
| 3.50%, 9/1/52 | 926 | 847 |
| Pool #MA4732, |  |  |
| 4.00%, 9/1/52 | 4406 | 4168 |
| Pool #MA4733, |  |  |
| 4.50%, 9/1/52 | 4783 | 4661 |
| Pool #MA4779, |  |  |
| 4.00%, 10/1/42 | 146 | 143 |
| Pool #MA4805, |  |  |
| 4.50%, 11/1/52 | 2222 | 2165 |
| Pool #MA4823, |  |  |
| 4.50%, 10/1/37 | 174 | 174 |
| Pool #MA4915, |  |  |
| 5.00%, 2/1/38 | 147 | 149 |
| Pool #MA4991, |  |  |
| 5.50%, 4/1/38 | 86 | 88 |
| Pool #MA5039, |  |  |
| 5.50%, 6/1/53 | 639 | 647 |
| Pool #MA5042, |  |  |
| 4.50%, 6/1/38 | 68 | 68 |
| Pool #MA5060, |  |  |
| 5.00%, 6/1/43 | 70 | 70 |
| Pool #MA5088, |  |  |
| 6.00%, 7/1/38 | 112 | 116 |
| Pool #MA5330, |  |  |
| 5.50%, 4/1/39 | 64 | 66 |
| Pool #MA5353, |  |  |
| 5.50%, 5/1/54 | 6894 | 6962 |
| Pool #MA5389, |  |  |
| 6.00%, 6/1/54 | 1050 | 1073 |
| Pool #MA5557, |  |  |
| 4.50%, 12/1/39 | 177 | 177 |
| Pool #MA5559, |  |  |
| 5.50%, 12/1/39 | 245 | 251 |
| Pool #MA5590, |  |  |
| 5.00%, 1/1/40 | 434 | 439 |
| Pool #MA5596, |  |  |
| 4.50%, 1/1/45 | 94 | 93 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **94** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** | **Fannie Mae – 11.7%continued** |
| Pool #MA5597, |  |  |
| 5.00%, 1/1/45 | $185 | $187 |
| Pool #MA5711, |  |  |
| 5.00%, 5/1/40 | 661 | 668 |
| Pool #MA5744, |  |  |
| 4.50%, 6/1/40 | 194 | 194 |
| Pool #MA5773, |  |  |
| 6.00%, 7/1/40 | 285 | 294 |
| Pool #MA5830, |  |  |
| 5.50%, 8/1/40 | 391 | 400 |
| Pool #MB0301, |  |  |
| 5.00%, 2/1/55 | 1924 | 1910 |
| Pool TBA, |  |  |
| 10/1/40<sup>(14)</sup> <br>| 500 | 447 |
| 10/1/40<sup>(14)</sup> <br>| 1200 | 1103 |
| 10/1/40<sup>(14)</sup> <br>| 700 | 658 |
| 10/1/40<sup>(14)</sup> <br>| 500 | 479 |
| 10/1/53<sup>(14)</sup> <br>| 3000 | 2417 |
| 10/1/53<sup>(14)</sup> <br>| 2600 | 2190 |
| 10/1/53<sup>(14)</sup> <br>| 1200 | 1054 |
| 10/1/53<sup>(14)</sup> <br>| 800 | 731 |
| 10/1/53<sup>(14)</sup> <br>| 900 | 848 |
| 10/1/53<sup>(14)</sup> <br>| 1800 | 1746 |
| 10/1/53<sup>(14)</sup> <br>| 2800 | 2777 |
| 10/1/53<sup>(14)</sup> <br>| 6700 | 6755 |
| 10/1/54<sup>(14)</sup> <br>| 11000 | 11237 |
| 10/1/55<sup>(14)</sup> <br>| 300 | 230 |
| 10/1/55<sup>(14)</sup> <br>| 4900 | 5064 |
|  |  | **270771** |
| **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>|  |  |
| 3.97%, 8/26/27 | 3918 | 3923 |
| 3.38%, 9/15/27 | 1475 | 1466 |
|  |  | **5389** |
| **Federal Home Loan Bank – 0.2%** | **Federal Home Loan Bank – 0.2%** | **Federal Home Loan Bank – 0.2%** |
| 4.13%, 9/10/27 | 875 | 883 |
| 3.25%, 11/16/28 | 1000 | 991 |
| 5.50%, 7/15/36 | 500 | 547 |
| Federal Home Loan Banks, |  |  |
| 4.38%, 9/8/28 | 1500 | 1531 |
|  |  | **3952** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%** | **Freddie Mac – 7.5%** | **Freddie Mac – 7.5%** |
| Federal Home Loan Mortgage Corp., |  |  |
| 6.75%, 3/15/31 | $700 | $800 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K065, Class A2,<br>|  |  |
| 3.24%, 4/25/27 | 350 | 346 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K067, Class A2,<br>|  |  |
| 3.19%, 7/25/27 | 250 | 247 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K068, Class A2,<br>|  |  |
| 3.24%, 8/25/27 | 150 | 148 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K069, Class A2,<br>|  |  |
| 3.19%, 9/25/27 | 146 | 144 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K072, Class A2,<br>|  |  |
| 3.44%, 12/25/27 | 150 | 148 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K074, Class A2,<br>|  |  |
| 3.60%, 1/25/28 | 150 | 149 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K075, Class A2,<br>|  |  |
| 3.65%, 2/25/28 | 150 | 149 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K076, Class A2,<br>|  |  |
| 3.90%, 4/25/28 | 150 | 150 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K077, Class A2,<br>|  |  |
| 3.85%, 5/25/28 | 200 | 200 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K078, Class A2,<br>|  |  |
| 3.85%, 6/25/28 | 150 | 150 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K079, Class A2,<br>|  |  |
| 3.93%, 6/25/28 | 200 | 200 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K080, Class A2,<br>|  |  |
| 3.93%, 7/25/28 | $200 | $200 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K081, Class A2,<br>|  |  |
| 3.90%, 8/25/28 | 200 | 200 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K083, Class A2,<br>|  |  |
| 4.05%, 9/25/28 | 200 | 201 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K086, Class A2,<br>|  |  |
| 3.86%, 11/25/28 | 200 | 200 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K091, Class A2,<br>|  |  |
| 3.51%, 3/25/29 | 150 | 148 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K092, Class A2,<br>|  |  |
| 3.30%, 4/25/29 | 300 | 294 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K093, Class A2,<br>|  |  |
| 2.98%, 5/25/29 | 198 | 192 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K094, Class A2,<br>|  |  |
| 2.90%, 6/25/29 | 300 | 289 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K096, Class A2,<br>|  |  |
| 2.52%, 7/25/29 | 300 | 285 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K102, Class A2,<br>|  |  |
| 2.54%, 10/25/29 | 250 | 237 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K104, Class A2,<br>|  |  |
| 2.25%, 1/25/30 | 250 | 233 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K105, Class A2,<br>|  |  |
| 1.87%, 1/25/30 | $200 | $183 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K110, Class A2,<br>|  |  |
| 1.48%, 4/25/30 | 335 | 301 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K111, Class A2,<br>|  |  |
| 1.35%, 5/25/30 | 500 | 445 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K112, Class A2,<br>|  |  |
| 1.31%, 5/25/30 | 500 | 444 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K113, Class A2,<br>|  |  |
| 1.34%, 6/25/30 | 500 | 444 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K117, Class A2,<br>|  |  |
| 1.41%, 8/25/30 | 100 | 88 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K119, Class A2,<br>|  |  |
| 1.57%, 9/25/30 | 250 | 222 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K122, Class A2,<br>|  |  |
| 1.52%, 11/25/30 | 200 | 176 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K129, Class A2,<br>|  |  |
| 1.91%, 5/25/31 | 300 | 268 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K141, Class A2,<br>|  |  |
| 2.25%, 2/25/32 | 200 | 179 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K144, Class A2,<br>|  |  |
| 2.45%, 4/25/32 | 500 | 449 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **96** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K147, Class A2,<br>|  |  |
| 3.00%, 6/25/32 | $250 | $232 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K148, Class A2,<br>|  |  |
| 3.50%, 7/25/32 | 300 | 286 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-151, Class A2,<br>|  |  |
| 3.80%, 10/25/32 | 300 | 291 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1510, Class A2,<br>|  |  |
| 3.72%, 1/25/31 | 100 | 98 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1510, Class A3,<br>|  |  |
| 3.79%, 1/25/34 | 100 | 95 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1511, Class A2,<br>|  |  |
| 3.47%, 3/25/31 | 100 | 97 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1511, Class A3,<br>|  |  |
| 3.54%, 3/25/34 | 100 | 94 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1512, Class A2,<br>|  |  |
| 2.99%, 5/25/31 | 100 | 94 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1512, Class A3,<br>|  |  |
| 3.06%, 4/25/34 | 100 | 90 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1515, Class A2,<br>|  |  |
| 1.94%, 2/25/35 | 100 | 81 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1517, Class A2,<br>|  |  |
| 1.72%, 7/25/35 | 200 | 157 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1518, Class A2,<br>|  |  |
| 1.86%, 10/25/35 | $100 | $79 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1519, Class A2,<br>|  |  |
| 2.01%, 12/25/35 | 150 | 119 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1520, Class A2,<br>|  |  |
| 2.44%, 2/25/36 | 225 | 185 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K1522, Class A2,<br>|  |  |
| 2.36%, 10/25/36 | 100 | 81 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-153, Class A2,<br>|  |  |
| 3.82%, 12/25/32 | 500 | 485 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K154, Class A2,<br>|  |  |
| 3.42%, 4/25/32 | 100 | 98 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-154, Class A2,<br>|  |  |
| 4.35%, 1/25/33 | 200 | 200 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K155, Class A3,<br>|  |  |
| 3.75%, 4/25/33 | 100 | 96 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K157, Class A2,<br>|  |  |
| 3.99%, 5/25/33 | 100 | 99 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K157, Class A3,<br>|  |  |
| 3.99%, 8/25/33 | 100 | 97 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-158, Class A2,<br>|  |  |
| 4.05%, 7/25/33 | 200 | 196 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-159, Class A2,<br>|  |  |
| 4.50%, 7/25/33 | $200 | $202 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-161, Class A2,<br>|  |  |
| 4.90%, 10/25/33 | 100 | 104 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-164, Class A2,<br>|  |  |
| 5.00%, 5/25/34 | 150 | 156 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-169, Class A2,<br>|  |  |
| 4.66%, 12/25/34 | 200 | 203 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K508, Class A2,<br>|  |  |
| 4.74%, 8/25/28 | 100 | 102 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K510, Class A2,<br>|  |  |
| 5.07%, 10/25/28 | 500 | 514 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K533, Class A2,<br>|  |  |
| 4.23%, 12/25/29 | 500 | 503 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K754, Class A2,<br>|  |  |
| 4.94%, 11/25/30 | 250 | 259 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K755, Class A2,<br>|  |  |
| 5.20%, 2/25/31 | 150 | 157 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K757, Class A2,<br>|  |  |
| 4.46%, 8/25/31 | 100 | 101 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K760, Class A2,<br>|  |  |
| 4.55%, 1/25/32 | 100 | 102 |
| Pool #QA0127, |  |  |
| 3.50%, 6/1/49 | 488 | 451 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #QA1132, |  |  |
| 3.50%, 7/1/49 | $171 | $158 |
| Pool #QA1263, |  |  |
| 3.50%, 7/1/49 | 174 | 162 |
| Pool #QA1752, |  |  |
| 3.50%, 8/1/49 | 874 | 808 |
| Pool #QA1883, |  |  |
| 4.00%, 8/1/49 | 289 | 277 |
| Pool #QA3149, |  |  |
| 3.00%, 10/1/49 | 304 | 272 |
| Pool #QA4699, |  |  |
| 3.00%, 11/1/49 | 174 | 154 |
| Pool #QA8043, |  |  |
| 3.00%, 3/1/50 | 1356 | 1213 |
| Pool #QB0211, |  |  |
| 2.50%, 6/1/50 | 432 | 366 |
| Pool #QB2516, |  |  |
| 2.50%, 8/1/50 | 321 | 273 |
| Pool #QB2545, |  |  |
| 2.00%, 8/1/50 | 1844 | 1501 |
| Pool #QB2682, |  |  |
| 2.50%, 8/1/50 | 359 | 305 |
| Pool #QB2966, |  |  |
| 2.50%, 9/1/50 | 109 | 93 |
| Pool #QB3199, |  |  |
| 2.00%, 9/1/50 | 623 | 507 |
| Pool #QB4275, |  |  |
| 2.00%, 10/1/50 | 259 | 211 |
| Pool #QB5128, |  |  |
| 2.00%, 10/1/50 | 924 | 752 |
| Pool #QB5507, |  |  |
| 2.00%, 11/1/50 | 661 | 545 |
| Pool #QB6246, |  |  |
| 2.00%, 12/1/50 | 307 | 252 |
| Pool #QB6448, |  |  |
| 2.00%, 12/1/50 | 1018 | 828 |
| Pool #QB8131, |  |  |
| 2.00%, 2/1/51 | 3173 | 2577 |
| Pool #QB8132, |  |  |
| 2.00%, 1/1/51 | 837 | 677 |
| Pool #QB9266, |  |  |
| 2.00%, 3/1/51 | 423 | 346 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **98** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #QB9410, |  |  |
| 2.00%, 1/1/51 | $1252 | $1017 |
| Pool #QC1443, |  |  |
| 2.00%, 5/1/51 | 1702 | 1396 |
| Pool #QC1809, |  |  |
| 2.00%, 5/1/51 | 406 | 331 |
| Pool #QC2062, |  |  |
| 2.00%, 5/1/51 | 715 | 576 |
| Pool #QC3259, |  |  |
| 2.00%, 6/1/51 | 2751 | 2218 |
| Pool #QC9442, |  |  |
| 2.50%, 10/1/51 | 3601 | 3065 |
| Pool #QD0822, |  |  |
| 3.00%, 11/1/51 | 978 | 874 |
| Pool #QD2146, |  |  |
| 2.00%, 12/1/51 | 780 | 635 |
| Pool #QE9161, |  |  |
| 4.50%, 9/1/52 | 732 | 714 |
| Pool #QF7121, |  |  |
| 5.50%, 2/1/53 | 798 | 808 |
| Pool #QG5959, |  |  |
| 5.00%, 7/1/53 | 854 | 850 |
| Pool #QG7215, |  |  |
| 5.50%, 7/1/53 | 827 | 837 |
| Pool #QG8401, |  |  |
| 5.50%, 8/1/53 | 629 | 636 |
| Pool #QG8408, |  |  |
| 5.00%, 8/1/53 | 1109 | 1105 |
| Pool #QH1135, |  |  |
| 7.00%, 9/1/53 | 365 | 386 |
| Pool #QI2828, |  |  |
| 5.50%, 4/1/54 | 947 | 958 |
| Pool #QJ5279, |  |  |
| 6.00%, 10/1/54 | 918 | 939 |
| Pool #QK0622, |  |  |
| 1.50%, 2/1/41 | 451 | 377 |
| Pool #QN0818, |  |  |
| 2.50%, 10/1/34 | 182 | 173 |
| Pool #QN5018, |  |  |
| 2.00%, 1/1/36 | 451 | 416 |
| Pool #QN5866, |  |  |
| 2.00%, 4/1/36 | 243 | 225 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #QN6394, |  |  |
| 1.50%, 5/1/36 | $1335 | $1198 |
| Pool #QN7743, |  |  |
| 2.00%, 9/1/36 | 707 | 651 |
| Pool #QN8899, |  |  |
| 2.00%, 12/1/36 | 654 | 601 |
| Pool #RA1196, |  |  |
| 4.00%, 8/1/49 | 629 | 602 |
| Pool #RA1343, |  |  |
| 3.00%, 9/1/49 | 1877 | 1679 |
| Pool #RA1493, |  |  |
| 3.00%, 10/1/49 | 348 | 311 |
| Pool #RA1501, |  |  |
| 3.00%, 10/1/49 | 115 | 103 |
| Pool #RA2010, |  |  |
| 3.50%, 1/1/50 | 201 | 185 |
| Pool #RA2117, |  |  |
| 3.00%, 2/1/50 | 274 | 245 |
| Pool #RA2386, |  |  |
| 3.00%, 4/1/50 | 711 | 635 |
| Pool #RA2457, |  |  |
| 3.00%, 4/1/50 | 421 | 377 |
| Pool #RA2730, |  |  |
| 2.50%, 6/1/50 | 252 | 216 |
| Pool #RA2790, |  |  |
| 2.50%, 6/1/50 | 399 | 340 |
| Pool #RA2853, |  |  |
| 2.50%, 6/1/50 | 485 | 413 |
| Pool #RA2959, |  |  |
| 2.50%, 7/1/50 | 463 | 395 |
| Pool #RA3086, |  |  |
| 2.50%, 7/1/50 | 357 | 304 |
| Pool #RA3306, |  |  |
| 2.50%, 8/1/50 | 327 | 279 |
| Pool #RA3524, |  |  |
| 2.00%, 9/1/50 | 1768 | 1443 |
| Pool #RA3563, |  |  |
| 2.00%, 9/1/50 | 866 | 710 |
| Pool #RA3578, |  |  |
| 2.00%, 9/1/50 | 1158 | 945 |
| Pool #RA3580, |  |  |
| 2.00%, 9/1/50 | 1080 | 882 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #RA3662, |  |  |
| 2.50%, 10/1/50 | $527 | $448 |
| Pool #RA3663, |  |  |
| 2.50%, 10/1/50 | 549 | 469 |
| Pool #RA3723, |  |  |
| 2.00%, 10/1/50 | 1104 | 901 |
| Pool #RA3765, |  |  |
| 2.50%, 10/1/50 | 532 | 453 |
| Pool #RA3913, |  |  |
| 2.50%, 11/1/50 | 2700 | 2325 |
| Pool #RA4209, |  |  |
| 1.50%, 12/1/50 | 1643 | 1266 |
| Pool #RA4218, |  |  |
| 2.50%, 12/1/50 | 6783 | 5798 |
| Pool #RA5204, |  |  |
| 2.00%, 5/1/51 | 1456 | 1174 |
| Pool #RA5373, |  |  |
| 2.00%, 6/1/51 | 668 | 545 |
| Pool #RA6333, |  |  |
| 2.00%, 11/1/51 | 3456 | 2793 |
| Pool #RA6340, |  |  |
| 2.50%, 11/1/51 | 2240 | 1901 |
| Pool #RA7097, |  |  |
| 3.50%, 4/1/52 | 761 | 699 |
| Pool #RA7099, |  |  |
| 2.00%, 1/1/51 | 2451 | 1993 |
| Pool #RA8761, |  |  |
| 5.50%, 3/1/53 | 465 | 475 |
| Pool #RA8791, |  |  |
| 5.00%, 4/1/53 | 1171 | 1168 |
| Pool #RB0452, |  |  |
| 2.00%, 2/1/41 | 753 | 652 |
| Pool #RB5032, |  |  |
| 2.50%, 2/1/40 | 60 | 54 |
| Pool #RB5033, |  |  |
| 3.00%, 2/1/40 | 223 | 208 |
| Pool #RB5043, |  |  |
| 2.50%, 4/1/40 | 111 | 101 |
| Pool #RB5048, |  |  |
| 2.50%, 5/1/40 | 61 | 55 |
| Pool #RB5059, |  |  |
| 2.50%, 7/1/40 | 77 | 70 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #RB5066, |  |  |
| 2.50%, 8/1/40 | $209 | $190 |
| Pool #RB5076, |  |  |
| 2.00%, 8/1/40 | 451 | 397 |
| Pool #RB5085, |  |  |
| 2.00%, 11/1/40 | 405 | 355 |
| Pool #RB5095, |  |  |
| 2.00%, 1/1/41 | 305 | 267 |
| Pool #RB5110, |  |  |
| 1.50%, 5/1/41 | 983 | 831 |
| Pool #RB5111, |  |  |
| 2.00%, 5/1/41 | 408 | 354 |
| Pool #RB5131, |  |  |
| 2.00%, 10/1/41 | 712 | 615 |
| Pool #RC1857, |  |  |
| 1.50%, 2/1/36 | 432 | 387 |
| Pool #RC2045, |  |  |
| 2.00%, 6/1/36 | 219 | 202 |
| Pool #RJ1229, |  |  |
| 6.00%, 4/1/54 | 841 | 861 |
| Pool #RJ2693, |  |  |
| 5.00%, 10/1/54 | 473 | 472 |
| Pool #SB0048, |  |  |
| 3.00%, 8/1/34 | 340 | 328 |
| Pool #SB0330, |  |  |
| 2.00%, 5/1/35 | 291 | 269 |
| Pool #SB0434, |  |  |
| 2.00%, 10/1/35 | 499 | 461 |
| Pool #SB0571, |  |  |
| 2.00%, 10/1/36 | 972 | 894 |
| Pool #SB0726, |  |  |
| 4.00%, 8/1/37 | 256 | 253 |
| Pool #SB0834, |  |  |
| 2.50%, 2/1/36 | 771 | 728 |
| Pool #SB0955, |  |  |
| 5.50%, 8/1/38 | 63 | 65 |
| Pool #SB8045, |  |  |
| 2.50%, 5/1/35 | 126 | 119 |
| Pool #SB8046, |  |  |
| 3.00%, 5/1/35 | 212 | 204 |
| Pool #SB8057, |  |  |
| 2.00%, 8/1/35 | 444 | 411 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **100** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #SB8058, |  |  |
| 2.50%, 8/1/35 | $506 | $477 |
| Pool #SB8061, |  |  |
| 2.00%, 9/1/35 | 787 | 727 |
| Pool #SB8067, |  |  |
| 1.50%, 9/1/35 | 207 | 186 |
| Pool #SB8068, |  |  |
| 1.50%, 10/1/35 | 224 | 201 |
| Pool #SB8069, |  |  |
| 2.00%, 10/1/35 | 629 | 582 |
| Pool #SB8073, |  |  |
| 1.50%, 11/1/35 | 289 | 260 |
| Pool #SB8078, |  |  |
| 1.50%, 12/1/35 | 611 | 550 |
| Pool #SB8083, |  |  |
| 1.50%, 1/1/36 | 355 | 319 |
| Pool #SB8092, |  |  |
| 1.50%, 3/1/36 | 639 | 574 |
| Pool #SB8122, |  |  |
| 1.50%, 10/1/36 | 1348 | 1207 |
| Pool #SB8177, |  |  |
| 3.50%, 9/1/37 | 193 | 187 |
| Pool #SB8178, |  |  |
| 4.00%, 9/1/37 | 182 | 179 |
| Pool #SB8182, |  |  |
| 3.00%, 10/1/37 | 273 | 261 |
| Pool #SB8206, |  |  |
| 5.00%, 1/1/38 | 118 | 119 |
| Pool #SB8208, |  |  |
| 5.50%, 1/1/38 | 58 | 60 |
| Pool #SB8233, |  |  |
| 4.50%, 6/1/38 | 177 | 177 |
| Pool #SB8247, |  |  |
| 5.00%, 8/1/38 | 64 | 65 |
| Pool #SB8501, |  |  |
| 2.00%, 8/1/35 | 493 | 457 |
| Pool #SD0163, |  |  |
| 3.00%, 12/1/49 | 516 | 463 |
| Pool #SD0261, |  |  |
| 3.00%, 2/1/50 | 208 | 186 |
| Pool #SD0262, |  |  |
| 3.50%, 2/1/50 | 345 | 321 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #SD0410, |  |  |
| 2.50%, 8/1/50 | $1076 | $922 |
| Pool #SD0414, |  |  |
| 2.50%, 8/1/50 | 192 | 164 |
| Pool #SD0467, |  |  |
| 2.00%, 12/1/50 | 525 | 424 |
| Pool #SD0537, |  |  |
| 2.00%, 3/1/51 | 2825 | 2292 |
| Pool #SD0608, |  |  |
| 2.50%, 5/1/51 | 2501 | 2161 |
| Pool #SD0764, |  |  |
| 2.50%, 10/1/51 | 2209 | 1887 |
| Pool #SD1592, |  |  |
| 4.00%, 8/1/52 | 659 | 623 |
| Pool #SD1596, |  |  |
| 4.00%, 9/1/52 | 530 | 505 |
| Pool #SD1855, |  |  |
| 5.00%, 9/1/52 | 482 | 483 |
| Pool #SD1958, |  |  |
| 5.00%, 11/1/52 | 317 | 319 |
| Pool #SD2236, |  |  |
| 5.50%, 11/1/52 | 1001 | 1014 |
| Pool #SD2258, |  |  |
| 5.00%, 1/1/53 | 602 | 601 |
| Pool #SD2266, |  |  |
| 5.00%, 1/1/53 | 520 | 522 |
| Pool #SD2666, |  |  |
| 5.00%, 3/1/53 | 583 | 585 |
| Pool #SD2693, |  |  |
| 6.50%, 4/1/53 | 524 | 553 |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | 427 | 427 |
| Pool #SD2936, |  |  |
| 5.00%, 4/1/53 | 318 | 319 |
| Pool #SD3074, |  |  |
| 5.50%, 5/1/53 | 801 | 813 |
| Pool #SD3683, |  |  |
| 5.50%, 9/1/53 | 879 | 894 |
| Pool #SD3713, |  |  |
| 6.50%, 8/1/53 | 783 | 821 |
| Pool #SD3714, |  |  |
| 6.50%, 8/1/53 | 453 | 472 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #SD3904, |  |  |
| 6.50%, 9/1/53 | $358 | $374 |
| Pool #SD3913, |  |  |
| 5.50%, 9/1/53 | 248 | 252 |
| Pool #SD3990, |  |  |
| 5.50%, 9/1/53 | 846 | 866 |
| Pool #SD3992, |  |  |
| 5.50%, 9/1/53 | 514 | 525 |
| Pool #SD4204, |  |  |
| 6.50%, 10/1/53 | 608 | 635 |
| Pool #SD4262, |  |  |
| 6.00%, 11/1/53 | 572 | 593 |
| Pool #SD4668, |  |  |
| 6.00%, 10/1/53 | 384 | 396 |
| Pool #SD4702, |  |  |
| 6.50%, 1/1/54 | 522 | 547 |
| Pool #SD4919, |  |  |
| 6.50%, 2/1/54 | 428 | 455 |
| Pool #SD5058, |  |  |
| 5.50%, 3/1/54 | 272 | 277 |
| Pool #SD5316, |  |  |
| 6.00%, 4/1/54 | 775 | 794 |
| Pool #SD5958, |  |  |
| 6.50%, 8/1/54 | 957 | 991 |
| Pool #SD6004, |  |  |
| 6.00%, 8/1/54 | 1876 | 1941 |
| Pool #SD7440, |  |  |
| 5.00%, 1/1/55 | 948 | 950 |
| Pool #SD7512, |  |  |
| 3.00%, 2/1/50 | 435 | 391 |
| Pool #SD7536, |  |  |
| 2.50%, 2/1/51 | 4968 | 4269 |
| Pool #SD7539, |  |  |
| 2.00%, 4/1/51 | 339 | 279 |
| Pool #SD7541, |  |  |
| 2.00%, 5/1/51 | 1830 | 1502 |
| Pool #SD8019, |  |  |
| 4.50%, 10/1/49 | 284 | 278 |
| Pool #SD8023, |  |  |
| 2.50%, 11/1/49 | 251 | 214 |
| Pool #SD8029, |  |  |
| 2.50%, 12/1/49 | 283 | 241 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #SD8037, |  |  |
| 2.50%, 1/1/50 | $287 | $244 |
| Pool #SD8083, |  |  |
| 2.50%, 8/1/50 | 650 | 553 |
| Pool #SD8090, |  |  |
| 2.00%, 9/1/50 | 2063 | 1680 |
| Pool #SD8097, |  |  |
| 2.00%, 8/1/50 | 1802 | 1463 |
| Pool #SD8104, |  |  |
| 1.50%, 11/1/50 | 3561 | 2739 |
| Pool #SD8112, |  |  |
| 1.50%, 12/1/50 | 1056 | 812 |
| Pool #SD8139, |  |  |
| 1.50%, 4/1/51 | 2026 | 1557 |
| Pool #SD8213, |  |  |
| 3.00%, 5/1/52 | 1383 | 1217 |
| Pool #SD8225, |  |  |
| 3.00%, 7/1/52 | 1683 | 1479 |
| Pool #SD8266, |  |  |
| 4.50%, 11/1/52 | 2237 | 2179 |
| Pool #SD8325, |  |  |
| 6.00%, 5/1/53 | 804 | 825 |
| Pool #SD8331, |  |  |
| 5.50%, 6/1/53 | 563 | 569 |
| Pool #SD8332, |  |  |
| 6.00%, 6/1/53 | 602 | 617 |
| Pool #SD8374, |  |  |
| 6.50%, 11/1/53 | 317 | 328 |
| Pool #SD8386, |  |  |
| 7.00%, 12/1/53 | 246 | 257 |
| Pool #SD8399, |  |  |
| 7.50%, 1/1/54 | 124 | 132 |
| 6.50%, 2/1/54 | 606 | 630 |
| Pool #SL0231, |  |  |
| 5.00%, 1/1/55 | 951 | 950 |
| Pool #SL1560, |  |  |
| 5.50%, 6/1/55 | 981 | 998 |
| Pool #ZA1036, |  |  |
| 4.50%, 2/1/40 | 57 | 57 |
| Pool #ZA1159, |  |  |
| 3.50%, 4/1/42 | 167 | 160 |
| Pool #ZA1165, |  |  |
| 3.50%, 4/1/42 | 259 | 245 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **102** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #ZA1254, |  |  |
| 3.00%, 10/1/42 | $784 | $721 |
| Pool #ZA1334, |  |  |
| 3.50%, 7/1/42 | 89 | 84 |
| Pool #ZA1361, |  |  |
| 3.50%, 5/1/43 | 129 | 122 |
| Pool #ZA1375, |  |  |
| 4.00%, 9/1/44 | 73 | 71 |
| Pool #ZA1378, |  |  |
| 3.50%, 10/1/44 | 119 | 112 |
| Pool #ZA2773, |  |  |
| 2.50%, 8/1/27 | 20 | 19 |
| Pool #ZA3862, |  |  |
| 2.50%, 5/1/31 | 158 | 153 |
| Pool #ZA4194, |  |  |
| 3.00%, 4/1/43 | 185 | 170 |
| Pool #ZA4214, |  |  |
| 3.00%, 5/1/43 | 283 | 260 |
| Pool #ZA4715, |  |  |
| 4.00%, 9/1/46 | 474 | 455 |
| Pool #ZA5107, |  |  |
| 4.00%, 11/1/47 | 134 | 129 |
| Pool #ZA5642, |  |  |
| 4.00%, 9/1/48 | 128 | 123 |
| Pool #ZA5950, |  |  |
| 4.50%, 11/1/48 | 349 | 345 |
| Pool #ZI6135, |  |  |
| 5.00%, 9/1/34 | 247 | 250 |
| Pool #ZI6854, |  |  |
| 4.50%, 12/1/37 | 38 | 39 |
| Pool #ZI7645, |  |  |
| 5.00%, 6/1/38 | 54 | 56 |
| Pool #ZI8519, |  |  |
| 4.50%, 2/1/39 | 12 | 12 |
| Pool #ZI9349, |  |  |
| 4.50%, 10/1/39 | 197 | 196 |
| Pool #ZI9657, |  |  |
| 4.50%, 1/1/40 | 260 | 259 |
| Pool #ZI9939, |  |  |
| 4.50%, 4/1/40 | 72 | 73 |
| Pool #ZJ0631, |  |  |
| 4.50%, 10/1/40 | 85 | 85 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #ZJ1046, |  |  |
| 4.00%, 1/1/41 | $134 | $131 |
| Pool #ZJ1052, |  |  |
| 4.00%, 1/1/41 | 123 | 119 |
| Pool #ZJ1228, |  |  |
| 4.00%, 2/1/41 | 181 | 176 |
| Pool #ZJ1359, |  |  |
| 4.50%, 3/1/41 | 87 | 87 |
| Pool #ZK5468, |  |  |
| 2.00%, 5/1/28 | 123 | 120 |
| Pool #ZL1714, |  |  |
| 4.50%, 7/1/41 | 124 | 123 |
| Pool #ZL1806, |  |  |
| 4.50%, 8/1/41 | 342 | 342 |
| Pool #ZL1922, |  |  |
| 4.00%, 9/1/41 | 38 | 37 |
| Pool #ZL2350, |  |  |
| 3.50%, 11/1/41 | 60 | 57 |
| Pool #ZL3211, |  |  |
| 3.50%, 6/1/42 | 244 | 231 |
| Pool #ZL3551, |  |  |
| 3.50%, 8/1/42 | 363 | 344 |
| Pool #ZL4709, |  |  |
| 3.00%, 1/1/43 | 257 | 237 |
| Pool #ZL5074, |  |  |
| 3.00%, 2/1/43 | 116 | 106 |
| Pool #ZL5915, |  |  |
| 3.50%, 5/1/43 | 528 | 498 |
| Pool #ZL5927, |  |  |
| 3.00%, 5/1/43 | 150 | 138 |
| Pool #ZL6381, |  |  |
| 3.00%, 6/1/43 | 254 | 233 |
| Pool #ZL6467, |  |  |
| 3.00%, 7/1/43 | 197 | 181 |
| Pool #ZL6920, |  |  |
| 3.50%, 8/1/43 | 73 | 69 |
| Pool #ZL7780, |  |  |
| 4.00%, 2/1/44 | 190 | 185 |
| Pool #ZL8709, |  |  |
| 4.00%, 11/1/44 | 55 | 53 |
| Pool #ZM0489, |  |  |
| 4.00%, 11/1/45 | 140 | 135 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #ZM0617, |  |  |
| 3.50%, 12/1/45 | $182 | $171 |
| Pool #ZM1194, |  |  |
| 3.00%, 6/1/46 | 220 | 199 |
| Pool #ZM1933, |  |  |
| 3.00%, 10/1/46 | 253 | 229 |
| Pool #ZM2167, |  |  |
| 3.00%, 11/1/46 | 414 | 374 |
| Pool #ZM2286, |  |  |
| 3.50%, 12/1/46 | 664 | 621 |
| Pool #ZM3525, |  |  |
| 3.50%, 6/1/47 | 98 | 92 |
| Pool #ZM4305, |  |  |
| 3.50%, 9/1/47 | 360 | 336 |
| Pool #ZM4711, |  |  |
| 4.00%, 11/1/47 | 573 | 552 |
| Pool #ZM4736, |  |  |
| 3.50%, 11/1/47 | 137 | 128 |
| Pool #ZM4908, |  |  |
| 3.50%, 11/1/47 | 262 | 244 |
| Pool #ZM5133, |  |  |
| 3.50%, 12/1/47 | 116 | 108 |
| Pool #ZM5397, |  |  |
| 3.50%, 1/1/48 | 189 | 176 |
| Pool #ZM5659, |  |  |
| 3.50%, 2/1/48 | 216 | 200 |
| Pool #ZM5917, |  |  |
| 4.00%, 3/1/48 | 155 | 149 |
| Pool #ZM6682, |  |  |
| 4.50%, 5/1/48 | 114 | 112 |
| Pool #ZM7370, |  |  |
| 4.00%, 7/1/48 | 101 | 97 |
| Pool #ZM7378, |  |  |
| 5.00%, 7/1/48 | 120 | 122 |
| Pool #ZM7849, |  |  |
| 4.00%, 8/1/48 | 47 | 45 |
| Pool #ZM8045, |  |  |
| 4.00%, 9/1/48 | 141 | 135 |
| Pool #ZM8575, |  |  |
| 4.50%, 10/1/48 | 67 | 66 |
| Pool #ZN1506, |  |  |
| 3.50%, 11/1/48 | 521 | 485 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #ZN3447, |  |  |
| 3.50%, 2/1/49 | $112 | $103 |
| Pool #ZS0932, |  |  |
| 4.50%, 8/1/34 | 6 | 6 |
| Pool #ZS1567, |  |  |
| 5.00%, 8/1/37 | 8 | 8 |
| Pool #ZS2391, |  |  |
| 5.00%, 9/1/38 | 17 | 18 |
| Pool #ZS2499, |  |  |
| 5.00%, 3/1/38 | 38 | 39 |
| Pool #ZS2533, |  |  |
| 4.50%, 2/1/39 | 42 | 42 |
| Pool #ZS2827, |  |  |
| 4.50%, 11/1/39 | 104 | 105 |
| Pool #ZS3554, |  |  |
| 3.50%, 7/1/42 | 163 | 154 |
| Pool #ZS3596, |  |  |
| 4.00%, 6/1/42 | 415 | 403 |
| Pool #ZS4078, |  |  |
| 3.50%, 1/1/45 | 230 | 216 |
| Pool #ZS4127, |  |  |
| 4.50%, 7/1/44 | 97 | 96 |
| Pool #ZS4472, |  |  |
| 3.50%, 2/1/42 | 157 | 150 |
| Pool #ZS4536, |  |  |
| 3.50%, 10/1/43 | 232 | 219 |
| Pool #ZS4584, |  |  |
| 3.00%, 9/1/44 | 89 | 82 |
| Pool #ZS4600, |  |  |
| 4.00%, 1/1/45 | 241 | 232 |
| Pool #ZS4607, |  |  |
| 3.50%, 3/1/45 | 309 | 290 |
| Pool #ZS4617, |  |  |
| 3.00%, 6/1/45 | 159 | 144 |
| Pool #ZS4618, |  |  |
| 3.50%, 6/1/45 | 249 | 234 |
| Pool #ZS4621, |  |  |
| 3.00%, 7/1/45 | 384 | 349 |
| Pool #ZS4627, |  |  |
| 4.00%, 8/1/45 | 82 | 79 |
| Pool #ZS4629, |  |  |
| 3.00%, 9/1/45 | 489 | 444 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **104** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #ZS4630, |  |  |
| 3.50%, 9/1/45 | $169 | $159 |
| Pool #ZS4634, |  |  |
| 4.00%, 10/1/45 | 100 | 96 |
| Pool #ZS4639, |  |  |
| 4.00%, 11/1/45 | 101 | 97 |
| Pool #ZS4642, |  |  |
| 3.50%, 12/1/45 | 346 | 324 |
| Pool #ZS4655, |  |  |
| 3.50%, 3/1/46 | 170 | 159 |
| Pool #ZS4667, |  |  |
| 3.00%, 6/1/46 | 245 | 222 |
| Pool #ZS4671, |  |  |
| 3.00%, 8/1/46 | 554 | 501 |
| Pool #ZS4677, |  |  |
| 3.00%, 9/1/46 | 154 | 139 |
| Pool #ZS4703, |  |  |
| 3.00%, 2/1/47 | 161 | 146 |
| Pool #ZS4722, |  |  |
| 3.50%, 6/1/47 | 152 | 142 |
| Pool #ZS4730, |  |  |
| 3.50%, 8/1/47 | 58 | 54 |
| Pool #ZS4740, |  |  |
| 4.00%, 10/1/47 | 274 | 263 |
| Pool #ZS4743, |  |  |
| 3.50%, 11/1/47 | 379 | 353 |
| Pool #ZS4745, |  |  |
| 4.50%, 11/1/47 | 256 | 253 |
| Pool #ZS4747, |  |  |
| 3.50%, 12/1/47 | 105 | 98 |
| Pool #ZS4748, |  |  |
| 4.00%, 12/1/47 | 285 | 274 |
| Pool #ZS4749, |  |  |
| 4.50%, 12/1/47 | 86 | 85 |
| Pool #ZS4752, |  |  |
| 4.00%, 1/1/48 | 226 | 218 |
| Pool #ZS4759, |  |  |
| 3.50%, 3/1/48 | 224 | 208 |
| Pool #ZS4769, |  |  |
| 4.00%, 5/1/48 | 118 | 114 |
| Pool #ZS4773, |  |  |
| 4.50%, 6/1/48 | 37 | 36 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** | **Freddie Mac – 7.5%continued** |
| Pool #ZS4781, |  |  |
| 4.50%, 7/1/48 | $92 | $90 |
| Pool #ZS4785, |  |  |
| 4.00%, 8/1/48 | 92 | 89 |
| Pool #ZS8023, |  |  |
| 2.00%, 8/1/32 | 31 | 30 |
| Pool #ZS8628, |  |  |
| 2.00%, 11/1/31 | 51 | 48 |
| Pool #ZS8639, |  |  |
| 2.00%, 1/1/32 | 18 | 17 |
| Pool #ZS9449, |  |  |
| 3.50%, 8/1/45 | 249 | 234 |
| Pool #ZS9495, |  |  |
| 3.50%, 10/1/45 | 396 | 372 |
| Pool #ZS9580, |  |  |
| 3.50%, 12/1/45 | 365 | 343 |
| Pool #ZS9805, |  |  |
| 3.00%, 9/1/46 | 381 | 345 |
| Pool #ZS9827, |  |  |
| 3.00%, 10/1/46 | 340 | 309 |
| Pool #ZT0495, |  |  |
| 4.50%, 8/1/48 | 38 | 38 |
| Pool #ZT0524, |  |  |
| 4.50%, 9/1/48 | 208 | 205 |
| Pool #ZT0712, |  |  |
| 4.00%, 10/1/48 | 131 | 126 |
| Pool #ZT0787, |  |  |
| 4.00%, 10/1/48 | 119 | 114 |
| Pool #ZT1702, |  |  |
| 4.00%, 1/1/49 | 228 | 219 |
| Pool #ZT2091, |  |  |
| 3.00%, 6/1/34 | 48 | 46 |
|  |  | **173027** |
| **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** |
| Pool #A16753, |  |  |
| 5.00%, 11/1/33 | 21 | 21 |
| Pool #A17665, |  |  |
| 5.00%, 1/1/34 | 18 | 19 |
| Pool #A27950, |  |  |
| 5.50%, 11/1/34 | 47 | 48 |
| Pool #A31136, |  |  |
| 5.50%, 1/1/35 | 74 | 74 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** |
| Pool #A39306, |  |  |
| 5.50%, 11/1/35 | $19 | $19 |
| Pool #A46224, |  |  |
| 5.00%, 7/1/35 | 5 | 5 |
| Pool #A48104, |  |  |
| 5.00%, 1/1/36 | 20 | 20 |
| Pool #A57604, |  |  |
| 5.00%, 3/1/37 | 20 | 21 |
| Pool #A58718, |  |  |
| 5.50%, 3/1/37 | 4 | 4 |
| Pool #A59081, |  |  |
| 5.50%, 4/1/37 | 22 | 23 |
| Pool #A61560, |  |  |
| 5.50%, 10/1/36 | 55 | 58 |
| 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 | 93 | 97 |
| Pool #A69303, |  |  |
| 6.00%, 11/1/37 | 3 | 3 |
| Pool #A73778, |  |  |
| 5.00%, 2/1/38 | 29 | 30 |
| Pool #A74134, |  |  |
| 7.00%, 2/1/38 | 16 | 16 |
| Pool #A83008, |  |  |
| 5.50%, 11/1/38 | 78 | 81 |
| Pool #A91541, |  |  |
| 5.00%, 3/1/40 | 58 | 59 |
| Pool #C91009, |  |  |
| 5.00%, 11/1/26 | 1 | 1 |
| Pool #C91247, |  |  |
| 5.00%, 4/1/29 | 14 | 15 |
| Pool #C91370, |  |  |
| 4.50%, 5/1/31 | 39 | 39 |
| Pool #C91826, |  |  |
| 3.00%, 5/1/35 | 62 | 59 |
| Pool #C91858, |  |  |
| 3.00%, 12/1/35 | 64 | 61 |
| Pool #C91879, |  |  |
| 3.00%, 6/1/36 | 78 | 74 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** |
| Pool #C91908, |  |  |
| 3.00%, 1/1/37 | $38 | $36 |
| Pool #D97564, |  |  |
| 5.00%, 1/1/28 | 31 | 31 |
| Pool #D99094, |  |  |
| 3.00%, 3/1/32 | 50 | 48 |
| Pool #E04044, |  |  |
| 3.50%, 8/1/27 | 39 | 39 |
| Pool #G02064, |  |  |
| 5.00%, 2/1/36 | 30 | 31 |
| Pool #G02069, |  |  |
| 5.50%, 3/1/36 | 5 | 5 |
| Pool #G02386, |  |  |
| 6.00%, 11/1/36 | 44 | 46 |
| Pool #G02391, |  |  |
| 6.00%, 11/1/36 | 2 | 2 |
| Pool #G02540, |  |  |
| 5.00%, 11/1/34 | 15 | 16 |
| Pool #G02649, |  |  |
| 6.00%, 1/1/37 | 2 | 2 |
| Pool #G02789, |  |  |
| 6.00%, 4/1/37 | 229 | 241 |
| 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 | 28 | 29 |
| Pool #G03134, |  |  |
| 5.50%, 8/1/36 | 12 | 13 |
| Pool #G03218, |  |  |
| 6.00%, 9/1/37 | 4 | 5 |
| Pool #G03351, |  |  |
| 6.00%, 9/1/37 | 12 | 13 |
| Pool #G03513, |  |  |
| 6.00%, 11/1/37 | 15 | 16 |
| Pool #G03600, |  |  |
| 7.00%, 11/1/37 | 7 | 8 |
| Pool #G03737, |  |  |
| 6.50%, 11/1/37 | 87 | 92 |
| Pool #G03992, |  |  |
| 6.00%, 3/1/38 | 10 | 11 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **106** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** |
| Pool #G04287, |  |  |
| 5.00%, 5/1/38 | $23 | $24 |
| Pool #G04459, |  |  |
| 5.50%, 6/1/38 | 24 | 25 |
| Pool #G04611, |  |  |
| 6.00%, 7/1/38 | 43 | 46 |
| Pool #G04650, |  |  |
| 6.50%, 9/1/38 | 20 | 21 |
| Pool #G05733, |  |  |
| 5.00%, 11/1/39 | 78 | 80 |
| Pool #G05969, |  |  |
| 5.00%, 8/1/40 | 35 | 36 |
| Pool #G06767, |  |  |
| 5.00%, 10/1/41 | 166 | 170 |
| Pool #G06947, |  |  |
| 6.00%, 5/1/40 | 56 | 59 |
| Pool #G08189, |  |  |
| 7.00%, 3/1/37 | 11 | 12 |
| Pool #G08192, |  |  |
| 5.50%, 4/1/37 | 12 | 12 |
| Pool #G08341, |  |  |
| 5.00%, 4/1/39 | 201 | 206 |
| Pool #G14554, |  |  |
| 4.50%, 7/1/26<sup>(11)</sup> <br>|  |  |
| Pool #G14891, |  |  |
| 3.00%, 10/1/28 | 35 | 34 |
| Pool #G15134, |  |  |
| 3.00%, 5/1/29 | 30 | 29 |
| Pool #G16774, |  |  |
| 3.50%, 2/1/34 | 72 | 71 |
| Pool #G18438, |  |  |
| 2.50%, 6/1/27 | 24 | 24 |
| Pool #G18571, |  |  |
| 2.50%, 10/1/30 | 76 | 73 |
| Pool #G18664, |  |  |
| 3.50%, 10/1/32 | 64 | 63 |
| Pool #G30327, |  |  |
| 4.50%, 1/1/27 | 2 | 2 |
| Pool #G67713, |  |  |
| 4.00%, 6/1/48 | 445 | 428 |
| Pool #J14808, |  |  |
| 3.50%, 3/1/26 | 11 | 11 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** |
| Pool #J16932, |  |  |
| 3.00%, 10/1/26 | $9 | $9 |
| Pool #J17055, |  |  |
| 3.00%, 11/1/26 | 11 | 11 |
| Pool #J17232, |  |  |
| 3.00%, 11/1/26 | 9 | 10 |
| Pool #J20834, |  |  |
| 2.50%, 10/1/27 | 44 | 43 |
| Pool #J22069, |  |  |
| 2.50%, 1/1/28 | 13 | 13 |
| Pool #K90641, |  |  |
| 3.50%, 6/1/33 | 19 | 18 |
| Pool #V60886, |  |  |
| 2.50%, 8/1/30 | 49 | 47 |
| Pool #V60902, |  |  |
| 2.50%, 8/1/30 | 39 | 38 |
| Pool #V61347, |  |  |
| 2.50%, 10/1/31 | 176 | 170 |
|  |  | **3346** |
| **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 | 213 | 200 |
| Pool #597889, |  |  |
| 5.50%, 6/15/33 | 49 | 49 |
| Pool #614169, |  |  |
| 5.00%, 7/15/33 | 10 | 10 |
| Pool #616879, |  |  |
| 3.50%, 2/15/42 | 159 | 149 |
| Pool #617739, |  |  |
| 6.00%, 10/15/37 | 3 | 3 |
| Pool #634431, |  |  |
| 6.00%, 9/15/34 | 8 | 9 |
| Pool #641416, |  |  |
| 5.50%, 4/15/35 | 38 | 38 |
| Pool #646341, |  |  |
| 6.00%, 11/15/36 | 5 | 6 |
| Pool #648538, |  |  |
| 5.00%, 12/15/35 | 42 | 43 |
| Pool #651753, |  |  |
| 5.50%, 3/15/36 | 3 | 3 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <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 #670030, |  |  |
| 3.00%, 7/15/45 | $142 | $128 |
| Pool #675211, |  |  |
| 6.50%, 3/15/38 | 4 | 4 |
| Pool #675484, |  |  |
| 5.50%, 6/15/38 | 10 | 10 |
| Pool #676360, |  |  |
| 6.50%, 10/15/37 | 1 | 1 |
| Pool #682899, |  |  |
| 6.00%, 9/15/40 | 47 | 48 |
| Pool #687824, |  |  |
| 5.50%, 8/15/38 | 33 | 35 |
| Pool #687900, |  |  |
| 5.00%, 9/15/38 | 47 | 48 |
| Pool #687901, |  |  |
| 5.00%, 9/15/38 | 15 | 15 |
| Pool #692309, |  |  |
| 6.00%, 1/15/39 | 13 | 14 |
| Pool #697645, |  |  |
| 5.50%, 10/15/38 | 15 | 15 |
| Pool #698236, |  |  |
| 5.00%, 6/15/39 | 82 | 84 |
| Pool #698336, |  |  |
| 4.50%, 5/15/39 | 83 | 83 |
| Pool #699277, |  |  |
| 6.00%, 9/15/38 | 2 | 2 |
| Pool #700918, |  |  |
| 5.50%, 11/15/38 | 15 | 15 |
| Pool #700972, |  |  |
| 5.50%, 11/15/38 | 8 | 8 |
| Pool #703677, |  |  |
| 5.50%, 6/15/39 | 68 | 70 |
| Pool #704185, |  |  |
| 5.50%, 1/15/39 | 10 | 10 |
| Pool #704514, |  |  |
| 4.50%, 5/15/39 | 179 | 179 |
| Pool #717175, |  |  |
| 4.50%, 6/15/39 | 88 | 88 |
| Pool #719262, |  |  |
| 5.00%, 8/15/40 | 53 | 54 |
| Pool #720202, |  |  |
| 4.50%, 7/15/39 | 68 | 68 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <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 #723231, |  |  |
| 4.00%, 10/15/39 | $69 | $67 |
| Pool #723339, |  |  |
| 5.00%, 9/15/39 | 39 | 39 |
| Pool #728629, |  |  |
| 4.50%, 1/15/40 | 118 | 118 |
| Pool #736768, |  |  |
| 3.00%, 11/15/42 | 379 | 347 |
| Pool #737286, |  |  |
| 4.50%, 5/15/40 | 91 | 90 |
| Pool #738134, |  |  |
| 3.50%, 4/15/26 | 2 | 2 |
| Pool #738247, |  |  |
| 4.50%, 4/15/41 | 46 | 46 |
| Pool #747643, |  |  |
| 4.50%, 8/15/40 | 128 | 128 |
| Pool #768800, |  |  |
| 4.50%, 6/15/41 | 23 | 23 |
| Pool #773939, |  |  |
| 4.00%, 11/15/41 | 163 | 157 |
| Pool #778957, |  |  |
| 3.50%, 3/15/42 | 203 | 191 |
| Pool #782131, |  |  |
| 5.50%, 12/15/36 | 12 | 12 |
| Pool #782150, |  |  |
| 5.50%, 4/15/37 | 16 | 17 |
| Pool #782259, |  |  |
| 5.00%, 2/15/36 | 32 | 33 |
| Pool #782272, |  |  |
| 5.50%, 2/15/38 | 30 | 32 |
| Pool #782498, |  |  |
| 6.00%, 12/15/38 | 14 | 14 |
| Pool #782584, |  |  |
| 5.00%, 3/15/39 | 19 | 20 |
| Pool #782696, |  |  |
| 5.00%, 6/15/39 | 81 | 83 |
| Pool #782831, |  |  |
| 6.00%, 12/15/39 | 10 | 11 |
| Pool #783176, |  |  |
| 4.00%, 11/15/40 | 227 | 218 |
| Pool #783740, |  |  |
| 2.50%, 12/15/27 | 11 | 11 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **108** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <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 #AA5391, |  |  |
| 3.50%, 6/15/42 | $13 | $12 |
| Pool #AA6089, |  |  |
| 3.00%, 2/15/43 | 156 | 142 |
| Pool #AB2761, |  |  |
| 3.50%, 8/15/42 | 40 | 37 |
| Pool #AB2891, |  |  |
| 3.00%, 9/15/42 | 57 | 52 |
| Pool #AD8781, |  |  |
| 3.00%, 3/15/43 | 138 | 126 |
| Pool #AD9016, |  |  |
| 3.00%, 4/15/43 | 110 | 100 |
| Pool #AL1763, |  |  |
| 3.50%, 1/15/45 | 56 | 52 |
|  |  | **3676** |
| **Government National Mortgage Association II – 5.5%** | **Government National Mortgage Association II – 5.5%** | **Government National Mortgage Association II – 5.5%** |
| Pool #3570, |  |  |
| 6.00%, 6/20/34 | 14 | 15 |
| Pool #3665, |  |  |
| 5.50%, 1/20/35 | 36 | 38 |
| Pool #3852, |  |  |
| 6.00%, 5/20/36 | 7 | 7 |
| Pool #3879, |  |  |
| 6.00%, 7/20/36 | 18 | 19 |
| Pool #3910, |  |  |
| 6.00%, 10/20/36 | 10 | 10 |
| Pool #3994, |  |  |
| 5.00%, 6/20/37 | 6 | 7 |
| Pool #4018, |  |  |
| 6.50%, 8/20/37 | 25 | 27 |
| 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 | 31 | 32 |
| Pool #4116, |  |  |
| 6.50%, 4/20/38 | 12 | 13 |
| Pool #4170, |  |  |
| 6.00%, 6/20/38 | 23 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #4194, |  |  |
| 5.50%, 7/20/38 | $53 | $55 |
| Pool #4243, |  |  |
| 5.00%, 9/20/38 | 14 | 14 |
| Pool #4244, |  |  |
| 5.50%, 9/20/38 | 16 | 16 |
| Pool #4245, |  |  |
| 6.00%, 9/20/38 | 8 | 9 |
| Pool #4269, |  |  |
| 6.50%, 10/20/38 | 12 | 13 |
| Pool #4290, |  |  |
| 5.50%, 11/20/38 | 10 | 11 |
| Pool #4344, |  |  |
| 6.00%, 1/20/39 | 18 | 19 |
| Pool #4345, |  |  |
| 6.50%, 1/20/39 | 13 | 14 |
| Pool #4425, |  |  |
| 5.50%, 4/20/39 | 30 | 31 |
| Pool #4559, |  |  |
| 5.00%, 10/20/39 | 65 | 67 |
| Pool #4561, |  |  |
| 6.00%, 10/20/39 | 36 | 38 |
| Pool #4617, |  |  |
| 4.50%, 1/20/40 | 19 | 19 |
| Pool #4619, |  |  |
| 5.50%, 1/20/40 | 74 | 76 |
| Pool #4713, |  |  |
| 4.50%, 6/20/40 | 55 | 55 |
| Pool #4747, |  |  |
| 5.00%, 7/20/40 | 49 | 51 |
| Pool #4923, |  |  |
| 4.50%, 1/20/41 | 50 | 51 |
| Pool #5050, |  |  |
| 4.00%, 5/20/26 | 3 | 3 |
| Pool #5081, |  |  |
| 4.00%, 6/20/41 | 83 | 80 |
| Pool #5082, |  |  |
| 4.50%, 6/20/41 | 82 | 82 |
| Pool #5114, |  |  |
| 4.00%, 7/20/41 | 306 | 296 |
| Pool #5141, |  |  |
| 5.00%, 8/20/41 | 47 | 48 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #5175, |  |  |
| 4.50%, 9/20/41 | $49 | $49 |
| Pool #5202, |  |  |
| 3.50%, 10/20/41 | 129 | 122 |
| Pool #5203, |  |  |
| 4.00%, 10/20/41 | 76 | 74 |
| Pool #5232, |  |  |
| 3.50%, 11/20/41 | 241 | 228 |
| Pool #5264, |  |  |
| 5.50%, 12/20/41 | 5 | 5 |
| Pool #5280, |  |  |
| 4.00%, 1/20/42 | 89 | 86 |
| Pool #5304, |  |  |
| 3.50%, 2/20/42 | 91 | 86 |
| Pool #5317, |  |  |
| 5.50%, 2/20/42 | 41 | 42 |
| Pool #5331, |  |  |
| 3.50%, 3/20/42 | 143 | 135 |
| Pool #737602, |  |  |
| 4.00%, 11/20/40 | 111 | 108 |
| Pool #752757, |  |  |
| 4.50%, 11/20/40 | 156 | 153 |
| Pool #755677, |  |  |
| 4.00%, 12/20/40 | 64 | 61 |
| Pool #782433, |  |  |
| 6.00%, 10/20/38 | 33 | 35 |
| Pool #784345, |  |  |
| 3.50%, 7/20/47 | 304 | 288 |
| Pool #AA5970, |  |  |
| 3.00%, 1/20/43 | 424 | 390 |
| Pool #AA6160, |  |  |
| 3.50%, 3/20/43 | 122 | 114 |
| Pool #AA6243, |  |  |
| 3.50%, 4/20/43 | 43 | 39 |
| Pool #AF5097, |  |  |
| 4.00%, 8/20/43 | 368 | 354 |
| Pool #AJ0645, |  |  |
| 3.50%, 7/20/44 | 105 | 96 |
| Pool #AJ3643, |  |  |
| 4.00%, 10/20/44 | 245 | 234 |
| Pool #AO7682, |  |  |
| 4.00%, 8/20/45 | 250 | 238 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #BE9902, |  |  |
| 4.50%, 6/20/48 | $44 | $43 |
| Pool #MA0022, |  |  |
| 3.50%, 4/20/42 | 141 | 133 |
| Pool #MA0088, |  |  |
| 3.50%, 5/20/42 | 322 | 305 |
| Pool #MA0220, |  |  |
| 3.50%, 7/20/42 | 166 | 158 |
| Pool #MA0318, |  |  |
| 3.50%, 8/20/42 | 311 | 296 |
| Pool #MA0321, |  |  |
| 5.00%, 8/20/42 | 66 | 68 |
| Pool #MA0391, |  |  |
| 3.00%, 9/20/42 | 721 | 665 |
| Pool #MA0392, |  |  |
| 3.50%, 9/20/42 | 139 | 131 |
| Pool #MA0698, |  |  |
| 3.00%, 1/20/43 | 169 | 155 |
| Pool #MA0826, |  |  |
| 3.00%, 3/20/28 | 14 | 14 |
| Pool #MA0850, |  |  |
| 2.50%, 3/20/43 | 70 | 62 |
| Pool #MA0851, |  |  |
| 3.00%, 3/20/43 | 245 | 225 |
| Pool #MA0934, |  |  |
| 3.50%, 4/20/43 | 97 | 92 |
| Pool #MA1011, |  |  |
| 3.00%, 5/20/43 | 285 | 262 |
| Pool #MA1012, |  |  |
| 3.50%, 5/20/43 | 261 | 247 |
| Pool #MA1089, |  |  |
| 3.00%, 6/20/43 | 302 | 277 |
| Pool #MA1224, |  |  |
| 3.50%, 8/20/43 | 212 | 200 |
| Pool #MA1285, |  |  |
| 3.50%, 9/20/43 | 125 | 118 |
| Pool #MA1839, |  |  |
| 4.00%, 4/20/44 | 63 | 61 |
| Pool #MA1920, |  |  |
| 4.00%, 5/20/44 | 67 | 65 |
| Pool #MA2224, |  |  |
| 4.00%, 9/20/44 | 380 | 365 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **110** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #MA2444, |  |  |
| 3.00%, 12/20/44 | $45 | $40 |
| Pool #MA2521, |  |  |
| 3.50%, 1/20/45 | 187 | 175 |
| Pool #MA2522, |  |  |
| 4.00%, 1/20/45 | 81 | 78 |
| Pool #MA2677, |  |  |
| 3.00%, 3/20/45 | 90 | 82 |
| Pool #MA2753, |  |  |
| 3.00%, 4/20/45 | 248 | 225 |
| Pool #MA2754, |  |  |
| 3.50%, 4/20/45 | 100 | 94 |
| Pool #MA2891, |  |  |
| 3.00%, 6/20/45 | 276 | 251 |
| Pool #MA2892, |  |  |
| 3.50%, 6/20/45 | 95 | 88 |
| Pool #MA2960, |  |  |
| 3.00%, 7/20/45 | 227 | 206 |
| Pool #MA3034, |  |  |
| 3.50%, 8/20/45 | 277 | 258 |
| Pool #MA3104, |  |  |
| 3.00%, 9/20/45 | 328 | 298 |
| Pool #MA3106, |  |  |
| 4.00%, 9/20/45 | 239 | 230 |
| Pool #MA3172, |  |  |
| 3.00%, 10/20/45 | 60 | 55 |
| Pool #MA3174, |  |  |
| 4.00%, 10/20/45 | 133 | 128 |
| Pool #MA3244, |  |  |
| 3.50%, 11/20/45 | 212 | 198 |
| Pool #MA3245, |  |  |
| 4.00%, 11/20/45 | 488 | 468 |
| Pool #MA3310, |  |  |
| 3.50%, 12/20/45 | 790 | 734 |
| Pool #MA3378, |  |  |
| 4.50%, 1/20/46 | 305 | 302 |
| Pool #MA3521, |  |  |
| 3.50%, 3/20/46 | 391 | 363 |
| Pool #MA3522, |  |  |
| 4.00%, 3/20/46 | 112 | 107 |
| Pool #MA3596, |  |  |
| 3.00%, 4/20/46 | 223 | 202 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #MA3597, |  |  |
| 3.50%, 4/20/46 | $396 | $369 |
| Pool #MA3662, |  |  |
| 3.00%, 5/20/46 | 372 | 337 |
| Pool #MA3663, |  |  |
| 3.50%, 5/20/46 | 234 | 218 |
| Pool #MA3664, |  |  |
| 4.00%, 5/20/46 | 108 | 103 |
| Pool #MA3735, |  |  |
| 3.00%, 6/20/46 | 448 | 406 |
| Pool #MA3736, |  |  |
| 3.50%, 6/20/46 | 304 | 283 |
| Pool #MA3778, |  |  |
| 3.00%, 7/20/31 | 37 | 37 |
| Pool #MA3802, |  |  |
| 3.00%, 7/20/46 | 528 | 479 |
| Pool #MA3873, |  |  |
| 3.00%, 8/20/46 | 204 | 185 |
| Pool #MA3874, |  |  |
| 3.50%, 8/20/46 | 212 | 198 |
| Pool #MA3936, |  |  |
| 3.00%, 9/20/46 | 464 | 421 |
| Pool #MA4002, |  |  |
| 2.50%, 10/20/46 | 36 | 31 |
| Pool #MA4003, |  |  |
| 3.00%, 10/20/46 | 311 | 281 |
| Pool #MA4067, |  |  |
| 2.50%, 11/20/46 | 288 | 253 |
| Pool #MA4125, |  |  |
| 2.50%, 12/20/46 | 19 | 17 |
| Pool #MA4196, |  |  |
| 3.50%, 1/20/47 | 321 | 298 |
| Pool #MA4322, |  |  |
| 4.00%, 3/20/47 | 123 | 117 |
| Pool #MA4382, |  |  |
| 3.50%, 4/20/47 | 101 | 93 |
| Pool #MA4509, |  |  |
| 3.00%, 6/20/47 | 487 | 441 |
| Pool #MA4512, |  |  |
| 4.50%, 6/20/47 | 179 | 178 |
| Pool #MA4624, |  |  |
| 3.00%, 8/20/32 | 33 | 32 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #MA4652, |  |  |
| 3.50%, 8/20/47 | $419 | $389 |
| Pool #MA4718, |  |  |
| 3.00%, 9/20/47 | 243 | 220 |
| Pool #MA4778, |  |  |
| 3.50%, 10/20/47 | 407 | 378 |
| Pool #MA4838, |  |  |
| 4.00%, 11/20/47 | 57 | 55 |
| Pool #MA4900, |  |  |
| 3.50%, 12/20/47 | 410 | 383 |
| Pool #MA4962, |  |  |
| 3.50%, 1/20/48 | 378 | 351 |
| Pool #MA4963, |  |  |
| 4.00%, 1/20/48 | 140 | 133 |
| Pool #MA5021, |  |  |
| 4.50%, 2/20/48 | 185 | 184 |
| Pool #MA5077, |  |  |
| 3.50%, 3/20/48 | 438 | 407 |
| Pool #MA5137, |  |  |
| 4.00%, 4/20/48 | 59 | 56 |
| Pool #MA5191, |  |  |
| 3.50%, 5/20/48 | 259 | 240 |
| Pool #MA5264, |  |  |
| 4.00%, 6/20/48 | 147 | 141 |
| Pool #MA5265, |  |  |
| 4.50%, 6/20/48 | 147 | 146 |
| Pool #MA5266, |  |  |
| 5.00%, 6/20/48 | 189 | 191 |
| Pool #MA5330, |  |  |
| 4.00%, 7/20/48 | 196 | 187 |
| Pool #MA5331, |  |  |
| 4.50%, 7/20/48 | 298 | 294 |
| Pool #MA5398, |  |  |
| 4.00%, 8/20/48 | 138 | 132 |
| Pool #MA5399, |  |  |
| 4.50%, 8/20/48 | 147 | 145 |
| Pool #MA5466, |  |  |
| 4.00%, 9/20/48 | 336 | 321 |
| Pool #MA5467, |  |  |
| 4.50%, 9/20/48 | 173 | 171 |
| Pool #MA5528, |  |  |
| 4.00%, 10/20/48 | 193 | 185 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #MA5529, |  |  |
| 4.50%, 10/20/48 | $169 | $167 |
| Pool #MA5595, |  |  |
| 4.00%, 11/20/48 | 68 | 65 |
| Pool #MA5653, |  |  |
| 5.00%, 12/20/48 | 215 | 218 |
| Pool #MA5818, |  |  |
| 4.50%, 3/20/49 | 171 | 169 |
| Pool #MA5931, |  |  |
| 4.00%, 5/20/49 | 348 | 331 |
| Pool #MA5985, |  |  |
| 3.50%, 6/20/49 | 364 | 336 |
| Pool #MA6040, |  |  |
| 4.00%, 7/20/49 | 412 | 392 |
| Pool #MA6218, |  |  |
| 3.00%, 10/20/49 | 611 | 549 |
| Pool #MA6310, |  |  |
| 3.00%, 12/20/34 | 30 | 29 |
| Pool #MA6337, |  |  |
| 2.50%, 12/20/49 | 131 | 113 |
| Pool #MA6338, |  |  |
| 3.00%, 12/20/49 | 1389 | 1246 |
| Pool #MA6339, |  |  |
| 3.50%, 12/20/49 | 704 | 645 |
| Pool #MA6408, |  |  |
| 2.50%, 1/20/50 | 345 | 299 |
| Pool #MA6409, |  |  |
| 3.00%, 1/20/50 | 400 | 358 |
| Pool #MA6410, |  |  |
| 3.50%, 1/20/50 | 706 | 650 |
| Pool #MA6654, |  |  |
| 2.00%, 5/20/50 | 1016 | 844 |
| Pool #MA6655, |  |  |
| 2.50%, 5/20/50 | 286 | 247 |
| Pool #MA6709, |  |  |
| 2.50%, 6/20/50 | 1330 | 1146 |
| Pool #MA6765, |  |  |
| 2.50%, 7/20/50 | 1531 | 1321 |
| Pool #MA6819, |  |  |
| 2.50%, 8/20/50 | 850 | 732 |
| Pool #MA6820, |  |  |
| 3.00%, 8/20/50 | 657 | 589 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **112** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #MA6865, |  |  |
| 2.50%, 9/20/50 | $664 | $572 |
| Pool #MA6866, |  |  |
| 3.00%, 9/20/50 | 3147 | 2823 |
| Pool #MA6930, |  |  |
| 2.00%, 10/20/50 | 1020 | 843 |
| Pool #MA6994, |  |  |
| 2.00%, 11/20/50 | 1335 | 1104 |
| Pool #MA6995, |  |  |
| 2.50%, 11/20/50 | 1059 | 914 |
| Pool #MA7051, |  |  |
| 2.00%, 12/20/50 | 888 | 734 |
| Pool #MA7052, |  |  |
| 2.50%, 12/20/50 | 1211 | 1044 |
| Pool #MA7135, |  |  |
| 2.00%, 1/20/51 | 2406 | 1990 |
| Pool #MA7136, |  |  |
| 2.50%, 1/20/51 | 1393 | 1201 |
| Pool #MA7164, |  |  |
| 2.00%, 2/20/36 | 263 | 244 |
| Pool #MA7192, |  |  |
| 2.00%, 2/20/51 | 2817 | 2332 |
| Pool #MA7254, |  |  |
| 2.00%, 3/20/51 | 3112 | 2577 |
| Pool #MA7312, |  |  |
| 2.50%, 4/20/51 | 1188 | 1024 |
| Pool #MA7366, |  |  |
| 2.00%, 5/20/51 | 719 | 594 |
| Pool #MA7367, |  |  |
| 2.50%, 5/20/51 | 1841 | 1586 |
| Pool #MA7417, |  |  |
| 2.00%, 6/20/51 | 2843 | 2351 |
| Pool #MA7418, |  |  |
| 2.50%, 6/20/51 | 1283 | 1105 |
| Pool #MA7471, |  |  |
| 2.00%, 7/20/51 | 2592 | 2143 |
| Pool #MA7472, |  |  |
| 2.50%, 7/20/51 | 1994 | 1718 |
| Pool #MA7534, |  |  |
| 2.50%, 8/20/51 | 1763 | 1519 |
| Pool #MA7535, |  |  |
| 3.00%, 8/20/51 | 828 | 740 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #MA7588, |  |  |
| 2.00%, 9/20/51 | $1414 | $1169 |
| Pool #MA7589, |  |  |
| 2.50%, 9/20/51 | 2072 | 1785 |
| Pool #MA7590, |  |  |
| 3.00%, 9/20/51 | 895 | 799 |
| Pool #MA7647, |  |  |
| 1.50%, 10/20/51 | 373 | 296 |
| Pool #MA7649, |  |  |
| 2.50%, 10/20/51 | 1346 | 1160 |
| Pool #MA7704, |  |  |
| 2.00%, 11/20/51 | 1463 | 1209 |
| Pool #MA7705, |  |  |
| 2.50%, 11/20/51 | 1432 | 1234 |
| Pool #MA7880, |  |  |
| 2.00%, 2/20/52 | 1523 | 1259 |
| Pool #MA7881, |  |  |
| 2.50%, 2/20/52 | 1117 | 963 |
| Pool #MA7936, |  |  |
| 2.50%, 3/20/52 | 743 | 640 |
| Pool #MA7988, |  |  |
| 3.00%, 4/20/52 | 1506 | 1345 |
| Pool #MA7989, |  |  |
| 3.50%, 4/20/52 | 459 | 421 |
| Pool #MA8148, |  |  |
| 3.00%, 7/20/52 | 525 | 469 |
| Pool #MA8151, |  |  |
| 4.50%, 7/20/52 | 1540 | 1505 |
| Pool #MA8199, |  |  |
| 3.50%, 8/20/52 | 848 | 776 |
| Pool #MA8201, |  |  |
| 4.50%, 8/20/52 | 618 | 604 |
| Pool #MA8266, |  |  |
| 3.50%, 9/20/52 | 794 | 727 |
| Pool #MA8267, |  |  |
| 4.00%, 9/20/52 | 1600 | 1516 |
| Pool #MA8268, |  |  |
| 4.50%, 9/20/52 | 780 | 763 |
| Pool #MA8429, |  |  |
| 5.50%, 11/20/52 | 215 | 217 |
| Pool #MA8430, |  |  |
| 6.00%, 11/20/52 | 57 | 58 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #MA8489, |  |  |
| 4.50%, 12/20/52 | $1622 | $1584 |
| Pool #MA8490, |  |  |
| 5.00%, 12/20/52 | 1559 | 1562 |
| Pool #MA8491, |  |  |
| 5.50%, 12/20/52 | 1394 | 1413 |
| Pool #MA8492, |  |  |
| 6.00%, 12/20/52 | 1087 | 1115 |
| Pool #MA8569, |  |  |
| 5.00%, 1/20/53 | 1545 | 1545 |
| Pool #MA8723, |  |  |
| 4.00%, 3/20/53 | 1543 | 1463 |
| Pool #MA8945, |  |  |
| 4.00%, 6/20/53 | 258 | 245 |
| Pool #MA8947, |  |  |
| 5.00%, 6/20/53 | 846 | 846 |
| Pool #MA8948, |  |  |
| 5.50%, 6/20/53 | 776 | 786 |
| Pool #MA8949, |  |  |
| 6.00%, 6/20/53 | 1578 | 1616 |
| Pool #MA8950, |  |  |
| 6.50%, 6/20/53 | 670 | 691 |
| Pool #MA9015, |  |  |
| 4.50%, 7/20/53 | 881 | 858 |
| Pool #MA9016, |  |  |
| 5.00%, 7/20/53 | 2052 | 2046 |
| Pool #MA9017, |  |  |
| 5.50%, 7/20/53 | 1253 | 1270 |
| Pool #MA9106, |  |  |
| 5.50%, 8/20/53 | 789 | 799 |
| Pool #MA9107, |  |  |
| 6.00%, 8/20/53 | 318 | 326 |
| Pool #MA9240, |  |  |
| 5.00%, 10/20/53 | 718 | 718 |
| Pool #MA9241, |  |  |
| 5.50%, 10/20/53 | 637 | 645 |
| Pool #MA9242, |  |  |
| 6.00%, 10/20/53 | 663 | 678 |
| Pool #MA9243, |  |  |
| 6.50%, 10/20/53 | 249 | 257 |
| Pool #MA9244, |  |  |
| 7.00%, 10/20/53 | 186 | 192 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #MA9305, |  |  |
| 5.50%, 11/20/53 | $1055 | $1070 |
| Pool #MA9306, |  |  |
| 6.00%, 11/20/53 | 465 | 475 |
| Pool #MA9307, |  |  |
| 6.50%, 11/20/53 | 256 | 263 |
| Pool #MA9366, |  |  |
| 7.50%, 12/20/53 | 50 | 52 |
| Pool #MA9424, |  |  |
| 6.00%, 1/20/54 | 314 | 321 |
| Pool #MA9425, |  |  |
| 6.50%, 1/20/54 | 576 | 593 |
| Pool #MA9426, |  |  |
| 7.00%, 1/20/54 | 271 | 280 |
| Pool #MA9541, |  |  |
| 5.50%, 3/20/54 | 2079 | 2101 |
| Pool #MA9604, |  |  |
| 5.00%, 4/20/54 | 366 | 364 |
| Pool #MA9605, |  |  |
| 5.50%, 4/20/54 | 2363 | 2387 |
| Pool #MA9606, |  |  |
| 6.00%, 4/20/54 | 584 | 596 |
| Pool #MA9669, |  |  |
| 6.00%, 5/20/54 | 1361 | 1389 |
| Pool #MA9670, |  |  |
| 6.50%, 5/20/54 | 821 | 845 |
| Pool #MA9906, |  |  |
| 5.50%, 9/20/54 | 1205 | 1215 |
| Pool #MA9907, |  |  |
| 6.00%, 9/20/54 | 1646 | 1677 |
| Pool #MA9908, |  |  |
| 6.50%, 9/20/54 | 714 | 734 |
| Pool #MB0025, |  |  |
| 5.00%, 11/20/54 | 2022 | 2013 |
| Pool #MB0090, |  |  |
| 4.50%, 12/20/54 | 1363 | 1323 |
| Pool #MB0091, |  |  |
| 5.00%, 12/20/54 | 2423 | 2413 |
| Pool #MB0092, |  |  |
| 5.50%, 12/20/54 | 955 | 963 |
| Pool #MB0556, |  |  |
| 5.50%, 8/20/55 | 2993 | 3020 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **114** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.5%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** | **Government National Mortgage Association II – 5.5%continued** |
| Pool #MB0557, |  |  |
| 6.00%, 8/20/55 | $1994 | $2031 |
|  |  | **127504** |
| **Tennessee Valley Authority – 0.1%** | **Tennessee Valley Authority – 0.1%** | **Tennessee Valley Authority – 0.1%** |
| 5.25%, 9/15/39 | 1050 | **1111** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $642,829)** |  | **588776** |
| **U.S. GOVERNMENT OBLIGATIONS – 44.9%**  | **U.S. GOVERNMENT OBLIGATIONS – 44.9%**  | **U.S. GOVERNMENT OBLIGATIONS – 44.9%**  |
| **U.S. Treasury Bonds – 9.6%** | **U.S. Treasury Bonds – 9.6%** | **U.S. Treasury Bonds – 9.6%** |
| 6.63%, 2/15/27 | 5000 | 5212 |
| 4.50%, 2/15/36 | 700 | 723 |
| 4.75%, 2/15/37<sup>†</sup> <br>| 500 | 525 |
| 5.00%, 5/15/37 | 500 | 536 |
| 4.38%, 2/15/38 | 600 | 605 |
| 4.50%, 5/15/38 | 600 | 613 |
| 3.50%, 2/15/39 | 700 | 640 |
| 4.25%, 5/15/39 | 1000 | 985 |
| 4.50%, 8/15/39 | 1000 | 1007 |
| 4.38%, 11/15/39 | 1000 | 992 |
| 4.63%, 2/15/40 | 1000 | 1018 |
| 1.13%, 5/15/40 | 3500 | 2229 |
| 4.38%, 5/15/40 | 1100 | 1089 |
| 1.13%, 8/15/40 | 3500 | 2207 |
| 3.88%, 8/15/40 | 1000 | 932 |
| 1.38%, 11/15/40 | 4000 | 2610 |
| 4.25%, 11/15/40 | 1000 | 972 |
| 1.88%, 2/15/41 | 5000 | 3515 |
| 4.75%, 2/15/41 | 1000 | 1026 |
| 2.25%, 5/15/41 | 3750 | 2778 |
| 4.38%, 5/15/41 | 1000 | 983 |
| 1.75%, 8/15/41 | 5500 | 3732 |
| 3.75%, 8/15/41 | 1000 | 909 |
| 2.00%, 11/15/41 | 5000 | 3511 |
| 3.13%, 11/15/41 | 1000 | 833 |
| 2.38%, 2/15/42 | 3000 | 2223 |
| 3.13%, 2/15/42 | 1000 | 830 |
| 3.00%, 5/15/42 | 1000 | 811 |
| 3.25%, 5/15/42 | 3000 | 2520 |
| 2.75%, 8/15/42 | 1500 | 1167 |
| 3.38%, 8/15/42 | 3000 | 2556 |
| 2.75%, 11/15/42 | 2000 | 1549 |
| 4.00%, 11/15/42 | 3000 | 2774 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  |
| **U.S. Treasury Bonds – 9.6%continued** | **U.S. Treasury Bonds – 9.6%continued** | **U.S. Treasury Bonds – 9.6%continued** |
| 3.13%, 2/15/43 | $1000 | $816 |
| 3.88%, 2/15/43 | 3000 | 2723 |
| 2.88%, 5/15/43 | 2500 | 1959 |
| 3.88%, 5/15/43 | 3000 | 2717 |
| 3.63%, 8/15/43 | 2000 | 1745 |
| 4.38%, 8/15/43 | 3300 | 3185 |
| 3.75%, 11/15/43 | 2000 | 1771 |
| 4.75%, 11/15/43 | 3500 | 3537 |
| 3.63%, 2/15/44 | 2000 | 1736 |
| 4.50%, 2/15/44 | 3000 | 2934 |
| 3.38%, 5/15/44 | 1600 | 1335 |
| 4.63%, 5/15/44 | 2750 | 2730 |
| 3.13%, 8/15/44 | 2000 | 1601 |
| 4.13%, 8/15/44 | 3000 | 2785 |
| 3.00%, 11/15/44 | 2000 | 1565 |
| 4.63%, 11/15/44 | 3000 | 2972 |
| 2.50%, 2/15/45 | 2500 | 1791 |
| 4.75%, 2/15/45 | 2300 | 2314 |
| 3.00%, 5/15/45 | 1500 | 1167 |
| 5.00%, 5/15/45 | 2000 | 2077 |
| 2.88%, 8/15/45 | 1000 | 760 |
| 3.00%, 11/15/45 | 1000 | 774 |
| 2.50%, 2/15/46 | 2000 | 1412 |
| 2.50%, 5/15/46 | 2000 | 1406 |
| 2.25%, 8/15/46 | 3000 | 2002 |
| 2.88%, 11/15/46 | 1500 | 1123 |
| 3.00%, 2/15/47 | 2000 | 1527 |
| 3.00%, 5/15/47 | 2000 | 1523 |
| 2.75%, 8/15/47 | 2500 | 1812 |
| 2.75%, 11/15/47 | 2500 | 1807 |
| 3.00%, 2/15/48 | 3000 | 2266 |
| 3.13%, 5/15/48 | 3000 | 2313 |
| 3.00%, 8/15/48 | 3500 | 2632 |
| 3.38%, 11/15/48 | 2500 | 2008 |
| 3.00%, 2/15/49 | 4000 | 2995 |
| 2.88%, 5/15/49 | 3500 | 2553 |
| 2.25%, 8/15/49 | 3500 | 2234 |
| 2.38%, 11/15/49 | 3500 | 2290 |
| 2.00%, 2/15/50 | 4500 | 2691 |
| 1.25%, 5/15/50 | 5000 | 2453 |
| 1.38%, 8/15/50 | 5500 | 2766 |
| 1.63%, 11/15/50 | 5000 | 2683 |
| 1.88%, 2/15/51 | 6000 | 3427 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  |
| **U.S. Treasury Bonds – 9.6%continued** | **U.S. Treasury Bonds – 9.6%continued** | **U.S. Treasury Bonds – 9.6%continued** |
| 2.38%, 5/15/51 | $6000 | $3860 |
| 2.00%, 8/15/51 | 6000 | 3515 |
| 1.88%, 11/15/51 | 5500 | 3111 |
| 2.25%, 2/15/52 | 5000 | 3101 |
| 2.88%, 5/15/52 | 4500 | 3211 |
| 3.00%, 8/15/52 | 4500 | 3291 |
| 4.00%, 11/15/52 | 5000 | 4425 |
| 3.63%, 2/15/53 | 4500 | 3720 |
| 3.63%, 5/15/53 | 4500 | 3717 |
| 4.13%, 8/15/53 | 4900 | 4429 |
| 4.75%, 11/15/53 | 4900 | 4908 |
| 4.25%, 2/15/54 | 5500 | 5077 |
| 4.63%, 5/15/54 | 5350 | 5256 |
| 4.25%, 8/15/54 | 5400 | 4985 |
| 4.50%, 11/15/54 | 5300 | 5103 |
| 4.63%, 2/15/55 | 5300 | 5210 |
| 4.75%, 5/15/55 | 5300 | 5317 |
| 4.75%, 8/15/55 | 3000 | 3010 |
|  |  | **220775** |
| **U.S. Treasury Notes – 35.3%** | **U.S. Treasury Notes – 35.3%** | **U.S. Treasury Notes – 35.3%** |
| 4.63%, 10/15/26<sup>†</sup> <br>| 10000 | 10092 |
| 1.13%, 10/31/26 | 5000 | 4863 |
| 2.00%, 11/15/26 | 10000 | 9812 |
| 4.63%, 11/15/26 | 5000 | 5049 |
| 1.25%, 11/30/26 | 5000 | 4860 |
| 4.25%, 11/30/26 | 5000 | 5029 |
| 4.38%, 12/15/26 | 5000 | 5039 |
| 1.25%, 12/31/26 | 5000 | 4851 |
| 4.25%, 12/31/26 | 5000 | 5032 |
| 1.50%, 1/31/27 | 10000 | 9717 |
| 4.13%, 1/31/27 | 5000 | 5027 |
| 2.25%, 2/15/27 | 5000 | 4904 |
| 1.13%, 2/28/27 | 5000 | 4825 |
| 4.13%, 2/28/27 | 5000 | 5030 |
| 4.25%, 3/15/27 | 5000 | 5041 |
| 2.50%, 3/31/27 | 5000 | 4916 |
| 3.88%, 3/31/27 | 5000 | 5015 |
| 2.75%, 4/30/27 | 5000 | 4931 |
| 3.75%, 4/30/27 | 5000 | 5007 |
| 2.38%, 5/15/27 | 5000 | 4900 |
| 4.50%, 5/15/27 | 5000 | 5065 |
| 0.50%, 5/31/27 | 5000 | 4748 |
| 2.63%, 5/31/27 | 5000 | 4917 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  |
| **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** |
| 3.88%, 5/31/27 | $5000 | $5017 |
| 4.63%, 6/15/27 | 5000 | 5080 |
| 3.25%, 6/30/27 | 5000 | 4968 |
| 4.38%, 7/15/27 | 5000 | 5063 |
| 2.75%, 7/31/27 | 5000 | 4922 |
| 3.75%, 8/15/27 | 5000 | 5010 |
| 0.50%, 8/31/27 | 5000 | 4713 |
| 3.13%, 8/31/27 | 5000 | 4954 |
| 3.63%, 8/31/27 | 5000 | 5000 |
| 3.38%, 9/15/27 | 5000 | 4977 |
| 0.38%, 9/30/27 | 5000 | 4690 |
| 3.50%, 9/30/27 | 5000 | 4989 |
| 4.13%, 9/30/27 | 5000 | 5048 |
| 3.88%, 10/15/27 | 5000 | 5025 |
| 4.13%, 10/31/27 | 5000 | 5051 |
| 2.25%, 11/15/27 | 5000 | 4861 |
| 0.63%, 11/30/27 | 5000 | 4692 |
| 4.00%, 12/15/27 | 5000 | 5041 |
| 0.63%, 12/31/27 | 5000 | 4680 |
| 3.88%, 12/31/27 | 5000 | 5028 |
| 0.75%, 1/31/28 | 5000 | 4682 |
| 3.50%, 1/31/28 | 5000 | 4987 |
| 2.75%, 2/15/28 | 5000 | 4901 |
| 4.25%, 2/15/28 | 5000 | 5071 |
| 1.13%, 2/29/28 | 5000 | 4715 |
| 3.88%, 3/15/28 | 5000 | 5031 |
| 1.25%, 3/31/28 | 5000 | 4720 |
| 3.63%, 3/31/28 | 5000 | 5001 |
| 3.75%, 4/15/28 | 5000 | 5015 |
| 1.25%, 4/30/28 | 5000 | 4710 |
| 3.50%, 4/30/28 | 5000 | 4986 |
| 2.88%, 5/15/28 | 5000 | 4906 |
| 3.75%, 5/15/28 | 5000 | 5016 |
| 3.63%, 5/31/28 | 5000 | 5001 |
| 1.25%, 6/30/28 | 5000 | 4692 |
| 4.00%, 6/30/28 | 5000 | 5049 |
| 3.88%, 7/15/28 | 5000 | 5032 |
| 1.00%, 7/31/28 | 5000 | 4649 |
| 4.13%, 7/31/28 | 5000 | 5066 |
| 2.88%, 8/15/28 | 5000 | 4898 |
| 1.13%, 8/31/28 | 5000 | 4656 |
| 3.38%, 9/15/28 | 5000 | 4966 |
| 1.25%, 9/30/28 | 5000 | 4664 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **116** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  |
| **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** |
| 4.63%, 9/30/28 | $5000 | $5141 |
| 1.38%, 10/31/28 | 5000 | 4672 |
| 4.88%, 10/31/28 | 5000 | 5178 |
| 3.13%, 11/15/28 | 5000 | 4924 |
| 1.50%, 11/30/28 | 5000 | 4682 |
| 4.38%, 11/30/28 | 5000 | 5108 |
| 1.38%, 12/31/28 | 5000 | 4655 |
| 3.75%, 12/31/28 | 5000 | 5016 |
| 1.75%, 1/31/29 | 5000 | 4704 |
| 4.00%, 1/31/29 | 5000 | 5054 |
| 2.63%, 2/15/29 | 5000 | 4838 |
| 1.88%, 2/28/29 | 5000 | 4717 |
| 4.25%, 2/28/29 | 5000 | 5095 |
| 2.38%, 3/31/29 | 5000 | 4791 |
| 4.13%, 3/31/29 | 5000 | 5076 |
| 2.88%, 4/30/29 | 5000 | 4868 |
| 4.63%, 4/30/29 | 5000 | 5160 |
| 2.38%, 5/15/29 | 5000 | 4782 |
| 2.75%, 5/31/29 | 3500 | 3390 |
| 4.50%, 5/31/29 | 5000 | 5140 |
| 3.25%, 6/30/29 | 5000 | 4925 |
| 4.25%, 6/30/29 | 5000 | 5099 |
| 4.00%, 7/31/29 | 5000 | 5055 |
| 1.63%, 8/15/29 | 5000 | 4639 |
| 3.13%, 8/31/29 | 5000 | 4898 |
| 3.63%, 8/31/29 | 5000 | 4988 |
| 3.50%, 9/30/29 | 5000 | 4965 |
| 3.88%, 9/30/29 | 5000 | 5034 |
| 4.00%, 10/31/29 | 3000 | 3034 |
| 4.13%, 10/31/29 | 5000 | 5080 |
| 3.88%, 11/30/29 | 5000 | 5032 |
| 4.13%, 11/30/29 | 5000 | 5080 |
| 4.38%, 12/31/29 | 5000 | 5129 |
| 4.25%, 1/31/30 | 5000 | 5106 |
| 1.50%, 2/15/30 | 5000 | 4560 |
| 4.00%, 2/28/30 | 9000 | 9104 |
| 4.00%, 3/31/30 | 5000 | 5057 |
| 3.50%, 4/30/30 | 5000 | 4952 |
| 3.88%, 4/30/30 | 5000 | 5032 |
| 0.63%, 5/15/30 | 5000 | 4346 |
| 3.75%, 5/31/30 | 5000 | 5004 |
| 4.00%, 5/31/30 | 5000 | 5059 |
| 3.88%, 6/30/30 | 5000 | 5031 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  |
| **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** |
| 3.88%, 7/31/30 | $5000 | $5030 |
| 0.63%, 8/15/30 | 10000 | 8621 |
| 3.63%, 8/31/30 | 5000 | 4974 |
| 3.63%, 9/30/30 | 5000 | 4975 |
| 0.88%, 11/15/30 | 5000 | 4335 |
| 4.38%, 11/30/30 | 5000 | 5141 |
| 4.00%, 1/31/31 | 5000 | 5052 |
| 1.13%, 2/15/31 | 5000 | 4369 |
| 4.25%, 2/28/31 | 5000 | 5113 |
| 4.13%, 3/31/31 | 5000 | 5081 |
| 4.63%, 4/30/31 | 5000 | 5205 |
| 1.63%, 5/15/31 | 5000 | 4452 |
| 4.63%, 5/31/31 | 5000 | 5205 |
| 4.25%, 6/30/31 | 5000 | 5109 |
| 4.13%, 7/31/31 | 5000 | 5076 |
| 1.25%, 8/15/31 | 7000 | 6054 |
| 3.75%, 8/31/31 | 5000 | 4977 |
| 3.63%, 9/30/31 | 5000 | 4941 |
| 1.38%, 11/15/31 | 5000 | 4328 |
| 4.50%, 12/31/31 | 5000 | 5173 |
| 4.38%, 1/31/32 | 5000 | 5138 |
| 1.88%, 2/15/32 | 5000 | 4436 |
| 4.13%, 3/31/32 | 5000 | 5066 |
| 4.00%, 4/30/32 | 6500 | 6538 |
| 2.88%, 5/15/32 | 5000 | 4701 |
| 4.00%, 6/30/32 | 5000 | 5026 |
| 4.00%, 7/31/32 | 3000 | 3014 |
| 2.75%, 8/15/32 | 5000 | 4648 |
| 3.88%, 9/30/32 | 5000 | 4984 |
| 4.13%, 11/15/32 | 10000 | 10116 |
| 3.50%, 2/15/33 | 5000 | 4854 |
| 3.38%, 5/15/33 | 5000 | 4803 |
| 3.88%, 8/15/33 | 10000 | 9917 |
| 4.50%, 11/15/33 | 10000 | 10339 |
| 4.00%, 2/15/34 | 5000 | 4987 |
| 4.38%, 5/15/34 | 11500 | 11766 |
| 3.88%, 8/15/34 | 15000 | 14770 |
| 4.25%, 11/15/34 | 20000 | 20226 |
| 4.63%, 2/15/35 | 10000 | 10392 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **117** 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 - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 44.9%continued**  |
| **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** | **U.S. Treasury Notes – 35.3%continued** |
| 4.25%, 5/15/35 | $8000 | $8074 |
| 4.25%, 8/15/35<sup>†</sup> <br>| 5000 | 5041 |
|  |  | **815140** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $1,075,289)** |  | **1035915** |
| **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 | **108** |
| **California – 0.1%** | **California – 0.1%** | **California – 0.1%** |
| &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 | 172 |
| &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 | 171 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Build America Bonds,<br>|  |  |
| 7.30%, 10/1/39 | 920 | 1076 |
| 7.63%, 3/1/40 | 405 | 491 |
| 7.60%, 11/1/40 | 100 | 123 |
| &nbsp;&nbsp; East Bay Municipal Utility District Water <br> System Subordinated Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 5.87%, 6/1/40 | 300 | 320 |
| &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 – 0.1%continued** | **California – 0.1%continued** | **California – 0.1%continued** |
| &nbsp;&nbsp; University of California Taxable <br> General Revenue Bonds, Series AD,<br>|  |  |
| 4.86%, 5/15/12<sup>(7)</sup> <br>| $500 | $424 |
|  |  | **3136** |
| **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 | **323** |
| **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 | 92 | 100 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 6.64%, 4/1/57 | 63 | 69 |
| 7.06%, 4/1/57 | 279 | 314 |
|  |  | **483** |
| **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 | 304 |
| &nbsp;&nbsp; Chicago Transit Authority Sales Tax <br> Receipts Revenue Bonds, Series B, <br> Build America Bonds,<br>|  |  |
| 6.20%, 12/1/40 | 140 | 147 |
| &nbsp;&nbsp; Illinois State Taxable Pension G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.10%, 6/1/33 | 615 | 626 |
|  |  | **1077** |
| **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 | 252 |
| &nbsp;&nbsp; Massachusetts State School Building <br> Authority Sales TRB, Build America <br> Bonds,<br>|  |  |
| 5.72%, 8/15/39 | 100 | 105 |
|  |  | **357** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **118** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 | **$103** |
| **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 | **224** |
| **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 | 222 |
| &nbsp;&nbsp; New Jersey State Turnpike Authority <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 7.41%, 1/1/40 | 125 | 151 |
| &nbsp;&nbsp; Rutgers State University Revenue Bonds, <br> Build America Bonds,<br>|  |  |
| 5.67%, 5/1/40 | 145 | 151 |
|  |  | **524** |
| **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 | 84 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 6.81%, 11/15/40 | 35 | 39 |
| &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 | 204 |
| 5.72%, 6/15/42 | 250 | 254 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Build <br> America Bonds,<br>|  |  |
| 5.52%, 10/1/37 | 100 | 103 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Personal Income TRB, Series D, Build <br> America Bonds,<br>|  |  |
| 5.60%, 3/15/40 | 250 | 258 |

---

---

| | | |
|:---|:---|:---|
|  | 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 | $78 |
| &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 | 373 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 165th Taxable <br> Revenue Bonds,<br>|  |  |
| 5.65%, 11/1/40 | 200 | 213 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 168th Revenue <br> Bonds,<br>|  |  |
| 4.93%, 10/1/51 | 250 | 235 |
|  |  | **1918** |
| **Ohio – 0.1%** | **Ohio – 0.1%** | **Ohio – 0.1%** |
| &nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Revenue Bonds, Subseries B, Build <br> America Bonds,<br>|  |  |
| 6.45%, 2/15/44 | 200 | 214 |
| &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 | 385 |
| &nbsp;&nbsp; Ohio State University Revenue Bonds, <br> Series C, Build America Bonds,<br>|  |  |
| 4.91%, 6/1/40 | 190 | 189 |
| &nbsp;&nbsp; Ohio State University Taxable Revenue <br> Bonds, Series A,<br>|  |  |
| 4.80%, 6/1/11<sup>(4)</sup> <br>| 200 | 170 |
|  |  | **958** |
| **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 | 193 | **197** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **119** 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**  |
| **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 | **$108** |
| **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 | 173 |
| &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 | 203 |
| &nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 6.72%, 1/1/49 | 125 | 139 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 5.99%, 2/1/39 | 200 | 212 |
| &nbsp;&nbsp; Texas State Taxable G.O. Unlimited <br> Bonds, Build America Bonds,<br>|  |  |
| 5.52%, 4/1/39 | 200 | 208 |
| &nbsp;&nbsp; Texas State Transportation Commission <br> State Highway Fund Taxable <br> Revenue Bonds, Series B, First Tier,<br>|  |  |
| 5.18%, 4/1/30 | 300 | 306 |
| &nbsp;&nbsp; University of Texas Revenue Bonds, <br> Series C, Build America Bonds,<br>|  |  |
| 4.79%, 8/15/46 | 100 | 95 |
|  |  | **1336** |
| **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 | **177** |
| **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 | **83** |
| **Total Municipal Bonds** |  |  |
| **(Cost $10,968)** |  | **11112** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 3.1%**  | **INVESTMENT COMPANIES – 3.1%**  | **INVESTMENT COMPANIES – 3.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(15) (16) (17)</sup> <br>| 23468040 | $23468 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(15) (16)</sup> <br>| 47076998 | 47077 |
| **Total Investment Companies** |  |  |
| **(Cost $70,545)** |  | **70545** |
| **Total Investments – 101.9%** | **Total Investments – 101.9%** |  |
| **(Cost $2,460,627)** | **(Cost $2,460,627)** | **2350201** |
| Liabilities less Other Assets – (1.9%) | Liabilities less Other Assets – (1.9%) | (43938)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2306263** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Variable or floating rate security, the interest rate of which adjusts* <br> *periodically based on changes in current interest rates and prepayments on* <br> *the underlying pool of assets.*<br>|
| <sup>(2)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At September 30,* <br> *2025, the value of these securities amounted to approximately $4,131,000* <br> *or 0.2% of net assets.*<br>|
| <sup>(3)</sup> <br>| *Variable or floating rate security. Security issued at a fixed coupon rate,* <br> *which converts to a variable rate at a future date. Rate shown is the rate in* <br> *effect as of September 30, 2025.*<br>|
| <sup>(4)</sup> <br>| *Century bond maturing in 2111.* |
| <sup>(5)</sup> <br>| *Century bond maturing in 2114.* |
| <sup>(6)</sup> <br>| *Century bond maturing in 2116.* |
| <sup>(7)</sup> <br>| *Century bond maturing in 2112.* |
| <sup>(8)</sup> <br>| *Security exempt from registration pursuant to Regulation S under the* <br> *Securities Act of 1933. Regulation S applies to securities offerings that are* <br> *made outside of the United States and do not involve direct selling efforts in* <br> *the United States and as such may have restrictions on resale.*<br>|
| <sup>(9)</sup> <br>| *Investment in affiliate.* |
| <sup>(10)</sup> <br>| *Zero coupon bond.* |
| <sup>(11)</sup> <br>| *Principal Amount and Value rounds to less than one thousand.* |
| <sup>(12)</sup> <br>| *The obligations of certain U.S. government-sponsored entities are neither* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(13)</sup> <br>| *Variable or floating rate security. Rate as of September 30, 2025 is* <br> *disclosed.*<br>|
| <sup>(14)</sup> <br>| *When-Issued Security. Coupon rate is not in effect at September 30, 2025.* |
| <sup>(15)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(16)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(17)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1Y - 1 Year |
| 3M - 3 Month |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **120** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| |
|:---|
| 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 September 30, 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; $9705 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9705 |
| &nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17730 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17730 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 473833 | &nbsp;&nbsp; — | &nbsp;&nbsp; 473833 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 142585 | &nbsp;&nbsp; — | &nbsp;&nbsp; 142585 |
| &nbsp;&nbsp; U.S. Government <br> Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 588776 | &nbsp;&nbsp; — | &nbsp;&nbsp; 588776 |
| &nbsp;&nbsp; U.S. Government <br> Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1035915 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1035915 |
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11112 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11112 |
| Investment Companies | &nbsp;&nbsp; 70545 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70545 |
| Total Investments | &nbsp;&nbsp; $70545 | &nbsp;&nbsp; $2279656 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2350201 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **121** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 94.4%**  | **MUNICIPAL BONDS – 94.4%**  | **MUNICIPAL BONDS – 94.4%**  |
| **California – 94.4%** | **California – 94.4%** | **California – 94.4%** |
| &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 | $2044 |
| &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 | 1015 |
| &nbsp;&nbsp; Alum Rock Union Elementary School <br> District G.O. Unlimited Refunding <br> Bonds, Series B (BAM Insured),<br>|  |  |
| 5.00%, 8/1/33 | 1750 | 2028 |
| &nbsp;&nbsp; Azusa Unified School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2014,<br>|  |  |
| 5.00%, 8/1/44 | 1700 | 1753 |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Subordinate Revenue Refunding <br> Bonds, Series S-11,<br>|  |  |
| 5.00%, 4/1/32 | 795 | 925 |
| &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 | 3587 |
| &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 | 1432 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.25%, 4/1/30<sup>(1) (2)</sup> <br>| 1215 | 1318 |
| 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 1250 | 1324 |
| 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| 2000 | 2231 |
| 5.00%, 10/1/33<sup>(1) (2)</sup> <br>| 2000 | 2147 |
| 5.00%, 7/1/34<sup>(1) (2)</sup> <br>| 2000 | 2151 |
| &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 | 2533 |
| &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 | 798 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  |
| **California – 94.4%continued** | **California – 94.4%continued** | **California – 94.4%continued** |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 8/1/32<sup>(1) (2)</sup> <br>| $2000 | $2118 |
| 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 2720 | 2986 |
| &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 | 1888 | 1901 |
| &nbsp;&nbsp; California PFA Revenue Refunding <br> Bonds, Series A, PIH Health,<br>|  |  |
| 5.00%, 6/1/32 | 1500 | 1669 |
| &nbsp;&nbsp; California School Finance Authority <br> Educational Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 7/1/40 | 800 | 737 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, University <br> of the Pacific,<br>|  |  |
| 5.00%, 11/1/43 | 610 | 655 |
| 5.00%, 11/1/44 | 700 | 746 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Refunding Bonds, <br> University of the Pacific,<br>|  |  |
| 5.00%, 11/1/35 | 750 | 883 |
| &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 | 3315 |
| &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 | 2350 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Prerefunded,<br>|  |  |
| 5.00%, 11/1/30<sup>(3)</sup> <br>| 25 | 28 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Unrefunded Balance,<br>|  |  |
| 5.00%, 11/1/32 | 1515 | 1687 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/28 | 2000 | 2100 |
| 5.00%, 8/1/33 | 2500 | 2909 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **122** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  |
| **California – 94.4%continued** | **California – 94.4%continued** | **California – 94.4%continued** |
| 5.00%, 8/1/34 | $2000 | $2340 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds, Bid Group C,<br>|  |  |
| 5.00%, 8/1/28 | 2000 | 2041 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Adventist Health System/West,<br>|  |  |
| 5.00%, 12/1/35 | 2500 | 2751 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Series B, Stanford Health Care,<br>|  |  |
| 5.00%, 8/15/33 | 690 | 818 |
| &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 | 251 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Series A, El <br> Camino Health,<br>|  |  |
| 5.00%, 2/1/33 | 700 | 805 |
| &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 | 2093 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| 5.00%, 10/1/32<sup>(1) (2)</sup> <br>| 2000 | 2228 |
| &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 | 1518 |
| &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 | 2196 |
| 5.00%, 11/1/33 | 200 | 220 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  |
| **California – 94.4%continued** | **California – 94.4%continued** | **California – 94.4%continued** |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, UCSF <br> 2130 Third Street,<br>|  |  |
| 5.00%, 5/15/36 | $1000 | $1047 |
| &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 | 2782 |
| &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 | 3246 | 2820 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, <br> HumanGood, California Obligated <br> Group,<br>|  |  |
| 3.00%, 10/1/46 | 1000 | 732 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Series A, <br> National University,<br>|  |  |
| 5.00%, 4/1/36 | 2245 | 2381 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> Southwestern Law School,<br>|  |  |
| 4.00%, 11/1/41 | 400 | 360 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| 5.00%, 8/1/31 | 1500 | 1713 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Various Capital Projects,<br>|  |  |
| 5.00%, 9/1/32 | 3500 | 4049 |
| &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 | 5057 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 11/1/31 | 4560 | 4796 |
| 5.25%, 10/1/39 | 1500 | 1512 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **123** 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 - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  |
| **California – 94.4%continued** | **California – 94.4%continued** | **California – 94.4%continued** |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Refunding Bonds <br> (BAM-TCRS Insured),<br>|  |  |
| 5.00%, 9/1/35 | $3500 | $3560 |
| &nbsp;&nbsp; CSCDA Community Improvement <br> Authority Essential Housing Senior <br> Revenue Bonds, Crescent West <br> Hollywood,<br>|  |  |
| 3.25%, 7/1/43 | 1000 | 758 |
| &nbsp;&nbsp; Desert Sands Unified School District <br> G.O. Unlimited Bonds, Election of <br> 2014,<br>|  |  |
| 5.00%, 8/1/39 | 1330 | 1366 |
| &nbsp;&nbsp; Desert Sands Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/32 | 1230 | 1443 |
| &nbsp;&nbsp; East Side Union High School District <br> Santa Clara County Election G.O. <br> Unlimited Bonds, Series D, Election <br> 2016,<br>|  |  |
| 5.00%, 8/1/32 | 750 | 877 |
| &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 | 5409 |
| &nbsp;&nbsp; Evergreen School District G.O. <br> Unlimited Bonds, Election of 2014,<br>|  |  |
| 5.00%, 8/1/46 | 1000 | 1023 |
| &nbsp;&nbsp; Garden Grove PFA Lease Revenue <br> Bonds, Series A (BAM Insured),<br>|  |  |
| 5.00%, 4/1/32 | 580 | 673 |
| &nbsp;&nbsp; Garden Grove PFS Lease Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 4/1/29 | 300 | 329 |
| &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 | 986 |
| 2.53%, 6/1/28 | 1500 | 1428 |
| &nbsp;&nbsp; Hayward Unified School District G.O. <br> Unlimited Refunding Bonds, Series B <br> (AG Insured),<br>|  |  |
| 5.00%, 8/1/33 | 3750 | 4360 |
| &nbsp;&nbsp; Imperial Irrigation District Electric <br> Revenue Bonds, Series B-1,<br>|  |  |
| 5.00%, 11/1/46 | 2500 | 2517 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  |
| **California – 94.4%continued** | **California – 94.4%continued** | **California – 94.4%continued** |
| &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 | $1618 |
| &nbsp;&nbsp; Jefferson Union High School District <br> San Mateo County G.O. Unlimited <br> Bonds, Series C, 2020 Election <br> Measure Z,<br>|  |  |
| 5.00%, 8/1/34 | 300 | 359 |
| &nbsp;&nbsp; Lake Elsinore Facilities Financing <br> Authority Local Agency Special TRB, <br> Series A (AG Insured),<br>|  |  |
| 5.00%, 9/1/33 | 1750 | 2036 |
| &nbsp;&nbsp; Long Beach Community College District <br> G.O. Unlimited Bonds, Series E,<br>|  |  |
| 5.00%, 8/1/52 | 2000 | 2129 |
| &nbsp;&nbsp; Long Beach Harbor Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 5/15/30 | 1300 | 1345 |
| &nbsp;&nbsp; Long Beach Harbor Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| 5.00%, 5/15/47 | 3000 | 3045 |
| &nbsp;&nbsp; Long Beach Marina Revenue Refunding <br> Bonds, Alamitos Bay Marina Project,<br>|  |  |
| 5.00%, 5/15/33 | 700 | 795 |
| &nbsp;&nbsp; Los Alamitos Unified School District <br> COPS, Capital Projects,<br>|  |  |
| 5.95%, 8/1/34 | 1100 | 1214 |
| &nbsp;&nbsp; Los Angeles County Metropolitan <br> Transportation Authority Sales Senior <br> TRB, Series B,<br>|  |  |
| 5.00%, 7/1/36 | 2975 | 3150 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series D,<br>|  |  |
| 5.00%, 12/1/29 | 1665 | 1672 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series J,<br>|  |  |
| 5.00%, 12/1/43 | 1750 | 1896 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/29 | 2630 | 2640 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **124** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  |
| **California – 94.4%continued** | **California – 94.4%continued** | **California – 94.4%continued** |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International,<br>|  |  |
| 5.00%, 5/15/30 | $1465 | $1549 |
| &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 | 2105 |
| 5.00%, 5/15/44 | 1500 | 1514 |
| &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 | 3130 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series E,<br>|  |  |
| 5.00%, 7/1/33 | 4210 | 4800 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/43 | 1850 | 1867 |
| &nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Capital <br> Equipment & Real Property,<br>|  |  |
| 5.00%, 5/1/30 | 600 | 673 |
| &nbsp;&nbsp; Los Angeles Special Refunding Tax <br> Bonds, Community Facilities District <br> No. 4 Playa Vista,<br>|  |  |
| 5.00%, 9/1/30 | 775 | 869 |
| &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 | 1593 |
| &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 | 202 |
| &nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/33 | 3500 | 4145 |
| &nbsp;&nbsp; Menifee Special Tax, Community <br> Facilities District McCall,<br>|  |  |
| 3.00%, 9/1/42 | 385 | 300 |
| 4.00%, 9/1/51 | 1000 | 856 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  |
| **California – 94.4%continued** | **California – 94.4%continued** | **California – 94.4%continued** |
| &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 | $3260 |
| &nbsp;&nbsp; Moreland School District G.O. <br> Unlimited Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/32 | 1300 | 1525 |
| &nbsp;&nbsp; Mount Diablo Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/32 | 750 | 882 |
| &nbsp;&nbsp; Natomas Unified School District G.O. <br> Unlimited Bonds (AGM Insured),<br>|  |  |
| 3.00%, 8/1/39 | 1655 | 1453 |
| 3.00%, 8/1/40 | 2000 | 1700 |
| &nbsp;&nbsp; Ontario PFA Lease Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 11/1/32 | 300 | 350 |
| 5.00%, 11/1/33 | 475 | 560 |
| &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 | 1059 |
| &nbsp;&nbsp; Oxnard Union High School District <br> G.O. Unlimited BANS,<br>|  |  |
| 6.00%, 2/1/30 | 1000 | 1165 |
| &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 | 1943 |
| &nbsp;&nbsp; Peralta Community College District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/33 | 2150 | 2543 |
| &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 | 1736 |
| &nbsp;&nbsp; Redding Joint Powers Financing <br> Authority Electric System Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/55 | 2250 | 2347 |
| &nbsp;&nbsp; Redlands Unified School District G.O. <br> Unlimited Refunding Bonds, San <br> Bernardino County,<br>|  |  |
| 3.00%, 7/1/30 | 2295 | 2308 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **125** 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 - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  |
| **California – 94.4%continued** | **California – 94.4%continued** | **California – 94.4%continued** |
| &nbsp;&nbsp; Rialto Unified School District COPS, <br> Kitchen And Meeting (BAM Insured),<br>|  |  |
| 5.00%, 9/1/31 | $270 | $305 |
| &nbsp;&nbsp; Sacramento County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/1/32 | 325 | 360 |
| &nbsp;&nbsp; Sacramento County Airport System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/31 | 500 | 533 |
| &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 | 1036 |
| &nbsp;&nbsp; San Diego Association of Governments <br> South Bay Expressway Toll Senior <br> Lien Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/37 | 1000 | 1030 |
| &nbsp;&nbsp; San Diego County Regional Airport <br> Authority Senior Revenue Bonds, <br> Private Activity (AMT),<br>|  |  |
| 5.00%, 7/1/36 | 1100 | 1223 |
| &nbsp;&nbsp; San Diego Public Facilities Financing <br> Authority Lease Revenue Refunding <br> Bonds, Capital Improvement Project,<br>|  |  |
| 5.00%, 10/15/31 | 1000 | 1167 |
| &nbsp;&nbsp; San Diego Public Facilities Financing <br> Authority Lease Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 10/15/38<sup>(4)</sup> <br>| 2500 | 2863 |
| &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 | 1068 |
| &nbsp;&nbsp; San Francisco City & County COPS, <br> Multiple Capital Projects,<br>|  |  |
| 2.00%, 10/1/33 | 2800 | 2476 |
| &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 | 393 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  |
| **California – 94.4%continued** | **California – 94.4%continued** | **California – 94.4%continued** |
| &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 | $2328 |
| &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 | 1304 |
| 5.00%, 8/1/32 | 1420 | 1628 |
| &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 | 1499 |
| &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 | 1001 |
| &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 | 1722 |
| &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 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>(3)</sup> <br>| 1145 | 1161 |
| &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 | 1014 |
| &nbsp;&nbsp; Silicon Valley Clean Water Wastewater <br> Revenue Bonds, Series B,<br>|  |  |
| 0.50%, 3/1/26 | 3000 | 2970 |
| &nbsp;&nbsp; Southern California Financing Authority <br> Water Replenishment Assessment <br> Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/43 | 2000 | 2050 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **126** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  | **MUNICIPAL BONDS - 94.4%continued**  |
| **California – 94.4%continued** | **California – 94.4%continued** | **California – 94.4%continued** |
| &nbsp;&nbsp; Southern California State Public Power <br> Authority Revenue Refunding Bonds, <br> Series A, Canyon Power Project,<br>|  |  |
| 5.00%, 7/1/35 | $1000 | $1083 |
| &nbsp;&nbsp; Temecula Valley Unified School District <br> Financing Authority Special Tax <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 9/1/32 | 670 | 774 |
| &nbsp;&nbsp; Transbay Joint Powers Authority Senior <br> Tax Allocation Bonds, Green Bonds,<br>|  |  |
| 5.00%, 10/1/29 | 465 | 494 |
| 5.00%, 10/1/34 | 600 | 623 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 5/15/31 | 4500 | 5156 |
| &nbsp;&nbsp; Val Verde Unified School District <br> Special Refunding Tax Bonds,<br>|  |  |
| 5.00%, 9/1/32 | 245 | 284 |
| &nbsp;&nbsp; Vista Joint Powers Financing Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 5/1/33 | 900 | 1043 |
| &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 | 267 |
|  |  | **227118** |
| **Total Municipal Bonds** |  |  |
| **(Cost $232,216)** |  | **227118** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.2%**  | **INVESTMENT COMPANIES – 1.2%**  | **INVESTMENT COMPANIES – 1.2%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(5) (6)</sup> <br>| 2810734 | $2811 |
| **Total Investment Companies** |  |  |
| **(Cost $2,811)** |  | **2811** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 3.5%**  | **SHORT-TERM INVESTMENTS – 3.5%**  | **SHORT-TERM INVESTMENTS – 3.5%**  |
| &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>| $6825 | $6828 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 3.5%continued**  | **SHORT-TERM INVESTMENTS - 3.5%continued**  | **SHORT-TERM INVESTMENTS - 3.5%continued**  |
| &nbsp;&nbsp; University of California Variable <br> General Revenue Refunding Bonds, <br> Series AL-2,<br>|  |  |
| 1.70%, 10/1/25<sup>(7)</sup> <br>| $1500 | $1500 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $8,328)** | **(Cost $8,328)** | **8328** |
| **Total Investments – 99.1%** | **Total Investments – 99.1%** |  |
| **(Cost $243,355)** | **(Cost $243,355)** | **238257** |
| Other Assets less Liabilities – 0.9% | Other Assets less Liabilities – 0.9% | 2219 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$240476** |

---

<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 September* *30, 2025 is disclosed.* 

<sup>(3)</sup> *Maturity date represents the prerefunded date.*

<sup>(4)</sup> *When-Issued Security. Coupon rate is not in effect at September 30, 2025.*

<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 September 30, 2025 is disclosed.*

<sup>(7)</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 |
| BANS - Bond Anticipation Notes |
| 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 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **127** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| |
|:---|
| PFA - Public Finance Authority |
| TCRS - Transferable Custodial Receipts |
| 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 September 30, 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; $227118 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $227118 |
| Investment Companies | &nbsp;&nbsp; 2811 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2811 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 8328 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8328 |
| Total Investments | &nbsp;&nbsp; $2811 | &nbsp;&nbsp; $235446 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $238257 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **128** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **CALIFORNIA TAX-EXEMPT FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 92.8%**  | **MUNICIPAL BONDS – 92.8%**  | **MUNICIPAL BONDS – 92.8%**  |
| **California – 92.8%** | **California – 92.8%** | **California – 92.8%** |
| &nbsp;&nbsp; Alameda County Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2014,<br>|  |  |
| 5.00%, 8/1/42 | $500 | $511 |
| &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 | 966 |
| &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>| 600 | 614 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.25%, 4/1/30<sup>(1) (2)</sup> <br>| 500 | 542 |
| 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 750 | 794 |
| 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| 1500 | 1673 |
| 5.00%, 10/1/33<sup>(1) (2)</sup> <br>| 1000 | 1073 |
| &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>| 1385 | 1512 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 8/1/32<sup>(1) (2)</sup> <br>| 1000 | 1059 |
| 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 500 | 549 |
| &nbsp;&nbsp; California County Tobacco <br> Securitization Agency Tobacco <br> Settlement Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 4.00%, 6/1/35 | 885 | 887 |
| &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 | 331 |
| &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 | 1163 | 1135 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  |
| **California – 92.8%continued** | **California – 92.8%continued** | **California – 92.8%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 | $472 | $475 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, Art Center <br> College of Design,<br>|  |  |
| 3.00%, 12/1/51 | 600 | 405 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, University <br> of the Pacific,<br>|  |  |
| 5.00%, 11/1/55 | 1500 | 1556 |
| &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 | 1187 |
| 5.00%, 11/1/32 | 905 | 1043 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 9/1/42 | 1000 | 1071 |
| 5.00%, 8/1/45 | 2000 | 2157 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Adventist Health System/West,<br>|  |  |
| 5.00%, 12/1/35 | 1300 | 1430 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Subseries A-2, Kaiser Permanente,<br>|  |  |
| 4.00%, 11/1/44 | 2000 | 1852 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Series A, El <br> Camino Health,<br>|  |  |
| 5.00%, 2/1/34 | 800 | 927 |
| &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>| 225 | 254 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| 5.00%, 10/1/32<sup>(1) (2)</sup> <br>| 1000 | 1114 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  |
| **California – 92.8%continued** | **California – 92.8%continued** | **California – 92.8%continued** |
| &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 | $284 |
| 5.00%, 11/1/44 | 625 | 629 |
| &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>| 2000 | 1855 |
| &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 | 703 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Samuel <br> Merritt University,<br>|  |  |
| 5.25%, 6/1/53 | 500 | 513 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Series A, <br> National University,<br>|  |  |
| 5.00%, 4/1/40 | 1000 | 1040 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> Southwestern Law School,<br>|  |  |
| 4.00%, 11/1/41 | 175 | 158 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Various Capital Projects,<br>|  |  |
| 5.00%, 9/1/27 | 1750 | 1838 |
| &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 | 546 |
| 3.00%, 5/15/51 | 500 | 370 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 11/1/31 | 1000 | 1052 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  |
| **California – 92.8%continued** | **California – 92.8%continued** | **California – 92.8%continued** |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Refunding Bonds <br> (BAM-TCRS Insured),<br>|  |  |
| 5.00%, 9/1/35 | $2000 | $2034 |
| &nbsp;&nbsp; Carlsbad Unified School District G.O. <br> Unlimited Bonds, Series A, Election <br> of 2018,<br>|  |  |
| 3.00%, 8/1/42 | 550 | 450 |
| &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 | 393 |
| &nbsp;&nbsp; Evergreen School District G.O. <br> Unlimited Bonds, Election of 2014,<br>|  |  |
| 5.00%, 8/1/46 | 1300 | 1330 |
| &nbsp;&nbsp; Foothill Eastern Transportation Corridor <br> Agency Toll Road Senior Lien <br> Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 1/15/46 | 250 | 231 |
| &nbsp;&nbsp; Imperial Irrigation District Electric <br> Revenue Bonds, Series B-1,<br>|  |  |
| 5.00%, 11/1/46 | 1500 | 1510 |
| &nbsp;&nbsp; Lake Elsinore Facilities Financing <br> Authority Local Agency Special TRB, <br> Series A (AG Insured),<br>|  |  |
| 5.00%, 9/1/34 | 1000 | 1168 |
| &nbsp;&nbsp; Long Beach Community College District <br> G.O. Unlimited Bonds, Series E,<br>|  |  |
| 5.00%, 8/1/52 | 1000 | 1064 |
| &nbsp;&nbsp; Long Beach Marina Revenue Refunding <br> Bonds, Alamitos Bay Marina Project,<br>|  |  |
| 5.00%, 5/15/34 | 700 | 799 |
| &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 | 2920 |
| &nbsp;&nbsp; Los Angeles County Metropolitan <br> Transportation Authority Sales Senior <br> TRB, Series B,<br>|  |  |
| 5.00%, 7/1/34 | 525 | 560 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **130** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  |
| **California – 92.8%continued** | **California – 92.8%continued** | **California – 92.8%continued** |
| &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 | $1085 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series H,<br>|  |  |
| 5.25%, 12/1/41 | 1000 | 1113 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series J,<br>|  |  |
| 5.25%, 12/1/50 | 1500 | 1614 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Senior Revenue Bonds <br> (AMT), Private Activity,<br>|  |  |
| 5.50%, 5/15/47 | 1000 | 1045 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International,<br>|  |  |
| 5.00%, 5/15/31 | 1000 | 1053 |
| &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 | 505 |
| &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 | 507 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 7/1/40 | 1000 | 1031 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| 5.00%, 7/1/52 | 500 | 510 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/38 | 450 | 492 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks System Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/39 | 525 | 546 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  |
| **California – 92.8%continued** | **California – 92.8%continued** | **California – 92.8%continued** |
| &nbsp;&nbsp; Los Angeles Harbor Department <br> Sustainable Revenue Refunding <br> Bonds, Exempt Facility,<br>|  |  |
| 5.00%, 8/1/44 | $375 | $410 |
| &nbsp;&nbsp; Los Angeles Unified School District <br> Sustainable G.O. Unlimited Bonds, <br> Series QRR,<br>|  |  |
| 5.00%, 7/1/38 | 1000 | 1149 |
| &nbsp;&nbsp; Los Rios Community College District <br> G.O. Unlimited Bonds, Series D,<br>|  |  |
| 3.00%, 8/1/44 | 1000 | 795 |
| &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 | 1491 |
| &nbsp;&nbsp; Menifee Special Tax, Community <br> Facilities District McCall,<br>|  |  |
| 3.00%, 9/1/42 | 165 | 128 |
| Mesa Water District COPS, |  |  |
| 4.00%, 3/15/45 | 1150 | 1149 |
| &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>| 1000 | 1117 |
| &nbsp;&nbsp; Modesto High School District Stanislaus <br> County G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| 5.00%, 8/1/48 | 1000 | 1045 |
| &nbsp;&nbsp; Monterey County Financing Authority <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 9/1/37 | 1170 | 1230 |
| &nbsp;&nbsp; Mount Diablo Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/34 | 1250 | 1497 |
| &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>(3)</sup> <br>| 7000 | 5593 |
| &nbsp;&nbsp; Ontario PFA Lease Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 11/1/34 | 450 | 534 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **131** 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 - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  |
| **California – 92.8%continued** | **California – 92.8%continued** | **California – 92.8%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 | $1000 | $1157 |
| &nbsp;&nbsp; Redding Joint Powers Financing <br> Authority Electric System Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/55 | 1250 | 1304 |
| &nbsp;&nbsp; Redwood City Public Facilities & <br> Infrastructure Authority Lease <br> Revenue Bonds, Veterans Memorial <br> Building,<br>|  |  |
| 3.00%, 6/1/51 | 1750 | 1274 |
| &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 | 672 |
| &nbsp;&nbsp; Sacramento County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/1/32 | 300 | 332 |
| &nbsp;&nbsp; Sacramento County Special Refunding <br> Tax Bonds, Metro Air Park <br> Community Facilities,<br>|  |  |
| 5.00%, 9/1/34 | 1000 | 1066 |
| &nbsp;&nbsp; San Carlos School District G.O. <br> Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/41 | 400 | 442 |
| &nbsp;&nbsp; San Diego Community College District <br> G.O. Unlimited Bonds, Series A-1,<br>|  |  |
| 5.00%, 8/1/55 | 1500 | 1587 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 5/1/42 | 1500 | 1508 |
| 5.00%, 5/1/49 | 1000 | 1005 |
| &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 | 1512 |
| &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 | 996 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  |
| **California – 92.8%continued** | **California – 92.8%continued** | **California – 92.8%continued** |
| &nbsp;&nbsp; San Francisco City & County COPS, <br> Multiple Capital Projects,<br>|  |  |
| 2.00%, 10/1/33 | $1200 | $1061 |
| &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 | 997 |
| &nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Refunding Bonds, Sustainable Bonds,<br>|  |  |
| 5.00%, 11/1/32 | 205 | 242 |
| &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 | 501 |
| &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 | 791 |
| &nbsp;&nbsp; San Joaquin Hills Transportation <br> Corridor Agency Toll Road Senior <br> Lien Revenue Refunding Bonds,<br>|  |  |
| 4.00%, 1/15/34 | 500 | 520 |
| &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>| 1000 | 1148 |
| &nbsp;&nbsp; San Jose Financing Authority <br> Wastewater Revenue Bonds, Series <br> B, Green Bonds,<br>|  |  |
| 5.00%, 11/1/41 | 500 | 543 |
| &nbsp;&nbsp; San Jose G.O. Unlimited Bonds, Series <br> A-1,<br>|  |  |
| 5.00%, 9/1/42 | 1310 | 1362 |
| &nbsp;&nbsp; Santa Clarita Community College <br> District G.O. Unlimited Bonds, <br> Election of 2016,<br>|  |  |
| 5.25%, 8/1/48 | 1000 | 1062 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **132** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  |
| **California – 92.8%continued** | **California – 92.8%continued** | **California – 92.8%continued** |
| &nbsp;&nbsp; Santa Cruz County Capital Financing <br> Authority Lease Revenue Bonds, <br> Series A-1,<br>|  |  |
| 4.00%, 6/1/32 | $300 | $312 |
| 4.00%, 6/1/34 | 330 | 340 |
| &nbsp;&nbsp; Silicon Valley Clean Water Wastewater <br> Revenue Bonds, Series B,<br>|  |  |
| 0.50%, 3/1/26 | 2000 | 1980 |
| &nbsp;&nbsp; Sonoma County Junior College District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| 3.00%, 8/1/36 | 900 | 857 |
| &nbsp;&nbsp; Southwestern Community College <br> District G.O. Unlimited Bonds, Series <br> D,<br>|  |  |
| 4.00%, 8/1/33 | 650 | 693 |
| &nbsp;&nbsp; Temecula Valley Unified School District <br> Financing Authority Special Tax <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 9/1/32 | 2575 | 2975 |
| &nbsp;&nbsp; Tobacco Securitization Authority <br> Tobacco Settlement Senior Revenue <br> Refunding Bonds, Sacramento <br> County,<br>|  |  |
| 4.00%, 6/1/37 | 700 | 687 |
| &nbsp;&nbsp; Transbay Joint Powers Authority Senior <br> Tax Allocation Bonds, Green Bonds,<br>|  |  |
| 5.00%, 10/1/45 | 1000 | 1000 |
| &nbsp;&nbsp; Turlock Irrigation District Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/37 | 805 | 867 |
| &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 | 1575 |
| 5.00%, 5/15/35 | 1500 | 1737 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series BH,<br>|  |  |
| 4.00%, 5/15/46 | 2000 | 1879 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series O, Limited <br> Project,<br>|  |  |
| 5.00%, 5/15/58 | 2500 | 2523 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  | **MUNICIPAL BONDS - 92.8%continued**  |
| **California – 92.8%continued** | **California – 92.8%continued** | **California – 92.8%continued** |
| &nbsp;&nbsp; Upper Santa Clara Valley Joint Powers <br> Authority Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 4.00%, 8/1/45 | $1200 | $1157 |
| &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 | 680 |
|  |  | **116479** |
| **Total Municipal Bonds** |  |  |
| **(Cost $122,138)** |  | **116479** |

---

---

| | | |
|:---|:---|:---|
|  | 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> 3.98%<sup>(4) (5)</sup> <br>| 1334021 | $1334 |
| **Total Investment Companies** |  |  |
| **(Cost $1,334)** |  | **1334** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 5.6%**  | **SHORT-TERM INVESTMENTS – 5.6%**  | **SHORT-TERM INVESTMENTS – 5.6%**  |
| &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>| $3590 | $3592 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds,<br>|  |  |
| 1.75%, 8/1/26<sup>(1) (2)</sup> <br>| 3500 | 3450 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $7,093)** | **(Cost $7,093)** | **7042** |
| **Total Investments – 99.5%** | **Total Investments – 99.5%** |  |
| **(Cost $130,565)** | **(Cost $130,565)** | **124855** |
| Other Assets less Liabilities – 0.5% | Other Assets less Liabilities – 0.5% | 683 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$125538** |

---

<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 September* *30, 2025 is disclosed.* 

<sup>(3)</sup> *Zero coupon bond.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **133** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **CALIFORNIA TAX-EXEMPT FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 September 30, 2025 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty 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 |
| PFA - Public Finance Authority |
| TCRS - Transferable Custodial Receipts |
| 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 September 30, 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; $116479 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116479 |
| Investment Companies | &nbsp;&nbsp; 1334 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1334 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 7042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7042 |
| Total Investments | &nbsp;&nbsp; $1334 | &nbsp;&nbsp; $123521 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $124855 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **134** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **CORE BOND FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 15.1%**  | **ASSET-BACKED SECURITIES – 15.1%**  | **ASSET-BACKED SECURITIES – 15.1%**  |
| **Auto Loan – 6.0%** | **Auto Loan – 6.0%** | **Auto Loan – 6.0%** |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| 5.48%, 11/10/31 | $400 | $409 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class A3<br>|  |  |
| 4.50%, 9/15/28 | 2390 | 2393 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D<br>|  |  |
| 5.49%, 5/15/31 | 170 | 173 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| 5.89%, 7/15/31 | 170 | 175 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-B, Class A3<br>|  |  |
| 5.23%, 5/15/28 | 96 | 96 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-B, Class A4<br>|  |  |
| 4.96%, 5/15/30 | 150 | 153 |
| &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; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class C<br>|  |  |
| 5.06%, 5/15/31 | 549 | 556 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class D<br>|  |  |
| 5.47%, 5/15/31 | 570 | 580 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class B<br>|  |  |
| 5.11%, 8/21/28<sup>(1)</sup> <br>| 500 | 504 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| 4.86%, 5/15/30<sup>(1)</sup> <br>| 100 | 102 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| 5.15%, 11/15/30<sup>(1)</sup> <br>| 200 | 204 |
|  |  | **5607** |
| **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 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 15.1%continued**  | **ASSET-BACKED SECURITIES - 15.1%continued**  | **ASSET-BACKED SECURITIES - 15.1%continued**  |
| **Credit Card – 0.3%continued** | **Credit Card – 0.3%continued** | **Credit Card – 0.3%continued** |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | $77 | $78 |
|  |  | **308** |
| **Other – 2.7%** | **Other – 2.7%** | **Other – 2.7%** |
| &nbsp;&nbsp; 321 Henderson Receivables I LLC, <br> Series 2007-3A, Class A<br>|  |  |
| 6.15%, 10/15/48<sup>(1)</sup> <br>| 222 | 229 |
| &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 | 201 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-1, Class A3<br>|  |  |
| 5.65%, 9/22/28<sup>(1)</sup> <br>| 57 | 57 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-3, Class A3<br>|  |  |
| 5.93%, 4/23/29<sup>(1)</sup> <br>| 80 | 80 |
| &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>| 260 | 262 |
| J.G. Wentworth XLI LLC |  |  |
| 3.74%, 10/17/72<sup>(1)</sup> <br>| 401 | 363 |
| &nbsp;&nbsp; JGWPT XXVII LLC, Series 2012-3A, <br> Class A<br>|  |  |
| 3.22%, 9/15/65<sup>(1)</sup> <br>| 122 | 111 |
| &nbsp;&nbsp; JGWPT XXX LLC, Series 2013-3A, <br> Class A<br>|  |  |
| 4.08%, 1/17/73<sup>(1)</sup> <br>| 310 | 295 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.96%, 11/15/28 | 35 | 36 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| 4.06%, 6/15/29 | 500 | 501 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Series 2025-4, <br> Class B<br>|  |  |
| 5.69%, 1/17/33<sup>(1)</sup> <br>| 280 | 284 |
|  |  | **2520** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **ASSET-BACKED SECURITIES - 15.1%continued**  | **ASSET-BACKED SECURITIES - 15.1%continued**  | **ASSET-BACKED SECURITIES - 15.1%continued**  |
| **Whole Loan – 6.1%** | **Whole Loan – 6.1%** | **Whole Loan – 6.1%** |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 4.70% on 3/25/26), <br> 4.75%, 9/26/67<sup>(1) (2)</sup> <br>| $214 | $213 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2024-4, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.64% on 4/25/28), <br> 6.20%, 1/25/69<sup>(1) (2)</sup> <br>| 484 | 489 |
| &nbsp;&nbsp; Chase Home Lending Mortgage Trust, <br> Series 2023-1, Class B3<br>|  |  |
| 6.31%, 6/25/54<sup>(1) (3)</sup> <br>| 339 | 343 |
| &nbsp;&nbsp; Colt Mortgage Loan Trust, Series <br> 2024-7, Class A2<br>|  |  |
| &nbsp;&nbsp; (Step to 6.79% on 12/25/28), <br> 5.79%, 12/26/69<sup>(1) (2)</sup> <br>| 262 | 264 |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2022-7, Class 1A2<br>|  |  |
| 3.00%, 12/25/52<sup>(1) (3)</sup> <br>| 257 | 223 |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2023-1, Class A3A<br>|  |  |
| 5.00%, 6/25/53<sup>(1) (3)</sup> <br>| 183 | 180 |
| &nbsp;&nbsp; Mello Mortgage Capital Acceptance, <br> Series 2021-MTG2, Class A1<br>|  |  |
| 2.50%, 6/25/51<sup>(1) (3)</sup> <br>| 254 | 210 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 7.58% on 10/25/27), <br> 6.84%, 4/25/63<sup>(1) (2)</sup> <br>| 282 | 286 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 7.58% on 10/25/27), <br> 7.30%, 4/25/63<sup>(1) (2)</sup> <br>| 60 | 61 |
| &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>| 154 | 155 |
| &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>| 216 | 219 |
| &nbsp;&nbsp; PMT Loan Trust, Series 2024-INV1, <br> Class A2<br>|  |  |
| 6.00%, 10/25/59<sup>(1) (3)</sup> <br>| 458 | 465 |
| &nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2024-1, Class A13<br>|  |  |
| 5.50%, 12/25/54<sup>(1) (3)</sup> <br>| 715 | 714 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 15.1%continued**  | **ASSET-BACKED SECURITIES - 15.1%continued**  | **ASSET-BACKED SECURITIES - 15.1%continued**  |
| **Whole Loan – 6.1%continued** | **Whole Loan – 6.1%continued** | **Whole Loan – 6.1%continued** |
| &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 | $516 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM4, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.76% on 8/25/29), <br> 5.76%, 7/25/65<sup>(1) (2)</sup> <br>| 454 | 456 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM5, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.47% on 10/25/29), <br> 5.47%, 8/25/65<sup>(1) (2) (4)</sup> <br>| 150 | 150 |
| &nbsp;&nbsp; Sequoia Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| 5.00%, 1/25/53<sup>(1)</sup> <br>| 81 | 80 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-1, Class A1<br>|  |  |
| 3.75%, 7/25/62<sup>(1)</sup> <br>| 565 | 542 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-4, Class A1<br>|  |  |
| 3.75%, 9/25/62<sup>(1)</sup> <br>| 65 | 63 |
|  |  | **5629** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $13,971)** |  | **14064** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.7%**  |
| **Non Agency – 5.7%** | **Non Agency – 5.7%** | **Non Agency – 5.7%** |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 250 | 222 |
| BANK5, Series 2023-5YR2, Class A3 |  |  |
| 6.66%, 7/15/56 | 210 | 222 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3<br>|  |  |
| 6.36%, 7/15/56 | 260 | 273 |
| BMARK, Series 2023-V4, Class C |  |  |
| 7.46%, 11/15/56<sup>(3)</sup> <br>| 352 | 367 |
| BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.24%, <br> 3/15/41<sup>(1) (5)</sup> <br>| 343 | 343 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2016-P3, Class AS<br>|  |  |
| 3.59%, 4/15/49 | 165 | 161 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **136** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.7%continued**  |
| **Non Agency – 5.7%continued** | **Non Agency – 5.7%continued** | **Non Agency – 5.7%continued** |
| &nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| 7.00%, 8/10/44<sup>(1) (3)</sup> <br>| $800 | $854 |
| &nbsp;&nbsp; Fashion Show Mall LLC, Series <br> 2024-SHOW, Class B<br>|  |  |
| 5.64%, 10/10/41<sup>(1) (3)</sup> <br>| 135 | 138 |
| &nbsp;&nbsp; FIVE Mortgage Trust, Series 2023-V1, <br> Class A3<br>|  |  |
| 5.67%, 2/10/56 | 260 | 267 |
| &nbsp;&nbsp; MAD Commercial Mortgage Trust, <br> Series 2025-11MD, Class C<br>|  |  |
| 5.63%, 10/15/42<sup>(1) (3)</sup> <br>| 130 | 130 |
| &nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2016-C32, <br> Class A4<br>|  |  |
| 3.72%, 12/15/49 | 80 | 79 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2016-UBS9, Class AS<br>|  |  |
| 3.90%, 3/15/49 | 115 | 114 |
| &nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class A<br>|  |  |
| 5.89%, 8/15/30<sup>(1)</sup> <br>| 599 | 601 |
| &nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class B<br>|  |  |
| 6.65%, 8/15/30<sup>(1)</sup> <br>| 300 | 301 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C35, Class A4<br>|  |  |
| 2.93%, 7/15/48 | 90 | 89 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2024-C63, Class A5<br>|  |  |
| 5.31%, 8/15/57 | 1100 | 1139 |
|  |  | **5300** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $5,222)** |  | **5300** |
| **CORPORATE BONDS – 20.0%**  | **CORPORATE BONDS – 20.0%**  | **CORPORATE BONDS – 20.0%**  |
| **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** |
| General Dynamics Corp., |  |  |
| 2.25%, 6/1/31  | 230 | 208 |
| Howmet Aerospace, Inc., |  |  |
| 4.85%, 10/15/31  | 110 | 113 |
|  |  | **321** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  |
| **Asset Management – 2.0%** | **Asset Management – 2.0%** | **Asset Management – 2.0%** |
| Ares Capital Corp., |  |  |
| 5.95%, 7/15/29  | $160 | $165 |
| Blackstone Private Credit Fund, |  |  |
| 2.63%, 12/15/26  | 300 | 293 |
| 5.95%, 7/16/29  | 160 | 165 |
| 5.25%, 4/1/30  | 300 | 301 |
| Blue Owl Credit Income Corp., |  |  |
| 7.95%, 6/13/28  | 450 | 482 |
| Citadel L.P., |  |  |
| 6.38%, 1/23/32 <sup>(1)</sup> <br>| 390 | 413 |
|  |  | **1819** |
| **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** |
| Ford Motor Credit Co. LLC, |  |  |
| 5.73%, 9/5/30 | 260 | **262** |
| **Banking – 4.5%** | **Banking – 4.5%** | **Banking – 4.5%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29 <sup>(6)</sup> <br>| 165 | 172 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 2.65%, 3/11/32 <sup>(6)</sup> <br>| 84 | 77 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 2.57%, 10/20/32 <sup>(6)</sup> <br>| 210 | 188 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.41%), 3.52%, 10/27/28 <sup>(6)</sup> <br>| 131 | 129 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.91%), <br> 4.41%, 3/31/31 <sup>(6)</sup> <br>| 133 | 133 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.45%), <br> 5.45%, 6/11/35 <sup>(6)</sup> <br>| 170 | 176 |
| Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.34%), <br> 6.34%, 7/27/29 <sup>(6)</sup> <br>| 130 | 137 |
| Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.70%), 6.14%, <br> 11/18/39 <sup>(6)</sup> <br>| 270 | 281 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.15%), 6.50%, <br> 4/1/30 <sup>(6) (7)</sup> <br>| 300 | 310 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30 <sup>(6)</sup> <br>| 700 | 731 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.08%), <br> 4.91%, 7/25/33 <sup>(6)</sup> <br>| 252 | 257 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  |
| **Banking – 4.5%continued** | **Banking – 4.5%continued** | **Banking – 4.5%continued** |
| KeyBank N.A., |  |  |
| 5.00%, 1/26/33  | $210 | $211 |
| M&T Bank Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.80%), <br> 7.41%, 10/30/29 <sup>(6)</sup> <br>| 160 | 174 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.40%), <br> 5.18%, 7/8/31 <sup>(6)</sup> <br>| 440 | 451 |
| U.S. Bancorp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.09%), <br> 5.85%, 10/21/33 <sup>(6)</sup> <br>| 281 | 300 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 2.39%, 6/2/28 <sup>(6)</sup> <br>| 159 | 155 |
| (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(6)</sup> <br>| 300 | 309 |
|  |  | **4191** |
| **Beverages – 0.0%** | **Beverages – 0.0%** | **Beverages – 0.0%** |
| Constellation Brands, Inc., |  |  |
| 2.88%, 5/1/30 | 44 | **41** |
| **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** |
| AbbVie, Inc., |  |  |
| 3.20%, 11/21/29 | 300 | **289** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| Republic Services, Inc., |  |  |
| 5.15%, 3/15/35 | 380 | **392** |
| **Construction Materials – 1.1%** | **Construction Materials – 1.1%** | **Construction Materials – 1.1%** |
| Carlisle Cos., Inc., |  |  |
| 5.55%, 9/15/40  | 180 | 182 |
| CRH America Finance, Inc., |  |  |
| 5.50%, 1/9/35  | 290 | 303 |
| Vulcan Materials Co., |  |  |
| 5.35%, 12/1/34  | 525 | 541 |
|  |  | **1026** |
| **Electric Utilities – 1.8%** | **Electric Utilities – 1.8%** | **Electric Utilities – 1.8%** |
| Ameren Corp., |  |  |
| 3.50%, 1/15/31  | 93 | 89 |
| Berkshire Hathaway Energy Co., |  |  |
| 1.65%, 5/15/31  | 130 | 113 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| 3.35%, 4/1/30  | 2 | 2 |
| DTE Electric Co., |  |  |
| 5.25%, 5/15/35  | 290 | 298 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  |
| **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** |
| Duke Energy Progress LLC, |  |  |
| 3.40%, 4/1/32  | $114 | $108 |
| 5.25%, 3/15/33  | 173 | 180 |
| PacifiCorp, |  |  |
| 5.45%, 2/15/34  | 230 | 236 |
| PSEG Power LLC, |  |  |
| 5.75%, 5/15/35 <sup>(1)</sup> <br>| 285 | 298 |
| Public Service Co. of Colorado, |  |  |
| 5.15%, 9/15/35  | 260 | 263 |
| Virginia Electric and Power Co., |  |  |
| 2.40%, 3/30/32  | 92 | 81 |
|  |  | **1668** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| Hubbell, Inc., |  |  |
| 2.30%, 3/15/31 | 180 | **162** |
| **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
| Cheniere Energy Partners L.P., |  |  |
| 5.75%, 8/15/34 | 65 | **68** |
| **Food – 0.0%** | **Food – 0.0%** | **Food – 0.0%** |
| Tyson Foods, Inc., |  |  |
| 4.35%, 3/1/29 | 47 | **47** |
| **Health Care Facilities & Services – 1.3%** | **Health Care Facilities & Services – 1.3%** | **Health Care Facilities & Services – 1.3%** |
| Cardinal Health, Inc., |  |  |
| 5.35%, 11/15/34  | 450 | 463 |
| Cencora, Inc., |  |  |
| 5.15%, 2/15/35  | 270 | 276 |
| McKesson Corp., |  |  |
| 5.25%, 5/30/35  | 440 | 453 |
|  |  | **1192** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| Mohawk Industries, Inc., |  |  |
| 5.85%, 9/18/28 | 2 | **2** |
| **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** |
| LPL Holdings, Inc., |  |  |
| 5.75%, 6/15/35  | 290 | 297 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 5.45%, 7/20/29 <sup>(6)</sup> <br>| 262 | 271 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **138** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  |
| **Institutional Financial Services – 1.0%continued** | **Institutional Financial Services – 1.0%continued** | **Institutional Financial Services – 1.0%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 6.41%, 11/1/29 <sup>(6)</sup> <br>| $159 | $169 |
| (Variable, U.S. SOFR + 1.14%), <br> 2.70%, 1/22/31 <sup>(6)</sup> <br>| 187 | 175 |
|  |  | **912** |
| **Insurance – 1.1%** | **Insurance – 1.1%** | **Insurance – 1.1%** |
| Arthur J Gallagher & Co., |  |  |
| 5.15%, 2/15/35  | 270 | 273 |
| Marsh & McLennan Cos., Inc., |  |  |
| 5.15%, 3/15/34  | 190 | 197 |
| New York Life Global Funding, |  |  |
| 4.40%, 4/25/28 <sup>(1)</sup> <br>| 440 | 444 |
| Sammons Financial Group, Inc., |  |  |
| 6.88%, 4/15/34 <sup>(1)</sup> <br>| 105 | 116 |
|  |  | **1030** |
| **Machinery – 0.5%** | **Machinery – 0.5%** | **Machinery – 0.5%** |
| Caterpillar, Inc., |  |  |
| 5.20%, 5/15/35 | 410 | **424** |
| **Oil & Gas Supply Chain – 0.9%** | **Oil & Gas Supply Chain – 0.9%** | **Oil & Gas Supply Chain – 0.9%** |
| Marathon Petroleum Corp., |  |  |
| 5.70%, 3/1/35  | 380 | 392 |
| ONEOK, Inc., |  |  |
| 6.05%, 9/1/33  | 58 | 62 |
| Ovintiv, Inc., |  |  |
| 6.25%, 7/15/33  | 325 | 343 |
|  |  | **797** |
| **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** |
| Boston Properties L.P., |  |  |
| 2.55%, 4/1/32  | 44 | 38 |
| Essex Portfolio L.P., |  |  |
| 2.65%, 3/15/32  | 66 | 59 |
| NNN REIT, Inc., |  |  |
| 5.50%, 6/15/34  | 130 | 135 |
| Omega Healthcare Investors, Inc., |  |  |
| 3.38%, 2/1/31  | 18 | 16 |
| Store Capital LLC, |  |  |
| 5.40%, 4/30/30 <sup>(1)</sup> <br>| 480 | 489 |
|  |  | **737** |
| **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** |
| Tractor Supply Co., |  |  |
| 1.75%, 11/1/30 | 23 | **20** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| Broadcom, Inc., |  |  |
| 4.80%, 10/15/34  | $110 | $111 |
| Foundry JV Holdco LLC, |  |  |
| 6.30%, 1/25/39 <sup>(1)</sup> <br>| 450 | 484 |
| KLA Corp., |  |  |
| 5.65%, 11/1/34  | 71 | 76 |
|  |  | **671** |
| **Software – 1.4%** | **Software – 1.4%** | **Software – 1.4%** |
| Fortinet, Inc., |  |  |
| 2.20%, 3/15/31  | 97 | 86 |
| Oracle Corp., |  |  |
| 4.45%, 9/26/30  | 430 | 430 |
| Roper Technologies, Inc., |  |  |
| 5.10%, 9/15/35  | 350 | 353 |
| Synopsys, Inc., |  |  |
| 5.15%, 4/1/35  | 420 | 427 |
| VMware LLC, |  |  |
| 1.80%, 8/15/28  | 42 | 40 |
|  |  | **1336** |
| **Specialty Finance – 1.0%** | **Specialty Finance – 1.0%** | **Specialty Finance – 1.0%** |
| American Express Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 4.92%, 7/20/33 <sup>(6)</sup> <br>| 110 | 112 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.79%), <br> 5.67%, 4/25/36 <sup>(6)</sup> <br>| 300 | 317 |
| Broadridge Financial Solutions, Inc., |  |  |
| 2.90%, 12/1/29  | 42 | 40 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.26%), <br> 6.05%, 2/1/35 <sup>(6)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 6.18%, 1/30/36 <sup>(6)</sup> <br>| 310 | 321 |
| GATX Corp., |  |  |
| 4.00%, 6/30/30  | 9 | 9 |
| Synchrony Financial, |  |  |
| (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(6)</sup> <br>| 120 | 124 |
|  |  | **976** |
| **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** |
| Hewlett Packard Enterprise Co., |  |  |
| 4.15%, 9/15/28  | 180 | 180 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  | **CORPORATE BONDS - 20.0% continued**  |
| **Technology Hardware – 0.2%continued** | **Technology Hardware – 0.2%continued** | **Technology Hardware – 0.2%continued** |
| Motorola Solutions, Inc., |  |  |
| 2.30%, 11/15/30  | $44 | $40 |
|  |  | **220** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Philip Morris International, Inc., |  |  |
| 1.75%, 11/1/30 | 102 | **90** |
| **Transportation & Logistics – 0.0%** | **Transportation & Logistics – 0.0%** | **Transportation & Logistics – 0.0%** |
| Union Pacific Corp., |  |  |
| 2.38%, 5/20/31<sup>(8)</sup> <br>| 1 | **—** |
| **Total Corporate Bonds** |  |  |
| **(Cost $18,350)** |  | **18693** |
| **FOREIGN ISSUER BONDS – 8.8%**  | **FOREIGN ISSUER BONDS – 8.8%**  | **FOREIGN ISSUER BONDS – 8.8%**  |
| **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** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| &nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| 4.85%, 9/11/30<sup>(1)</sup> <br>| 200 | **201** |
| **Banking – 3.9%** | **Banking – 3.9%** | **Banking – 3.9%** |
| &nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.35%), 5.82%, <br> 6/18/36 <sup>(1) (6)</sup> <br>| 650 | 674 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.65%), 5.50%, <br> 8/9/28 <sup>(6)</sup> <br>| 200 | 204 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 5.86%, 8/11/46 <sup>(6)</sup> <br>| 230 | 236 |
| 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) (6)</sup> <br>| 200 | 208 |
| Credit Agricole S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.36%), <br> 4.82%, 9/25/33 <sup>(1) (6)</sup> <br>| 500 | 497 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.67%), <br> 6.25%, 1/10/35 <sup>(1) (6)</sup> <br>| 325 | 343 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.30%), <br> 4.95%, 8/4/31 <sup>(6)</sup> <br>| 100 | 101 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.8% continued**  | **FOREIGN ISSUER BONDS - 8.8% continued**  | **FOREIGN ISSUER BONDS - 8.8% continued**  |
| **Banking – 3.9%continued** | **Banking – 3.9%continued** | **Banking – 3.9%continued** |
| 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) (6)</sup> <br>| $200 | $207 |
| Mitsubshi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.27%), 5.62%, <br> 4/24/36 <sup>(6)</sup> <br>| 240 | 252 |
| NatWest Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.55%), 3.07%, <br> 5/22/28 <sup>(6)</sup> <br>| 250 | 246 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.20%), 6.48%, <br> 6/1/34 <sup>(6)</sup> <br>| 200 | 210 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29 <sup>(6)</sup> <br>| 200 | 199 |
| Societe Generale S.A., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.95%), 7.13%, <br> 1/19/55 <sup>(1) (6)</sup> <br>| 269 | 287 |
|  |  | **3664** |
| **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 | 171 |
|  |  | **172** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| RELX Capital, Inc., |  |  |
| 5.25%, 3/27/35 | 330 | **341** |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| Tyco Electronics Group S.A., |  |  |
| 5.00%, 5/9/35 | 410 | **416** |
| **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** |
| Nomura Holdings, Inc., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.30%), 5.04%, <br> 6/10/36<sup>(6)</sup> <br>| 925 | **921** |
| **Metals & Mining – 0.7%** | **Metals & Mining – 0.7%** | **Metals & Mining – 0.7%** |
| BHP Billiton Finance U.S.A. Ltd., |  |  |
| 5.30%, 2/21/35 | 650 | **676** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **140** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.8% continued**  | **FOREIGN ISSUER BONDS - 8.8% continued**  | **FOREIGN ISSUER BONDS - 8.8% continued**  |
| **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** |
| Harbour Energy PLC, |  |  |
| 6.33%, 4/1/35<sup>(1)</sup> <br>| $375 | **$385** |
| **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** | **Specialty Finance – 1.2%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 3.00%, 10/29/28  | 190 | 183 |
| 4.63%, 9/10/29  | 150 | 151 |
| 5.38%, 12/15/31  | 600 | 621 |
| 3.40%, 10/29/33  | 53 | 47 |
| Macquarie Airfinance Holdings Ltd., |  |  |
| 6.50%, 3/26/31 <sup>(1)</sup> <br>| 97 | 104 |
|  |  | **1106** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| NTT Finance Corp., |  |  |
| 5.50%, 7/16/35<sup>(1)</sup> <br>| 200 | **207** |
| **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 | **84** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $8,100)** |  | **8245** |
| **U.S. GOVERNMENT AGENCIES – 28.1%** <sup>(9)</sup> | **U.S. GOVERNMENT AGENCIES – 28.1%** <sup>(9)</sup> | **U.S. GOVERNMENT AGENCIES – 28.1%** <sup>(9)</sup> |
| **Fannie Mae – 14.4%** | **Fannie Mae – 14.4%** | **Fannie Mae – 14.4%** |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2013-M6, <br> Class 1AC,<br>|  |  |
| 3.38%, 2/25/43<sup>(3)</sup> <br>| 668 | 652 |
| Pool #889641, |  |  |
| 5.50%, 8/1/37 | 79 | 82 |
| Pool #995802, |  |  |
| 5.50%, 12/1/35 | 79 | 82 |
| Pool #AB5209, |  |  |
| 3.00%, 5/1/32 | 144 | 140 |
| Pool #AD0248, |  |  |
| 5.50%, 11/1/37 | 144 | 148 |
| Pool #AD0494, |  |  |
| 5.50%, 8/1/37 | 80 | 82 |
| Pool #AD0925, |  |  |
| 5.00%, 4/1/40 | 79 | 81 |
| Pool #AL5119, |  |  |
| 4.00%, 4/1/34 | 80 | 79 |
| Pool #AL6041, |  |  |
| 4.00%, 8/1/33 | 371 | 368 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 14.4%continued** | **Fannie Mae – 14.4%continued** | **Fannie Mae – 14.4%continued** |
| Pool #AL7497, |  |  |
| 3.50%, 9/1/40 | $169 | $161 |
| Pool #AL8352, |  |  |
| 3.00%, 10/1/44 | 201 | 185 |
| Pool #AQ5150, |  |  |
| 2.50%, 11/1/42 | 546 | 493 |
| Pool #AS3655, |  |  |
| 4.50%, 10/1/44 | 107 | 106 |
| Pool #AS6520, |  |  |
| 3.50%, 1/1/46 | 195 | 183 |
| Pool #AS6730, |  |  |
| 3.50%, 2/1/46 | 250 | 235 |
| Pool #AS7088, |  |  |
| 2.50%, 5/1/31 | 58 | 56 |
| Pool #AS8576, |  |  |
| 4.50%, 12/1/46 | 142 | 140 |
| Pool #BJ0686, |  |  |
| 4.00%, 4/1/48 | 111 | 106 |
| Pool #BM1761, |  |  |
| 4.00%, 8/1/44 | 99 | 96 |
| Pool #BM4056, |  |  |
| 4.00%, 3/1/45 | 126 | 123 |
| Pool #BM5984, |  |  |
| 5.00%, 5/1/49 | 53 | 54 |
| Pool #BM5996, |  |  |
| 5.00%, 12/1/48 | 39 | 39 |
| Pool #BW9921, |  |  |
| 5.00%, 10/1/52 | 262 | 262 |
| Pool #BX4910, |  |  |
| 5.00%, 1/1/53 | 206 | 207 |
| Pool #BX7768, |  |  |
| 5.00%, 3/1/53 | 246 | 247 |
| Pool #BY5368, |  |  |
| 6.00%, 7/1/53 | 69 | 71 |
| Pool #CA6359, |  |  |
| 2.50%, 7/1/50 | 245 | 211 |
| Pool #CB1666, |  |  |
| 2.50%, 9/1/51 | 149 | 128 |
| Pool #CB2286, |  |  |
| 2.50%, 12/1/51 | 225 | 192 |
| Pool #CB3515, |  |  |
| 3.50%, 5/1/52 | 198 | 182 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 14.4%continued** | **Fannie Mae – 14.4%continued** | **Fannie Mae – 14.4%continued** |
| Pool #CB4842, |  |  |
| 5.50%, 10/1/52 | $227 | $230 |
| Pool #CB4844, |  |  |
| 5.50%, 10/1/52 | 119 | 121 |
| Pool #CB5113, |  |  |
| 5.50%, 11/1/52 | 68 | 69 |
| Pool #CB7114, |  |  |
| 5.50%, 9/1/53 | 125 | 127 |
| Pool #CB8223, |  |  |
| 6.00%, 3/1/54 | 180 | 185 |
| Pool #DA0017, |  |  |
| 6.00%, 9/1/53 | 206 | 213 |
| Pool #FM1303, |  |  |
| 3.00%, 1/1/48 | 375 | 340 |
| Pool #FM1472, |  |  |
| 3.50%, 3/1/34 | 20 | 20 |
| Pool #FM1534, |  |  |
| 4.50%, 9/1/49 | 181 | 179 |
| Pool #FM2671, |  |  |
| 4.00%, 1/1/48 | 87 | 84 |
| Pool #FM2921, |  |  |
| 2.50%, 4/1/50 | 512 | 437 |
| Pool #FM3173, |  |  |
| 3.50%, 7/1/47 | 303 | 286 |
| Pool #FM3201, |  |  |
| 3.50%, 4/1/34 | 64 | 63 |
| Pool #FM3727, |  |  |
| 3.00%, 7/1/50 | 238 | 212 |
| Pool #FM4491, |  |  |
| 3.50%, 12/1/36 | 197 | 192 |
| Pool #FM5237, |  |  |
| 5.00%, 7/1/47 | 122 | 125 |
| Pool #FM6125, |  |  |
| 2.50%, 1/1/51 | 277 | 238 |
| Pool #FM8215, |  |  |
| 2.50%, 3/1/51 | 245 | 211 |
| Pool #FP0012, |  |  |
| 3.00%, 8/1/51 | 223 | 200 |
| Pool #FS2701, |  |  |
| 2.50%, 2/1/35 | 148 | 143 |
| Pool #FS3063, |  |  |
| 4.50%, 10/1/52 | 338 | 330 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 14.4%continued** | **Fannie Mae – 14.4%continued** | **Fannie Mae – 14.4%continued** |
| Pool #FS3120, |  |  |
| 5.00%, 9/1/52 | $333 | $332 |
| Pool #FS3384, |  |  |
| 4.50%, 10/1/50 | 286 | 283 |
| Pool #FS3391, |  |  |
| 2.50%, 8/1/51 | 287 | 247 |
| Pool #FS3662, |  |  |
| 5.00%, 1/1/53 | 257 | 257 |
| Pool #FS4040, |  |  |
| 5.00%, 2/1/53 | 232 | 233 |
| Pool #FS4045, |  |  |
| 5.50%, 2/1/53 | 226 | 229 |
| Pool #FS4267, |  |  |
| 4.50%, 3/1/38 | 261 | 261 |
| Pool #FS4300, |  |  |
| 5.50%, 4/1/53 | 160 | 162 |
| Pool #FS4610, |  |  |
| 6.50%, 6/1/40 | 104 | 110 |
| Pool #FS4653, |  |  |
| 5.50%, 5/1/53 | 157 | 159 |
| Pool #FS4663, |  |  |
| 5.00%, 5/1/53 | 262 | 262 |
| Pool #FS5441, |  |  |
| 6.00%, 8/1/53 | 243 | 251 |
| Pool #FS5952, |  |  |
| 6.50%, 10/1/53 | 163 | 171 |
| Pool #FS6869, |  |  |
| 7.00%, 1/1/40 | 57 | 60 |
| Pool #MA2232, |  |  |
| 3.50%, 4/1/35 | 139 | 135 |
| Pool #MA2864, |  |  |
| 3.50%, 1/1/47 | 242 | 228 |
| Pool #MA3088, |  |  |
| 4.00%, 8/1/47 | 169 | 162 |
| Pool #MA3183, |  |  |
| 4.00%, 11/1/47 | 332 | 319 |
| Pool #MA3184, |  |  |
| 4.50%, 11/1/47 | 62 | 61 |
| Pool #MA3448, |  |  |
| 5.00%, 8/1/48 | 87 | 88 |
| Pool #MA4186, |  |  |
| 3.00%, 10/1/35 | 86 | 83 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **142** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 14.4%continued** | **Fannie Mae – 14.4%continued** | **Fannie Mae – 14.4%continued** |
| Pool #MA5098, |  |  |
| 5.50%, 7/1/43 | $157 | $161 |
|  |  | **13450** |
| **Freddie Mac – 10.6%** | **Freddie Mac – 10.6%** | **Freddie Mac – 10.6%** |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 3013, <br> Class HZ,<br>|  |  |
| 5.00%, 8/15/35 | 137 | 139 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 4077, <br> Class TO,<br>|  |  |
| 0.00%, 5/15/41<sup>(10)</sup> <br>| 262 | 201 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 5391, <br> Class A,<br>|  |  |
| 5.50%, 11/25/51 | 139 | 141 |
| Pool #1B3575, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 11.42% Cap), 6.55%, 9/1/37<sup>(5)</sup> <br>| 3 | 3 |
| 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>(5)</sup> <br>| 8 | 8 |
| Pool #QD2946, |  |  |
| 2.50%, 12/1/51 | 236 | 201 |
| Pool #QF3725, |  |  |
| 5.00%, 11/1/52 | 249 | 248 |
| Pool #QF8053, |  |  |
| 5.50%, 2/1/53 | 324 | 328 |
| Pool #QG4632, |  |  |
| 5.50%, 6/1/53 | 245 | 248 |
| Pool #RA3913, |  |  |
| 2.50%, 11/1/50 | 563 | 485 |
| Pool #RA7677, |  |  |
| 5.00%, 7/1/52 | 229 | 229 |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 233 | 237 |
| Pool #RA9840, |  |  |
| 5.50%, 9/1/53 | 241 | 247 |
| Pool #RD5026, |  |  |
| 3.00%, 4/1/30 | 31 | 31 |
| Pool #SB0084, |  |  |
| 3.00%, 2/1/32 | 156 | 154 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** |
| **Freddie Mac – 10.6%continued** | **Freddie Mac – 10.6%continued** | **Freddie Mac – 10.6%continued** |
| Pool #SB0216, |  |  |
| 3.00%, 12/1/32 | $55 | $53 |
| Pool #SB0328, |  |  |
| 3.00%, 6/1/34 | 172 | 167 |
| Pool #SB0826, |  |  |
| 2.50%, 1/1/35 | 173 | 166 |
| Pool #SB8502, |  |  |
| 2.00%, 8/1/35 | 411 | 380 |
| Pool #SD0882, |  |  |
| 2.50%, 2/1/52 | 97 | 83 |
| Pool #SD1518, |  |  |
| 4.50%, 8/1/52 | 248 | 243 |
| Pool #SD1659, |  |  |
| 2.50%, 2/1/52 | 285 | 244 |
| Pool #SD2334, |  |  |
| 5.00%, 2/1/53 | 252 | 251 |
| Pool #SD2347, |  |  |
| 5.50%, 2/1/53 | 236 | 241 |
| Pool #SD2477, |  |  |
| 5.50%, 3/1/53 | 264 | 270 |
| Pool #SD2642, |  |  |
| 5.50%, 4/1/53 | 250 | 254 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 74 | 76 |
| Pool #SD2757, |  |  |
| 5.00%, 5/1/53 | 244 | 244 |
| Pool #SD2876, |  |  |
| 3.00%, 7/1/46 | 238 | 219 |
| Pool #SD2902, |  |  |
| 5.50%, 5/1/53 | 155 | 157 |
| Pool #SD2920, |  |  |
| 5.50%, 5/1/53 | 247 | 251 |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | 256 | 256 |
| Pool #SD2999, |  |  |
| 5.50%, 6/1/53 | 251 | 255 |
| Pool #SD3133, |  |  |
| 5.00%, 6/1/53 | 193 | 193 |
| Pool #SD3136, |  |  |
| 5.50%, 6/1/53 | 252 | 256 |
| Pool #SD3174, |  |  |
| 5.50%, 6/1/53 | 248 | 253 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **143** 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 - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** |
| **Freddie Mac – 10.6%continued** | **Freddie Mac – 10.6%continued** | **Freddie Mac – 10.6%continued** |
| Pool #SD3189, |  |  |
| 6.00%, 6/1/53 | $175 | $181 |
| Pool #SD3251, |  |  |
| 6.00%, 7/1/53 | 225 | 232 |
| Pool #SD3515, |  |  |
| 6.00%, 7/1/53 | 146 | 151 |
| Pool #SD3760, |  |  |
| 6.00%, 8/1/53 | 185 | 192 |
| Pool #SD4013, |  |  |
| 4.00%, 5/1/53 | 171 | 162 |
| Pool #SD4027, |  |  |
| 6.50%, 10/1/53 | 209 | 219 |
| Pool #SD4285, |  |  |
| 5.50%, 11/1/53 | 208 | 211 |
| Pool #SD5136, |  |  |
| 6.00%, 4/1/54 | 181 | 187 |
| Pool #ZK7457, |  |  |
| 3.50%, 2/1/29 | 40 | 40 |
| Pool #ZM5332, |  |  |
| 3.00%, 1/1/48 | 187 | 169 |
| Pool #ZS4687, |  |  |
| 2.50%, 11/1/46 | 132 | 114 |
| Pool #ZT1333, |  |  |
| 2.50%, 10/1/31 | 343 | 332 |
| &nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| 2.75%, 9/25/29 | 256 | 245 |
|  |  | **9847** |
| **Freddie Mac Gold – 0.7%** | **Freddie Mac Gold – 0.7%** | **Freddie Mac Gold – 0.7%** |
| Pool #G07505, |  |  |
| 7.00%, 2/1/39 | 110 | 120 |
| Pool #G16396, |  |  |
| 3.50%, 2/1/33 | 46 | 45 |
| Pool #G30926, |  |  |
| 3.50%, 4/1/36 | 44 | 43 |
| Pool #G60948, |  |  |
| 3.00%, 1/1/47 | 160 | 143 |
| Pool #Q15842, |  |  |
| 3.00%, 2/1/43 | 271 | 249 |
| Pool #Q63667, |  |  |
| 4.50%, 5/1/49 | 57 | 57 |
|  |  | **657** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 28.1%** <sup>(9)</sup>**continued** |
| **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 | $153 | **$143** |
| **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 | 225 | 209 |
| Pool #786470, |  |  |
| 5.00%, 11/15/40 | 220 | 226 |
|  |  | **438** |
| **Government National Mortgage Association II – 1.7%** | **Government National Mortgage Association II – 1.7%** | **Government National Mortgage Association II – 1.7%** |
| Pool #784801, |  |  |
| 3.50%, 6/20/47 | 230 | 211 |
| Pool #786922, |  |  |
| 5.50%, 9/1/53 | 218 | 221 |
| Pool #MA0089, |  |  |
| 4.00%, 5/20/42 | 341 | 330 |
| Pool #MA0782, |  |  |
| 3.00%, 2/20/43 | 120 | 111 |
| Pool #MA1287, |  |  |
| 4.50%, 9/20/43 | 59 | 59 |
| Pool #MA1996, |  |  |
| 4.00%, 6/20/44 | 60 | 58 |
| Pool #MA2755, |  |  |
| 4.00%, 4/20/45 | 46 | 44 |
| Pool #MA3666, |  |  |
| 5.00%, 5/20/46 | 114 | 117 |
| Pool #MA8346, |  |  |
| 4.00%, 10/20/52 | 242 | 229 |
| Pool #MA8724, |  |  |
| 4.50%, 3/20/53 | 248 | 242 |
|  |  | **1622** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $26,910)** |  | **26157** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **144** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS – 17.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 17.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 17.1%**  |
| **U.S. Treasury Bonds – 7.9%** | **U.S. Treasury Bonds – 7.9%** | **U.S. Treasury Bonds – 7.9%** |
| 5.00%, 5/15/45 | $2608 | $2708 |
| 4.75%, 5/15/55 | 4635 | 4650 |
|  |  | **7358** |
| **U.S. Treasury Notes – 6.7%** | **U.S. Treasury Notes – 6.7%** | **U.S. Treasury Notes – 6.7%** |
| 3.88%, 10/15/27<sup>(11)</sup> <br>| 138 | 139 |
| 3.88%, 7/15/28 | 1318 | 1326 |
| 3.88%, 6/30/30 | 2119 | 2132 |
| 4.25%, 5/15/35 | 2652 | 2676 |
|  |  | **6273** |
| **U.S. Treasury Strips – 2.5%** | **U.S. Treasury Strips – 2.5%** | **U.S. Treasury Strips – 2.5%** |
| 1.47%, 2/15/51<sup>(12)</sup> <br>| 7762 | **2277** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $18,041)** |  | **15908** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 5.5%**  | **INVESTMENT COMPANIES – 5.5%**  | **INVESTMENT COMPANIES – 5.5%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(13) (14)</sup> <br>| 5087317 | $5087 |
| **Total Investment Companies** |  |  |
| **(Cost $5,087)** |  | **5087** |
| **Total Investments – 100.3%** | **Total Investments – 100.3%** |  |
| **(Cost $95,681)** | **(Cost $95,681)** | **93454** |
| Liabilities less Other Assets – (0.3%) | Liabilities less Other Assets – (0.3%) | (239)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$93215** |

---

<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 September 30,* *2025, the value of these securities amounted to approximately* *$16,152,000 or 17.3% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of September 30, 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> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(5)</sup> *Variable or floating rate security. Rate as of September 30, 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 September 30, 2025.* 

<sup>(7)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(8)</sup> *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.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(11)</sup> *Security 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 September 30, 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  |
| REMICS - Real Estate Mortgage Investment Conduits |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At September 30, 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>| 18 | $3751 | Long | 12/25 | $2 |
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 46 | 5023 | Long | 12/25 | 6 |
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 47 | 5480 | Long | 12/25 | 114 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **145** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **CORE BOND FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (48)<br>| $(5524)<br>| Short | 12/25 | $(56)<br>|
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (13)<br>| (1561)<br>| Short | 12/25 | (40)<br>|
| Total |  |  |  |  | $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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities: |  |  |  |  |
| Whole Loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5479 | &nbsp;&nbsp; $150 | &nbsp;&nbsp; $5629 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 8435 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8435 |
| Total Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 13914 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 14064 |
| &nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5300 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 18693 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18693 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 8245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8245 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 26157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26157 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 15908 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15908 |
| Investment Companies | &nbsp;&nbsp; 5087 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5087 |
| Total Investments | &nbsp;&nbsp; $5087 | &nbsp;&nbsp; $88217 | &nbsp;&nbsp; $150 | &nbsp;&nbsp; $93454 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $122 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $122 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (96)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (96)<br>|
| Total Other Financial Instruments | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **146** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **FIXED INCOME FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 14.8%**  | **ASSET-BACKED SECURITIES – 14.8%**  | **ASSET-BACKED SECURITIES – 14.8%**  |
| **Auto Loan – 4.0%** | **Auto Loan – 4.0%** | **Auto Loan – 4.0%** |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| 5.48%, 11/10/31 | $1692 | $1730 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| 4.52%, 7/16/29 | 500 | 502 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D<br>|  |  |
| 5.49%, 5/15/31 | 580 | 589 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| 5.89%, 7/15/31 | 555 | 570 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-B, Class A3<br>|  |  |
| 5.23%, 5/15/28 | 353 | 355 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-B, Class A4<br>|  |  |
| 4.96%, 5/15/30 | 510 | 521 |
| &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 | 554 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class C<br>|  |  |
| 5.06%, 5/15/31 | 1805 | 1829 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class D<br>|  |  |
| 5.47%, 5/15/31 | 1830 | 1862 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class B<br>|  |  |
| 5.11%, 8/21/28<sup>(1)</sup> <br>| 1600 | 1614 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| 4.86%, 5/15/30<sup>(1)</sup> <br>| 300 | 304 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| 5.15%, 11/15/30<sup>(1)</sup> <br>| 800 | 814 |
|  |  | **11659** |
| **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 | 941 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 14.8%continued**  | **ASSET-BACKED SECURITIES - 14.8%continued**  | **ASSET-BACKED SECURITIES - 14.8%continued**  |
| **Credit Card – 0.4%continued** | **Credit Card – 0.4%continued** | **Credit Card – 0.4%continued** |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | $301 | $305 |
|  |  | **1246** |
| **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>| 951 | 984 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| 4.77%, 6/15/29 | 400 | 404 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| 4.03%, 1/15/30 | 1000 | 1002 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-1, Class A3<br>|  |  |
| 5.65%, 9/22/28<sup>(1)</sup> <br>| 228 | 228 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-3, Class A3<br>|  |  |
| 5.93%, 4/23/29<sup>(1)</sup> <br>| 326 | 328 |
| &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>| 1041 | 1049 |
| J.G. Wentworth XLI LLC |  |  |
| 3.74%, 10/17/72<sup>(1)</sup> <br>| 2007 | 1816 |
| &nbsp;&nbsp; JGWPT XXVII LLC, Series 2012-3A, <br> Class A<br>|  |  |
| 3.22%, 9/15/65<sup>(1)</sup> <br>| 458 | 418 |
| &nbsp;&nbsp; JGWPT XXX LLC, Series 2013-3A, <br> Class A<br>|  |  |
| 4.08%, 1/17/73<sup>(1)</sup> <br>| 1115 | 1058 |
| &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 | 1904 |
| &nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2024-A, Class A3<br>|  |  |
| 4.95%, 7/14/31<sup>(1)</sup> <br>| 500 | 508 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Series 2025-4, <br> Class B<br>|  |  |
| 5.69%, 1/17/33<sup>(1)</sup> <br>| 900 | 914 |
|  |  | **10744** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **ASSET-BACKED SECURITIES - 14.8%continued**  | **ASSET-BACKED SECURITIES - 14.8%continued**  | **ASSET-BACKED SECURITIES - 14.8%continued**  |
| **Whole Loan – 6.7%** | **Whole Loan – 6.7%** | **Whole Loan – 6.7%** |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 4.70% on 3/25/26), <br> 4.75%, 9/26/67<sup>(1) (2)</sup> <br>| $863 | $859 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2024-4, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.64% on 4/25/28), <br> 6.20%, 1/25/69<sup>(1) (2)</sup> <br>| 1796 | 1818 |
| &nbsp;&nbsp; Colt Mortgage Loan Trust, Series <br> 2024-7, Class A2<br>|  |  |
| &nbsp;&nbsp; (Step to 6.79% on 12/25/28), <br> 5.79%, 12/26/69<sup>(1) (2)</sup> <br>| 1225 | 1234 |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2022-7, Class 1A2<br>|  |  |
| 3.00%, 12/25/52<sup>(1) (3)</sup> <br>| 1113 | 965 |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2023-1, Class A3A<br>|  |  |
| 5.00%, 6/25/53<sup>(1) (3)</sup> <br>| 769 | 758 |
| &nbsp;&nbsp; Mello Mortgage Capital Acceptance, <br> Series 2021-MTG2, Class A1<br>|  |  |
| 2.50%, 6/25/51<sup>(1) (3)</sup> <br>| 1078 | 893 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 7.58% on 10/25/27), <br> 6.84%, 4/25/63<sup>(1) (2)</sup> <br>| 1014 | 1027 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 7.58% on 10/25/27), <br> 7.30%, 4/25/63<sup>(1) (2)</sup> <br>| 258 | 261 |
| &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>| 610 | 615 |
| &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>| 808 | 818 |
| &nbsp;&nbsp; PMT Loan Trust, Series 2024-INV1, <br> Class A2<br>|  |  |
| 6.00%, 10/25/59<sup>(1) (3)</sup> <br>| 1647 | 1676 |
| &nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2024-1, Class A13<br>|  |  |
| 5.50%, 12/25/54<sup>(1) (3)</sup> <br>| 2592 | 2587 |
| &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 | 1702 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 14.8%continued**  | **ASSET-BACKED SECURITIES - 14.8%continued**  | **ASSET-BACKED SECURITIES - 14.8%continued**  |
| **Whole Loan – 6.7%continued** | **Whole Loan – 6.7%continued** | **Whole Loan – 6.7%continued** |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM4, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.76% on 8/25/29), <br> 5.76%, 7/25/65<sup>(1) (2)</sup> <br>| $1993 | $2000 |
| &nbsp;&nbsp; Sequoia Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| 5.00%, 1/25/53<sup>(1)</sup> <br>| 564 | 557 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-1, Class A1<br>|  |  |
| 3.75%, 7/25/62<sup>(1)</sup> <br>| 1761 | 1690 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-4, Class A1<br>|  |  |
| 3.75%, 9/25/62<sup>(1)</sup> <br>| 326 | 313 |
|  |  | **19773** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $43,107)** |  | **43422** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.7%**  |
| **Non Agency – 6.7%** | **Non Agency – 6.7%** | **Non Agency – 6.7%** |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 898 | 799 |
| BANK5, Series 2023-5YR2, Class A3 |  |  |
| 6.66%, 7/15/56 | 853 | 900 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3<br>|  |  |
| 6.36%, 7/15/56 | 1090 | 1143 |
| BMARK, Series 2023-V4, Class C |  |  |
| 7.46%, 11/15/56<sup>(3)</sup> <br>| 1265 | 1317 |
| BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.24%, <br> 3/15/41<sup>(1) (4)</sup> <br>| 1208 | 1208 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2016-P3, Class AS<br>|  |  |
| 3.59%, 4/15/49 | 610 | 597 |
| &nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| 7.00%, 8/10/44<sup>(1) (3)</sup> <br>| 2900 | 3096 |
| &nbsp;&nbsp; Fashion Show Mall LLC, Series <br> 2024-SHOW, Class B<br>|  |  |
| 5.64%, 10/10/41<sup>(1) (3)</sup> <br>| 580 | 592 |
| &nbsp;&nbsp; FIVE Mortgage Trust, Series 2023-V1, <br> Class A3<br>|  |  |
| 5.67%, 2/10/56 | 1140 | 1169 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **148** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.7%continued**  |
| **Non Agency – 6.7%continued** | **Non Agency – 6.7%continued** | **Non Agency – 6.7%continued** |
| &nbsp;&nbsp; MAD Commercial Mortgage Trust, <br> Series 2025-11MD, Class C<br>|  |  |
| 5.63%, 10/15/42<sup>(1) (3)</sup> <br>| $460 | $462 |
| &nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2016-C32, <br> Class A4<br>|  |  |
| 3.72%, 12/15/49 | 350 | 347 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2016-UBS9, Class AS<br>|  |  |
| 3.90%, 3/15/49 | 449 | 444 |
| &nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class A<br>|  |  |
| 5.89%, 8/15/30<sup>(1)</sup> <br>| 1996 | 2004 |
| &nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class B<br>|  |  |
| 6.65%, 8/15/30<sup>(1)</sup> <br>| 940 | 944 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C35, Class A4<br>|  |  |
| 2.93%, 7/15/48 | 370 | 365 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2024-C63, Class A5<br>|  |  |
| 5.31%, 8/15/57 | 3960 | 4101 |
|  |  | **19488** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $19,192)** |  | **19488** |
| **CORPORATE BONDS – 26.1%**  | **CORPORATE BONDS – 26.1%**  | **CORPORATE BONDS – 26.1%**  |
| **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** |
| General Dynamics Corp., |  |  |
| 2.25%, 6/1/31  | 790 | 714 |
| Howmet Aerospace, Inc., |  |  |
| 4.85%, 10/15/31  | 420 | 431 |
|  |  | **1145** |
| **Asset Management – 2.6%** | **Asset Management – 2.6%** | **Asset Management – 2.6%** |
| Ares Capital Corp., |  |  |
| 5.95%, 7/15/29  | 610 | 631 |
| Blackstone Private Credit Fund, |  |  |
| 2.63%, 12/15/26  | 720 | 703 |
| 5.95%, 7/16/29  | 595 | 612 |
| 5.25%, 4/1/30  | 1125 | 1129 |
| Blue Owl Credit Income Corp., |  |  |
| 7.95%, 6/13/28  | 2000 | 2142 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  |
| **Asset Management – 2.6%continued** | **Asset Management – 2.6%continued** | **Asset Management – 2.6%continued** |
| Citadel L.P., |  |  |
| 6.38%, 1/23/32 <sup>(1)</sup> <br>| $1440 | $1524 |
| &nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| 5.25%, 5/15/27  | 835 | 821 |
|  |  | **7562** |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| Ford Motor Credit Co. LLC, |  |  |
| 4.95%, 5/28/27  | 313 | 312 |
| 6.80%, 11/7/28  | 305 | 318 |
| 5.73%, 9/5/30  | 920 | 928 |
|  |  | **1558** |
| **Banking – 5.4%** | **Banking – 5.4%** | **Banking – 5.4%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29 <sup>(5)</sup> <br>| 1092 | 1142 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 2.57%, 10/20/32 <sup>(5)</sup> <br>| 954 | 855 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.41%), 3.52%, 10/27/28 <sup>(5)</sup> <br>| 1010 | 997 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.45%), <br> 5.45%, 6/11/35 <sup>(5)</sup> <br>| 690 | 716 |
| Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.34%), <br> 6.34%, 7/27/29 <sup>(5)</sup> <br>| 400 | 422 |
| Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.65%), 6.25%, <br> 10/15/30 <sup>(5) (6)</sup> <br>| 1105 | 1102 |
| &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 | 1061 |
| 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 | 1175 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30 <sup>(5)</sup> <br>| 2000 | 2089 |
| KeyBank N.A., |  |  |
| 5.00%, 1/26/33  | 660 | 664 |
| M&T Bank Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.80%), <br> 7.41%, 10/30/29 <sup>(5)</sup> <br>| 660 | 717 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  |
| **Banking – 5.4%continued** | **Banking – 5.4%continued** | **Banking – 5.4%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.40%), <br> 5.18%, 7/8/31 <sup>(5)</sup> <br>| $1460 | $1495 |
| U.S. Bancorp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.09%), <br> 5.85%, 10/21/33 <sup>(5)</sup> <br>| 1360 | 1450 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 2.39%, 6/2/28 <sup>(5)</sup> <br>| 810 | 787 |
| (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(5)</sup> <br>| 1000 | 1030 |
|  |  | **15702** |
| **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 | **319** |
| **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** |
| Solstice Advanced Materials, Inc., |  |  |
| 5.63%, 9/30/33<sup>(1)</sup> <br>| 50 | **50** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| Republic Services, Inc., |  |  |
| 5.15%, 3/15/35<sup>†</sup> <br>| 1190 | **1229** |
| **Construction Materials – 1.4%** | **Construction Materials – 1.4%** | **Construction Materials – 1.4%** |
| Carlisle Cos., Inc., |  |  |
| 5.55%, 9/15/40  | 584 | 591 |
| CRH America Finance, Inc., |  |  |
| 5.50%, 1/9/35  | 1320 | 1378 |
| Vulcan Materials Co., |  |  |
| 5.35%, 12/1/34  | 1975 | 2037 |
|  |  | **4006** |
| **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** |
| Berkshire Hathaway Energy Co., |  |  |
| 1.65%, 5/15/31  | 395 | 342 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| 3.35%, 4/1/30  | 7 | 7 |
| DTE Electric Co., |  |  |
| 5.25%, 5/15/35  | 970 | 998 |
| PacifiCorp, |  |  |
| 5.45%, 2/15/34  | 900 | 922 |
| &nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| 4.50%, 8/15/28 <sup>(1)</sup> <br>| 230 | 224 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  |
| **Electric Utilities – 1.5%continued** | **Electric Utilities – 1.5%continued** | **Electric Utilities – 1.5%continued** |
| PSEG Power LLC, |  |  |
| 5.75%, 5/15/35 <sup>(1)</sup> <br>| $980 | $1025 |
| Public Service Co. of Colorado, |  |  |
| 5.15%, 9/15/35  | 840 | 851 |
|  |  | **4369** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| Hubbell, Inc., |  |  |
| 2.30%, 3/15/31 | 660 | **593** |
| **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
| Cheniere Energy Partners L.P., |  |  |
| 5.75%, 8/15/34 | 260 | **270** |
| **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** |
| TEGNA, Inc., |  |  |
| 5.00%, 9/15/29 | 775 | **771** |
| **Finance Companies – 0.3%** | **Finance Companies – 0.3%** | **Finance Companies – 0.3%** |
| Air Lease Corp., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.44%), 6.00%, <br> 9/24/29<sup>(5) (6)</sup> <br>| 800 | **776** |
| **Health Care Facilities & Services – 1.8%** | **Health Care Facilities & Services – 1.8%** | **Health Care Facilities & Services – 1.8%** |
| AdaptHealth LLC, |  |  |
| 5.13%, 3/1/30 <sup>(1)</sup> <br>| 850 | 810 |
| Cardinal Health, Inc., |  |  |
| 5.35%, 11/15/34  | 1850 | 1902 |
| Cencora, Inc., |  |  |
| 5.15%, 2/15/35  | 1010 | 1031 |
| DaVita, Inc., |  |  |
| 3.75%, 2/15/31 <sup>(1)</sup> <br>| 825 | 756 |
| LifePoint Health, Inc., |  |  |
| 8.38%, 2/15/32 <sup>(1)</sup> <br>| 850 | 906 |
|  |  | **5405** |
| **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 – 1.0%** | **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** |
| LPL Holdings, Inc., |  |  |
| 5.75%, 6/15/35  | 970 | 995 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **150** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  |
| **Institutional Financial Services – 1.0%continued** | **Institutional Financial Services – 1.0%continued** | **Institutional Financial Services – 1.0%continued** |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 5.45%, 7/20/29 <sup>(5)</sup> <br>| $1170 | $1209 |
| (Variable, U.S. SOFR + 1.83%), <br> 6.41%, 11/1/29 <sup>(5)</sup> <br>| 660 | 701 |
|  |  | **2905** |
| **Insurance – 1.2%** | **Insurance – 1.2%** | **Insurance – 1.2%** |
| Arthur J Gallagher & Co., |  |  |
| 5.15%, 2/15/35  | 1000 | 1012 |
| Constellation Insurance, Inc., |  |  |
| 6.80%, 1/24/30 <sup>(1)</sup> <br>| 2095 | 2111 |
| Sammons Financial Group, Inc., |  |  |
| 6.88%, 4/15/34 <sup>(1)</sup> <br>| 430 | 473 |
|  |  | **3596** |
| **Leisure Facilities & Services – 0.3%** | **Leisure Facilities & Services – 0.3%** | **Leisure Facilities & Services – 0.3%** |
| Carnival Corp., |  |  |
| 6.00%, 5/1/29<sup>(1)</sup> <br>| 825 | **837** |
| **Oil & Gas Supply Chain – 2.1%** | **Oil & Gas Supply Chain – 2.1%** | **Oil & Gas Supply Chain – 2.1%** |
| Chord Energy Corp., |  |  |
| 6.75%, 3/15/33 <sup>(1)</sup> <br>| 850 | 861 |
| Marathon Petroleum Corp., |  |  |
| 5.70%, 3/1/35  | 1380 | 1424 |
| ONEOK, Inc., |  |  |
| 6.05%, 9/1/33  | 180 | 191 |
| Ovintiv, Inc., |  |  |
| 6.25%, 7/15/33  | 1200 | 1266 |
| Venture Global LNG, Inc., |  |  |
| 7.00%, 1/15/30 <sup>(1) †</sup> <br>| 850 | 880 |
| WPX Energy, Inc., |  |  |
| 4.50%, 1/15/30  | 1593 | 1594 |
|  |  | **6216** |
| **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** |
| NNN REIT, Inc., |  |  |
| 5.50%, 6/15/34  | 510 | 529 |
| Store Capital LLC, |  |  |
| 5.40%, 4/30/30 <sup>(1)</sup> <br>| 1580 | 1609 |
|  |  | **2138** |
| **Semiconductors – 0.6%** | **Semiconductors – 0.6%** | **Semiconductors – 0.6%** |
| Foundry JV Holdco LLC, |  |  |
| 6.30%, 1/25/39<sup>(1)</sup> <br>| 1650 | **1774** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  |
| **Software – 1.6%** | **Software – 1.6%** | **Software – 1.6%** |
| Fortinet, Inc., |  |  |
| 2.20%, 3/15/31  | $275 | $245 |
| Oracle Corp., |  |  |
| 4.45%, 9/26/30  | 1430 | 1429 |
| Roper Technologies, Inc., |  |  |
| 5.10%, 9/15/35  | 1170 | 1179 |
| Synopsys, Inc., |  |  |
| 5.15%, 4/1/35  | 1370 | 1394 |
| VMware LLC, |  |  |
| 1.80%, 8/15/28  | 135 | 127 |
| 4.70%, 5/15/30  | 205 | 208 |
|  |  | **4582** |
| **Specialty Finance – 2.8%** | **Specialty Finance – 2.8%** | **Specialty Finance – 2.8%** |
| American Express Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 4.92%, 7/20/33 <sup>(5)</sup> <br>| 330 | 336 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.79%), <br> 5.67%, 4/25/36 <sup>(5)</sup> <br>| 1040 | 1099 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.26%), <br> 6.05%, 2/1/35 <sup>(5)</sup> <br>| 220 | 234 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 6.18%, 1/30/36 <sup>(5)</sup> <br>| 1140 | 1183 |
| Enova International, Inc., |  |  |
| 9.13%, 8/1/29 <sup>(1)</sup> <br>| 424 | 445 |
| FTAI Aviation Investors LLC, |  |  |
| 7.00%, 6/15/32 <sup>(1)</sup> <br>| 1165 | 1219 |
| 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 | 684 |
| OneMain Finance Corp., |  |  |
| 5.38%, 11/15/29  | 825 | 816 |
| Rocket Cos., Inc., |  |  |
| 6.38%, 8/1/33 <sup>(1)</sup> <br>| 1600 | 1651 |
| Synchrony Financial, |  |  |
| (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(5)</sup> <br>| 450 | 466 |
|  |  | **8138** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **CORPORATE BONDS - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  | **CORPORATE BONDS - 26.1% continued**  |
| **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** | **Technology Hardware – 0.2%** |
| Hewlett Packard Enterprise Co., |  |  |
| 4.15%, 9/15/28 | $580 | **$579** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Philip Morris International, Inc., |  |  |
| 1.75%, 11/1/30 | 350 | **310** |
| **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** |
| XPO, Inc., |  |  |
| 7.13%, 2/1/32<sup>(1)</sup> <br>| 1340 | **1407** |
| **Total Corporate Bonds** |  |  |
| **(Cost $74,609)** |  | **76244** |
| **FOREIGN ISSUER BONDS – 9.6%**  | **FOREIGN ISSUER BONDS – 9.6%**  | **FOREIGN ISSUER BONDS – 9.6%**  |
| **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 | **385** |
| **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** |
| &nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| 4.85%, 9/11/30<sup>(1)</sup> <br>| 880 | **884** |
| **Banking – 3.9%** | **Banking – 3.9%** | **Banking – 3.9%** |
| &nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.35%), 5.82%, <br> 6/18/36 <sup>(1) (5)</sup> <br>| 2175 | 2257 |
| 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 | 204 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 5.86%, 8/11/46 <sup>(5)</sup> <br>| 710 | 729 |
| BNP Paribas S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 2.16%, 9/15/29 <sup>(1) (5)</sup> <br>| 430 | 403 |
| 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 | 695 |
| Credit Agricole S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.36%), <br> 4.82%, 9/25/33 <sup>(1) (5)</sup> <br>| 1250 | 1242 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.67%), <br> 6.25%, 1/10/35 <sup>(1) (5)</sup> <br>| 1400 | 1477 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 9.6% continued**  | **FOREIGN ISSUER BONDS - 9.6% continued**  | **FOREIGN ISSUER BONDS - 9.6% continued**  |
| **Banking – 3.9%continued** | **Banking – 3.9%continued** | **Banking – 3.9%continued** |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.30%), <br> 4.95%, 8/4/31 <sup>(5)</sup> <br>| $400 | $404 |
| 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 | 641 |
| Mitsubshi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.27%), 5.62%, <br> 4/24/36 <sup>(5)</sup> <br>| 1030 | 1081 |
| 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 | 229 |
| &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 | 225 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29 <sup>(5)</sup> <br>| 800 | 798 |
| Societe Generale S.A., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.95%), 7.13%, <br> 1/19/55 <sup>(1) (5)</sup> <br>| 906 | 968 |
|  |  | **11353** |
| **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** |
| &nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III B.V.,<br>|  |  |
| 6.00%, 12/1/32 | 770 | **802** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| RELX Capital, Inc., |  |  |
| 5.25%, 3/27/35 | 1120 | **1156** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| Tyco Electronics Group S.A., |  |  |
| 5.00%, 5/9/35 | 1390 | **1410** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| NBM U.S. Holdings, Inc., |  |  |
| 7.00%, 5/14/26<sup>(1)</sup> <br>| 333 | **332** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| Nomura Holdings, Inc., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.30%), 5.04%, <br> 6/10/36<sup>(5)</sup> <br>| 3125 | **3111** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **152** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 9.6% continued**  | **FOREIGN ISSUER BONDS - 9.6% continued**  | **FOREIGN ISSUER BONDS - 9.6% continued**  |
| **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** |
| Sands China Ltd., |  |  |
| 2.85%, 3/8/29<sup>(7)</sup> <br>| $— | **$—** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| BHP Billiton Finance U.S.A. Ltd., |  |  |
| 5.30%, 2/21/35<sup>†</sup> <br>| 2250 | **2341** |
| **Oil & Gas Supply Chain – 0.5%** | **Oil & Gas Supply Chain – 0.5%** | **Oil & Gas Supply Chain – 0.5%** |
| Harbour Energy PLC, |  |  |
| 6.33%, 4/1/35<sup>(1)</sup> <br>| 1275 | **1309** |
| **Specialty Finance – 1.3%** | **Specialty Finance – 1.3%** | **Specialty Finance – 1.3%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 3.00%, 10/29/28  | 405 | 390 |
| 4.63%, 9/10/29  | 860 | 867 |
| 5.38%, 12/15/31  | 2150 | 2224 |
| Macquarie Airfinance Holdings Ltd., |  |  |
| 6.50%, 3/26/31 <sup>(1)</sup> <br>| 375 | 402 |
|  |  | **3883** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| NTT Finance Corp., |  |  |
| 5.50%, 7/16/35<sup>(1)</sup> <br>| 600 | **621** |
| **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 | **361** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $27,331)** |  | **27948** |
| **U.S. GOVERNMENT AGENCIES – 34.2%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 34.2%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 34.2%** <sup>(8)</sup> |
| **Fannie Mae – 16.6%** | **Fannie Mae – 16.6%** | **Fannie Mae – 16.6%** |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2013-M6, <br> Class 1AC,<br>|  |  |
| 3.38%, 2/25/43<sup>(3)</sup> <br>| 2459 | 2402 |
| Pool #545003, |  |  |
| 8.00%, 5/1/31<sup>(7)</sup> <br>|  |  |
| Pool #545437, |  |  |
| 7.00%, 2/1/32 | 10 | 11 |
| Pool #545556, |  |  |
| 7.00%, 4/1/32 | 6 | 6 |
| Pool #555189, |  |  |
| 7.00%, 12/1/32 | 55 | 58 |
| Pool #581806, |  |  |
| 7.00%, 7/1/31 | 9 | 10 |
| Pool #585617, |  |  |
| 7.00%, 5/1/31<sup>(7)</sup> <br>|  |  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 16.6%continued** | **Fannie Mae – 16.6%continued** | **Fannie Mae – 16.6%continued** |
| Pool #889641, |  |  |
| 5.50%, 8/1/37 | $337 | $350 |
| Pool #995802, |  |  |
| 5.50%, 12/1/35 | 339 | 351 |
| Pool #AB5209, |  |  |
| 3.00%, 5/1/32 | 1249 | 1215 |
| Pool #AB9546, |  |  |
| 3.50%, 6/1/28 | 19 | 18 |
| Pool #AD0248, |  |  |
| 5.50%, 11/1/37 | 618 | 634 |
| Pool #AD0494, |  |  |
| 5.50%, 8/1/37 | 341 | 350 |
| Pool #AD0925, |  |  |
| 5.00%, 4/1/40 | 40 | 41 |
| Pool #AK9457, |  |  |
| 3.50%, 3/1/32 | 60 | 59 |
| Pool #AL3063, |  |  |
| 3.50%, 1/1/28 | 43 | 42 |
| Pool #AL5119, |  |  |
| 4.00%, 4/1/34 | 523 | 518 |
| Pool #AL7497, |  |  |
| 3.50%, 9/1/40 | 822 | 785 |
| Pool #AL8876, |  |  |
| 3.00%, 10/1/44 | 253 | 233 |
| Pool #AO2961, |  |  |
| 4.00%, 5/1/42 | 133 | 129 |
| Pool #AQ9360, |  |  |
| 2.50%, 1/1/28 | 18 | 18 |
| Pool #AS1991, |  |  |
| 3.50%, 3/1/29 | 112 | 111 |
| Pool #AS3655, |  |  |
| 4.50%, 10/1/44 | 401 | 398 |
| Pool #AS6520, |  |  |
| 3.50%, 1/1/46 | 851 | 799 |
| Pool #AS7088, |  |  |
| 2.50%, 5/1/31 | 678 | 655 |
| Pool #AS8576, |  |  |
| 4.50%, 12/1/46 | 679 | 672 |
| Pool #BJ0686, |  |  |
| 4.00%, 4/1/48 | 443 | 425 |
| Pool #BM1761, |  |  |
| 4.00%, 8/1/44 | 142 | 137 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 16.6%continued** | **Fannie Mae – 16.6%continued** | **Fannie Mae – 16.6%continued** |
| Pool #BM1762, |  |  |
| 3.00%, 11/1/45 | $1731 | $1589 |
| Pool #BM4056, |  |  |
| 4.00%, 3/1/45 | 430 | 418 |
| Pool #BM5984, |  |  |
| 5.00%, 5/1/49 | 96 | 97 |
| Pool #BM5996, |  |  |
| 5.00%, 12/1/48 | 70 | 71 |
| Pool #BV4119, |  |  |
| 2.50%, 3/1/52 | 910 | 768 |
| Pool #BW9887, |  |  |
| 5.00%, 10/1/52 | 941 | 937 |
| Pool #BW9921, |  |  |
| 5.00%, 10/1/52 | 1009 | 1009 |
| Pool #BX4910, |  |  |
| 5.00%, 1/1/53 | 962 | 965 |
| Pool #BX7768, |  |  |
| 5.00%, 3/1/53 | 1150 | 1153 |
| Pool #BY5368, |  |  |
| 6.00%, 7/1/53 | 272 | 279 |
| Pool #CA6359, |  |  |
| 2.50%, 7/1/50 | 958 | 825 |
| Pool #CA6417, |  |  |
| 3.00%, 7/1/50 | 701 | 626 |
| Pool #CB1666, |  |  |
| 2.50%, 9/1/51 | 595 | 509 |
| Pool #CB2286, |  |  |
| 2.50%, 12/1/51 | 1049 | 898 |
| Pool #CB3515, |  |  |
| 3.50%, 5/1/52 | 792 | 728 |
| Pool #CB4844, |  |  |
| 5.50%, 10/1/52 | 437 | 443 |
| Pool #CB5113, |  |  |
| 5.50%, 11/1/52 | 271 | 275 |
| Pool #CB7114, |  |  |
| 5.50%, 9/1/53 | 552 | 560 |
| Pool #DA0017, |  |  |
| 6.00%, 9/1/53 | 880 | 909 |
| Pool #FM1303, |  |  |
| 3.00%, 1/1/48 | 839 | 761 |
| Pool #FM1438, |  |  |
| 3.00%, 8/1/38 | 302 | 289 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 16.6%continued** | **Fannie Mae – 16.6%continued** | **Fannie Mae – 16.6%continued** |
| Pool #FM1472, |  |  |
| 3.50%, 3/1/34 | $16 | $15 |
| Pool #FM1534, |  |  |
| 4.50%, 9/1/49 | 766 | 756 |
| Pool #FM1572, |  |  |
| 3.00%, 9/1/48 | 530 | 479 |
| Pool #FM2671, |  |  |
| 4.00%, 1/1/48 | 280 | 270 |
| Pool #FM2921, |  |  |
| 2.50%, 4/1/50 | 1271 | 1085 |
| Pool #FM3201, |  |  |
| 3.50%, 4/1/34 | 346 | 342 |
| Pool #FM4491, |  |  |
| 3.50%, 12/1/36 | 790 | 768 |
| Pool #FM6125, |  |  |
| 2.50%, 1/1/51 | 1100 | 947 |
| Pool #FM8215, |  |  |
| 2.50%, 3/1/51 | 937 | 805 |
| Pool #FP0012, |  |  |
| 3.00%, 8/1/51 | 819 | 734 |
| Pool #FS2701, |  |  |
| 2.50%, 2/1/35 | 641 | 620 |
| Pool #FS3063, |  |  |
| 4.50%, 10/1/52 | 976 | 954 |
| Pool #FS3120, |  |  |
| 5.00%, 9/1/52 | 1244 | 1242 |
| Pool #FS3391, |  |  |
| 2.50%, 8/1/51 | 1101 | 948 |
| Pool #FS3662, |  |  |
| 5.00%, 1/1/53 | 1028 | 1027 |
| Pool #FS4040, |  |  |
| 5.00%, 2/1/53 | 1006 | 1008 |
| Pool #FS4045, |  |  |
| 5.50%, 2/1/53 | 979 | 993 |
| Pool #FS4267, |  |  |
| 4.50%, 3/1/38 | 847 | 849 |
| Pool #FS4610, |  |  |
| 6.50%, 6/1/40 | 405 | 428 |
| Pool #FS4653, |  |  |
| 5.50%, 5/1/53 | 705 | 713 |
| Pool #FS4663, |  |  |
| 5.00%, 5/1/53 | 1136 | 1136 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **154** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 16.6%continued** | **Fannie Mae – 16.6%continued** | **Fannie Mae – 16.6%continued** |
| Pool #FS5441, |  |  |
| 6.00%, 8/1/53 | $889 | $919 |
| Pool #FS5952, |  |  |
| 6.50%, 10/1/53 | 644 | 675 |
| Pool #FS5965, |  |  |
| 6.00%, 10/1/53 | 126 | 130 |
| Pool #FS6176, |  |  |
| 5.00%, 12/1/47 | 713 | 731 |
| Pool #FS6869, |  |  |
| 7.00%, 1/1/40 | 212 | 223 |
| Pool #MA0878, |  |  |
| 4.00%, 10/1/31 | 226 | 224 |
| Pool #MA2522, |  |  |
| 3.50%, 2/1/46 | 1077 | 1010 |
| Pool #MA2864, |  |  |
| 3.50%, 1/1/47 | 680 | 638 |
| Pool #MA3004, |  |  |
| 4.00%, 5/1/37 | 262 | 258 |
| Pool #MA3088, |  |  |
| 4.00%, 8/1/47 | 522 | 502 |
| Pool #MA3183, |  |  |
| 4.00%, 11/1/47 | 246 | 236 |
| Pool #MA3184, |  |  |
| 4.50%, 11/1/47 | 22 | 21 |
| Pool #MA3211, |  |  |
| 4.00%, 12/1/47 | 1141 | 1100 |
| Pool #MA3448, |  |  |
| 5.00%, 8/1/48 | 376 | 381 |
| Pool #MA4186, |  |  |
| 3.00%, 10/1/35 | 315 | 304 |
| Pool #MA5098, |  |  |
| 5.50%, 7/1/43 | 602 | 619 |
|  |  | **48626** |
| **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 | 466 | 474 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 4077, <br> Class TO,<br>|  |  |
| 0.00%, 5/15/41<sup>(9)</sup> <br>| 860 | 661 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 5391, <br> Class A,<br>|  |  |
| 5.50%, 11/25/51 | 542 | 549 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 14.3%continued** | **Freddie Mac – 14.3%continued** | **Freddie Mac – 14.3%continued** |
| Pool #1B3575, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 11.42% Cap), 6.55%, 9/1/37<sup>(4)</sup> <br>| $41 | $42 |
| 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>| 84 | 86 |
| Pool #QD2946, |  |  |
| 2.50%, 12/1/51 | 944 | 803 |
| Pool #QD9323, |  |  |
| 2.50%, 4/1/52 | 1229 | 1042 |
| Pool #QF3725, |  |  |
| 5.00%, 11/1/52 | 1080 | 1076 |
| Pool #QF8053, |  |  |
| 5.50%, 2/1/53 | 1333 | 1349 |
| Pool #QG4632, |  |  |
| 5.50%, 6/1/53 | 1060 | 1073 |
| Pool #RA3913, |  |  |
| 2.50%, 11/1/50 | 1200 | 1033 |
| Pool #RA7677, |  |  |
| 5.00%, 7/1/52 | 991 | 994 |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 930 | 947 |
| Pool #RA9840, |  |  |
| 5.50%, 9/1/53 | 961 | 982 |
| Pool #RD5026, |  |  |
| 3.00%, 4/1/30 | 208 | 204 |
| Pool #SB0084, |  |  |
| 3.00%, 2/1/32 | 618 | 608 |
| Pool #SB0216, |  |  |
| 3.00%, 12/1/32 | 309 | 302 |
| Pool #SB0328, |  |  |
| 3.00%, 6/1/34 | 696 | 678 |
| Pool #SB0826, |  |  |
| 2.50%, 1/1/35 | 752 | 721 |
| Pool #SB8502, |  |  |
| 2.00%, 8/1/35 | 1646 | 1522 |
| Pool #SD0033, |  |  |
| 3.00%, 12/1/47 | 575 | 522 |
| Pool #SD0882, |  |  |
| 2.50%, 2/1/52 | 381 | 327 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 14.3%continued** | **Freddie Mac – 14.3%continued** | **Freddie Mac – 14.3%continued** |
| Pool #SD1360, |  |  |
| 5.50%, 7/1/52 | $950 | $962 |
| Pool #SD1518, |  |  |
| 4.50%, 8/1/52 | 1072 | 1051 |
| Pool #SD1659, |  |  |
| 2.50%, 2/1/52 | 1182 | 1012 |
| Pool #SD2334, |  |  |
| 5.00%, 2/1/53 | 1092 | 1089 |
| Pool #SD2347, |  |  |
| 5.50%, 2/1/53 | 942 | 963 |
| Pool #SD2477, |  |  |
| 5.50%, 3/1/53 | 1144 | 1169 |
| Pool #SD2642, |  |  |
| 5.50%, 4/1/53 | 1085 | 1102 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 126 | 130 |
| Pool #SD2757, |  |  |
| 5.00%, 5/1/53 | 1058 | 1057 |
| Pool #SD2876, |  |  |
| 3.00%, 7/1/46 | 1032 | 950 |
| Pool #SD2902, |  |  |
| 5.50%, 5/1/53 | 697 | 705 |
| Pool #SD2920, |  |  |
| 5.50%, 5/1/53 | 1070 | 1089 |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | 1110 | 1109 |
| Pool #SD2999, |  |  |
| 5.50%, 6/1/53 | 1088 | 1106 |
| Pool #SD3133, |  |  |
| 5.00%, 6/1/53 | 675 | 676 |
| Pool #SD3136, |  |  |
| 5.50%, 6/1/53 | 923 | 937 |
| Pool #SD3174, |  |  |
| 5.50%, 6/1/53 | 910 | 926 |
| Pool #SD3189, |  |  |
| 6.00%, 6/1/53 | 685 | 707 |
| Pool #SD3251, |  |  |
| 6.00%, 7/1/53 | 914 | 944 |
| Pool #SD3515, |  |  |
| 6.00%, 7/1/53 | 568 | 587 |
| Pool #SD3760, |  |  |
| 6.00%, 8/1/53 | 768 | 794 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 14.3%continued** | **Freddie Mac – 14.3%continued** | **Freddie Mac – 14.3%continued** |
| Pool #SD4027, |  |  |
| 6.50%, 10/1/53 | $839 | $882 |
| Pool #SD4285, |  |  |
| 5.50%, 11/1/53 | 771 | 784 |
| Pool #SD5136, |  |  |
| 6.00%, 4/1/54 | 724 | 747 |
| Pool #ZK7457, |  |  |
| 3.50%, 2/1/29 | 467 | 463 |
| Pool #ZM4714, |  |  |
| 3.50%, 11/1/47 | 1257 | 1171 |
| Pool #ZM5332, |  |  |
| 3.00%, 1/1/48 | 449 | 404 |
| Pool #ZS4687, |  |  |
| 2.50%, 11/1/46 | 457 | 397 |
| Pool #ZT1333, |  |  |
| 2.50%, 10/1/31 | 1241 | 1200 |
| &nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| 2.75%, 9/25/29 | 820 | 784 |
|  |  | **41892** |
| **Freddie Mac Gold – 0.8%** | **Freddie Mac Gold – 0.8%** | **Freddie Mac Gold – 0.8%** |
| Pool #A87842, |  |  |
| 4.50%, 8/1/39 | 137 | 137 |
| Pool #C00910, |  |  |
| 7.50%, 1/1/30 | 31 | 32 |
| Pool #G07068, |  |  |
| 5.00%, 7/1/41 | 208 | 214 |
| Pool #G07505, |  |  |
| 7.00%, 2/1/39 | 444 | 486 |
| Pool #G15612, |  |  |
| 3.50%, 12/1/29 | 11 | 11 |
| Pool #G16396, |  |  |
| 3.50%, 2/1/33 | 538 | 532 |
| Pool #G18643, |  |  |
| 2.50%, 5/1/32 | 47 | 46 |
| Pool #G30926, |  |  |
| 3.50%, 4/1/36 | 189 | 183 |
| Pool #G60948, |  |  |
| 3.00%, 1/1/47 | 281 | 252 |
| Pool #G61723, |  |  |
| 3.50%, 1/1/43 | 70 | 66 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **156** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 34.2%** <sup>(8)</sup>**continued** |
| **Freddie Mac Gold – 0.8%continued** | **Freddie Mac Gold – 0.8%continued** | **Freddie Mac Gold – 0.8%continued** |
| Pool #Q63667, |  |  |
| 4.50%, 5/1/49 | $190 | $187 |
|  |  | **2146** |
| **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 | 648 | **607** |
| **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 | 899 | 839 |
| Pool #786470, |  |  |
| 5.00%, 11/15/40 | 955 | 979 |
|  |  | **1818** |
| **Government National Mortgage Association II – 1.7%** | **Government National Mortgage Association II – 1.7%** | **Government National Mortgage Association II – 1.7%** |
| Pool #786922, |  |  |
| 5.50%, 9/1/53 | 884 | 897 |
| Pool #MA0089, |  |  |
| 4.00%, 5/20/42 | 1019 | 987 |
| Pool #MA1996, |  |  |
| 4.00%, 6/20/44 | 189 | 182 |
| Pool #MA3666, |  |  |
| 5.00%, 5/20/46 | 433 | 442 |
| Pool #MA4008, |  |  |
| 5.50%, 10/20/46 | 63 | 65 |
| Pool #MA6870, |  |  |
| 5.00%, 9/20/50 | 324 | 330 |
| Pool #MA8346, |  |  |
| 4.00%, 10/20/52 | 1047 | 993 |
| Pool #MA8724, |  |  |
| 4.50%, 3/20/53 | 1074 | 1048 |
|  |  | **4944** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $102,217)** |  | **100033** |
| **U.S. GOVERNMENT OBLIGATIONS – 8.0%**  | **U.S. GOVERNMENT OBLIGATIONS – 8.0%**  | **U.S. GOVERNMENT OBLIGATIONS – 8.0%**  |
| **U.S. Treasury Bonds – 4.2%** | **U.S. Treasury Bonds – 4.2%** | **U.S. Treasury Bonds – 4.2%** |
| 5.00%, 5/15/45 | 2877 | 2988 |
| 4.75%, 5/15/55 | 9267 | 9296 |
|  |  | **12284** |
| **U.S. Treasury Notes – 0.8%** | **U.S. Treasury Notes – 0.8%** | **U.S. Treasury Notes – 0.8%** |
| 4.38%, 12/31/29<sup>(10)</sup> <br>| 310 | 318 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 8.0%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 8.0%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 8.0%continued**  |
| **U.S. Treasury Notes – 0.8%continued** | **U.S. Treasury Notes – 0.8%continued** | **U.S. Treasury Notes – 0.8%continued** |
| 4.25%, 1/31/30<sup>(10)</sup> <br>| $50 | $51 |
| 3.88%, 6/30/30<sup>(10)</sup> <br>| 60 | 60 |
| 4.25%, 5/15/35<sup>(10)</sup> <br>| 2034 | 2053 |
|  |  | **2482** |
| **U.S. Treasury Strips – 3.0%** | **U.S. Treasury Strips – 3.0%** | **U.S. Treasury Strips – 3.0%** |
| 1.48%, 2/15/51<sup>(11)</sup> <br>| 29423 | **8631** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $32,244)** |  | **23397** |

---

---

| | | |
|:---|:---|:---|
|  | 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 - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(12) (13) (14)</sup> <br>| 1619613 | $1620 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(12) (13)</sup> <br>| 512430 | 512 |
| **Total Investment Companies** |  |  |
| **(Cost $2,132)** |  | **2132** |
| **Total Investments – 100.1%** | **Total Investments – 100.1%** |  |
| **(Cost $300,832)** | **(Cost $300,832)** | **292664** |
| Liabilities less Other Assets – (0.1%) | Liabilities less Other Assets – (0.1%) | (335)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$292329** |

---

<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 September 30,* *2025, the value of these securities amounted to approximately* *$70,210,000 or 24.0% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of September 30, 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 September 30, 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 September 30, 2025.* 

<sup>(6)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(7)</sup> *Principal Amount and Value rounds to less than one thousand.*

<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.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **157** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **FIXED INCOME FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(13)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(14)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |

---

---

| |
|:---|
| 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  |
| REMICS - Real Estate Mortgage Investment Conduits |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At September 30, 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>| 90 | $18756 | Long | 12/25 | $8 |
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 23 | 2511 | Long | 12/25 | (6)<br>|
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 190 | 22153 | Long | 12/25 | 463 |
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (146)<br>| (16801)<br>| Short | 12/25 | (171)<br>|
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (35)<br>| (4202)<br>| Short | 12/25 | (107)<br>|
| Total |  |  |  |  | $187 |

---

<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 September 30, 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; $43422 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43422 |
| &nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 19488 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19488 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 76244 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76244 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 27948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27948 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 100033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100033 |
| &nbsp;&nbsp; U.S. Government <br> Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 23397 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23397 |
| Investment Companies | &nbsp;&nbsp; 2132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2132 |
| Total Investments | &nbsp;&nbsp; $2132 | &nbsp;&nbsp; $290532 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $292664 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $471 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $471 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (284)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (284)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $187 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $187 |

---

<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 SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **HIGH YIELD FIXED INCOME FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS – 83.7%**  | **CORPORATE BONDS – 83.7%**  | **CORPORATE BONDS – 83.7%**  |
| **Advertising & Marketing – 0.9%** | **Advertising & Marketing – 0.9%** | **Advertising & Marketing – 0.9%** |
| Dotdash Meredith, Inc., |  |  |
| 7.63%, 6/15/32 <sup>(1)</sup> <br>| $5125 | $5077 |
| Neptune Bidco U.S., Inc., |  |  |
| 9.29%, 4/15/29 <sup>(1)</sup> <br>| 16597 | 16293 |
|  |  | **21370** |
| **Aerospace & Defense – 1.7%** | **Aerospace & Defense – 1.7%** | **Aerospace & Defense – 1.7%** |
| AAR Escrow Issuer LLC, |  |  |
| 6.75%, 3/15/29 <sup>(1)</sup> <br>| 5375 | 5533 |
| Axon Enterprise, Inc., |  |  |
| 6.13%, 3/15/30 <sup>(1)</sup> <br>| 2865 | 2942 |
| 6.25%, 3/15/33 <sup>(1)</sup> <br>| 1655 | 1704 |
| Spirit AeroSystems, Inc., |  |  |
| 4.60%, 6/15/28 <sup>†</sup> <br>| 3595 | 3590 |
| 9.38%, 11/30/29 <sup>(1)</sup> <br>| 3163 | 3331 |
| 9.75%, 11/15/30 <sup>(1)</sup> <br>| 3295 | 3624 |
| TransDigm, Inc., |  |  |
| 6.88%, 12/15/30 <sup>(1)</sup> <br>| 3615 | 3746 |
| 7.13%, 12/1/31 <sup>(1)</sup> <br>| 1105 | 1153 |
| 6.00%, 1/15/33 <sup>(1)</sup> <br>| 2159 | 2183 |
| 6.38%, 5/31/33 <sup>(1)</sup> <br>| 8800 | 8899 |
| 6.25%, 1/31/34 <sup>(1)</sup> <br>| 1865 | 1918 |
| 6.75%, 1/31/34 <sup>(1)</sup> <br>| 1865 | 1928 |
|  |  | **40551** |
| **Asset Management – 0.9%** | **Asset Management – 0.9%** | **Asset Management – 0.9%** |
| Hightower Holding LLC, |  |  |
| 9.13%, 1/31/30 <sup>(1)</sup> <br>| 6530 | 6926 |
| &nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| 9.75%, 1/15/29 <sup>†</sup> <br>| 4830 | 4875 |
| 10.00%, 11/15/29 <sup>(1)</sup> <br>| 3175 | 3189 |
| 9.00%, 6/15/30  | 3375 | 3254 |
| Osaic Holdings, Inc., |  |  |
| 6.75%, 8/1/32 <sup>(1)</sup> <br>| 465 | 480 |
| 8.00%, 8/1/33 <sup>(1)</sup> <br>| 1370 | 1420 |
|  |  | **20144** |
| **Automotive – 1.8%** | **Automotive – 1.8%** | **Automotive – 1.8%** |
| Adient Global Holdings Ltd., |  |  |
| 7.50%, 2/15/33 <sup>(1) †</sup> <br>| 5235 | 5421 |
| American Axle & Manufacturing, Inc., |  |  |
| 6.88%, 7/1/28 <sup>†</sup> <br>| 6625 | 6623 |
| 10/15/32 <sup>(1) (2)</sup> <br>| 1445 | 1443 |
| 10/15/33 <sup>(1) (2)</sup> <br>| 2150 | 2167 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Automotive – 1.8%continued** | **Automotive – 1.8%continued** | **Automotive – 1.8%continued** |
| &nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co.,<br>|  |  |
| 6.75%, 5/15/28 <sup>(1) †</sup> <br>| $3050 | $3117 |
| Dana, Inc., |  |  |
| 4.25%, 9/1/30  | 6855 | 6789 |
| Ford Motor Co., |  |  |
| 9.63%, 4/22/30  | 2030 | 2365 |
| 4.75%, 1/15/43  | 2095 | 1670 |
| Goodyear Tire & Rubber (The) Co., |  |  |
| 5.25%, 4/30/31 <sup>†</sup> <br>| 2690 | 2542 |
| Nissan Motor Acceptance Co. LLC, |  |  |
| 5.63%, 9/29/28 <sup>(1) †</sup> <br>| 1825 | 1826 |
| 6.13%, 9/30/30 <sup>(1) †</sup> <br>| 1825 | 1826 |
| Phinia, Inc., |  |  |
| 6.75%, 4/15/29 <sup>(1)</sup> <br>| 7040 | 7253 |
|  |  | **43042** |
| **Banking – 0.3%** | **Banking – 0.3%** | **Banking – 0.3%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.35%), 6.25%, <br> 7/26/30 <sup>(3) (4)</sup> <br>| 2990 | 3028 |
| Citigroup, Inc., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.89%), 6.88%, <br> 8/15/30 <sup>(3) (4)</sup> <br>| 3000 | 3092 |
|  |  | **6120** |
| **Basic Industry – 0.4%** | **Basic Industry – 0.4%** | **Basic Industry – 0.4%** |
| Avient Corp., |  |  |
| 6.25%, 11/1/31<sup>(1)</sup> <br>| 8620 | **8754** |
| **Biotechnology & Pharmaceuticals – 1.5%** | **Biotechnology & Pharmaceuticals – 1.5%** | **Biotechnology & Pharmaceuticals – 1.5%** |
| 1261229 B.C. Ltd., |  |  |
| 10.00%, 4/15/32 <sup>(1)</sup> <br>| 8500 | 8713 |
| Bausch Health Americas, Inc., |  |  |
| 8.50%, 1/31/27 <sup>(1)</sup> <br>| 11455 | 11340 |
| Bausch Health Cos., Inc., |  |  |
| 4.88%, 6/1/28 <sup>(1) †</sup> <br>| 4205 | 3763 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.,<br>|  |  |
| 4.13%, 4/30/28 <sup>(1)</sup> <br>| 6060 | 5855 |
| 5.13%, 4/30/31 <sup>(1) †</sup> <br>| 5255 | 4604 |
|  |  | **34275** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Cable & Satellite – 4.3%** | **Cable & Satellite – 4.3%** | **Cable & Satellite – 4.3%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |  |
| 5.00%, 2/1/28 <sup>(1)</sup> <br>| $20652 | $20453 |
| 4.25%, 2/1/31 <sup>(1)</sup> <br>| 9935 | 9152 |
| 4.75%, 2/1/32 <sup>(1) †</sup> <br>| 14295 | 13220 |
| 4.50%, 6/1/33 <sup>(1) †</sup> <br>| 9815 | 8726 |
| 4.25%, 1/15/34 <sup>(1) †</sup> <br>| 5906 | 5106 |
| CSC Holdings LLC, |  |  |
| 11.75%, 1/31/29 <sup>(1)</sup> <br>| 3025 | 2544 |
| 6.50%, 2/1/29 <sup>(1)</sup> <br>| 10985 | 8119 |
| 5.75%, 1/15/30 <sup>(1)</sup> <br>| 7445 | 2835 |
| 4.63%, 12/1/30 <sup>(1)</sup> <br>| 3735 | 1310 |
| Directv Financing LLC, |  |  |
| 8.88%, 2/1/30 <sup>(1)</sup> <br>| 2455 | 2425 |
| &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.,<br>|  |  |
| 5.88%, 8/15/27 <sup>(1)</sup> <br>| 3954 | 3950 |
| DISH DBS Corp., |  |  |
| 7.75%, 7/1/26 <sup>†</sup> <br>| 9155 | 9068 |
| 5.25%, 12/1/26 <sup>(1)</sup> <br>| 8257 | 8113 |
| DISH Network Corp., |  |  |
| 11.75%, 11/15/27 <sup>(1)</sup> <br>| 2420 | 2561 |
| Midcontinent Communications, |  |  |
| 8.00%, 8/15/32 <sup>(1) †</sup> <br>| 2380 | 2452 |
|  |  | **100034** |
| **Chemicals – 1.7%** | **Chemicals – 1.7%** | **Chemicals – 1.7%** |
| Celanese U.S. Holdings LLC, |  |  |
| 6.50%, 4/15/30 <sup>†</sup> <br>| 3060 | 3080 |
| 6.75%, 4/15/33 <sup>†</sup> <br>| 2450 | 2440 |
| &nbsp;&nbsp; Illuminate Buyer LLC/Illuminate <br> Holdings IV, Inc.,<br>|  |  |
| 9.00%, 7/1/28 <sup>(1)</sup> <br>| 3990 | 4003 |
| Inversion Escrow Issuer LLC, |  |  |
| 6.75%, 8/1/32 <sup>(1)</sup> <br>| 5080 | 5004 |
| LSB Industries, Inc., |  |  |
| 6.25%, 10/15/28 <sup>(1)</sup> <br>| 7720 | 7616 |
| Mativ Holdings, Inc., |  |  |
| 8.00%, 10/1/29 <sup>(1) †</sup> <br>| 3875 | 3836 |
| Olympus Water U.S. Holding Corp., |  |  |
| 7.13%, 10/1/27 <sup>(1)</sup> <br>| 3265 | 3323 |
| 2/15/33 <sup>(1) (2)</sup> <br>| 3995 | 3999 |
| Qnity Electronics, Inc., |  |  |
| 5.75%, 8/15/32 <sup>(1)</sup> <br>| 2980 | 3003 |
| 6.25%, 8/15/33 <sup>(1)</sup> <br>| 2980 | 3043 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Chemicals – 1.7%continued** | **Chemicals – 1.7%continued** | **Chemicals – 1.7%continued** |
| Tronox, Inc., |  |  |
| 9.13%, 9/30/30 <sup>(1) †</sup> <br>| $1615 | $1582 |
|  |  | **40929** |
| **Commercial Support Services – 2.8%** | **Commercial Support Services – 2.8%** | **Commercial Support Services – 2.8%** |
| ADT Security (The) Corp., |  |  |
| 4.13%, 8/1/29 <sup>(1) †</sup> <br>| 3285 | 3177 |
| Allied Universal Holdco LLC, |  |  |
| 7.88%, 2/15/31 <sup>(1)</sup> <br>| 5170 | 5421 |
| AMN Healthcare, Inc., |  |  |
| 1/15/31 <sup>(1) (2)</sup> <br>| 2445 | 2453 |
| Brink's (The) Co., |  |  |
| 6.50%, 6/15/29 <sup>(1)</sup> <br>| 4228 | 4351 |
| Clean Harbors, Inc., |  |  |
| 10/15/33 <sup>(1) (2)</sup> <br>| 1435 | 1448 |
| Deluxe Corp., |  |  |
| 8.13%, 9/15/29 <sup>(1)</sup> <br>| 1240 | 1295 |
| GFL Environmental, Inc., |  |  |
| 6.75%, 1/15/31 <sup>(1)</sup> <br>| 5695 | 5959 |
| Luna 1.5 S.a.r.l., |  |  |
| 12.00%, 7/1/32 <sup>(1) (5)</sup> <br>| 2600 | 2692 |
| OT Midco, Inc., |  |  |
| 10.00%, 2/15/30 <sup>(1) †</sup> <br>| 4000 | 2702 |
| &nbsp;&nbsp; Prime Security Services <br> Borrower LLC/Prime Finance, Inc.,<br>|  |  |
| 6.25%, 1/15/28 <sup>(1)</sup> <br>| 9090 | 9082 |
| Raven Acquisition Holdings LLC, |  |  |
| 6.88%, 11/15/31 <sup>(1)</sup> <br>| 8351 | 8582 |
| RR Donnelley & Sons Co., |  |  |
| 9.50%, 8/1/29 <sup>(1)</sup> <br>| 2835 | 2905 |
| VM Consolidated, Inc., |  |  |
| 5.50%, 4/15/29 <sup>(1) †</sup> <br>| 3530 | 3511 |
| VT Topco, Inc., |  |  |
| 8.50%, 8/15/30 <sup>(1)</sup> <br>| 6720 | 6837 |
| Williams Scotsman, Inc., |  |  |
| 6.63%, 6/15/29 <sup>(1)</sup> <br>| 3060 | 3130 |
| ZipRecruiter, Inc., |  |  |
| 5.00%, 1/15/30 <sup>(1)</sup> <br>| 1749 | 1408 |
|  |  | **64953** |
| **Construction Materials – 0.9%** | **Construction Materials – 0.9%** | **Construction Materials – 0.9%** |
| Quikrete Holdings, Inc., |  |  |
| 6.38%, 3/1/32 <sup>(1)</sup> <br>| 5976 | 6190 |
| 6.75%, 3/1/33 <sup>(1)</sup> <br>| 8150 | 8474 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **160** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Construction Materials – 0.9%continued** | **Construction Materials – 0.9%continued** | **Construction Materials – 0.9%continued** |
| Smyrna Ready Mix Concrete LLC, |  |  |
| 8.88%, 11/15/31 <sup>(1)</sup> <br>| $3530 | $3727 |
| Standard Industries, Inc., |  |  |
| 3.38%, 1/15/31 <sup>(1)</sup> <br>| 3320 | 3007 |
|  |  | **21398** |
| **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** |
| Prime Healthcare Services, Inc., |  |  |
| 9.38%, 9/1/29<sup>(1)</sup> <br>| 8600 | **8944** |
| **Consumer Services – 0.3%** | **Consumer Services – 0.3%** | **Consumer Services – 0.3%** |
| StoneMor, Inc., |  |  |
| 8.50%, 5/15/29<sup>(1)</sup> <br>| 6070 | **5933** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| &nbsp;&nbsp; Ardagh Packaging Finance <br> PLC/Ardagh Holdings U.S.A., Inc.,<br>|  |  |
| 5.25%, 8/15/27 <sup>(1) †</sup> <br>| 1915 | 728 |
| LABL, Inc., |  |  |
| 5.88%, 11/1/28 <sup>(1)</sup> <br>| 3400 | 2634 |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co.,<br>|  |  |
| 9.25%, 4/15/27 <sup>(1) †</sup> <br>| 2897 | 2904 |
| Owens-Brockway Glass Container, Inc., |  |  |
| 7.25%, 5/15/31 <sup>(1) †</sup> <br>| 1420 | 1445 |
|  |  | **7711** |
| **Electric Utilities – 2.7%** | **Electric Utilities – 2.7%** | **Electric Utilities – 2.7%** |
| Calpine Corp., |  |  |
| 5.13%, 3/15/28 <sup>(1)</sup> <br>| 7022 | 7026 |
| 5.00%, 2/1/31 <sup>(1)</sup> <br>| 3195 | 3186 |
| Hawaiian Electric Co., Inc., |  |  |
| 6.00%, 10/1/33 <sup>(1)</sup> <br>| 1565 | 1579 |
| Lightning Power LLC, |  |  |
| 7.25%, 8/15/32 <sup>(1)</sup> <br>| 4230 | 4478 |
| NRG Energy, Inc., |  |  |
| 5.75%, 1/15/28  | 7565 | 7581 |
| 5.75%, 7/15/29 <sup>(1)</sup> <br>| 4320 | 4325 |
| 1/15/34 <sup>(1) (2)</sup> <br>| 1445 | 1444 |
| 6.25%, 11/1/34 <sup>(1)</sup> <br>| 6340 | 6499 |
| 1/15/36 <sup>(1) (2)</sup> <br>| 3430 | 3430 |
| &nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| 4.50%, 8/15/28 <sup>(1)</sup> <br>| 3720 | 3626 |
| Talen Energy Supply LLC, |  |  |
| 8.63%, 6/1/30 <sup>(1)</sup> <br>| 3435 | 3646 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Electric Utilities – 2.7%continued** | **Electric Utilities – 2.7%continued** | **Electric Utilities – 2.7%continued** |
| Vistra Operations Co. LLC, |  |  |
| 5.63%, 2/15/27 <sup>(1)</sup> <br>| $5510 | $5513 |
| 4.38%, 5/1/29 <sup>(1)</sup> <br>| 4455 | 4362 |
| 6.88%, 4/15/32 <sup>(1)</sup> <br>| 4250 | 4445 |
| &nbsp;&nbsp; XPLR Infrastructure Operating Partners <br> L.P.,<br>|  |  |
| 8.38%, 1/15/31 <sup>(1) †</sup> <br>| 620 | 650 |
| 8.63%, 3/15/33 <sup>(1) †</sup> <br>| 1895 | 1987 |
|  |  | **63777** |
| **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 | **10074** |
| **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>| 4135 | 4312 |
| SESI LLC, |  |  |
| 9/30/30 <sup>(2)</sup> <br>| 1735 | 1735 |
| Transocean International Ltd., |  |  |
| 10/15/32 <sup>(2)</sup> <br>| 1080 | 1080 |
|  |  | **7127** |
| **Engineering & Construction – 0.8%** | **Engineering & Construction – 0.8%** | **Engineering & Construction – 0.8%** |
| AECOM, |  |  |
| 6.00%, 8/1/33 <sup>(1)</sup> <br>| 4775 | 4882 |
| Arcosa, Inc., |  |  |
| 6.88%, 8/15/32 <sup>(1)</sup> <br>| 5211 | 5443 |
| &nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc.,<br>|  |  |
| 7.50%, 2/1/32 <sup>(1)</sup> <br>| 7510 | 7587 |
|  |  | **17912** |
| **Entertainment Content – 1.6%** | **Entertainment Content – 1.6%** | **Entertainment Content – 1.6%** |
| &nbsp;&nbsp; Allen Media LLC/Allen Media <br> Co-Issuer, Inc.,<br>|  |  |
| 10.50%, 2/15/28 <sup>(1)</sup> <br>| 12035 | 5356 |
| AMC Networks, Inc., |  |  |
| 10.50%, 7/15/32 <sup>(1)</sup> <br>| 3470 | 3669 |
| TEGNA, Inc., |  |  |
| 5.00%, 9/15/29  | 4877 | 4852 |
| Univision Communications, Inc., |  |  |
| 7.38%, 6/30/30 <sup>(1)</sup> <br>| 2343 | 2354 |
| 8.50%, 7/31/31 <sup>(1) †</sup> <br>| 7390 | 7631 |
| 9.38%, 8/1/32 <sup>(1)</sup> <br>| 1660 | 1769 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Entertainment Content – 1.6%continued** | **Entertainment Content – 1.6%continued** | **Entertainment Content – 1.6%continued** |
| Warnermedia Holdings, Inc., |  |  |
| 4.28%, 3/15/32 <sup>†</sup> <br>| $4195 | $3844 |
| 5.05%, 3/15/42  | 5240 | 4183 |
| 5.14%, 3/15/52  | 4855 | 3617 |
|  |  | **37275** |
| **Food – 0.8%** | **Food – 0.8%** | **Food – 0.8%** |
| Fiesta Purchaser, Inc., |  |  |
| 7.88%, 3/1/31 <sup>(1)</sup> <br>| 8605 | 9081 |
| 9.63%, 9/15/32 <sup>(1) †</sup> <br>| 5375 | 5803 |
| Post Holdings, Inc., |  |  |
| 4.50%, 9/15/31 <sup>(1)</sup> <br>| 2111 | 1972 |
| &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>| 2672 | 2562 |
|  |  | **19418** |
| **Forestry, Paper & Wood Products – 0.4%** | **Forestry, Paper & Wood Products – 0.4%** | **Forestry, Paper & Wood Products – 0.4%** |
| Magnera Corp., |  |  |
| 4.75%, 11/15/29<sup>(1) †</sup> <br>| 10617 | **9399** |
| **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>|  |  |
| 9.50%, 6/1/30<sup>(1)</sup> <br>| 4865 | **5093** |
| **Health Care Facilities & Services – 3.2%** | **Health Care Facilities & Services – 3.2%** | **Health Care Facilities & Services – 3.2%** |
| AdaptHealth LLC, |  |  |
| 5.13%, 3/1/30 <sup>(1)</sup> <br>| 7535 | 7186 |
| CHS/Community Health Systems, Inc., |  |  |
| 6.88%, 4/15/29 <sup>(1)</sup> <br>| 2125 | 1689 |
| 6.13%, 4/1/30 <sup>(1)</sup> <br>| 4695 | 3405 |
| 10.88%, 1/15/32 <sup>(1)</sup> <br>| 11055 | 11708 |
| 9.75%, 1/15/34 <sup>(1)</sup> <br>| 5640 | 5778 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.52%), 6.75%, <br> 12/10/54 <sup>(3)</sup> <br>| 5635 | 5817 |
| DaVita, Inc., |  |  |
| 6.88%, 9/1/32 <sup>(1) †</sup> <br>| 4150 | 4287 |
| 6.75%, 7/15/33 <sup>(1)</sup> <br>| 2960 | 3052 |
| Global Medical Response, Inc., |  |  |
| 7.38%, 10/1/32 <sup>(1)</sup> <br>| 1550 | 1595 |
| HealthEquity, Inc., |  |  |
| 4.50%, 10/1/29 <sup>(1)</sup> <br>| 5910 | 5731 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Health Care Facilities & Services – 3.2%continued** | **Health Care Facilities & Services – 3.2%continued** | **Health Care Facilities & Services – 3.2%continued** |
| LifePoint Health, Inc., |  |  |
| 9.88%, 8/15/30 <sup>(1)</sup> <br>| $4025 | $4359 |
| 10.00%, 6/1/32 <sup>(1) †</sup> <br>| 2725 | 2861 |
| Star Parent, Inc., |  |  |
| 9.00%, 10/1/30 <sup>(1)</sup> <br>| 8211 | 8681 |
| Surgery Center Holdings, Inc., |  |  |
| 7.25%, 4/15/32 <sup>(1) †</sup> <br>| 7626 | 7834 |
|  |  | **73983** |
| **Home & Office Products – 0.8%** | **Home & Office Products – 0.8%** | **Home & Office Products – 0.8%** |
| &nbsp;&nbsp; CD&R Smokey Buyer, Inc./Radio <br> Systems Corp.,<br>|  |  |
| 9.50%, 10/15/29 <sup>(1) †</sup> <br>| 1715 | 1341 |
| FXI Holdings, Inc., |  |  |
| 12.25%, 11/15/26 <sup>(1) †</sup> <br>| 7354 | 6471 |
| Newell Brands, Inc., |  |  |
| 6.63%, 5/15/32 <sup>†</sup> <br>| 2860 | 2823 |
| 7.38%, 4/1/36 <sup>†</sup> <br>| 9065 | 9019 |
|  |  | **19654** |
| **Home Construction – 1.5%** | **Home Construction – 1.5%** | **Home Construction – 1.5%** |
| &nbsp;&nbsp; Ashton Woods U.S.A. LLC/Ashton <br> Woods Finance Co.,<br>|  |  |
| 6.88%, 8/1/33 <sup>(1)</sup> <br>| 1175 | 1185 |
| Beazer Homes U.S.A., Inc., |  |  |
| 5.88%, 10/15/27  | 5810 | 5806 |
| Century Communities, Inc., |  |  |
| 6.63%, 9/15/33 <sup>(1)</sup> <br>| 1390 | 1402 |
| Dream Finders Homes, Inc., |  |  |
| 6.88%, 9/15/30 <sup>(1)</sup> <br>| 2510 | 2525 |
| K Hovnanian Enterprises, Inc., |  |  |
| 8.00%, 4/1/31 <sup>(1)</sup> <br>| 1040 | 1066 |
| 8.38%, 10/1/33 <sup>(1)</sup> <br>| 1030 | 1056 |
| KB Home, |  |  |
| 7.25%, 7/15/30  | 4030 | 4156 |
| LGI Homes, Inc., |  |  |
| 8.75%, 12/15/28 <sup>(1)</sup> <br>| 2380 | 2499 |
| 4.00%, 7/15/29 <sup>(1) †</sup> <br>| 5260 | 4800 |
| M/I Homes, Inc., |  |  |
| 3.95%, 2/15/30  | 5135 | 4904 |
| New Home (The) Co., Inc., |  |  |
| 8.50%, 11/1/30 <sup>(1)</sup> <br>| 5325 | 5528 |
|  |  | **34927** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **162** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Perrigo Finance Unlimited Co., |  |  |
| 4.90%, 6/15/30  | $340 | $332 |
| 6.13%, 9/30/32  | 3010 | 3030 |
|  |  | **3362** |
| **Industrial Intermediate Products – 0.5%** | **Industrial Intermediate Products – 0.5%** | **Industrial Intermediate Products – 0.5%** |
| &nbsp;&nbsp; Anagram Holdings LLC/Anagram <br> International, Inc.,<br>|  |  |
| 10.00%, 8/15/26 <sup>(1) (6) (7)</sup> <br>| 2819 | 41 |
| Chart Industries, Inc., |  |  |
| 7.50%, 1/1/30 <sup>(1)</sup> <br>| 6150 | 6400 |
| 9.50%, 1/1/31 <sup>(1)</sup> <br>| 2915 | 3123 |
| Park-Ohio Industries, Inc., |  |  |
| 8.50%, 8/1/30 <sup>(1)</sup> <br>| 3000 | 3110 |
|  |  | **12674** |
| **Industrial Support Services – 1.1%** | **Industrial Support Services – 1.1%** | **Industrial Support Services – 1.1%** |
| EquipmentShare.com, Inc., |  |  |
| 8.63%, 5/15/32 <sup>(1)</sup> <br>| 2965 | 3201 |
| 8.00%, 3/15/33 <sup>(1)</sup> <br>| 7230 | 7727 |
| Herc Holdings, Inc., |  |  |
| 7.00%, 6/15/30 <sup>(1)</sup> <br>| 4080 | 4238 |
| 7.25%, 6/15/33 <sup>(1)</sup> <br>| 2915 | 3043 |
| NESCO Holdings II, Inc., |  |  |
| 5.50%, 4/15/29 <sup>(1)</sup> <br>| 3365 | 3295 |
| United Rentals North America, Inc., |  |  |
| 3.75%, 1/15/32  | 2030 | 1881 |
| 6.13%, 3/15/34 <sup>(1)</sup> <br>| 1730 | 1799 |
|  |  | **25184** |
| **Institutional Financial Services – 0.7%** | **Institutional Financial Services – 0.7%** | **Institutional Financial Services – 0.7%** |
| Aretec Group, Inc., |  |  |
| 7.50%, 4/1/29 <sup>(1)</sup> <br>| 3742 | 3760 |
| 10.00%, 8/15/30 <sup>(1)</sup> <br>| 3260 | 3552 |
| Armor Holdco, Inc., |  |  |
| 8.50%, 11/15/29 <sup>(1) †</sup> <br>| 4145 | 4115 |
| Coinbase Global, Inc., |  |  |
| 3.63%, 10/1/31 <sup>(1)</sup> <br>| 6025 | 5376 |
|  |  | **16803** |
| **Insurance – 1.0%** | **Insurance – 1.0%** | **Insurance – 1.0%** |
| Acrisure LLC/Acrisure Finance, Inc., |  |  |
| 4.25%, 2/15/29 <sup>(1)</sup> <br>| 4410 | 4249 |
| &nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant Holdings <br> Co-Issuer,<br>|  |  |
| 6.50%, 10/1/31 <sup>(1)</sup> <br>| 5900 | 6033 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Insurance – 1.0%continued** | **Insurance – 1.0%continued** | **Insurance – 1.0%continued** |
| 7.38%, 10/1/32 <sup>(1) †</sup> <br>| $2765 | $2849 |
| Panther Escrow Issuer LLC, |  |  |
| 7.13%, 6/1/31 <sup>(1)</sup> <br>| 9505 | 9886 |
|  |  | **23017** |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| GrubHub Holdings, Inc., |  |  |
| 13.00%, 7/31/30 <sup>(1) (5) †</sup> <br>| 1555 | 1554 |
| Snap, Inc., |  |  |
| 6.88%, 3/15/34 <sup>(1)</sup> <br>| 1980 | 2004 |
|  |  | **3558** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| Insight Enterprises, Inc., |  |  |
| 6.63%, 5/15/32 <sup>(1)</sup> <br>| 3745 | 3840 |
| Virtusa Corp., |  |  |
| 7.13%, 12/15/28 <sup>(1) †</sup> <br>| 2650 | 2589 |
|  |  | **6429** |
| **Leisure Facilities & Services – 4.5%** | **Leisure Facilities & Services – 4.5%** | **Leisure Facilities & Services – 4.5%** |
| Boyne U.S.A., Inc., |  |  |
| 4.75%, 5/15/29 <sup>(1)</sup> <br>| 5155 | 5058 |
| Caesars Entertainment, Inc., |  |  |
| 7.00%, 2/15/30 <sup>(1)</sup> <br>| 3690 | 3796 |
| 6.50%, 2/15/32 <sup>(1)</sup> <br>| 6642 | 6775 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc.,<br>|  |  |
| 6.75%, 1/15/30 <sup>(1) †</sup> <br>| 4060 | 3810 |
| Full House Resorts, Inc., |  |  |
| 8.25%, 2/15/28 <sup>(1) †</sup> <br>| 8261 | 7667 |
| &nbsp;&nbsp; GPS Hospitality Holding Co. LLC/GPS <br> Finco, Inc.,<br>|  |  |
| 7.00%, 8/15/28 <sup>(1)</sup> <br>| 6555 | 3756 |
| Jacobs Entertainment, Inc., |  |  |
| 6.75%, 2/15/29 <sup>(1)</sup> <br>| 3980 | 3885 |
| Light & Wonder International, Inc., |  |  |
| 6.25%, 10/1/33 <sup>(1)</sup> <br>| 3185 | 3190 |
| Marriott Ownership Resorts, Inc., |  |  |
| 6.50%, 10/1/33 <sup>(1)</sup> <br>| 2665 | 2653 |
| NCL Corp. Ltd., |  |  |
| 6.25%, 3/1/30 <sup>(1)</sup> <br>| 4975 | 5038 |
| 5.88%, 1/15/31 <sup>(1)</sup> <br>| 1570 | 1570 |
| 6.75%, 2/1/32 <sup>(1)</sup> <br>| 10110 | 10397 |
| 6.25%, 9/15/33 <sup>(1)</sup> <br>| 915 | 920 |
| Penn Entertainment, Inc., |  |  |
| 4.13%, 7/1/29 <sup>(1) †</sup> <br>| 4805 | 4504 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Leisure Facilities & Services – 4.5%continued** | **Leisure Facilities & Services – 4.5%continued** | **Leisure Facilities & Services – 4.5%continued** |
| &nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.,<br>|  |  |
| 5.88%, 9/1/31 <sup>(1) †</sup> <br>| $2190 | $1129 |
| &nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers <br> Enterprise Lender Corp.,<br>|  |  |
| 10/15/30 <sup>(1) (2)</sup> <br>| 1435 | 1448 |
| Sabre GLBL, Inc., |  |  |
| 8.63%, 6/1/27 <sup>(1)</sup> <br>| 9796 | 9936 |
| 11.13%, 7/15/30 <sup>(1)</sup> <br>| 6265 | 6067 |
| &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 | 2385 |
| Travel + Leisure Co., |  |  |
| 6.13%, 9/1/33 <sup>(1)</sup> <br>| 4105 | 4092 |
| Viking Cruises Ltd., |  |  |
| 5.88%, 9/15/27 <sup>(1)</sup> <br>| 10076 | 10079 |
| 7.00%, 2/15/29 <sup>(1)</sup> <br>| 5680 | 5709 |
| 10/15/33 <sup>(1) (2)</sup> <br>| 2620 | 2622 |
|  |  | **106486** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| Acushnet Co., |  |  |
| 7.38%, 10/15/28 <sup>(1)</sup> <br>| 3530 | 3660 |
| Thor Industries, Inc., |  |  |
| 4.00%, 10/15/29 <sup>(1) †</sup> <br>| 6390 | 6055 |
|  |  | **9715** |
| **Machinery – 1.1%** | **Machinery – 1.1%** | **Machinery – 1.1%** |
| Amsted Industries, Inc., |  |  |
| 6.38%, 3/15/33 <sup>(1)</sup> <br>| 3580 | 3674 |
| Madison IAQ LLC, |  |  |
| 4.13%, 6/30/28 <sup>(1)</sup> <br>| 4540 | 4431 |
| 5.88%, 6/30/29 <sup>(1)</sup> <br>| 3070 | 3033 |
| Manitowoc (The) Co., Inc., |  |  |
| 9.25%, 10/1/31 <sup>(1)</sup> <br>| 2895 | 3038 |
| &nbsp;&nbsp; Maxim Crane Works Holdings <br> Capital LLC,<br>|  |  |
| 11.50%, 9/1/28 <sup>(1)</sup> <br>| 6655 | 7053 |
| Titan International, Inc., |  |  |
| 7.00%, 4/30/28  | 5145 | 5151 |
|  |  | **26380** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **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 | $5162 |
| 5.25%, 10/1/29 <sup>(1)</sup> <br>| 6860 | 6800 |
|  |  | **11962** |
| **Metals & Mining – 1.1%** | **Metals & Mining – 1.1%** | **Metals & Mining – 1.1%** |
| Alcoa Nederland Holding B.V., |  |  |
| 7.13%, 3/15/31 <sup>(1)</sup> <br>| 7030 | 7390 |
| &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 | 3070 |
| Alumina Pty. Ltd., |  |  |
| 6.38%, 9/15/32 <sup>(1)</sup> <br>| 3623 | 3714 |
| Constellium S.E., |  |  |
| 3.75%, 4/15/29 <sup>(1)</sup> <br>| 2785 | 2650 |
| 6.38%, 8/15/32 <sup>(1) †</sup> <br>| 8803 | 8998 |
|  |  | **25822** |
| **Oil & Gas Services & Equipment – 1.9%** | **Oil & Gas Services & Equipment – 1.9%** | **Oil & Gas Services & Equipment – 1.9%** |
| Kodiak Gas Services LLC, |  |  |
| 6.50%, 10/1/33 <sup>(1)</sup> <br>| 2330 | 2372 |
| 6.75%, 10/1/35 <sup>(1)</sup> <br>| 1720 | 1766 |
| Nabors Industries Ltd., |  |  |
| 7.50%, 1/15/28 <sup>(1) †</sup> <br>| 790 | 789 |
| Nabors Industries, Inc., |  |  |
| 7.38%, 5/15/27 <sup>(1)</sup> <br>| 1230 | 1249 |
| 9.13%, 1/31/30 <sup>(1)</sup> <br>| 1375 | 1430 |
| 8.88%, 8/15/31 <sup>(1) †</sup> <br>| 1591 | 1482 |
| Noble Finance II LLC, |  |  |
| 8.00%, 4/15/30 <sup>(1)</sup> <br>| 3495 | 3617 |
| Oceaneering International, Inc., |  |  |
| 6.00%, 2/1/28  | 5895 | 5968 |
| 6.00%, 2/1/28  | 1612 | 1632 |
| Tidewater, Inc., |  |  |
| 9.13%, 7/15/30 <sup>(1)</sup> <br>| 2070 | 2220 |
| Transocean Aquila Ltd., |  |  |
| 8.00%, 9/30/28 <sup>(1)</sup> <br>| 1518 | 1562 |
| Transocean International Ltd., |  |  |
| 8.75%, 2/15/30 <sup>(1)</sup> <br>| 3109 | 3271 |
| 8.50%, 5/15/31 <sup>(1)</sup> <br>| 1460 | 1431 |
| Transocean Poseidon Ltd., |  |  |
| 6.88%, 2/1/27 <sup>(1)</sup> <br>| 2799 | 2796 |
| Transocean Titan Financing Ltd., |  |  |
| 8.38%, 2/1/28 <sup>(1)</sup> <br>| 1089 | 1116 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **164** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Oil & Gas Services & Equipment – 1.9%continued** | **Oil & Gas Services & Equipment – 1.9%continued** | **Oil & Gas Services & Equipment – 1.9%continued** |
| &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 | $4703 |
| 6.25%, 10/1/33 <sup>(1)</sup> <br>| 1525 | 1531 |
| Weatherford International Ltd., |  |  |
| 10/15/33 <sup>(1) (2)</sup> <br>| 4395 | 4398 |
|  |  | **43333** |
| **Oil & Gas Supply Chain – 10.8%** | **Oil & Gas Supply Chain – 10.8%** | **Oil & Gas Supply Chain – 10.8%** |
| California Resources Corp., |  |  |
| 7.13%, 2/1/26 <sup>(1)</sup> <br>| 854 | 853 |
| 1/15/34 <sup>(1) (2)</sup> <br>| 1580 | 1569 |
| Chord Energy Corp., |  |  |
| 6.00%, 10/1/30 <sup>(1) †</sup> <br>| 1675 | 1663 |
| CITGO Petroleum Corp., |  |  |
| 6.38%, 6/15/26 <sup>(1)</sup> <br>| 8289 | 8289 |
| 8.38%, 1/15/29 <sup>(1)</sup> <br>| 2800 | 2910 |
| Civitas Resources, Inc., |  |  |
| 8.38%, 7/1/28 <sup>(1)</sup> <br>| 3565 | 3695 |
| 8.63%, 11/1/30 <sup>(1)</sup> <br>| 2880 | 2983 |
| 8.75%, 7/1/31 <sup>(1)</sup> <br>| 3780 | 3873 |
| 9.63%, 6/15/33 <sup>(1)</sup> <br>| 3490 | 3686 |
| CNX Resources Corp., |  |  |
| 7.38%, 1/15/31 <sup>(1)</sup> <br>| 2795 | 2882 |
| 7.25%, 3/1/32 <sup>(1)</sup> <br>| 5330 | 5530 |
| Comstock Resources, Inc., |  |  |
| 6.75%, 3/1/29 <sup>(1)</sup> <br>| 3230 | 3225 |
| 6.75%, 3/1/29 <sup>(1)</sup> <br>| 1990 | 1978 |
| Crescent Energy Finance LLC, |  |  |
| 7.63%, 4/1/32 <sup>(1)</sup> <br>| 4315 | 4285 |
| CVR Energy, Inc., |  |  |
| 8.50%, 1/15/29 <sup>(1) †</sup> <br>| 2606 | 2663 |
| &nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp.,<br>|  |  |
| 7.13%, 6/1/28 <sup>(1)</sup> <br>| 2310 | 2317 |
| 8.63%, 3/15/29 <sup>(1)</sup> <br>| 5785 | 6033 |
| 7.38%, 6/30/33 <sup>(1)</sup> <br>| 3460 | 3518 |
| EQT Corp., |  |  |
| 6.38%, 4/1/29  | 3745 | 3884 |
| 7.50%, 6/1/30  | 3405 | 3756 |
| &nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| 8.25%, 1/15/29  | 5500 | 5736 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Oil & Gas Supply Chain – 10.8%continued** | **Oil & Gas Supply Chain – 10.8%continued** | **Oil & Gas Supply Chain – 10.8%continued** |
| &nbsp;&nbsp; Global Partners L.P./GLP Finance <br> Corp.,<br>|  |  |
| 6.88%, 1/15/29  | $3625 | $3657 |
| 7.13%, 7/1/33 <sup>(1)</sup> <br>| 2005 | 2055 |
| Harvest Midstream I L.P., |  |  |
| 7.50%, 9/1/28 <sup>(1)</sup> <br>| 2800 | 2830 |
| &nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| 6.25%, 11/1/28 <sup>(1)</sup> <br>| 5952 | 5967 |
| 8.38%, 11/1/33 <sup>(1)</sup> <br>| 1540 | 1617 |
| &nbsp;&nbsp; Howard Midstream Energy <br> Partners LLC,<br>|  |  |
| 6.63%, 1/15/34 <sup>(1)</sup> <br>| 2040 | 2080 |
| ITT Holdings LLC, |  |  |
| 6.50%, 8/1/29 <sup>(1)</sup> <br>| 7895 | 7762 |
| &nbsp;&nbsp; Martin Midstream Partners L.P./Martin <br> Midstream Finance Corp.,<br>|  |  |
| 11.50%, 2/15/28 <sup>(1) †</sup> <br>| 5385 | 5727 |
| Murphy Oil Corp., |  |  |
| 6.00%, 10/1/32 <sup>†</sup> <br>| 3585 | 3537 |
| &nbsp;&nbsp; NGL Energy Operating LLC/NGL <br> Energy Finance Corp.,<br>|  |  |
| 8.38%, 2/15/32 <sup>(1)</sup> <br>| 13488 | 13820 |
| Northern Oil & Gas, Inc., |  |  |
| 8.13%, 3/1/28 <sup>(1) †</sup> <br>| 3515 | 3565 |
| 10/15/33 <sup>(1) (2)</sup> <br>| 940 | 936 |
| NuStar Logistics L.P., |  |  |
| 6.00%, 6/1/26  | 4165 | 4180 |
| &nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance <br> Corp.,<br>|  |  |
| 6.00%, 2/15/28  | 6448 | 6408 |
| Permian Resources Operating LLC, |  |  |
| 8.00%, 4/15/27 <sup>(1)</sup> <br>| 4575 | 4646 |
| Range Resources Corp., |  |  |
| 8.25%, 1/15/29  | 3935 | 4027 |
| Rockies Express Pipeline LLC, |  |  |
| 6.75%, 3/15/33 <sup>(1)</sup> <br>| 1470 | 1534 |
| SM Energy Co., |  |  |
| 6.75%, 8/1/29 <sup>(1)</sup> <br>| 6669 | 6701 |
| 7.00%, 8/1/32 <sup>(1) †</sup> <br>| 3555 | 3558 |
| Sunoco L.P., |  |  |
| 7.00%, 5/1/29 <sup>(1)</sup> <br>| 4145 | 4292 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.23%), 7.88%, <br> 9/18/30 <sup>(1) (3) (4)</sup> <br>| 3090 | 3139 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Oil & Gas Supply Chain – 10.8%continued** | **Oil & Gas Supply Chain – 10.8%continued** | **Oil & Gas Supply Chain – 10.8%continued** |
| 5.63%, 3/15/31 <sup>(1)</sup> <br>| $1655 | $1643 |
| 6.25%, 7/1/33 <sup>(1)</sup> <br>| 1385 | 1410 |
| 5.88%, 3/15/34 <sup>(1)</sup> <br>| 2750 | 2726 |
| Sunoco L.P./Sunoco Finance Corp., |  |  |
| 4.50%, 5/15/29 <sup>†</sup> <br>| 2733 | 2666 |
| 4.50%, 4/30/30  | 3670 | 3534 |
| &nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| 7.38%, 2/15/29 <sup>(1)</sup> <br>| 6760 | 6962 |
| Talos Production, Inc., |  |  |
| 9.00%, 2/1/29 <sup>(1) †</sup> <br>| 1300 | 1344 |
| 9.38%, 2/1/31 <sup>(1)</sup> <br>| 7450 | 7759 |
| TransMontaigne Partners LLC, |  |  |
| 8.50%, 6/15/30 <sup>(1)</sup> <br>| 6855 | 7143 |
| Venture Global LNG, Inc., |  |  |
| 9.50%, 2/1/29 <sup>(1)</sup> <br>| 17963 | 19796 |
| 8.38%, 6/1/31 <sup>(1)</sup> <br>| 13653 | 14335 |
| Venture Global Plaquemines LNG LLC, |  |  |
| 6.50%, 1/15/34 <sup>(1)</sup> <br>| 3575 | 3763 |
| 6.75%, 1/15/36 <sup>(1)</sup> <br>| 3865 | 4105 |
| Vital Energy, Inc., |  |  |
| 7.75%, 7/31/29 <sup>(1)</sup> <br>| 8372 | 8291 |
| 7.88%, 4/15/32 <sup>(1)</sup> <br>| 790 | 767 |
|  |  | **253610** |
| **Publishing & Broadcasting – 1.9%** | **Publishing & Broadcasting – 1.9%** | **Publishing & Broadcasting – 1.9%** |
| Beasley Mezzanine Holdings LLC, |  |  |
| 9.20%, 8/1/28 <sup>(1)</sup> <br>| 5830 | 2215 |
| Clear Channel Outdoor Holdings, Inc., |  |  |
| 7.50%, 6/1/29 <sup>(1)</sup> <br>| 5471 | 5314 |
| 7.88%, 4/1/30 <sup>(1)</sup> <br>| 2260 | 2373 |
| 7.13%, 2/15/31 <sup>(1)</sup> <br>| 2310 | 2388 |
| Cumulus Media New Holdings, Inc., |  |  |
| 8.00%, 7/1/29 <sup>(1)</sup> <br>| 5760 | 1469 |
| EW Scripps (The) Co., |  |  |
| 9.88%, 8/15/30 <sup>(1)</sup> <br>| 4950 | 4646 |
| Gray Media, Inc., |  |  |
| 10.50%, 7/15/29 <sup>(1) †</sup> <br>| 5146 | 5564 |
| 5.38%, 11/15/31 <sup>(1)</sup> <br>| 4446 | 3340 |
| 9.63%, 7/15/32 <sup>(1) †</sup> <br>| 2080 | 2125 |
| iHeartCommunications, Inc., |  |  |
| 10.88%, 5/1/30 <sup>(1)</sup> <br>| 2381 | 1618 |
| 7.75%, 8/15/30 <sup>(1)</sup> <br>| 3106 | 2571 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Publishing & Broadcasting – 1.9%continued** | **Publishing & Broadcasting – 1.9%continued** | **Publishing & Broadcasting – 1.9%continued** |
| Lamar Media Corp., |  |  |
| 5.38%, 11/1/33 <sup>(1)</sup> <br>| $3515 | $3489 |
| McGraw-Hill Education, Inc., |  |  |
| 7.38%, 9/1/31 <sup>(1)</sup> <br>| 3860 | 4010 |
| Nexstar Media, Inc., |  |  |
| 5.63%, 7/15/27 <sup>(1)</sup> <br>| 4005 | 3999 |
|  |  | **45121** |
| **Real Estate Investment Trusts – 2.5%** | **Real Estate Investment Trusts – 2.5%** | **Real Estate Investment Trusts – 2.5%** |
| &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>| 3563 | 3499 |
| &nbsp;&nbsp; EF Holdco/EF Cayman Hold/Ellington <br> Fin REIT Cayman/TRS/EF Cayman <br> Non-MTM,<br>|  |  |
| 7.38%, 9/30/30  | 2505 | 2505 |
| Global Net Lease, Inc., |  |  |
| 4.50%, 9/30/28 <sup>(1)</sup> <br>| 5480 | 5361 |
| IIP Operating Partnership L.P., |  |  |
| 5.50%, 5/25/26  | 5215 | 5185 |
| Iron Mountain, Inc., |  |  |
| 4.88%, 9/15/29 <sup>(1)</sup> <br>| 8004 | 7879 |
| Millrose Properties, Inc., |  |  |
| 6.38%, 8/1/30 <sup>(1)</sup> <br>| 2755 | 2802 |
| 6.25%, 9/15/32 <sup>(1)</sup> <br>| 2145 | 2150 |
| &nbsp;&nbsp; MPT Operating Partnership L.P./MPT <br> Finance Corp.,<br>|  |  |
| 5.00%, 10/15/27 <sup>†</sup> <br>| 3490 | 3381 |
| 8.50%, 2/15/32 <sup>(1)</sup> <br>| 600 | 637 |
| &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 | 2696 |
| Service Properties Trust, |  |  |
| 0.00%, 9/30/27 <sup>(1) (8) †</sup> <br>| 295 | 260 |
| 5.50%, 12/15/27  | 6535 | 6415 |
| &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>| 2550 | 2686 |
| 6.50%, 2/15/29 <sup>(1) †</sup> <br>| 10350 | 9720 |
| 8.63%, 6/15/32 <sup>(1) †</sup> <br>| 2740 | 2618 |
|  |  | **57794** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **166** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Real Estate Owners & Developers – 0.0%** | **Real Estate Owners & Developers – 0.0%** | **Real Estate Owners & Developers – 0.0%** |
| Five Point Operating Co. L.P., |  |  |
| 8.00%, 10/1/30<sup>(1)</sup> <br>| $1080 | **$1096** |
| **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** |
| EnerSys, |  |  |
| 6.63%, 1/15/32<sup>(1)</sup> <br>| 4205 | **4327** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| &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 | **4124** |
| **Retail - Discretionary – 3.9%** | **Retail - Discretionary – 3.9%** | **Retail - Discretionary – 3.9%** |
| Academy Ltd., |  |  |
| 6.00%, 11/15/27 <sup>(1)</sup> <br>| 6010 | 6007 |
| Advance Auto Parts, Inc., |  |  |
| 7.00%, 8/1/30 <sup>(1)</sup> <br>| 2265 | 2330 |
| 7.38%, 8/1/33 <sup>(1)</sup> <br>| 3505 | 3615 |
| Bath & Body Works, Inc., |  |  |
| 5.25%, 2/1/28 <sup>†</sup> <br>| 1099 | 1105 |
| 6.63%, 10/1/30 <sup>(1)</sup> <br>| 4230 | 4324 |
| 6.75%, 7/1/36  | 7455 | 7672 |
| Carvana Co., |  |  |
| 9.00%, 6/1/30 <sup>(1) (5)</sup> <br>| 1194 | 1249 |
| 9.00%, 6/1/31 <sup>(1) (5)</sup> <br>| 1633 | 1849 |
| Ken Garff Automotive LLC, |  |  |
| 4.88%, 9/15/28 <sup>(1)</sup> <br>| 5235 | 5126 |
| LBM Acquisition LLC, |  |  |
| 9.50%, 6/15/31 <sup>(1)</sup> <br>| 2210 | 2322 |
| Macy's Retail Holdings LLC, |  |  |
| 5.88%, 3/15/30 <sup>(1)</sup> <br>| 1720 | 1718 |
| 7.38%, 8/1/33 <sup>(1) †</sup> <br>| 1710 | 1783 |
| 4.50%, 12/15/34  | 5280 | 4627 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco <br> Corp.,<br>|  |  |
| 6.50%, 5/15/29 <sup>(1) †</sup> <br>| 7014 | 6981 |
| Michaels (The) Cos., Inc., |  |  |
| 5.25%, 5/1/28 <sup>(1)</sup> <br>| 5005 | 4607 |
| 7.88%, 5/1/29 <sup>(1)</sup> <br>| 2240 | 1870 |
| Park River Holdings, Inc., |  |  |
| 8.00%, 3/15/31 <sup>(1)</sup> <br>| 970 | 982 |
| Patrick Industries, Inc., |  |  |
| 4.75%, 5/1/29 <sup>(1)</sup> <br>| 1150 | 1127 |
| 6.38%, 11/1/32 <sup>(1)</sup> <br>| 6760 | 6859 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Retail - Discretionary – 3.9%continued** | **Retail - Discretionary – 3.9%continued** | **Retail - Discretionary – 3.9%continued** |
| PetSmart LLC/PetSmart Finance Corp., |  |  |
| 7.50%, 9/15/32 <sup>(1)</sup> <br>| $1890 | $1893 |
| 10.00%, 9/15/33 <sup>(1)</sup> <br>| 2230 | 2250 |
| Saks Global Enterprises LLC, |  |  |
| 11.00%, 12/15/29 <sup>(1)</sup> <br>| 2750 | 976 |
| 11.00%, 12/15/29 <sup>(1)</sup> <br>| 1000 | 510 |
| Staples, Inc., |  |  |
| 10.75%, 9/1/29 <sup>(1)</sup> <br>| 7510 | 7426 |
| Victoria's Secret & Co., |  |  |
| 4.63%, 7/15/29 <sup>(1) †</sup> <br>| 4945 | 4720 |
| &nbsp;&nbsp; Victra Holdings LLC/Victra Finance <br> Corp.,<br>|  |  |
| 8.75%, 9/15/29 <sup>(1) †</sup> <br>| 7735 | 8109 |
|  |  | **92037** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| Coherent Corp., |  |  |
| 5.00%, 12/15/29<sup>(1)</sup> <br>| 4011 | **3956** |
| **Software – 2.3%** | **Software – 2.3%** | **Software – 2.3%** |
| Capstone Borrower, Inc., |  |  |
| 8.00%, 6/15/30 <sup>(1)</sup> <br>| 3065 | 3205 |
| Castle U.S. Holding Corp., |  |  |
| 10.00%, 6/30/31 <sup>(1)</sup> <br>| 3995 | 599 |
| Central Parent, Inc./CDK Global, Inc., |  |  |
| 7.25%, 6/15/29 <sup>(1)</sup> <br>| 7605 | 6548 |
| Cloud Software Group, Inc., |  |  |
| 9.00%, 9/30/29 <sup>(1)</sup> <br>| 6740 | 6991 |
| 8.25%, 6/30/32 <sup>(1)</sup> <br>| 3990 | 4232 |
| 6.63%, 8/15/33 <sup>(1)</sup> <br>| 2105 | 2143 |
| CoreWeave, Inc., |  |  |
| 9.25%, 6/1/30 <sup>(1)</sup> <br>| 5830 | 6021 |
| 9.00%, 2/1/31 <sup>(1)</sup> <br>| 2535 | 2598 |
| GoTo Group, Inc., |  |  |
| 5.50%, 5/1/28 <sup>(1)</sup> <br>| 2022 | 1638 |
| &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 | 3975 |
| McAfee Corp., |  |  |
| 7.38%, 2/15/30 <sup>(1)</sup> <br>| 6925 | 6424 |
| Pagaya U.S. Holdings Co. LLC, |  |  |
| 8.88%, 8/1/30 <sup>(1)</sup> <br>| 6920 | 6444 |
| UKG, Inc., |  |  |
| 6.88%, 2/1/31 <sup>(1)</sup> <br>| 3320 | 3426 |
|  |  | **54244** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Specialty Finance – 8.4%** | **Specialty Finance – 8.4%** | **Specialty Finance – 8.4%** |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.87%), 4.70%, <br> 5/15/26 <sup>(3) (4)</sup> <br>| $5605 | $5459 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 7Y + 3.48%), 4.70%, <br> 5/15/28 <sup>(3) (4)</sup> <br>| 1515 | 1396 |
| Blackstone Mortgage Trust, Inc., |  |  |
| 7.75%, 12/1/29 <sup>(1)</sup> <br>| 2200 | 2321 |
| Block, Inc., |  |  |
| 6.00%, 8/15/33 <sup>(1)</sup> <br>| 2440 | 2499 |
| Boost Newco Borrower LLC, |  |  |
| 7.50%, 1/15/31 <sup>(1)</sup> <br>| 6430 | 6822 |
| Burford Capital Global Finance LLC, |  |  |
| 6.88%, 4/15/30 <sup>(1)</sup> <br>| 7929 | 7971 |
| 9.25%, 7/1/31 <sup>(1)</sup> <br>| 6440 | 6843 |
| 7.50%, 7/15/33 <sup>(1)</sup> <br>| 540 | 550 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.34%), 5.50%, 10/30/27 <sup>(3) †</sup> <br>| 5575 | 5584 |
| CPI CG, Inc., |  |  |
| 10.00%, 7/15/29 <sup>(1)</sup> <br>| 5435 | 5699 |
| Credit Acceptance Corp., |  |  |
| 9.25%, 12/15/28 <sup>(1)</sup> <br>| 3630 | 3814 |
| CrossCountry Intermediate HoldCo LLC, |  |  |
| 6.50%, 10/1/30 <sup>(1)</sup> <br>| 1800 | 1807 |
| Encore Capital Group, Inc., |  |  |
| 9.25%, 4/1/29 <sup>(1)</sup> <br>| 3065 | 3234 |
| 8.50%, 5/15/30 <sup>(1) †</sup> <br>| 6310 | 6701 |
| 6.63%, 4/15/31 <sup>(1)</sup> <br>| 2305 | 2298 |
| Enova International, Inc., |  |  |
| 9.13%, 8/1/29 <sup>(1)</sup> <br>| 8180 | 8590 |
| EZCORP, Inc., |  |  |
| 7.38%, 4/1/32 <sup>(1)</sup> <br>| 2540 | 2706 |
| Fair Isaac Corp., |  |  |
| 6.00%, 5/15/33 <sup>(1)</sup> <br>| 3415 | 3457 |
| Freedom Mortgage Corp., |  |  |
| 12.25%, 10/1/30 <sup>(1)</sup> <br>| 4605 | 5137 |
| Freedom Mortgage Holdings LLC, |  |  |
| 9.25%, 2/1/29 <sup>(1)</sup> <br>| 3230 | 3399 |
| 8.38%, 4/1/32 <sup>(1)</sup> <br>| 2450 | 2568 |
| FTAI Aviation Investors LLC, |  |  |
| 7.00%, 6/15/32 <sup>(1)</sup> <br>| 7570 | 7922 |
| 5.88%, 4/15/33 <sup>(1)</sup> <br>| 4363 | 4390 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Specialty Finance – 8.4%continued** | **Specialty Finance – 8.4%continued** | **Specialty Finance – 8.4%continued** |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer <br> Corp.,<br>|  |  |
| 5.00%, 8/15/28 <sup>(1)</sup> <br>| $6350 | $6135 |
| 6.63%, 10/15/31 <sup>(1)</sup> <br>| 4278 | 4306 |
| Jefferson Capital Holdings LLC, |  |  |
| 6.00%, 8/15/26 <sup>(1)</sup> <br>| 7235 | 7233 |
| 9.50%, 2/15/29 <sup>(1)</sup> <br>| 3115 | 3281 |
| 8.25%, 5/15/30 <sup>(1)</sup> <br>| 1238 | 1295 |
| JPR Royalty Sub LLC, |  |  |
| 14.00%, 9/1/20 <sup>(1) (6) (7)</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 | 8955 |
| Midcap Financial Issuer Trust, |  |  |
| 6.50%, 5/1/28 <sup>(1)</sup> <br>| 2615 | 2597 |
| Nationstar Mortgage Holdings, Inc., |  |  |
| 6.50%, 8/1/29 <sup>(1)</sup> <br>| 5747 | 5896 |
| Navient Corp., |  |  |
| 5.00%, 3/15/27  | 8745 | 8706 |
| OneMain Finance Corp., |  |  |
| 7.50%, 5/15/31  | 5955 | 6225 |
| 6.50%, 3/15/33  | 2470 | 2474 |
| PennyMac Financial Services, Inc., |  |  |
| 7.13%, 11/15/30 <sup>(1)</sup> <br>| 4975 | 5180 |
| 5.75%, 9/15/31 <sup>(1)</sup> <br>| 3070 | 3043 |
| 6.88%, 5/15/32 <sup>(1)</sup> <br>| 1855 | 1922 |
| 6.75%, 2/15/34 <sup>(1)</sup> <br>| 3035 | 3096 |
| Planet Financial Group LLC, |  |  |
| 10.50%, 12/15/29 <sup>(1)</sup> <br>| 5945 | 6251 |
| Rfna L.P., |  |  |
| 7.88%, 2/15/30 <sup>(1) †</sup> <br>| 6995 | 7127 |
| Rocket Cos., Inc., |  |  |
| 6.13%, 8/1/30 <sup>(1)</sup> <br>| 4965 | 5096 |
| UWM Holdings LLC, |  |  |
| 6.25%, 3/15/31 <sup>(1)</sup> <br>| 3100 | 3085 |
| Voyager Aviation Holdings LLC, |  |  |
| 8.50%, 5/9/26 <sup>(1) (6) (7)</sup> <br>| 2552 |  |
| WEX, Inc., |  |  |
| 6.50%, 3/15/33 <sup>(1)</sup> <br>| 2530 | 2584 |
|  |  | **195654** |
| **Steel – 0.4%** | **Steel – 0.4%** | **Steel – 0.4%** |
| Cleveland-Cliffs, Inc., |  |  |
| 7.50%, 9/15/31 <sup>(1)</sup> <br>| 3701 | 3815 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **168** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Steel – 0.4%continued** | **Steel – 0.4%continued** | **Steel – 0.4%continued** |
| 7.63%, 1/15/34 <sup>(1)</sup> <br>| $1425 | $1468 |
| TMS International Corp., |  |  |
| 6.25%, 4/15/29 <sup>(1)</sup> <br>| 2165 | 2099 |
| United States Steel Corp., |  |  |
| 6.88%, 3/1/29  | 1019 | 1026 |
|  |  | **8408** |
| **Technology – 0.1%** | **Technology – 0.1%** | **Technology – 0.1%** |
| ION Platform Finance U.S., Inc., |  |  |
| 7.88%, 9/30/32 | 3095 | **3075** |
| **Technology Hardware – 2.1%** | **Technology Hardware – 2.1%** | **Technology Hardware – 2.1%** |
| CommScope LLC, |  |  |
| 7.13%, 7/1/28 <sup>(1) †</sup> <br>| 1372 | 1377 |
| 9.50%, 12/15/31 <sup>(1) †</sup> <br>| 6450 | 6676 |
| CommScope Technologies LLC, |  |  |
| 5.00%, 3/15/27 <sup>(1)</sup> <br>| 5646 | 5602 |
| Imola Merger Corp., |  |  |
| 4.75%, 5/15/29 <sup>(1)</sup> <br>| 5720 | 5563 |
| NCR Atleos Corp., |  |  |
| 9.50%, 4/1/29 <sup>(1)</sup> <br>| 10984 | 11891 |
| &nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd.,<br>|  |  |
| 3.38%, 7/15/31 <sup>(1)</sup> <br>| 2615 | 2251 |
| Viasat, Inc., |  |  |
| 5.63%, 4/15/27 <sup>(1) †</sup> <br>| 6455 | 6429 |
| 6.50%, 7/15/28 <sup>(1) †</sup> <br>| 1621 | 1584 |
| Zebra Technologies Corp., |  |  |
| 6.50%, 6/1/32 <sup>(1)</sup> <br>| 7649 | 7856 |
|  |  | **49229** |
| **Telecommunications – 2.6%** | **Telecommunications – 2.6%** | **Telecommunications – 2.6%** |
| EchoStar Corp., |  |  |
| 10.75%, 11/30/29  | 13540 | 14896 |
| Frontier Communications Holdings LLC, |  |  |
| 6.75%, 5/1/29 <sup>(1)</sup> <br>| 6695 | 6762 |
| Hughes Satellite Systems Corp., |  |  |
| 6.63%, 8/1/26 <sup>†</sup> <br>| 2475 | 2354 |
| Level 3 Financing, Inc., |  |  |
| 4.25%, 7/1/28 <sup>(1)</sup> <br>| 9811 | 9173 |
| 4.88%, 6/15/29 <sup>(1)</sup> <br>| 1490 | 1401 |
| 6.88%, 6/30/33 <sup>(1)</sup> <br>| 4010 | 4087 |
| 7.00%, 3/31/34 <sup>(1)</sup> <br>| 3645 | 3708 |
| Lumen Technologies, Inc., |  |  |
| 4.50%, 1/15/29 <sup>(1) †</sup> <br>| 710 | 647 |
| 7.60%, 9/15/39 <sup>†</sup> <br>| 340 | 318 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Telecommunications – 2.6%continued** | **Telecommunications – 2.6%continued** | **Telecommunications – 2.6%continued** |
| 7.65%, 3/15/42  | $340 | $316 |
| Sable International Finance Ltd., |  |  |
| 7.13%, 10/15/32 <sup>(1)</sup> <br>| 1750 | 1777 |
| Windstream Services LLC, |  |  |
| 10/15/33 <sup>(1) (2)</sup> <br>| 775 | 775 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream <br> Escrow Finance Corp.,<br>|  |  |
| 8.25%, 10/1/31 <sup>(1)</sup> <br>| 10086 | 10448 |
| Zayo Group Holdings, Inc., |  |  |
| 9.25%, 3/9/30 <sup>(1) (5) †</sup> <br>| 815 | 781 |
| 13.75%, 9/9/30 <sup>(1) (5)</sup> <br>| 3491 | 3307 |
|  |  | **60750** |
| **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** | **Tobacco & Cannabis – 0.3%** |
| Turning Point Brands, Inc., |  |  |
| 7.63%, 3/15/32<sup>(1)</sup> <br>| 5685 | **6016** |
| **Transportation & Logistics – 3.2%** | **Transportation & Logistics – 3.2%** | **Transportation & Logistics – 3.2%** |
| Allegiant Travel Co., |  |  |
| 7.25%, 8/15/27 <sup>(1) †</sup> <br>| 3985 | 4034 |
| American Airlines, Inc., |  |  |
| 7.25%, 2/15/28 <sup>(1) †</sup> <br>| 1870 | 1916 |
| 8.50%, 5/15/29 <sup>(1)</sup> <br>| 2572 | 2683 |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd.,<br>|  |  |
| 5.50%, 4/20/26 <sup>(1)</sup> <br>| 1819 | 1819 |
| 5.75%, 4/20/29 <sup>(1)</sup> <br>| 13230 | 13281 |
| Beacon Mobility Corp., |  |  |
| 7.25%, 8/1/30 <sup>(1)</sup> <br>| 3740 | 3888 |
| &nbsp;&nbsp; First Student Bidco, Inc./First Transit <br> Parent, Inc.,<br>|  |  |
| 4.00%, 7/31/29 <sup>(1)</sup> <br>| 5975 | 5683 |
| Genesee & Wyoming, Inc., |  |  |
| 6.25%, 4/15/32 <sup>(1)</sup> <br>| 2935 | 2982 |
| OneSky Flight LLC, |  |  |
| 8.88%, 12/15/29 <sup>(1)</sup> <br>| 6725 | 7072 |
| Star Leasing Co. LLC, |  |  |
| 7.63%, 2/15/30 <sup>(1)</sup> <br>| 5845 | 5680 |
| Stonepeak Nile Parent LLC, |  |  |
| 7.25%, 3/15/32 <sup>(1)</sup> <br>| 9745 | 10262 |
| United Airlines, Inc., |  |  |
| 4.63%, 4/15/29 <sup>(1)</sup> <br>| 6860 | 6755 |
| XPO, Inc., |  |  |
| 7.13%, 6/1/31 <sup>(1)</sup> <br>| 8204 | 8584 |
|  |  | **74639** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  | **CORPORATE BONDS - 83.7% continued**  |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| JB Poindexter & Co., Inc., |  |  |
| 8.75%, 12/15/31 <sup>(1)</sup> <br>| $1600 | $1676 |
| Trinity Industries, Inc., |  |  |
| 7.75%, 7/15/28 <sup>(1)</sup> <br>| 5022 | 5194 |
|  |  | **6870** |
| **Total Corporate Bonds** |  |  |
| **(Cost $1,973,770)** |  | **1958472** |
| **FOREIGN ISSUER BONDS – 14.3%**  | **FOREIGN ISSUER BONDS – 14.3%**  | **FOREIGN ISSUER BONDS – 14.3%**  |
| **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** |
| Bombardier, Inc., |  |  |
| 6.00%, 2/15/28 <sup>(1)</sup> <br>| 8745 | 8767 |
| 7.50%, 2/1/29 <sup>(1)</sup> <br>| 2915 | 3037 |
| 7.25%, 7/1/31 <sup>(1)</sup> <br>| 2890 | 3063 |
| 7.00%, 6/1/32 <sup>(1)</sup> <br>| 1871 | 1956 |
| 6.75%, 6/15/33 <sup>(1)</sup> <br>| 2985 | 3115 |
|  |  | **19938** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| CI Financial Corp., |  |  |
| 7.50%, 5/30/29<sup>(1)</sup> <br>| 6075 | **6475** |
| **Automotive – 0.8%** | **Automotive – 0.8%** | **Automotive – 0.8%** |
| Forvia S.E., |  |  |
| 6.75%, 9/15/33 <sup>(1) †</sup> <br>| 1930 | 1958 |
| IHO Verwaltungs GmbH, |  |  |
| &nbsp;&nbsp; 7.75%, (100% Cash), <br> 11/15/30 <sup>(1) (5)</sup> <br>| 4654 | 4869 |
| ZF North America Capital, Inc., |  |  |
| 7.13%, 4/14/30 <sup>(1)</sup> <br>| 5525 | 5471 |
| 7.50%, 3/24/31 <sup>(1)</sup> <br>| 1600 | 1589 |
| 6.88%, 4/23/32 <sup>(1)</sup> <br>| 4275 | 4093 |
|  |  | **17980** |
| **Banking – 1.5%** | **Banking – 1.5%** | **Banking – 1.5%** |
| 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>(3) (4) †</sup> <br>| 3775 | 4212 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 5.78%), 9.63%, <br> 12/15/29 <sup>(3) (4) †</sup> <br>| 2135 | 2424 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.3% continued**  | **FOREIGN ISSUER BONDS - 14.3% continued**  | **FOREIGN ISSUER BONDS - 14.3% continued**  |
| **Banking – 1.5%continued** | **Banking – 1.5%continued** | **Banking – 1.5%continued** |
| BNP Paribas S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.13%), 7.45%, <br> 6/27/35 <sup>(1) (3) (4)</sup> <br>| $2325 | $2427 |
| Credit Agricole S.A., |  |  |
| &nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 3.58%), 7.13%, <br> 9/23/35 <sup>(1) (3) (4)</sup> <br>| 2490 | 2543 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.52%), 6.00%, <br> 10/30/25 <sup>(3) (4)</sup> <br>| 3200 | 3202 |
| ING Groep N.V., |  |  |
| &nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 3.59%), 7.00%, <br> 11/16/32 <sup>(3) (4)</sup> <br>| 2490 | 2567 |
| Mitsubishi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.07%), 6.35%, <br> 1/15/36 <sup>(3) (4)</sup> <br>| 1630 | 1664 |
| NatWest Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.75%), 8.13%, <br> 11/10/33 <sup>(3) (4) †</sup> <br>| 4490 | 5054 |
| Nordea Bank Abp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.72%), 6.75%, <br> 11/10/33 <sup>(1) (3) (4)</sup> <br>| 2280 | 2313 |
| Societe Generale S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.45%), 10.00%, <br> 11/14/28 <sup>(1) (3) (4)</sup> <br>| 3610 | 3999 |
| Swedbank AB, |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.59%), 7.63%, <br> 3/17/28 <sup>(3) (4) (9)</sup> <br>| 5475 | 5781 |
|  |  | **36186** |
| **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 | **7587** |
| **Chemicals – 0.5%** | **Chemicals – 0.5%** | **Chemicals – 0.5%** |
| Cerdia Finanz GmbH, |  |  |
| 9.38%, 10/3/31 <sup>(1)</sup> <br>| 7770 | 8227 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **170** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.3% continued**  | **FOREIGN ISSUER BONDS - 14.3% continued**  | **FOREIGN ISSUER BONDS - 14.3% continued**  |
| **Chemicals – 0.5%continued** | **Chemicals – 0.5%continued** | **Chemicals – 0.5%continued** |
| &nbsp;&nbsp; Nufarm Australia Ltd./Nufarm <br> Americas, Inc.,<br>|  |  |
| 5.00%, 1/27/30 <sup>(1)</sup> <br>| $3750 | $3406 |
|  |  | **11633** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| ARD Finance S.A., |  |  |
| 6.50%, 6/30/27<sup>(1) (5)</sup> <br>| 6067 | **152** |
| **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>| 2947 | **3314** |
| **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** |
| &nbsp;&nbsp; California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC,<br>|  |  |
| 6.38%, 2/15/32<sup>(1)</sup> <br>| 3540 | **3628** |
| **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 | **2930** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| Minerva Luxembourg S.A., |  |  |
| 4.38%, 3/18/31<sup>(1)</sup> <br>| 3720 | **3400** |
| **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 | **2729** |
| **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** | **Industrial Support Services – 0.1%** |
| &nbsp;&nbsp; Albion Financing 1 S.a.r.l./Aggreko <br> Holdings, Inc.,<br>|  |  |
| 7.00%, 5/21/30<sup>(1)</sup> <br>| 2940 | **3041** |
| **Insurance – 0.9%** | **Insurance – 0.9%** | **Insurance – 0.9%** |
| Ardonagh Group Finance Ltd., |  |  |
| 8.88%, 2/15/32 <sup>(1)</sup> <br>| 11302 | 11881 |
| &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 | 7714 |
| &nbsp;&nbsp; Jones Deslauriers Insurance <br> Management, Inc.,<br>|  |  |
| 6.88%, 10/1/33 <sup>(1)</sup> <br>| 1765 | 1756 |
|  |  | **21351** |
| **Leisure Facilities & Services – 1.5%** | **Leisure Facilities & Services – 1.5%** | **Leisure Facilities & Services – 1.5%** |
| &nbsp;&nbsp; 1011778 B.C. ULC/New Red Finance, <br> Inc.,<br>|  |  |
| 4.00%, 10/15/30 <sup>(1)</sup> <br>| 4410 | 4156 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.3% continued**  | **FOREIGN ISSUER BONDS - 14.3% continued**  | **FOREIGN ISSUER BONDS - 14.3% continued**  |
| **Leisure Facilities & Services – 1.5%continued** | **Leisure Facilities & Services – 1.5%continued** | **Leisure Facilities & Services – 1.5%continued** |
| Allwyn Entertainment Financing UK PLC, |  |  |
| 7.88%, 4/30/29 <sup>(1)</sup> <br>| $3020 | $3133 |
| Cruise Yacht Upper HoldCo Ltd., |  |  |
| 11.88%, 7/5/28  | 8250 | 7219 |
| Melco Resorts Finance Ltd., |  |  |
| 5.63%, 7/17/27 <sup>(1)</sup> <br>| 6680 | 6659 |
| 5.38%, 12/4/29 <sup>(1)</sup> <br>| 2500 | 2452 |
| 6.50%, 9/24/33 <sup>(1)</sup> <br>| 2065 | 2067 |
| Studio City Finance Ltd., |  |  |
| 5.00%, 1/15/29 <sup>(1) †</sup> <br>| 6510 | 6273 |
| Wynn Macau Ltd., |  |  |
| 6.75%, 2/15/34 <sup>(1)</sup> <br>| 2860 | 2899 |
|  |  | **34858** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| &nbsp;&nbsp; Husky Injection Molding Systems <br> Ltd./Titan Co-Borrower LLC,<br>|  |  |
| 9.00%, 2/15/29<sup>(1)</sup> <br>| 5895 | **6161** |
| **Metals & Mining – 1.6%** | **Metals & Mining – 1.6%** | **Metals & Mining – 1.6%** |
| Aris Mining Corp., |  |  |
| 8.00%, 10/31/29 <sup>(1)</sup> <br>| 4220 | 4387 |
| Capstone Copper Corp., |  |  |
| 6.75%, 3/31/33 <sup>(1)</sup> <br>| 4420 | 4553 |
| First Quantum Minerals Ltd., |  |  |
| 9.38%, 3/1/29 <sup>(1)</sup> <br>| 945 | 1002 |
| 8.63%, 6/1/31 <sup>(1) †</sup> <br>| 9070 | 9530 |
| 7.25%, 2/15/34 <sup>(1)</sup> <br>| 1365 | 1411 |
| Fortescue Treasury Pty. Ltd., |  |  |
| 4.38%, 4/1/31 <sup>(1)</sup> <br>| 7160 | 6836 |
| Mineral Resources Ltd., |  |  |
| 4/1/31 <sup>(1) (2)</sup> <br>| 2410 | 2441 |
| Taseko Mines Ltd., |  |  |
| 8.25%, 5/1/30 <sup>(1)</sup> <br>| 6451 | 6833 |
|  |  | **36993** |
| **Oil & Gas Services & Equipment – 0.3%** | **Oil & Gas Services & Equipment – 0.3%** | **Oil & Gas Services & Equipment – 0.3%** |
| Seadrill Finance Ltd., |  |  |
| 8.38%, 8/1/30 <sup>(1)</sup> <br>| 5855 | 6079 |
| Shelf Drilling Holdings Ltd., |  |  |
| 9.63%, 4/15/29 <sup>(1) †</sup> <br>| 1946 | 2041 |
|  |  | **8120** |
| **Oil & Gas Supply Chain – 1.1%** | **Oil & Gas Supply Chain – 1.1%** | **Oil & Gas Supply Chain – 1.1%** |
| Baytex Energy Corp., |  |  |
| 8.50%, 4/30/30 <sup>(1)</sup> <br>| 3175 | 3263 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 14.3% continued**  | **FOREIGN ISSUER BONDS - 14.3% continued**  | **FOREIGN ISSUER BONDS - 14.3% continued**  |
| **Oil & Gas Supply Chain – 1.1%continued** | **Oil & Gas Supply Chain – 1.1%continued** | **Oil & Gas Supply Chain – 1.1%continued** |
| 7.38%, 3/15/32 <sup>(1) †</sup> <br>| $2085 | $2041 |
| EG Global Finance PLC, |  |  |
| 12.00%, 11/30/28 <sup>(1)</sup> <br>| 5286 | 5806 |
| MEG Energy Corp., |  |  |
| 5.88%, 2/1/29 <sup>(1)</sup> <br>| 4280 | 4280 |
| Parkland Corp., |  |  |
| 4.50%, 10/1/29 <sup>(1)</sup> <br>| 5320 | 5181 |
| Strathcona Resources Ltd., |  |  |
| 6.88%, 8/1/26 <sup>(1)</sup> <br>| 4845 | 4848 |
|  |  | **25419** |
| **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 | 3434 |
| goeasy Ltd., |  |  |
| 9.25%, 12/1/28 <sup>(1)</sup> <br>| 4175 | 4357 |
| 6.88%, 5/15/30 <sup>(1)</sup> <br>| 1826 | 1817 |
| 6.88%, 2/15/31 <sup>(1)</sup> <br>| 1195 | 1158 |
| Phoenix Aviation Capital Ltd., |  |  |
| 9.25%, 7/15/30 <sup>(1)</sup> <br>| 3455 | 3676 |
|  |  | **14442** |
| **Steel – 0.2%** | **Steel – 0.2%** | **Steel – 0.2%** |
| Infrabuild Australia Pty. Ltd., |  |  |
| 14.50%, 11/15/28<sup>(1)</sup> <br>| 3415 | **3672** |
| **Telecommunications – 2.4%** | **Telecommunications – 2.4%** | **Telecommunications – 2.4%** |
| Altice Financing S.A., |  |  |
| 5.00%, 1/15/28 <sup>(1) †</sup> <br>| 4915 | 3821 |
| 5.75%, 8/15/29 <sup>(1) †</sup> <br>| 2160 | 1625 |
| Altice France Holding S.A., |  |  |
| 10.50%, 5/15/27 <sup>(1) (6)</sup> <br>| 10410 | 3697 |
| Altice France S.A., |  |  |
| 5.50%, 1/15/28 <sup>(1)</sup> <br>| 3295 | 2900 |
| 5.13%, 7/15/29 <sup>(1)</sup> <br>| 6610 | 5645 |
| 5.50%, 10/15/29 <sup>(1)</sup> <br>| 9195 | 7953 |
| &nbsp;&nbsp; Connect Finco S.a.r.l./Connect <br> U.S. Finco LLC,<br>|  |  |
| 9.00%, 9/15/29 <sup>(1) †</sup> <br>| 4882 | 5133 |
| Fibercop S.p.A., |  |  |
| 6.38%, 11/15/33 <sup>(1)</sup> <br>| 7504 | 7448 |
| Maya SAS, |  |  |
| 7.00%, 10/15/28 <sup>(1)</sup> <br>| 2950 | 2997 |
| 8.50%, 4/15/31 <sup>(1)</sup> <br>| 1675 | 1796 |
| 7.00%, 4/15/32 <sup>(1)</sup> <br>| 2900 | 2958 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.3% continued**  | **FOREIGN ISSUER BONDS - 14.3% continued**  | **FOREIGN ISSUER BONDS - 14.3% continued**  |
| **Telecommunications – 2.4%continued** | **Telecommunications – 2.4%continued** | **Telecommunications – 2.4%continued** |
| Telesat Canada/Telesat LLC, |  |  |
| 5.63%, 12/6/26 <sup>(1)</sup> <br>| $1950 | $1560 |
| Vmed O2 UK Financing I PLC, |  |  |
| 4.25%, 1/31/31 <sup>(1)</sup> <br>| 5250 | 4868 |
| 4.75%, 7/15/31 <sup>(1)</sup> <br>| 4740 | 4462 |
|  |  | **56863** |
| **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| 7.88%, 5/1/27 <sup>(1)</sup> <br>| 3045 | 3092 |
| 6.38%, 2/1/30 <sup>(1)</sup> <br>| 4125 | 4021 |
|  |  | **7113** |
| **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** |
| New Flyer Holdings, Inc., |  |  |
| 9.25%, 7/1/30<sup>(1)</sup> <br>| 1810 | **1937** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $343,481)** |  | **335922** |
| **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), 6.50%, <br> 3/1/29<br>| 2692 | **1777** |
| **Total Term Loans** |  |  |
| **(Cost $2,625)** |  | **1777** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 0.0%**  | **COMMON STOCKS – 0.0%**  | **COMMON STOCKS – 0.0%**  |
| **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** |
| Beasley Broadcast Group, Inc., <br> Class A\*<br>| 6461 | **$35** |
| **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** |
| Voyager Aviation Holdings LLC<sup>(7) (10) \*</sup> <br>| 2621 | **—** |
| **Total Common Stocks** |  |  |
| **(Cost $84)** |  | **35** |
| **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>(7) (10) \*</sup> <br>| 15725 | **—** |
| **Total Preferred Stocks** |  |  |
| **(Cost $1,573)** |  | **—** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **172** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp; Escrow Par Pharmaceutical, Inc. <br> <sup>(1) (7) \*</sup> <br>| 8813000 | $— |
| **Total Other** |  |  |
| **(Cost $—)** |  | **—** |
| **INVESTMENT COMPANIES – 7.6%**  | **INVESTMENT COMPANIES – 7.6%**  | **INVESTMENT COMPANIES – 7.6%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(11) (12) (13)</sup> <br>| 130309438 | 130309 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(11) (12)</sup> <br>| 47692055 | 47692 |
| **Total Investment Companies** |  |  |
| **(Cost $178,001)** |  | **178001** |

---

---

| | | |
|:---|:---|:---|
|  | 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, |  |  |
| 4.14%, 11/28/25<sup>(14) (15)</sup> <br>| $551 | **$547** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $547)** | **(Cost $547)** | **547** |
| **Total Investments – 105.7%** | **Total Investments – 105.7%** |  |
| **(Cost $2,500,081)** | **(Cost $2,500,081)** | **2474754** |
| Liabilities less Other Assets – (5.7%) | Liabilities less Other Assets – (5.7%) | (133684)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2341070** |

---

<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 September 30,* *2025, the value of these securities amounted to approximately* *$2,008,340,000 or 85.8% of net assets.* 

<sup>(2)</sup> *When-Issued Security. Coupon rate is not in effect at September 30, 2025.*

<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 September 30, 2025.* 

<sup>(4)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(5)</sup> *Security is a payment in-kind bond (PIK), distributions received in-kind unless* *otherwise noted in the description.* 

<sup>(6)</sup> *Issuer has defaulted on terms of debt obligation. Income is not being* *accrued.* 

<sup>(7)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(8)</sup> *Zero coupon bond.*

<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 September 30, 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; $1573 |
| Voyager Aviation Holdings LLC | 5/18/21 | &nbsp;&nbsp; 3 |

---

---

| | |
|:---|:---|
| <sup>(11)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(12)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(13)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(14)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(15)</sup> <br>| *A portion of this security has been pledged as collateral to cover margin* <br> *requirements for open futures contracts.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *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 |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At September 30, 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>| 400 | $83359 | Long | 12/25 | $38 |

---

<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 SEMIANNUAL REPORT **173** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **HIGH YIELD FIXED INCOME FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

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 September 30, 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; $12633 | &nbsp;&nbsp; $41 | &nbsp;&nbsp; $12674 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1945798 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1945798 |
| Total Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1958431 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1958472 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 335922 | &nbsp;&nbsp; — | &nbsp;&nbsp; 335922 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1777 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1777 |
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| Investment Companies | &nbsp;&nbsp; 178001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 178001 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 547 |
| Total Investments | &nbsp;&nbsp; $178036 | &nbsp;&nbsp; $2296677 | &nbsp;&nbsp; $41 | &nbsp;&nbsp; $2474754 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $38 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **174** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INTERMEDIATE TAX-EXEMPT FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | 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 | **$1234** |
| **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 | 485 |
| Seattle Children's Hospital, |  |  |
| 1.21%, 10/1/27  | 5000 | 4709 |
|  |  | **5194** |
| **Total Corporate Bonds** |  |  |
| **(Cost $6,850)** |  | **6428** |
| **MUNICIPAL BONDS – 96.8%**  | **MUNICIPAL BONDS – 96.8%**  | **MUNICIPAL BONDS – 96.8%**  |
| **Alabama – 2.2%** | **Alabama – 2.2%** | **Alabama – 2.2%** |
| &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 | 1622 |
| &nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series D,<br>|  |  |
| 5.00%, 11/1/32 | 6000 | 6479 |
| &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 | 5088 |
| &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 | 7667 |
| &nbsp;&nbsp; Jefferson County Sewer Revenue <br> Refunding Warrants,<br>|  |  |
| 5.00%, 10/1/38 | 1325 | 1427 |
| &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 | 2160 |
|  |  | **24443** |
| **Alaska – 1.1%** | **Alaska – 1.1%** | **Alaska – 1.1%** |
| &nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/30 | 5000 | 5179 |
| &nbsp;&nbsp; Alaska State Railroad Corp. Cruise Port <br> Revenue Bonds (AMT) (AG Insured),<br>|  |  |
| 5.50%, 10/1/40 | 500 | 541 |
| 5.50%, 10/1/41 | 500 | 537 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Alaska – 1.1%continued** | **Alaska – 1.1%continued** | **Alaska – 1.1%continued** |
| &nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| 5.50%, 2/1/32 | $2010 | $2271 |
| &nbsp;&nbsp; Juneau City & Borough G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.00%, 6/1/35 | 2000 | 2295 |
| &nbsp;&nbsp; Matanuska-Susitna Borough G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/44 | 725 | 763 |
|  |  | **11586** |
| **Arizona – 2.5%** | **Arizona – 2.5%** | **Arizona – 2.5%** |
| &nbsp;&nbsp; Arizona State IDA Education Revenue <br> Bonds, Series A-Social, Macombs <br> Facility Project,<br>|  |  |
| 4.00%, 7/1/36 | 315 | 301 |
| 4.00%, 7/1/41 | 800 | 713 |
| &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 | 868 |
| &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 | 1823 |
| &nbsp;&nbsp; Maricopa County IDA Educational <br> Facilities Revenue Bonds, Creighton <br> University Project,<br>|  |  |
| 5.00%, 7/1/47 | 1500 | 1516 |
| &nbsp;&nbsp; Maricopa County IDA Revenue <br> Refunding Bonds, Banner Health <br> Obligation Group,<br>|  |  |
| 4.00%, 1/1/36 | 180 | 181 |
| &nbsp;&nbsp; Maricopa County Special Health Care <br> District G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 7/1/38 | 2500 | 2492 |
| &nbsp;&nbsp; Mesa Utility Systems Revenue Bonds <br> (AG Insured),<br>|  |  |
| 5.00%, 7/1/45 | 1055 | 1115 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 7/1/31 | 1500 | 1653 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Arizona – 2.5%continued** | **Arizona – 2.5%continued** | **Arizona – 2.5%continued** |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Excise Tax Subordinate Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 7/1/39 | $12000 | $13346 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Wastewater System Junior Lien <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/30 | 2000 | 2035 |
| &nbsp;&nbsp; Salt Verde Financial Corp. Senior Gas <br> Revenue Bonds,<br>|  |  |
| 5.00%, 12/1/37 | 1500 | 1610 |
|  |  | **27653** |
| **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 | 3446 |
| 2.25%, 2/1/41 | 1485 | 1055 |
|  |  | **4501** |
| **California – 7.6%** | **California – 7.6%** | **California – 7.6%** |
| &nbsp;&nbsp; Anaheim Housing & Public <br> Improvements Authority Revenue <br> Refunding Bonds, Electric Utility <br> Distribution System,<br>|  |  |
| 5.00%, 10/1/34 | 1250 | 1308 |
| 5.00%, 10/1/52 | 5000 | 5070 |
| &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>| 4525 | 4638 |
| &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 | 6167 |
| &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 | 5114 |
| &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 | 5578 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 7.6%continued** | **California – 7.6%continued** | **California – 7.6%continued** |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 8/1/32<sup>(1) (2)</sup> <br>| $2000 | $2118 |
| &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 | 3255 | 3179 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Series 2007, Unrefunded Balance,<br>|  |  |
| 5.75%, 5/1/30 | 80 | 80 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/33 | 2500 | 2909 |
| 5.00%, 8/1/34 | 2000 | 2340 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| 5.00%, 10/1/32<sup>(1) (2)</sup> <br>| 4000 | 4456 |
| &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 | 14222 |
| &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 | 4755 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series D,<br>|  |  |
| 5.00%, 7/1/31 | 2480 | 2777 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series D,<br>|  |  |
| 5.25%, 7/1/38 | 3000 | 3048 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **176** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 7.6%continued** | **California – 7.6%continued** | **California – 7.6%continued** |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/38 | $1755 | $1758 |
| &nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/33 | 2500 | 2961 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series E (AMT),<br>|  |  |
| 5.00%, 5/1/39 | 2355 | 2414 |
| &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 | 2780 |
| &nbsp;&nbsp; Southern California State Public Power <br> Authority Variable Revenue Bonds, <br> Southern Transmission System,<br>|  |  |
| 5.00%, 7/1/29<sup>(1) (2)</sup> <br>| 2655 | 2817 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series BZ,<br>|  |  |
| 5.00%, 5/15/39 | 1635 | 1857 |
|  |  | **82951** |
| **Colorado – 5.1%** | **Colorado – 5.1%** | **Colorado – 5.1%** |
| &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 | 232 |
| &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 | 4835 |
| &nbsp;&nbsp; Adams County School District No. 14 <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.50%, 12/1/40 | 1500 | 1700 |
| 5.50%, 12/1/43 | 3500 | 3866 |
| Arvada Sales & Use TRB, |  |  |
| 5.00%, 12/1/31 | 2000 | 2142 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Colorado – 5.1%continued** | **Colorado – 5.1%continued** | **Colorado – 5.1%continued** |
| &nbsp;&nbsp; Colorado Bridge & Tunnel Enterprise <br> Senior Infrastructure Revenue Bonds, <br> Series A (AG Insured),<br>|  |  |
| 5.25%, 12/1/44 | $930 | $996 |
| 5.25%, 12/1/45 | 1300 | 1388 |
| Colorado State COPS, Series A, |  |  |
| 4.00%, 12/15/36 | 5000 | 5055 |
| &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 | 979 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Refunding Bonds, <br> Intermountain Healthcare,<br>|  |  |
| 5.00%, 5/15/32 | 2000 | 2268 |
| &nbsp;&nbsp; Denver City & County Airport Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 11/15/32 | 10000 | 11128 |
| 5.50%, 11/15/35 | 10000 | 11268 |
| 5.00%, 11/15/41 | 1000 | 1040 |
| &nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds (AMT), Series A,<br>|  |  |
| 5.00%, 12/1/43 | 4500 | 4531 |
| &nbsp;&nbsp; Denver City & County Dedicated TRB, <br> Series A-1,<br>|  |  |
| 5.00%, 8/1/48 | 2750 | 2755 |
| &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 | 1911 |
|  |  | **56094** |
| **Connecticut – 1.7%** | **Connecticut – 1.7%** | **Connecticut – 1.7%** |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series 2021 A,<br>|  |  |
| 3.00%, 1/15/33 | 5005 | 4961 |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| 8/15/34<sup>(5)</sup> <br>| 2000 | 2319 |
| &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 | 3005 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Connecticut – 1.7%continued** | **Connecticut – 1.7%continued** | **Connecticut – 1.7%continued** |
| &nbsp;&nbsp; University of Connecticut Revenue <br> Bonds, Series A,<br>|  |  |
| 5.25%, 11/15/47 | $8000 | $8221 |
|  |  | **18506** |
| **District of Columbia – 1.7%** | **District of Columbia – 1.7%** | **District of Columbia – 1.7%** |
| &nbsp;&nbsp; District of Columbia Income Tax <br> Secured Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/47 | 2000 | 2071 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/30 | 7500 | 8224 |
| 5.00%, 10/1/33 | 4765 | 5321 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority System Revenue Refunding <br> Bonds (AMT),<br>|  |  |
| 5.00%, 10/1/30 | 2630 | 2723 |
|  |  | **18339** |
| **Florida – 8.2%** | **Florida – 8.2%** | **Florida – 8.2%** |
| &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 | 3049 |
| &nbsp;&nbsp; Capital Trust Authority Health Care <br> Facilities Revenue Refunding Bonds, <br> Series A, UF Health Projects,<br>|  |  |
| 5.00%, 12/1/32 | 1300 | 1443 |
| &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 | 5052 |
| &nbsp;&nbsp; Columbia County School Board COPS <br> (AG Insured),<br>|  |  |
| 5.00%, 7/1/37 | 1135 | 1241 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| 5.00%, 10/1/33 | 2100 | 2345 |
| &nbsp;&nbsp; JEA Electric System Revenue Refunding <br> Bonds, Series Three 2024-A (AGC <br> Insured),<br>|  |  |
| 5.00%, 10/1/32 | 2685 | 3063 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Florida – 8.2%continued** | **Florida – 8.2%continued** | **Florida – 8.2%continued** |
| &nbsp;&nbsp; JEA Water & Sewer Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/31 | $14960 | $15653 |
| &nbsp;&nbsp; Lake County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| 5.00%, 6/1/31 | 2000 | 2235 |
| &nbsp;&nbsp; Lee County Transportation Facilities <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/27 | 1600 | 1673 |
| &nbsp;&nbsp; Manatee County School Board COPS, <br> Master Lease Program (AG Insured),<br>|  |  |
| 5.00%, 7/1/42 | 2000 | 2127 |
| &nbsp;&nbsp; Miami Beach Redevelopment Agency <br> Tax Allocation Bonds, City <br> Center/Historic Convention (AG <br> Insured),<br>|  |  |
| 5.00%, 2/1/37 | 1500 | 1653 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/35 | 2810 | 3106 |
| &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 | 4051 |
| &nbsp;&nbsp; Miami-Dade County G.O. Unlimited <br> Bonds, Building Better Communities <br> Program,<br>|  |  |
| 5.00%, 7/1/46 | 6800 | 7150 |
| &nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-1 <br> (AMT) (AGM Insured),<br>|  |  |
| 4.00%, 10/1/45 | 2325 | 2073 |
| &nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-2 <br> (AGM Insured),<br>|  |  |
| 3.00%, 10/1/50 | 7500 | 5591 |
| &nbsp;&nbsp; Miami-Dade County Water & Sewer <br> System Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 10/1/37 | 2500 | 2464 |
| &nbsp;&nbsp; North Miami Community <br> Redevelopment Agency Revenue <br> Bonds,<br>|  |  |
| 5.00%, 3/1/39 | 1250 | 1322 |
| 5.00%, 3/1/40 | 1000 | 1050 |
| 5.00%, 3/1/41 | 1000 | 1036 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **178** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Florida – 8.2%continued** | **Florida – 8.2%continued** | **Florida – 8.2%continued** |
| &nbsp;&nbsp; Orlando Utilities Commission Utility <br> System Revenue Bonds, Series B,<br>|  |  |
| 1.25%, 10/1/28<sup>(1) (2)</sup> <br>| $1000 | $910 |
| &nbsp;&nbsp; Palm Beach County Educational <br> Facilities Authority Revenue Bonds, <br> Palm Beach Atlantic University,<br>|  |  |
| 5.00%, 10/1/43 | 625 | 623 |
| &nbsp;&nbsp; Palm Beach County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 5.00%, 8/1/32 | 1300 | 1481 |
| &nbsp;&nbsp; Pasco County School Board COPS, <br> Series A (BAM Insured),<br>|  |  |
| 5.00%, 8/1/43 | 5000 | 5132 |
| &nbsp;&nbsp; South Broward Hospital District <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 5/1/44 | 4000 | 3712 |
| &nbsp;&nbsp; South Florida Water Management <br> District Refunding COPS,<br>|  |  |
| 5.00%, 10/1/36 | 4000 | 4025 |
| &nbsp;&nbsp; Tallahassee Consolidated Utility <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/39 | 2500 | 2745 |
| &nbsp;&nbsp; Volusia County Educational Facilities <br> Authority Revenue Bonds, Embry <br> Riddle Aeronautical University,<br>|  |  |
| 5.00%, 10/15/35 | 2500 | 2856 |
|  |  | **90387** |
| **Georgia – 2.7%** | **Georgia – 2.7%** | **Georgia – 2.7%** |
| &nbsp;&nbsp; Atlanta Airport Passenger Facility <br> Charge Subordinate Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/37 | 5000 | 5248 |
| &nbsp;&nbsp; Atlanta Airport Sustainable Revenue <br> Bonds, Series B-1 (AMT),<br>|  |  |
| 5.00%, 7/1/33 | 1100 | 1230 |
| &nbsp;&nbsp; Burke County Development Authority <br> PCR Bonds, Go Power Company <br> Plant Vogtle Project-FIF,<br>|  |  |
| 2.20%, 10/1/32 | 650 | 567 |
| &nbsp;&nbsp; Downtown Savannah Authority <br> Revenue Bonds, Chatham County <br> Judicial Complex,<br>|  |  |
| 5.00%, 6/1/32 | 1250 | 1269 |
| &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>| 5000 | 5105 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Georgia – 2.7%continued** | **Georgia – 2.7%continued** | **Georgia – 2.7%continued** |
| &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 | $5380 |
| &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 | 2733 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project,<br>|  |  |
| 5.50%, 7/1/60 | 2500 | 2501 |
| &nbsp;&nbsp; Private Colleges & Universities Authority <br> Exchangeable Revenue Bonds, <br> Series B, Emory University,<br>|  |  |
| 5.00%, 9/1/33 | 3000 | 3444 |
| &nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 10/1/26 | 2100 | 2154 |
|  |  | **29631** |
| **Hawaii – 1.1%** | **Hawaii – 1.1%** | **Hawaii – 1.1%** |
| &nbsp;&nbsp; Hawaii State Airports System Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/1/43 | 5000 | 5057 |
| &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 | 2552 |
| &nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/35 | 4825 | 4825 |
|  |  | **12434** |
| **Illinois – 7.5%** | **Illinois – 7.5%** | **Illinois – 7.5%** |
| &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 | 2400 |
| &nbsp;&nbsp; Chicago Board of Education G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| 5.75%, 12/1/50 | 2000 | 1964 |
| &nbsp;&nbsp; Chicago G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/33 | 2685 | 2795 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Illinois – 7.5%continued** | **Illinois – 7.5%continued** | **Illinois – 7.5%continued** |
| &nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/33 | $2500 | $2745 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 1/1/39 | 2400 | 2449 |
| &nbsp;&nbsp; Chicago Waterworks Second Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/27 | 1220 | 1276 |
| &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 | 1779 |
| &nbsp;&nbsp; Cook County Sales Tax Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/33 | 5000 | 5205 |
| 5.25%, 11/15/35 | 5000 | 5186 |
| &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 | 5194 |
| &nbsp;&nbsp; DuPage County High School District <br> No. 87 Glenbard Township G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 1/1/43 | 1500 | 1572 |
| &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 | 1044 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| 5.00%, 4/1/27 | 300 | 308 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, Township High School <br> District,<br>|  |  |
| 4.00%, 12/1/32 | 1940 | 2006 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, OSF Healthcare <br> System,<br>|  |  |
| 5.00%, 11/15/34 | 3000 | 3307 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Rush <br> University Medical Center,<br>|  |  |
| 5.00%, 11/15/38 | 1955 | 1955 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Illinois – 7.5%continued** | **Illinois – 7.5%continued** | **Illinois – 7.5%continued** |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, University <br> of Chicago,<br>|  |  |
| 5.00%, 10/1/31 | $4150 | $4665 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Bonds, Series A-3, <br> UChicago Medicine,<br>|  |  |
| 5.00%, 8/15/35<sup>(1) (2)</sup> <br>| 2500 | 2756 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| 5.00%, 8/15/30<sup>(1) (2)</sup> <br>| 1750 | 1889 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 5/1/34 | 2700 | 3032 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series C,<br>|  |  |
| 5.00%, 11/1/29 | 3425 | 3579 |
| 5.00%, 9/1/35 | 4000 | 4441 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series D,<br>|  |  |
| 5.00%, 9/1/39 | 5000 | 5330 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Senior Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/41 | 2825 | 3025 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Senior Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/33 | 1720 | 1743 |
| &nbsp;&nbsp; Lake County Community Consolidated <br> School District No. 34 Antioch G.O. <br> Unlimited Bonds, Series C,<br>|  |  |
| 5.00%, 1/1/44 | 2545 | 2635 |
| 5.00%, 1/1/45 | 2670 | 2750 |
| &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 | 1045 |
| &nbsp;&nbsp; Lake County Forest Preservation District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 2.00%, 12/15/31 | 1765 | 1595 |
| &nbsp;&nbsp; Peoria G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| 5.00%, 1/1/36 | 500 | 546 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **180** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Illinois – 7.5%continued** | **Illinois – 7.5%continued** | **Illinois – 7.5%continued** |
| &nbsp;&nbsp; Regional Transportation Authority <br> Revenue Bonds, Series B (NATL <br> Insured),<br>|  |  |
| 5.75%, 6/1/33 | $2000 | $2237 |
|  |  | **82453** |
| **Indiana – 1.8%** | **Indiana – 1.8%** | **Indiana – 1.8%** |
| &nbsp;&nbsp; Bloomington Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| 5.00%, 2/1/45 | 800 | 821 |
| &nbsp;&nbsp; Hamilton County Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| 5.00%, 7/10/41 | 3910 | 4154 |
| &nbsp;&nbsp; Indiana Finance Authority Wastewater <br> Utility First Lien Revenue Bonds, <br> Series A, CWA Authority,<br>|  |  |
| 4.25%, 10/1/44 | 5000 | 4749 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Thermal Energy System Utility <br> Revenue Refunding Bonds, Citizens <br> Energy Group Project,<br>|  |  |
| 5.25%, 10/1/43 | 1360 | 1463 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| 5.25%, 1/1/50 | 3000 | 3159 |
| &nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Intercept Program),<br>|  |  |
| 5.00%, 7/15/38 | 2440 | 2651 |
| &nbsp;&nbsp; Logansport Renovation School Building <br> Corp. First Mortgage Revenue Bonds <br> (State Intercept Program),<br>|  |  |
| 5.00%, 7/15/27 | 1025 | 1067 |
| &nbsp;&nbsp; South Bend Community School Corp. <br> G.O. Limited Bonds (State Intercept <br> Program),<br>|  |  |
| 4.00%, 1/15/26 | 1375 | 1380 |
|  |  | **19444** |
| **Iowa – 0.2%** | **Iowa – 0.2%** | **Iowa – 0.2%** |
| &nbsp;&nbsp; Le Mars Community School District <br> G.O. Unlimited Bonds (AG Insured),<br>|  |  |
| 5.00%, 6/1/35 | 1890 | **2071** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Kansas – 0.1%** | **Kansas – 0.1%** | **Kansas – 0.1%** |
| &nbsp;&nbsp; Leavenworth County Unified School <br> District No. 458 G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.50%, 9/1/35 | $670 | **$749** |
| **Kentucky – 4.8%** | **Kentucky – 4.8%** | **Kentucky – 4.8%** |
| &nbsp;&nbsp; Carroll County Environmental Facilities <br> Revenue Refunding Bonds (AMT), <br> Kentucky Utilities Company,<br>|  |  |
| 2.00%, 2/1/32 | 5250 | 4628 |
| &nbsp;&nbsp; Fayette County School District Finance <br> Corp. Revenue Bonds, Series A <br> (State Intercept Program),<br>|  |  |
| 4.00%, 5/1/38 | 5000 | 4948 |
| &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 | 3965 |
| &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 | 790 |
| 5.00%, 8/1/35 | 550 | 576 |
| 5.00%, 8/1/36 | 750 | 783 |
| &nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Project <br> No.130, Series A,<br>|  |  |
| 5.00%, 11/1/30 | 2425 | 2711 |
| &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 | 2145 |
| &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 | 9862 |
| &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 | 8809 |
| &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 | 1291 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Kentucky – 4.8%continued** | **Kentucky – 4.8%continued** | **Kentucky – 4.8%continued** |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds <br> (AMT), Gas & Electric,<br>|  |  |
| 1.35%, 11/1/27 | $2500 | $2393 |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds, <br> Gas & Electric,<br>|  |  |
| 2.00%, 10/1/33 | 6000 | 5155 |
| &nbsp;&nbsp; Oldham School District Finance Corp. <br> Revenue Refunding Bonds (BAM <br> Insured),<br>|  |  |
| 5.00%, 8/1/31 | 2170 | 2417 |
| Richmond G.O. Unlimited Bonds, |  |  |
| 5.00%, 6/1/42 | 1550 | 1637 |
| &nbsp;&nbsp; Trimble County Pollution Control <br> Variable Revenue Bonds (AMT), <br> Louisville Gas & Electric Co.,<br>|  |  |
| 1.30%, 9/1/27<sup>(1) (2)</sup> <br>| 1000 | 935 |
|  |  | **53045** |
| **Louisiana – 1.6%** | **Louisiana – 1.6%** | **Louisiana – 1.6%** |
| &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 | 2348 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Bonds, Department of Public <br> Safety Crime (AGC Insured),<br>|  |  |
| 5.00%, 8/1/43 | 795 | 836 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic Foundation Project,<br>|  |  |
| 5.25%, 5/15/50 | 3500 | 3648 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic, Unrefunded Balance,<br>|  |  |
| 5.00%, 5/15/47 | 2925 | 2928 |
| &nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Revenue <br> Refunding Bonds, Entergy <br> Louisiana LLC Project,<br>|  |  |
| 2.50%, 4/1/36 | 7500 | 6270 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Louisiana – 1.6%continued** | **Louisiana – 1.6%continued** | **Louisiana – 1.6%continued** |
| &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 | $1562 |
|  |  | **17592** |
| **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 | **4024** |
| **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 | 5025 |
| 3.00%, 10/1/32 | 5000 | 4991 |
| &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 | 5047 |
|  |  | **15063** |
| **Massachusetts – 1.5%** | **Massachusetts – 1.5%** | **Massachusetts – 1.5%** |
| &nbsp;&nbsp; Massachusetts State Bay Transportation <br> Authority Senior Sales Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/40 | 4000 | 4379 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| 5.25%, 7/1/45 | 2000 | 2020 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Partners Healthcare System,<br>|  |  |
| 5.00%, 7/1/29 | 1625 | 1713 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Suffolk University,<br>|  |  |
| 5.00%, 7/1/29 | 500 | 519 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Variable Revenue <br> Bonds, Brown Health University <br> Obligated Group,<br>|  |  |
| 5.00%, 8/15/31<sup>(1) (2)</sup> <br>| 2000 | 2183 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **182** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Massachusetts – 1.5%continued** | **Massachusetts – 1.5%continued** | **Massachusetts – 1.5%continued** |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 4/1/50 | $2000 | $2097 |
| &nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series C (AMT),<br>|  |  |
| 5.00%, 7/1/30 | 3000 | 3205 |
|  |  | **16116** |
| **Michigan – 3.3%** | **Michigan – 3.3%** | **Michigan – 3.3%** |
| &nbsp;&nbsp; Battle Creek School District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/27 | 1540 | 1560 |
| &nbsp;&nbsp; Chippewa Valley Schools G.O. <br> Unlimited Refunding Bonds, Series A <br> (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/27 | 400 | 401 |
| &nbsp;&nbsp; Comstock Park Public Schools G.O. <br> Unlimited Bonds, Series II (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 11/1/44 | 1170 | 1240 |
| 5.00%, 11/1/49 | 2230 | 2317 |
| &nbsp;&nbsp; Grosse Pointe Public School System <br> G.O. Unlimited Bonds,<br>|  |  |
| 3.00%, 5/1/34 | 1815 | 1749 |
| &nbsp;&nbsp; Holt Public Schools G.O. Unlimited <br> Bonds, Series I (Q-SBLF Insured),<br>|  |  |
| 3.00%, 5/1/34 | 1175 | 1125 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Limited Obligation Revenue <br> Refunding Bonds, Lawrence <br> Technology University,<br>|  |  |
| 4.00%, 2/1/42 | 745 | 632 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, <br> Beaumont-Spectrum Consolidation,<br>|  |  |
| 5.00%, 4/15/27 | 3175 | 3289 |
| &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 | 1187 |
| &nbsp;&nbsp; Michigan State G.O. Unlimited <br> Refunding Bonds, Series A, <br> Environmental Program,<br>|  |  |
| 1.00%, 12/1/25 | 635 | 633 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Michigan – 3.3%continued** | **Michigan – 3.3%continued** | **Michigan – 3.3%continued** |
| &nbsp;&nbsp; Michigan State HDA SFM Revenue <br> Bonds, Series A, Social Bonds,<br>|  |  |
| 4.00%, 12/1/37 | $2505 | $2505 |
| &nbsp;&nbsp; Rockford Public School District G.O. <br> Unlimited Bonds, Series II (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/44 | 3805 | 3993 |
| &nbsp;&nbsp; Walled Lake Consolidated School <br> District G.O. Unlimited Bonds <br> (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/50 | 1635 | 1673 |
| &nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Bonds, Series D (AGM <br> Insured),<br>|  |  |
| 5.00%, 12/1/32 | 9690 | 9705 |
| &nbsp;&nbsp; West Bloomfield School District G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/42 | 4200 | 4478 |
|  |  | **36487** |
| **Minnesota – 0.2%** | **Minnesota – 0.2%** | **Minnesota – 0.2%** |
| &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 | **2049** |
| **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 | **626** |
| **Missouri – 1.3%** | **Missouri – 1.3%** | **Missouri – 1.3%** |
| &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 | 1587 |
| &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 | 1482 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Missouri – 1.3%continued** | **Missouri – 1.3%continued** | **Missouri – 1.3%continued** |
| &nbsp;&nbsp; Platte County School District No. 3 <br> G.O. Unlimited Bonds,<br>|  |  |
| 5.25%, 3/1/34 | $2710 | $3054 |
| &nbsp;&nbsp; Saint Charles County Public Water <br> Supply District No. 2 COPS,<br>|  |  |
| 5.25%, 12/1/46 | 5000 | 5282 |
| &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>(6)</sup> <br>| 2100 | 2008 |
|  |  | **14668** |
| **Nebraska – 1.3%** | **Nebraska – 1.3%** | **Nebraska – 1.3%** |
| &nbsp;&nbsp; Lancaster County School District No. 1 <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 1/15/27 | 3760 | 3767 |
| McCook Revenue BANS, |  |  |
| 4.50%, 9/1/27 | 2000 | 2031 |
| Omaha G.O. Unlimited Bonds, |  |  |
| 5.00%, 4/15/43 | 1250 | 1328 |
| &nbsp;&nbsp; Omaha Public Power District Electric <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/41 | 6000 | 6548 |
|  |  | **13674** |
| **Nevada – 0.8%** | **Nevada – 0.8%** | **Nevada – 0.8%** |
| &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; Reno-Tahoe Airport Authority Revenue <br> Bonds (AMT), Taho International <br> Airport,<br>|  |  |
| 5.00%, 7/1/31 | 850 | 923 |
| 5.00%, 7/1/32 | 1000 | 1091 |
| &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 | 5511 |
|  |  | **8790** |
| **New Hampshire – 0.5%** | **New Hampshire – 0.5%** | **New Hampshire – 0.5%** |
| &nbsp;&nbsp; New Hampshire State Health & <br> Education Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| 5.00%, 1/1/30 | 1070 | 1165 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **New Hampshire – 0.5%continued** | **New Hampshire – 0.5%continued** | **New Hampshire – 0.5%continued** |
| 5.00%, 1/1/32 | $835 | $932 |
| 5.00%, 1/1/33 | 1245 | 1399 |
| &nbsp;&nbsp; New Hampshire State Municipal Bond <br> Bank Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 8/15/32 | 2125 | 2436 |
|  |  | **5932** |
| **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 | 3521 |
| &nbsp;&nbsp; Passaic Valley Sewage Commissioners <br> Revenue Refunding Bonds, Series J <br> (AGM Insured),<br>|  |  |
| 3.00%, 12/1/27 | 2870 | 2888 |
|  |  | **6409** |
| **New Mexico – 0.4%** | **New Mexico – 0.4%** | **New Mexico – 0.4%** |
| &nbsp;&nbsp; Albuquerque Bernalillo County Water <br> Utility Authority Joint Water & Sewer <br> Senior Lien Revenue Bonds,<br>|  |  |
| 4.00%, 7/1/31 | 1300 | 1359 |
| &nbsp;&nbsp; New Mexico Finance Authority <br> Subordinate Lien Public Project <br> Revenue Bonds,<br>|  |  |
| 5.00%, 6/15/43 | 1475 | 1579 |
| 5.00%, 6/15/44 | 1000 | 1065 |
|  |  | **4003** |
| **New York – 12.3%** | **New York – 12.3%** | **New York – 12.3%** |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Dedicated Tax Fund Sustainable <br> Revenue Refunding Bonds, Series <br> B-2,<br>|  |  |
| 5.00%, 11/15/47 | 9200 | 9612 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Climate Bond Certified,<br>|  |  |
| 5.00%, 11/15/32 | 2065 | 2324 |
| &nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Sustainable <br> Development Revenue Bonds,<br>|  |  |
| 2.75%, 11/1/33 | 2870 | 2695 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **184** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **New York – 12.3%continued** | **New York – 12.3%continued** | **New York – 12.3%continued** |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority & Sewer System <br> Revenue Refunding Bonds, Fiscal <br> 2025 Series DD,<br>|  |  |
| 5.50%, 6/15/39 | $1500 | $1742 |
| &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 | 3936 |
| &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 | 5145 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series EE, Prerefunded,<br>|  |  |
| 5.00%, 12/15/25<sup>(4)</sup> <br>| 3500 | 3517 |
| &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 | 3073 |
| &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 | 1643 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Subordinate Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/40 | 2000 | 2065 |
| &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 | 2156 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series E,<br>|  |  |
| 5.00%, 11/1/46 | 3815 | 3994 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **New York – 12.3%continued** | **New York – 12.3%continued** | **New York – 12.3%continued** |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Refunding Bonds, Series H, Fiscal <br> 2025,<br>|  |  |
| 5.00%, 11/1/43 | $2750 | $2936 |
| &nbsp;&nbsp; New York City Transitional Financing <br> Authority Future Tax Subordinate <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/1/27 | 1850 | 1949 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> A-1,<br>|  |  |
| 5.00%, 8/1/47 | 5000 | 5111 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> D, Subseries D1,<br>|  |  |
| 5.00%, 12/1/39 | 10000 | 10398 |
| &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%, 3/1/35 | 2750 | 2889 |
| 5.00%, 3/1/37 | 3700 | 3841 |
| &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 | 5091 |
| &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 | 1488 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, Series C,<br>|  |  |
| 5.00%, 10/1/31 | 665 | 710 |
| 5.00%, 10/8/32 | 575 | 612 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Sales TRB, Series A, Group C,<br>|  |  |
| 5.00%, 3/15/44 | 3755 | 3803 |
| &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 | 2099 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **New York – 12.3%continued** | **New York – 12.3%continued** | **New York – 12.3%continued** |
| &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 | $2885 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Series A, <br> Unrefunded Balance,<br>|  |  |
| 5.00%, 2/15/43 | 2000 | 2006 |
| &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 | 164 |
| &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>| 5820 | 5613 |
| &nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Mortgage Revenue <br> Refunding Bonds, Series 220,<br>|  |  |
| 2.60%, 10/1/39 | 3300 | 2800 |
| &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 | 2833 |
| &nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Refunding <br> Bonds, Series 233, Social Bonds,<br>|  |  |
| 2.05%, 4/1/33 | 3000 | 2574 |
| &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 | 444 |
| 5.00%, 12/1/42 | 255 | 258 |
| &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 | 380 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **New York – 12.3%continued** | **New York – 12.3%continued** | **New York – 12.3%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 | $604 |
| &nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Sustainable Revenue Bonds (AMT), <br> John F. Kennedy International <br> Airport,<br>|  |  |
| 5.50%, 6/30/39 | 2250 | 2433 |
| &nbsp;&nbsp; New York State Urban Development <br> Corp. General Purpose Personal <br> Income TRB,<br>|  |  |
| 5.00%, 3/15/37 | 5000 | 5200 |
| 5.00%, 3/15/40 | 2500 | 2573 |
| &nbsp;&nbsp; Onondaga Civic Development Corp. <br> Revenue Bonds, Syracuse University <br> Project,<br>|  |  |
| 5.25%, 12/1/45 | 1000 | 1089 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| 5.00%, 9/15/28 | 2000 | 2098 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 227 (AMT),<br>|  |  |
| 2.00%, 10/1/32 | 12550 | 10806 |
| 2.00%, 10/1/34 | 1500 | 1210 |
| &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 | 2506 |
|  |  | **135277** |
| **North Carolina – 0.5%** | **North Carolina – 0.5%** | **North Carolina – 0.5%** |
| &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 | 4222 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **186** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **North Carolina – 0.5%continued** | **North Carolina – 0.5%continued** | **North Carolina – 0.5%continued** |
| &nbsp;&nbsp; North Carolina State Grant <br> Anticipation Revenue Refunding <br> GARVEE Bonds,<br>|  |  |
| 5.00%, 3/1/40 | $1250 | $1368 |
|  |  | **5590** |
| **Ohio – 1.9%** | **Ohio – 1.9%** | **Ohio – 1.9%** |
| &nbsp;&nbsp; Akron Income Tax Revenue Refunding <br> Bonds,<br>|  |  |
| 4.00%, 12/1/32 | 1285 | 1333 |
| &nbsp;&nbsp; Franklin County Convention Facilities <br> Authority Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/34 | 10600 | 12146 |
| &nbsp;&nbsp; Hamilton County Sewer System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/32 | 4575 | 4986 |
| &nbsp;&nbsp; North Ridgeville City School District <br> G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 12/1/39 | 600 | 626 |
| &nbsp;&nbsp; Northeast Ohio Medical University <br> General Receipts Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/29 | 100 | 107 |
| 4.00%, 12/1/35 | 300 | 300 |
| &nbsp;&nbsp; Ohio State Higher Educational Facility <br> Revenue Bonds, Denison University <br> Project,<br>|  |  |
| 5.00%, 11/1/39 | 1365 | 1415 |
|  |  | **20913** |
| **Oklahoma – 0.6%** | **Oklahoma – 0.6%** | **Oklahoma – 0.6%** |
| &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 | 4006 |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Facilities Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/30 | 1500 | 1669 |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Bonds, <br> Department of Transportation,<br>|  |  |
| 5.00%, 7/1/45 | 1000 | 1058 |
|  |  | **6733** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Oregon – 0.4%** | **Oregon – 0.4%** | **Oregon – 0.4%** |
| &nbsp;&nbsp; Clackamas Community College District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| 5.00%, 6/15/36 | $1600 | $1639 |
| &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 | 484 |
| &nbsp;&nbsp; Metropolitan Dedicated TRB, Oregon <br> Convention Center Hotel,<br>|  |  |
| 5.00%, 6/15/42 | 2065 | 2085 |
|  |  | **4208** |
| **Pennsylvania – 1.7%** | **Pennsylvania – 1.7%** | **Pennsylvania – 1.7%** |
| &nbsp;&nbsp; Pennsylvania State G.O. Unlimited <br> Bonds, First Series of 2020,<br>|  |  |
| 5.00%, 5/1/26 | 1450 | 1471 |
| &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 | 5124 |
| &nbsp;&nbsp; Pennsylvania State Housing Finance <br> Agency SFM Revenue Bonds, Series <br> 137, Social Bonds,<br>|  |  |
| 2.20%, 10/1/33 | 2420 | 2112 |
| &nbsp;&nbsp; Pennsylvania State Housing Finance <br> Agency SFM Revenue Refunding <br> Bonds, Series 136, Social Bonds,<br>|  |  |
| 5.00%, 4/1/31 | 1845 | 2014 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Bonds, Series <br> A-2,<br>|  |  |
| 5.00%, 12/1/37 | 5000 | 5207 |
| &nbsp;&nbsp; Philadelphia Gas Works Revenue <br> Refunding Bonds, 1998 General <br> Ordinance,<br>|  |  |
| 5.00%, 8/1/32 | 2485 | 2823 |
|  |  | **18751** |
| **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** |
| &nbsp;&nbsp; Rhode Island State Housing & <br> Mortgage Finance Corp. Revenue <br> Bonds, Series 77-A, Social Bonds,<br>|  |  |
| 3.80%, 4/1/33 | 1535 | **1574** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **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 | $1156 |
| &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 | 10914 |
| &nbsp;&nbsp; SCAGO Educational Facilities Corp. <br> Cherokee School District No. 1 <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/25 | 500 | 501 |
|  |  | **12571** |
| **South Dakota – 0.2%** | **South Dakota – 0.2%** | **South Dakota – 0.2%** |
| &nbsp;&nbsp; South Dakota State Health & <br> Educational Facilities Authority <br> Variable Revenue Refunding Bonds, <br> Sanford Series C-2,<br>|  |  |
| 5.00%, 11/1/32<sup>(1) (2)</sup> <br>| 2355 | **2593** |
| **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** |
| Knox County G.O. Unlimited Bonds, |  |  |
| 4.00%, 6/1/28 | 1000 | 1000 |
| &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 | 1051 |
| &nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 9/1/28<sup>(1) (2)</sup> <br>| 10000 | 10246 |
|  |  | **12297** |
| **Texas – 5.1%** | **Texas – 5.1%** | **Texas – 5.1%** |
| &nbsp;&nbsp; Austin Certificates of Obligation G.O. <br> Limited Bonds,<br>|  |  |
| 9/1/39<sup>(5)</sup> <br>| 4000 | 4462 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Revenue Bonds, Series A, Idea Public <br> Schools,<br>|  |  |
| 4.00%, 8/15/37 | 780 | 773 |
| &nbsp;&nbsp; Dallas & Fort Worth International <br> Airport Revenue Bonds, Series A-1 <br> (AMT),<br>|  |  |
| 11/1/39<sup>(5)</sup> <br>| 2000 | 2178 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Texas – 5.1%continued** | **Texas – 5.1%continued** | **Texas – 5.1%continued** |
| &nbsp;&nbsp; Dallas County Community College <br> District G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/15/36 | $1000 | $1004 |
| &nbsp;&nbsp; El Paso Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 4.00%, 8/15/39 | 2630 | 2642 |
| &nbsp;&nbsp; Forney Independent School District <br> G.O. Unlimited Refunding CABS, <br> Series C,<br>|  |  |
| 0.00%, 8/15/39<sup>(6)</sup> <br>| 1000 | 543 |
| &nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Medical <br> Facilities Variable Revenue Bonds, <br> Baylor College of Medicine,<br>|  |  |
| 5.00%, 5/15/32<sup>(1) (2)</sup> <br>| 2000 | 2178 |
| &nbsp;&nbsp; Houston Utility System Subordinate First <br> Lien Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/28 | 2500 | 2567 |
| &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; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| 5.00%, 1/1/26 | 4860 | 4888 |
| 5.00%, 1/1/38 | 3000 | 3090 |
| 5.00%, 1/1/39 | 5000 | 5135 |
| &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 | 1736 |
| &nbsp;&nbsp; Pasadena Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 2/15/27 | 1250 | 1293 |
| &nbsp;&nbsp; San Antonio Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 8/1/30 | 2820 | 2939 |
| &nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 2/1/35 | 1640 | 1751 |
| &nbsp;&nbsp; San Antonio Water System Junior Lien <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 5/15/35 | 3500 | 3570 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **188** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Texas – 5.1%continued** | **Texas – 5.1%continued** | **Texas – 5.1%continued** |
| &nbsp;&nbsp; Sherman Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 8/15/48 | $4000 | $4124 |
| &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 | 1128 |
| &nbsp;&nbsp; Texas State A&M University Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| 4.00%, 5/15/31 | 1655 | 1668 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 10/1/27 | 3270 | 3435 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| 2.00%, 8/1/35 | 1000 | 845 |
| &nbsp;&nbsp; Texas Water Development Board <br> Revenue Bonds, Master Trust ,<br>|  |  |
| 10/15/35<sup>(5)</sup> <br>| 2000 | 2322 |
| &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 | 1694 |
|  |  | **56124** |
| **Utah – 1.4%** | **Utah – 1.4%** | **Utah – 1.4%** |
| &nbsp;&nbsp; Downtown Revitalization Public <br> Infrastructure District First Lien Sales <br> Revenue Bonds, Seg Redevelopment <br> Project (AG Insured),<br>|  |  |
| 5.00%, 6/1/35 | 1600 | 1826 |
| &nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 7/1/32 | 1250 | 1366 |
| 5.00%, 7/1/36 | 5000 | 5310 |
| 5.00%, 7/1/42 | 2000 | 2007 |
| 5.00%, 7/1/46 | 5000 | 5057 |
|  |  | **15566** |
| **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 | 1658 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Virginia – 0.9%continued** | **Virginia – 0.9%continued** | **Virginia – 0.9%continued** |
| &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 | $4801 |
| &nbsp;&nbsp; Virginia State HDA Revenue Bonds, <br> Series D,<br>|  |  |
| 1.60%, 5/1/31 | 880 | 774 |
| &nbsp;&nbsp; Virginia State HDA Revenue Bonds, <br> Series K Non-AMT (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| 1.95%, 12/1/32 | 1440 | 1298 |
| &nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Senior Lien Revenue Bonds <br> (AMT), Elizabeth River,<br>|  |  |
| 3.00%, 1/1/41 | 1810 | 1443 |
|  |  | **9974** |
| **Washington – 4.7%** | **Washington – 4.7%** | **Washington – 4.7%** |
| &nbsp;&nbsp; Grant County G.O. Limited Bonds <br> (BAM Insured),<br>|  |  |
| 5.25%, 12/1/45 | 1280 | 1369 |
| &nbsp;&nbsp; King County G.O. Limited Refunding <br> Bonds, Series E,<br>|  |  |
| 5.00%, 12/1/27 | 1200 | 1204 |
| &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 | 10257 |
| &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 | 1853 |
| &nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 8/1/42 | 2500 | 2577 |
| &nbsp;&nbsp; Seattle Solid Waste Revenue Refunding <br> & Improvement Bonds,<br>|  |  |
| 4.00%, 6/1/31 | 1865 | 1879 |
| Washington State COPS, Series A, |  |  |
| 5.00%, 7/1/26 | 1000 | 1018 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| 5.00%, 8/1/36 | 2500 | 2535 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| 5.00%, 2/1/32 | 5000 | 5248 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **189** 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 - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Washington – 4.7%continued** | **Washington – 4.7%continued** | **Washington – 4.7%continued** |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2017A,<br>|  |  |
| 5.00%, 8/1/29 | $2895 | $2955 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2018C,<br>|  |  |
| 5.00%, 8/1/33 | 4000 | 4143 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022C, <br> Bid Group 2,<br>|  |  |
| 4.00%, 7/1/27 | 2500 | 2568 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2023B,<br>|  |  |
| 5.00%, 7/1/26 | 3000 | 3055 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Bonds, Providence <br> St. Joseph Health,<br>|  |  |
| 10/1/35<sup>(5)</sup> <br>| 6000 | 6730 |
| &nbsp;&nbsp; Washington State Motor Vehicle Fuel <br> Tax G.O. Unlimited Bonds, Series D,<br>|  |  |
| 5.00%, 2/1/31 | 1930 | 2034 |
| &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 | 751 |
| 5.50%, 12/1/42 | 1000 | 1064 |
|  |  | **51240** |
| **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** |
| &nbsp;&nbsp; West Virginia State Hospital Finance <br> Authority Variable Revenue Bonds, <br> United Health System Obligated <br> Group,<br>|  |  |
| 5.00%, 6/1/33<sup>(1) (2)</sup> <br>| 1850 | **2020** |
| **Wisconsin – 2.4%** | **Wisconsin – 2.4%** | **Wisconsin – 2.4%** |
| &nbsp;&nbsp; Central Brown County Water Authority <br> Water System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/31 | 3425 | 3836 |
| &nbsp;&nbsp; PFA Hospital Taxable Revenue Bonds, <br> Series 2021A, UNC Health <br> Southeastern,<br>|  |  |
| 2.35%, 2/1/29 | 2000 | 1698 |
| &nbsp;&nbsp; Union Grove Union High School District <br> G.O. Unlimited Refunding Promissory <br> Notes,<br>|  |  |
| 4.00%, 3/1/41 | 1565 | 1558 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **Wisconsin – 2.4%continued** | **Wisconsin – 2.4%continued** | **Wisconsin – 2.4%continued** |
| &nbsp;&nbsp; Wisconsin State G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 5/1/32 | $2500 | $2814 |
| &nbsp;&nbsp; Wisconsin State G.O. Unlimited <br> Refunding Bonds, Series 2025-2,<br>|  |  |
| 5.00%, 5/1/38 | 2000 | 2260 |
| &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 | 2987 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Hospital Sisters <br> Credit Group,<br>|  |  |
| 5.00%, 8/15/30 | 1500 | 1649 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Marquette <br> University,<br>|  |  |
| 5.00%, 10/1/28 | 670 | 684 |
| &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 | 4039 |
| 4.00%, 4/1/39 | 4250 | 4223 |
| &nbsp;&nbsp; Wisconsin State Housing & EDA Home <br> Ownership Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 3.00%, 3/1/39 | 165 | 147 |
|  |  | **25895** |
| **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 | **201** |
| **Total Municipal Bonds** |  |  |
| **(Cost $1,091,209)** |  | **1061247** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **190** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 2.3%**  | **INVESTMENT COMPANIES – 2.3%**  | **INVESTMENT COMPANIES – 2.3%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(7) (8)</sup> <br>| 25342192 | $25342 |
| **Total Investment Companies** |  |  |
| **(Cost $25,342)** |  | **25342** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 1.3%**  | **SHORT-TERM INVESTMENTS – 1.3%**  | **SHORT-TERM INVESTMENTS – 1.3%**  |
| &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 | $3993 |
| &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>| 625 | 623 |
| &nbsp;&nbsp; PEFA, Inc., Iowa Gas Project Revenue <br> Bonds,<br>|  |  |
| 5.00%, 9/1/26<sup>(1) (2)</sup> <br>| 1000 | 1018 |
| &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 | 995 |
| &nbsp;&nbsp; Tennessee State Energy Acquisition <br> Corp. Gas Revenue Bonds,<br>|  |  |
| 4.00%, 11/1/25<sup>(1) (2)</sup> <br>| 2500 | 2503 |
| &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 | 4927 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $14,148)** | **(Cost $14,148)** | **14059** |
| **Total Investments – 101.0%** | **Total Investments – 101.0%** |  |
| **(Cost $1,137,549)** | **(Cost $1,137,549)** | **1107076** |
| Liabilities less Other Assets – (1.0%) | Liabilities less Other Assets – (1.0%) | (11050)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1096026** |

---

<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 September* *30, 2025 is disclosed.* 

<sup>(3)</sup> *Step coupon bond. Rate as of September 30, 2025 is disclosed.*

<sup>(4)</sup> *Maturity date represents the prerefunded date.*

<sup>(5)</sup> *When-Issued Security. Coupon rate is not in effect at September 30, 2025.*

<sup>(6)</sup> *Zero coupon bond.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 September 30, 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 |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| 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 |
| GARVEE - Grant Anticipation Revenue Vehicle |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| IDA - Industrial Development Authority |
| 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 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **191** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INTERMEDIATE TAX-EXEMPT FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

<br> 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 September 30, 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; $6428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6428 |
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1061247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1061247 |
| Investment Companies | &nbsp;&nbsp; 25342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25342 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 14059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14059 |
| Total Investments | &nbsp;&nbsp; $25342 | &nbsp;&nbsp; $1081734 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1107076 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **192** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LIMITED TERM TAX-EXEMPT FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 96.6%**  | **MUNICIPAL BONDS – 96.6%**  | **MUNICIPAL BONDS – 96.6%**  |
| **Alabama – 6.6%** | **Alabama – 6.6%** | **Alabama – 6.6%** |
| &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 | $448 |
| &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 | 2530 |
| &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 | 3204 |
| &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 | 8405 |
| &nbsp;&nbsp; Energy Southeast, A Cooperative <br> District Energy Supply Revenue <br> Bonds, Series B,<br>|  |  |
| 5.25%, 6/1/32<sup>(1) (2)</sup> <br>| 2500 | 2739 |
| &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 | 3087 |
| &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 | 1620 |
|  |  | **22033** |
| **Alaska – 0.9%** | **Alaska – 0.9%** | **Alaska – 0.9%** |
| &nbsp;&nbsp; Alaska State Railroad Corp. Cruise Port <br> Revenue Bonds (AMT) (AG Insured),<br>|  |  |
| 5.50%, 10/1/32 | 200 | 224 |
| 5.50%, 10/1/33 | 460 | 518 |
| &nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| 5.50%, 2/1/31 | 1900 | 2123 |
|  |  | **2865** |
| **Arizona – 2.7%** | **Arizona – 2.7%** | **Arizona – 2.7%** |
| &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 | 2618 |
| &nbsp;&nbsp; Maricopa County IDA Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| 5.00%, 5/15/28<sup>(1) (2)</sup> <br>| 2400 | 2517 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 2.7%continued** | **Arizona – 2.7%continued** | **Arizona – 2.7%continued** |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 7/1/31 | $1095 | $1207 |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/33 | 2700 | 2834 |
|  |  | **9176** |
| **California – 5.6%** | **California – 5.6%** | **California – 5.6%** |
| &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 | 1138 |
| 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 3150 | 3229 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.00%, 8/1/31 | 500 | 550 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Revenue Bonds, <br> Clean Energy Project, Green Bonds,<br>|  |  |
| 5.00%, 10/1/26 | 630 | 639 |
| 5.00%, 10/1/27 | 675 | 695 |
| 5.00%, 10/1/28 | 475 | 495 |
| 5.00%, 10/1/29 | 650 | 686 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| 5.00%, 10/1/32<sup>(1) (2)</sup> <br>| 1000 | 1114 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Solid Waste Disposal <br> Variable Revenue Bonds, Series A <br> (AMT), Waste Management, Inc.,<br>|  |  |
| 3.45%, 10/2/28<sup>(1) (2)</sup> <br>| 1000 | 991 |
| &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 | 807 |
| 4.00%, 8/1/28 | 935 | 976 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **California – 5.6%continued** | **California – 5.6%continued** | **California – 5.6%continued** |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 5/15/33 | $1670 | $1874 |
| &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 | 673 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/28 | 1430 | 1438 |
| &nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/33 | 1000 | 1184 |
| &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 | 2177 |
|  |  | **18666** |
| **Colorado – 4.1%** | **Colorado – 4.1%** | **Colorado – 4.1%** |
| &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 | 4014 |
| &nbsp;&nbsp; Colorado Springs Utilities Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/40 | 200 | 201 |
| &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 | 1036 |
| &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 | 3977 |
| &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 | 97 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 4.1%continued** | **Colorado – 4.1%continued** | **Colorado – 4.1%continued** |
| &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 | $927 |
| &nbsp;&nbsp; Denver City & Country Airport Revenue <br> Refunding Bonds, Series D (AMT),<br>|  |  |
| 5.25%, 11/15/27 | 1750 | 1839 |
| &nbsp;&nbsp; Denver City & County Airport Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 11/15/29 | 1500 | 1651 |
|  |  | **13742** |
| **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 | **1025** |
| **District of Columbia – 1.3%** | **District of Columbia – 1.3%** | **District of Columbia – 1.3%** |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/32 | 3150 | 3404 |
| 5.00%, 10/1/34 | 1000 | 1119 |
|  |  | **4523** |
| **Florida – 5.1%** | **Florida – 5.1%** | **Florida – 5.1%** |
| &nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/32 | 1315 | 1394 |
| &nbsp;&nbsp; Capital Trust Authority Health Care <br> Facilities Revenue Refunding Bonds, <br> Series A, UF Health Projects,<br>|  |  |
| 5.00%, 12/1/32 | 1000 | 1110 |
| &nbsp;&nbsp; Collier County IDA Revenue Bonds, <br> NCH Healthcare System Projects,<br>|  |  |
| 5.00%, 10/1/31<sup>(1) (2)</sup> <br>| 2000 | 2190 |
| &nbsp;&nbsp; Duval County School Board COPS, <br> Series A (AGM Insured),<br>|  |  |
| 5.00%, 7/1/26 | 1750 | 1782 |
| &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 | 1982 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **194** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 – 5.1%continued** | **Florida – 5.1%continued** | **Florida – 5.1%continued** |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| 5.00%, 10/1/32 | $700 | $779 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 3000 | 3126 |
| &nbsp;&nbsp; Pasco Country School District Sales <br> TRB,<br>|  |  |
| 5.00%, 10/1/32 | 2500 | 2842 |
| &nbsp;&nbsp; Saint Johns County School Board <br> COPS, Series A (AGM Insured),<br>|  |  |
| 5.00%, 7/1/31 | 1270 | 1428 |
| &nbsp;&nbsp; Tallahassee Consolidated Utility <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/32 | 535 | 613 |
|  |  | **17246** |
| **Georgia – 3.5%** | **Georgia – 3.5%** | **Georgia – 3.5%** |
| &nbsp;&nbsp; Atlanta G.O. Unlimited Bonds, Series <br> A-1, Social Bonds,<br>|  |  |
| 5.00%, 12/1/26 | 1000 | 1031 |
| &nbsp;&nbsp; Atlanta G.O. Unlimited Bonds, Series <br> A-2,<br>|  |  |
| 5.00%, 12/1/26 | 1050 | 1083 |
| &nbsp;&nbsp; Douglas County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 4/1/33<sup>(4)</sup> <br>| 825 | 951 |
| &nbsp;&nbsp; Franklin County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 3/1/27 | 1750 | 1815 |
| &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 | 1567 |
| &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 | 2942 |
| &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 | 1093 |
| &nbsp;&nbsp; Private Colleges & Universities Authority <br> Exchangeable Revenue Bonds, <br> Series B, Emory University,<br>|  |  |
| 5.00%, 9/1/33 | 975 | 1119 |
|  |  | **11601** |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **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 | **$738** |
| **Illinois – 3.6%** | **Illinois – 3.6%** | **Illinois – 3.6%** |
| &nbsp;&nbsp; Chicago G.O. Unlimited Bonds, Series <br> B,<br>|  |  |
| 5.00%, 1/1/33 | 1000 | 1066 |
| &nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/27 | 2000 | 2047 |
| &nbsp;&nbsp; Chicago Waterworks Second Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/27 | 3640 | 3807 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| 5.00%, 4/1/26 | 300 | 303 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| 5.00%, 8/15/30<sup>(1) (2)</sup> <br>| 1000 | 1079 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 5/1/27 | 1500 | 1554 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 2/1/27 | 2100 | 2164 |
|  |  | **12020** |
| **Indiana – 3.2%** | **Indiana – 3.2%** | **Indiana – 3.2%** |
| &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 | 1245 |
| &nbsp;&nbsp; Hamilton Heights School Building Corp. <br> Revenue Bonds (State Intercept <br> Program),<br>|  |  |
| 5.00%, 1/15/26 | 585 | 589 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 2/1/32 | 1040 | 1169 |
| &nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| 5.00%, 7/15/35 | 1090 | 1159 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Indiana – 3.2%continued** | **Indiana – 3.2%continued** | **Indiana – 3.2%continued** |
| &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 | $1134 |
| 5.00%, 7/15/27 | 1075 | 1122 |
| &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 | 2053 |
| 5.00%, 7/15/27 | 2195 | 2293 |
|  |  | **10764** |
| **Iowa – 1.6%** | **Iowa – 1.6%** | **Iowa – 1.6%** |
| &nbsp;&nbsp; Le Mars Community School District <br> G.O. Unlimited Bonds (AG Insured),<br>|  |  |
| 5.00%, 6/1/33 | 1000 | 1116 |
| &nbsp;&nbsp; Polk County G.O. Unlimited Capital <br> Loan Notes, Series A (AMT),<br>|  |  |
| 5.00%, 6/1/31 | 2280 | 2505 |
| &nbsp;&nbsp; Waterloo G.O. Unlimited Bonds, Series <br> D,<br>|  |  |
| 4.50%, 6/1/27 | 1700 | 1720 |
|  |  | **5341** |
| **Kansas – 0.4%** | **Kansas – 0.4%** | **Kansas – 0.4%** |
| &nbsp;&nbsp; Wichita G.O. Unlimited Bonds, Series <br> 811,<br>|  |  |
| 3.00%, 6/1/27 | 1185 | **1185** |
| **Kentucky – 0.5%** | **Kentucky – 0.5%** | **Kentucky – 0.5%** |
| &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 | **1609** |
| **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 | 273 |
| &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 | 1530 |
|  |  | **1803** |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **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 | **$2703** |
| **Maryland – 0.9%** | **Maryland – 0.9%** | **Maryland – 0.9%** |
| &nbsp;&nbsp; Montgomery County G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| 4.00%, 11/1/29 | 2925 | **3011** |
| **Massachusetts – 3.2%** | **Massachusetts – 3.2%** | **Massachusetts – 3.2%** |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| 5.00%, 7/1/29 | 1000 | 1060 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Variable Revenue <br> Bonds, Brown Health University <br> Obligated Group,<br>|  |  |
| 5.00%, 8/15/31<sup>(1) (2)</sup> <br>| 1000 | 1092 |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series C,<br>|  |  |
| 5.00%, 5/1/30 | 595 | 664 |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/26 | 1040 | 1060 |
| &nbsp;&nbsp; Massachusetts Water Resources <br> Authority General Revenue <br> Refunding Bonds, Series C, Green <br> Bonds, Prerefunded,<br>|  |  |
| 5.00%, 8/1/26<sup>(3)</sup> <br>| 2340 | 2391 |
| 5.00%, 8/1/26<sup>(3)</sup> <br>| 1000 | 1022 |
| &nbsp;&nbsp; University of Massachusetts Building <br> Authority Revenue Refunding Bonds, <br> Series 2,<br>|  |  |
| 5.00%, 11/1/29 | 3370 | 3376 |
|  |  | **10665** |
| **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 | 3934 |
| &nbsp;&nbsp; Michigan State HDA Rental Housing <br> Revenue Bonds, Series A,<br>|  |  |
| 3.38%, 10/1/26 | 465 | 467 |
|  |  | **4401** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **196** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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**  |
| **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 | $2047 |
| &nbsp;&nbsp; Minnesota State G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 8/1/27 | 1020 | 1068 |
|  |  | **3115** |
| **Missouri – 0.6%** | **Missouri – 0.6%** | **Missouri – 0.6%** |
| &nbsp;&nbsp; Saint Joseph School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 3/1/31 | 2000 | **2155** |
| **Montana – 0.5%** | **Montana – 0.5%** | **Montana – 0.5%** |
| &nbsp;&nbsp; Montana State Facility Finance <br> Authority Variable Revenue Bonds, <br> Benefis Health System Obligated <br> Group,<br>|  |  |
| 5.00%, 2/15/30<sup>(1) (2)</sup> <br>| 1390 | **1512** |
| **Nebraska – 0.7%** | **Nebraska – 0.7%** | **Nebraska – 0.7%** |
| McCook Revenue BANS, |  |  |
| 4.50%, 9/1/27 | 1000 | 1015 |
| &nbsp;&nbsp; Omaha Airport Authority Airport <br> Facilities Revenue Bonds (AMT) <br> (AGC Insured),<br>|  |  |
| 5.00%, 12/15/31 | 1275 | 1411 |
|  |  | **2426** |
| **Nevada – 1.2%** | **Nevada – 1.2%** | **Nevada – 1.2%** |
| &nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Series A (AGM <br> Insured),<br>|  |  |
| 5.00%, 6/15/27 | 1000 | 1044 |
| &nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Series B (AGM <br> Insured),<br>|  |  |
| 4.00%, 6/15/32 | 3000 | 3111 |
|  |  | **4155** |
| **New Hampshire – 0.3%** | **New Hampshire – 0.3%** | **New Hampshire – 0.3%** |
| &nbsp;&nbsp; New Hampshire State Health & <br> Education Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| 5.00%, 1/1/34 | 1000 | **1129** |

---

---

| | | |
|:---|:---|:---|
|  | 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 Jersey – 2.1%** | **New Jersey – 2.1%** | **New Jersey – 2.1%** |
| &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 | $1184 |
| &nbsp;&nbsp; New Jersey State EDA Revenue School <br> Facilities Construction Revenue <br> Refunding Bonds, Series GGG,<br>|  |  |
| 5.25%, 9/1/26 | 3000 | 3071 |
| &nbsp;&nbsp; New Jersey State G.O. Unlimited <br> Bonds, Covid-19 Go Emergency <br> Bonds,<br>|  |  |
| 5.00%, 6/1/27 | 2750 | 2861 |
|  |  | **7116** |
| **New York – 8.2%** | **New York – 8.2%** | **New York – 8.2%** |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Climate Bond Certified,<br>|  |  |
| 5.00%, 11/15/32 | 1500 | 1688 |
| &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 | 1038 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/1/27 | 1000 | 1054 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> J-10, Fiscal 2008,<br>|  |  |
| 5.00%, 8/1/26 | 605 | 617 |
| &nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C,<br>|  |  |
| 5.00%, 8/1/27 | 1795 | 1880 |
| &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 | 436 |
| 5.25%, 5/1/32 | 600 | 658 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Personal Income Tax Revenue <br> Refunding Bonds, Series E,<br>|  |  |
| 5.00%, 3/15/32 | 5000 | 5004 |
| &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 | 214 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **197** 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 - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **New York – 8.2%continued** | **New York – 8.2%continued** | **New York – 8.2%continued** |
| &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 | $1500 |
| &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 | 4002 |
| &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 | 1837 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| 5.00%, 9/15/32 | 1500 | 1564 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 249 (AMT),<br>|  |  |
| 5.00%, 10/15/26 | 2850 | 2910 |
| &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 | 1796 |
| &nbsp;&nbsp; Utility Debt Securitization Authority <br> Revenue Refunding Restructuring <br> Bonds, Series A,<br>|  |  |
| 5.00%, 12/15/27 | 1450 | 1457 |
|  |  | **27655** |
| **North Carolina – 0.1%** | **North Carolina – 0.1%** | **North Carolina – 0.1%** |
| &nbsp;&nbsp; Charlotte Water & Sewer System <br> Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/30 | 225 | **252** |
| **North Dakota – 0.3%** | **North Dakota – 0.3%** | **North Dakota – 0.3%** |
| &nbsp;&nbsp; Fargo Annual Appropriation Revenue <br> Bonds, Series G,<br>|  |  |
| 5.00%, 12/1/32 | 1010 | **1141** |
| **Ohio – 4.5%** | **Ohio – 4.5%** | **Ohio – 4.5%** |
| &nbsp;&nbsp; Akron Income Tax Revenue Refunding <br> Bonds,<br>|  |  |
| 4.00%, 12/1/26 | 1120 | 1137 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 4.5%continued** | **Ohio – 4.5%continued** | **Ohio – 4.5%continued** |
| &nbsp;&nbsp; Columbus Regional Airport Authority <br> Revenue Refunding Bonds, John <br> Glenn Columbus International <br> (AMT),<br>|  |  |
| 5.00%, 1/1/33 | $1000 | $1097 |
| &nbsp;&nbsp; North Ridgeville City School District <br> G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 12/1/33 | 870 | 933 |
| &nbsp;&nbsp; Ohio State Air Quality Development <br> Authority Revenue Bonds, American <br> Electric Power Company Project,<br>|  |  |
| 3.20%, 5/1/26 | 1075 | 1073 |
| &nbsp;&nbsp; Ohio State G.O. Unlimited Refunding <br> Bonds, Series A, Conservation <br> Project,<br>|  |  |
| 5.00%, 3/1/32 | 1500 | 1717 |
| &nbsp;&nbsp; Ohio State Highway Capital <br> Improvements G.O. Unlimited Bonds, <br> Series S,<br>|  |  |
| 5.00%, 5/1/28 | 5085 | 5159 |
| &nbsp;&nbsp; Ohio State Turnpike Commission <br> Subordinate Revenue Bonds,<br>|  |  |
| 5.00%, 2/15/32 | 3860 | 4042 |
|  |  | **15158** |
| **Oklahoma – 5.3%** | **Oklahoma – 5.3%** | **Oklahoma – 5.3%** |
| &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 | 4262 |
| &nbsp;&nbsp; Oklahoma County Independent School <br> District No. 89 G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 4.00%, 7/1/27 | 4275 | 4383 |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority Facilities Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/27 | 3985 | 4159 |
| Tulsa G.O. Unlimited Bonds, Series C, |  |  |
| 3.00%, 10/1/28 | 4865 | 4877 |
|  |  | **17681** |
| **Oregon – 1.6%** | **Oregon – 1.6%** | **Oregon – 1.6%** |
| Multnomah County G.O. Limited Bonds, |  |  |
| 5.00%, 6/1/28 | 1000 | 1040 |
| &nbsp;&nbsp; Portland G.O. Limited Bonds, Series A, <br> Transportation Projects,<br>|  |  |
| 5.00%, 10/1/27 | 1730 | 1820 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **198** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 – 1.6%continued** | **Oregon – 1.6%continued** | **Oregon – 1.6%continued** |
| &nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Unlimited <br> Convertible CABS (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/15/35 | $2500 | $2566 |
|  |  | **5426** |
| **Pennsylvania – 3.9%** | **Pennsylvania – 3.9%** | **Pennsylvania – 3.9%** |
| &nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A,<br>|  |  |
| 2.00%, 10/1/29 | 2275 | 2145 |
| &nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A <br> (AMBAC Insured),<br>|  |  |
| 5.50%, 8/1/28 | 2505 | 2699 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/25 | 425 | 427 |
| 5.00%, 12/1/26 | 275 | 283 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Subseries B-2,<br>|  |  |
| 5.00%, 6/1/32 | 1875 | 1941 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, Series 2017-3,<br>|  |  |
| 5.00%, 12/1/30 | 860 | 902 |
| &nbsp;&nbsp; Philadelphia G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 8/1/26 | 3535 | 3606 |
| &nbsp;&nbsp; Philadelphia Redevelopment Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 4/15/31 | 1000 | 1118 |
|  |  | **13121** |
| **South Carolina – 1.1%** | **South Carolina – 1.1%** | **South Carolina – 1.1%** |
| &nbsp;&nbsp; Scago Educational Facilities Corp. For <br> Pickens School District Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/31 | 1500 | 1695 |
| &nbsp;&nbsp; South Carolina State Jobs EDA Hospital <br> Facilities Variable Revenue Refunding <br> Bonds, Bon Secours Mercy Health, <br> Inc.,<br>|  |  |
| 5.00%, 11/1/32<sup>(1) (2)</sup> <br>| 1000 | 1111 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **South Carolina – 1.1%continued** | **South Carolina – 1.1%continued** | **South Carolina – 1.1%continued** |
| &nbsp;&nbsp; South Carolina State Jobs-EDA <br> Educational Facilities Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/26 | $1000 | $1023 |
|  |  | **3829** |
| **Texas – 13.8%** | **Texas – 13.8%** | **Texas – 13.8%** |
| &nbsp;&nbsp; Austin Water & Wastewater System <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/26 | 1000 | 1027 |
| &nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 6/15/30 | 1000 | 1109 |
| 5.00%, 6/15/31 | 1250 | 1404 |
| &nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds, Series B,<br>|  |  |
| 5.00%, 6/15/26 | 1125 | 1145 |
| &nbsp;&nbsp; Dallas Area Rapid Transit Senior Lien <br> Sales Tax Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/32 | 3395 | 3690 |
| &nbsp;&nbsp; Grand Prairie Independent School <br> District G.O. Unlimited Refunding <br> Bonds (PSF, Gtd.),<br>|  |  |
| 4.00%, 2/15/33 | 5420 | 5423 |
| &nbsp;&nbsp; Harlingen Consolidated Independent <br> School District G.O. Unlimited <br> Refunding Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/26 | 1105 | 1128 |
| &nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Medical <br> Facilities Variable Revenue Bonds, <br> Baylor College of Medicine,<br>|  |  |
| 5.00%, 5/15/32<sup>(1) (2)</sup> <br>| 1000 | 1089 |
| &nbsp;&nbsp; Harris County Toll Road First Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 8/15/31 | 1635 | 1845 |
| Houston G.O. Limited Bonds, Series A, |  |  |
| 5.00%, 3/1/31 | 2200 | 2467 |
| &nbsp;&nbsp; Klein Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 8/1/32 | 1575 | 1735 |
| &nbsp;&nbsp; Laredo Public Property Finance <br> Contractual Obligation G.O. Limited <br> Bonds,<br>|  |  |
| 5.00%, 2/15/27 | 800 | 826 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **199** 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 - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Texas – 13.8%continued** | **Texas – 13.8%continued** | **Texas – 13.8%continued** |
| &nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| 5.00%, 1/1/31 | $595 | $666 |
| &nbsp;&nbsp; Pecos Barstow Toyah Independent <br> School District G.O. Unlimited <br> Bonds, Escrowed to Maturity (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 1000 | 1034 |
| &nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Variable Revenue Bonds,<br>|  |  |
| 1.13%, 12/1/26<sup>(1) (2)</sup> <br>| 3500 | 3408 |
| 2.00%, 12/1/27<sup>(1) (2)</sup> <br>| 3150 | 3054 |
| &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 | 1442 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| 4.00%, 8/1/27 | 2135 | 2137 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Transportation Commission <br> Mobility Fund,<br>|  |  |
| 5.00%, 10/1/29 | 5000 | 4984 |
| &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 | 2165 |
| &nbsp;&nbsp; Texas State Water Development Board <br> Revolving Fund Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/30 | 1000 | 1115 |
| &nbsp;&nbsp; Trinity River Authority Regional <br> Wastewater System Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/32 | 1000 | 1039 |
| &nbsp;&nbsp; University of North Texas Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 4/15/32 | 1000 | 1096 |
|  |  | **46457** |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 2.2%** | **Utah – 2.2%** | **Utah – 2.2%** |
| &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 | $4052 |
| &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 | 1639 |
|  |  | **7475** |
| **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 & Equipment <br> Programs, Series B,<br>|  |  |
| 4.00%, 2/1/29 | 275 | **276** |
| **Washington – 2.4%** | **Washington – 2.4%** | **Washington – 2.4%** |
| &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 | 1002 |
| &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 | 1002 |
| &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 | 2449 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2023B,<br>|  |  |
| 5.00%, 7/1/26 | 2000 | 2037 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **200** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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**  |
| **Washington – 2.4%continued** | **Washington – 2.4%continued** | **Washington – 2.4%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 | $468 |
| 5.00%, 12/1/28 | 450 | 475 |
|  |  | **8083** |
| **Wisconsin – 0.5%** | **Wisconsin – 0.5%** | **Wisconsin – 0.5%** |
| &nbsp;&nbsp; Waushara County G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| 5.50%, 6/1/31 | 450 | 514 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Hospital Sisters <br> Credit Group,<br>|  |  |
| 5.00%, 8/15/30 | 1000 | 1099 |
|  |  | **1613** |
| **Total Municipal Bonds** |  |  |
| **(Cost $325,360)** |  | **324892** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(5) (6)</sup> <br>| 2984225 | $2984 |
| **Total Investment Companies** |  |  |
| **(Cost $2,984)** |  | **2984** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 1.6%**  | **SHORT-TERM INVESTMENTS – 1.6%**  | **SHORT-TERM INVESTMENTS – 1.6%**  |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Hospital Revenue Bonds, <br> Adventist Health System/Sunbelt,<br>|  |  |
| 5.00%, 11/20/25<sup>(1) (2)</sup> <br>| $3000 | $3009 |
| &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 | 1000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 1.6%continued**  | **SHORT-TERM INVESTMENTS - 1.6%continued**  | **SHORT-TERM INVESTMENTS - 1.6%continued**  |
| &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 | $1511 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $5,523)** | **(Cost $5,523)** | **5520** |
| **Total Investments – 99.1%** | **Total Investments – 99.1%** |  |
| **(Cost $333,867)** | **(Cost $333,867)** | **333396** |
| Other Assets less Liabilities – 0.9% | Other Assets less Liabilities – 0.9% | 2910 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$336306** |

---

<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 September* *30, 2025 is disclosed.* 

<sup>(3)</sup> *Maturity date represents the prerefunded date.*

<sup>(4)</sup> *When-Issued Security. Coupon rate is not in effect at September 30, 2025.*

<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 September 30, 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 |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| 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 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **201** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LIMITED TERM TAX-EXEMPT FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| |
|:---|
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| IDR - Industrial Development Revenue |
| MFH - Multi-Family Housing |
| PFA - Public Finance Authority |
| PSF - Permanent School Fund |
| SonyMA - State of New York Mortgage Agency |
| 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 September 30, 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; $324892 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $324892 |
| Investment Companies | &nbsp;&nbsp; 2984 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2984 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 5520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5520 |
| Total Investments | &nbsp;&nbsp; $2984 | &nbsp;&nbsp; $330412 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $333396 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **202** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LIMITED TERM U.S. GOVERNMENT FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 3.3%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 3.3%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 3.3%** <sup>(1)</sup> |
| **Fannie Mae – 0.4%** | **Fannie Mae – 0.4%** | **Fannie Mae – 0.4%** |
| Pool #555649, |  |  |
| 7.50%, 10/1/32 | $5 | $5 |
| Pool #BH9277, |  |  |
| 3.50%, 2/1/48 | 101 | 94 |
|  |  | **99** |
| **Freddie Mac – 1.0%** | **Freddie Mac – 1.0%** | **Freddie Mac – 1.0%** |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 77 | 79 |
| Pool #SD1360, |  |  |
| 5.50%, 7/1/52 | 88 | 89 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 74 | 76 |
| Pool #ZS7735, |  |  |
| 2.00%, 1/1/32 | 2 | 2 |
|  |  | **246** |
| **Freddie Mac Gold – 0.4%** | **Freddie Mac Gold – 0.4%** | **Freddie Mac Gold – 0.4%** |
| Pool #D99701, |  |  |
| 3.00%, 11/1/32 | 103 | **100** |
| **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 | 73 | **69** |
| **Sovereign Agencies – 1.2%** | **Sovereign Agencies – 1.2%** | **Sovereign Agencies – 1.2%** |
| Resolution Funding Corp. Interest Strip, |  |  |
| 3.89%, 10/15/28<sup>(2)</sup> <br>| 357 | **319** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $846)** |  | **833** |
| **U.S. GOVERNMENT OBLIGATIONS – 95.8%**  | **U.S. GOVERNMENT OBLIGATIONS – 95.8%**  | **U.S. GOVERNMENT OBLIGATIONS – 95.8%**  |
| **U.S. Treasury Bonds – 0.0%** | **U.S. Treasury Bonds – 0.0%** | **U.S. Treasury Bonds – 0.0%** |
| 6.00%, 2/15/26 | 10 | **10** |
| **U.S. Treasury Inflation Indexed Notes – 1.5%** | **U.S. Treasury Inflation Indexed Notes – 1.5%** | **U.S. Treasury Inflation Indexed Notes – 1.5%** |
| 0.13%, 4/15/26 | 153 | 188 |
| 0.13%, 4/15/27 | 166 | 187 |
|  |  | **375** |
| **U.S. Treasury Notes – 94.3%** | **U.S. Treasury Notes – 94.3%** | **U.S. Treasury Notes – 94.3%** |
| 4.63%, 10/15/26 | 100 | 101 |
| 4.13%, 10/31/26 | 100 | 100 |
| 4.63%, 11/15/26 | 700 | 707 |
| 4.38%, 12/15/26 | 200 | 202 |
| 4.25%, 12/31/26 | 800 | 805 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 95.8%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 95.8%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 95.8%continued**  |
| **U.S. Treasury Notes – 94.3%continued** | **U.S. Treasury Notes – 94.3%continued** | **U.S. Treasury Notes – 94.3%continued** |
| 4.13%, 2/15/27 | $250 | $251 |
| 4.13%, 2/28/27 | 300 | 302 |
| 4.25%, 3/15/27 | 250 | 252 |
| 3.88%, 3/31/27 | 1450 | 1454 |
| 4.50%, 4/15/27 | 300 | 304 |
| 3.75%, 4/30/27 | 375 | 375 |
| 3.88%, 5/31/27 | 450 | 452 |
| 4.63%, 6/15/27 | 250 | 254 |
| 3.75%, 6/30/27 | 250 | 250 |
| 3.88%, 7/31/27 | 875 | 879 |
| 3.63%, 8/31/27 | 225 | 225 |
| 3.50%, 9/30/27 | 100 | 100 |
| 3.88%, 11/30/27 | 904 | 909 |
| 4.00%, 2/29/28 | 1675 | 1690 |
| 3.88%, 3/15/28 | 1000 | 1006 |
| 3.63%, 3/31/28 | 850 | 850 |
| 3.75%, 4/15/28 | 335 | 336 |
| 3.75%, 5/15/28 | 125 | 125 |
| 3.63%, 5/31/28 | 975 | 975 |
| 3.88%, 6/15/28 | 725 | 730 |
| 3.88%, 7/15/28 | 650 | 654 |
| 3.63%, 8/15/28 | 440 | 440 |
| 4.38%, 8/31/28 | 400 | 408 |
| 3.38%, 9/15/28 | 215 | 213 |
| 4.38%, 11/30/28 | 350 | 358 |
| 3.75%, 12/31/28 | 250 | 251 |
| 4.00%, 1/31/29 | 250 | 253 |
| 4.25%, 2/28/29 | 200 | 204 |
| 4.13%, 3/31/29 | 300 | 305 |
| 2.88%, 4/30/29 | 250 | 243 |
| 4.63%, 4/30/29 | 300 | 310 |
| 4.50%, 5/31/29 | 150 | 154 |
| 4.25%, 6/30/29 | 300 | 306 |
| 4.00%, 7/31/29 | 450 | 455 |
| 3.63%, 8/31/29 | 475 | 474 |
| 3.50%, 9/30/29 | 275 | 273 |
| 4.13%, 10/31/29 | 300 | 305 |
| 4.13%, 11/30/29 | 650 | 660 |
| 4.38%, 12/31/29 | 250 | 257 |
| 4.25%, 1/31/30 | 225 | 230 |
| 4.00%, 2/28/30 | 650 | 658 |
| 4.00%, 3/31/30 | 200 | 202 |
| 3.88%, 4/30/30 | 275 | 277 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **203** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LIMITED TERM U.S. GOVERNMENT FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 95.8%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 95.8%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 95.8%continued**  |
| **U.S. Treasury Notes – 94.3%continued** | **U.S. Treasury Notes – 94.3%continued** | **U.S. Treasury Notes – 94.3%continued** |
| 4.00%, 5/31/30 | $450 | $455 |
| 3.88%, 6/30/30 | 250 | 251 |
| 3.88%, 7/31/30 | 435 | 438 |
| 3.63%, 8/31/30 | 695 | 691 |
| 3.63%, 9/30/30 | 270 | 269 |
|  |  | **23628** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $23,864)** |  | **24013** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(3) (4)</sup> <br>| 77399 | $77 |
| **Total Investment Companies** |  |  |
| **(Cost $77)** |  | **77** |
| **Total Investments – 99.4%** | **Total Investments – 99.4%** |  |
| **(Cost $24,787)** | **(Cost $24,787)** | **24923** |
| Other Assets less Liabilities – 0.6% | Other Assets less Liabilities – 0.6% | 146 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$25069** |

---

<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> *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 September 30, 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.* 

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 September 30, 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; $833 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $833 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 24013 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24013 |
| Investment Companies | &nbsp;&nbsp; 77 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 77 |
| Total Investments | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $24846 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24923 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **204** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | 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%** |
| XPLR Infrastructure L.P., |  |  |
| 0.00%, 11/15/25 <sup>(1) (2)</sup> <br>| $104 | $103 |
| 2.50%, 6/15/26 <sup>(1)</sup> <br>| 119 | 116 |
|  |  | **219** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| Meritage Homes Corp., |  |  |
| 1.75%, 5/15/28<sup>†</sup> <br>| 79 | **81** |
| **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 | **17** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| MKS, Inc., |  |  |
| 1.25%, 6/1/30  | 85 | 93 |
| ON Semiconductor Corp., |  |  |
| 0.50%, 3/1/29  | 48 | 44 |
|  |  | **137** |
| **Total Convertible Bonds** |  |  |
| **(Cost $448)** |  | **454** |
| **CORPORATE BONDS – 78.6%**  | **CORPORATE BONDS – 78.6%**  | **CORPORATE BONDS – 78.6%**  |
| **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** |
| Neptune Bidco U.S., Inc., |  |  |
| 9.29%, 4/15/29 <sup>(1)</sup> <br>| 240 | 236 |
| &nbsp;&nbsp; Outfront Media Capital LLC/Outfront <br> Media Capital Corp.,<br>|  |  |
| 5.00%, 8/15/27 <sup>(1)</sup> <br>| 169 | 168 |
| 4.25%, 1/15/29 <sup>(1)</sup> <br>| 65 | 62 |
| 4.63%, 3/15/30 <sup>(1) †</sup> <br>| 104 | 100 |
|  |  | **566** |
| **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** |
| AAR Escrow Issuer LLC, |  |  |
| 6.75%, 3/15/29 <sup>(1)</sup> <br>| 27 | 28 |
| ATI, Inc., |  |  |
| 5.88%, 12/1/27  | 18 | 18 |
| 4.88%, 10/1/29  | 37 | 36 |
| 7.25%, 8/15/30  | 25 | 26 |
| 5.13%, 10/1/31  | 101 | 99 |
| Axon Enterprise, Inc., |  |  |
| 6.13%, 3/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| 6.25%, 3/15/33 <sup>(1)</sup> <br>| 87 | 89 |
| Boeing (The) Co., |  |  |
| 6.53%, 5/1/34  | 25 | 28 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Aerospace & Defense – 2.2%continued** | **Aerospace & Defense – 2.2%continued** | **Aerospace & Defense – 2.2%continued** |
| 6.86%, 5/1/54  | $50 | $57 |
| 7.01%, 5/1/64  | 25 | 29 |
| Goat Holdco LLC, |  |  |
| 6.75%, 2/1/32 <sup>(1)</sup> <br>| 416 | 426 |
| Howmet Aerospace, Inc., |  |  |
| 5.95%, 2/1/37  | 25 | 27 |
| Spirit AeroSystems, Inc., |  |  |
| 4.60%, 6/15/28  | 50 | 50 |
| 9.38%, 11/30/29 <sup>(1)</sup> <br>| 151 | 159 |
| 9.75%, 11/15/30 <sup>(1)</sup> <br>| 151 | 166 |
| TransDigm, Inc., |  |  |
| 6.75%, 8/15/28 <sup>(1)</sup> <br>| 75 | 76 |
| 6.38%, 3/1/29 <sup>(1)</sup> <br>| 25 | 26 |
| 4.88%, 5/1/29  | 25 | 25 |
| 6.88%, 12/15/30 <sup>(1)</sup> <br>| 50 | 52 |
| 6.63%, 3/1/32 <sup>(1)</sup> <br>| 188 | 194 |
| 6.00%, 1/15/33 <sup>(1)</sup> <br>| 250 | 253 |
| 6.38%, 5/31/33 <sup>(1)</sup> <br>| 823 | 832 |
| 6.25%, 1/31/34 <sup>(1)</sup> <br>| 57 | 59 |
| 6.75%, 1/31/34 <sup>(1)</sup> <br>| 568 | 587 |
|  |  | **3368** |
| **Apparel & Textile Products – 0.6%** | **Apparel & Textile Products – 0.6%** | **Apparel & Textile Products – 0.6%** |
| Beach Acquisition Bidco LLC, |  |  |
| 10.00%, 7/15/33 <sup>(1) (3)</sup> <br>| 670 | 723 |
| Crocs, Inc., |  |  |
| 4.25%, 3/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| 4.13%, 8/15/31 <sup>(1)</sup> <br>| 72 | 66 |
| Hanesbrands, Inc., |  |  |
| 9.00%, 2/15/31 <sup>(1) †</sup> <br>| 3 | 3 |
| Levi Strauss & Co., |  |  |
| 3.50%, 3/1/31 <sup>(1) †</sup> <br>| 47 | 44 |
| S&S Holdings LLC, |  |  |
| 8.38%, 10/1/31 <sup>(1)</sup> <br>| 25 | 24 |
| VF Corp., |  |  |
| 6.00%, 10/15/33  | 25 | 24 |
|  |  | **908** |
| **Asset Management – 1.3%** | **Asset Management – 1.3%** | **Asset Management – 1.3%** |
| AG Issuer LLC, |  |  |
| 6.25%, 3/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| Apollo Debt Solutions BDC, |  |  |
| 5.88%, 8/30/30 <sup>(1)</sup> <br>| 26 | 26 |
| 6.70%, 7/29/31  | 35 | 37 |
| 6.55%, 3/15/32 <sup>(1)</sup> <br>| 9 | 9 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Asset Management – 1.3%continued** | **Asset Management – 1.3%continued** | **Asset Management – 1.3%continued** |
| 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>(4) †</sup> <br>| $69 | $69 |
| Bain Capital Specialty Finance, Inc., |  |  |
| 5.95%, 3/15/30  | 15 | 15 |
| Blackstone Private Credit Fund, |  |  |
| 6.00%, 11/22/34 <sup>†</sup> <br>| 66 | 68 |
| Blue Owl Capital Corp., |  |  |
| 6.20%, 7/15/30  | 80 | 82 |
| Blue Owl Capital Corp. II, |  |  |
| 8.45%, 11/15/26  | 25 | 26 |
| Blue Owl Technology Finance Corp., |  |  |
| 6.75%, 4/4/29  | 14 | 14 |
| &nbsp;&nbsp; Compass Group Diversified <br> Holdings LLC,<br>|  |  |
| 5.25%, 4/15/29 <sup>(1)</sup> <br>| 71 | 66 |
| 5.00%, 1/15/32 <sup>(1)</sup> <br>| 25 | 22 |
| Focus Financial Partners LLC, |  |  |
| 6.75%, 9/15/31 <sup>(1)</sup> <br>| 838 | 858 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.,<br>|  |  |
| 6.38%, 7/1/34  | 19 | 19 |
| &nbsp;&nbsp; HAT Holdings I LLC/HAT Holdings <br> II LLC,<br>|  |  |
| 8.00%, 6/15/27 <sup>(1)</sup> <br>| 6 | 6 |
| Hightower Holding LLC, |  |  |
| 9.13%, 1/31/30 <sup>(1)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| 6.25%, 5/15/26  | 39 | 39 |
| 5.25%, 5/15/27  | 238 | 234 |
| 9.75%, 1/15/29  | 63 | 64 |
| 4.38%, 2/1/29  | 25 | 22 |
| 10.00%, 11/15/29 <sup>(1)</sup> <br>| 130 | 131 |
| 9.00%, 6/15/30  | 50 | 48 |
| Osaic Holdings, Inc., |  |  |
| 6.75%, 8/1/32 <sup>(1)</sup> <br>| 47 | 49 |
| 8.00%, 8/1/33 <sup>(1)</sup> <br>| 60 | 62 |
|  |  | **2018** |
| **Automotive – 2.0%** | **Automotive – 2.0%** | **Automotive – 2.0%** |
| Adient Global Holdings Ltd., |  |  |
| 7.50%, 2/15/33 <sup>(1)</sup> <br>| 25 | 26 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Automotive – 2.0%continued** | **Automotive – 2.0%continued** | **Automotive – 2.0%continued** |
| American Axle & Manufacturing, Inc., |  |  |
| 5.00%, 10/1/29 <sup>†</sup> <br>| $75 | $71 |
| 10/15/32 <sup>(1) (5)</sup> <br>| 50 | 50 |
| 10/15/33 <sup>(1) (5)</sup> <br>| 76 | 77 |
| &nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co.,<br>|  |  |
| 6.75%, 5/15/28 <sup>(1)</sup> <br>| 73 | 75 |
| 6.75%, 2/15/30 <sup>(1)</sup> <br>| 101 | 104 |
| 6.75%, 9/15/32 <sup>(1)</sup> <br>| 135 | 138 |
| Dana, Inc., |  |  |
| 4.25%, 9/1/30  | 42 | 42 |
| 4.50%, 2/15/32  | 51 | 50 |
| Dornoch Debt Merger Sub, Inc., |  |  |
| 6.63%, 10/15/29 <sup>(1) †</sup> <br>| 1325 | 1140 |
| &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 | 52 |
| Goodyear Tire & Rubber (The) Co., |  |  |
| 5.00%, 7/15/29  | 75 | 72 |
| 6.63%, 7/15/30  | 9 | 9 |
| 5.25%, 4/30/31  | 3 | 3 |
| 5.25%, 7/15/31 <sup>(1)</sup> <br>| 50 | 47 |
| 5.63%, 4/30/33 <sup>†</sup> <br>| 25 | 23 |
| Nissan Motor Acceptance Co. LLC, |  |  |
| 5.63%, 9/29/28 <sup>(1) †</sup> <br>| 25 | 25 |
| 6.13%, 9/30/30 <sup>(1) †</sup> <br>| 121 | 121 |
| Phinia, Inc., |  |  |
| 6.63%, 10/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| Real Hero Merger Sub 2, Inc., |  |  |
| 6.25%, 2/1/29 <sup>(1)</sup> <br>| 800 | 544 |
| &nbsp;&nbsp; Rivian Holdings LLC/Rivian LLC/Rivian <br> Automotive LLC,<br>|  |  |
| 10.00%, 1/15/31 <sup>(1)</sup> <br>| 65 | 61 |
| Tenneco, Inc., |  |  |
| 8.00%, 11/17/28 <sup>(1)</sup> <br>| 179 | 179 |
|  |  | **2935** |
| **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>(4) (6)</sup> <br>| 40 | 41 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **206** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Banking – 0.1%continued** | **Banking – 0.1%continued** | **Banking – 0.1%continued** |
| Wells Fargo & Co., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.77%), 6.85%, <br> 9/15/29 <sup>(4) (6)</sup> <br>| $39 | $41 |
|  |  | **82** |
| **Basic Industry – 0.0%** | **Basic Industry – 0.0%** | **Basic Industry – 0.0%** |
| Avient Corp., |  |  |
| 6.25%, 11/1/31<sup>(1)</sup> <br>| 27 | **27** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &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>| 75 | 73 |
|  |  | **123** |
| **Biotechnology & Pharmaceuticals – 1.3%** | **Biotechnology & Pharmaceuticals – 1.3%** | **Biotechnology & Pharmaceuticals – 1.3%** |
| 1261229 B.C. Ltd., |  |  |
| 10.00%, 4/15/32 <sup>(1)</sup> <br>| 686 | 703 |
| AbbVie, Inc., |  |  |
| 5.60%, 3/15/55  | 50 | 51 |
| Amneal Pharmaceuticals LLC, |  |  |
| 6.88%, 8/1/32 <sup>(1)</sup> <br>| 55 | 57 |
| Bausch Health Americas, Inc., |  |  |
| 8.50%, 1/31/27 <sup>(1)</sup> <br>| 75 | 74 |
| Bausch Health Cos., Inc., |  |  |
| 7.00%, 1/15/28 <sup>(1)</sup> <br>| 25 | 22 |
| 5.00%, 1/30/28 <sup>(1)</sup> <br>| 50 | 43 |
| 4.88%, 6/1/28 <sup>(1)</sup> <br>| 33 | 30 |
| 11.00%, 9/30/28 <sup>(1) †</sup> <br>| 325 | 338 |
| 7.25%, 5/30/29 <sup>(1)</sup> <br>| 50 | 40 |
| 5.25%, 1/30/30 <sup>(1)</sup> <br>| 25 | 18 |
| 5.25%, 2/15/31 <sup>(1)</sup> <br>| 25 | 16 |
| Endo Finance Holdings, Inc., |  |  |
| 8.50%, 4/15/31 <sup>(1) †</sup> <br>| 25 | 27 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.,<br>|  |  |
| 5.13%, 4/30/31 <sup>(1)</sup> <br>| 580 | 508 |
|  |  | **1927** |
| **Cable & Satellite – 3.4%** | **Cable & Satellite – 3.4%** | **Cable & Satellite – 3.4%** |
| &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 | 33 |
| 6.38%, 9/1/29 <sup>(1)</sup> <br>| 150 | 152 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Cable & Satellite – 3.4%continued** | **Cable & Satellite – 3.4%continued** | **Cable & Satellite – 3.4%continued** |
| 4.75%, 3/1/30 <sup>(1)</sup> <br>| $65 | $62 |
| 4.50%, 8/15/30 <sup>(1)</sup> <br>| 42 | 40 |
| 4.25%, 2/1/31 <sup>(1)</sup> <br>| 129 | 119 |
| 7.38%, 3/1/31 <sup>(1)</sup> <br>| 210 | 217 |
| 4.75%, 2/1/32 <sup>(1)</sup> <br>| 311 | 288 |
| 4.50%, 5/1/32  | 256 | 233 |
| 4.50%, 6/1/33 <sup>(1)</sup> <br>| 407 | 362 |
| 4.25%, 1/15/34 <sup>(1)</sup> <br>| 835 | 722 |
| CSC Holdings LLC, |  |  |
| 5.38%, 2/1/28 <sup>(1) †</sup> <br>| 200 | 175 |
| 11.25%, 5/15/28 <sup>(1) †</sup> <br>| 200 | 185 |
| 11.75%, 1/31/29 <sup>(1)</sup> <br>| 200 | 168 |
| 5.75%, 1/15/30 <sup>(1)</sup> <br>| 275 | 105 |
| 4.50%, 11/15/31 <sup>(1)</sup> <br>| 400 | 260 |
| Directv Financing LLC, |  |  |
| 8.88%, 2/1/30 <sup>(1)</sup> <br>| 128 | 126 |
| &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.,<br>|  |  |
| 5.88%, 8/15/27 <sup>(1)</sup> <br>| 97 | 97 |
| 10.00%, 2/15/31 <sup>(1)</sup> <br>| 275 | 275 |
| DISH DBS Corp., |  |  |
| 7.75%, 7/1/26  | 25 | 25 |
| 5.25%, 12/1/26 <sup>(1)</sup> <br>| 254 | 250 |
| 7.38%, 7/1/28  | 100 | 92 |
| 5.75%, 12/1/28 <sup>(1) †</sup> <br>| 263 | 252 |
| 5.13%, 6/1/29  | 75 | 64 |
| DISH Network Corp., |  |  |
| 11.75%, 11/15/27 <sup>(1)</sup> <br>| 384 | 406 |
| Midcontinent Communications, |  |  |
| 8.00%, 8/15/32 <sup>(1)</sup> <br>| 96 | 99 |
| Sirius XM Radio LLC, |  |  |
| 3.13%, 9/1/26 <sup>(1)</sup> <br>| 19 | 19 |
| 5.00%, 8/1/27 <sup>(1)</sup> <br>| 92 | 91 |
| 4.00%, 7/15/28 <sup>(1)</sup> <br>| 50 | 48 |
| 3.88%, 9/1/31 <sup>(1) †</sup> <br>| 125 | 113 |
|  |  | **5103** |
| **Capital Goods – 0.1%** | **Capital Goods – 0.1%** | **Capital Goods – 0.1%** |
| Clydesdale Acquisition Holdings, Inc., |  |  |
| 6.88%, 1/15/30 <sup>(1)</sup> <br>| 49 | 50 |
| Vortex Opco LLC, |  |  |
| 8.00%, 4/30/30 <sup>(1)</sup> <br>| 47 | 5 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Capital Goods – 0.1%continued** | **Capital Goods – 0.1%continued** | **Capital Goods – 0.1%continued** |
| Wilsonart LLC, |  |  |
| 11.00%, 8/15/32 <sup>(1) †</sup> <br>| $159 | $155 |
|  |  | **210** |
| **Chemicals – 2.9%** | **Chemicals – 2.9%** | **Chemicals – 2.9%** |
| Avient Corp., |  |  |
| 7.13%, 8/1/30 <sup>(1)</sup> <br>| 25 | 26 |
| Celanese U.S. Holdings LLC, |  |  |
| 6.83%, 7/15/29  | 25 | 26 |
| 6.88%, 7/15/32  | 125 | 128 |
| 6.75%, 4/15/33 <sup>†</sup> <br>| 36 | 36 |
| 7.20%, 11/15/33 <sup>†</sup> <br>| 125 | 130 |
| Chemours (The) Co., |  |  |
| 5.38%, 5/15/27  | 100 | 100 |
| 5.75%, 11/15/28 <sup>(1)</sup> <br>| 203 | 198 |
| 4.63%, 11/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| 8.00%, 1/15/33 <sup>(1)</sup> <br>| 58 | 58 |
| Element Solutions, Inc., |  |  |
| 3.88%, 9/1/28 <sup>(1) †</sup> <br>| 128 | 124 |
| Herens Holdco S.a.r.l., |  |  |
| 4.75%, 5/15/28 <sup>(1) †</sup> <br>| 200 | 175 |
| Innophos Holdings, Inc., |  |  |
| 11.50%, 6/15/29 <sup>(1)</sup> <br>| 76 | 74 |
| Mativ Holdings, Inc., |  |  |
| 8.00%, 10/1/29 <sup>(1)</sup> <br>| 55 | 54 |
| Methanex U.S. Operations, Inc., |  |  |
| 6.25%, 3/15/32 <sup>(1)</sup> <br>| 53 | 54 |
| Minerals Technologies, Inc., |  |  |
| 5.00%, 7/1/28 <sup>(1)</sup> <br>| 47 | 46 |
| Olin Corp., |  |  |
| 5.63%, 8/1/29  | 75 | 75 |
| 6.63%, 4/1/33 <sup>(1)</sup> <br>| 25 | 25 |
| Olympus Water U.S. Holding Corp., |  |  |
| 9.75%, 11/15/28 <sup>(1)</sup> <br>| 200 | 210 |
| 6.25%, 10/1/29 <sup>(1) †</sup> <br>| 200 | 194 |
| 7.25%, 6/15/31 <sup>(1)</sup> <br>| 200 | 203 |
| 2/15/33 <sup>(1) (5)</sup> <br>| 570 | 571 |
| Qnity Electronics, Inc., |  |  |
| 5.75%, 8/15/32 <sup>(1)</sup> <br>| 71 | 72 |
| 6.25%, 8/15/33 <sup>(1)</sup> <br>| 61 | 62 |
| SCIH Salt Holdings, Inc., |  |  |
| 6.63%, 5/1/29 <sup>(1)</sup> <br>| 965 | 946 |
| SK Invictus Intermediate II S.a.r.l., |  |  |
| 5.00%, 10/30/29 <sup>(1)</sup> <br>| 100 | 98 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Chemicals – 2.9%continued** | **Chemicals – 2.9%continued** | **Chemicals – 2.9%continued** |
| Solstice Advanced Materials, Inc., |  |  |
| 5.63%, 9/30/33 <sup>(1)</sup> <br>| $91 | $91 |
| &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) (3)</sup> <br>| 86 | 32 |
| Tronox, Inc., |  |  |
| 4.63%, 3/15/29 <sup>(1)</sup> <br>| 50 | 33 |
| Windsor Holdings III LLC, |  |  |
| 8.50%, 6/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| WR Grace Holdings LLC, |  |  |
| 4.88%, 6/15/27 <sup>(1)</sup> <br>| 47 | 47 |
| 5.63%, 8/15/29 <sup>(1) †</sup> <br>| 278 | 258 |
| 7.38%, 3/1/31 <sup>(1)</sup> <br>| 51 | 52 |
| 6.63%, 8/15/32 <sup>(1)</sup> <br>| 83 | 82 |
|  |  | **4329** |
| **Commercial Support Services – 2.2%** | **Commercial Support Services – 2.2%** | **Commercial Support Services – 2.2%** |
| ADT Security (The) Corp., |  |  |
| 4.13%, 8/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| 4.88%, 7/15/32 <sup>(1)</sup> <br>| 50 | 48 |
| Allied Universal Holdco LLC, |  |  |
| 7.88%, 2/15/31 <sup>(1)</sup> <br>| 600 | 629 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied <br> Universal Finance Corp.,<br>|  |  |
| 6.00%, 6/1/29 <sup>(1) †</sup> <br>| 325 | 319 |
| 6.88%, 6/15/30 <sup>(1)</sup> <br>| 169 | 174 |
| &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 | 181 |
| AMN Healthcare, Inc., |  |  |
| 4.00%, 4/15/29 <sup>(1) †</sup> <br>| 75 | 71 |
| 1/15/31 <sup>(1) (5)</sup> <br>| 145 | 145 |
| Brink's (The) Co., |  |  |
| 6.50%, 6/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| 6.75%, 6/15/32 <sup>(1) †</sup> <br>| 73 | 76 |
| Clarivate Science Holdings Corp., |  |  |
| 3.88%, 7/1/28 <sup>(1)</sup> <br>| 188 | 181 |
| 4.88%, 7/1/29 <sup>(1)</sup> <br>| 110 | 104 |
| Clean Harbors, Inc., |  |  |
| 6.38%, 2/1/31 <sup>(1)</sup> <br>| 34 | 35 |
| 10/15/33 <sup>(1) (5)</sup> <br>| 25 | 25 |
| Deluxe Corp., |  |  |
| 8.13%, 9/15/29 <sup>(1)</sup> <br>| 25 | 26 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **208** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Commercial Support Services – 2.2%continued** | **Commercial Support Services – 2.2%continued** | **Commercial Support Services – 2.2%continued** |
| GEO Group (The), Inc., |  |  |
| 8.63%, 4/15/29  | $25 | $26 |
| 10.25%, 4/15/31 <sup>†</sup> <br>| 75 | 83 |
| GFL Environmental, Inc., |  |  |
| 4.75%, 6/15/29 <sup>(1)</sup> <br>| 9 | 9 |
| 4.38%, 8/15/29 <sup>(1)</sup> <br>| 12 | 12 |
| 6.75%, 1/15/31 <sup>(1)</sup> <br>| 41 | 43 |
| &nbsp;&nbsp; Prime Security Services <br> Borrower LLC/Prime Finance, Inc.,<br>|  |  |
| 6.25%, 1/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| Raven Acquisition Holdings LLC, |  |  |
| 6.88%, 11/15/31 <sup>(1)</sup> <br>| 199 | 205 |
| Reworld Holding Corp., |  |  |
| 5.00%, 9/1/30  | 25 | 24 |
| RR Donnelley & Sons Co., |  |  |
| 9.50%, 8/1/29 <sup>(1)</sup> <br>| 172 | 176 |
| 10.88%, 8/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| RRD Intermediate Holdings, Inc., |  |  |
| 11.00%, 12/1/30 <sup>(1) (3)</sup> <br>| 53 | 52 |
| Sotheby's, |  |  |
| 7.38%, 10/15/27 <sup>(1)</sup> <br>| 200 | 199 |
| TKC Holdings, Inc., |  |  |
| 10.50%, 5/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| Veritiv Operating Co., |  |  |
| 10.50%, 11/30/30 <sup>(1)</sup> <br>| 30 | 32 |
| Waste Pro U.S.A., Inc., |  |  |
| 7.00%, 2/1/33 <sup>(1)</sup> <br>| 181 | 187 |
| Williams Scotsman, Inc., |  |  |
| 4.63%, 8/15/28 <sup>(1)</sup> <br>| 50 | 49 |
| 6.63%, 6/15/29 <sup>(1)</sup> <br>| 33 | 34 |
| 6.63%, 4/15/30 <sup>(1)</sup> <br>| 62 | 64 |
| 7.38%, 10/1/31 <sup>(1) †</sup> <br>| 17 | 18 |
|  |  | **3377** |
| **Communications – 0.0%** | **Communications – 0.0%** | **Communications – 0.0%** |
| Electronic Arts, Inc., |  |  |
| 2.95%, 2/15/51 | 24 | **21** |
| **Construction Materials – 1.6%** | **Construction Materials – 1.6%** | **Construction Materials – 1.6%** |
| AmeriTex HoldCo Intermediate LLC, |  |  |
| 7.63%, 8/15/33 <sup>(1)</sup> <br>| 268 | 279 |
| JH North America Holdings, Inc., |  |  |
| 5.88%, 1/31/31 <sup>(1)</sup> <br>| 66 | 67 |
| 6.13%, 7/31/32 <sup>(1)</sup> <br>| 69 | 71 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Construction Materials – 1.6%continued** | **Construction Materials – 1.6%continued** | **Construction Materials – 1.6%continued** |
| 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 | 68 |
| 9.75%, 7/15/28 <sup>(1)</sup> <br>| 138 | 138 |
| &nbsp;&nbsp; Oscar AcquisitionCo LLC/Oscar <br> Finance, Inc.,<br>|  |  |
| 9.50%, 4/15/30 <sup>(1)</sup> <br>| 1240 | 1015 |
| Quikrete Holdings, Inc., |  |  |
| 6.38%, 3/1/32 <sup>(1)</sup> <br>| 178 | 184 |
| 6.75%, 3/1/33 <sup>(1)</sup> <br>| 60 | 63 |
| Smyrna Ready Mix Concrete LLC, |  |  |
| 6.00%, 11/1/28 <sup>(1)</sup> <br>| 127 | 127 |
| 8.88%, 11/15/31 <sup>(1)</sup> <br>| 43 | 46 |
| Standard Building Solutions, Inc., |  |  |
| 6.50%, 8/15/32 <sup>(1)</sup> <br>| 74 | 76 |
| 6.25%, 8/1/33 <sup>(1)</sup> <br>| 135 | 137 |
| Standard Industries, Inc., |  |  |
| 4.38%, 7/15/30 <sup>(1)</sup> <br>| 99 | 95 |
|  |  | **2392** |
| **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** |
| ADT Security (The) Corp., |  |  |
| 10/15/33 <sup>(5)</sup> <br>| 122 | 122 |
| Carnival Corp., |  |  |
| 5/1/29 <sup>(5)</sup> <br>| 25 | 25 |
| Group 1 Automotive, Inc., |  |  |
| 6.38%, 1/15/30 <sup>(1)</sup> <br>| 26 | 27 |
| Rite Aid Corp., |  |  |
| 11.32%, 8/30/31 <sup>(1) (7) (8)</sup> <br>| 4 |  |
| 15.00%, 8/30/31 <sup>(7) (8) (9)</sup> <br>| 12 |  |
| 15.00%, 8/30/31 <sup>(1) (7) (9)</sup> <br>| 9 | 1 |
|  |  | **175** |
| **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** |
| Prime Healthcare Services, Inc., |  |  |
| 9.38%, 9/1/29<sup>(1)</sup> <br>| 44 | **46** |
| **Consumer Services – 0.2%** | **Consumer Services – 0.2%** | **Consumer Services – 0.2%** |
| Adtalem Global Education, Inc., |  |  |
| 5.50%, 3/1/28 <sup>(1)</sup> <br>| 40 | 40 |
| Carriage Services, Inc., |  |  |
| 4.25%, 5/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| Matthews International Corp., |  |  |
| 8.63%, 10/1/27 <sup>(1)</sup> <br>| 50 | 52 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Consumer Services – 0.2%continued** | **Consumer Services – 0.2%continued** | **Consumer Services – 0.2%continued** |
| Service Corp. International, |  |  |
| 4.00%, 5/15/31  | $111 | $104 |
| 5.75%, 10/15/32  | 109 | 110 |
|  |  | **330** |
| **Containers & Packaging – 1.4%** | **Containers & Packaging – 1.4%** | **Containers & Packaging – 1.4%** |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance <br> U.S.A. LLC/Ardagh Metal Packaging <br> Finance PLC,<br>|  |  |
| 4.00%, 9/1/29 <sup>(1) †</sup> <br>| 280 | 259 |
| &nbsp;&nbsp; Ardagh Packaging Finance <br> PLC/Ardagh Holdings U.S.A., Inc.,<br>|  |  |
| 2.13%, 8/15/26 [EUR]<sup>(10)</sup> <br>| 100 | 115 |
| 4.13%, 8/15/26 <sup>(1)</sup> <br>| 200 | 192 |
| Ball Corp., |  |  |
| 6.88%, 3/15/28  | 25 | 26 |
| 3.13%, 9/15/31  | 25 | 23 |
| 5.50%, 9/15/33  | 13 | 13 |
| Clydesdale Acquisition Holdings, Inc., |  |  |
| 6.63%, 4/15/29 <sup>(1)</sup> <br>| 12 | 12 |
| 8.75%, 4/15/30 <sup>(1)</sup> <br>| 105 | 108 |
| 6.75%, 4/15/32 <sup>(1)</sup> <br>| 237 | 243 |
| Crown Americas LLC, |  |  |
| 5.88%, 6/1/33 <sup>(1)</sup> <br>| 61 | 62 |
| LABL, Inc., |  |  |
| 5.88%, 11/1/28 <sup>(1)</sup> <br>| 44 | 34 |
| 9.50%, 11/1/28 <sup>(1)</sup> <br>| 130 | 110 |
| 8.63%, 10/1/31 <sup>(1) †</sup> <br>| 32 | 24 |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co.,<br>|  |  |
| 7.88%, 4/15/27 <sup>(1)</sup> <br>| 409 | 413 |
| 9.25%, 4/15/27 <sup>(1)</sup> <br>| 54 | 54 |
| OI European Group B.V., |  |  |
| 4.75%, 2/15/30 <sup>(1)</sup> <br>| 100 | 95 |
| Owens-Brockway Glass Container, Inc., |  |  |
| 6.63%, 5/13/27 <sup>(1)</sup> <br>| 94 | 94 |
| 7.25%, 5/15/31 <sup>(1) †</sup> <br>| 25 | 26 |
| 7.38%, 6/1/32 <sup>(1)</sup> <br>| 25 | 25 |
| Sealed Air Corp., |  |  |
| 4.00%, 12/1/27 <sup>(1)</sup> <br>| 40 | 39 |
| 5.00%, 4/15/29 <sup>(1)</sup> <br>| 50 | 50 |
| 6.50%, 7/15/32 <sup>(1) †</sup> <br>| 10 | 10 |
| &nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. <br> U.S.,<br>|  |  |
| 7.25%, 2/15/31 <sup>(1)</sup> <br>| 29 | 30 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Containers & Packaging – 1.4%continued** | **Containers & Packaging – 1.4%continued** | **Containers & Packaging – 1.4%continued** |
| TriMas Corp., |  |  |
| 4.13%, 4/15/29 <sup>(1)</sup> <br>| $50 | $48 |
|  |  | **2105** |
| **Electric Utilities – 2.3%** | **Electric Utilities – 2.3%** | **Electric Utilities – 2.3%** |
| AES (The) Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.20%), 7.60%, <br> 1/15/55 <sup>(4)</sup> <br>| 107 | 111 |
| Alpha Generation LLC, |  |  |
| 6.75%, 10/15/32 <sup>(1)</sup> <br>| 93 | 96 |
| American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.68%), 6.95%, <br> 12/15/54 <sup>(4)</sup> <br>| 25 | 27 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.75%), 7.05%, <br> 12/15/54 <sup>(4)</sup> <br>| 25 | 26 |
| Calpine Corp., |  |  |
| 4.50%, 2/15/28 <sup>(1)</sup> <br>| 27 | 27 |
| 4.63%, 2/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| 5.00%, 2/1/31 <sup>(1)</sup> <br>| 150 | 150 |
| CenterPoint Energy, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.95%), 6.85%, <br> 2/15/55 <sup>(4)</sup> <br>| 19 | 20 |
| Clearway Energy Operating LLC, |  |  |
| 3.75%, 1/15/32 <sup>(1)</sup> <br>| 42 | 38 |
| Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.21%), 6.63%, <br> 5/15/55 <sup>(4)</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>(4)</sup> <br>| 32 | 34 |
| Edison International, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.70%), 5.38%, <br> 3/9/26 <sup>(4) (6)</sup> <br>| 131 | 127 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.66%), 7.88%, <br> 6/15/54 <sup>(4) †</sup> <br>| 50 | 51 |
| Hawaiian Electric Co., Inc., |  |  |
| 6.00%, 10/1/33 <sup>(1)</sup> <br>| 25 | 25 |
| Lightning Power LLC, |  |  |
| 7.25%, 8/15/32 <sup>(1)</sup> <br>| 93 | 98 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **210** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Electric Utilities – 2.3%continued** | **Electric Utilities – 2.3%continued** | **Electric Utilities – 2.3%continued** |
| Long Ridge Energy LLC, |  |  |
| 8.75%, 2/15/32 <sup>(1)</sup> <br>| $25 | $26 |
| 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>(4)</sup> <br>| 34 | 37 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.05%), 6.38%, <br> 8/15/55 <sup>(4)</sup> <br>| 50 | 52 |
| 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) (4) (6)</sup> <br>| 179 | 195 |
| 5.25%, 6/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| 5.75%, 7/15/29 <sup>(1)</sup> <br>| 100 | 100 |
| 3.88%, 2/15/32 <sup>(1)</sup> <br>| 25 | 23 |
| 6.00%, 2/1/33 <sup>(1)</sup> <br>| 215 | 218 |
| 7.00%, 3/15/33 <sup>(1)</sup> <br>| 25 | 28 |
| 1/15/34 <sup>(1) (5)</sup> <br>| 145 | 145 |
| 6.25%, 11/1/34 <sup>(1)</sup> <br>| 118 | 121 |
| 1/15/36 <sup>(1) (5)</sup> <br>| 328 | 328 |
| &nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| 4.50%, 8/15/28 <sup>(1)</sup> <br>| 8 | 8 |
| 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>(4)</sup> <br>| 100 | 103 |
| Talen Energy Supply LLC, |  |  |
| 8.63%, 6/1/30 <sup>(1)</sup> <br>| 75 | 80 |
| TerraForm Power Operating LLC, |  |  |
| 4.75%, 1/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| Vistra Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 6.93%), 8.00%, <br> 10/15/26 <sup>(1) (4) (6)</sup> <br>| 136 | 139 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.74%), 7.00%, <br> 12/15/26 <sup>(1) (4) (6)</sup> <br>| 245 | 249 |
| Vistra Operations Co. LLC, |  |  |
| 5.50%, 9/1/26 <sup>(1)</sup> <br>| 75 | 75 |
| 5.63%, 2/15/27 <sup>(1)</sup> <br>| 100 | 100 |
| 5.00%, 7/31/27 <sup>(1)</sup> <br>| 50 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Electric Utilities – 2.3%continued** | **Electric Utilities – 2.3%continued** | **Electric Utilities – 2.3%continued** |
| 7.75%, 10/15/31 <sup>(1)</sup> <br>| $100 | $106 |
| 6.88%, 4/15/32 <sup>(1)</sup> <br>| 73 | 76 |
| &nbsp;&nbsp; XPLR Infrastructure Operating Partners <br> L.P.,<br>|  |  |
| 8.38%, 1/15/31 <sup>(1)</sup> <br>| 107 | 112 |
| 8.63%, 3/15/33 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **3390** |
| **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** |
| BWX Technologies, Inc., |  |  |
| 4.13%, 6/30/28 <sup>(1)</sup> <br>| 11 | 11 |
| &nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc.,<br>|  |  |
| 6.63%, 12/15/30 <sup>(1)</sup> <br>| 482 | 495 |
| 6.75%, 7/15/31 <sup>(1)</sup> <br>| 47 | 49 |
| Gates Corp., |  |  |
| 6.88%, 7/1/29 <sup>(1)</sup> <br>| 42 | 44 |
| Sensata Technologies B.V., |  |  |
| 4.00%, 4/15/29 <sup>(1)</sup> <br>| 260 | 250 |
| Sensata Technologies, Inc., |  |  |
| 3.75%, 2/15/31 <sup>(1)</sup> <br>| 33 | 30 |
| Vertiv Group Corp., |  |  |
| 4.13%, 11/15/28 <sup>(1)</sup> <br>| 23 | 22 |
| WESCO Distribution, Inc., |  |  |
| 6.63%, 3/15/32 <sup>(1)</sup> <br>| 12 | 12 |
| 6.38%, 3/15/33 <sup>(1)</sup> <br>| 13 | 14 |
|  |  | **927** |
| **Energy – 0.2%** | **Energy – 0.2%** | **Energy – 0.2%** |
| &nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp.,<br>|  |  |
| 7.50%, 10/1/29 <sup>(1)</sup> <br>| 92 | 96 |
| &nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| 7.25%, 2/15/35 <sup>(1)</sup> <br>| 28 | 28 |
| Matador Resources Co., |  |  |
| 6.25%, 4/15/33 <sup>(1)</sup> <br>| 75 | 75 |
| SESI LLC, |  |  |
| 9/30/30 <sup>(5)</sup> <br>| 25 | 25 |
| Transocean International Ltd., |  |  |
| 10/15/32 <sup>(5)</sup> <br>| 56 | 56 |
| WBI Operating LLC, |  |  |
| 6.25%, 10/15/30  | 25 | 25 |
|  |  | **305** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Engineering & Construction – 0.5%** | **Engineering & Construction – 0.5%** | **Engineering & Construction – 0.5%** |
| AECOM, |  |  |
| 6.00%, 8/1/33 <sup>(1)</sup> <br>| $118 | $121 |
| Brand Industrial Services, Inc., |  |  |
| 10.38%, 8/1/30 <sup>(1)</sup> <br>| 261 | 260 |
| &nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc.,<br>|  |  |
| 7.50%, 2/1/32 <sup>(1)</sup> <br>| 265 | 268 |
| Dycom Industries, Inc., |  |  |
| 4.50%, 4/15/29 <sup>(1)</sup> <br>| 42 | 41 |
| 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 | 23 |
|  |  | **787** |
| **Entertainment Content – 0.9%** | **Entertainment Content – 0.9%** | **Entertainment Content – 0.9%** |
| AMC Networks, Inc., |  |  |
| 4.25%, 2/15/29 <sup>†</sup> <br>| 27 | 24 |
| 10.50%, 7/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| Discovery Communications LLC, |  |  |
| 4.13%, 5/15/29  | 125 | 120 |
| 3.63%, 5/15/30  | 75 | 69 |
| Playtika Holding Corp., |  |  |
| 4.25%, 3/15/29 <sup>(1)</sup> <br>| 96 | 88 |
| Starz Capital Holdings 1, Inc., |  |  |
| 6.00%, 8/15/29 <sup>(1)</sup> <br>| 66 | 63 |
| TEGNA, Inc., |  |  |
| 5.00%, 9/15/29  | 25 | 25 |
| Univision Communications, Inc., |  |  |
| 8.00%, 8/15/28 <sup>(1)</sup> <br>| 149 | 154 |
| 4.50%, 5/1/29 <sup>(1)</sup> <br>| 100 | 94 |
| 7.38%, 6/30/30 <sup>(1)</sup> <br>| 65 | 65 |
| 8.50%, 7/31/31 <sup>(1)</sup> <br>| 123 | 127 |
| 9.38%, 8/1/32 <sup>(1)</sup> <br>| 118 | 126 |
| Warnermedia Holdings, Inc., |  |  |
| 4.05%, 3/15/29  | 50 | 48 |
| 5.05%, 3/15/42  | 439 | 351 |
| 5.14%, 3/15/52  | 21 | 16 |
|  |  | **1396** |
| **Food – 2.3%** | **Food – 2.3%** | **Food – 2.3%** |
| B&G Foods, Inc., |  |  |
| 8.00%, 9/15/28 <sup>(1)</sup> <br>| 68 | 66 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Food – 2.3%continued** | **Food – 2.3%continued** | **Food – 2.3%continued** |
| 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) (3)</sup> <br>| 314 | 332 |
| &nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., <br> Inc.,<br>|  |  |
| 4.63%, 11/15/28 <sup>(1)</sup> <br>| 63 | 62 |
| 7.63%, 7/1/29 <sup>(1)</sup> <br>| 84 | 88 |
| Darling Ingredients, Inc., |  |  |
| 5.25%, 4/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| 6.00%, 6/15/30 <sup>(1)</sup> <br>| 51 | 52 |
| Fiesta Purchaser, Inc., |  |  |
| 7.88%, 3/1/31 <sup>(1)</sup> <br>| 385 | 406 |
| 9.63%, 9/15/32 <sup>(1) †</sup> <br>| 442 | 477 |
| &nbsp;&nbsp; HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc.,<br>|  |  |
| 4.88%, 6/1/29 <sup>(1)</sup> <br>| 25 | 22 |
| Lamb Weston Holdings, Inc., |  |  |
| 4.13%, 1/31/30 <sup>(1)</sup> <br>| 25 | 24 |
| 4.38%, 1/31/32 <sup>(1)</sup> <br>| 91 | 86 |
| Post Holdings, Inc., |  |  |
| 5.50%, 12/15/29 <sup>(1)</sup> <br>| 100 | 100 |
| 4.63%, 4/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| 4.50%, 9/15/31 <sup>(1)</sup> <br>| 25 | 23 |
| 6.38%, 3/1/33 <sup>(1)</sup> <br>| 60 | 61 |
| 6.25%, 10/15/34 <sup>(1)</sup> <br>| 476 | 480 |
| &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>| 1033 | 990 |
| Viking Baked Goods Acquisition Corp., |  |  |
| 8.63%, 11/1/31 <sup>(1)</sup> <br>| 50 | 50 |
|  |  | **3471** |
| **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 | 36 |
| Magnera Corp., |  |  |
| 7.25%, 11/15/31 <sup>(1)</sup> <br>| 27 | 26 |
|  |  | **62** |
| **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  | 50 | 50 |
| 9.50%, 6/1/30 <sup>(1)</sup> <br>| 22 | 23 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **212** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Gas & Water Utilities – 0.2%continued** | **Gas & Water Utilities – 0.2%continued** | **Gas & Water Utilities – 0.2%continued** |
| 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>| 75 | 70 |
| &nbsp;&nbsp; Suburban Propane Partners <br> L.P./Suburban Energy Finance Corp.,<br>|  |  |
| 5.00%, 6/1/31 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **266** |
| **Health Care Facilities & Services – 4.7%** | **Health Care Facilities & Services – 4.7%** | **Health Care Facilities & Services – 4.7%** |
| Acadia Healthcare Co., Inc., |  |  |
| 5.50%, 7/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| 7.38%, 3/15/33 <sup>(1) †</sup> <br>| 779 | 809 |
| AHP Health Partners, Inc., |  |  |
| 5.75%, 7/15/29 <sup>(1)</sup> <br>| 155 | 153 |
| &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.,<br>|  |  |
| 3.75%, 3/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| 4.00%, 3/15/31 <sup>(1)</sup> <br>| 50 | 47 |
| CHS/Community Health Systems, Inc., |  |  |
| 6.00%, 1/15/29 <sup>(1)</sup> <br>| 132 | 128 |
| 6.88%, 4/15/29 <sup>(1)</sup> <br>| 50 | 40 |
| 6.13%, 4/1/30 <sup>(1)</sup> <br>| 25 | 18 |
| 5.25%, 5/15/30 <sup>(1)</sup> <br>| 272 | 246 |
| 4.75%, 2/15/31 <sup>(1)</sup> <br>| 113 | 98 |
| 10.88%, 1/15/32 <sup>(1)</sup> <br>| 133 | 141 |
| 9.75%, 1/15/34 <sup>(1)</sup> <br>| 198 | 203 |
| Concentra Health Services, Inc., |  |  |
| 6.88%, 7/15/32 <sup>(1)</sup> <br>| 270 | 280 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.52%), 6.75%, <br> 12/10/54 <sup>(4)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.89%), 7.00%, <br> 3/10/55 <sup>(4)</sup> <br>| 50 | 52 |
| DaVita, Inc., |  |  |
| 4.63%, 6/1/30 <sup>(1)</sup> <br>| 100 | 96 |
| 6.88%, 9/1/32 <sup>(1)</sup> <br>| 25 | 26 |
| 6.75%, 7/15/33 <sup>(1)</sup> <br>| 55 | 57 |
| Encompass Health Corp., |  |  |
| 4.75%, 2/1/30 <sup>†</sup> <br>| 50 | 49 |
| Fortrea Holdings, Inc., |  |  |
| 7.50%, 7/1/30 <sup>(1) †</sup> <br>| 23 | 22 |
| Global Medical Response, Inc., |  |  |
| 7.38%, 10/1/32 <sup>(1)</sup> <br>| 380 | 391 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Health Care Facilities & Services – 4.7%continued** | **Health Care Facilities & Services – 4.7%continued** | **Health Care Facilities & Services – 4.7%continued** |
| HAH Group Holding Co. LLC, |  |  |
| 9.75%, 10/1/31 <sup>(1)</sup> <br>| $32 | $30 |
| HealthEquity, Inc., |  |  |
| 4.50%, 10/1/29 <sup>(1)</sup> <br>| 58 | 56 |
| IQVIA, Inc., |  |  |
| 6.25%, 6/1/32 <sup>(1)</sup> <br>| 178 | 183 |
| LifePoint Health, Inc., |  |  |
| 9.88%, 8/15/30 <sup>(1)</sup> <br>| 49 | 53 |
| 11.00%, 10/15/30 <sup>(1)</sup> <br>| 127 | 140 |
| 8.38%, 2/15/32 <sup>(1)</sup> <br>| 63 | 67 |
| 10.00%, 6/1/32 <sup>(1) †</sup> <br>| 113 | 119 |
| ModivCare, Inc., |  |  |
| 0.00%, 12/30/99 <sup>(1) (7) (8) \*</sup> <br>| 25 |  |
| Molina Healthcare, Inc., |  |  |
| 4.38%, 6/15/28 <sup>(1)</sup> <br>| 50 | 49 |
| 3.88%, 5/15/32 <sup>(1)</sup> <br>| 90 | 82 |
| 6.25%, 1/15/33 <sup>(1)</sup> <br>| 112 | 113 |
| MPH Acquisition Holdings LLC, |  |  |
| 5.75%, 12/31/30 <sup>(1)</sup> <br>| 34 | 29 |
| 11.50%, 12/31/30 <sup>(1) (3)</sup> <br>| 25 | 26 |
| 6.75%, 3/31/31 <sup>(1) (3)</sup> <br>| 27 | 22 |
| Owens & Minor, Inc., |  |  |
| 4.50%, 3/31/29 <sup>(1) †</sup> <br>| 25 | 20 |
| &nbsp;&nbsp; Paradigm Parent LLC and Paradigm <br> Parent CO-Issuer, Inc.,<br>|  |  |
| 8.75%, 4/17/32 <sup>(1)</sup> <br>| 25 | 24 |
| Pediatrix Medical Group, Inc., |  |  |
| 5.38%, 2/15/30 <sup>(1)</sup> <br>| 70 | 70 |
| Radiology Partners, Inc., |  |  |
| 8.50%, 7/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| Select Medical Corp., |  |  |
| 6.25%, 12/1/32 <sup>(1) †</sup> <br>| 25 | 25 |
| Sotera Health Holdings LLC, |  |  |
| 7.38%, 6/1/31 <sup>(1)</sup> <br>| 709 | 744 |
| Star Parent, Inc., |  |  |
| 9.00%, 10/1/30 <sup>(1)</sup> <br>| 85 | 90 |
| Surgery Center Holdings, Inc., |  |  |
| 7.25%, 4/15/32 <sup>(1) †</sup> <br>| 1376 | 1413 |
| Tenet Healthcare Corp., |  |  |
| 6.25%, 2/1/27  | 25 | 25 |
| 5.13%, 11/1/27  | 100 | 100 |
| 6.13%, 10/1/28  | 125 | 125 |
| 4.25%, 6/1/29  | 75 | 73 |
| 4.38%, 1/15/30  | 25 | 24 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Health Care Facilities & Services – 4.7%continued** | **Health Care Facilities & Services – 4.7%continued** | **Health Care Facilities & Services – 4.7%continued** |
| 6.13%, 6/15/30 <sup>†</sup> <br>| $125 | $127 |
| 6.75%, 5/15/31  | 92 | 95 |
| U.S. Acute Care Solutions LLC, |  |  |
| 9.75%, 5/15/29 <sup>(1)</sup> <br>| 105 | 108 |
|  |  | **7014** |
| **Home & Office Products – 0.4%** | **Home & Office Products – 0.4%** | **Home & Office Products – 0.4%** |
| FXI Holdings, Inc., |  |  |
| 12.25%, 11/15/26 <sup>(1)</sup> <br>| 98 | 86 |
| 12.25%, 11/15/26 <sup>(1)</sup> <br>| 20 | 18 |
| Newell Brands, Inc., |  |  |
| 6.38%, 9/15/27  | 25 | 25 |
| 8.50%, 6/1/28 <sup>(1)</sup> <br>| 61 | 65 |
| 6.63%, 9/15/29  | 50 | 50 |
| 6.38%, 5/15/30  | 25 | 25 |
| 6.63%, 5/15/32  | 25 | 25 |
| 7.38%, 4/1/36  | 25 | 25 |
| 7.50%, 4/1/46  | 25 | 22 |
| Scotts Miracle-Gro (The) Co., |  |  |
| 4.00%, 4/1/31  | 50 | 46 |
| 4.38%, 2/1/32  | 50 | 46 |
| Somnigroup International, Inc., |  |  |
| 4.00%, 4/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| 3.88%, 10/15/31 <sup>(1)</sup> <br>| 25 | 23 |
| Whirlpool Corp., |  |  |
| 6.13%, 6/15/30  | 41 | 41 |
| 6.50%, 6/15/33  | 55 | 55 |
| 5.15%, 3/1/43  | 50 | 42 |
| 4.50%, 6/1/46  | 25 | 19 |
|  |  | **637** |
| **Home Construction – 1.1%** | **Home Construction – 1.1%** | **Home Construction – 1.1%** |
| Adams Homes, Inc., |  |  |
| 9.25%, 10/15/28 <sup>(1)</sup> <br>| 150 | 157 |
| &nbsp;&nbsp; Ashton Woods U.S.A. LLC/Ashton <br> Woods Finance Co.,<br>|  |  |
| 4.63%, 8/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| 4.63%, 4/1/30 <sup>(1)</sup> <br>| 75 | 71 |
| 6.88%, 8/1/33 <sup>(1)</sup> <br>| 49 | 49 |
| Beazer Homes U.S.A., Inc., |  |  |
| 5.88%, 10/15/27  | 11 | 11 |
| 7.25%, 10/15/29  | 25 | 25 |
| 7.50%, 3/15/31 <sup>(1)</sup> <br>| 75 | 76 |
| Camelot Return Merger Sub, Inc., |  |  |
| 8.75%, 8/1/28 <sup>(1)</sup> <br>| 25 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Home Construction – 1.1%continued** | **Home Construction – 1.1%continued** | **Home Construction – 1.1%continued** |
| Century Communities, Inc., |  |  |
| 3.88%, 8/15/29 <sup>(1)</sup> <br>| $50 | $47 |
| 6.63%, 9/15/33 <sup>(1)</sup> <br>| 53 | 53 |
| Cornerstone Building Brands, Inc., |  |  |
| 9.50%, 8/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| CP Atlas Buyer, Inc., |  |  |
| 9.75%, 7/15/30 <sup>(1)</sup> <br>| 37 | 39 |
| Dream Finders Homes, Inc., |  |  |
| 8.25%, 8/15/28 <sup>(1)</sup> <br>| 71 | 74 |
| 6.88%, 9/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| Forestar Group, Inc., |  |  |
| 5.00%, 3/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| Griffon Corp., |  |  |
| 5.75%, 3/1/28  | 100 | 100 |
| JELD-WEN, Inc., |  |  |
| 4.88%, 12/15/27 <sup>(1)</sup> <br>| 42 | 41 |
| 7.00%, 9/1/32 <sup>(1) †</sup> <br>| 41 | 35 |
| K Hovnanian Enterprises, Inc., |  |  |
| 8.00%, 4/1/31 <sup>(1)</sup> <br>| 48 | 49 |
| 8.38%, 10/1/33 <sup>(1)</sup> <br>| 79 | 81 |
| KB Home, |  |  |
| 7.25%, 7/15/30  | 50 | 52 |
| 4.00%, 6/15/31  | 25 | 23 |
| LGI Homes, Inc., |  |  |
| 8.75%, 12/15/28 <sup>(1)</sup> <br>| 31 | 33 |
| 4.00%, 7/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| 7.00%, 11/15/32 <sup>(1)</sup> <br>| 97 | 95 |
| &nbsp;&nbsp; Miter Brands Acquisition Holdco, <br> Inc./MIWD Borrower LLC,<br>|  |  |
| 6.75%, 4/1/32 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp; MIWD Holdco II LLC/MIWD Finance <br> Corp.,<br>|  |  |
| 5.50%, 2/1/30 <sup>(1) †</sup> <br>| 25 | 24 |
| New Home (The) Co., Inc., |  |  |
| 9.25%, 10/1/29 <sup>(1)</sup> <br>| 73 | 77 |
| &nbsp;&nbsp; Shea Homes L.P./Shea Homes Funding <br> Corp.,<br>|  |  |
| 4.75%, 2/15/28  | 50 | 49 |
| 4.75%, 4/1/29  | 25 | 24 |
| STL Holding Co. LLC, |  |  |
| 8.75%, 2/15/29 <sup>(1)</sup> <br>| 52 | 55 |
| Taylor Morrison Communities, Inc., |  |  |
| 5.88%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **214** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Home Construction – 1.1%continued** | **Home Construction – 1.1%continued** | **Home Construction – 1.1%continued** |
| Tri Pointe Homes, Inc., |  |  |
| 5.25%, 6/1/27  | $25 | $25 |
| &nbsp;&nbsp; Weekley Homes LLC/Weekley Finance <br> Corp.,<br>|  |  |
| 4.88%, 9/15/28 <sup>(1)</sup> <br>| 50 | 49 |
|  |  | **1659** |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| Central Garden & Pet Co., |  |  |
| 4.13%, 10/15/30 <sup>†</sup> <br>| 25 | 24 |
| 4.13%, 4/30/31 <sup>(1) †</sup> <br>| 25 | 23 |
| &nbsp;&nbsp; P&L Development LLC/PLD Finance <br> Corp.,<br>|  |  |
| 12.00%, 5/15/29 <sup>(1) (3)</sup> <br>| 40 | 41 |
| Perrigo Finance Unlimited Co., |  |  |
| 6.13%, 9/30/32  | 94 | 95 |
| Prestige Brands, Inc., |  |  |
| 5.13%, 1/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| 3.75%, 4/1/31 <sup>(1)</sup> <br>| 25 | 23 |
|  |  | **231** |
| **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** |
| Chart Industries, Inc., |  |  |
| 7.50%, 1/1/30 <sup>(1)</sup> <br>| 39 | 40 |
| Enpro, Inc., |  |  |
| 6.13%, 6/1/33 <sup>(1)</sup> <br>| 28 | 29 |
| Roller Bearing Co. of America, Inc., |  |  |
| 4.38%, 10/15/29 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **93** |
| **Industrial Support Services – 0.4%** | **Industrial Support Services – 0.4%** | **Industrial Support Services – 0.4%** |
| Alta Equipment Group, Inc., |  |  |
| 9.00%, 6/1/29 <sup>(1) †</sup> <br>| 25 | 23 |
| APi Group DE, Inc., |  |  |
| 4.13%, 7/15/29 <sup>(1) †</sup> <br>| 84 | 81 |
| 4.75%, 10/15/29 <sup>(1)</sup> <br>| 52 | 51 |
| EquipmentShare.com, Inc., |  |  |
| 8.63%, 5/15/32 <sup>(1)</sup> <br>| 50 | 54 |
| 8.00%, 3/15/33 <sup>(1)</sup> <br>| 77 | 82 |
| Herc Holdings, Inc., |  |  |
| 6.63%, 6/15/29 <sup>(1) †</sup> <br>| 25 | 26 |
| 7.00%, 6/15/30 <sup>(1)</sup> <br>| 15 | 16 |
| 7.25%, 6/15/33 <sup>(1)</sup> <br>| 35 | 36 |
| NESCO Holdings II, Inc., |  |  |
| 5.50%, 4/15/29 <sup>(1)</sup> <br>| 50 | 49 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Industrial Support Services – 0.4%continued** | **Industrial Support Services – 0.4%continued** | **Industrial Support Services – 0.4%continued** |
| Resideo Funding, Inc., |  |  |
| 6.50%, 7/15/32 <sup>(1)</sup> <br>| $39 | $40 |
| United Rentals North America, Inc., |  |  |
| 4.00%, 7/15/30  | 100 | 96 |
| 3.88%, 2/15/31  | 25 | 24 |
| 3.75%, 1/15/32  | 50 | 46 |
| 6.13%, 3/15/34 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **650** |
| **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** |
| Coinbase Global, Inc., |  |  |
| 3.38%, 10/1/28 <sup>(1)</sup> <br>| 200 | 190 |
| 3.63%, 10/1/31 <sup>(1)</sup> <br>| 200 | 178 |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.22%), 7.56%, <br> 2/10/26 <sup>(4) (6)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.46%), 6.85%, <br> 2/10/30 <sup>(4) (6)</sup> <br>| 75 | 78 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 10Y + 2.40%), 6.13%, <br> 11/10/34 <sup>(4) (6) †</sup> <br>| 168 | 170 |
| Jane Street Group/JSG Finance, Inc., |  |  |
| 4.50%, 11/15/29 <sup>(1)</sup> <br>| 100 | 98 |
| 6.13%, 11/1/32 <sup>(1)</sup> <br>| 65 | 66 |
| 6.75%, 5/1/33 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **831** |
| **Insurance – 2.8%** | **Insurance – 2.8%** | **Insurance – 2.8%** |
| Acrisure LLC/Acrisure Finance, Inc., |  |  |
| 8.25%, 2/1/29 <sup>(1)</sup> <br>| 50 | 52 |
| 4.25%, 2/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| 8.50%, 6/15/29 <sup>(1)</sup> <br>| 50 | 53 |
| 6.00%, 8/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| 7.50%, 11/6/30 <sup>(1)</sup> <br>| 75 | 78 |
| 6.75%, 7/1/32 <sup>(1)</sup> <br>| 21 | 22 |
| &nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant Holdings <br> Co-Issuer,<br>|  |  |
| 4.25%, 10/15/27 <sup>(1)</sup> <br>| 123 | 121 |
| 6.75%, 10/15/27 <sup>(1)</sup> <br>| 153 | 153 |
| 6.75%, 4/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| 5.88%, 11/1/29 <sup>(1)</sup> <br>| 197 | 196 |
| 7.00%, 1/15/31 <sup>(1)</sup> <br>| 61 | 63 |
| 6.50%, 10/1/31 <sup>(1)</sup> <br>| 125 | 128 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Insurance – 2.8%continued** | **Insurance – 2.8%continued** | **Insurance – 2.8%continued** |
| 7.38%, 10/1/32 <sup>(1)</sup> <br>| $117 | $121 |
| AmWINS Group, Inc., |  |  |
| 6.38%, 2/15/29 <sup>(1)</sup> <br>| 12 | 12 |
| 4.88%, 6/30/29 <sup>(1)</sup> <br>| 36 | 35 |
| &nbsp;&nbsp; Amynta Agency Borrower, Inc. and <br> Amynta Warranty Borrower, Inc.,<br>|  |  |
| 7.50%, 7/15/33 <sup>(1)</sup> <br>| 82 | 84 |
| &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>| 97 | 101 |
| &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 | 52 |
| Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.65%), 6.38%, <br> 9/15/54 <sup>(4)</sup> <br>| 48 | 49 |
| HUB International Ltd., |  |  |
| 7.25%, 6/15/30 <sup>(1)</sup> <br>| 331 | 345 |
| 7.38%, 1/31/32 <sup>(1)</sup> <br>| 1730 | 1802 |
| Nassau Cos. of New York (The), |  |  |
| 7.88%, 7/15/30 <sup>(1)</sup> <br>| 42 | 43 |
| Panther Escrow Issuer LLC, |  |  |
| 7.13%, 6/1/31 <sup>(1)</sup> <br>| 392 | 408 |
| Ryan Specialty LLC, |  |  |
| 4.38%, 2/1/30 <sup>(1)</sup> <br>| 19 | 18 |
| 5.88%, 8/1/32 <sup>(1)</sup> <br>| 73 | 74 |
| USI, Inc./NY, |  |  |
| 7.50%, 1/15/32 <sup>(1)</sup> <br>| 83 | 87 |
|  |  | **4171** |
| **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** | **Internet Media & Services – 0.4%** |
| ANGI Group LLC, |  |  |
| 3.88%, 8/15/28 <sup>(1)</sup> <br>| 48 | 45 |
| Arches Buyer, Inc., |  |  |
| 4.25%, 6/1/28 <sup>(1)</sup> <br>| 25 | 24 |
| Getty Images, Inc., |  |  |
| 11.25%, 2/21/30 <sup>(1) †</sup> <br>| 36 | 34 |
| &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD <br> Finance Co., Inc.,<br>|  |  |
| 5.25%, 12/1/27 <sup>(1)</sup> <br>| 50 | 50 |
| Match Group Holdings II LLC, |  |  |
| 3.63%, 10/1/31 <sup>(1)</sup> <br>| 10 | 9 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Internet Media & Services – 0.4%continued** | **Internet Media & Services – 0.4%continued** | **Internet Media & Services – 0.4%continued** |
| 6.13%, 9/15/33 <sup>(1)</sup> <br>| $57 | $58 |
| Millennium Escrow Corp., |  |  |
| 6.63%, 8/1/26 <sup>(1)</sup> <br>| 50 | 48 |
| Newfold Digital Holdings Group, Inc., |  |  |
| 6.00%, 2/15/29 <sup>(1)</sup> <br>| 25 | 15 |
| Snap, Inc., |  |  |
| 6.88%, 3/1/33 <sup>(1)</sup> <br>| 226 | 231 |
| 6.88%, 3/15/34 <sup>(1)</sup> <br>| 45 | 46 |
|  |  | **560** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| Amentum Holdings, Inc., |  |  |
| 0.00%, 12/30/99 <sup>(1)</sup> <br>| 75 | 78 |
| ASGN, Inc., |  |  |
| 4.63%, 5/15/28 <sup>(1)</sup> <br>| 75 | 74 |
| CACI International, Inc., |  |  |
| 6.38%, 6/15/33 <sup>(1)</sup> <br>| 44 | 45 |
| Fortress Intermediate 3, Inc., |  |  |
| 7.50%, 6/1/31 <sup>(1)</sup> <br>| 52 | 54 |
| Insight Enterprises, Inc., |  |  |
| 6.63%, 5/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| KBR, Inc., |  |  |
| 4.75%, 9/30/28 <sup>(1)</sup> <br>| 54 | 53 |
| &nbsp;&nbsp; Science Applications International <br> Corp.,<br>|  |  |
| 4.88%, 4/1/28 <sup>(1)</sup> <br>| 35 | 35 |
| 5.88%, 11/1/33 <sup>(1)</sup> <br>| 63 | 63 |
|  |  | **428** |
| **Leisure Facilities & Services – 4.7%** | **Leisure Facilities & Services – 4.7%** | **Leisure Facilities & Services – 4.7%** |
| Affinity Interactive, |  |  |
| 6.88%, 12/15/27 <sup>(1)</sup> <br>| 50 | 29 |
| AMC Entertainment Holdings, Inc., |  |  |
| 7.50%, 2/15/29 <sup>(1) †</sup> <br>| 75 | 65 |
| &nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC and <br> BCPE Flavor Issuer, Inc.,<br>|  |  |
| 9.50%, 7/1/32 <sup>(1)</sup> <br>| 50 | 52 |
| Boyd Gaming Corp., |  |  |
| 4.75%, 6/15/31 <sup>(1)</sup> <br>| 415 | 400 |
| Boyne U.S.A., Inc., |  |  |
| 4.75%, 5/15/29 <sup>(1)</sup> <br>| 63 | 62 |
| Caesars Entertainment, Inc., |  |  |
| 4.63%, 10/15/29 <sup>(1) †</sup> <br>| 75 | 72 |
| 6.50%, 2/15/32 <sup>(1)</sup> <br>| 51 | 52 |
| 6.00%, 10/15/32 <sup>(1) †</sup> <br>| 375 | 369 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **216** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Leisure Facilities & Services – 4.7%continued** | **Leisure Facilities & Services – 4.7%continued** | **Leisure Facilities & Services – 4.7%continued** |
| Carnival Corp., |  |  |
| 7.88%, 6/1/27  | $25 | $26 |
| 6.65%, 1/15/28  | 25 | 26 |
| 6.00%, 5/1/29 <sup>(1)</sup> <br>| 100 | 102 |
| 7.00%, 8/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| 5.88%, 6/15/31 <sup>(1)</sup> <br>| 65 | 67 |
| 5.75%, 8/1/32 <sup>(1)</sup> <br>| 126 | 128 |
| 6.13%, 2/15/33 <sup>(1)</sup> <br>| 208 | 213 |
| Carnival PLC, |  |  |
| 4.13%, 7/15/31 [EUR]<sup>(1)</sup> <br>| 100 | 119 |
| Churchill Downs, Inc., |  |  |
| 0.00%, 12/30/99 <sup>(1)</sup> <br>| 153 | 153 |
| 5.50%, 4/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| 4.75%, 1/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| 6.75%, 5/1/31 <sup>(1)</sup> <br>| 5 | 5 |
| Cinemark U.S.A., Inc., |  |  |
| 5.25%, 7/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| 7.00%, 8/1/32 <sup>(1)</sup> <br>| 41 | 43 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc.,<br>|  |  |
| 4.63%, 1/15/29 <sup>(1)</sup> <br>| 59 | 56 |
| 6.75%, 1/15/30 <sup>(1)</sup> <br>| 519 | 487 |
| Full House Resorts, Inc., |  |  |
| 8.25%, 2/15/28 <sup>(1)</sup> <br>| 50 | 46 |
| &nbsp;&nbsp; GPS Hospitality Holding Co. LLC/GPS <br> Finco, Inc.,<br>|  |  |
| 7.00%, 8/15/28 <sup>(1)</sup> <br>| 75 | 43 |
| Hilton Domestic Operating Co., Inc., |  |  |
| 4.00%, 5/1/31 <sup>(1)</sup> <br>| 100 | 95 |
| 3.63%, 2/15/32 <sup>(1)</sup> <br>| 25 | 23 |
| 5.88%, 3/15/33 <sup>(1)</sup> <br>| 124 | 127 |
| 5.75%, 9/15/33 <sup>(1)</sup> <br>| 64 | 65 |
| &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 | 96 |
| 4.88%, 7/1/31 <sup>(1)</sup> <br>| 50 | 47 |
| Jacobs Entertainment, Inc., |  |  |
| 6.75%, 2/15/29 <sup>(1)</sup> <br>| 75 | 73 |
| Life Time, Inc., |  |  |
| 6.00%, 11/15/31 <sup>(1)</sup> <br>| 50 | 51 |
| Light & Wonder International, Inc., |  |  |
| 7.50%, 9/1/31 <sup>(1)</sup> <br>| 45 | 47 |
| 6.25%, 10/1/33 <sup>(1)</sup> <br>| 64 | 64 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Leisure Facilities & Services – 4.7%continued** | **Leisure Facilities & Services – 4.7%continued** | **Leisure Facilities & Services – 4.7%continued** |
| Lindblad Expeditions LLC, |  |  |
| 7.00%, 9/15/30 <sup>(1)</sup> <br>| $78 | $80 |
| Live Nation Entertainment, Inc., |  |  |
| 6.50%, 5/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| 4.75%, 10/15/27 <sup>(1) †</sup> <br>| 75 | 75 |
| Marriott Ownership Resorts, Inc., |  |  |
| 4.50%, 6/15/29 <sup>(1) †</sup> <br>| 25 | 24 |
| 6.50%, 10/1/33 <sup>(1)</sup> <br>| 25 | 25 |
| MGM Resorts International, |  |  |
| 6.13%, 9/15/29  | 38 | 39 |
| 6.50%, 4/15/32  | 75 | 76 |
| &nbsp;&nbsp; Midwest Gaming <br> Borrower LLC/Midwest Gaming <br> Finance Corp.,<br>|  |  |
| 4.88%, 5/1/29 <sup>(1)</sup> <br>| 38 | 37 |
| &nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS <br> Digital Entertainment Holdings LLC,<br>|  |  |
| 8.25%, 4/15/30 <sup>(1)</sup> <br>| 74 | 77 |
| Muvico LLC, |  |  |
| 15.00%, 2/19/29 <sup>(1) (3)</sup> <br>| 50 | 54 |
| NCL Corp. Ltd., |  |  |
| 6.25%, 3/1/30 <sup>(1)</sup> <br>| 25 | 25 |
| 5.88%, 1/15/31 <sup>(1)</sup> <br>| 70 | 70 |
| 6.75%, 2/1/32 <sup>(1)</sup> <br>| 148 | 152 |
| 6.25%, 9/15/33 <sup>(1)</sup> <br>| 110 | 111 |
| NCL Finance Ltd., |  |  |
| 6.13%, 3/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| Penn Entertainment, Inc., |  |  |
| 4.13%, 7/1/29 <sup>(1) †</sup> <br>| 100 | 94 |
| &nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.,<br>|  |  |
| 5.63%, 9/1/29 <sup>(1)</sup> <br>| 50 | 27 |
| 5.88%, 9/1/31 <sup>(1)</sup> <br>| 140 | 72 |
| Raising Cane's Restaurants LLC, |  |  |
| 9.38%, 5/1/29 <sup>(1)</sup> <br>| 37 | 39 |
| &nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers <br> Enterprise Finance Corp.,<br>|  |  |
| 6.63%, 2/1/33 <sup>(1)</sup> <br>| 34 | 34 |
| &nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers <br> Enterprise Lender Corp.,<br>|  |  |
| 10/15/30 <sup>(1) (5)</sup> <br>| 23 | 23 |
| Royal Caribbean Cruises Ltd., |  |  |
| 5.63%, 9/30/31 <sup>(1)</sup> <br>| 75 | 77 |
| 6.25%, 3/15/32 <sup>(1)</sup> <br>| 25 | 26 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Leisure Facilities & Services – 4.7%continued** | **Leisure Facilities & Services – 4.7%continued** | **Leisure Facilities & Services – 4.7%continued** |
| 6.00%, 2/1/33 <sup>(1)</sup> <br>| $125 | $128 |
| Sabre GLBL, Inc., |  |  |
| 8.63%, 6/1/27 <sup>(1)</sup> <br>| 23 | 23 |
| 10.75%, 11/15/29 <sup>(1) †</sup> <br>| 105 | 101 |
| 11.13%, 7/15/30 <sup>(1)</sup> <br>| 93 | 90 |
| &nbsp;&nbsp; Scientific Games Holdings L.P.,Scientific <br> Games U.S. FinCo, Inc.,<br>|  |  |
| 6.63%, 3/1/30 <sup>(1)</sup> <br>| 581 | 540 |
| SeaWorld Parks & Entertainment, Inc., |  |  |
| 5.25%, 8/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp; Six Flags Entertainment <br> Corp./Canada's Wonderland <br> Co./Magnum Management Corp.,<br>|  |  |
| 6.50%, 10/1/28  | 25 | 25 |
| 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>| 310 | 316 |
| Station Casinos LLC, |  |  |
| 4.50%, 2/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| 4.63%, 12/1/31 <sup>(1)</sup> <br>| 45 | 42 |
| 6.63%, 3/15/32 <sup>(1)</sup> <br>| 17 | 17 |
| Travel + Leisure Co., |  |  |
| 6.63%, 7/31/26 <sup>(1)</sup> <br>| 25 | 25 |
| 4.63%, 3/1/30 <sup>(1)</sup> <br>| 25 | 24 |
| 6.13%, 9/1/33 <sup>(1)</sup> <br>| 25 | 25 |
| Vail Resorts, Inc., |  |  |
| 5.63%, 7/15/30 <sup>(1)</sup> <br>| 13 | 13 |
| 6.50%, 5/15/32 <sup>(1)</sup> <br>| 49 | 51 |
| Viking Cruises Ltd., |  |  |
| 5.88%, 9/15/27 <sup>(1)</sup> <br>| 135 | 135 |
| 9.13%, 7/15/31 <sup>(1)</sup> <br>| 127 | 136 |
| 10/15/33 <sup>(1) (5)</sup> <br>| 96 | 96 |
| Viking Ocean Cruises Ship VII Ltd., |  |  |
| 5.63%, 2/15/29 <sup>(1)</sup> <br>| 59 | 59 |
| VOC Escrow Ltd., |  |  |
| 5.00%, 2/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| Voyager Parent LLC, |  |  |
| 9.25%, 7/1/32 <sup>(1)</sup> <br>| 54 | 57 |
| &nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas <br> Capital Corp.,<br>|  |  |
| 5.25%, 5/15/27 <sup>(1)</sup> <br>| 50 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Leisure Facilities & Services – 4.7%continued** | **Leisure Facilities & Services – 4.7%continued** | **Leisure Facilities & Services – 4.7%continued** |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn <br> Resorts Capital Corp.,<br>|  |  |
| 5.13%, 10/1/29 <sup>(1)</sup> <br>| $96 | $96 |
| 6.25%, 3/15/33 <sup>(1)</sup> <br>| 138 | 140 |
| Yum! Brands, Inc., |  |  |
| 5.38%, 4/1/32  | 100 | 100 |
|  |  | **7129** |
| **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>| 113 | 93 |
| Mattel, Inc., |  |  |
| 5.45%, 11/1/41  | 25 | 23 |
| Winnebago Industries, Inc., |  |  |
| 6.25%, 7/15/28 <sup>(1)</sup> <br>| 20 | 20 |
|  |  | **136** |
| **Machinery – 1.4%** | **Machinery – 1.4%** | **Machinery – 1.4%** |
| Amsted Industries, Inc., |  |  |
| 6.38%, 3/15/33 <sup>(1)</sup> <br>| 25 | 26 |
| Esab Corp., |  |  |
| 6.25%, 4/15/29 <sup>(1)</sup> <br>| 26 | 27 |
| GrafTech Global Enterprises, Inc., |  |  |
| 9.88%, 12/23/29 <sup>(1) †</sup> <br>| 81 | 69 |
| Madison IAQ LLC, |  |  |
| 4.13%, 6/30/28 <sup>(1)</sup> <br>| 25 | 24 |
| 5.88%, 6/30/29 <sup>(1)</sup> <br>| 1099 | 1086 |
| Manitowoc (The) Co., Inc., |  |  |
| 9.25%, 10/1/31 <sup>(1)</sup> <br>| 52 | 54 |
| SPX FLOW, Inc., |  |  |
| 8.75%, 4/1/30 <sup>(1)</sup> <br>| 760 | 781 |
| Terex Corp., |  |  |
| 5.00%, 5/15/29 <sup>(1)</sup> <br>| 75 | 74 |
| 6.25%, 10/15/32 <sup>(1)</sup> <br>| 35 | 35 |
|  |  | **2176** |
| **Medical Equipment & Devices – 0.6%** | **Medical Equipment & Devices – 0.6%** | **Medical Equipment & Devices – 0.6%** |
| Avantor Funding, Inc., |  |  |
| 4.63%, 7/15/28 <sup>(1)</sup> <br>| 85 | 84 |
| 3.88%, 11/1/29 <sup>(1)</sup> <br>| 108 | 103 |
| Bausch + Lomb Corp., |  |  |
| 8.38%, 10/1/28 <sup>(1)</sup> <br>| 234 | 244 |
| Insulet Corp., |  |  |
| 6.50%, 4/1/33 <sup>(1)</sup> <br>| 48 | 50 |
| Medline Borrower L.P., |  |  |
| 3.88%, 4/1/29 <sup>(1)</sup> <br>| 46 | 44 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **218** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Medical Equipment & Devices – 0.6%continued** | **Medical Equipment & Devices – 0.6%continued** | **Medical Equipment & Devices – 0.6%continued** |
| 5.25%, 10/1/29 <sup>(1)</sup> <br>| $291 | $288 |
| &nbsp;&nbsp; Medline Borrower L.P./ Medline <br> Co-Issuer, Inc.,<br>|  |  |
| 6.25%, 4/1/29 <sup>(1)</sup> <br>| 52 | 53 |
| Neogen Food Safety Corp., |  |  |
| 8.63%, 7/20/30 <sup>(1) †</sup> <br>| 71 | 74 |
|  |  | **940** |
| **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** |
| Arsenal AIC Parent LLC, |  |  |
| 8.00%, 10/1/30 <sup>(1)</sup> <br>| 79 | 84 |
| 11.50%, 10/1/31 <sup>(1)</sup> <br>| 255 | 283 |
| Century Aluminum Co., |  |  |
| 6.88%, 8/1/32 <sup>(1)</sup> <br>| 425 | 440 |
| Compass Minerals International, Inc., |  |  |
| 8.00%, 7/1/30 <sup>(1)</sup> <br>| 315 | 329 |
| Constellium S.E., |  |  |
| 6.38%, 8/15/32 <sup>(1)</sup> <br>| 250 | 256 |
| Kaiser Aluminum Corp., |  |  |
| 4.63%, 3/1/28 <sup>(1)</sup> <br>| 100 | 99 |
| 4.50%, 6/1/31 <sup>(1)</sup> <br>| 130 | 122 |
| Murray Energy Corp., |  |  |
| 12.00%, 4/15/24 <sup>(1) (7) (9)</sup> <br>| 486 |  |
| &nbsp;&nbsp; Northwest Acquisitions ULC/Dominion <br> Finco, Inc.,<br>|  |  |
| 7.13%, 11/1/22 <sup>(1) (7) (9)</sup> <br>| 1905 |  |
| Novelis Corp., |  |  |
| 4.75%, 1/30/30 <sup>(1)</sup> <br>| 25 | 24 |
| 6.88%, 1/30/30 <sup>(1)</sup> <br>| 78 | 81 |
| 3.88%, 8/15/31 <sup>(1)</sup> <br>| 80 | 73 |
| 6.38%, 8/15/33 <sup>(1)</sup> <br>| 95 | 96 |
|  |  | **1887** |
| **Oil & Gas Services & Equipment – 1.7%** | **Oil & Gas Services & Equipment – 1.7%** | **Oil & Gas Services & Equipment – 1.7%** |
| &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>| 115 | 115 |
| 6.63%, 9/1/32 <sup>(1)</sup> <br>| 154 | 158 |
| Aris Water Holdings LLC, |  |  |
| 7.25%, 4/1/30 <sup>(1)</sup> <br>| 25 | 26 |
| Bristow Group, Inc., |  |  |
| 6.88%, 3/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| CHC Group LLC, |  |  |
| 11.75%, 9/1/30 <sup>(1)</sup> <br>| 25 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Oil & Gas Services & Equipment – 1.7%continued** | **Oil & Gas Services & Equipment – 1.7%continued** | **Oil & Gas Services & Equipment – 1.7%continued** |
| &nbsp;&nbsp; Diamond Foreign Asset Co./Diamond <br> Finance LLC,<br>|  |  |
| 8.50%, 10/1/30 <sup>(1)</sup> <br>| $38 | $40 |
| Global Marine, Inc., |  |  |
| 7.00%, 6/1/28  | 75 | 73 |
| Helix Energy Solutions Group, Inc., |  |  |
| 9.75%, 3/1/29 <sup>(1)</sup> <br>| 50 | 53 |
| Kodiak Gas Services LLC, |  |  |
| 7.25%, 2/15/29 <sup>(1)</sup> <br>| 122 | 127 |
| 6.50%, 10/1/33 <sup>(1)</sup> <br>| 52 | 53 |
| 6.75%, 10/1/35 <sup>(1)</sup> <br>| 39 | 40 |
| Nabors Industries Ltd., |  |  |
| 7.50%, 1/15/28 <sup>(1)</sup> <br>| 75 | 75 |
| Nabors Industries, Inc., |  |  |
| 7.38%, 5/15/27 <sup>(1)</sup> <br>| 71 | 72 |
| 8.88%, 8/15/31 <sup>(1)</sup> <br>| 25 | 23 |
| Nine Energy Service, Inc., |  |  |
| 13.00%, 2/1/28  | 50 | 25 |
| Noble Finance II LLC, |  |  |
| 8.00%, 4/15/30 <sup>(1)</sup> <br>| 103 | 107 |
| Oceaneering International, Inc., |  |  |
| 6.00%, 2/1/28  | 18 | 18 |
| Star Holding LLC, |  |  |
| 8.75%, 8/1/31 <sup>(1)</sup> <br>| 76 | 75 |
| Tidewater, Inc., |  |  |
| 9.13%, 7/15/30 <sup>(1)</sup> <br>| 35 | 38 |
| Transocean Aquila Ltd., |  |  |
| 8.00%, 9/30/28 <sup>(1)</sup> <br>| 18 | 19 |
| Transocean International Ltd., |  |  |
| 8.00%, 2/1/27 <sup>(1)</sup> <br>| 161 | 161 |
| 8.25%, 5/15/29 <sup>(1)</sup> <br>| 24 | 24 |
| 8.75%, 2/15/30 <sup>(1)</sup> <br>| 17 | 17 |
| 7.50%, 4/15/31  | 75 | 70 |
| 8.50%, 5/15/31 <sup>(1)</sup> <br>| 76 | 74 |
| 6.80%, 3/15/38  | 171 | 145 |
| 9.35%, 12/15/41  | 25 | 23 |
| Transocean Titan Financing Ltd., |  |  |
| 8.38%, 2/1/28 <sup>(1)</sup> <br>| 40 | 41 |
| &nbsp;&nbsp; U.S.A. Compression Partners <br> L.P./U.S.A. Compression Finance <br> Corp.,<br>|  |  |
| 6.88%, 9/1/27  | 25 | 25 |
| 7.13%, 3/15/29 <sup>(1)</sup> <br>| 77 | 79 |
| 6.25%, 10/1/33 <sup>(1)</sup> <br>| 114 | 114 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Oil & Gas Services & Equipment – 1.7%continued** | **Oil & Gas Services & Equipment – 1.7%continued** | **Oil & Gas Services & Equipment – 1.7%continued** |
| Valaris Ltd., |  |  |
| 8.38%, 4/30/30 <sup>(1)</sup> <br>| $151 | $157 |
| Weatherford International Ltd., |  |  |
| 8.63%, 4/30/30 <sup>(1)</sup> <br>| 265 | 271 |
| 10/15/33 <sup>(1) (5)</sup> <br>| 105 | 105 |
|  |  | **2502** |
| **Oil & Gas Supply Chain – 6.9%** | **Oil & Gas Supply Chain – 6.9%** | **Oil & Gas Supply Chain – 6.9%** |
| &nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp.,<br>|  |  |
| 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 | 104 |
| 5.88%, 6/30/29 <sup>(1)</sup> <br>| 42 | 42 |
| 6.63%, 10/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| 6.63%, 7/15/33 <sup>(1)</sup> <br>| 55 | 56 |
| &nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer <br> Finance Corp.,<br>|  |  |
| 7.00%, 7/15/29 <sup>(1)</sup> <br>| 70 | 73 |
| 7.25%, 7/15/32 <sup>(1)</sup> <br>| 42 | 44 |
| Buckeye Partners L.P., |  |  |
| 6.88%, 7/1/29 <sup>(1)</sup> <br>| 53 | 55 |
| 6.75%, 2/1/30 <sup>(1)</sup> <br>| 39 | 41 |
| 5.85%, 11/15/43  | 25 | 23 |
| 5.60%, 10/15/44 <sup>†</sup> <br>| 32 | 29 |
| California Resources Corp., |  |  |
| 8.25%, 6/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| Caturus Energy LLC, |  |  |
| 8.50%, 2/15/30 <sup>(1)</sup> <br>| 149 | 155 |
| Chord Energy Corp., |  |  |
| 6.00%, 10/1/30 <sup>(1)</sup> <br>| 25 | 25 |
| 6.75%, 3/15/33 <sup>(1)</sup> <br>| 25 | 25 |
| CITGO Petroleum Corp., |  |  |
| 6.38%, 6/15/26 <sup>(1)</sup> <br>| 50 | 50 |
| 8.38%, 1/15/29 <sup>(1)</sup> <br>| 154 | 160 |
| 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>| 175 | 181 |
| 8.75%, 7/1/31 <sup>(1)</sup> <br>| 77 | 79 |
| 9.63%, 6/15/33 <sup>(1)</sup> <br>| 50 | 53 |
| CNX Midstream Partners L.P., |  |  |
| 4.75%, 4/15/30 <sup>(1)</sup> <br>| 15 | 14 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Oil & Gas Supply Chain – 6.9%continued** | **Oil & Gas Supply Chain – 6.9%continued** | **Oil & Gas Supply Chain – 6.9%continued** |
| CNX Resources Corp., |  |  |
| 6.00%, 1/15/29 <sup>(1)</sup> <br>| $25 | $25 |
| 7.38%, 1/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| 7.25%, 3/1/32 <sup>(1)</sup> <br>| 41 | 43 |
| Comstock Resources, Inc., |  |  |
| 6.75%, 3/1/29 <sup>(1)</sup> <br>| 76 | 76 |
| 6.75%, 3/1/29 <sup>(1)</sup> <br>| 54 | 54 |
| 5.88%, 1/15/30 <sup>(1)</sup> <br>| 187 | 180 |
| &nbsp;&nbsp; CQP Holdco L.P./BIP-V Chinook <br> Holdco LLC,<br>|  |  |
| 5.50%, 6/15/31 <sup>(1)</sup> <br>| 265 | 263 |
| Crescent Energy Finance LLC, |  |  |
| 7.63%, 4/1/32 <sup>(1)</sup> <br>| 95 | 94 |
| 7.38%, 1/15/33 <sup>(1)</sup> <br>| 163 | 159 |
| 8.38%, 1/15/34 <sup>(1)</sup> <br>| 65 | 66 |
| &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>| 100 | 104 |
| 7.38%, 6/30/33 <sup>(1)</sup> <br>| 75 | 76 |
| 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>(4)</sup> <br>| 100 | 107 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.83%), 7.13%, <br> 10/1/54 <sup>(4)</sup> <br>| 110 | 114 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.68%), 6.50%, <br> 2/15/56 <sup>(4)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.48%), 6.75%, <br> 2/15/56 <sup>(4)</sup> <br>| 25 | 25 |
| EQT Corp., |  |  |
| 7.50%, 6/1/27  | 25 | 25 |
| Excelerate Energy L.P., |  |  |
| 8.00%, 5/15/30 <sup>(1)</sup> <br>| 85 | 90 |
| &nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| 7.75%, 2/1/28  | 65 | 65 |
| 8.88%, 4/15/30  | 25 | 26 |
| 7.88%, 5/15/32  | 121 | 126 |
| 8.00%, 5/15/33  | 66 | 69 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **220** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Oil & Gas Supply Chain – 6.9%continued** | **Oil & Gas Supply Chain – 6.9%continued** | **Oil & Gas Supply Chain – 6.9%continued** |
| &nbsp;&nbsp; Global Partners L.P./GLP Finance <br> Corp.,<br>|  |  |
| 7.13%, 7/1/33 <sup>(1)</sup> <br>| $47 | $48 |
| Gulfport Energy Operating Corp., |  |  |
| 6.75%, 9/1/29 <sup>(1)</sup> <br>| 55 | 56 |
| Harvest Midstream I L.P., |  |  |
| 7.50%, 9/1/28 <sup>(1)</sup> <br>| 295 | 298 |
| 7.50%, 5/15/32 <sup>(1)</sup> <br>| 43 | 44 |
| Hess Midstream Operations L.P., |  |  |
| 5.13%, 6/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| 6.50%, 6/1/29 <sup>(1)</sup> <br>| 76 | 78 |
| 4.25%, 2/15/30 <sup>(1)</sup> <br>| 18 | 17 |
| 5.50%, 10/15/30 <sup>(1)</sup> <br>| 50 | 50 |
| &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>| 8 | 8 |
| 6.00%, 4/15/30 <sup>(1)</sup> <br>| 27 | 27 |
| 6.00%, 2/1/31 <sup>(1)</sup> <br>| 50 | 48 |
| 6.25%, 4/15/32 <sup>(1)</sup> <br>| 1 | 1 |
| 8.38%, 11/1/33 <sup>(1)</sup> <br>| 145 | 152 |
| 6.88%, 5/15/34 <sup>(1)</sup> <br>| 73 | 70 |
| &nbsp;&nbsp; Howard Midstream Energy <br> Partners LLC,<br>|  |  |
| 7.38%, 7/15/32 <sup>(1)</sup> <br>| 50 | 52 |
| 6.63%, 1/15/34 <sup>(1)</sup> <br>| 76 | 77 |
| ITT Holdings LLC, |  |  |
| 6.50%, 8/1/29 <sup>(1)</sup> <br>| 188 | 185 |
| Kinetik Holdings L.P., |  |  |
| 6.63%, 12/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| 5.88%, 6/15/30 <sup>(1)</sup> <br>| 35 | 35 |
| Kraken Oil & Gas Partners LLC, |  |  |
| 7.63%, 8/15/29 <sup>(1)</sup> <br>| 50 | 50 |
| &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 | 80 |
| &nbsp;&nbsp; Martin Midstream Partners L.P./Martin <br> Midstream Finance Corp.,<br>|  |  |
| 11.50%, 2/15/28 <sup>(1)</sup> <br>| 75 | 80 |
| Matador Resources Co., |  |  |
| 6.88%, 4/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| 6.50%, 4/15/32 <sup>(1)</sup> <br>| 124 | 125 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Oil & Gas Supply Chain – 6.9%continued** | **Oil & Gas Supply Chain – 6.9%continued** | **Oil & Gas Supply Chain – 6.9%continued** |
| Moss Creek Resources Holdings, Inc., |  |  |
| 8.25%, 9/1/31 <sup>(1)</sup> <br>| $25 | $24 |
| Murphy Oil Corp., |  |  |
| 6.00%, 10/1/32 <sup>†</sup> <br>| 25 | 25 |
| Murphy Oil U.S.A., Inc., |  |  |
| 4.75%, 9/15/29  | 50 | 49 |
| New Fortress Energy, Inc., |  |  |
| 6.50%, 9/30/26 <sup>(1)</sup> <br>| 25 | 6 |
| NFE Financing LLC, |  |  |
| 12.00%, 11/15/29 <sup>(1)</sup> <br>| 100 | 29 |
| &nbsp;&nbsp; NGL Energy Operating LLC/NGL <br> Energy Finance Corp.,<br>|  |  |
| 8.13%, 2/15/29 <sup>(1)</sup> <br>| 141 | 145 |
| 8.38%, 2/15/32 <sup>(1)</sup> <br>| 228 | 234 |
| Northern Oil & Gas, Inc., |  |  |
| 8.13%, 3/1/28 <sup>(1)</sup> <br>| 240 | 243 |
| 8.75%, 6/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| 10/15/33 <sup>(1) (5)</sup> <br>| 130 | 129 |
| NuStar Logistics L.P., |  |  |
| 6.38%, 10/1/30  | 75 | 78 |
| ONEOK, Inc., |  |  |
| 5.05%, 4/1/45  | 25 | 22 |
| &nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance <br> Corp.,<br>|  |  |
| 6.00%, 2/15/28  | 125 | 124 |
| 7.88%, 9/15/30 <sup>(1) †</sup> <br>| 42 | 41 |
| Permian Resources Operating LLC, |  |  |
| 8.00%, 4/15/27 <sup>(1)</sup> <br>| 50 | 51 |
| 5.88%, 7/1/29 <sup>(1)</sup> <br>| 50 | 50 |
| 7.00%, 1/15/32 <sup>(1)</sup> <br>| 26 | 27 |
| 6.25%, 2/1/33 <sup>(1)</sup> <br>| 102 | 104 |
| Plains All American Pipeline L.P., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.37%), 8.58%, 11/5/25 <sup>(6) (11)</sup> <br>| 75 | 75 |
| Prairie Acquiror L.P., |  |  |
| 9.00%, 8/1/29 <sup>(1)</sup> <br>| 76 | 79 |
| Range Resources Corp., |  |  |
| 8.25%, 1/15/29  | 25 | 26 |
| Rockies Express Pipeline LLC, |  |  |
| 4.95%, 7/15/29 <sup>(1)</sup> <br>| 50 | 50 |
| 4.80%, 5/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| 6.88%, 4/15/40 <sup>(1)</sup> <br>| 25 | 26 |
| SM Energy Co., |  |  |
| 6.75%, 8/1/29 <sup>(1)</sup> <br>| 25 | 25 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Oil & Gas Supply Chain – 6.9%continued** | **Oil & Gas Supply Chain – 6.9%continued** | **Oil & Gas Supply Chain – 6.9%continued** |
| 7.00%, 8/1/32 <sup>(1)</sup> <br>| $25 | $25 |
| Sunoco L.P., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.23%), 7.88%, <br> 9/18/30 <sup>(1) (4) (6)</sup> <br>| 368 | 374 |
| 5.63%, 3/15/31 <sup>(1)</sup> <br>| 45 | 45 |
| 6.25%, 7/1/33 <sup>(1)</sup> <br>| 88 | 90 |
| 5.88%, 3/15/34 <sup>(1)</sup> <br>| 45 | 45 |
| Sunoco L.P./Sunoco Finance Corp., |  |  |
| 6.00%, 4/15/27  | 50 | 50 |
| 7.00%, 9/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| 4.50%, 4/30/30  | 50 | 48 |
| &nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| 5.50%, 1/15/28 <sup>(1)</sup> <br>| 24 | 24 |
| 7.38%, 2/15/29 <sup>(1)</sup> <br>| 137 | 141 |
| 6.00%, 12/31/30 <sup>(1)</sup> <br>| 53 | 52 |
| 6.00%, 9/1/31 <sup>(1)</sup> <br>| 50 | 49 |
| Talos Production, Inc., |  |  |
| 9.00%, 2/1/29 <sup>(1)</sup> <br>| 25 | 26 |
| 9.38%, 2/1/31 <sup>(1)</sup> <br>| 50 | 52 |
| Targa Resources Corp., |  |  |
| 6.13%, 5/15/55  | 50 | 50 |
| TGNR Intermediate Holdings LLC, |  |  |
| 5.50%, 10/15/29 <sup>(1)</sup> <br>| 68 | 67 |
| TransMontaigne Partners LLC, |  |  |
| 8.50%, 6/15/30 <sup>(1)</sup> <br>| 37 | 39 |
| Venture Global Calcasieu Pass LLC, |  |  |
| 6.25%, 1/15/30 <sup>(1)</sup> <br>| 50 | 52 |
| 4.13%, 8/15/31 <sup>(1)</sup> <br>| 50 | 47 |
| Venture Global LNG, Inc., |  |  |
| 8.13%, 6/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| 9.50%, 2/1/29 <sup>(1)</sup> <br>| 232 | 256 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.44%), 9.00%, <br> 9/30/29 <sup>(1) (4) (6)</sup> <br>| 560 | 555 |
| 8.38%, 6/1/31 <sup>(1)</sup> <br>| 203 | 213 |
| 9.88%, 2/1/32 <sup>(1)</sup> <br>| 233 | 254 |
| Venture Global Plaquemines LNG LLC, |  |  |
| 7.50%, 5/1/33 <sup>(1)</sup> <br>| 98 | 108 |
| 6.50%, 1/15/34 <sup>(1)</sup> <br>| 326 | 343 |
| 7.75%, 5/1/35 <sup>(1)</sup> <br>| 69 | 78 |
| 6.75%, 1/15/36 <sup>(1)</sup> <br>| 258 | 274 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Oil & Gas Supply Chain – 6.9%continued** | **Oil & Gas Supply Chain – 6.9%continued** | **Oil & Gas Supply Chain – 6.9%continued** |
| Vital Energy, Inc., |  |  |
| 7.75%, 7/31/29 <sup>(1)</sup> <br>| $13 | $13 |
| 9.75%, 10/15/30  | 91 | 95 |
| 7.88%, 4/15/32 <sup>(1)</sup> <br>| 180 | 175 |
| Wildfire Intermediate Holdings LLC, |  |  |
| 7.50%, 10/15/29 <sup>(1)</sup> <br>| 48 | 49 |
|  |  | **10414** |
| **Publishing & Broadcasting – 1.7%** | **Publishing & Broadcasting – 1.7%** | **Publishing & Broadcasting – 1.7%** |
| Clear Channel Outdoor Holdings, Inc., |  |  |
| 7.75%, 4/15/28 <sup>(1)</sup> <br>| 200 | 200 |
| 7.50%, 6/1/29 <sup>(1)</sup> <br>| 156 | 152 |
| 7.88%, 4/1/30 <sup>(1)</sup> <br>| 203 | 213 |
| 7.13%, 2/15/31 <sup>(1)</sup> <br>| 147 | 152 |
| 7.50%, 3/15/33 <sup>(1)</sup> <br>| 311 | 325 |
| Gray Media, Inc., |  |  |
| 10.50%, 7/15/29 <sup>(1) †</sup> <br>| 58 | 63 |
| 4.75%, 10/15/30 <sup>(1) †</sup> <br>| 75 | 57 |
| 5.38%, 11/15/31 <sup>(1)</sup> <br>| 50 | 38 |
| 9.63%, 7/15/32 <sup>(1)</sup> <br>| 96 | 98 |
| 7.25%, 8/15/33 <sup>(1)</sup> <br>| 115 | 114 |
| iHeartCommunications, Inc., |  |  |
| 9.13%, 5/1/29 <sup>(1) †</sup> <br>| 71 | 63 |
| 10.88%, 5/1/30 <sup>(1)</sup> <br>| 65 | 44 |
| 7.75%, 8/15/30 <sup>(1)</sup> <br>| 64 | 53 |
| Lamar Media Corp., |  |  |
| 5.38%, 11/1/33 <sup>(1)</sup> <br>| 59 | 59 |
| McGraw-Hill Education, Inc., |  |  |
| 8.00%, 8/1/29 <sup>(1) †</sup> <br>| 605 | 616 |
| 7.38%, 9/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| News Corp., |  |  |
| 5.13%, 2/15/32 <sup>(1)</sup> <br>| 50 | 50 |
| Scripps Escrow II, Inc., |  |  |
| 5.38%, 1/15/31 <sup>(1)</sup> <br>| 25 | 17 |
| Sinclair Television Group, Inc., |  |  |
| 5.13%, 2/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| 5.50%, 3/1/30 <sup>(1) †</sup> <br>| 25 | 21 |
| 4.38%, 12/31/32 <sup>(1)</sup> <br>| 25 | 18 |
| 8.13%, 2/15/33 <sup>(1)</sup> <br>| 123 | 126 |
|  |  | **2530** |
| **Real Estate Investment Trusts – 2.0%** | **Real Estate Investment Trusts – 2.0%** | **Real Estate Investment Trusts – 2.0%** |
| Brandywine Operating Partnership L.P., |  |  |
| 6.13%, 1/15/31  | 25 | 25 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **222** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Real Estate Investment Trusts – 2.0%continued** | **Real Estate Investment Trusts – 2.0%continued** | **Real Estate Investment Trusts – 2.0%continued** |
| &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>| $64 | $63 |
| Diversified Healthcare Trust, |  |  |
| 7.25%, 10/15/30 <sup>(1)</sup> <br>| 22 | 22 |
| &nbsp;&nbsp; EF Holdco/EF Cayman Hold/Ellington <br> Fin REIT Cayman/TRS/EF Cayman <br> Non-MTM,<br>|  |  |
| 7.38%, 9/30/30  | 25 | 25 |
| &nbsp;&nbsp; Iron Mountain Information <br> Management Services, Inc.,<br>|  |  |
| 5.00%, 7/15/32 <sup>(1)</sup> <br>| 175 | 169 |
| Iron Mountain, Inc., |  |  |
| 4.88%, 9/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| 5.25%, 3/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| 5.00%, 7/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| 5.25%, 7/15/30 <sup>(1)</sup> <br>| 130 | 129 |
| 4.50%, 2/15/31 <sup>(1)</sup> <br>| 100 | 95 |
| 6.25%, 1/15/33 <sup>(1)</sup> <br>| 25 | 25 |
| 4.75%, 1/15/34 [EUR]<sup>(1)</sup> <br>| 100 | 118 |
| Millrose Properties, Inc., |  |  |
| 6.38%, 8/1/30 <sup>(1)</sup> <br>| 165 | 168 |
| 6.25%, 9/15/32 <sup>(1)</sup> <br>| 69 | 69 |
| &nbsp;&nbsp; MPT Operating Partnership L.P./MPT <br> Finance Corp.,<br>|  |  |
| 5.00%, 10/15/27  | 100 | 97 |
| 4.63%, 8/1/29 <sup>†</sup> <br>| 50 | 42 |
| 3.50%, 3/15/31  | 50 | 37 |
| 8.50%, 2/15/32 <sup>(1)</sup> <br>| 214 | 227 |
| &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>| 25 | 25 |
| 4.88%, 5/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| 7.00%, 2/1/30 <sup>(1)</sup> <br>| 70 | 72 |
| &nbsp;&nbsp; Pebblebrook Hotel L.P./PEB Finance <br> Corp.,<br>|  |  |
| 6.38%, 10/15/29 <sup>(1)</sup> <br>| 49 | 50 |
| Prologis L.P., |  |  |
| 5.25%, 3/15/54  | 75 | 73 |
| &nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance <br> Corp.,<br>|  |  |
| 4.50%, 2/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| 6.50%, 4/1/32 <sup>(1)</sup> <br>| 63 | 65 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Real Estate Investment Trusts – 2.0%continued** | **Real Estate Investment Trusts – 2.0%continued** | **Real Estate Investment Trusts – 2.0%continued** |
| 6.50%, 6/15/33 <sup>(1)</sup> <br>| $73 | $75 |
| RLJ Lodging Trust L.P., |  |  |
| 3.75%, 7/1/26 <sup>(1)</sup> <br>| 25 | 25 |
| 4.00%, 9/15/29 <sup>(1) †</sup> <br>| 114 | 108 |
| SBA Communications Corp., |  |  |
| 3.13%, 2/1/29  | 53 | 50 |
| Service Properties Trust, |  |  |
| 4.75%, 10/1/26  | 50 | 50 |
| 0.00%, 9/30/27 <sup>(1) (2) †</sup> <br>| 42 | 37 |
| 4.95%, 10/1/29  | 50 | 44 |
| 4.38%, 2/15/30 <sup>†</sup> <br>| 25 | 21 |
| 8.63%, 11/15/31 <sup>(1)</sup> <br>| 244 | 260 |
| 8.88%, 6/15/32  | 91 | 91 |
| &nbsp;&nbsp; Uniti Group L.P./Uniti Fiber Holdings, <br> Inc./CSL Capital LLC,<br>|  |  |
| 6.00%, 1/15/30 <sup>(1)</sup> <br>| 75 | 68 |
| &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>| 104 | 110 |
| 4.75%, 4/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| 6.50%, 2/15/29 <sup>(1)</sup> <br>| 75 | 70 |
| 8.63%, 6/15/32 <sup>(1) †</sup> <br>| 150 | 143 |
| XHR L.P., |  |  |
| 4.88%, 6/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| 6.63%, 5/15/30 <sup>(1)</sup> <br>| 48 | 49 |
|  |  | **3018** |
| **Real Estate Owners & Developers – 0.2%** | **Real Estate Owners & Developers – 0.2%** | **Real Estate Owners & Developers – 0.2%** |
| Five Point Operating Co. L.P., |  |  |
| 8.00%, 10/1/30 <sup>(1)</sup> <br>| 39 | 39 |
| Howard Hughes (The) Corp., |  |  |
| 5.38%, 8/1/28 <sup>(1)</sup> <br>| 75 | 75 |
| 4.13%, 2/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| 4.38%, 2/1/31 <sup>(1)</sup> <br>| 42 | 39 |
| Kennedy-Wilson, Inc., |  |  |
| 4.75%, 3/1/29  | 25 | 24 |
| 4.75%, 2/1/30  | 50 | 47 |
|  |  | **272** |
| **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>| 119 | 121 |
| 7.00%, 4/15/30  | 86 | 87 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Real Estate Services – 0.3%continued** | **Real Estate Services – 0.3%continued** | **Real Estate Services – 0.3%continued** |
| &nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Realogy Co-Issuer Corp.,<br>|  |  |
| 5.75%, 1/15/29 <sup>(1) †</sup> <br>| $50 | $48 |
| 5.25%, 4/15/30 <sup>(1) †</sup> <br>| 25 | 23 |
| 9.75%, 4/15/30 <sup>(1)</sup> <br>| 25 | 27 |
| &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 | 92 |
|  |  | **423** |
| **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>| 50 | 50 |
| 6.50%, 2/15/28 <sup>(1)</sup> <br>| 75 | 76 |
| 4.88%, 2/15/30 <sup>(1)</sup> <br>| 50 | 49 |
| 6.25%, 3/15/33 <sup>(1)</sup> <br>| 33 | 34 |
| Ingles Markets, Inc., |  |  |
| 4.00%, 6/15/31 <sup>(1)</sup> <br>| 75 | 70 |
| Kroger (The) Co., |  |  |
| 5.00%, 9/15/34  | 50 | 50 |
| 5.65%, 9/15/64  | 50 | 49 |
|  |  | **378** |
| **Retail - Discretionary – 3.3%** | **Retail - Discretionary – 3.3%** | **Retail - Discretionary – 3.3%** |
| Advance Auto Parts, Inc., |  |  |
| 7.00%, 8/1/30 <sup>(1)</sup> <br>| 53 | 54 |
| 7.38%, 8/1/33 <sup>(1)</sup> <br>| 50 | 52 |
| Asbury Automotive Group, Inc., |  |  |
| 4.63%, 11/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| 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>| 21 | 21 |
| 4.75%, 4/1/28 <sup>(1)</sup> <br>| 50 | 48 |
| 8.25%, 1/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| Bath & Body Works, Inc., |  |  |
| 6.63%, 10/1/30 <sup>(1)</sup> <br>| 25 | 25 |
| 6.75%, 7/1/36  | 75 | 77 |
| Builders FirstSource, Inc., |  |  |
| 5.00%, 3/1/30 <sup>(1)</sup> <br>| 125 | 124 |
| 4.25%, 2/1/32 <sup>(1)</sup> <br>| 175 | 165 |
| 6.38%, 6/15/32 <sup>(1)</sup> <br>| 75 | 77 |
| 6.38%, 3/1/34 <sup>(1)</sup> <br>| 129 | 133 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Retail - Discretionary – 3.3%continued** | **Retail - Discretionary – 3.3%continued** | **Retail - Discretionary – 3.3%continued** |
| 6.75%, 5/15/35 <sup>(1)</sup> <br>| $81 | $85 |
| Carvana Co., |  |  |
| 9.00%, (100% Cash), 6/1/30 <sup>(1) (3)</sup> <br>| 140 | 146 |
| 9.00%, 6/1/31 <sup>(1) (3)</sup> <br>| 383 | 434 |
| Cougar JV Subsidiary LLC, |  |  |
| 8.00%, 5/15/32 <sup>(1)</sup> <br>| 41 | 44 |
| Foundation Building Materials, Inc., |  |  |
| 6.00%, 3/1/29 <sup>(1)</sup> <br>| 52 | 53 |
| Gap (The), Inc., |  |  |
| 3.63%, 10/1/29 <sup>(1)</sup> <br>| 25 | 23 |
| 3.88%, 10/1/31 <sup>(1)</sup> <br>| 25 | 23 |
| Hertz (The) Corp., |  |  |
| 4.63%, 12/1/26 <sup>(1) †</sup> <br>| 25 | 25 |
| 12.63%, 7/15/29 <sup>(1)</sup> <br>| 29 | 31 |
| LBM Acquisition LLC, |  |  |
| 6.25%, 1/15/29 <sup>(1) †</sup> <br>| 75 | 69 |
| LCM Investments Holdings II LLC, |  |  |
| 4.88%, 5/1/29 <sup>(1)</sup> <br>| 80 | 78 |
| 8.25%, 8/1/31 <sup>(1)</sup> <br>| 54 | 57 |
| Liberty Interactive LLC, |  |  |
| 8.25%, 2/1/30  | 25 | 3 |
| Lithia Motors, Inc., |  |  |
| 4.63%, 12/15/27 <sup>(1)</sup> <br>| 75 | 74 |
| 3.88%, 6/1/29 <sup>(1) †</sup> <br>| 50 | 48 |
| 5.50%, 10/1/30 <sup>(1)</sup> <br>| 53 | 53 |
| Macy's Retail Holdings LLC, |  |  |
| 4.50%, 12/15/34  | 25 | 22 |
| 5.13%, 1/15/42  | 75 | 59 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco <br> Corp.,<br>|  |  |
| 6.50%, 5/15/29 <sup>(1)</sup> <br>| 100 | 99 |
| Michaels (The) Cos., Inc., |  |  |
| 5.25%, 5/1/28 <sup>(1)</sup> <br>| 25 | 23 |
| Park River Holdings, Inc., |  |  |
| 6.75%, 8/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| 8.00%, 3/15/31 <sup>(1)</sup> <br>| 51 | 52 |
| Patrick Industries, Inc., |  |  |
| 4.75%, 5/1/29 <sup>(1)</sup> <br>| 50 | 49 |
| 6.38%, 11/1/32 <sup>(1)</sup> <br>| 740 | 751 |
| QVC, Inc., |  |  |
| 6.88%, 4/15/29 <sup>(1)</sup> <br>| 8 | 4 |
| QXO Building Products, Inc., |  |  |
| 6.75%, 4/30/32 <sup>(1)</sup> <br>| 106 | 110 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **224** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Retail - Discretionary – 3.3%continued** | **Retail - Discretionary – 3.3%continued** | **Retail - Discretionary – 3.3%continued** |
| Saks Global Enterprises LLC, |  |  |
| 11.00%, 12/15/29 <sup>(1)</sup> <br>| $67 | $34 |
| SGUS LLC, |  |  |
| 11.00%, 12/15/29 <sup>(1)</sup> <br>| 29 | 28 |
| Sonic Automotive, Inc., |  |  |
| 4.63%, 11/15/29 <sup>(1)</sup> <br>| 50 | 48 |
| Staples, Inc., |  |  |
| 10.75%, 9/1/29 <sup>(1)</sup> <br>| 87 | 86 |
| 12.75%, 1/15/30 <sup>(1)</sup> <br>| 63 | 50 |
| Wand NewCo 3, Inc., |  |  |
| 7.63%, 1/30/32 <sup>(1)</sup> <br>| 1020 | 1075 |
| White Cap Buyer LLC, |  |  |
| 6.88%, 10/15/28 <sup>(1) †</sup> <br>| 438 | 437 |
|  |  | **5026** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| Amkor Technology, Inc., |  |  |
| 5.88%, 10/1/33 <sup>(1)</sup> <br>| 13 | 13 |
| Coherent Corp., |  |  |
| 5.00%, 12/15/29 <sup>(1)</sup> <br>| 157 | 155 |
| ON Semiconductor Corp., |  |  |
| 3.88%, 9/1/28 <sup>(1)</sup> <br>| 50 | 48 |
| Synaptics, Inc., |  |  |
| 4.00%, 6/15/29 <sup>(1)</sup> <br>| 50 | 48 |
|  |  | **264** |
| **Software – 4.0%** | **Software – 4.0%** | **Software – 4.0%** |
| AthenaHealth Group, Inc., |  |  |
| 6.50%, 2/15/30 <sup>(1)</sup> <br>| 1941 | 1925 |
| Camelot Finance S.A., |  |  |
| 4.50%, 11/1/26 <sup>(1)</sup> <br>| 19 | 19 |
| Capstone Borrower, Inc., |  |  |
| 8.00%, 6/15/30 <sup>(1)</sup> <br>| 168 | 176 |
| Castle U.S. Holding Corp., |  |  |
| 10.00%, 6/30/31 <sup>(1)</sup> <br>| 46 | 7 |
| &nbsp;&nbsp; Central Parent LLC/CDK Global <br> II LLC/CDK Financing Co., Inc.,<br>|  |  |
| 8.00%, 6/15/29 <sup>(1)</sup> <br>| 61 | 54 |
| Central Parent, Inc./CDK Global, Inc., |  |  |
| 7.25%, 6/15/29 <sup>(1)</sup> <br>| 98 | 84 |
| Cloud Software Group, Inc., |  |  |
| 6.50%, 3/31/29 <sup>(1)</sup> <br>| 324 | 327 |
| 9.00%, 9/30/29 <sup>(1)</sup> <br>| 816 | 846 |
| 8.25%, 6/30/32 <sup>(1)</sup> <br>| 319 | 338 |
| 6.63%, 8/15/33 <sup>(1)</sup> <br>| 50 | 51 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Software – 4.0%continued** | **Software – 4.0%continued** | **Software – 4.0%continued** |
| CoreLogic, Inc., |  |  |
| 4.50%, 5/1/28 <sup>(1)</sup> <br>| $207 | $201 |
| CoreWeave, Inc., |  |  |
| 9.25%, 6/1/30 <sup>(1)</sup> <br>| 100 | 103 |
| 9.00%, 2/1/31 <sup>(1)</sup> <br>| 605 | 620 |
| Elastic N.V., |  |  |
| 4.13%, 7/15/29 <sup>(1)</sup> <br>| 74 | 71 |
| Ellucian Holdings, Inc., |  |  |
| 6.50%, 12/1/29 <sup>(1)</sup> <br>| 104 | 106 |
| Gen Digital, Inc., |  |  |
| 6.75%, 9/30/27 <sup>(1)</sup> <br>| 25 | 25 |
| 7.13%, 9/30/30 <sup>(1)</sup> <br>| 50 | 51 |
| 6.25%, 4/1/33 <sup>(1)</sup> <br>| 25 | 26 |
| GoTo Group, Inc., |  |  |
| 5.50%, 5/1/28 <sup>(1)</sup> <br>| 33 | 11 |
| McAfee Corp., |  |  |
| 7.38%, 2/15/30 <sup>(1)</sup> <br>| 68 | 63 |
| 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>| 75 | 75 |
| 6.50%, 6/1/32 <sup>(1)</sup> <br>| 173 | 179 |
| Synopsys, Inc., |  |  |
| 5.70%, 4/1/55  | 25 | 25 |
| Twilio, Inc., |  |  |
| 3.63%, 3/15/29  | 22 | 21 |
| 3.88%, 3/15/31  | 68 | 64 |
| UKG, Inc., |  |  |
| 6.88%, 2/1/31 <sup>(1)</sup> <br>| 373 | 385 |
| X.AI LLC/X.AI Co. Issuer Corp., |  |  |
| 12.50%, 6/30/30  | 75 | 79 |
| &nbsp;&nbsp; ZoomInfo Technologies LLC/ZoomInfo <br> Finance Corp.,<br>|  |  |
| 3.88%, 2/1/29 <sup>(1)</sup> <br>| 44 | 42 |
|  |  | **6051** |
| **Specialty Finance – 4.8%** | **Specialty Finance – 4.8%** | **Specialty Finance – 4.8%** |
| &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 | 194 |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.87%), 4.70%, <br> 5/15/26 <sup>(4) (6)</sup> <br>| 50 | 49 |
| 6.70%, 2/14/33 <sup>†</sup> <br>| 50 | 52 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Specialty Finance – 4.8%continued** | **Specialty Finance – 4.8%continued** | **Specialty Finance – 4.8%continued** |
| Arbor Realty SR, Inc., |  |  |
| 7.88%, 7/15/30 <sup>(1)</sup> <br>| $75 | $79 |
| Azorra Finance Ltd., |  |  |
| 7.75%, 4/15/30 <sup>(1)</sup> <br>| 58 | 61 |
| 7.25%, 1/15/31 <sup>(1)</sup> <br>| 45 | 47 |
| Blackstone Mortgage Trust, Inc., |  |  |
| 3.75%, 1/15/27 <sup>(1)</sup> <br>| 101 | 99 |
| 7.75%, 12/1/29 <sup>(1)</sup> <br>| 25 | 26 |
| Block, Inc., |  |  |
| 5.63%, 8/15/30 <sup>(1)</sup> <br>| 107 | 108 |
| 6.50%, 5/15/32  | 143 | 148 |
| 6.00%, 8/15/33 <sup>(1)</sup> <br>| 112 | 115 |
| Boost Newco Borrower LLC, |  |  |
| 7.50%, 1/15/31 <sup>(1)</sup> <br>| 200 | 212 |
| Bread Financial Holdings, Inc., |  |  |
| 9.75%, 3/15/29 <sup>(1)</sup> <br>| 50 | 53 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.30%), 8.38%, <br> 6/15/35 <sup>(1) (4)</sup> <br>| 34 | 35 |
| CrossCountry Intermediate HoldCo LLC, |  |  |
| 6.50%, 10/1/30 <sup>(1)</sup> <br>| 64 | 64 |
| EZCORP, Inc., |  |  |
| 7.38%, 4/1/32 <sup>(1)</sup> <br>| 120 | 128 |
| Fair Isaac Corp., |  |  |
| 6.00%, 5/15/33 <sup>(1)</sup> <br>| 171 | 173 |
| FirstCash, Inc., |  |  |
| 4.63%, 9/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| 5.63%, 1/1/30 <sup>(1)</sup> <br>| 25 | 25 |
| 6.88%, 3/1/32 <sup>(1)</sup> <br>| 50 | 52 |
| Freedom Mortgage Corp., |  |  |
| 6.63%, 1/15/27 <sup>(1)</sup> <br>| 125 | 125 |
| Freedom Mortgage Holdings LLC, |  |  |
| 9.25%, 2/1/29 <sup>(1)</sup> <br>| 56 | 59 |
| 9.13%, 5/15/31 <sup>(1)</sup> <br>| 58 | 62 |
| 8.38%, 4/1/32 <sup>(1)</sup> <br>| 36 | 38 |
| 7.88%, 4/1/33 <sup>(1)</sup> <br>| 25 | 26 |
| FTAI Aviation Investors LLC, |  |  |
| 5.50%, 5/1/28 <sup>(1)</sup> <br>| 83 | 83 |
| 7.88%, 12/1/30 <sup>(1)</sup> <br>| 92 | 98 |
| 7.00%, 5/1/31 <sup>(1)</sup> <br>| 151 | 158 |
| 7.00%, 6/15/32 <sup>(1)</sup> <br>| 211 | 221 |
| 5.88%, 4/15/33 <sup>(1)</sup> <br>| 136 | 137 |
| Jefferson Capital Holdings LLC, |  |  |
| 6.00%, 8/15/26 <sup>(1)</sup> <br>| 50 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Specialty Finance – 4.8%continued** | **Specialty Finance – 4.8%continued** | **Specialty Finance – 4.8%continued** |
| 9.50%, 2/15/29 <sup>(1)</sup> <br>| $50 | $53 |
| 8.25%, 5/15/30 <sup>(1)</sup> <br>| 75 | 78 |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| 4.25%, 2/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| 7.00%, 7/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| LD Holdings Group LLC, |  |  |
| 8.75%, 11/1/27 <sup>(1)</sup> <br>| 17 | 17 |
| 6.13%, 4/1/28 <sup>(1)</sup> <br>| 25 | 23 |
| LFS Topco LLC, |  |  |
| 8.75%, 7/15/30 <sup>(1)</sup> <br>| 100 | 100 |
| 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>| 111 | 114 |
| 5.13%, 12/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| 5.75%, 11/15/31 <sup>(1)</sup> <br>| 46 | 46 |
| 7.13%, 2/1/32 <sup>(1)</sup> <br>| 186 | 194 |
| Navient Corp., |  |  |
| 6.75%, 6/15/26  | 75 | 76 |
| 5.50%, 3/15/29 <sup>†</sup> <br>| 25 | 25 |
| 9.38%, 7/25/30  | 41 | 45 |
| 11.50%, 3/15/31  | 50 | 56 |
| 7.88%, 6/15/32  | 46 | 48 |
| OneMain Finance Corp., |  |  |
| 7.13%, 3/15/26  | 18 | 18 |
| 6.63%, 1/15/28  | 25 | 26 |
| 6.63%, 5/15/29  | 49 | 50 |
| 5.38%, 11/15/29  | 62 | 61 |
| 7.88%, 3/15/30  | 97 | 103 |
| 6.13%, 5/15/30 <sup>†</sup> <br>| 104 | 105 |
| 4.00%, 9/15/30  | 45 | 42 |
| 7.50%, 5/15/31  | 75 | 78 |
| 7.13%, 11/15/31  | 95 | 99 |
| 6.75%, 3/15/32  | 198 | 202 |
| 7.13%, 9/15/32  | 61 | 63 |
| 6.50%, 3/15/33  | 94 | 94 |
| &nbsp;&nbsp; Paysafe Finance PLC/Paysafe Holdings <br> U.S. Corp.,<br>|  |  |
| 4.00%, 6/15/29 <sup>(1) †</sup> <br>| 50 | 46 |
| PennyMac Financial Services, Inc., |  |  |
| 4.25%, 2/15/29 <sup>(1)</sup> <br>| 50 | 48 |
| 7.88%, 12/15/29 <sup>(1)</sup> <br>| 49 | 52 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **226** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Specialty Finance – 4.8%continued** | **Specialty Finance – 4.8%continued** | **Specialty Finance – 4.8%continued** |
| 7.13%, 11/15/30 <sup>(1)</sup> <br>| $25 | $26 |
| 5.75%, 9/15/31 <sup>(1)</sup> <br>| 100 | 99 |
| 6.88%, 5/15/32 <sup>(1)</sup> <br>| 74 | 77 |
| 6.88%, 2/15/33 <sup>(1)</sup> <br>| 75 | 77 |
| 6.75%, 2/15/34 <sup>(1)</sup> <br>| 102 | 104 |
| PHH Escrow Issuer LLC/PHH Corp., |  |  |
| 9.88%, 11/1/29 <sup>(1)</sup> <br>| 50 | 51 |
| PRA Group, Inc., |  |  |
| 8.38%, 2/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| 8.88%, 1/31/30 <sup>(1)</sup> <br>| 50 | 52 |
| Rithm Capital Corp., |  |  |
| 8.00%, 4/1/29 <sup>(1)</sup> <br>| 50 | 51 |
| 8.00%, 7/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| Rocket Cos., Inc., |  |  |
| 6.13%, 8/1/30 <sup>(1)</sup> <br>| 219 | 225 |
| 6.38%, 8/1/33 <sup>(1)</sup> <br>| 318 | 328 |
| &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>| 15 | 14 |
| 4.00%, 10/15/33 <sup>(1)</sup> <br>| 186 | 170 |
| &nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments <br> Finance Sub, Inc.,<br>|  |  |
| 6.75%, 8/15/32 <sup>(1)</sup> <br>| 172 | 178 |
| SLM Corp., |  |  |
| 3.13%, 11/2/26  | 25 | 24 |
| 6.50%, 1/31/30  | 25 | 26 |
| Starwood Property Trust, Inc., |  |  |
| 7.25%, 4/1/29 <sup>(1)</sup> <br>| 18 | 19 |
| 6.00%, 4/15/30 <sup>(1)</sup> <br>| 92 | 93 |
| 6.50%, 7/1/30 <sup>(1)</sup> <br>| 31 | 32 |
| 6.50%, 10/15/30 <sup>(1)</sup> <br>| 54 | 56 |
| Synchrony Financial, |  |  |
| 7.25%, 2/2/33  | 50 | 53 |
| United Wholesale Mortgage LLC, |  |  |
| 5.75%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| 5.50%, 4/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| UWM Holdings LLC, |  |  |
| 6.63%, 2/1/30 <sup>(1)</sup> <br>| 102 | 104 |
| 6.25%, 3/15/31 <sup>(1)</sup> <br>| 54 | 54 |
| Walker & Dunlop, Inc., |  |  |
| 6.63%, 4/1/33 <sup>(1)</sup> <br>| 54 | 55 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Specialty Finance – 4.8%continued** | **Specialty Finance – 4.8%continued** | **Specialty Finance – 4.8%continued** |
| WEX, Inc., |  |  |
| 6.50%, 3/15/33 <sup>(1)</sup> <br>| $217 | $222 |
|  |  | **7256** |
| **Steel – 2.4%** | **Steel – 2.4%** | **Steel – 2.4%** |
| Big River Steel LLC/BRS Finance Corp., |  |  |
| 6.63%, 1/31/29 <sup>(1)</sup> <br>| 86 | 86 |
| Carpenter Technology Corp., |  |  |
| 6.38%, 7/15/28  | 50 | 50 |
| 7.63%, 3/15/30  | 51 | 52 |
| Cleveland-Cliffs, Inc., |  |  |
| 6.88%, 11/1/29 <sup>(1)</sup> <br>| 109 | 111 |
| 6.75%, 4/15/30 <sup>(1) †</sup> <br>| 25 | 25 |
| 4.88%, 3/1/31 <sup>(1)</sup> <br>| 25 | 23 |
| 7.50%, 9/15/31 <sup>(1)</sup> <br>| 25 | 26 |
| 7.00%, 3/15/32 <sup>(1)</sup> <br>| 310 | 313 |
| 7.38%, 5/1/33 <sup>(1)</sup> <br>| 310 | 317 |
| Commercial Metals Co., |  |  |
| 4.13%, 1/15/30  | 25 | 24 |
| 4.38%, 3/15/32  | 25 | 24 |
| Specialty Steel Holdco, Inc., |  |  |
| 14.44%, 11/15/33 <sup>(9) (12)</sup> <br>| 2490 | 2490 |
| TMS International Corp., |  |  |
| 6.25%, 4/15/29 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **3565** |
| **Technology – 0.1%** | **Technology – 0.1%** | **Technology – 0.1%** |
| ION Platform Finance U.S., Inc., |  |  |
| 7.88%, 9/30/32 | 200 | **199** |
| **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** |
| CommScope LLC, |  |  |
| 8.25%, 3/1/27 <sup>(1)</sup> <br>| 50 | 51 |
| 7.13%, 7/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| 4.75%, 9/1/29 <sup>(1)</sup> <br>| 205 | 204 |
| CommScope Technologies LLC, |  |  |
| 5.00%, 3/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| Diebold Nixdorf, Inc., |  |  |
| 7.75%, 3/31/30 <sup>(1)</sup> <br>| 25 | 26 |
| Imola Merger Corp., |  |  |
| 4.75%, 5/15/29 <sup>(1)</sup> <br>| 240 | 233 |
| NCR Atleos Corp., |  |  |
| 9.50%, 4/1/29 <sup>(1)</sup> <br>| 75 | 81 |
| NCR Voyix Corp., |  |  |
| 5.00%, 10/1/28 <sup>(1)</sup> <br>| 50 | 49 |
| 5.13%, 4/15/29 <sup>(1)</sup> <br>| 30 | 30 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Technology Hardware – 0.8%continued** | **Technology Hardware – 0.8%continued** | **Technology Hardware – 0.8%continued** |
| &nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd.,<br>|  |  |
| 8.25%, 12/15/29 <sup>(1)</sup> <br>| $40 | $42 |
| 5.88%, 7/15/30 <sup>(1)</sup> <br>| 49 | 50 |
| 4.13%, 1/15/31 <sup>(1)</sup> <br>| 55 | 51 |
| 8.50%, 7/15/31 <sup>(1)</sup> <br>| 40 | 42 |
| 9.63%, 12/1/32 <sup>(1)</sup> <br>| 70 | 79 |
| TTM Technologies, Inc., |  |  |
| 4.00%, 3/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| Viasat, Inc., |  |  |
| 6.50%, 7/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| 7.50%, 5/30/31 <sup>(1)</sup> <br>| 25 | 24 |
| Viavi Solutions, Inc., |  |  |
| 3.75%, 10/1/29 <sup>(1)</sup> <br>| 37 | 35 |
| Xerox Corp., |  |  |
| 13.50%, 4/15/31 <sup>(1) †</sup> <br>| 25 | 24 |
| Zebra Technologies Corp., |  |  |
| 6.50%, 6/1/32 <sup>(1)</sup> <br>| 73 | 75 |
|  |  | **1244** |
| **Telecommunications – 2.7%** | **Telecommunications – 2.7%** | **Telecommunications – 2.7%** |
| &nbsp;&nbsp; Cogent Communications <br> Group LLC/Cogent Finance, Inc.,<br>|  |  |
| 7.00%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| 7.00%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| EchoStar Corp., |  |  |
| 10.75%, 11/30/29  | 347 | 382 |
| 6.75%, 11/30/30 <sup>(3)</sup> <br>| 505 | 520 |
| Embarq LLC, |  |  |
| 8.00%, 6/1/36 <sup>†</sup> <br>| 50 | 25 |
| Frontier Communications Holdings LLC, |  |  |
| 5.88%, 10/15/27 <sup>(1)</sup> <br>| 46 | 46 |
| 5.00%, 5/1/28 <sup>(1)</sup> <br>| 163 | 163 |
| 6.75%, 5/1/29 <sup>(1)</sup> <br>| 97 | 98 |
| 5.88%, 11/1/29 <sup>†</sup> <br>| 75 | 76 |
| 6.00%, 1/15/30 <sup>(1) †</sup> <br>| 107 | 108 |
| 8.75%, 5/15/30 <sup>(1)</sup> <br>| 386 | 403 |
| 8.63%, 3/15/31 <sup>(1)</sup> <br>| 81 | 85 |
| Frontier North, Inc., |  |  |
| 6.73%, 2/15/28  | 25 | 26 |
| Hughes Satellite Systems Corp., |  |  |
| 6.63%, 8/1/26  | 50 | 48 |
| Level 3 Financing, Inc., |  |  |
| 4.25%, 7/1/28 <sup>(1)</sup> <br>| 25 | 23 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Telecommunications – 2.7%continued** | **Telecommunications – 2.7%continued** | **Telecommunications – 2.7%continued** |
| 3.63%, 1/15/29 <sup>(1)</sup> <br>| $11 | $10 |
| 4.88%, 6/15/29 <sup>(1)</sup> <br>| 263 | 247 |
| 3.75%, 7/15/29 <sup>(1)</sup> <br>| 25 | 21 |
| 4.50%, 4/1/30 <sup>(1)</sup> <br>| 170 | 156 |
| 3.88%, 10/15/30 <sup>(1)</sup> <br>| 21 | 18 |
| 4.00%, 4/15/31 <sup>(1)</sup> <br>| 9 | 7 |
| 6.88%, 6/30/33 <sup>(1)</sup> <br>| 359 | 366 |
| 7.00%, 3/31/34 <sup>(1)</sup> <br>| 329 | 335 |
| Lumen Technologies, Inc., |  |  |
| 4.50%, 1/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| 4.13%, 4/15/29 <sup>(1)</sup> <br>| 60 | 59 |
| 4.13%, 4/15/30 <sup>(1)</sup> <br>| 60 | 59 |
| 10.00%, 10/15/32 <sup>(1)</sup> <br>| 68 | 69 |
| Windstream Services LLC, |  |  |
| 10/15/33 <sup>(1) (5)</sup> <br>| 81 | 81 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream <br> Escrow Finance Corp.,<br>|  |  |
| 8.25%, 10/1/31 <sup>(1)</sup> <br>| 362 | 375 |
| Zayo Group Holdings, Inc., |  |  |
| 9.25%, 3/9/30 <sup>(1) (3) †</sup> <br>| 178 | 170 |
| 13.75%, 9/9/30 <sup>(1) (3)</sup> <br>| 89 | 84 |
|  |  | **4133** |
| **Transportation & Logistics – 0.8%** | **Transportation & Logistics – 0.8%** | **Transportation & Logistics – 0.8%** |
| Allegiant Travel Co., |  |  |
| 7.25%, 8/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| American Airlines, Inc., |  |  |
| 7.25%, 2/15/28 <sup>(1) †</sup> <br>| 50 | 51 |
| 8.50%, 5/15/29 <sup>(1)</sup> <br>| 91 | 95 |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd.,<br>|  |  |
| 5.50%, 4/20/26 <sup>(1)</sup> <br>| 6 | 6 |
| 5.75%, 4/20/29 <sup>(1)</sup> <br>| 156 | 156 |
| Beacon Mobility Corp., |  |  |
| 7.25%, 8/1/30 <sup>(1)</sup> <br>| 25 | 26 |
| Genesee & Wyoming, Inc., |  |  |
| 6.25%, 4/15/32 <sup>(1)</sup> <br>| 88 | 90 |
| &nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty <br> L.P.,<br>|  |  |
| 9.88%, 9/20/31 <sup>(1)</sup> <br>| 237 | 240 |
| OneSky Flight LLC, |  |  |
| 8.88%, 12/15/29 <sup>(1)</sup> <br>| 72 | 76 |
| Rand Parent LLC, |  |  |
| 8.50%, 2/15/30 <sup>(1) †</sup> <br>| 72 | 75 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **228** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Transportation & Logistics – 0.8%continued** | **Transportation & Logistics – 0.8%continued** | **Transportation & Logistics – 0.8%continued** |
| &nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP <br> Cayman Ltd.,<br>|  |  |
| 11.00%, 3/12/30 <sup>(1) (7) †</sup> <br>| $35 | $15 |
| 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>| 14 | 15 |
| United Airlines, Inc., |  |  |
| 4.63%, 4/15/29 <sup>(1)</sup> <br>| 63 | 62 |
| Watco Cos. LLC/Watco Finance Corp., |  |  |
| 7.13%, 8/1/32 <sup>(1)</sup> <br>| 88 | 91 |
| XPO, Inc., |  |  |
| 6.25%, 6/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| 7.13%, 6/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| 7.13%, 2/1/32 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **1125** |
| **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** |
| Allison Transmission, Inc., |  |  |
| 4.75%, 10/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| 3.75%, 1/30/31 <sup>(1) †</sup> <br>| 25 | 23 |
| JB Poindexter & Co., Inc., |  |  |
| 8.75%, 12/15/31 <sup>(1)</sup> <br>| 50 | 52 |
| Trinity Industries, Inc., |  |  |
| 7.75%, 7/15/28 <sup>(1)</sup> <br>| 50 | 52 |
| Wabash National Corp., |  |  |
| 4.50%, 10/15/28 <sup>(1)</sup> <br>| 26 | 24 |
|  |  | **176** |
| **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** |
| C&S Group Enterprises LLC, |  |  |
| 5.00%, 12/15/28 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution, Inc.,<br>|  |  |
| 9.00%, 2/15/29 <sup>(1)</sup> <br>| 131 | 138 |
| Performance Food Group, Inc., |  |  |
| 4.25%, 8/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| 6.13%, 9/15/32 <sup>(1)</sup> <br>| 76 | 78 |
| U.S. Foods, Inc., |  |  |
| 6.88%, 9/15/28 <sup>(1)</sup> <br>| 25 | 26 |
| 7.25%, 1/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| 5.75%, 4/15/33 <sup>(1)</sup> <br>| 25 | 25 |
| United Natural Foods, Inc., |  |  |
| 6.75%, 10/15/28 <sup>(1)</sup> <br>| 66 | 66 |
|  |  | **430** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  | **CORPORATE BONDS - 78.6% continued**  |
| **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** |
| Dealer Tire LLC/DT Issuer LLC, |  |  |
| 8.00%, 2/1/28<sup>(1)</sup> <br>| $25 | **$25** |
| **Total Corporate Bonds** |  |  |
| **(Cost $118,065)** |  | **118219** |
| **FOREIGN ISSUER BONDS – 8.7%**  | **FOREIGN ISSUER BONDS – 8.7%**  | **FOREIGN ISSUER BONDS – 8.7%**  |
| **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** |
| Bombardier, Inc., |  |  |
| 7.88%, 4/15/27 <sup>(1) †</sup> <br>| 21 | 21 |
| 6.00%, 2/15/28 <sup>(1)</sup> <br>| 111 | 111 |
| 8.75%, 11/15/30 <sup>(1)</sup> <br>| 25 | 27 |
| 7.25%, 7/1/31 <sup>(1)</sup> <br>| 53 | 56 |
| 7.00%, 6/1/32 <sup>(1) †</sup> <br>| 26 | 27 |
| 6.75%, 6/15/33 <sup>(1)</sup> <br>| 66 | 69 |
| Efesto Bidco S.p.A. Efesto U.S. LLC, |  |  |
| 7.50%, 2/15/32 <sup>(1)</sup> <br>| 200 | 204 |
|  |  | **515** |
| **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>(4)</sup> <br>| 115 | **114** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| Nissan Motor Co. Ltd., |  |  |
| 8.13%, 7/17/35<sup>(1)</sup> <br>| 200 | **215** |
| **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>(4) (6)</sup> <br>| 200 | 192 |
| (Variable, USD SOFR ICE Swap Rate <br> 5Y + 5.78%), 9.63%, <br> 12/15/29 <sup>(4) (6)</sup> <br>| 200 | 227 |
|  |  | **419** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| &nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III B.V.,<br>|  |  |
| 3.15%, 10/1/26 | 81 | **80** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| Cerdia Finanz GmbH, |  |  |
| 9.38%, 10/3/31 <sup>(1)</sup> <br>| 25 | 26 |
| Methanex Corp., |  |  |
| 5.13%, 10/15/27  | 25 | 25 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Chemicals – 0.2%continued** | **Chemicals – 0.2%continued** | **Chemicals – 0.2%continued** |
| NOVA Chemicals Corp., |  |  |
| 5.25%, 6/1/27 <sup>(1)</sup> <br>| $25 | $25 |
| 8.50%, 11/15/28 <sup>(1)</sup> <br>| 75 | 79 |
| 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>| 25 | 26 |
|  |  | **259** |
| **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 | 95 |
| 7.75%, 2/15/28 <sup>(1)</sup> <br>| 77 | 79 |
| 6.00%, 6/1/29 <sup>(1) †</sup> <br>| 90 | 89 |
| 8.25%, 8/1/32 <sup>(1)</sup> <br>| 200 | 208 |
| 8.38%, 11/15/32 <sup>(1)</sup> <br>| 152 | 158 |
| Wrangler Holdco Corp., |  |  |
| 6.63%, 4/1/32 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **655** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| ARD Finance S.A., |  |  |
| 6.50%, 6/30/27 <sup>(1) (3)</sup> <br>| 215 | 6 |
| &nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, <br> Inc./Toucan FinCo U.S. LLC,<br>|  |  |
| 9.50%, 5/15/30 <sup>(1)</sup> <br>| 530 | 519 |
|  |  | **525** |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| TransAlta Corp., |  |  |
| 7.75%, 11/15/29 | 25 | **26** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| TK Elevator Midco GmbH, |  |  |
| 4.38%, 7/15/27 [EUR]<sup>(10)</sup> <br>| 100 | 118 |
| TK Elevator U.S. Newco, Inc., |  |  |
| 5.25%, 7/15/27 <sup>(1)</sup> <br>| 200 | 199 |
|  |  | **317** |
| **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 | 23 |
| 5.13%, 2/1/29 <sup>†</sup> <br>| 25 | 18 |
|  |  | **41** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Gas & Water Utilities – 0.0%** | **Gas & Water Utilities – 0.0%** | **Gas & Water Utilities – 0.0%** |
| AltaGas Ltd., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.57%), 7.20%, <br> 10/15/54 <sup>(1) (4)</sup> <br>| $42 | $44 |
| &nbsp;&nbsp; Superior Plus L.P./Superior General <br> Partner, Inc.,<br>|  |  |
| 4.50%, 3/15/29 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **68** |
| **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>| 126 | 120 |
| 4.88%, 2/15/30 <sup>(1)</sup> <br>| 25 | 23 |
| Empire Communities Corp., |  |  |
| 9.75%, 5/1/29 <sup>(1)</sup> <br>| 60 | 63 |
| Mattamy Group Corp., |  |  |
| 4.63%, 3/1/30 <sup>(1)</sup> <br>| 65 | 63 |
|  |  | **269** |
| **Insurance – 1.2%** | **Insurance – 1.2%** | **Insurance – 1.2%** |
| Ardonagh Finco Ltd., |  |  |
| 7.75%, 2/15/31 <sup>(1)</sup> <br>| 200 | 209 |
| Ardonagh Group Finance Ltd., |  |  |
| 8.88%, 2/15/32 <sup>(1)</sup> <br>| 400 | 420 |
| &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>| 230 | 237 |
| 8.13%, 2/15/32 <sup>(1)</sup> <br>| 213 | 221 |
| &nbsp;&nbsp; Jones Deslauriers Insurance <br> Management, Inc.,<br>|  |  |
| 8.50%, 3/15/30 <sup>(1)</sup> <br>| 296 | 311 |
| 6.88%, 10/1/33 <sup>(1)</sup> <br>| 386 | 384 |
|  |  | **1782** |
| **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 | **199** |
| **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>|  |  |
| 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>| 262 | 247 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **230** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Leisure Facilities & Services – 0.5%continued** | **Leisure Facilities & Services – 0.5%continued** | **Leisure Facilities & Services – 0.5%continued** |
| &nbsp;&nbsp; Great Canadian Gaming <br> Corp./Raptor LLC,<br>|  |  |
| 8.75%, 11/15/29 <sup>(1)</sup> <br>| $124 | $123 |
| Melco Resorts Finance Ltd., |  |  |
| 5.38%, 12/4/29 <sup>(1)</sup> <br>| 200 | 196 |
| Wynn Macau Ltd., |  |  |
| 5.63%, 8/26/28 <sup>(1)</sup> <br>| 200 | 200 |
|  |  | **799** |
| **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>| 178 | **186** |
| **Metals & Mining – 1.7%** | **Metals & Mining – 1.7%** | **Metals & Mining – 1.7%** |
| &nbsp;&nbsp; Baffinland Iron Mines Corp./Baffinland <br> Iron Mines L.P.,<br>|  |  |
| 8.75%, 7/15/26 <sup>(1)</sup> <br>| 2035 | 1888 |
| Capstone Copper Corp., |  |  |
| 6.75%, 3/31/33 <sup>(1)</sup> <br>| 25 | 26 |
| Champion Iron Canada, Inc., |  |  |
| 7.88%, 7/15/32 <sup>(1)</sup> <br>| 25 | 26 |
| ERO Copper Corp., |  |  |
| 6.50%, 2/15/30 <sup>(1)</sup> <br>| 73 | 73 |
| Fortescue Treasury Pty. Ltd., |  |  |
| 5.88%, 4/15/30 <sup>(1)</sup> <br>| 25 | 26 |
| 4.38%, 4/1/31 <sup>(1)</sup> <br>| 100 | 95 |
| 6.13%, 4/15/32 <sup>(1)</sup> <br>| 75 | 78 |
| 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 | 25 |
| Mineral Resources Ltd., |  |  |
| 8.13%, 5/1/27 <sup>(1)</sup> <br>| 50 | 50 |
| 8.00%, 11/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| 8.50%, 5/1/30 <sup>(1)</sup> <br>| 50 | 52 |
| 4/1/31 <sup>(1) (5)</sup> <br>| 25 | 25 |
| New Gold, Inc., |  |  |
| 6.88%, 4/1/32 <sup>(1)</sup> <br>| 60 | 63 |
| Taseko Mines Ltd., |  |  |
| 8.25%, 5/1/30 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **2503** |
| **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** |
| Enerflex Ltd., |  |  |
| 9.00%, 10/15/27 <sup>(1)</sup> <br>| 68 | 69 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Oil & Gas Services & Equipment – 0.1%continued** | **Oil & Gas Services & Equipment – 0.1%continued** | **Oil & Gas Services & Equipment – 0.1%continued** |
| Precision Drilling Corp., |  |  |
| 6.88%, 1/15/29 <sup>(1)</sup> <br>| $25 | $25 |
|  |  | **94** |
| **Oil & Gas Supply Chain – 0.9%** | **Oil & Gas Supply Chain – 0.9%** | **Oil & Gas Supply Chain – 0.9%** |
| 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>(4)</sup> <br>| 35 | 37 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.12%), 7.38%, <br> 3/15/55 <sup>(4)</sup> <br>| 43 | 45 |
| MEG Energy Corp., |  |  |
| 5.88%, 2/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| Northriver Midstream Finance L.P., |  |  |
| 6.75%, 7/15/32 <sup>(1)</sup> <br>| 70 | 72 |
| OGX Austria GmbH, |  |  |
| 8.50%, 6/1/18 <sup>(1) (7) (8)</sup> <br>| 2420 |  |
| 8.38%, 4/1/22 <sup>(1) (7) (9)</sup> <br>| 1800 |  |
| Parkland Corp., |  |  |
| 4.50%, 10/1/29 <sup>(1)</sup> <br>| 125 | 122 |
| 4.63%, 5/1/30 <sup>(1)</sup> <br>| 50 | 49 |
| 6.63%, 8/15/32 <sup>(1)</sup> <br>| 36 | 37 |
| Saturn Oil & Gas, Inc., |  |  |
| 9.63%, 6/15/29 <sup>(1) †</sup> <br>| 23 | 24 |
| &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>(4)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.95%), 7.63%, <br> 3/1/55 <sup>(4)</sup> <br>| 25 | 26 |
| Teine Energy Ltd., |  |  |
| 6.88%, 4/15/29 <sup>(1)</sup> <br>| 810 | 797 |
| Vermilion Energy, Inc., |  |  |
| 6.88%, 5/1/30 <sup>(1)</sup> <br>| 50 | 49 |
|  |  | **1360** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| Boots Group Finco L.P., |  |  |
| 5.38%, 8/31/32<sup>(1)</sup> <br>| 100 | **121** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| Dye & Durham Ltd., |  |  |
| 8.63%, 4/15/29 <sup>(1)</sup> <br>| $25 | $25 |
| Open Text Corp., |  |  |
| 3.88%, 2/15/28 <sup>(1)</sup> <br>| 50 | 49 |
| 3.88%, 12/1/29 <sup>(1)</sup> <br>| 50 | 47 |
| Open Text Holdings, Inc., |  |  |
| 4.13%, 2/15/30 <sup>(1)</sup> <br>| 50 | 47 |
| 4.13%, 12/1/31 <sup>(1)</sup> <br>| 75 | 69 |
|  |  | **237** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| GGAM Finance Ltd., |  |  |
| 8.00%, 6/15/28 <sup>(1)</sup> <br>| 28 | 30 |
| 6.88%, 4/15/29 <sup>(1)</sup> <br>| 50 | 52 |
| 5.88%, 3/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| Global Aircraft Leasing Co. Ltd., |  |  |
| 8.75%, 9/1/27 <sup>(1)</sup> <br>| 75 | 78 |
| goeasy Ltd., |  |  |
| 9.25%, 12/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| 7.63%, 7/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| 6.88%, 5/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| 6.88%, 2/15/31 <sup>(1)</sup> <br>| 25 | 24 |
| Phoenix Aviation Capital Ltd., |  |  |
| 9.25%, 7/15/30 <sup>(1)</sup> <br>| 74 | 79 |
| TrueNoord Capital DAC, |  |  |
| 8.75%, 3/1/30 <sup>(1)</sup> <br>| 50 | 53 |
|  |  | **417** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| Algoma Steel, Inc., |  |  |
| 9.13%, 4/15/29 <sup>(1)</sup> <br>| 25 | 21 |
| Infrabuild Australia Pty. Ltd., |  |  |
| 14.50%, 11/15/28 <sup>(1)</sup> <br>| 25 | 27 |
|  |  | **48** |
| **Telecommunications – 1.1%** | **Telecommunications – 1.1%** | **Telecommunications – 1.1%** |
| Altice Financing S.A., |  |  |
| 5.75%, 8/15/29 <sup>(1) †</sup> <br>| 200 | 151 |
| Altice France Holding S.A., |  |  |
| 10.50%, 5/15/27 <sup>(1) (7)</sup> <br>| 200 | 71 |
| 6.00%, 2/15/28 <sup>(1) (7)</sup> <br>| 200 | 71 |
| Altice France S.A., |  |  |
| 8.13%, 2/1/27 <sup>(1) (7)</sup> <br>| 200 | 190 |
| 5.50%, 1/15/28 <sup>(1)</sup> <br>| 370 | 326 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  | **FOREIGN ISSUER BONDS - 8.7% continued**  |
| **Telecommunications – 1.1%continued** | **Telecommunications – 1.1%continued** | **Telecommunications – 1.1%continued** |
| Digicel Group Holdings Ltd., |  |  |
| 0.00%, 12/31/30 <sup>(1) (2) (9)</sup> <br>| $28 | $1 |
| 0.00%, 12/31/30 <sup>(1) (2) (9) (13)</sup> <br>|  |  |
| 0.00%, 12/31/30 <sup>(1) (2) (8) (9)</sup> <br>| 9 |  |
| &nbsp;&nbsp; Digicel International Finance Ltd./Difl <br> U.S. LLC,<br>|  |  |
| 8.63%, 8/1/32 <sup>(1)</sup> <br>| 200 | 206 |
| Rogers Communications, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.62%), 7.13%, <br> 4/15/55 <sup>(4)</sup> <br>| 25 | 27 |
| Telecom Italia Capital S.A., |  |  |
| 7.20%, 7/18/36  | 10 | 11 |
| 7.72%, 6/4/38  | 68 | 75 |
| Telesat Canada/Telesat LLC, |  |  |
| 5.63%, 12/6/26 <sup>(1)</sup> <br>| 50 | 40 |
| 4.88%, 6/1/27 <sup>(1)</sup> <br>| 50 | 38 |
| 6.50%, 10/15/27 <sup>(1)</sup> <br>| 25 | 12 |
| Vmed O2 UK Financing I PLC, |  |  |
| 4.25%, 1/31/31 <sup>(1)</sup> <br>| 200 | 185 |
| 4.75%, 7/15/31 <sup>(1)</sup> <br>| 200 | 188 |
| Vodafone Group PLC, |  |  |
| (Variable, USD Swap 5Y + 4.87%), <br> 7.00%, 4/4/79 <sup>(4)</sup> <br>| 50 | 53 |
|  |  | **1645** |
| **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 | 52 |
| Seaspan Corp., |  |  |
| 5.50%, 8/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| 7.88%, 5/1/27 <sup>(1)</sup> <br>| 100 | 101 |
| 9.50%, 6/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| 6.38%, 2/1/30 <sup>(1)</sup> <br>| 50 | 49 |
|  |  | **252** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $17,272)** |  | **13146** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **232** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS – 5.0%** <sup>(11)</sup> | **TERM LOANS – 5.0%** <sup>(11)</sup> | **TERM LOANS – 5.0%** <sup>(11)</sup> |
| **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** |
| &nbsp;&nbsp; Neptune BidCo U.S., Inc., Dollar Term <br> B Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 9.43%, <br> 4/11/29 <br>| $70 | $67 |
| &nbsp;&nbsp; Summer Bidco B LLC, Extended Facility <br> B,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 5.00%), 9.26%, 2/15/29 <br>| 17 | 17 |
|  |  | **84** |
| **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** |
| &nbsp;&nbsp; Kaman Corp., Delayed Draw Term <br> Loan,<br>|  |  |
| 2/26/32 <sup>(14)</sup> <br>| 4 | 4 |
| Kaman Corp., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 2.50%, 0.50% Floor), 6.54%, <br> 2/26/32 <br>| 4 | 4 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%, 0.50% Floor), 6.70%, <br> 2/26/32 <br>| 12 | 12 |
| &nbsp;&nbsp; Signia Aerospace LLC, 2025 Delayed <br> Draw Term Loan,<br>|  |  |
| 12/11/31 <sup>(9) (14) (15)</sup> <br>| 1 | 1 |
| &nbsp;&nbsp; Signia Aerospace LLC, 2025 Initial <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.75%, 0.50% Floor), 6.74%, <br> 12/11/31 <sup>(13)</sup> <br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%, 0.50% Floor), 6.91%, <br> 12/11/31 <br>| 11 | 11 |
| (Floating, CME Term SOFR USD 3M <br> + 2.75%, 0.50% Floor), 7.06%, <br> 12/11/31 <sup>(13)</sup> <br>|  |  |
|  |  | **32** |
| **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** |
| &nbsp;&nbsp; Beach Acquisition Bidco LLC, Tranche <br> B-1 Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.31%, 9/12/32 <br>| 49 | 49 |
| &nbsp;&nbsp; Champ Acquisition Corp., Initial Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 6M <br> + 4.00%), 8.17%, 11/25/31 <sup>(13)</sup> <br>|  |  |
|  |  | **49** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Asset Management – 0.0%** | **Asset Management – 0.0%** | **Asset Management – 0.0%** |
| &nbsp;&nbsp; Acuren Delaware Holdco, Inc., <br> Amendment No. 1 Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%), 6.91%, 7/30/31 <br>| $8 | $8 |
| Osaic Holdings, Inc., Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.16%, 7/30/32 <br>| 37 | 36 |
|  |  | **44** |
| **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%), 6.91%, 1/28/32 <br>| 45 | 45 |
| Tenneco, Inc., Term A Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%, 0.50% Floor), 9.05%, <br> 11/17/28 <br>| 6 | 6 |
| Tenneco, Inc., Term B Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 9.10%, <br> 11/17/28 <sup>(13)</sup> <br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 9.30%, <br> 11/17/28 <br>| 37 | 36 |
|  |  | **87** |
| **Beverages – 0.0%** | **Beverages – 0.0%** | **Beverages – 0.0%** |
| &nbsp;&nbsp; Sazerac Co., Inc., Incremental Term B-1 <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.70%, 7/9/32<br>| 18 | **18** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| 1261229 BC Ltd., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.25%), 10.41%, 10/8/30 <br>| 25 | 25 |
| &nbsp;&nbsp; Amneal Pharmaceuticals LLC, <br> Amendment No.1 Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.66%, <br> 8/1/32 <br>| 62 | 62 |
| &nbsp;&nbsp; Endo Finance Holdings, Inc., 2024 <br> Refinancing Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.00%, 0.50% Floor), 8.16%, <br> 4/23/31 <br>| 35 | 35 |
|  |  | **122** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** |
| &nbsp;&nbsp; CSC Holdings LLC, 2022 Refinancing <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.50%), 8.65%, 1/18/28 <br>| $37 | $37 |
| &nbsp;&nbsp; CSC Holdings LLC, September 2019 <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, PRIME USD 3M + 1.50%, <br> 1.00% Floor), 8.75%, 4/15/27 <br>| 42 | 41 |
| &nbsp;&nbsp; DIRECTV Financing LLC, 2025 <br> Incremental Term B Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.50%, 0.75% Floor), 9.81%, <br> 2/17/31 <br>| 138 | 134 |
| &nbsp;&nbsp; Radiate Holdco LLC, First Out Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, PIK Interest USD 1M + <br> 1.50%, 0.75% Floor), 1.50%, <br> 9/25/29 <br>| 36 | 29 |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.75% Floor), 7.78%, <br> 9/25/29 <br>| 36 | 29 |
|  |  | **270** |
| **Capital Goods – 0.1%** | **Capital Goods – 0.1%** | **Capital Goods – 0.1%** |
| &nbsp;&nbsp; Pinnacle Buyer LLC, Delayed Draw <br> Term B Loan,<br>|  |  |
| 10/1/32 <sup>(14)</sup> <br>| 3 | 4 |
| Pinnacle Buyer LLC, Initial Term B Loan, |  |  |
| 10/1/32 <sup>(14)</sup> <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), 10.25%, <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), 8.37%, <br> 12/17/28 <br>| 39 | 8 |
| Wilsonart LLC, Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.25%), 8.25%, 8/5/31 <br>| 29 | 28 |
|  |  | **70** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **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), 8.08%, <br> 10/4/29 <br>| $57 | $56 |
| Herens Holdco S.a.r.l., Facility B, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.93%, 0.75% Floor), 8.03%, <br> 7/3/28 <br>| 81 | 73 |
| &nbsp;&nbsp; Momentive Performance Materials, Inc., <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%), 8.16%, 3/29/28 <br>| 16 | 16 |
| &nbsp;&nbsp; Olympus Water U.S. Holding Corp., <br> Term Loan B,<br>|  |  |
| 7/23/32 <sup>(14)</sup> <br>| 34 | 34 |
| Qnity Electronics, Inc., Term Loan B, |  |  |
| 8/12/32 <sup>(14)</sup> <br>| 30 | 30 |
| &nbsp;&nbsp; SCUR-Alpha 2505 GmbH & Co. KG, <br> Tranche B-2 Term Loan,<br>|  |  |
| 4/8/31 <sup>(14)</sup> <br>| 6 | 6 |
|  |  | **215** |
| **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** |
| &nbsp;&nbsp; Allied Universal Holdco LLC, <br> Amendment No. 7 Replacement <br> U.S. Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 7.51%, 8/20/32 <br>| 39 | 39 |
| &nbsp;&nbsp; Camelot U.S. Acquisition LLC, <br> Amendment No. 7 Incremental Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.25%), 7.41%, 1/31/31 <br>| 30 | 30 |
|  |  | **69** |
| **Communications – 0.4%** | **Communications – 0.4%** | **Communications – 0.4%** |
| &nbsp;&nbsp; Coral-U.S. Co-Borrower LLC, Term B-7 <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.57%, 1/31/32 <br>| 21 | 20 |
| &nbsp;&nbsp; Digicel International Finance Ltd., Initial <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.25%), 9.49%, 8/6/32 <br>| 48 | 48 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **234** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Communications – 0.4%continued** | **Communications – 0.4%continued** | **Communications – 0.4%continued** |
| &nbsp;&nbsp; Sterling Entertainment Enterprises LLC, <br> Initial Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, PIK Interest USD 6M + <br> 7.50%), 7.50%, 4/10/26 <sup>(9) (12)</sup> <br>| $593 | $255 |
| 10.25%, 4/10/26 <sup>(9)</sup> <br>| 592 | 255 |
| &nbsp;&nbsp; Windstream Services LLC, 2025 Term <br> Loan,<br>|  |  |
| 10/6/32 <sup>(14)</sup> <br>| 33 | 33 |
|  |  | **611** |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |
| &nbsp;&nbsp; Quikrete Holdings, Inc., Tranche B-3 <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 2.25%), 6.41%, 2/10/32<br>| 50 | **50** |
| **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** |
| ACP Tara Holdings, Inc., Term Loan B, |  |  |
| 9/17/32<sup>(14)</sup> <br>| 14 | **14** |
| **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), 9.26%, <br> 10/30/28<br>| 41 | **33** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp; Alpha Generation LLC, Initial Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.00%), 6.16%, 9/30/31 <br>| 49 | 49 |
| Lightning Power LLC, Initial Term B Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 2.25%), 6.25%, 8/18/31 <br>| 25 | 25 |
|  |  | **74** |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| &nbsp;&nbsp; LSF12 Crown U.S. Commercial <br> Bidco LLC, 2025 Refinancing Term <br> Loan,<br>|  |  |
| 12/2/31 <sup>(14)</sup> <br>| 12 | 12 |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.66%, 12/2/31 <br>| 29 | 29 |
|  |  | **41** |
| **Energy – 0.0%** | **Energy – 0.0%** | **Energy – 0.0%** |
| &nbsp;&nbsp; Stakeholder Midstream LLC, Initial Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 6M <br> + 4.00%), 8.04%, 1/1/31<br>| 39 | **39** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **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), 8.80%, <br> 8/1/30<br>| $117 | **$106** |
| **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%), 9.65%, 2/10/27<br>| 47 | **33** |
| **Food – 0.0%** | **Food – 0.0%** | **Food – 0.0%** |
| Chobani LLC, 2025 New Term Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.66%, 10/25/27<br>| 3 | **3** |
| **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%), 8.45%, 11/4/31<br>| 47 | **46** |
| **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), 8.10%, <br> 10/1/27 <br>| 122 | 120 |
| &nbsp;&nbsp; LifePoint Health, Inc., 2024-1 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%), 8.07%, 5/17/31 <br>| 40 | 39 |
| &nbsp;&nbsp; LifePoint Health, Inc., 2024-2 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%), 7.66%, 5/19/31 <br>| 30 | 30 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, <br> Exchange First Out Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 8.06%, <br> 12/31/30 <br>| 9 | 9 |
| Paradigm Parent LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.50%), 8.82%, 4/16/32 <br>| 50 | 45 |
| Star Parent, Inc., Term Loan B, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.00%), 8.00%, 9/27/30 <br>| 72 | 72 |
|  |  | **315** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** |
| &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%), 7.25%, 1/17/32 <br>| $10 | $10 |
| &nbsp;&nbsp; SWF Holdings I Corp., Delayed Draw <br> Term Loan,<br>|  |  |
| 12/19/29 <sup>(14) (15)</sup> <br>| 17 | 17 |
| &nbsp;&nbsp; SWF Holdings I Corp., Tranche A-1 <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.50%, 1.00% Floor), 8.66%, <br> 12/19/29 <br>| 12 | 12 |
|  |  | **39** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| &nbsp;&nbsp; CP Atlas Buyer, Inc., 2025 Term B <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.41%, 7/8/30<br>| 42 | **41** |
| **Institutional Financial Services – 0.0%** | **Institutional Financial Services – 0.0%** | **Institutional Financial Services – 0.0%** |
| &nbsp;&nbsp; Summit Acquisition, Inc., Amendment <br> No. 1 Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.66%, 10/16/31<br>| 28 | **28** |
| **Insurance – 0.6%** | **Insurance – 0.6%** | **Insurance – 0.6%** |
| &nbsp;&nbsp; Ardonagh Midco 3 Ltd., Syndicated <br> Facility B,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.75%), 6.75%, 2/15/31 <br>| 2 | 2 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 2.75%), 6.95%, 2/15/31 <br>| 32 | 32 |
| Asurion LLC, New B-4 Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.53%, 1/20/29 <br>| 810 | 774 |
| Asurion LLC, New Term B-13 Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%), 8.41%, 9/19/30 <br>| 29 | 29 |
| &nbsp;&nbsp; HIG Finance 2 Ltd., 2024-2 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.66%, <br> 4/18/30 <br>| 6 | 6 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Insurance – 0.6%continued** | **Insurance – 0.6%continued** | **Insurance – 0.6%continued** |
| &nbsp;&nbsp; OneDigital Borrower LLC, 2025 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%, 0.50% Floor), 7.16%, <br> 7/2/31 <br>| $6 | $6 |
| &nbsp;&nbsp; Truist Insurance Holdings LLC, Initial <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.75%), 8.75%, 5/6/32 <br>| 110 | 112 |
|  |  | **961** |
| **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), 7.84%, <br> 2/10/28 <br>| 24 | 12 |
| &nbsp;&nbsp; MH Sub I LLC, 2023 May Incremental <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%, 0.50% Floor), 8.25%, <br> 5/3/28 <br>| 83 | 80 |
| &nbsp;&nbsp; Stubhub Holdco Sub LLC, Extended <br> USD Term B Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.75%), 8.91%, 3/15/30 <br>| 33 | 33 |
|  |  | **125** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp; Amentum Holdings, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.25%), 6.41%, 9/29/31 <br>| 60 | 60 |
| &nbsp;&nbsp; Fortress Intermediate 3, Inc., Tranche B <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.25%, 6/27/31 <br>| 7 | 7 |
| X Corp., Tranche B-3 Term Loan, |  |  |
| 9.50%, 10/26/29  | 384 | 385 |
|  |  | **452** |
| **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), 7.78%, <br> 7/21/30 <br>| 36 | 36 |
| EOC Borrower LLC, Term B Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.16%, 3/24/32 <br>| 18 | 18 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **236** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Leisure Facilities & Services – 0.1%continued** | **Leisure Facilities & Services – 0.1%continued** | **Leisure Facilities & Services – 0.1%continued** |
| &nbsp;&nbsp; Great Canadian Gaming Corp., 2024 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 8.75%, 11/1/29 <br>| $21 | $20 |
| &nbsp;&nbsp; OVG Business Services LLC, Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.16%, 6/25/31 <br>| 2 | 2 |
| &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), 7.78%, <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), 7.78%, <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), 8.51%, <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), 10.26%, <br> 11/15/29 <br>| 7 | 7 |
| Sabre GLBL, Inc., 2024 Term B-2 Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 6.00%, 0.50% Floor), 10.26%, <br> 11/15/29 <br>| 2 | 2 |
|  |  | **89** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp; GrafTech Global Enterprises, Inc., <br> Delayed Draw Term Loan,<br>|  |  |
| 12/21/29 <sup>(14) (15)</sup> <br>| 13 | 13 |
| &nbsp;&nbsp; GrafTech Global Enterprises, Inc., Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 2.00% Floor), 10.16%, <br> 12/21/29 <br>| 22 | 23 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Machinery – 0.1%continued** | **Machinery – 0.1%continued** | **Machinery – 0.1%continued** |
| &nbsp;&nbsp; Husky Injection Molding Systems Ltd., <br> Amendment No. 5 Refinancing Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.75%), 7.92%, 2/15/29 <br>| $50 | $50 |
| (Floating, CME Term SOFR USD 6M <br> + 3.75%), 7.92%, 2/15/29 <br>| 50 | 50 |
|  |  | **136** |
| **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%), 8.17%, 9/29/28 <br>| 52 | 52 |
| &nbsp;&nbsp; Bausch + Lomb Corp., Third <br> Amendment Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.25%), 8.41%, 1/15/31 <br>| 87 | 86 |
|  |  | **138** |
| **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%), 8.66%, 7/31/31<br>| 16 | **15** |
| **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 3M <br> + 4.25%), 8.25%, 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%), 8.28%, 8/21/28 <br>| 89 | 89 |
| Gray Television, Inc., Term D Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.39%, 12/1/28 <br>| 25 | 25 |
| Gray Television, Inc., Term F Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.53%, 6/4/29 <sup>(13)</sup> <br>|  |  |
| &nbsp;&nbsp; iHeartCommunications, Inc., Initial Term <br> Loan,<br>|  |  |
| 5/1/29 <sup>(14)</sup> <br>| 75 | 66 |
|  |  | **180** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **237** 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 - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| &nbsp;&nbsp; Boots Group Finco L.P., Closing Date <br> Dollar Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.50%), 7.71%, 8/30/32<br>| $118 | **$118** |
| **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%), 8.95%, 2/23/29 <br>| 75 | 70 |
| &nbsp;&nbsp; Foundation Building Materials, Inc., <br> 2024 Incremental Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.00%), 8.31%, 1/29/31 <br>| 68 | 68 |
| &nbsp;&nbsp; Foundation Building Materials, Inc., <br> 2025 Incremental Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, PRIME USD 3M + 4.25%), <br> 11.50%, 1/29/31 <br>| 14 | 15 |
| &nbsp;&nbsp; Foundation Building Materials, Inc., <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%, 0.50% Floor), 7.82%, <br> 1/31/28 <br>| 25 | 25 |
| &nbsp;&nbsp; Wand Newco 3, Inc., Tranche B-2 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.66%, 1/30/31 <br>| 38 | 38 |
| &nbsp;&nbsp; White Cap Supply Holdings LLC, <br> Tranche C Term Loan,<br>|  |  |
| 10/19/29 <sup>(14)</sup> <br>| 4 | 4 |
| (Floating, CME Term SOFR USD 1M <br> + 3.25%), 7.42%, 10/19/29 <br>| 62 | 61 |
|  |  | **281** |
| **Semiconductors – 0.0%** | **Semiconductors – 0.0%** | **Semiconductors – 0.0%** |
| &nbsp;&nbsp; Gryphon Acquire NewCo LLC, Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 6M <br> + 3.00%), 6.88%, 9/10/32<br>| 29 | **29** |
| **Software – 0.9%** | **Software – 0.9%** | **Software – 0.9%** |
| Applied Systems, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.50%), 8.50%, 2/23/32 <br>| 14 | 14 |
| &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), 7.16%, <br> 12/11/28 <br>| 2 | 2 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Software – 0.9%continued** | **Software – 0.9%continued** | **Software – 0.9%continued** |
| &nbsp;&nbsp; athenahealth Group, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%, 0.50% Floor), 6.91%, <br> 2/15/29 <br>| $112 | $112 |
| &nbsp;&nbsp; Boxer Parent Co., Inc., 2031 <br> Replacement Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.00%), 7.20%, 7/30/31 <br>| 28 | 28 |
| Boxer Parent Co., Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.75%), 9.95%, 7/30/32 <br>| 41 | 40 |
| &nbsp;&nbsp; Central Parent LLC, 2024 Refinancing <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.25%, 7/6/29 <br>| 14 | 12 |
| &nbsp;&nbsp; Cloud Software Group, Inc., Tenth <br> Amendment Tranche B-1 Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.25%, 8/13/32 <br>| 24 | 24 |
| &nbsp;&nbsp; Cloud Software Group, Inc., Tenth <br> Amendment Tranche B-2 Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.25%, 3/21/31 <br>| 71 | 71 |
| Cloudera, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%), 10.26%, 10/8/29 <sup>(12)</sup> <br>| 32 | 29 |
| &nbsp;&nbsp; Clover Holdings 2 LLC, Initial Fixed Rate <br> Term Loan,<br>|  |  |
| 7.75%, 12/9/31  | 349 | 351 |
| CoreLogic, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.78%, <br> 6/2/28 <br>| 29 | 29 |
| &nbsp;&nbsp; Cotiviti, Inc., Initial Fixed Rate Term <br> Loan,<br>|  |  |
| 7.63%, 5/1/31  | 410 | 411 |
| &nbsp;&nbsp; Ellucian Holdings, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%, 0.50% Floor), 6.91%, <br> 10/9/29 <br>| 8 | 8 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%, 0.50% Floor), 8.91%, <br> 11/22/32 <br>| 129 | 132 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **238** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Software – 0.9%continued** | **Software – 0.9%continued** | **Software – 0.9%continued** |
| &nbsp;&nbsp; Mitchell International, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%, 0.50% Floor), 7.41%, <br> 6/17/31 <br>| $14 | $14 |
| Proofpoint, Inc., Term Loan, |  |  |
| 8/31/28 <sup>(14)</sup> <br>| 9 | 9 |
| &nbsp;&nbsp; RealPage, Inc., 2024-1 Incremental <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 7.75%, <br> 4/24/28 <br>| 29 | 29 |
|  |  | **1315** |
| **Specialty Finance – 0.0%** | **Specialty Finance – 0.0%** | **Specialty Finance – 0.0%** |
| Osttra Group Ltd., Term Loan, |  |  |
| 5/20/32 <sup>(14)</sup> <br>| 15 | 15 |
| &nbsp;&nbsp; Vericast Corp., 2024 Extended Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 6M <br> + 7.75%, 3.75% Floor), 11.62%, <br> 6/15/30 <br>| 52 | 51 |
|  |  | **66** |
| **Technology – 0.1%** | **Technology – 0.1%** | **Technology – 0.1%** |
| Finastra U.S.A, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 7.00%), 11.04%, 9/15/33 <br>| 26 | 26 |
| &nbsp;&nbsp; Finastra U.S.A, Inc., Initial USD Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.00%), 8.04%, 9/15/32 <br>| 107 | 106 |
| &nbsp;&nbsp; ION Platform Finance U.S., Inc., Term <br> Loan,<br>|  |  |
| 9/30/32 <sup>(14)</sup> <br>| 48 | 48 |
|  |  | **180** |
| **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** | **Technology Hardware – 0.1%** |
| &nbsp;&nbsp; Atlas CC Acquisition Corp., Second <br> Out Term B Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%, 0.75% Floor), 8.83%, <br> 5/25/29 <br>| 27 | 16 |
| &nbsp;&nbsp; Atlas CC Acquisition Corp., Second <br> Out Term C Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%, 0.75% Floor), 8.83%, <br> 5/25/29 <br>| 6 | 3 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Technology Hardware – 0.1%continued** | **Technology Hardware – 0.1%continued** | **Technology Hardware – 0.1%continued** |
| Commscope LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%, 2.00% Floor), 8.91%, <br> 12/17/29 <br>| $60 | $60 |
| &nbsp;&nbsp; Delta Topco, Inc., Second Amendment <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.25%), 9.24%, 11/29/30 <br>| 4 | 4 |
| (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.52%, 11/29/30 <br>| 8 | 8 |
|  |  | **91** |
| **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** |
| Altice France S.A., USD TLB Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.50%), 9.82%, 8/15/28 <br>| 97 | 94 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.65%, 7/1/31 <br>| 15 | 15 |
| &nbsp;&nbsp; Level 3 Financing, Inc., Term B-3 <br> Refinancing Loan Retired <br> 09/29/2025,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%, 0.50% Floor), 8.58%, <br> 3/29/32 <br>| 200 | 200 |
| &nbsp;&nbsp; Level 3 Financing, Inc., Term B-4 <br> Refinancing Loans,<br>|  |  |
| 3/29/32 <sup>(14)</sup> <br>| 24 | 24 |
| Lumen Technologies, Inc., Term A Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 2.00% Floor), 10.16%, <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), 6.63%, <br> 4/16/29 <br>| 50 | 50 |
| &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), 6.63%, <br> 4/15/30 <br>| 20 | 20 |
| &nbsp;&nbsp; Polar U.S. Borrower LLC, Term B-1-B <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, PIK Interest USD 3M + <br> 0.75%), 0.75%, 10/16/28 <br>| 25 | 3 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **239** 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 - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** | **TERM LOANS - 5.0%** <sup>(11)</sup>**continued** |
| **Telecommunications – 0.5%continued** | **Telecommunications – 0.5%continued** | **Telecommunications – 0.5%continued** |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 9.16%, 10/16/28 <br>| $25 | $3 |
| &nbsp;&nbsp; Windstream Services LLC, 2024 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%), 9.01%, 10/1/31 <br>| 49 | 49 |
| &nbsp;&nbsp; Zayo Group Holdings, Inc., Initial <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.77%, 3/11/30 <br>| 199 | 196 |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.77%, 3/11/30 <br>| 25 | 24 |
|  |  | **691** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| WestJet Loyalty L.P., Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.25%, 2/14/31<br>| 74 | **74** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| &nbsp;&nbsp; Northeast Grocery, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 7.50%, 1.00% Floor), 11.69%, <br> 12/13/28<br>| 90 | **91** |
| **Total Term Loans** |  |  |
| **(Cost $8,339)** |  | **7581** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 2.9%**  | **COMMON STOCKS – 2.9%**  | **COMMON STOCKS – 2.9%**  |
| **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** |
| Endo Guc Trust, Class A<sup>(9) \*</sup> <br>| 10702 | **$—** |
| **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** |
| Cornerstone Capital Corp.<sup>(9) (12) \*</sup> <br>| 602 |  |
| Utex Industries, Inc.<sup>(12) \*</sup> <br>| 2200 | 63 |
|  |  | **63** |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |
| Hardwood Holdings LLC<sup>(9) \*</sup> <br>| 187 | **2** |
| **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** |
| Rite Aid Corp.<sup>(8) (9) \*</sup> <br>| 57 |  |
| Rite Aid Corp.<sup>(8) (9) (12) \*</sup> <br>| 3929 |  |
|  |  | **—** |
| **Consumer Finance – 0.0%** | **Consumer Finance – 0.0%** | **Consumer Finance – 0.0%** |
| Curo Group Holdings LLC<sup>(9) \*</sup> <br>| 549 | **4** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 2.9%continued**  | **COMMON STOCKS - 2.9%continued**  | **COMMON STOCKS - 2.9%continued**  |
| **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** | **Diversified Telecommunication Services – 0.0%** |
| Intelsat S.A./Luxembourg<sup>(9) \*</sup> <br>| 1201 | **$16** |
| **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
| XBP Global Holdings, Inc.\* | 7465 | **6** |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| Ferrellgas Partners L.P., Class B\* | 180 | **28** |
| **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** |
| CHPPR Holdings, Inc.<sup>(9) \*</sup> <br>| 20 | **1** |
| **Hotels, Restaurants & Leisure – 0.0%** | **Hotels, Restaurants & Leisure – 0.0%** | **Hotels, Restaurants & Leisure – 0.0%** |
| Churchill Downs, Inc. | 408 | **40** |
| **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** |
| iHeartMedia, Inc., Class A\* | 419 | **1** |
| **Metals & Mining – 2.6%** | **Metals & Mining – 2.6%** | **Metals & Mining – 2.6%** |
| Constellium S.E.\* | 8208 | 122 |
| Real Alloy Parent, Inc.<sup>(9) (12) \*</sup> <br>| 48 | 3719 |
|  |  | **3841** |
| **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** |
| Cloud Peak Energy, Inc.<sup>(9) \*</sup> <br>| 20 | **—** |
| **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** |
| Spirit Aviation Holdings, Inc.<sup>(8) \*</sup> <br>| 358 | **—** |
| **Pharmaceuticals – 0.1%** | **Pharmaceuticals – 0.1%** | **Pharmaceuticals – 0.1%** |
| Mallinckrodt PLC<sup>(9) \*</sup> <br>| 416 | 41 |
| Mallinckrodt PLC<sup>(9) \*</sup> <br>| 481 | 47 |
|  |  | **88** |
| **Specialized Finance – 0.1%** | **Specialized Finance – 0.1%** | **Specialized Finance – 0.1%** |
| Carnelian Point Holdings L.P.<sup>(9) \*</sup> <br>| 50 | 1 |
| Carnelian Point Holdings L.P.<sup>(9) (12) \*</sup> <br>| 8610 | 93 |
|  |  | **94** |
| **Specialized Real Estate Investment Trusts – 0.1%** | **Specialized Real Estate Investment Trusts – 0.1%** | **Specialized Real Estate Investment Trusts – 0.1%** |
| VICI Properties, Inc. | 3999 | **130** |
| **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** |
| Intelsat S.A./Luxembourg<sup>(9) (12) \*</sup> <br>| 1201 | **—** |
| **Total Common Stocks** |  |  |
| **(Cost $2,550)** |  | **4314** |
| **CONVERTIBLE PREFERRED STOCKS – 0.0%**  | **CONVERTIBLE PREFERRED STOCKS – 0.0%**  | **CONVERTIBLE PREFERRED STOCKS – 0.0%**  |
| **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** |
| Boeing (The) Co., 6.00% | 634 | **44** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **240** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **CONVERTIBLE PREFERRED STOCKS - 0.0%continued**  | **CONVERTIBLE PREFERRED STOCKS - 0.0%continued**  | **CONVERTIBLE PREFERRED STOCKS - 0.0%continued**  |
| **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
| Shift4 Payments, Inc., 6.00% | 241 | **$23** |
| **Total Convertible Preferred Stocks** |  |  |
| **(Cost $56)** |  | **67** |
| **MASTER LIMITED PARTNERSHIPS – 0.2%**  | **MASTER LIMITED PARTNERSHIPS – 0.2%**  | **MASTER LIMITED PARTNERSHIPS – 0.2%**  |
| **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** |
| Energy Transfer L.P. | 7215 | 124 |
| Enterprise Products Partners L.P. | 2802 | 87 |
| MPLX L.P. | 962 | 48 |
| Plains All American Pipeline L.P. | 337 | 6 |
| Western Midstream Partners L.P. | 250 | 10 |
|  |  | **275** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $270)** |  | **275** |
| **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  |
| **Software – 0.0%** | **Software – 0.0%** | **Software – 0.0%** |
| Strategy, Inc., 10.00% | 600 | **47** |
| **Total Preferred Stocks** |  |  |
| **(Cost $51)** |  | **47** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| Escrow Appvion, Inc. <sup>(9) (12) \*</sup> <br>| 225000 |  |
| &nbsp;&nbsp; Escrow Cloud Peak Energy,<br> Inc. <sup>(9) (12) \*</sup> <br>| 250000 | 3 |
| &nbsp;&nbsp; Escrow Endo Luxembourg Finance Co. I <br> S.a.r.l./Endo U.S., Inc. <sup>(1) (9) \*</sup> <br>| 50000 |  |
| Escrow GenOn Energy, Inc. <sup>(9) (12) \*</sup> <br>| 25000 |  |
| Escrow Hertz (The) Corp. <sup>(1) \*</sup> <br>| 125000 | 6 |
| &nbsp;&nbsp; Escrow High Ridge Brands Co.<br> <sup>(1) (9) \*</sup> <br>| 1100000 |  |
| Escrow Par Pharmaceutical, Inc. <sup>(1) (9) \*</sup> <br>| 111000 |  |
| Escrow Rite Aid Corp. <sup>(9) (12) \*</sup> <br>| 63000 |  |
| Escrow Rite Aid Corp. <sup>(1) (9) \*</sup> <br>| 11539 |  |
| &nbsp;&nbsp; Escrow Washington Mutual<br> Bank <sup>(9) (12) \*</sup> <br>| 250000 | 3 |
| **Total Other** |  |  |
| **(Cost $110)** |  | **12** |

---

---

| | | |
|:---|:---|:---|
|  | 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>(9) \*</sup> <br>| 38 | $1 |
| &nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(9) \*</sup> <br>| 46 |  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS - 0.0%continued**  | **WARRANTS - 0.0%continued**  | **WARRANTS - 0.0%continued**  |
| &nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(9) \*</sup> <br>| 8 | $— |
| &nbsp;&nbsp; CHPPR Holdings, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(9) \*</sup> <br>| 111 |  |
| &nbsp;&nbsp; CHPPR Holdings, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(9) \*</sup> <br>| 53 |  |
| &nbsp;&nbsp; Curo Group Holdings LLC, Exp. <br> 7/19/31, Strike $0.00<sup>(9) \*</sup> <br>| 960 |  |
| &nbsp;&nbsp; Utex Industries, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(9) (12) \*</sup> <br>| 5500 |  |
| **Total Warrants** |  |  |
| **(Cost $1)** |  | **1** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 12.0%**  | **INVESTMENT COMPANIES – 12.0%**  | **INVESTMENT COMPANIES – 12.0%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(16) (17) (18)</sup> <br>| 11527203 | $11527 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(16) (17)</sup> <br>| 6463842 | 6464 |
| **Total Investment Companies** |  |  |
| **(Cost $17,991)** |  | **17991** |
| **Total Investments – 107.7%** | **Total Investments – 107.7%** |  |
| **(Cost $165,153)** | **(Cost $165,153)** | **162107** |
| Liabilities less Other Assets – (7.7%) | Liabilities less Other Assets – (7.7%) | (11595)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$150512** |

---

<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 September 30,* *2025, the value of these securities amounted to approximately* *$115,188,000 or 76.5% of net assets.* 

<sup>(2)</sup> *Zero coupon bond.*

<sup>(3)</sup> *Security is a payment in-kind bond (PIK), distributions received in-kind unless* *otherwise noted in the description.* 

<sup>(4)</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 September 30, 2025.* 

<sup>(5)</sup> *When-Issued Security. Coupon rate is not in effect at September 30, 2025.*

<sup>(6)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(7)</sup> *Issuer has defaulted on terms of debt obligation. Income is not being* *accrued.* 

<sup>(8)</sup> *Value rounds to less than one thousand.*

<sup>(9)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(10)</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.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **241** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(11)</sup> *Variable or floating rate security. Rate as of September 30, 2025 is* *disclosed.* 

<sup>(12)</sup> *Restricted security. At September 30, 2025, the value of these restricted* *securities amounted to approximately $6,655,000 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>|
| Carnelian Point Holdings L.P. | 7/5/22-8/6/24 | &nbsp;&nbsp; $53 |
| &nbsp;&nbsp; Cloudera, Inc., Initial Term Loan,<br> 10.26%, 10/8/29<br>| 2/27/23 | &nbsp;&nbsp; 30 |
| 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 |
| Escrow GenOn Energy, Inc. | 12/19/18 | &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 | 8/29/25 | &nbsp;&nbsp; — |
| Real Alloy Parent, Inc. | 5/31/18 | &nbsp;&nbsp; 1738 |
| Rite Aid Corp. | 9/4/24 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; Specialty Steel Holdco, Inc.,<br> 14.44%, 11/15/33<br>| 8/11/25 | &nbsp;&nbsp; 2490 |
| &nbsp;&nbsp; Sterling Entertainment Enterprises LLC, <br> Initial Loan,<br> 7.50%, 4/10/26<br>| 2/6/25-7/15/25 | &nbsp;&nbsp; 592 |
| 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>(13)</sup> *Principal Amount and Value rounds to less than one thousand.*

<sup>(14)</sup> *Position is unsettled. Contract rate was not determined at September 30,* *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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(17)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(18)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 10Y - 10 Year |
| 1M - 1 Month |
| 3M - 3 Month |
| 5Y - 5 Year |
| 6M - 6 Month |
| 7Y - 7 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| CP - Commercial Paper |
| ICE - Intercontinental Exchange |
| PIK - Payment In-Kind |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At September 30, 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>|
| Barclays | Euro | 504 | United States <br> Dollar<br>| 600 | 12/17/25 | $5 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 5 |
| Total |  |  |  |  |  | $5 |

---

As of September 30, 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 | 0.0322<br> %<br>5.00 %<sup>(1)</sup><br>Markit <br>CDX N.A. High Yield Index Series 45<sup>(1)</sup><br>| USD | 255359 | 12/20/30 | $20 | $20 | $—\* |
| Total |  |  |  |  | $20 | $20 | $—\* |

---

<sup>(1)</sup> *Payment frequency is quarterly.*

*\** *Amount rounds to less than one thousand.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **242** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

As of September 30, 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>| 925000 | USD | 12/22/25 | &nbsp;&nbsp; $55 | $(8) | $63 |
| 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; 39 | (6) | 45 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.35%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 440000 | USD | 6/22/26 | &nbsp;&nbsp; 6 | (4) | 10 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.35%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 170000 | USD | 6/22/26 | &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>| 85000 | USD | 6/22/26 | &nbsp;&nbsp; —\* | (1) | 1 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.35%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 1284000 | USD | 6/22/26 | &nbsp;&nbsp; 8 | (13) | 21 |
| Total |  |  |  | &nbsp;&nbsp; $109 | $(34) | $143 |

---

<sup>(1)</sup> *Payment frequency is quarterly.*

<sup>(2)</sup> *Payment frequency is at maturity.*

*\** *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).

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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Assets |  |  |  |  |
| Convertible Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $454 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $454 |
| Corporate Bonds: |  |  |  |  |
| Consumer Cyclical | &nbsp;&nbsp; — | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 175 |
| Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 3565 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 114479 | &nbsp;&nbsp; — | &nbsp;&nbsp; 114479 |
| Total Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 115728 | &nbsp;&nbsp; 2491 | &nbsp;&nbsp; 118219 |
| Foreign Issuer Bonds: |  |  |  |  |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 1644 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1645 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11501 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11501 |
| Total Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 13145 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 13146 |
| Term Loans: |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 32 |
| Communications | &nbsp;&nbsp; — | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 611 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6938 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6938 |
| Total Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 7070 | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 7581 |
| Common Stocks: |  |  |  |  |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 63 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63 |
| Financial Services | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Gas Utilities | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28 |
| &nbsp;&nbsp; Hotels, Restaurants & <br> Leisure<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40 |
| Media | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Metals & Mining | &nbsp;&nbsp; 122 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3719 | &nbsp;&nbsp; 3841 |
| &nbsp;&nbsp; Specialized Real Estate <br> Investment Trusts<br>| &nbsp;&nbsp; 130 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 130 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 205 |
| Total Common Stocks | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 3924 | &nbsp;&nbsp; 4314 |
| Convertible Preferred Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; 67 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67 |
| Master Limited Partnerships | &nbsp;&nbsp; 275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 275 |
| Preferred Stocks | &nbsp;&nbsp; 47 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47 |
| Other | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 12 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Investment Companies | &nbsp;&nbsp; 17991 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17991 |
| Total Investments | &nbsp;&nbsp; 18707 | &nbsp;&nbsp; 136466 | &nbsp;&nbsp; 6934 | &nbsp;&nbsp; 162107 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign Currency <br> Exchange Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5 |
| &nbsp;&nbsp; Centrally Cleared Credit <br> Default Swap <br> Agreements<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>|
| &nbsp;&nbsp; Bilateral Total Return <br> Swaps<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 143 | &nbsp;&nbsp; — | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $148 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $148 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*\** *Amount rounds to less than one thousand.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **243** 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> **3/31/25**<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> **9/30/25**<br> **(000S)**<br>| **CHANGE IN**<br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **FROM**<br> **INVESTMENTS**<br> **STILL HELD**<br> **AT 9/30/25**<br> **(000S)**<br>|
| Corporate Bonds |  |  |  |  |  |  |  |  |  |  |
| Consumer Cyclical | $9 | $— | $— | $— | $— | $(9)<br>| $1 | $— | $1 | $(5)<br>|
| Steel | 2490 |  |  |  | 2490 | (2490)<br>|  |  | 2490 |  |
| &nbsp;&nbsp; Transportation & <br> Logistics<br>| 48 |  | (11)<br>| 5 |  | (42)<br>|  |  | —\* |  |
| Foreign Issuer Bonds |  |  |  |  |  |  |  |  |  |  |
| Telecommunications | 1 | 1 |  | (1)<br>|  |  |  |  | 1 | —\* |
| Term Loans |  |  |  |  |  |  |  |  |  |  |
| Aerospace & Defense |  |  |  |  |  |  | 1 |  | 1 | —\* |
| Communications | 1143 |  |  | (675)<br>| 42 |  |  |  | 510 | (675)<br>|
| Common Stocks |  |  |  |  |  |  |  |  |  |  |
| Construction Materials | 4 |  |  | (2)<br>|  |  |  |  | 2 | (2)<br>|
| Consumer Cyclical | 3 |  | —\* | (9)<br>| 6 | —\* |  |  | —\* | (9)<br>|
| Consumer Finance | 3 |  |  | 1 |  |  |  |  | 4 | 1 |
| Distributors | —\* |  | (469)<br>| 469 |  |  |  |  |  |  |
| &nbsp;&nbsp; Diversified <br> Telecommunication <br> Services<br>|  |  |  | (48)<br>| 64 |  |  |  | 16 | (48)<br>|
| &nbsp;&nbsp; Health Care Facilities <br> & Services<br>| 1 |  |  | —\* |  |  |  |  | 1 | —\* |
| Metals & Mining | 3890 |  |  | (171)<br>|  |  |  |  | 3719 | (171)<br>|
| &nbsp;&nbsp; Oil, Gas & <br> Consumable Fuels<br>| 55 |  | (4)<br>| (2)<br>|  | (48)<br>|  |  | 1 |  |
| Pharmaceuticals | 42 |  |  | 3 | 43 |  |  |  | 88 | 3 |
| Specialized Finance | 116 |  |  | (23)<br>|  |  |  |  | 93 | (23)<br>|
| &nbsp;&nbsp; Wireless <br> Telecommunication <br> Services<br>| 44 |  |  | 62 |  | (106)<br>|  |  |  | 62 |
| Other | 5 |  | —\* | —\* |  | 1 |  |  | 6 | —\* |
| Warrants | 1 |  |  | —\* |  |  |  |  | 1 | —\* |
| Total | $7855 | $1 | ($484)<br>| ($391)<br>| $2645 | ($2694)<br>| $2 | $— | $6934 | $(867)<br>|

---

\* *Amount rounds to less than one thousand.*

Securities valued at $120 included in the Balance as of 9/30/25 above were valued using evaluated prices provided by a third party provider. Securities valued at $6,814 included in the Balance as of 9/30/25 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 **244** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **FAIR VALUE AT** <br>**09/30/25** <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>| 6.1% |
| Common Stocks | $3719 | Discounted Cash Flow / Market Comparables<br> Discount Rate/TEV/2025 EBITDA peer multiple<sup>(1)</sup> <br>| 13.5%/6.3x |
|  | 93 | Market Comparables<br> Adjusted LTM EBITDA<sup>(1)</sup> <br>| 13.18x |
| Term Loan | $509 | Discounted Cash Flow / Market Comparables<br> Discount Rate/TEV/forward EBITDA<sup>(1)</sup> <br>| 12.2%/7.3x |
| Other | $3 | Liquidation<br> Future Liquidation Payments<sup>(1)</sup> <br>| $1 |

---

<sup>(1)</sup> *The significant unobservable inputs that can be used in the fair value measurement are; Discount Rate, estimated recovery value, EBITDA 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.Significant decreases in the* *trading value of previous notes would result in lower fair values and signficiant increases in the trading value would result in higher fair values. 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 SEMIANNUAL REPORT **245** 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 – 16.9%**  | **ASSET-BACKED SECURITIES – 16.9%**  | **ASSET-BACKED SECURITIES – 16.9%**  |
| **Auto Loan – 13.2%** | **Auto Loan – 13.2%** | **Auto Loan – 13.2%** |
| &nbsp;&nbsp; Ally Auto Receivables Trust, Series <br> 2023-1, Class A3<br>|  |  |
| 5.46%, 5/15/28 | $1927 | $1944 |
| &nbsp;&nbsp; Americredit Automobile Receivables <br> Trust, Series 2022-1, Class D<br>|  |  |
| 3.23%, 2/18/28 | 1900 | 1877 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| 5.00%, 6/25/27 | 700 | 706 |
| &nbsp;&nbsp; Carmax Auto Owner Trust, Series <br> 2025-1, Class C<br>|  |  |
| 5.26%, 10/15/30 | 1900 | 1946 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| 5.48%, 11/10/31 | 1300 | 1329 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| 4.52%, 7/16/29 | 300 | 301 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class C<br>|  |  |
| 4.67%, 5/17/32 | 3675 | 3690 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-2A, Class B<br>|  |  |
| 5.61%, 4/17/28 | 602 | 603 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class C<br>|  |  |
| 5.48%, 8/15/30 | 2563 | 2587 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D<br>|  |  |
| 5.49%, 5/15/31 | 490 | 498 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| 5.89%, 7/15/31 | 456 | 468 |
| &nbsp;&nbsp; Flagship Credit Auto Trust, Series <br> 2023-1, Class B<br>|  |  |
| 5.05%, 1/18/28<sup>(1)</sup> <br>| 1700 | 1699 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2021-1, Class C<br>|  |  |
| 1.91%, 10/17/33<sup>(1)</sup> <br>| 3455 | 3404 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, <br> Series 2024-3A, Class D<br>|  |  |
| 5.53%, 2/18/31<sup>(1)</sup> <br>| 1985 | 2017 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-1, Class B<br>|  |  |
| 4.89%, 2/20/29 | 1600 | 1618 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 16.9%continued**  | **ASSET-BACKED SECURITIES - 16.9%continued**  | **ASSET-BACKED SECURITIES - 16.9%continued**  |
| **Auto Loan – 13.2%continued** | **Auto Loan – 13.2%continued** | **Auto Loan – 13.2%continued** |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2023-3, Class A3<br>|  |  |
| 5.41%, 2/18/28 | $740 | $746 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 5.21%, 8/15/28 | 336 | 339 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-2, Class A3<br>|  |  |
| 5.95%, 11/15/28 | 429 | 435 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class D<br>|  |  |
| 5.47%, 5/15/31 | 1535 | 1562 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class A2<br>|  |  |
| 4.65%, 2/15/28<sup>(1)</sup> <br>| 900 | 903 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| 4.86%, 5/15/30<sup>(1)</sup> <br>| 300 | 304 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| 5.15%, 11/15/30<sup>(1)</sup> <br>| 600 | 610 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 4.86%, 3/15/29 | 320 | 322 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-B, Class A3<br>|  |  |
| 5.27%, 9/17/29 | 250 | 253 |
|  |  | **30161** |
| **Credit Card – 0.4%** | **Credit Card – 0.4%** | **Credit Card – 0.4%** |
| &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 | 240 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| 4.94%, 2/15/29 | 420 | 426 |
|  |  | **848** |
| **Other – 1.5%** | **Other – 1.5%** | **Other – 1.5%** |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-B, <br> Class A3<br>|  |  |
| 5.19%, 9/17/29 | 300 | 305 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **246** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 16.9%continued**  | **ASSET-BACKED SECURITIES - 16.9%continued**  | **ASSET-BACKED SECURITIES - 16.9%continued**  |
| **Other – 1.5%continued** | **Other – 1.5%continued** | **Other – 1.5%continued** |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| 4.03%, 1/15/30 | $800 | $802 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| 4.06%, 6/15/29 | 1500 | 1503 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Series 2025-4, <br> Class B<br>|  |  |
| 5.69%, 1/17/33<sup>(1)</sup> <br>| 760 | 771 |
|  |  | **3381** |
| **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>| 1975 | 1987 |
| &nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2024-2, Class A6A<br>|  |  |
| 6.00%, 8/25/54<sup>(1)</sup> <br>| 89 | 88 |
| &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>| 508 | 511 |
| &nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2025-2, Class A4<br>|  |  |
| 5.50%, 6/25/55<sup>(1) (3)</sup> <br>| 836 | 841 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM3, Class A2<br>|  |  |
| (Step to 6.85% on 7/25/29), <br> 5.85%, 5/25/65<sup>(1) (2)</sup> <br>| 675 | 681 |
|  |  | **4108** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $38,288)** |  | **38498** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 7.0%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 7.0%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 7.0%**  |
| **Non Agency – 7.0%** | **Non Agency – 7.0%** | **Non Agency – 7.0%** |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 1525 | 1357 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, Series <br> 2019-IMC, Class A<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 1.05%, 1.00% Floor), 5.20%, <br> 4/15/34<sup>(1) (4)</sup> <br>| 235 | 234 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.0%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.0%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.0%continued**  |
| **Non Agency – 7.0%continued** | **Non Agency – 7.0%continued** | **Non Agency – 7.0%continued** |
| BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.24%, <br> 3/15/41<sup>(1) (4)</sup> <br>| $1026 | $1026 |
| &nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| 7.00%, 8/10/44<sup>(1) (3)</sup> <br>| 2200 | 2349 |
| &nbsp;&nbsp; Fashion Show Mall LLC, Series <br> 2024-SHOW, Class B<br>|  |  |
| 5.64%, 10/10/41<sup>(1) (3)</sup> <br>| 2650 | 2704 |
| &nbsp;&nbsp; FS Commercial Mortgage Trust, Series <br> 2023-4SZN, Class B<br>|  |  |
| 7.54%, 11/10/39<sup>(1) (3)</sup> <br>| 1220 | 1250 |
| &nbsp;&nbsp; FS Commercial Mortgage Trust, Series <br> 2023-4SZN, Class C<br>|  |  |
| 8.12%, 11/10/39<sup>(1) (3)</sup> <br>| 800 | 821 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2021-GSA3, Class A1<br>|  |  |
| 1.37%, 12/15/54<sup>(1)</sup> <br>| 349 | 342 |
| &nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2019-COR5, Class A4<br>|  |  |
| 3.39%, 6/13/52 | 3760 | 3548 |
| &nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class A<br>|  |  |
| 5.89%, 8/15/30<sup>(1)</sup> <br>| 1597 | 1603 |
| &nbsp;&nbsp; MSRW Pass Through Trust, Series <br> 2025-CC, Class B<br>|  |  |
| 6.65%, 8/15/30<sup>(1)</sup> <br>| 800 | 803 |
|  |  | **16037** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $15,909)** |  | **16037** |
| **CORPORATE BONDS – 39.0%**  | **CORPORATE BONDS – 39.0%**  | **CORPORATE BONDS – 39.0%**  |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| General Dynamics Corp., |  |  |
| 3.75%, 5/15/28  | 400 | 399 |
| Huntington Ingalls Industries, Inc., |  |  |
| 5.35%, 1/15/30  | 170 | 175 |
| Lockheed Martin Corp., |  |  |
| 4.45%, 5/15/28  | 825 | 835 |
|  |  | **1409** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  |
| **Asset Management – 0.6%** | **Asset Management – 0.6%** | **Asset Management – 0.6%** |
| Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.21%), <br> 5.64%, 5/19/29 <sup>(5)</sup> <br>| $400 | $415 |
| Citadel L.P., |  |  |
| 6.00%, 1/23/30 <sup>(1)</sup> <br>| 425 | 442 |
| FS KKR Capital Corp., |  |  |
| 3.40%, 1/15/26  | 500 | 498 |
|  |  | **1355** |
| **Automotive – 2.7%** | **Automotive – 2.7%** | **Automotive – 2.7%** |
| American Honda Finance Corp., |  |  |
| 4.40%, 10/5/26  | 1325 | 1329 |
| Ford Motor Credit Co. LLC, |  |  |
| 3.38%, 11/13/25  | 260 | 259 |
| 5.73%, 9/5/30  | 750 | 756 |
| Hyundai Capital America, |  |  |
| 5.28%, 6/24/27 <sup>(1)</sup> <br>| 1340 | 1361 |
| Nissan Motor Acceptance Co. LLC, |  |  |
| 2.00%, 3/9/26 <sup>(1)</sup> <br>| 1300 | 1279 |
| Toyota Motor Credit Corp., |  |  |
| 4.35%, 10/8/27  | 1300 | 1311 |
|  |  | **6295** |
| **Banking – 4.8%** | **Banking – 4.8%** | **Banking – 4.8%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.96%), <br> 1.73%, 7/22/27 <sup>(5)</sup> <br>| 1000 | 980 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 5.20%, 4/25/29 <sup>(5)</sup> <br>| 1610 | 1650 |
| 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 | 30 |
| Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.65%), 6.25%, <br> 10/15/30 <sup>(5) (6) †</sup> <br>| 870 | 868 |
| Huntington National Bank (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(5)</sup> <br>| 500 | 505 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.77%), <br> 1.47%, 9/22/27 <sup>(5)</sup> <br>| 1000 | 975 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.56%), <br> 4.32%, 4/26/28 <sup>(5)</sup> <br>| 1710 | 1714 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  |
| **Banking – 4.8%continued** | **Banking – 4.8%continued** | **Banking – 4.8%continued** |
| KeyBank N.A., |  |  |
| 4.70%, 1/26/26  | $950 | $951 |
| Manufacturers & Traders Trust Co., |  |  |
| 4.70%, 1/27/28  | 400 | 405 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.95%), <br> 4.76%, 7/6/28 <sup>(5)</sup> <br>| 1000 | 1010 |
| &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 | 651 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.86%), <br> 1.89%, 6/7/29 <sup>(5)</sup> <br>| 400 | 377 |
| Wells Fargo & Co., |  |  |
| (Variable, U.S. SOFR + 1.07%), <br> 5.71%, 4/22/28 <sup>(5)</sup> <br>| 840 | 859 |
|  |  | **10975** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| Coca-Cola (The) Co., |  |  |
| 1.00%, 3/15/28 | 400 | **375** |
| **Biotechnology & Pharmaceuticals – 1.6%** | **Biotechnology & Pharmaceuticals – 1.6%** | **Biotechnology & Pharmaceuticals – 1.6%** |
| AbbVie, Inc., |  |  |
| 4.80%, 3/15/27  | 1180 | 1194 |
| 4.65%, 3/15/28  | 1950 | 1982 |
| Eli Lilly & Co., |  |  |
| 4.15%, 8/14/27  | 480 | 483 |
|  |  | **3659** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| Ecolab, Inc., |  |  |
| 4.30%, 6/15/28  | 710 | 716 |
| Solstice Advanced Materials, Inc., |  |  |
| 5.63%, 9/30/33 <sup>(1)</sup> <br>| 40 | 40 |
|  |  | **756** |
| **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** | **Commercial Support Services – 0.6%** |
| Republic Services, Inc., |  |  |
| 5.00%, 11/15/29  | 485 | 501 |
| Waste Management, Inc., |  |  |
| 4.50%, 3/15/28  | 400 | 405 |
| 4.65%, 3/15/30  | 460 | 469 |
|  |  | **1375** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **248** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Vulcan Materials Co., |  |  |
| 4.95%, 12/1/29 | $260 | **$266** |
| **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** |
| Graphic Packaging International LLC, |  |  |
| 4.75%, 7/15/27<sup>(1)</sup> <br>| 1180 | **1171** |
| **Diversified Industrials – 0.2%** | **Diversified Industrials – 0.2%** | **Diversified Industrials – 0.2%** |
| Honeywell International, Inc., |  |  |
| 4.95%, 2/15/28 | 400 | **409** |
| **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** |
| Calpine Corp., |  |  |
| 4.50%, 2/15/28 <sup>(1)</sup> <br>| 300 | 299 |
| Dominion Energy, Inc., |  |  |
| 4.60%, 5/15/28  | 640 | 646 |
| DTE Energy Co., |  |  |
| 5.20%, 4/1/30  | 800 | 824 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| 5.05%, 3/15/30  | 585 | 602 |
| NRG Energy, Inc., |  |  |
| 10/15/30 <sup>(1) (7)</sup> <br>| 400 | 400 |
| PSEG Power LLC, |  |  |
| 5.20%, 5/15/30 <sup>(1)</sup> <br>| 875 | 898 |
|  |  | **3669** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| Amphenol Corp., |  |  |
| 5.05%, 4/5/27 | 410 | **416** |
| **Entertainment Content – 1.3%** | **Entertainment Content – 1.3%** | **Entertainment Content – 1.3%** |
| Netflix, Inc., |  |  |
| 6.38%, 5/15/29  | 825 | 889 |
| Take-Two Interactive Software, Inc., |  |  |
| 5.00%, 3/28/26  | 1400 | 1405 |
| TEGNA, Inc., |  |  |
| 5.00%, 9/15/29  | 650 | 646 |
|  |  | **2940** |
| **Finance Companies – 0.3%** | **Finance Companies – 0.3%** | **Finance Companies – 0.3%** |
| Air Lease Corp., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.44%), 6.00%, <br> 9/24/29<sup>(5) (6)</sup> <br>| 650 | **631** |
| **Food – 1.3%** | **Food – 1.3%** | **Food – 1.3%** |
| Cargill, Inc., |  |  |
| 4.63%, 2/11/28 <sup>(1)</sup> <br>| 1000 | 1014 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  |
| **Food – 1.3%continued** | **Food – 1.3%continued** | **Food – 1.3%continued** |
| General Mills, Inc., |  |  |
| 4.70%, 1/30/27  | $380 | $383 |
| Lamb Weston Holdings, Inc., |  |  |
| 4.88%, 5/15/28 <sup>(1)</sup> <br>| 220 | 219 |
| Mondelez International, Inc., |  |  |
| 4.13%, 5/7/28  | 1400 | 1402 |
|  |  | **3018** |
| **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  | 410 | 420 |
| Cencora, Inc., |  |  |
| 4.63%, 12/15/27  | 410 | 415 |
| CHS/Community Health Systems, Inc., |  |  |
| 5.25%, 5/15/30 <sup>(1)</sup> <br>| 675 | 611 |
| Cigna Group (The), |  |  |
| 1.25%, 3/15/26  | 242 | 239 |
| DaVita, Inc., |  |  |
| 3.75%, 2/15/31 <sup>(1)</sup> <br>| 675 | 618 |
| HCA, Inc., |  |  |
| 5.00%, 3/1/28  | 560 | 570 |
| IQVIA, Inc., |  |  |
| 6.25%, 2/1/29  | 2125 | 2237 |
| LifePoint Health, Inc., |  |  |
| 9.88%, 8/15/30 <sup>(1)</sup> <br>| 1000 | 1083 |
|  |  | **6193** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| Forestar Group, Inc., |  |  |
| 5.00%, 3/1/28<sup>(1)</sup> <br>| 370 | **366** |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| Colgate-Palmolive Co., |  |  |
| 4.60%, 3/1/28 | 400 | **407** |
| **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** |
| Coinbase Global, Inc., |  |  |
| 3.38%, 10/1/28 <sup>(1)</sup> <br>| 600 | 569 |
| LPL Holdings, Inc., |  |  |
| 4.90%, 4/3/28  | 1250 | 1264 |
|  |  | **1833** |
| **Insurance – 1.6%** | **Insurance – 1.6%** | **Insurance – 1.6%** |
| Arthur J Gallagher & Co., |  |  |
| 4.60%, 12/15/27  | 1230 | 1242 |
| New York Life Global Funding, |  |  |
| 4.40%, 4/25/28 <sup>(1)</sup> <br>| 1350 | 1364 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  |
| **Insurance – 1.6%continued** | **Insurance – 1.6%continued** | **Insurance – 1.6%continued** |
| Principal Financial Group, Inc., |  |  |
| 3.10%, 11/15/26  | $1000 | $988 |
|  |  | **3594** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| International Business Machines Corp., |  |  |
| 4.65%, 2/10/28 | 400 | **406** |
| **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** |
| Carnival Corp., |  |  |
| 6.00%, 5/1/29 <sup>(1)</sup> <br>| 700 | 710 |
| Hyatt Hotels Corp., |  |  |
| 5.75%, 1/30/27  | 400 | 408 |
|  |  | **1118** |
| **Machinery – 1.4%** | **Machinery – 1.4%** | **Machinery – 1.4%** |
| Caterpillar Financial Services Corp., |  |  |
| 1.10%, 9/14/27  | 400 | 379 |
| 4.40%, 10/15/27  | 1275 | 1289 |
| CNH Industrial Capital LLC, |  |  |
| 4.50%, 10/8/27  | 480 | 483 |
| John Deere Capital Corp., |  |  |
| 4.20%, 7/15/27  | 570 | 574 |
| Stanley Black & Decker, Inc., |  |  |
| 3.40%, 3/1/26  | 500 | 498 |
|  |  | **3223** |
| **Medical Equipment & Devices – 1.1%** | **Medical Equipment & Devices – 1.1%** | **Medical Equipment & Devices – 1.1%** |
| Baxter International, Inc., |  |  |
| 2.60%, 8/15/26  | 500 | 493 |
| Edwards Lifesciences Corp., |  |  |
| 4.30%, 6/15/28  | 1140 | 1144 |
| Medtronic Global Holdings S.C.A., |  |  |
| 4.25%, 3/30/28  | 400 | 403 |
| Stryker Corp., |  |  |
| 4.85%, 2/10/30  | 585 | 599 |
|  |  | **2639** |
| **Oil & Gas Supply Chain – 2.2%** | **Oil & Gas Supply Chain – 2.2%** | **Oil & Gas Supply Chain – 2.2%** |
| Marathon Petroleum Corp., |  |  |
| 5.15%, 3/1/30  | 545 | 560 |
| ONEOK, Inc., |  |  |
| 5.55%, 11/1/26  | 2210 | 2238 |
| Plains All American Pipeline L.P., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.37%), 8.58%, 10/30/25 <sup>(4) (6)</sup> <br>| 525 | 526 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  |
| **Oil & Gas Supply Chain – 2.2%continued** | **Oil & Gas Supply Chain – 2.2%continued** | **Oil & Gas Supply Chain – 2.2%continued** |
| &nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| 7.38%, 2/15/29 <sup>(1)</sup> <br>| $1000 | $1030 |
| Williams (The) Cos., Inc., |  |  |
| 5.40%, 3/2/26  | 730 | 733 |
|  |  | **5087** |
| **Real Estate Investment Trusts – 2.3%** | **Real Estate Investment Trusts – 2.3%** | **Real Estate Investment Trusts – 2.3%** |
| Extra Space Storage L.P., |  |  |
| 5.70%, 4/1/28  | 1410 | 1456 |
| Public Storage Operating Co., |  |  |
| 5.13%, 1/15/29  | 825 | 852 |
| Simon Property Group L.P., |  |  |
| 3.25%, 11/30/26  | 1000 | 991 |
| 1.75%, 2/1/28 <sup>†</sup> <br>| 400 | 380 |
| Store Capital LLC, |  |  |
| 5.40%, 4/30/30 <sup>(1)</sup> <br>| 705 | 718 |
| &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>| 784 | 826 |
|  |  | **5223** |
| **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** |
| 7-Eleven, Inc., |  |  |
| 1.80%, 2/10/31<sup>(1)</sup> <br>| 770 | **669** |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| Advanced Micro Devices, Inc., |  |  |
| 4.32%, 3/24/28  | 400 | 404 |
| Broadcom, Inc., |  |  |
| 4.15%, 2/15/28  | 1140 | 1143 |
| Intel Corp., |  |  |
| 4.88%, 2/10/26  | 65 | 65 |
|  |  | **1612** |
| **Software – 1.3%** | **Software – 1.3%** | **Software – 1.3%** |
| Adobe, Inc., |  |  |
| 4.75%, 1/17/28 <sup>†</sup> <br>| 825 | 841 |
| Oracle Corp., |  |  |
| 2.65%, 7/15/26  | 1000 | 988 |
| 4.45%, 9/26/30  | 1110 | 1109 |
|  |  | **2938** |
| **Specialty Finance – 4.8%** | **Specialty Finance – 4.8%** | **Specialty Finance – 4.8%** |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 5.54%, <br> 1/17/31 <sup>(5)</sup> <br>| 355 | 362 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **250** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  |
| **Specialty Finance – 4.8%continued** | **Specialty Finance – 4.8%continued** | **Specialty Finance – 4.8%continued** |
| American Express Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 5.04%, 7/26/28 <sup>(5) †</sup> <br>| $1185 | $1205 |
| Aviation Capital Group LLC, |  |  |
| 1.95%, 1/30/26 <sup>(1)</sup> <br>| 1100 | 1090 |
| Enova International, Inc., |  |  |
| 9.13%, 8/1/29 <sup>(1)</sup> <br>| 346 | 363 |
| Fiserv, Inc., |  |  |
| 3.20%, 7/1/26  | 200 | 199 |
| 5.45%, 3/2/28  | 1875 | 1928 |
| Global Payments, Inc., |  |  |
| 5.30%, 8/15/29  | 935 | 956 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer <br> Corp.,<br>|  |  |
| 5.00%, 8/15/28 <sup>(1)</sup> <br>| 1000 | 966 |
| Mastercard, Inc., |  |  |
| 4.55%, 3/15/28  | 400 | 407 |
| OneMain Finance Corp., |  |  |
| 5.38%, 11/15/29  | 675 | 667 |
| Rocket Cos., Inc., |  |  |
| 6.13%, 8/1/30 <sup>(1)</sup> <br>| 1865 | 1914 |
| S&P Global, Inc., |  |  |
| 2.45%, 3/1/27  | 825 | 808 |
| Synchrony Financial, |  |  |
| (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(5)</sup> <br>| 175 | 181 |
|  |  | **11046** |
| **Technology Hardware – 0.9%** | **Technology Hardware – 0.9%** | **Technology Hardware – 0.9%** |
| Cisco Systems, Inc., |  |  |
| 4.55%, 2/24/28  | 630 | 640 |
| Dell International LLC/EMC Corp., |  |  |
| 4.75%, 4/1/28  | 990 | 1005 |
| Hewlett Packard Enterprise Co., |  |  |
| 4.15%, 9/15/28  | 460 | 459 |
|  |  | **2104** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| Philip Morris International, Inc., |  |  |
| 4.13%, 4/28/28 | 400 | **401** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| CSX Corp., |  |  |
| 3.80%, 3/1/28 | 400 | **398** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  | **CORPORATE BONDS - 39.0% continued**  |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| Cummins, Inc., |  |  |
| 4.25%, 5/9/28  | $175 | $176 |
| PACCAR Financial Corp., |  |  |
| 4.00%, 9/26/29  | 460 | 460 |
|  |  | **636** |
| **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** | **Wholesale - Consumer Staples – 0.2%** |
| Sysco Corp., |  |  |
| 5.10%, 9/23/30 | 475 | **490** |
| **Total Corporate Bonds** |  |  |
| **(Cost $88,073)** |  | **89102** |
| **FOREIGN ISSUER BONDS – 14.1%**  | **FOREIGN ISSUER BONDS – 14.1%**  | **FOREIGN ISSUER BONDS – 14.1%**  |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Bombardier, Inc., |  |  |
| 7.50%, 2/1/29 <sup>(1)</sup> <br>| 500 | 521 |
| Rolls-Royce PLC, |  |  |
| 5.75%, 10/15/27 <sup>(1)</sup> <br>| 810 | 832 |
|  |  | **1353** |
| **Automotive – 1.6%** | **Automotive – 1.6%** | **Automotive – 1.6%** |
| &nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| 4.65%, 4/1/27 <sup>(1)</sup> <br>| 2150 | 2165 |
| 4.75%, 8/1/27 <sup>(1)</sup> <br>| 700 | 708 |
| &nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| 4.85%, 9/11/30 <sup>(1)</sup> <br>| 700 | 703 |
|  |  | **3576** |
| **Banking – 7.4%** | **Banking – 7.4%** | **Banking – 7.4%** |
| Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| 5.38%, 3/13/29  | 800 | 826 |
| Bank of Nova Scotia (The), |  |  |
| 4.50%, 12/16/25  | 300 | 300 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.67%, 3/12/28 <sup>(5)</sup> <br>| 1280 | 1305 |
| 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>| 500 | 448 |
| BPCE S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.96%), <br> 5.72%, 1/18/30 <sup>(1) (5)</sup> <br>| 1750 | 1810 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **FOREIGN ISSUER BONDS - 14.1% continued**  | **FOREIGN ISSUER BONDS - 14.1% continued**  | **FOREIGN ISSUER BONDS - 14.1% continued**  |
| **Banking – 7.4%continued** | **Banking – 7.4%continued** | **Banking – 7.4%continued** |
| Credit Agricole S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 4.63%, 9/11/28 <sup>(1) (5)</sup> <br>| $1430 | $1439 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.30%), <br> 4.95%, 8/4/31 <sup>(5)</sup> <br>| 300 | 303 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.89%, 8/14/27 <sup>(5)</sup> <br>| 500 | 507 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.06%), <br> 5.60%, 5/17/28 <sup>(5)</sup> <br>| 840 | 858 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.46%), <br> 5.55%, 3/4/30 <sup>(5)</sup> <br>| 1900 | 1971 |
| Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.58%), 5.80%, <br> 1/5/28 <sup>(4)</sup> <br>| 1690 | 1708 |
| &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 | 1712 |
| 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 | 856 |
| &nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 1.75%), 4.89%, 5/18/29 <sup>(5)</sup> <br>| 400 | 406 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29 <sup>(5)</sup> <br>| 600 | 598 |
| 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 | 1013 |
| Standard Chartered PLC, |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.05%), 6.17%, <br> 1/9/27 <sup>(1) (5)</sup> <br>| 900 | 904 |
|  |  | **16964** |
| **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** |
| Astrazeneca Finance LLC, |  |  |
| 4.88%, 3/3/28  | 400 | 409 |
| &nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands IV B.V.,<br>|  |  |
| 5.75%, 12/1/30  | 1030 | 1061 |
|  |  | **1470** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.1% continued**  | **FOREIGN ISSUER BONDS - 14.1% continued**  | **FOREIGN ISSUER BONDS - 14.1% continued**  |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| Nutrien Ltd., |  |  |
| 5.25%, 3/12/32 | $610 | **$630** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| Unilever Capital Corp., |  |  |
| 4.25%, 8/12/27  | 420 | 423 |
| 3.50%, 3/22/28  | 400 | 397 |
|  |  | **820** |
| **Industrial Support Services – 0.7%** | **Industrial Support Services – 0.7%** | **Industrial Support Services – 0.7%** |
| Ashtead Capital, Inc., |  |  |
| 4.38%, 8/15/27 <sup>(1)</sup> <br>| 500 | 500 |
| Element Fleet Management Corp., |  |  |
| 6.27%, 6/26/26 <sup>(1)</sup> <br>| 1050 | 1063 |
|  |  | **1563** |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| 4.50%, 3/14/28 | 850 | **859** |
| **Semiconductors – 0.8%** | **Semiconductors – 0.8%** | **Semiconductors – 0.8%** |
| SK Hynix, Inc., |  |  |
| 4.38%, 9/11/30<sup>(1)</sup> <br>| 1900 | **1891** |
| **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 1.75%, 1/30/26 | 1070 | **1061** |
| **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** |
| NTT Finance Corp., |  |  |
| 4.88%, 7/16/30<sup>(1)</sup> <br>| 600 | **610** |
| **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** |
| Air Canada, |  |  |
| 3.88%, 8/15/26 <sup>(1)</sup> <br>| 320 | 317 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| 7.88%, 5/1/27 <sup>(1)</sup> <br>| 1000 | 1016 |
|  |  | **1333** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $31,715)** |  | **32130** |
| **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 – 2.7%** | **Fannie Mae – 2.7%** | **Fannie Mae – 2.7%** |
| Pool #555649, |  |  |
| 7.50%, 10/1/32 | 2 | 2 |
| Pool #AD0915, |  |  |
| 5.50%, 12/1/38 | 12 | 13 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **252** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 – 2.7%continued** | **Fannie Mae – 2.7%continued** | **Fannie Mae – 2.7%continued** |
| Pool #AI3471, |  |  |
| 5.00%, 6/1/41 | $44 | $45 |
| Pool #BA6574, |  |  |
| 3.00%, 1/1/31 | 293 | 287 |
| Pool #BC0266, |  |  |
| 3.50%, 2/1/31 | 264 | 261 |
| Pool #BC1465, |  |  |
| 2.50%, 7/1/31 | 178 | 171 |
| Pool #BE0514, |  |  |
| 2.50%, 11/1/31 | 548 | 529 |
| Pool #BM1239, |  |  |
| 3.50%, 2/1/32 | 273 | 270 |
| Pool #BM4485, |  |  |
| 3.00%, 9/1/30 | 306 | 303 |
| Pool #BM5017, |  |  |
| 3.00%, 3/1/30 | 238 | 234 |
| Pool #BM5525, |  |  |
| 4.00%, 3/1/31 | 15 | 14 |
| Pool #BM5708, |  |  |
| 3.00%, 12/1/29 | 24 | 24 |
| Pool #FM1534, |  |  |
| 4.50%, 9/1/49 | 564 | 557 |
| Pool #FM1773, |  |  |
| 3.00%, 12/1/31 | 184 | 181 |
| Pool #FM1849, |  |  |
| 3.50%, 12/1/33 | 277 | 273 |
| Pool #FM1852, |  |  |
| 3.00%, 7/1/33 | 324 | 318 |
| Pool #FM1897, |  |  |
| 3.00%, 9/1/32 | 215 | 211 |
| Pool #FM3308, |  |  |
| 3.00%, 4/1/32 | 557 | 547 |
| Pool #FS2701, |  |  |
| 2.50%, 2/1/35 | 493 | 476 |
| Pool #FS4618, |  |  |
| 4.50%, 2/1/51 | 645 | 631 |
| Pool #FS4653, |  |  |
| 5.50%, 5/1/53 | 548 | 555 |
| Pool #MA3090, |  |  |
| 3.00%, 8/1/32 | 139 | 135 |
|  |  | **6037** |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 5.9%** | **Freddie Mac – 5.9%** | **Freddie Mac – 5.9%** |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 4835, <br> Class CA,<br>|  |  |
| 3.50%, 1/15/47 | $223 | $218 |
| Pool #1B3617, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.92%, 1.92% Floor, <br> 11.07% Cap), 7.15%, 10/1/37<sup>(4)</sup> <br>| 41 | 42 |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 698 | 710 |
| Pool #SB0084, |  |  |
| 3.00%, 2/1/32 | 665 | 654 |
| Pool #SB0093, |  |  |
| 2.50%, 12/1/31 | 1639 | 1581 |
| Pool #SB0215, |  |  |
| 3.00%, 2/1/32 | 216 | 212 |
| Pool #SB0216, |  |  |
| 3.00%, 12/1/32 | 524 | 512 |
| Pool #SB0329, |  |  |
| 3.00%, 9/1/32 | 552 | 541 |
| Pool #SD1360, |  |  |
| 5.50%, 7/1/52 | 731 | 740 |
| Pool #SD1959, |  |  |
| 6.50%, 12/1/52 | 584 | 607 |
| Pool #SD2342, |  |  |
| 5.00%, 12/1/44 | 740 | 758 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 666 | 687 |
| Pool #SD2902, |  |  |
| 5.50%, 5/1/53 | 542 | 549 |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | 854 | 853 |
| Pool #SD2999, |  |  |
| 5.50%, 6/1/53 | 837 | 850 |
| Pool #SD3133, |  |  |
| 5.00%, 6/1/53 | 700 | 701 |
| Pool #SD3136, |  |  |
| 5.50%, 6/1/53 | 671 | 682 |
| Pool #SD3174, |  |  |
| 5.50%, 6/1/53 | 662 | 674 |
| Pool #ZA2807, |  |  |
| 2.50%, 2/1/28 | 26 | 26 |
| Pool #ZK9070, |  |  |
| 3.00%, 11/1/32 | 290 | 282 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **253** 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** |
| **Freddie Mac – 5.9%continued** | **Freddie Mac – 5.9%continued** | **Freddie Mac – 5.9%continued** |
| Pool #ZS6689, |  |  |
| 2.50%, 4/1/28 | $83 | $82 |
| Pool #ZS8598, |  |  |
| 3.00%, 2/1/31 | 351 | 343 |
| Pool #ZS8675, |  |  |
| 2.50%, 11/1/32 | 591 | 567 |
| &nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| 2.75%, 9/25/29 | 591 | 565 |
|  |  | **13436** |
| **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** |
| Pool #A92650, |  |  |
| 5.50%, 6/1/40 | 24 | 25 |
| Pool #E04360, |  |  |
| 2.50%, 4/1/28 | 104 | 102 |
| Pool #G18641, |  |  |
| 3.00%, 4/1/32 | 105 | 102 |
| Pool #G18647, |  |  |
| 3.00%, 6/1/32 | 256 | 250 |
|  |  | **479** |
| **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 | 287 | **269** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $20,619)** |  | **20221** |
| **U.S. GOVERNMENT OBLIGATIONS – 13.2%**  | **U.S. GOVERNMENT OBLIGATIONS – 13.2%**  | **U.S. GOVERNMENT OBLIGATIONS – 13.2%**  |
| **U.S. Treasury Notes – 13.2%** | **U.S. Treasury Notes – 13.2%** | **U.S. Treasury Notes – 13.2%** |
| 4.50%, 11/15/25<sup>(9)</sup> <br>| 1009 | 1009 |
| 3.75%, 6/30/27 | 10071 | 10089 |
| 3.88%, 7/15/28 | 19039 | 19163 |
|  |  | **30261** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $30,116)** |  | **30261** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 0.2%**  | **MUNICIPAL BONDS – 0.2%**  | **MUNICIPAL BONDS – 0.2%**  |
| **Florida – 0.2%** | **Florida – 0.2%** | **Florida – 0.2%** |
| &nbsp;&nbsp; Miami-Dade County Aviation Taxable <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 1.23%, 10/1/25 | $500 | **$500** |
| **Total Municipal Bonds** |  |  |
| **(Cost $500)** |  | **500** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(10) (11) (12)</sup> <br>| 489260 | $489 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(10) (11)</sup> <br>| 675118 | 675 |
| **Total Investment Companies** |  |  |
| **(Cost $1,164)** |  | **1164** |
| **Total Investments – 99.8%** | **Total Investments – 99.8%** |  |
| **(Cost $226,384)** | **(Cost $226,384)** | **227913** |
| Other Assets less Liabilities – 0.2% | Other Assets less Liabilities – 0.2% | 495 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$228408** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At September 30,* <br> *2025, the value of these securities amounted to approximately* <br> *$60,908,000 or 26.7% of net assets.*<br>|
| <sup>(2)</sup> <br>| *Step coupon bond. Rate as of September 30, 2025 is disclosed.* |
| <sup>(3)</sup> <br>| *Variable or floating rate security, the interest rate of which adjusts* <br> *periodically based on changes in current interest rates and prepayments on* <br> *the underlying pool of assets.*<br>|
| <sup>(4)</sup> <br>| *Variable or floating rate security. Rate as of September 30, 2025 is* <br> *disclosed.*<br>|
| <sup>(5)</sup> <br>| *Variable or floating rate security. Security issued at a fixed coupon rate,* <br> *which converts to a variable rate at a future date. Rate shown is the rate in* <br> *effect as of September 30, 2025.*<br>|
| <sup>(6)</sup> <br>| *Perpetual bond. Maturity date represents next call date.* |
| <sup>(7)</sup> <br>| *When-Issued Security. Coupon rate is not in effect at September 30, 2025.* |
| <sup>(8)</sup> <br>| *The obligations of certain U.S. government-sponsored entities are neither* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(9)</sup> <br>| *A portion of this security has been pledged as collateral to cover margin* <br> *requirements for open futures contracts.*<br>|
| <sup>(10)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(11)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(12)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **254** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| |
|:---|
| 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  |
| ICE - Intercontinental Exchange |
| LIBOR - London Interbank Offered Rate |
| REMICS - Real Estate Mortgage Investment Conduits |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At September 30, 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>| 403 | $83985 | Long | 12/25 | $38 |
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| (421)<br>| (45971)<br>| Short | 12/25 | (57)<br>|
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (35)<br>| (4028)<br>| Short | 12/25 | (41)<br>|
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (5)<br>| (600)<br>| Short | 12/25 | (16)<br>|
| Total |  |  |  |  | $(76)<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 September 30, 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; $38498 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38498 |
| &nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 16037 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16037 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 89102 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89102 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 32130 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32130 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 20221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20221 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 30261 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30261 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 500 |
| Investment Companies | &nbsp;&nbsp; 1164 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1164 |
| Total Investments | &nbsp;&nbsp; $1164 | &nbsp;&nbsp; $226749 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $227913 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $38 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38 |
| 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; $(76)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(76)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **255** 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 – 1.9%**  | **ASSET-BACKED SECURITIES – 1.9%**  | **ASSET-BACKED SECURITIES – 1.9%**  |
| **Auto Loan – 0.8%** | **Auto Loan – 0.8%** | **Auto Loan – 0.8%** |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| 5.00%, 6/25/27 | $6100 | $6155 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-1, Class A3<br>|  |  |
| 4.92%, 10/16/28 | 1000 | 1007 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| 5.89%, 7/15/31 | 2300 | 2360 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2024-A, Class A4<br>|  |  |
| 5.05%, 6/15/27 | 1000 | 1006 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 4.80%, 4/16/29 | 6000 | 6041 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class D<br>|  |  |
| 5.14%, 2/17/32 | 6545 | 6590 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 4.86%, 3/15/29 | 2760 | 2777 |
|  |  | **25936** |
| **Credit Card – 0.2%** | **Credit Card – 0.2%** | **Credit Card – 0.2%** |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 2250 | 2283 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| 4.94%, 2/15/29 | 5000 | 5073 |
|  |  | **7356** |
| **Other – 0.7%** | **Other – 0.7%** | **Other – 0.7%** |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| 4.77%, 6/15/29 | 1120 | 1130 |
| &nbsp;&nbsp; Kubota Credit Owner Trust, Series <br> 2025-1A, Class A2<br>|  |  |
| 4.61%, 12/15/27<sup>(1)</sup> <br>| 2850 | 2862 |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class A2<br>|  |  |
| 4.50%, 4/15/33<sup>(1)</sup> <br>| 2400 | 2400 |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class B<br>|  |  |
| 4.88%, 4/15/33<sup>(1)</sup> <br>| 6700 | 6695 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 1.9%continued**  | **ASSET-BACKED SECURITIES - 1.9%continued**  | **ASSET-BACKED SECURITIES - 1.9%continued**  |
| **Other – 0.7%continued** | **Other – 0.7%continued** | **Other – 0.7%continued** |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class C<br>|  |  |
| 5.01%, 4/15/33<sup>(1)</sup> <br>| $2400 | $2399 |
| &nbsp;&nbsp; PK Alift Loan Funding 7 LP, Series <br> 2025-2, Class A<br>|  |  |
| 3/15/43<sup>(1) (2)</sup> <br>| 4400 | 4400 |
|  |  | **19886** |
| **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) (3)</sup> <br>| 5409 | **5442** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $58,388)** |  | **58620** |
| **COMMERCIAL PAPER – 3.8%**  | **COMMERCIAL PAPER – 3.8%**  | **COMMERCIAL PAPER – 3.8%**  |
| **Consumer Services – 0.8%** | **Consumer Services – 0.8%** | **Consumer Services – 0.8%** |
| &nbsp;&nbsp; Board of Regents of the University of <br> Texas System,<br>|  |  |
| 2.95%, 11/4/25 | 25000 | **25005** |
| **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** |
| Omaha Public Power District, |  |  |
| 2.80%, 11/3/25 | 12750 | **12752** |
| **Local Authority – 0.7%** | **Local Authority – 0.7%** | **Local Authority – 0.7%** |
| Dallas Area Rapid Transit, |  |  |
| 3.05%, 10/23/25  | 7000 | 7001 |
| 3.05%, 12/4/25  | 2213 | 2214 |
| Ohio Water Development Authority, |  |  |
| 2.80%, 11/4/25  | 12200 | 12203 |
|  |  | **21418** |
| **Regional – 1.9%** | **Regional – 1.9%** | **Regional – 1.9%** |
| &nbsp;&nbsp; California Health Facilities Financing <br> Authority,<br>|  |  |
| 2.60%, 12/2/25  | 13670 | 13672 |
| Illinois Finance Authority, |  |  |
| 2.75%, 11/3/25  | 17500 | 17500 |
| 2.70%, 12/15/25  | 8000 | 7999 |
| &nbsp;&nbsp; Massachusetts Bay Transportation <br> Authority,<br>|  |  |
| 2.98%, 10/10/25  | 11250 | 11251 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **256** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL PAPER - 3.8% continued**  | **COMMERCIAL PAPER - 3.8% continued**  | **COMMERCIAL PAPER - 3.8% continued**  |
| **Regional – 1.9%continued** | **Regional – 1.9%continued** | **Regional – 1.9%continued** |
| &nbsp;&nbsp; New Jersey Educational Facilities <br> Authority,<br>|  |  |
| 2.68%, 12/2/25  | $9000 | $9001 |
|  |  | **59423** |
| **Total Commercial Paper** |  |  |
| **(Cost $118,583)** |  | **118598** |
| **CORPORATE BONDS – 6.8%**  | **CORPORATE BONDS – 6.8%**  | **CORPORATE BONDS – 6.8%**  |
| **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** |
| American Honda Finance Corp., |  |  |
| 4.25%, 9/1/28  | 10000 | 10025 |
| General Motors Financial Co., Inc., |  |  |
| 5.40%, 5/8/27  | 5000 | 5085 |
| Hyundai Capital America, |  |  |
| 5.25%, 1/8/27 <sup>(1)</sup> <br>| 5000 | 5053 |
|  |  | **20163** |
| **Banking – 2.0%** | **Banking – 2.0%** | **Banking – 2.0%** |
| Bank of America Corp., |  |  |
| 3.50%, 4/19/26  | 10000 | 9969 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.12%, 3/4/29 <sup>(4)</sup> <br>| 12900 | 12902 |
| Huntington National Bank (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(5)</sup> <br>| 7400 | 7479 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.77%), <br> 4.98%, 9/22/27 <sup>(4)</sup> <br>| 11400 | 11443 |
| KeyBank N.A., |  |  |
| 4.70%, 1/26/26  | 1250 | 1251 |
| Santander Holdings U.S.A., Inc., |  |  |
| (Floating, U.S. SOFR + 1.61%), <br> 5.83%, 3/20/29 <sup>(4)</sup> <br>| 20000 | 20210 |
|  |  | **63254** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| DTE Energy Co., |  |  |
| 4.88%, 6/1/28 | 4200 | **4273** |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| Cargill, Inc., |  |  |
| (Floating, U.S. SOFR + 0.61%), <br> 4.90%, 2/11/28<sup>(1) (4)</sup> <br>| 10000 | **10023** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 6.8% continued**  | **CORPORATE BONDS - 6.8% continued**  | **CORPORATE BONDS - 6.8% continued**  |
| **Health Care Facilities & Services – 0.4%** | **Health Care Facilities & Services – 0.4%** | **Health Care Facilities & Services – 0.4%** |
| Elevance Health, Inc., |  |  |
| 4.00%, 9/15/28  | $7600 | $7567 |
| HCA, Inc., |  |  |
| 5.00%, 3/1/28  | 3470 | 3534 |
|  |  | **11101** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| Jefferson Exchange at Riverside LLC, |  |  |
| 4.20%, 6/1/62<sup>(6)</sup> <br>| 4400 | **4400** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| Kenvue, Inc., |  |  |
| 5.05%, 3/22/28 | 8000 | **8173** |
| **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
| Marsh & McLennan Cos., Inc., |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 5.00%, <br> 11/8/27<sup>(4)</sup> <br>| 3530 | **3546** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| International Business Machines Corp., |  |  |
| 3.30%, 5/15/26 | 9000 | **8959** |
| **Oil & Gas Supply Chain – 1.0%** | **Oil & Gas Supply Chain – 1.0%** | **Oil & Gas Supply Chain – 1.0%** |
| BP Capital Markets America, Inc., |  |  |
| 3.12%, 5/4/26  | 10000 | 9950 |
| Chevron U.S.A., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.57%), <br> 4.86%, 8/13/28 <sup>(4)</sup> <br>| 10000 | 10033 |
| Pioneer Natural Resources Co., |  |  |
| 5.10%, 3/29/26  | 10000 | 10049 |
|  |  | **30032** |
| **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** |
| Lowe's Cos., Inc., |  |  |
| 4.00%, 10/15/28 | 7450 | **7433** |
| **Software – 0.3%** | **Software – 0.3%** | **Software – 0.3%** |
| Roper Technologies, Inc., |  |  |
| 4.25%, 9/15/28 | 10332 | **10380** |
| **Specialty Finance – 0.0%** | **Specialty Finance – 0.0%** | **Specialty Finance – 0.0%** |
| &nbsp;&nbsp; Federal Agricultural Mortgage Corp. <br> Discount Notes,<br>|  |  |
| 0.00%, 10/1/25<sup>(7)</sup> <br>| 1000 | **1000** |
| **Telecommunications – 0.7%** | **Telecommunications – 0.7%** | **Telecommunications – 0.7%** |
| Verizon Communications, Inc., |  |  |
| 4.33%, 9/21/28 | 21400 | **21553** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **CORPORATE BONDS - 6.8% continued**  | **CORPORATE BONDS - 6.8% continued**  | **CORPORATE BONDS - 6.8% continued**  |
| **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** |
| Sysco Corp., |  |  |
| 3.25%, 7/15/27 | $7646 | **$7541** |
| **Total Corporate Bonds** |  |  |
| **(Cost $211,158)** |  | **211831** |
| **FOREIGN ISSUER BONDS – 6.3%**  | **FOREIGN ISSUER BONDS – 6.3%**  | **FOREIGN ISSUER BONDS – 6.3%**  |
| **Asset Management – 0.2%** | **Asset Management – 0.2%** | **Asset Management – 0.2%** |
| UBS A.G., |  |  |
| 5.00%, 7/9/27 | 6458 | **6567** |
| **Automotive – 0.4%** | **Automotive – 0.4%** | **Automotive – 0.4%** |
| BMW U.S. Capital LLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.71%), <br> 5.00%, 8/11/27 <sup>(1) (4)</sup> <br>| 1700 | 1707 |
| &nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| 4.45%, 9/11/27 <sup>(1)</sup> <br>| 12300 | 12330 |
|  |  | **14037** |
| **Banking – 5.2%** | **Banking – 5.2%** | **Banking – 5.2%** |
| ABN AMRO Bank N.V., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.75%), 5.10%, <br> 7/7/28 <sup>(1) (4)</sup> <br>| 20000 | 20070 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 4.85%, <br> 9/15/26 <sup>(4)</sup> <br>| 9600 | 9619 |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 0.75%), 4.06%, <br> 9/22/28 <sup>(5)</sup> <br>| 16600 | 16577 |
| Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.76%), <br> 4.04%, 9/15/28 <sup>(5)</sup> <br>| 24500 | 24446 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.22%), <br> 5.50%, 11/16/27 <sup>(4)</sup> <br>| 7500 | 7535 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.51%), <br> 6.82%, 11/20/29 <sup>(5)</sup> <br>| 20809 | 22259 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 5.29%, 3/3/29 <sup>(4)</sup> <br>| 6000 | 6023 |
| ING Groep N.V., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.01%), 5.23%, <br> 4/1/27 <sup>(4)</sup> <br>| 23800 | 23854 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 5.2%continued** | **Banking – 5.2%continued** | **Banking – 5.2%continued** |
| Nationwide Building Society, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.57%, 2/16/28 <sup>(1) (4)</sup> <br>| $9300 | $9372 |
| NatWest Markets PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 4.98%, 9/29/26 <sup>(1) (4)</sup> <br>| 7800 | 7820 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29 <sup>(5)</sup> <br>| 4800 | 4787 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| (Floating, U.S. SOFR + 0.88%), <br> 5.22%, 1/14/27 <sup>(4)</sup> <br>| 9880 | 9936 |
|  |  | **162298** |
| **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** |
| Nomura Holdings, Inc., |  |  |
| 5.71%, 1/9/26 | 10000 | **10038** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 6.45%, 4/15/27 | 5000 | **5156** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $197,609)** |  | **198096** |
| **U.S. GOVERNMENT AGENCIES – 0.2%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 0.2%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 0.2%** <sup>(8)</sup> |
| **Freddie Mac – 0.2%** | **Freddie Mac – 0.2%** | **Freddie Mac – 0.2%** |
| &nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2018-2, Class A1,<br>|  |  |
| 3.50%, 11/25/28 | 6199 | **6071** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $6,064)** |  | **6071** |
| **MUNICIPAL BONDS – 77.0%**  | **MUNICIPAL BONDS – 77.0%**  | **MUNICIPAL BONDS – 77.0%**  |
| **Alabama – 2.4%** | **Alabama – 2.4%** | **Alabama – 2.4%** |
| &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> 4.21%, 6/1/27<sup>(4) (9)</sup> <br>| 20000 | 20162 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Gas Project No.7-S,<br>|  |  |
| 4.00%, 12/1/26<sup>(9) (10)</sup> <br>| 9800 | 9917 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **258** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Alabama – 2.4%continued** | **Alabama – 2.4%continued** | **Alabama – 2.4%continued** |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series E, Gas Project,<br>|  |  |
| 5.00%, 5/1/28 | $510 | $532 |
| &nbsp;&nbsp; Black Belt Energy Gas District Variable <br> Revenue Bonds, Gas Project,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.35%), 3.30%, <br> 12/1/26<sup>(4) (9)</sup> <br>| 29000 | 28631 |
| &nbsp;&nbsp; Southeast Energy Authority Commodity <br> Supply Revenue Bonds, Series A, <br> Project No.1,<br>|  |  |
| 4.00%, 10/1/28<sup>(9) (10)</sup> <br>| 8650 | 8864 |
| &nbsp;&nbsp; Southeast Energy Authority Commodity <br> Supply Revenue Bonds, Series B-1, <br> Project No. 4,<br>|  |  |
| 5.00%, 8/1/28<sup>(9) (10)</sup> <br>| 7100 | 7450 |
|  |  | **75556** |
| **Alaska – 0.2%** | **Alaska – 0.2%** | **Alaska – 0.2%** |
| &nbsp;&nbsp; Alaska State G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/27 | 2000 | 2093 |
| &nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, State <br> Capital Project,<br>|  |  |
| 5.00%, 6/1/27 | 2605 | 2713 |
| &nbsp;&nbsp; Civic Ventures Revenue Refunding <br> Bonds, Anchorage Convention <br> Center,<br>|  |  |
| 5.00%, 9/1/27 | 930 | 970 |
| 5.00%, 9/1/28 | 975 | 1037 |
|  |  | **6813** |
| **Arizona – 1.6%** | **Arizona – 1.6%** | **Arizona – 1.6%** |
| &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%), 3.20%, <br> 11/4/26<sup>(4) (9)</sup> <br>| 7335 | 7282 |
| &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%), 3.20%, <br> 11/4/25<sup>(4) (11)</sup> <br>| 300 | 300 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Arizona – 1.6%continued** | **Arizona – 1.6%continued** | **Arizona – 1.6%continued** |
| &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%), 3.20%, <br> 11/4/25<sup>(4) (11)</sup> <br>| $1495 | $1495 |
| &nbsp;&nbsp; Glendale Water & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/26 | 3000 | 3055 |
| &nbsp;&nbsp; Maricopa County High School District <br> No. 210 G.O. Unlimited Bonds, <br> Series B, Project of 2023,<br>|  |  |
| 5.00%, 7/1/27 | 2265 | 2367 |
| &nbsp;&nbsp; Maricopa County IDA Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| 5.00%, 5/15/28<sup>(9) (10)</sup> <br>| 10000 | 10487 |
| &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 | 1864 |
| &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 | 1069 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Water System Junior Lien Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/26 | 1750 | 1757 |
| &nbsp;&nbsp; Pima County IDA MFH Variable <br> Revenue Bonds, Flats At Ballpark <br> Village,<br>|  |  |
| 2.71%, 4/1/28<sup>(9) (10)</sup> <br>| 7595 | 7555 |
| Pima County Refunding COPS, |  |  |
| 5.00%, 12/1/27 | 2860 | 3011 |
| &nbsp;&nbsp; Pinal County Revenue Refunding <br> Obligation Bonds (BAM Insured),<br>|  |  |
| 5.00%, 8/1/28 | 1000 | 1070 |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/27 | 2130 | 2199 |
| &nbsp;&nbsp; Tucson G.O. Unlimited Bonds, Series <br> 2018-B,<br>|  |  |
| 5.00%, 7/1/27 | 6460 | 6739 |
|  |  | **50250** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **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 | **$2441** |
| **California – 3.2%** | **California – 3.2%** | **California – 3.2%** |
| &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%), 3.25%, <br> 4/1/27<sup>(4) (9)</sup> <br>| 8500 | 8330 |
| &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%), 3.40%, <br> 4/1/26<sup>(4) (9)</sup> <br>| 8750 | 8706 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.00%, 10/1/28 | 1750 | 1839 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series A-1, Clean Energy <br> Project,<br>|  |  |
| 4.00%, 8/1/28<sup>(9) (10)</sup> <br>| 4745 | 4857 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 3/1/27 | 13400 | 13905 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Solid Waste Disposal <br> Variable Revenue Bonds, Series A <br> (AMT), Waste Management, Inc.,<br>|  |  |
| 3.45%, 10/2/28<sup>(9) (10)</sup> <br>| 4000 | 3963 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 5/15/28 | 5000 | 5286 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Sustainable <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 5/15/28 | 6500 | 6871 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Subordinate Revenue Refunding <br> Bonds (AMT),<br>|  |  |
| 5.00%, 5/15/28 | 4530 | 4789 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **California – 3.2%continued** | **California – 3.2%continued** | **California – 3.2%continued** |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds <br> Series B,<br>|  |  |
| 5.00%, 7/1/26 | $2600 | $2634 |
| 5.00%, 7/1/27 | 2225 | 2316 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/26 | 4035 | 4103 |
| 5.00%, 7/1/26 | 1990 | 2023 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/26 | 6270 | 6351 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/26 | 1930 | 1962 |
| 5.00%, 7/1/27 | 3040 | 3164 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/27 | 3180 | 3262 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series (AMT), Unrefunded Balance,<br>|  |  |
| 5.00%, 5/1/27 | 10880 | 11250 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series A (AMT),<br>|  |  |
| 5.00%, 5/1/28 | 2300 | 2419 |
|  |  | **98030** |
| **Colorado – 2.3%** | **Colorado – 2.3%** | **Colorado – 2.3%** |
| &nbsp;&nbsp; Adams & Arapahoe Counties Joint <br> School District No. 28J Aurora G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.50%, 12/1/26 | 3340 | 3459 |
| &nbsp;&nbsp; Adams 12 Five Star Schools G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 12/15/26 | 8000 | 8248 |
| Colorado State COPS, Series A, |  |  |
| 5.00%, 12/15/25 | 1350 | 1356 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **260** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Colorado – 2.3%continued** | **Colorado – 2.3%continued** | **Colorado – 2.3%continued** |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, CommonSpirit Health,<br>|  |  |
| 5.00%, 8/1/27 | $5000 | $5193 |
| &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%), 3.50%, <br> 8/17/26<sup>(4) (9)</sup> <br>| 22100 | 21966 |
| &nbsp;&nbsp; Denver City & County Airport <br> Subordinate Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/25 | 3160 | 3169 |
| 5.00%, 11/15/26 | 15560 | 15985 |
| &nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 12/1/27 | 3865 | 4042 |
| &nbsp;&nbsp; Denver City & County School District <br> No. 1 G.O. Unlimited Bonds, Series <br> A (State Aid Withholding),<br>|  |  |
| 5.00%, 12/1/26 | 3650 | 3758 |
| &nbsp;&nbsp; Denver City & 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 | 4752 |
|  |  | **71928** |
| **Connecticut – 1.8%** | **Connecticut – 1.8%** | **Connecticut – 1.8%** |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 1/15/26 | 4100 | 4127 |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/27 | 12100 | 12755 |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series E,<br>|  |  |
| 5.00%, 10/15/26 | 3295 | 3379 |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| 4/15/26<sup>(2)</sup> <br>| 12175 | 12330 |
| 8/15/28<sup>(2)</sup> <br>| 8075 | 8623 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Connecticut – 1.8%continued** | **Connecticut – 1.8%continued** | **Connecticut – 1.8%continued** |
| &nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Yale New Haven,<br>|  |  |
| 5.00%, 7/1/27 | $5500 | $5729 |
| &nbsp;&nbsp; Hartford Special Obligation Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 7/15/26 | 7000 | 7140 |
| &nbsp;&nbsp; University of Connecticut Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/25 | 2280 | 2286 |
|  |  | **56369** |
| **District of Columbia – 0.4%** | **District of Columbia – 0.4%** | **District of Columbia – 0.4%** |
| &nbsp;&nbsp; District of Columbia G.O. Unlimited <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/28 | 2175 | 2268 |
| &nbsp;&nbsp; District of Columbia Housing Finance <br> Agency MFH Revenue Bonds, <br> Wagner Senior Residences Project,<br>|  |  |
| 2.95%, 9/1/28 | 4500 | 4497 |
| &nbsp;&nbsp; District of Columbia Water & Sewer <br> Authority Public Utility Subordinate <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/28 | 2200 | 2367 |
| &nbsp;&nbsp; District of Columbia Water & Sewer <br> Authority Public Utility Subordinate <br> Sustainable Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 10/1/28 | 765 | 823 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 550 | 574 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 10/1/25 | 1400 | 1400 |
|  |  | **11929** |
| **Florida – 3.5%** | **Florida – 3.5%** | **Florida – 3.5%** |
| &nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series A (AG <br> Insured),<br>|  |  |
| 5.00%, 7/1/28 | 6710 | 7151 |
| &nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series C,<br>|  |  |
| 5.00%, 7/1/26 | 5000 | 5082 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Florida – 3.5%continued** | **Florida – 3.5%continued** | **Florida – 3.5%continued** |
| &nbsp;&nbsp; Central Florida Expressway Authority <br> Senior Lien Revenue Refunding <br> Bonds, Series A, Prerefunded,<br>|  |  |
| 5.00%, 7/1/26<sup>(11)</sup> <br>| $1950 | $1985 |
| &nbsp;&nbsp; Duval County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| 5.00%, 7/1/27 | 2850 | 2976 |
| &nbsp;&nbsp; Florida Insurance Assistance Interlocal <br> Agency Revenue Bonds, Series A-1,<br>|  |  |
| 5.00%, 9/1/26 | 9250 | 9336 |
| &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>(9) (10)</sup> <br>| 3000 | 3034 |
| &nbsp;&nbsp; Florida State Housing Finance Corp. <br> Variable Revenue Bonds, Series D, <br> Osprey Sound,<br>|  |  |
| 3.00%, 9/1/28<sup>(9) (10)</sup> <br>| 6000 | 6003 |
| &nbsp;&nbsp; Florida State Mid-Bay Bridge Authority <br> First Senior Lien Revenue Refunding <br> Bonds (AG Insured),<br>|  |  |
| 5.00%, 10/1/26 | 3250 | 3319 |
| 5.00%, 10/1/27 | 1700 | 1773 |
| &nbsp;&nbsp; Florida State Municipal Power Agency <br> Revenue Refunding Bonds, <br> All-Requirements Power Supply <br> Project,<br>|  |  |
| 5.00%, 10/1/27 | 795 | 833 |
| 5.00%, 10/1/28 | 1300 | 1393 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 5045 | 5264 |
| &nbsp;&nbsp; Hillsborough County Aviation Authority <br> Revenue Bonds, Series A (AMT), <br> Tampa International Airport,<br>|  |  |
| 5.00%, 10/1/25 | 1500 | 1500 |
| &nbsp;&nbsp; Hillsborough County Aviation Authority <br> Tampa International Airport Revenue <br> Bonds, Series B,<br>|  |  |
| 5.00%, 10/1/25 | 1615 | 1615 |
| Jacksonville Special Revenue Bonds, |  |  |
| 5.00%, 10/1/28 | 2100 | 2261 |
| &nbsp;&nbsp; Jacksonville Special Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 10/1/27 | 8650 | 8843 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Florida – 3.5%continued** | **Florida – 3.5%continued** | **Florida – 3.5%continued** |
| &nbsp;&nbsp; Lake County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| 5.00%, 6/1/27 | $1945 | $2021 |
| 5.00%, 6/1/28 | 1135 | 1206 |
| &nbsp;&nbsp; Lee County Airport Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/28 | 2500 | 2649 |
| &nbsp;&nbsp; Miami Beach Redevelopment Agency <br> Tax Allocation Bonds, City <br> Center/Historic Convention (AG <br> Insured),<br>|  |  |
| 5.00%, 2/1/28 | 1700 | 1792 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 3700 | 3856 |
| 5.00%, 10/1/28 | 4100 | 4354 |
| &nbsp;&nbsp; Miami-Dade County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 5.00%, 5/1/27 | 8840 | 9173 |
| &nbsp;&nbsp; Miami-Dade County Transit Sales <br> Surtax Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/26 | 8955 | 9126 |
| &nbsp;&nbsp; Orlando Utilities Commission Utility <br> System Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 10/1/25 | 3000 | 3000 |
| &nbsp;&nbsp; Palm Beach County Public Improvement <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/25 | 1000 | 1002 |
| &nbsp;&nbsp; Palm Beach County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 5.00%, 8/1/27 | 4675 | 4890 |
| &nbsp;&nbsp; Reedy Creek Improvement District G.O. <br> Limited Bonds,<br>|  |  |
| 5.00%, 6/1/27 | 1315 | 1335 |
| &nbsp;&nbsp; Sarasota County School Board COPS, <br> Master Lease Program,<br>|  |  |
| 5.00%, 7/1/26 | 1375 | 1400 |
| &nbsp;&nbsp; Seminole County Water & Sewer <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/26 | 855 | 877 |
| 5.00%, 10/1/27 | 700 | 735 |
|  |  | **109784** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **262** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Georgia – 1.2%** | **Georgia – 1.2%** | **Georgia – 1.2%** |
| &nbsp;&nbsp; Atlanta Airport Revenue Refunding <br> Bonds, Series G (AMT),<br>|  |  |
| 5.00%, 7/1/28 | $2500 | $2650 |
| &nbsp;&nbsp; Atlanta Airport Sustainable Revenue <br> Bonds, Series B-1 (AMT),<br>|  |  |
| 5.00%, 7/1/28 | 4000 | 4240 |
| &nbsp;&nbsp; Atlanta G.O. Unlimited Bonds, Series <br> A-2, Escrowed to Maturity,<br>|  |  |
| 5.00%, 12/1/25 | 1575 | 1581 |
| &nbsp;&nbsp; Decatur Housing Authority MFH <br> Variable Revenue Bonds, Philips <br> Tower Project,<br>|  |  |
| 3.25%, 9/1/27<sup>(9) (10)</sup> <br>| 2250 | 2267 |
| &nbsp;&nbsp; Douglas County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 4/1/28<sup>(2)</sup> <br>| 1850 | 1967 |
| &nbsp;&nbsp; Municipal Electricity Authority of <br> Georgia Revenue Refunding Bonds, <br> Subseries A, Project 1 (BAM-TCRS <br> Insured),<br>|  |  |
| 5.00%, 1/1/28 | 9040 | 9196 |
| &nbsp;&nbsp; Paulding County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 2/1/27 | 3000 | 3101 |
| &nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 10/1/28 | 11705 | 12591 |
|  |  | **37593** |
| **Hawaii – 0.6%** | **Hawaii – 0.6%** | **Hawaii – 0.6%** |
| &nbsp;&nbsp; Hawaii State G.O. Unlimited Bonds, <br> Series FB,<br>|  |  |
| 5.00%, 4/1/27 | 6895 | 6981 |
| &nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Refunding Bonds, Series E,<br>|  |  |
| 5.00%, 7/1/28 | 11390 | 12195 |
|  |  | **19176** |
| **Idaho – 0.9%** | **Idaho – 0.9%** | **Idaho – 0.9%** |
| &nbsp;&nbsp; Idaho State Building Authority Sales <br> TRB, Series A,<br>|  |  |
| 5.00%, 6/1/26 | 25000 | 25419 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Idaho – 0.9%continued** | **Idaho – 0.9%continued** | **Idaho – 0.9%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 | $3067 |
|  |  | **28486** |
| **Illinois – 3.4%** | **Illinois – 3.4%** | **Illinois – 3.4%** |
| &nbsp;&nbsp; Chicago Midway Airport Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 1/1/26 | 3500 | 3518 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> General Senior Lien Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/28 | 2290 | 2360 |
| &nbsp;&nbsp; Chicago Park District G.O. Limited <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 1/1/26 | 2000 | 2010 |
| &nbsp;&nbsp; Chicago Transit Authority Sales Tax <br> Receipts Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 12/1/27 | 2250 | 2364 |
| &nbsp;&nbsp; Chicago Wastewater Transmission <br> Second Lien Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/27 | 2300 | 2360 |
| &nbsp;&nbsp; DuPage County Forest Preserve District <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 11/1/27 | 1600 | 1682 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, Northwestern University,<br>|  |  |
| 5.00%, 12/1/25 | 1850 | 1857 |
| &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> 4.09%, 9/1/28<sup>(4) (9)</sup> <br>| 7500 | 7493 |
| &nbsp;&nbsp; Illinois State Financing Authority <br> Revenue Refunding Bonds, <br> NorthShore University Health <br> System,<br>|  |  |
| 5.00%, 8/15/28 | 3000 | 3204 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 10/1/26 | 7000 | 7161 |
| 5.00%, 10/1/27 | 3430 | 3586 |
| 5.25%, 9/1/28 | 23415 | 25082 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Illinois – 3.4%continued** | **Illinois – 3.4%continued** | **Illinois – 3.4%continued** |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series D,<br>|  |  |
| 3.25%, 11/1/26 | $6855 | $6886 |
| 5.00%, 11/1/26 | 12435 | 12740 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/27 | 1100 | 1150 |
| &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 | 800 |
| 3.80%, 10/1/26 | 600 | 606 |
| &nbsp;&nbsp; Illinois State Municipal Electric Agency <br> Power Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/28 | 9450 | 9971 |
| &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 | 1004 |
| &nbsp;&nbsp; Sales Tax Securitization Corp. Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/28 | 5170 | 5430 |
| &nbsp;&nbsp; Springfield Electric Senior Lien Revenue <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 3/1/27 | 3220 | 3324 |
|  |  | **104588** |
| **Indiana – 1.6%** | **Indiana – 1.6%** | **Indiana – 1.6%** |
| &nbsp;&nbsp; Carmel Clay Schools G.O. Limited <br> Bonds (State Intercept Program),<br>|  |  |
| 5.00%, 1/15/27 | 2405 | 2480 |
| &nbsp;&nbsp; Decatur Township Multi-School Building <br> Corp. Revenue Refunding Bonds <br> (State Intercept Program),<br>|  |  |
| 5.00%, 1/15/27 | 1320 | 1359 |
| 5.00%, 7/15/27 | 1385 | 1442 |
| 5.00%, 1/15/28 | 1650 | 1738 |
| 5.00%, 7/15/28 | 2530 | 2694 |
| &nbsp;&nbsp; Hamilton County G.O. Limited Bonds, <br> Series A,<br>|  |  |
| 12/31/26<sup>(2)</sup> <br>| 1260 | 1294 |
| &nbsp;&nbsp; Indiana Finance Authority Wastewater <br> Utility First Lien Revenue Refunding <br> Bonds, CWA Authority Project,<br>|  |  |
| 5.00%, 10/1/25 | 1075 | 1075 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Indiana – 1.6%continued** | **Indiana – 1.6%continued** | **Indiana – 1.6%continued** |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Environmental Variable Revenue <br> Refunding Bonds (AMT), Duke <br> Energy Indiana,<br>|  |  |
| 3.75%, 6/1/27<sup>(9) (10)</sup> <br>| $5750 | $5800 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Revenue Refunding Bonds, Series A, <br> Stadium Project,<br>|  |  |
| 5.00%, 2/1/26 | 1765 | 1778 |
| 5.00%, 2/1/28 | 2710 | 2855 |
| &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%), 3.25%, <br> 3/1/27<sup>(4) (9)</sup> <br>| 6315 | 6262 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Series E,<br>|  |  |
| 5.00%, 2/1/27 | 780 | 805 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds (AMT), Indianapolis Airport <br> Authority Project,<br>|  |  |
| 5.00%, 1/1/28 | 1090 | 1141 |
| &nbsp;&nbsp; IPS Multi-School Building Corp. First <br> Mortgage Revenue Refunding Bonds <br> (State Intercept Program),<br>|  |  |
| 4.00%, 7/15/27 | 7200 | 7405 |
| &nbsp;&nbsp; Noblesville Schools G.O. Limited Bonds <br> (State Intercept Program),<br>|  |  |
| 6.00%, 1/15/27 | 500 | 522 |
| 6.00%, 7/15/27 | 1325 | 1405 |
| 6.00%, 1/15/28 | 1345 | 1448 |
| 6.00%, 7/15/28 | 1635 | 1787 |
| &nbsp;&nbsp; Valparaiso 21st Century School <br> Building Corp. First Mortgage <br> Revenue Refunding Bonds (State Aid <br> Intercept Program),<br>|  |  |
| 1/15/27<sup>(2)</sup> <br>| 1020 | 1051 |
| 7/15/27<sup>(2)</sup> <br>| 400 | 417 |
| 7/15/28<sup>(2)</sup> <br>| 4025 | 4290 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **264** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Indiana – 1.6%continued** | **Indiana – 1.6%continued** | **Indiana – 1.6%continued** |
| &nbsp;&nbsp; Zionsville Community Schools Building <br> Corp. Revenue Bonds (State Intercept <br> Program),<br>|  |  |
| 5.00%, 1/15/27 | $1400 | $1444 |
| 5.00%, 7/15/27 | 510 | 532 |
|  |  | **51024** |
| **Kansas – 1.3%** | **Kansas – 1.3%** | **Kansas – 1.3%** |
| &nbsp;&nbsp; Kansas State Department of <br> Transportation Highway Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 9/1/27 | 8645 | 9076 |
| &nbsp;&nbsp; Manhattan G.O. Unlimited Temporary <br> Notes,<br>|  |  |
| 4.00%, 6/15/28 | 19150 | 19314 |
| &nbsp;&nbsp; Spring Hill G.O. Unlimited Notes, <br> Series B,<br>|  |  |
| 4.00%, 9/1/27 | 9990 | 10108 |
| &nbsp;&nbsp; Wyandotte County Kansas City Unified <br> Government G.O. Unlimited Bonds, <br> Series A (BAM Insured),<br>|  |  |
| 4.00%, 8/1/27 | 2065 | 2123 |
|  |  | **40621** |
| **Kentucky – 2.3%** | **Kentucky – 2.3%** | **Kentucky – 2.3%** |
| &nbsp;&nbsp; Kentucky State Asset/Liability <br> Commission Agency Fund Revenue <br> Refunding Bonds, Federal Highway <br> Trust Fund Project Notes,<br>|  |  |
| 5.00%, 9/1/26 | 6290 | 6422 |
| &nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 132,<br>|  |  |
| 5.00%, 4/1/28 | 1500 | 1594 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Variable Revenue Bonds, <br> Series C,<br>|  |  |
| 4.00%, 2/1/28<sup>(9) (10)</sup> <br>| 15435 | 15784 |
| &nbsp;&nbsp; Owensboro-Daviess County Kentucky <br> Regional Water Resource Agency <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/27 | 2205 | 2314 |
| &nbsp;&nbsp; Rural Water Financing Agency Revenue <br> Bonds, Public Projects Construction <br> Notes,<br>|  |  |
| 5/1/27<sup>(2)</sup> <br>| 10000 | 10000 |
| 5/1/28<sup>(2)</sup> <br>| 32025 | 31852 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Kentucky – 2.3%continued** | **Kentucky – 2.3%continued** | **Kentucky – 2.3%continued** |
| &nbsp;&nbsp; University of Kentucky General Receipts <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 3.00%, 4/1/26 | $2105 | $2107 |
|  |  | **70073** |
| **Louisiana – 0.9%** | **Louisiana – 0.9%** | **Louisiana – 0.9%** |
| &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> 3.44%, 5/1/26<sup>(4) (9)</sup> <br>| 12015 | 11987 |
| &nbsp;&nbsp; Louisiana State Gasoline & Fuels TRB, <br> Series B,<br>|  |  |
| 5.00%, 5/1/27 | 2635 | 2739 |
| 5.00%, 5/1/28 | 5000 | 5324 |
| &nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities and <br> Community Development Authority <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 6/1/27 | 1000 | 1040 |
| &nbsp;&nbsp; New Orleans Aviation Board Revenue <br> Refunding Bonds, Series B (AMT),<br>|  |  |
| 5.00%, 1/1/27 | 5225 | 5356 |
|  |  | **26446** |
| **Maine – 0.2%** | **Maine – 0.2%** | **Maine – 0.2%** |
| &nbsp;&nbsp; Maine State Housing Authority <br> Mortgage Purchase Sustainable <br> Revenue Bonds, Series C,<br>|  |  |
| 2.90%, 11/15/27 | 4400 | 4397 |
| &nbsp;&nbsp; Maine State Municipal Bond Bank <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 11/1/27 | 2150 | 2262 |
|  |  | **6659** |
| **Maryland – 0.6%** | **Maryland – 0.6%** | **Maryland – 0.6%** |
| &nbsp;&nbsp; Anne Arundel County G.O. Limited <br> Refunding Bonds, Consolidated <br> General Improvements,<br>|  |  |
| 5.00%, 4/1/27 | 3245 | 3369 |
| Charles County G.O. Limited Bonds, |  |  |
| 5.00%, 10/1/27 | 3815 | 4017 |
| &nbsp;&nbsp; Maryland Stadium Authority Built to <br> Learn Revenue Bonds,<br>|  |  |
| 5.00%, 6/1/26 | 2180 | 2216 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Maryland – 0.6%continued** | **Maryland – 0.6%continued** | **Maryland – 0.6%continued** |
| &nbsp;&nbsp; Maryland State G.O. Unlimited <br> Refunding Bonds, Series B, Bid <br> Group 1,<br>|  |  |
| 5.00%, 8/1/26 | $10000 | $10205 |
|  |  | **19807** |
| **Massachusetts – 1.5%** | **Massachusetts – 1.5%** | **Massachusetts – 1.5%** |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Beth Israel Lahey Health Issue <br> (AG Insured),<br>|  |  |
| 5.00%, 7/1/27 | 1400 | 1455 |
| &nbsp;&nbsp; Massachusetts State School Building <br> Authority Subordinated Sales Tax <br> Sustainable Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 2/15/28 | 8120 | 8616 |
| Quincy G.O. Limited BANS, |  |  |
| 5.00%, 7/24/26 | 11890 | 12120 |
| &nbsp;&nbsp; Somerville G.O. Limited BANS, Series <br> B,<br>|  |  |
| 5.00%, 7/1/26 | 23230 | 23633 |
|  |  | **45824** |
| **Michigan – 2.1%** | **Michigan – 2.1%** | **Michigan – 2.1%** |
| &nbsp;&nbsp; Chippewa Valley Schools G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/27 | 1280 | 1329 |
| &nbsp;&nbsp; Fraser Public Schools District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/27 | 2850 | 2955 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Notes, Series A-2 <br> (JPMorgan Chase Bank N.A. LOC),<br>|  |  |
| 5.00%, 8/20/26 | 7060 | 7200 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, Public <br> Lighting Authority (BAM Insured),<br>|  |  |
| 5.00%, 7/1/28 | 2645 | 2814 |
| &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%), 3.70%, <br> 4/15/27<sup>(4) (9)</sup> <br>| 15000 | 14954 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Michigan – 2.1%continued** | **Michigan – 2.1%continued** | **Michigan – 2.1%continued** |
| &nbsp;&nbsp; Michigan State HDA Rental Housing <br> Revenue Bonds, Series A,<br>|  |  |
| 3.35%, 4/1/26 | $655 | $656 |
| &nbsp;&nbsp; Michigan State Revenue Refunding <br> GARVEE Bonds GANS,<br>|  |  |
| 5.00%, 3/15/27 | 4435 | 4600 |
| &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 | 3182 |
| &nbsp;&nbsp; Traverse City Area Public Schools G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 5/1/27 | 8100 | 8414 |
| &nbsp;&nbsp; Washtenaw County Intermediate <br> School District G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.00%, 5/1/27 | 4360 | 4530 |
| &nbsp;&nbsp; Wayne Michigan State University <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/27 | 500 | 525 |
| &nbsp;&nbsp; West Ottawa Public School District <br> G.O. Unlimited Bonds, Series I,<br>|  |  |
| 5.00%, 11/1/26 | 9125 | 9360 |
| &nbsp;&nbsp; Western Michigan University Revenue <br> Refunding Bonds, Series A (AG <br> Insured),<br>|  |  |
| 5.00%, 11/15/27 | 4595 | 4821 |
|  |  | **65340** |
| **Minnesota – 3.3%** | **Minnesota – 3.3%** | **Minnesota – 3.3%** |
| &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 | 3539 |
| &nbsp;&nbsp; Minneapolis-St. Paul Metropolitan <br> Airports Commission Senior Airport <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/28 | 11705 | 12059 |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 12/1/27<sup>(9) (10)</sup> <br>| 2000 | 2047 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **266** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Minnesota – 3.3%continued** | **Minnesota – 3.3%continued** | **Minnesota – 3.3%continued** |
| &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> 3.81%, 12/1/27<sup>(4) (9)</sup> <br>| $40000 | $39994 |
| &nbsp;&nbsp; Minnesota State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 8/1/27<sup>(2)</sup> <br>| 1770 | 1853 |
| 8/1/27<sup>(2)</sup> <br>| 5535 | 5794 |
| &nbsp;&nbsp; Minnesota State Housing Finance <br> Agency Revenue Bonds, Series G <br> (HUD Sector 8 Program),<br>|  |  |
| 3.25%, 8/1/27 | 5875 | 5893 |
| &nbsp;&nbsp; Minnesota State Rural Water Finance <br> Authority Revenue BANS,<br>|  |  |
| 3.30%, 8/1/26 | 10000 | 10013 |
| &nbsp;&nbsp; Moorhead Temporary Tax Increment <br> Financing G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 10/1/27 | 18845 | 19248 |
| &nbsp;&nbsp; Southern Minnesota State Municipal <br> Power Agency Supply System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 1/1/28<sup>(2)</sup> <br>| 1200 | 1268 |
| &nbsp;&nbsp; Washington & Clackamas Counties <br> Tigard-Tualatin School District No. <br> 23J G.O. Unlimited Bonds (School <br> Board Guaranty Program),<br>|  |  |
| 1/1/27<sup>(2)</sup> <br>| 1240 | 1279 |
|  |  | **102987** |
| **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>|  |  |
| 5.00%, 3/1/28 | 8415 | 8915 |
| &nbsp;&nbsp; Jackson County Consolidated School <br> District No. 4 G.O. Unlimited <br> Refunding Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| 6.00%, 3/1/27 | 2830 | 2967 |
| &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 | 3993 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Missouri – 1.7%continued** | **Missouri – 1.7%continued** | **Missouri – 1.7%continued** |
| &nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Revenue Refunding Bonds, <br> CoxHealth Obligated Group,<br>|  |  |
| 11/15/28<sup>(2)</sup> <br>| $750 | $800 |
| &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 | 20286 |
| &nbsp;&nbsp; Missouri State Public Utilities <br> Commission Revenue Refunding <br> Bonds, Interim Construction Notes,<br>|  |  |
| 4.00%, 5/1/26 | 11980 | 12013 |
| &nbsp;&nbsp; Platte County Reorganized School <br> District No. R-3 G.O. Unlimited <br> Bonds,<br>|  |  |
| 6.25%, 3/1/27 | 2960 | 3113 |
| &nbsp;&nbsp; Ritenour School District G.O. Unlimited <br> Refunding Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| 5.00%, 3/1/26 | 575 | 580 |
|  |  | **52667** |
| **Nevada – 1.0%** | **Nevada – 1.0%** | **Nevada – 1.0%** |
| &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 | 3028 |
| &nbsp;&nbsp; Clark County School District G.O. <br> Limited Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 6/15/26 | 1040 | 1057 |
| &nbsp;&nbsp; Las Vegas Valley Water District G.O. <br> Limited Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/26 | 1075 | 1077 |
| &nbsp;&nbsp; Nevada State G.O. Limited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 4/1/27 | 24175 | 25083 |
|  |  | **30245** |
| **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 | 1001 |
| &nbsp;&nbsp; New Hampshire State Housing Finance <br> Authority Multifamily Revenue Bonds, <br> Series 4 (FHA Insured),<br>|  |  |
| 3.63%, 4/1/26 | 1000 | 1002 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **New Hampshire – 0.1%continued** | **New Hampshire – 0.1%continued** | **New Hampshire – 0.1%continued** |
| &nbsp;&nbsp; New Hampshire State Municipal Bond <br> Bank Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 8/15/27 | $2000 | $2095 |
|  |  | **4098** |
| **New Jersey – 3.7%** | **New Jersey – 3.7%** | **New Jersey – 3.7%** |
| Essex County G.O. Unlimited BANS, |  |  |
| 4.00%, 7/8/26 | 12305 | 12432 |
| &nbsp;&nbsp; Jersey City Municipal Utilities Authority <br> Water Project Revenue Notes <br> (Municipal Government Gtd.),<br>|  |  |
| 5.00%, 5/1/26 | 15510 | 15694 |
| Mercer County G.O. Unlimited Bonds, |  |  |
| 3.00%, 2/15/26 | 2830 | 2832 |
| &nbsp;&nbsp; Monmouth County Improvement <br> Authority Revenue Bonds,<br>|  |  |
| 5.00%, 12/1/26 | 1350 | 1391 |
| &nbsp;&nbsp; Monmouth County Improvement <br> Authority Revenue Notes, <br> Governmental Pooled Loan Project <br> (County Gtd.),<br>|  |  |
| 4.00%, 3/13/26 | 35000 | 35193 |
| &nbsp;&nbsp; New Jersey State EDA Revenue <br> Refunding Bonds, Series BBB, <br> Prerefunded,<br>|  |  |
| 5.50%, 12/15/26<sup>(11)</sup> <br>| 4000 | 4143 |
| &nbsp;&nbsp; New Jersey State EDA Revenue <br> Refunding Bonds, Series XX,<br>|  |  |
| 4.25%, 6/15/26 | 13565 | 13572 |
| &nbsp;&nbsp; New Jersey State EDA Revenue School <br> Facilities Construction Revenue <br> Refunding Bonds, Series GGG,<br>|  |  |
| 5.25%, 9/1/26 | 5000 | 5119 |
| &nbsp;&nbsp; New Jersey State Health Care Facilities <br> Financing Authority Department <br> Human Services Revenue Refunding <br> Bonds, Marlboro Psychiatric <br> Hospital,<br>|  |  |
| 5.00%, 9/15/27 | 2305 | 2414 |
| &nbsp;&nbsp; New Jersey State Housing & Mortgage <br> Finance Agency Multi Family <br> Sustainable Revenue Bonds, <br> Subseries D (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| 2.90%, 11/1/27 | 3750 | 3745 |
| 2.95%, 5/1/28 | 2770 | 2766 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **New Jersey – 3.7%continued** | **New Jersey – 3.7%continued** | **New Jersey – 3.7%continued** |
| &nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/27 | $2775 | $2859 |
| &nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/28 | 3485 | 3680 |
| &nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Exchange Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 1/1/27 | 4490 | 4626 |
| &nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/27 | 3835 | 3954 |
|  |  | **114420** |
| **New Mexico – 0.3%** | **New Mexico – 0.3%** | **New Mexico – 0.3%** |
| &nbsp;&nbsp; Albuquerque G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/26 | 1715 | 1746 |
| &nbsp;&nbsp; Albuquerque Municipal School District <br> No. 12 G.O. Unlimited Bonds, Series <br> A (State Aid Withholding),<br>|  |  |
| 5.00%, 8/1/26 | 2150 | 2194 |
| &nbsp;&nbsp; New Mexico State Severance TRB, <br> Series A,<br>|  |  |
| 5.00%, 7/1/26 | 2505 | 2550 |
| 5.00%, 7/1/28 | 4000 | 4274 |
|  |  | **10764** |
| **New York – 7.6%** | **New York – 7.6%** | **New York – 7.6%** |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Climate Bond Certified,<br>|  |  |
| 5.00%, 11/15/27 | 1120 | 1175 |
| 5.00%, 11/15/28 | 9370 | 10012 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 11/15/27 | 2675 | 2806 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Variable Revenue Refunding Bonds, <br> Subseries G-1,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.43%), <br> 3.24%, 11/1/26<sup>(4)</sup> <br>| 590 | 590 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Variable Revenue Tender Notes,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 3.46%, 4/1/26<sup>(4) (9)</sup> <br>| 40000 | 40011 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **268** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **New York – 7.6%continued** | **New York – 7.6%continued** | **New York – 7.6%continued** |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue <br> Refunding Bonds, Series S-2 (State <br> Aid Withholding),<br>|  |  |
| 7/15/27<sup>(2)</sup> <br>| $7000 | $7317 |
| 7/15/28<sup>(2)</sup> <br>| 15825 | 16892 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> G, Subseries G-1,<br>|  |  |
| 5.00%, 2/1/28 | 16995 | 17974 |
| &nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series B-1, Fiscal 2026,<br>|  |  |
| 5.00%, 8/1/28 | 10000 | 10694 |
| &nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C-1,<br>|  |  |
| 5.00%, 8/1/26 | 1890 | 1929 |
| &nbsp;&nbsp; New York Multi-modal G.O. Unlimited <br> Refunding Bonds, Fiscal 2025,<br>|  |  |
| 5.00%, 8/1/27 | 18780 | 19668 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 3/15/28 | 1000 | 1062 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 226 (AMT),<br>|  |  |
| 5.00%, 10/15/28 | 3520 | 3737 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 246 (AMT),<br>|  |  |
| 5.00%, 9/1/27 | 15005 | 15606 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 249 (AMT),<br>|  |  |
| 5.00%, 10/15/27 | 3750 | 3907 |
| 5.00%, 10/15/28 | 6975 | 7405 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Revenue BANS, <br> Series A,<br>|  |  |
| 5.00%, 3/1/28 | 14420 | 15273 |
| &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> 3.86%, 4/1/26<sup>(4)</sup> <br>| 15560 | 15559 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **New York – 7.6%continued** | **New York – 7.6%continued** | **New York – 7.6%continued** |
| &nbsp;&nbsp; Triborough Bridge and Tunnel Authority <br> Subordinate Revenue BANS, Series <br> A,<br>|  |  |
| 5.00%, 2/1/28 | $25420 | $26963 |
| West Seneca G.O. Limited BANS, |  |  |
| 4.00%, 2/6/26 | 16999 | 17070 |
|  |  | **235650** |
| **North Carolina – 1.2%** | **North Carolina – 1.2%** | **North Carolina – 1.2%** |
| &nbsp;&nbsp; East Carolina University Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/27 | 1225 | 1238 |
| &nbsp;&nbsp; Mecklenburg County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/27 | 2065 | 2137 |
| &nbsp;&nbsp; Mecklenburg County G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| 5.00%, 2/1/27 | 13680 | 14156 |
| &nbsp;&nbsp; North Carolina State Grant <br> Anticipation Revenue Refunding <br> GARVEE Bonds,<br>|  |  |
| 5.00%, 3/1/28 | 12640 | 13417 |
| &nbsp;&nbsp; North Carolina State Limited <br> Obligation Revenue Bonds, Series B, <br> Build NC Programs,<br>|  |  |
| 5.00%, 5/1/26 | 3520 | 3571 |
| &nbsp;&nbsp; North Carolina State Medical Care <br> Commission Health Care Facilities <br> Revenue Refunding Bonds, Series A, <br> Duke University Health System,<br>|  |  |
| 5.00%, 6/1/27 | 1750 | 1820 |
| 5.00%, 6/1/28 | 2115 | 2253 |
|  |  | **38592** |
| **Ohio – 1.6%** | **Ohio – 1.6%** | **Ohio – 1.6%** |
| &nbsp;&nbsp; Akron Bath & Copley Joint Township <br> Hospital District Revenue Refunding <br> Bonds, Children's Medical Hospital,<br>|  |  |
| 5.00%, 11/15/27 | 1825 | 1918 |
| &nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Revenue Refunding Bonds, Prairie <br> State Energy Campus Project,<br>|  |  |
| 5.00%, 2/15/26 | 3000 | 3026 |
| 5.00%, 2/15/27 | 6765 | 6988 |
| 5.00%, 2/15/28 | 10000 | 10556 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Ohio – 1.6%continued** | **Ohio – 1.6%continued** | **Ohio – 1.6%continued** |
| &nbsp;&nbsp; Hamilton Bond Anticipation Notes G.O. <br> Limited BANS (State Standby NT <br> Purchase),<br>|  |  |
| 4.00%, 12/17/25 | $1675 | $1678 |
| &nbsp;&nbsp; Ohio State G.O. Limited Bonds, Series <br> A,<br>|  |  |
| 5.00%, 5/1/27 | 8135 | 8472 |
| &nbsp;&nbsp; Ohio State G.O. Limited Bonds, Series <br> B,<br>|  |  |
| 5.00%, 11/1/26 | 12035 | 12372 |
| &nbsp;&nbsp; Ohio State G.O. Unlimited Bonds, <br> Series Y,<br>|  |  |
| 5.00%, 5/1/26 | 1000 | 1014 |
| &nbsp;&nbsp; Ohio State Hospital Facilities Revenue <br> Refunding Bonds, Cleveland Clinic <br> Health System,<br>|  |  |
| 5.00%, 1/1/27 | 3220 | 3315 |
|  |  | **49339** |
| **Oklahoma – 1.5%** | **Oklahoma – 1.5%** | **Oklahoma – 1.5%** |
| &nbsp;&nbsp; Cleveland County Independent School <br> District No. 2 G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 3/1/27 | 5520 | 5629 |
| 4.00%, 3/1/28 | 7440 | 7697 |
| &nbsp;&nbsp; Oklahoma County Independent School <br> District No. 1 G.O. Unlimited Bonds,<br>|  |  |
| 3.25%, 5/1/27 | 17375 | 17498 |
| &nbsp;&nbsp; Oklahoma County Independent School <br> District No. 12 G.O. Unlimited <br> Bonds, Edmond School District,<br>|  |  |
| 4.00%, 3/1/27 | 3425 | 3496 |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Bonds, <br> Department of Transportation,<br>|  |  |
| 5.00%, 7/1/28 | 510 | 545 |
| &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 | 8860 |
| Tulsa G.O. Unlimited Bonds, Series D, |  |  |
| 3.00%, 10/1/26 | 3000 | 3007 |
|  |  | **46732** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Oregon – 1.5%** | **Oregon – 1.5%** | **Oregon – 1.5%** |
| &nbsp;&nbsp; Chemeketa Community College District <br> G.O. Unlimited Bonds, Series B <br> (School Board Guaranty Program),<br>|  |  |
| 5.00%, 6/15/28 | $4000 | $4274 |
| &nbsp;&nbsp; Clackamas & Washington Counties <br> Joint School District No. 3 West <br> Linn-Wilsonville G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/15/27 | 8310 | 8666 |
| &nbsp;&nbsp; Morrow County School District No. 1 <br> G.O. Limited Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/15/27 | 1375 | 1433 |
| &nbsp;&nbsp; Multnomah County School District No. <br> 7 Reynolds G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/15/27 | 4680 | 4870 |
| 5.00%, 6/15/28 | 695 | 741 |
| &nbsp;&nbsp; Oregon State Department of <br> Administrative Services Lottery <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 4/1/27 | 5000 | 5189 |
| 5.00%, 4/1/28 | 10000 | 10643 |
| &nbsp;&nbsp; Portland Sewer System Second Lien <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 6/1/27 | 5000 | 5214 |
| &nbsp;&nbsp; Redmond G.O. Limited Bonds (AMT), <br> Airport Expansion Projects,<br>|  |  |
| 5.00%, 6/1/28 | 1000 | 1049 |
| &nbsp;&nbsp; Washington & Clackamas Counties <br> Tigard-Tualatin School District No. <br> 23J G.O. Unlimited Bonds (School <br> Board Guaranty Program),<br>|  |  |
| 5.00%, 6/15/27 | 1500 | 1565 |
| 5.00%, 6/15/28 | 2000 | 2136 |
| &nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Unlimited <br> Bonds, Series B (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/15/28 | 1355 | 1448 |
|  |  | **47228** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **270** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Pennsylvania – 4.5%** | **Pennsylvania – 4.5%** | **Pennsylvania – 4.5%** |
| &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> 3.23%, 8/1/27<sup>(4) (9)</sup> <br>| $5000 | $4984 |
| &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%), 3.65%, <br> 5/15/27<sup>(4) (9)</sup> <br>| 40000 | 39663 |
| &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> 3.16%, 11/1/25<sup>(4) (9)</sup> <br>| 1250 | 1250 |
| &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>(11)</sup> <br>| 6250 | 6267 |
| &nbsp;&nbsp; Commonwealth Financing Authority <br> Tobacco Master Settlement Payment <br> Revenue Bonds,<br>|  |  |
| 5.00%, 6/1/28 | 2280 | 2414 |
| &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%), 3.35%, <br> 3/1/26<sup>(4) (9)</sup> <br>| 7000 | 6980 |
| &nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Variable Revenue Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.49%), <br> 3.30%, 3/1/27<sup>(4) (9)</sup> <br>| 11000 | 10985 |
| &nbsp;&nbsp; Pennsylvania State Economic <br> Development Financing Authority <br> UPMC Revenue Refunding Bonds, <br> Series B, UPMC Obligated Group,<br>|  |  |
| 5.00%, 3/15/27 | 2680 | 2767 |
| 5.00%, 3/15/28 | 3500 | 3686 |
| &nbsp;&nbsp; Pennsylvania State G.O Unlimited <br> Bonds, Second Series of 2016,<br>|  |  |
| 5.00%, 9/15/27 | 7170 | 7334 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Pennsylvania – 4.5%continued** | **Pennsylvania – 4.5%continued** | **Pennsylvania – 4.5%continued** |
| &nbsp;&nbsp; Pennsylvania State G.O. Unlimited <br> Bonds, First Series of 2024, Bid <br> Group C,<br>|  |  |
| 5.00%, 8/15/27 | $9415 | $9869 |
| &nbsp;&nbsp; Pennsylvania State G.O. Unlimited First <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 8/15/26 | 12225 | 12492 |
| &nbsp;&nbsp; Pennsylvania State Higher Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Pennsylvania,<br>|  |  |
| 5.00%, 8/15/26 | 2240 | 2287 |
| &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%), 3.80%, <br> 7/15/26<sup>(4) (9)</sup> <br>| 2500 | 2497 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Bonds, Series <br> B,<br>|  |  |
| 5.00%, 12/1/27 | 1000 | 1056 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Bonds, Third <br> Subseries 1,<br>|  |  |
| 5.00%, 12/1/27 | 2000 | 2112 |
| &nbsp;&nbsp; Philadelphia Airport Revenue Refunding <br> Bonds, Series B (AMT), Private <br> Activity,<br>|  |  |
| 5.00%, 7/1/27 | 1000 | 1035 |
| 5.00%, 7/1/28 | 860 | 907 |
| &nbsp;&nbsp; Philadelphia G.O. Unlimited Refunding <br> Bonds, Series C,<br>|  |  |
| 5.00%, 8/1/28 | 2725 | 2918 |
| &nbsp;&nbsp; Seneca Valley School District G.O. <br> Limited Refunding Bonds, Series B <br> (State Aid Withholding),<br>|  |  |
| 5.00%, 3/1/27 | 925 | 957 |
| 5.00%, 3/1/28 | 1775 | 1880 |
| &nbsp;&nbsp; University of Pittsburgh - of The <br> Commonwealth System of Higher <br> Education Revenue Refunding Bonds,<br>|  |  |
| 4.00%, 4/15/26 | 14110 | 14181 |
|  |  | **138521** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Rhode Island – 0.9%** | **Rhode Island – 0.9%** | **Rhode Island – 0.9%** |
| &nbsp;&nbsp; Bristol Warren Regional School District <br> G.O. Unlimited BANS, Series 1,<br>|  |  |
| 5.00%, 6/4/26 | $25000 | $25361 |
| &nbsp;&nbsp; Rhode Island State G.O. Unlimited <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 8/1/26 | 1040 | 1062 |
| 5.00%, 8/1/27 | 1210 | 1266 |
|  |  | **27689** |
| **South Carolina – 0.2%** | **South Carolina – 0.2%** | **South Carolina – 0.2%** |
| &nbsp;&nbsp; Lancaster County School Public <br> Facilities Corp. Installment Purchase <br> Revenue Bonds, Lancaster County <br> Project,<br>|  |  |
| 5.00%, 6/1/26 | 375 | 381 |
| &nbsp;&nbsp; South Carolina State Public Service <br> Authority Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 12/1/26 | 4395 | 4514 |
|  |  | **4895** |
| **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** |
| &nbsp;&nbsp; South Dakota State Health & <br> Educational Facilities Authority <br> Revenue Refunding Bonds, Series B, <br> Sanford,<br>|  |  |
| 5.00%, 11/1/26 | 360 | 369 |
| 5.00%, 11/1/27 | 915 | 958 |
| 5.00%, 11/1/28 | 1165 | 1243 |
|  |  | **2570** |
| **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>(9) (10)</sup> <br>| 3000 | 3024 |
| &nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 9/1/28<sup>(9) (10)</sup> <br>| 1370 | 1404 |
| &nbsp;&nbsp; Tennessee Housing Development <br> Agency Residential Finance Program <br> Revenue Bonds, Series 2B,<br>|  |  |
| 3.30%, 1/1/28 | 1750 | 1750 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Tennessee – 1.1%continued** | **Tennessee – 1.1%continued** | **Tennessee – 1.1%continued** |
| &nbsp;&nbsp; Tennessee State Energy Acquisition <br> Corp. Variable Revenue Refunding <br> Bonds, Series A-1, Gas Project,<br>|  |  |
| 5.00%, 5/1/28<sup>(9) (10)</sup> <br>| $14100 | $14720 |
| &nbsp;&nbsp; Tennessee State G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 5/1/26 | 12680 | 12865 |
|  |  | **33763** |
| **Texas – 8.2%** | **Texas – 8.2%** | **Texas – 8.2%** |
| &nbsp;&nbsp; Aldine Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 1450 | 1502 |
| &nbsp;&nbsp; Arlington Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 13965 | 14444 |
| Austin G.O. Limited Refunding Bonds, |  |  |
| 9/1/27<sup>(2)</sup> <br>| 4000 | 4190 |
| 9/1/28<sup>(2)</sup> <br>| 3500 | 3750 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Education Revenue Refunding Bonds, <br> International Leadership of Texas, <br> Inc. (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 3000 | 3094 |
| &nbsp;&nbsp; Collin County Community College <br> District G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 8/15/27 | 5580 | 5837 |
| Dallas G.O. Limited Bonds, Series A, |  |  |
| 5.00%, 8/15/27 | 1160 | 1213 |
| &nbsp;&nbsp; Dallas G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 2/15/28 | 5565 | 5891 |
| &nbsp;&nbsp; Dallas Improvement G.O. Limited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 2/15/26 | 4000 | 4034 |
| &nbsp;&nbsp; Dallas Independent School District <br> G.O. Unlimited Bonds, Series C (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 2/15/28 | 12000 | 12734 |
| &nbsp;&nbsp; Dallas Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 975 | 1007 |
| 5.00%, 2/15/28 | 2285 | 2425 |
| &nbsp;&nbsp; Ector County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/15/27 | 3105 | 3211 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **272** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Texas – 8.2%continued** | **Texas – 8.2%continued** | **Texas – 8.2%continued** |
| &nbsp;&nbsp; El Paso County Certificates of <br> Obligation G.O. Limited Bonds,<br>|  |  |
| 5.00%, 8/15/26 | $1275 | $1301 |
| El Paso County G.O. Limited Bonds, |  |  |
| 5.00%, 8/15/26 | 4000 | 4083 |
| El Paso G.O. Limited Refunding Bonds, |  |  |
| 5.00%, 8/15/27 | 2000 | 2094 |
| 5.00%, 8/15/28 | 1000 | 1068 |
| &nbsp;&nbsp; Fort Bend County Certificates of <br> Obligation G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 3/1/27 | 2765 | 2860 |
| 5.00%, 3/1/28 | 3550 | 3756 |
| &nbsp;&nbsp; Fort Bend County G.O. Limited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 3/1/27 | 1535 | 1588 |
| &nbsp;&nbsp; Fort Bend County G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 3/1/28 | 865 | 915 |
| &nbsp;&nbsp; Fort Bend Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/26 | 1360 | 1389 |
| &nbsp;&nbsp; Fort Worth Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 2570 | 2662 |
| &nbsp;&nbsp; Fort Worth Taxable G.O. Limited <br> Notes,<br>|  |  |
| 5.00%, 3/1/27 | 15000 | 15524 |
| &nbsp;&nbsp; Fort Worth Water & Sewer System <br> Revenue Refunding Bonds,<br>|  |  |
| 4.00%, 2/15/27 | 4455 | 4555 |
| &nbsp;&nbsp; Frisco Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 2/15/28 | 4850 | 5133 |
| &nbsp;&nbsp; Garland Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/15/27 | 1000 | 1032 |
| &nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/25 | 1500 | 1500 |
| &nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Bonds, Series A, <br> Sustainability Bond,<br>|  |  |
| 5.00%, 10/1/25 | 375 | 375 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Texas – 8.2%continued** | **Texas – 8.2%continued** | **Texas – 8.2%continued** |
| &nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Refunding Bonds,<br>|  |  |
| 5.00%, 9/15/28 | $1500 | $1607 |
| &nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 9/15/28 | 13500 | 14463 |
| &nbsp;&nbsp; Harris County Housing Finance Corp. <br> Revenue Bonds, Baypointe <br> Apartments,<br>|  |  |
| 2.95%, 9/1/28<sup>(9) (10)</sup> <br>| 4150 | 4144 |
| &nbsp;&nbsp; Hidalgo County Drain District No. 1 <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 9/1/27<sup>(2)</sup> <br>| 1560 | 1628 |
| &nbsp;&nbsp; Houston Airport System Subordinate <br> Lien Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/1/28 | 1500 | 1582 |
| Houston G.O. Limited Bonds, Series A, |  |  |
| 5.00%, 3/1/28 | 1000 | 1059 |
| &nbsp;&nbsp; Houston Independent School District <br> G.O. Limited Refunding Bonds, <br> Series B (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 9000 | 9310 |
| &nbsp;&nbsp; Irving Waterworks & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/15/26 | 1585 | 1618 |
| &nbsp;&nbsp; Keller Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 13550 | 13995 |
| &nbsp;&nbsp; Lancaster Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B (BAM Insured),<br>|  |  |
| 5.00%, 2/15/27 | 980 | 1013 |
| &nbsp;&nbsp; Leander Certificates of Obligation G.O. <br> Limited Bonds,<br>|  |  |
| 5.00%, 8/15/28 | 1250 | 1340 |
| &nbsp;&nbsp; Lower Colorado River Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 5/15/27 | 2100 | 2183 |
| 5.00%, 5/15/28 | 1565 | 1661 |
| &nbsp;&nbsp; Lower Colorado River Authority <br> Transmission Contract Revenue <br> Refunding Bonds, LCRA Transmission <br> Services,<br>|  |  |
| 5.00%, 5/15/27 | 4000 | 4158 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **273** 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 - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Texas – 8.2%continued** | **Texas – 8.2%continued** | **Texas – 8.2%continued** |
| 5.00%, 5/15/27 | $750 | $780 |
| 5.00%, 5/15/28 | 2500 | 2654 |
| &nbsp;&nbsp; Lubbock Electric Light & Power System <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 4/15/26 | 675 | 684 |
| &nbsp;&nbsp; Mesquite Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/27 | 1500 | 1570 |
| 5.00%, 8/15/28 | 1500 | 1607 |
| &nbsp;&nbsp; North Texas State Municipal Water <br> District Water System Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 9/1/27 | 3450 | 3612 |
| &nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| 5.00%, 1/1/26 | 4000 | 4023 |
| &nbsp;&nbsp; Pasadena Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 2/15/26 | 1000 | 1009 |
| &nbsp;&nbsp; Pearland Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 3/1/28 | 2605 | 2752 |
| &nbsp;&nbsp; Pearland Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/28 | 1500 | 1590 |
| Plano G.O. Limited Refunding Bonds, |  |  |
| 5.00%, 9/1/27 | 3250 | 3407 |
| &nbsp;&nbsp; Plano Independent School District G.O. <br> Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 11000 | 11370 |
| &nbsp;&nbsp; Prosper Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 2110 | 2182 |
| Richardson City G.O. Limited Bonds, |  |  |
| 5.00%, 2/15/27 | 2000 | 2070 |
| &nbsp;&nbsp; San Antonio Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/1/28 | 2325 | 2460 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Texas – 8.2%continued** | **Texas – 8.2%continued** | **Texas – 8.2%continued** |
| &nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Variable Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.87%), 3.82%, <br> 12/1/25<sup>(4) (9)</sup> <br>| $10000 | $9999 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 2/1/27 | 4745 | 4907 |
| &nbsp;&nbsp; San Antonio G.O. Limited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 2/1/28 | 5240 | 5544 |
| &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 | 1622 |
| &nbsp;&nbsp; San Antonio Taxable G.O. Limited <br> Notes,<br>|  |  |
| 5.00%, 2/1/28 | 6350 | 6718 |
| &nbsp;&nbsp; Spring Branch Independent School <br> District G.O. Unlimited Refunding <br> Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/1/28 | 4315 | 4569 |
| &nbsp;&nbsp; Texas State Affordable Housing Corp. <br> MFH Variable Revenue Bonds, <br> Norman Commons,<br>|  |  |
| 3.63%, 1/1/27<sup>(9) (10)</sup> <br>| 3400 | 3431 |
| &nbsp;&nbsp; Texas State Water Development Board <br> Revolving Fund Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/26 | 3865 | 3945 |
| &nbsp;&nbsp; Williamson County G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.00%, 2/15/27 | 900 | 932 |
|  |  | **256365** |
| **Utah – 0.1%** | **Utah – 0.1%** | **Utah – 0.1%** |
| &nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 7/1/28 | 2250 | 2381 |
| 5.00%, 7/1/28 | 1500 | 1587 |
|  |  | **3968** |
| **Virginia – 0.6%** | **Virginia – 0.6%** | **Virginia – 0.6%** |
| &nbsp;&nbsp; Hampton Roads Sanitation District <br> Wastewater Subordinate Revenue <br> Notes, Series A,<br>|  |  |
| 5.00%, 7/15/26 | 3355 | 3414 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **274** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Virginia – 0.6%continued** | **Virginia – 0.6%continued** | **Virginia – 0.6%continued** |
| &nbsp;&nbsp; Spotsylvania County Water & Sewer <br> System Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 6/1/26 | $1000 | $1002 |
| &nbsp;&nbsp; Virginia State Public School Authority <br> School Financing Revenue Refunding <br> Bonds, 1997 Resolution, Series B <br> (State Aid Withholding),<br>|  |  |
| 5.00%, 8/1/28 | 12460 | 13377 |
| &nbsp;&nbsp; Virginia State Resources Authority <br> Infrastructure Revenue Refunding <br> Bonds, Virginia Pooled Financing <br> Program,<br>|  |  |
| 5.00%, 11/1/27 | 2095 | 2210 |
|  |  | **20003** |
| **Washington – 4.2%** | **Washington – 4.2%** | **Washington – 4.2%** |
| &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%), 3.15%, <br> 11/1/26<sup>(4) (9)</sup> <br>| 24000 | 23843 |
| &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 | 2760 |
| &nbsp;&nbsp; Energy Northwest Electric Revenue <br> Refunding Bonds, Series A, Project 1,<br>|  |  |
| 5.00%, 7/1/28 | 3260 | 3488 |
| &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>(11)</sup> <br>| 2335 | 2348 |
| &nbsp;&nbsp; King County G.O. Limited Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/26 | 6730 | 6932 |
| &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 | 1802 |
| &nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Bonds (AMT),<br>|  |  |
| 5.00%, 4/1/28 | 2055 | 2166 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **Washington – 4.2%continued** | **Washington – 4.2%continued** | **Washington – 4.2%continued** |
| &nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Bonds, Series B (AMT),<br>|  |  |
| 5.00%, 10/1/28 | $3100 | $3299 |
| &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%), 3.20%, <br> 11/1/26<sup>(4) (9)</sup> <br>| 7520 | 7453 |
| &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-2022C, <br> Bid Group 1,<br>|  |  |
| 4.00%, 7/1/26 | 2125 | 2148 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022C, <br> Bid Group 2,<br>|  |  |
| 4.00%, 7/1/27 | 6000 | 6163 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2023B,<br>|  |  |
| 5.00%, 7/1/26 | 9465 | 9637 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2024A,<br>|  |  |
| 5.00%, 2/1/27 | 4325 | 4469 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2024C,<br>|  |  |
| 5.00%, 8/1/26 | 15720 | 16041 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2025B,<br>|  |  |
| 5.00%, 7/1/27 | 22525 | 23522 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, MultiCare Health System,<br>|  |  |
| 5.00%, 8/15/27 | 2675 | 2778 |
| 5.00%, 8/15/28 | 2790 | 2956 |
| &nbsp;&nbsp; Yakima County East Valley School <br> District No. 90 G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 12/1/27 | 1605 | 1691 |
|  |  | **130684** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **275** 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 - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  | **MUNICIPAL BONDS - 77.0%continued**  |
| **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 | $501 |
| 3.55%, 11/1/26 | 475 | 477 |
|  |  | **978** |
| **Wisconsin – 1.4%** | **Wisconsin – 1.4%** | **Wisconsin – 1.4%** |
| &nbsp;&nbsp; Dane County G.O. Unlimited <br> Promissory Notes, Series C (AMT),<br>|  |  |
| 6/1/27<sup>(2)</sup> <br>| 3965 | 4039 |
| &nbsp;&nbsp; Dane County G.O. Unlimited <br> Promissory Notes, Series D (AMT), <br> Airport Project,<br>|  |  |
| 5.00%, 6/1/27 | 4560 | 4719 |
| 5.00%, 6/1/28 | 3400 | 3598 |
| &nbsp;&nbsp; Madison Metropolitan School District <br> G.O. Unlimited Promissory Notes, <br> Series A,<br>|  |  |
| 5.00%, 3/1/27 | 1825 | 1893 |
| 5.00%, 3/1/28 | 2560 | 2717 |
| &nbsp;&nbsp; Milwaukee G.O. Unlimited Promissory <br> Notes, Series N-2 (AG Insured),<br>|  |  |
| 12/1/28<sup>(2)</sup> <br>| 9480 | 10132 |
| &nbsp;&nbsp; Milwaukee G.O. Unlimited Promissory <br> Notes, Series N3,<br>|  |  |
| 5.00%, 4/1/28 | 8440 | 8900 |
| &nbsp;&nbsp; Wisconsin State G.O. Unlimited <br> Refunding Bonds, Series 2025-2,<br>|  |  |
| 5.00%, 5/1/28 | 7375 | 7854 |
|  |  | **43852** |
| **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 | **2715** |
| **Total Municipal Bonds** |  |  |
| **(Cost $2,390,677)** |  | **2397462** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(12) (13)</sup> <br>| 29048174 | $29048 |
| **Total Investment Companies** |  |  |
| **(Cost $29,048)** |  | **29048** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 5.8%**  | **SHORT-TERM INVESTMENTS – 5.8%**  | **SHORT-TERM INVESTMENTS – 5.8%**  |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| 2.00%, 10/1/25<sup>(9) (10)</sup> <br>| $8225 | $8225 |
| &nbsp;&nbsp; Chippewa Valley Schools G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/26 | 1300 | 1319 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Education Revenue Refunding Bonds, <br> International Leadership of Texas, <br> Inc. (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/26 | 2225 | 2243 |
| &nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series A,<br>|  |  |
| 2.80%, 2/10/26<sup>(9) (10)</sup> <br>| 5000 | 4996 |
| &nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series C-2,<br>|  |  |
| 2.80%, 2/3/26<sup>(9) (10)</sup> <br>| 9635 | 9628 |
| &nbsp;&nbsp; Cuyahoga Metropolitan Housing <br> Authority MFH Variable Revenue <br> Bonds, Wade Park Apartments (FHA <br> Insured, HUD Sector 8 Program),<br>|  |  |
| 4.75%, 12/1/25<sup>(9) (10)</sup> <br>| 2000 | 2005 |
| &nbsp;&nbsp; Denver City & County Refunding COPS, <br> Willington E. Webb Municipal,<br>|  |  |
| 5.00%, 12/1/25 | 5000 | 5017 |
| &nbsp;&nbsp; District of Columbia Housing Finance <br> Agency MFH Variable Revenue <br> Bonds, Parcel 42 Apartments Project,<br>|  |  |
| 2.88%, 9/1/26<sup>(9) (10)</sup> <br>| 2500 | 2497 |
| &nbsp;&nbsp; Essex County Improvement Authority <br> Revenue Notes, Essex County Family <br> Court Building Project (County Gtd.),<br>|  |  |
| 5.00%, 3/17/26 | 2485 | 2512 |
| &nbsp;&nbsp; Fraser Public Schools District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/26 | 1415 | 1433 |
| &nbsp;&nbsp; Garland Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/15/26 | 1000 | 1009 |
| &nbsp;&nbsp; Hamilton County G.O. Limited Bonds, <br> Series A,<br>|  |  |
| 6/30/26<sup>(2)</sup> <br>| 2885 | 2931 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **276** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 5.8%continued**  | **SHORT-TERM INVESTMENTS - 5.8%continued**  | **SHORT-TERM INVESTMENTS - 5.8%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 | $15468 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Revenue Refunding Bonds, Series A, <br> Stadium Project,<br>|  |  |
| 5.00%, 2/1/26 | 5000 | 5038 |
| &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>(9) (10)</sup> <br>| 3500 | 3505 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Variable Revenue <br> Bonds, Series A-2,<br>|  |  |
| 1.40%, 10/1/25<sup>(6)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; Lower Colorado River Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 5/15/26 | 2800 | 2840 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Beth Israel Lahey Health Issue <br> (AG Insured),<br>|  |  |
| 5.00%, 7/1/26 | 2500 | 2541 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Notes, Series A-1,<br>|  |  |
| 5.00%, 7/20/26 | 7220 | 7345 |
| &nbsp;&nbsp; Minneapolis Health Care System <br> Variable Revenue Refunding Bonds, <br> Fairview Health Services (JPMorgan <br> Chase Bank N.A. LOC),<br>|  |  |
| 2.70%, 10/1/25<sup>(6)</sup> <br>| 16730 | 16730 |
| &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>(9) (10)</sup> <br>| 1000 | 1004 |
| &nbsp;&nbsp; New York City Housing Development <br> Corp. Variable Revenue Bonds, <br> Series A (AMT), 89 Murray Street <br> (FNMA LOC),<br>|  |  |
| 2.80%, 10/1/25<sup>(6)</sup> <br>| 37000 | 37000 |
| &nbsp;&nbsp; North Carolina State Grant <br> Anticipation Revenue Refunding <br> GARVEE Bonds,<br>|  |  |
| 5.00%, 3/1/26 | 4020 | 4061 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 5.8%continued**  | **SHORT-TERM INVESTMENTS - 5.8%continued**  | **SHORT-TERM INVESTMENTS - 5.8%continued**  |
| &nbsp;&nbsp; North Carolina State Medical Care <br> Commission Health Care Facilities <br> Revenue Refunding Bonds, Series A, <br> Duke University Health System,<br>|  |  |
| 5.00%, 6/1/26 | $3055 | $3102 |
| &nbsp;&nbsp; Platte County Reorganized School <br> District No. R-3 G.O. Unlimited <br> Bonds,<br>|  |  |
| 6.25%, 3/1/26 | 2690 | 2731 |
| &nbsp;&nbsp; Rockford Public School District G.O. <br> Unlimited Bonds, Series III (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/26 | 6185 | 6266 |
| &nbsp;&nbsp; Seminole County School District Sales <br> TRB (AG Insured),<br>|  |  |
| 5.00%, 10/1/25 | 4180 | 4180 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $180,577)** | **(Cost $180,577)** | **180626** |
| **Total Investments – 102.7%** | **Total Investments – 102.7%** |  |
| **(Cost $3,192,104)** | **(Cost $3,192,104)** | **3200352** |
| Liabilities less Other Assets – (2.7%) | Liabilities less Other Assets – (2.7%) | (85324)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$3115028** |

---

<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 September 30,* *2025, the value of these securities amounted to approximately* *$90,573,000 or 2.9% of net assets.* 

<sup>(2)</sup> *When-Issued Security. Coupon rate is not in effect at September 30, 2025.*

<sup>(3)</sup> *Step coupon bond. Rate as of September 30, 2025 is disclosed.*

<sup>(4)</sup> *Variable or floating rate security. Rate as of September 30, 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 September 30, 2025.* 

<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.* 

<sup>(7)</sup> *Zero coupon bond.*

<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> *Maturity date represents the puttable date.*

<sup>(10)</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 September* *30, 2025 is disclosed.* 

<sup>(11)</sup> *Maturity date represents the prerefunded date.*

<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.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **277** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(13)</sup> *7-day current yield as of September 30, 2025 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty 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 |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| 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 |
| LOC - Letter of Credit |
| MFH - Multi-Family Housing |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| SIFMA - Securities Industry and Financial Markets Association |
| SOFR - Secured Overnight Financing Rate |

---

TCRS - Transferable Custodial Receipts <br>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 September 30, 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; $58620 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $58620 |
| Commercial Paper<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 118598 | &nbsp;&nbsp; — | &nbsp;&nbsp; 118598 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 211831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 211831 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 198096 | &nbsp;&nbsp; — | &nbsp;&nbsp; 198096 |
| U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 6071 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6071 |
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2397462 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2397462 |
| Investment Companies | &nbsp;&nbsp; 29048 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29048 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 180626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 180626 |
| Total Investments | &nbsp;&nbsp; $29048 | &nbsp;&nbsp; $3171304 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3200352 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **278** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **TAX-EXEMPT FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 98.9%**  | **MUNICIPAL BONDS – 98.9%**  | **MUNICIPAL BONDS – 98.9%**  |
| **Alabama – 2.5%** | **Alabama – 2.5%** | **Alabama – 2.5%** |
| &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 | $1622 |
| &nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series D,<br>|  |  |
| 5.00%, 11/1/32 | 4000 | 4320 |
| &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 | 5088 |
| &nbsp;&nbsp; Jefferson County Sewer Revenue <br> Refunding Warrants,<br>|  |  |
| 5.50%, 10/1/53 | 2425 | 2539 |
| &nbsp;&nbsp; Limestone County Water & Sewer <br> Revenue Bonds,<br>|  |  |
| 5.00%, 12/1/44 | 500 | 525 |
| &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 | 1086 |
| &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 | 3240 |
|  |  | **18420** |
| **Alaska – 0.5%** | **Alaska – 0.5%** | **Alaska – 0.5%** |
| &nbsp;&nbsp; Alaska State Railroad Corp. Cruise Port <br> Revenue Bonds (AMT) (AG Insured),<br>|  |  |
| 5.50%, 10/1/42 | 385 | 409 |
| 6.00%, 10/1/50 | 500 | 541 |
| &nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| 5.50%, 2/1/33 | 2120 | 2415 |
|  |  | **3365** |
| **Arizona – 2.7%** | **Arizona – 2.7%** | **Arizona – 2.7%** |
| &nbsp;&nbsp; Arizona Board of Regents State <br> University System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/43 | 2000 | 2028 |
| &nbsp;&nbsp; Arizona Board of Regents University <br> System Revenue Refunding Bonds, <br> Stimulus Plan For Economic & <br> Educational Development (BAM <br> Insured),<br>|  |  |
| 5.00%, 8/1/41 | 1350 | 1456 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Arizona – 2.7%continued** | **Arizona – 2.7%continued** | **Arizona – 2.7%continued** |
| &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 | $868 |
| &nbsp;&nbsp; Maricopa County IDA Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| 5.00%, 5/15/28<sup>(1) (2)</sup> <br>| 4000 | 4195 |
| &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 | 781 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 7/1/31 | 2500 | 2756 |
| &nbsp;&nbsp; Pinal County Revenue Obligations <br> Bonds (BAM Insured),<br>|  |  |
| 5.25%, 8/1/50 | 1500 | 1598 |
| &nbsp;&nbsp; Pinal County Unified School District No. <br> 20 G.O. Unlimited Bonds, Series A, <br> Maricopa Project of 2024 (BAM <br> Insured),<br>|  |  |
| 5.00%, 7/1/43 | 1000 | 1054 |
| &nbsp;&nbsp; Queen Creek Excise Tax & State <br> Shared Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/54 | 4720 | 4908 |
| &nbsp;&nbsp; Yuma IDA Hospital Revenue Refunding <br> Bonds, Yuma Regional Medical <br> Center,<br>|  |  |
| 5.00%, 8/1/40 | 700 | 748 |
|  |  | **20392** |
| **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 | 2248 |
| 2.25%, 2/1/41 | 1000 | 711 |
|  |  | **2959** |
| **California – 8.8%** | **California – 8.8%** | **California – 8.8%** |
| &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)</sup> <br>| 1500 | 861 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **California – 8.8%continued** | **California – 8.8%continued** | **California – 8.8%continued** |
| &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 | $1122 |
| &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 | 9728 |
| &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 | 3347 |
| 5.00%, 10/1/33<sup>(1) (2)</sup> <br>| 3875 | 4159 |
| &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 | 7570 |
| &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 | 3255 | 3179 |
| &nbsp;&nbsp; California School Finance Authority <br> Educational Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 7/1/55 | 1075 | 875 |
| &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 G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/45 | 1000 | 1078 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| 5.00%, 10/1/32<sup>(1) (2)</sup> <br>| 2500 | 2785 |
| &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 | 2014 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **California – 8.8%continued** | **California – 8.8%continued** | **California – 8.8%continued** |
| &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 | $723 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.25%, 10/1/39 | 5000 | 5040 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Revenue Refunding Bonds, Series B <br> (AMT),<br>|  |  |
| 5.00%, 5/15/34 | 3000 | 3105 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Senior Revenue Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 5/15/33 | 3500 | 3766 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Bonds, Series <br> C,<br>|  |  |
| 5.00%, 7/1/37 | 2380 | 2483 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/50 | 1245 | 1286 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/38 | 1300 | 1302 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/36 | 1370 | 1491 |
| &nbsp;&nbsp; Poway Unified School District PFA <br> Special Tax Revenue Refunding, <br> Series B,<br>|  |  |
| 5.00%, 9/1/35 | 1150 | 1247 |
| &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 | 4763 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 5/1/42 | 1500 | 1508 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **280** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **California – 8.8%continued** | **California – 8.8%continued** | **California – 8.8%continued** |
| &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 | $2780 |
|  |  | **66287** |
| **Colorado – 6.9%** | **Colorado – 6.9%** | **Colorado – 6.9%** |
| &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 | 232 |
| &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 | 4835 |
| &nbsp;&nbsp; Adams County School District No. 14 <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.50%, 12/1/44 | 2620 | 2868 |
| &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 | 5247 |
| &nbsp;&nbsp; Centennial Water & Sanitation District <br> Water & Wastewater Revenue <br> Bonds,<br>|  |  |
| 5.00%, 12/1/53 | 3900 | 4005 |
| &nbsp;&nbsp; Central Weld County Water District <br> Revenue Bonds (BAM Insured),<br>|  |  |
| 5.00%, 12/1/45 | 1100 | 1142 |
| 5.00%, 12/1/50 | 1000 | 1028 |
| Colorado State COPS, Series A, |  |  |
| 4.00%, 12/15/37 | 10000 | 10058 |
| &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 | 2541 |
| &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 | 979 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Colorado – 6.9%continued** | **Colorado – 6.9%continued** | **Colorado – 6.9%continued** |
| &nbsp;&nbsp; Colorado State School of Mines <br> Institutional Enterprise Revenue <br> Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/42 | $3400 | $3449 |
| &nbsp;&nbsp; Denver City & County Airport Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 11/15/37 | 2000 | 2134 |
| 5.00%, 11/15/41 | 1000 | 1040 |
| &nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds (AMT), Series A,<br>|  |  |
| 5.00%, 12/1/43 | 2000 | 2014 |
| &nbsp;&nbsp; Denver City & County Dedicated Tax <br> Revenue CABS, Series A-2,<br>|  |  |
| 0.00%, 8/1/37<sup>(5)</sup> <br>| 2750 | 1642 |
| 0.00%, 8/1/39<sup>(5)</sup> <br>| 2805 | 1478 |
| &nbsp;&nbsp; Denver City & County Dedicated Tax <br> Revenue Refunding & Improvement <br> Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/42 | 1500 | 1507 |
| &nbsp;&nbsp; Denver Health & Hospital Authority <br> Healthcare Revenue Bonds, Series A,<br>|  |  |
| 5.13%, 12/1/50 | 1000 | 1008 |
| &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 | 1044 |
| &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 | 1381 |
| &nbsp;&nbsp; Windy Gap Firming Project Water <br> Activity Enterprise Revenue Bonds,<br>|  |  |
| 5.00%, 7/15/46 | 2000 | 2056 |
|  |  | **51688** |
| **Connecticut – 2.0%** | **Connecticut – 2.0%** | **Connecticut – 2.0%** |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| 8/15/34<sup>(6)</sup> <br>| 1700 | 1971 |
| &nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Refunding Bonds, Yale New Haven <br> Health Issue,<br>|  |  |
| 5.00%, 7/1/29<sup>(1) (2)</sup> <br>| 7050 | 7564 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Connecticut – 2.0%continued** | **Connecticut – 2.0%continued** | **Connecticut – 2.0%continued** |
| &nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Bonds, Series A, <br> Transportation Infrastructure,<br>|  |  |
| 5.00%, 8/1/34 | $1985 | $1987 |
| &nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Bonds, <br> Transportation Infrastructure,<br>|  |  |
| 5.00%, 7/1/39 | 565 | 625 |
| &nbsp;&nbsp; University of Connecticut Revenue <br> Bonds, Series A,<br>|  |  |
| 5.25%, 11/15/47 | 3000 | 3083 |
|  |  | **15230** |
| **District of Columbia – 1.5%** | **District of Columbia – 1.5%** | **District of Columbia – 1.5%** |
| &nbsp;&nbsp; District of Columbia G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/41 | 1930 | 2088 |
| &nbsp;&nbsp; District of Columbia Income Tax <br> Secured Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 6/1/50 | 2750 | 2871 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/33 | 3000 | 3350 |
| 5.00%, 10/1/34 | 2750 | 3078 |
|  |  | **11387** |
| **Florida – 8.8%** | **Florida – 8.8%** | **Florida – 8.8%** |
| &nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds (AMT),<br>|  |  |
| 5.00%, 10/1/42 | 2500 | 2513 |
| &nbsp;&nbsp; Davie Educational Facilities Revenue <br> Refunding Bonds, Nova Southeastern <br> University Project,<br>|  |  |
| 5.00%, 4/1/48 | 2000 | 2024 |
| &nbsp;&nbsp; Duval County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| 5.00%, 7/1/33 | 1250 | 1422 |
| &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 | 1897 |
| &nbsp;&nbsp; Fort Myers Utility Revenue Refunding <br> Bonds,<br>|  |  |
| 5.25%, 10/1/53 | 3145 | 3329 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Florida – 8.8%continued** | **Florida – 8.8%continued** | **Florida – 8.8%continued** |
| &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 | $1976 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| 5.00%, 10/1/32 | 1300 | 1446 |
| &nbsp;&nbsp; JEA Water & Sewer System Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/29 | 1350 | 1414 |
| &nbsp;&nbsp; Lakeland Hospital System Revenue <br> Refunding Bonds, Lakeland Regional <br> Health System,<br>|  |  |
| 5.00%, 11/15/45 | 1000 | 1029 |
| &nbsp;&nbsp; Lee County Airport Revenue Bonds <br> (AMT),<br>|  |  |
| 5.25%, 10/1/44 | 2250 | 2343 |
| Lee County Local Optional Gas TRB, |  |  |
| 5.25%, 8/1/49 | 3500 | 3609 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/38 | 5000 | 5006 |
| &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 | 2025 |
| &nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-2 <br> (AGM Insured),<br>|  |  |
| 3.00%, 10/1/50 | 7500 | 5591 |
| &nbsp;&nbsp; Miami-Dade County Transit Sales <br> Surtax Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/47 | 2750 | 2830 |
| &nbsp;&nbsp; Miami-Dade County Water & Sewer <br> System Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 10/1/37 | 2500 | 2464 |
| &nbsp;&nbsp; North Miami Community <br> Redevelopment Agency Revenue <br> Bonds,<br>|  |  |
| 5.00%, 3/1/42 | 1000 | 1025 |
| 5.00%, 3/1/43 | 1100 | 1117 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **282** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Florida – 8.8%continued** | **Florida – 8.8%continued** | **Florida – 8.8%continued** |
| &nbsp;&nbsp; Orlando Water Reclamation System <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/54 | $3500 | $3624 |
| &nbsp;&nbsp; Palm Beach County Educational <br> Facilities Authority Revenue Bonds, <br> Palm Beach Atlantic University,<br>|  |  |
| 5.00%, 10/1/43 | 375 | 373 |
| &nbsp;&nbsp; Palm Beach County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 5.00%, 8/1/32 | 1000 | 1139 |
| &nbsp;&nbsp; Pasco County School Board COPS, <br> Series A (BAM Insured),<br>|  |  |
| 5.00%, 8/1/43 | 3000 | 3079 |
| &nbsp;&nbsp; Seminole County Special Obligation <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/52 | 1325 | 1359 |
| &nbsp;&nbsp; South Broward Hospital District <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 5/1/44 | 3500 | 3248 |
| &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 | 5000 |
| 5.00%, 10/1/36 | 1750 | 1786 |
| &nbsp;&nbsp; Winter Garden Water & Wastewater <br> Revenue Bonds,<br>|  |  |
| 5.25%, 8/1/54 | 3000 | 3163 |
|  |  | **65831** |
| **Georgia – 2.3%** | **Georgia – 2.3%** | **Georgia – 2.3%** |
| &nbsp;&nbsp; Atlanta Airport Sustainable Revenue <br> Bonds, Series B-1 (AMT),<br>|  |  |
| 5.00%, 7/1/38 | 2000 | 2147 |
| &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>| 5000 | 5105 |
| 5.00%, 5/15/43 | 500 | 506 |
| &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 | 1640 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project,<br>|  |  |
| 5.00%, 7/1/52 | 1500 | 1511 |
| 5.50%, 7/1/60 | 2500 | 2501 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Georgia – 2.3%continued** | **Georgia – 2.3%continued** | **Georgia – 2.3%continued** |
| &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 | $2539 |
| &nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 10/1/26 | 1150 | 1179 |
|  |  | **17128** |
| **Hawaii – 0.3%** | **Hawaii – 0.3%** | **Hawaii – 0.3%** |
| &nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 9/1/43 | 2000 | **2048** |
| **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 | **2080** |
| **Illinois – 8.0%** | **Illinois – 8.0%** | **Illinois – 8.0%** |
| &nbsp;&nbsp; Aurora Waterworks & Sewerage <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 4.00%, 12/1/36 | 800 | 786 |
| &nbsp;&nbsp; Chicago Board of Education G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| 5.75%, 12/1/50 | 1500 | 1473 |
| &nbsp;&nbsp; Chicago G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| 6.00%, 1/1/50 | 1000 | 1041 |
| &nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/33 | 2500 | 2745 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/38 | 1000 | 1078 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 1/1/39 | 1600 | 1633 |
| 5.00%, 1/1/48 | 3455 | 3459 |
| &nbsp;&nbsp; Chicago Water Second Lien Revenue <br> Bonds, Series A (AGM Insured),<br>|  |  |
| 5.25%, 11/1/53 | 2000 | 2066 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Illinois – 8.0%continued** | **Illinois – 8.0%continued** | **Illinois – 8.0%continued** |
| &nbsp;&nbsp; Illinois State Educational Facilities <br> Authority Revenue Bonds, Field <br> Museum of Natural History,<br>|  |  |
| 3.90%, 11/1/36 | $1740 | $1758 |
| &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 | 1256 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| 5.00%, 4/1/32 | 1110 | 1205 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Northshore <br> University Health System,<br>|  |  |
| 3.25%, 8/15/49 | 2500 | 1974 |
| &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 | 1500 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Bonds, Series A-3, <br> UChicago Medicine,<br>|  |  |
| 5.00%, 8/15/35<sup>(1) (2)</sup> <br>| 1750 | 1929 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| 5.00%, 8/15/30<sup>(1) (2)</sup> <br>| 1000 | 1079 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 5/1/37 | 1460 | 1587 |
| 5.25%, 5/1/45 | 1000 | 1041 |
| 5.25%, 5/1/49 | 2060 | 2118 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series D,<br>|  |  |
| 3.25%, 11/1/26 | 6855 | 6886 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/41 | 2300 | 2407 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/40 | 6500 | 6513 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Illinois – 8.0%continued** | **Illinois – 8.0%continued** | **Illinois – 8.0%continued** |
| &nbsp;&nbsp; Illinois State University Revenue <br> Refunding Bonds,<br>|  |  |
| 4/1/50<sup>(6)</sup> <br>| $3600 | $3723 |
| &nbsp;&nbsp; Sangamon County School District No. <br> 186 Springfield G.O. Unlimited <br> Bonds (AGM Insured),<br>|  |  |
| 5.00%, 6/1/26 | 1200 | 1217 |
| &nbsp;&nbsp; Schaumburg G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 4.00%, 12/1/41 | 5000 | 4952 |
| &nbsp;&nbsp; Springfield Electric Senior Lien Revenue <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 3/1/37 | 2325 | 2552 |
| &nbsp;&nbsp; University of Illinois Auxiliary Facilities <br> System Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 4/1/33 | 1500 | 1709 |
|  |  | **60175** |
| **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 | 899 |
| 5.00%, 7/15/33 | 750 | 845 |
| &nbsp;&nbsp; Fishers Sewage Works Revenue Bonds <br> (BAM Insured),<br>|  |  |
| 3.00%, 7/1/51 | 1000 | 740 |
| &nbsp;&nbsp; Greater Clark Building Corp. First <br> Mortgage Revenue Bonds, Series B <br> (State Intercept Program),<br>|  |  |
| 6.00%, 7/15/38 | 1000 | 1161 |
| &nbsp;&nbsp; Hamilton County Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| 5.00%, 7/10/42 | 1000 | 1057 |
| &nbsp;&nbsp; Indiana State Financing Authority <br> Student Housing Revenue Bonds, <br> Senior Student Housing Project,<br>|  |  |
| 5.00%, 7/1/49 | 1075 | 1077 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| 5.25%, 1/1/50 | 2000 | 2106 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **284** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Indiana – 1.8%continued** | **Indiana – 1.8%continued** | **Indiana – 1.8%continued** |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| 5.00%, 1/1/44 | $2000 | $2049 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Series F, Stormwater Project,<br>|  |  |
| 5.00%, 1/1/49 | 895 | 933 |
| &nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Intercept Program),<br>|  |  |
| 5.00%, 7/15/43 | 1230 | 1283 |
| &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 | 821 |
| &nbsp;&nbsp; Northwest Allen School Building Corp. <br> First Mortgage Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| 5.00%, 7/15/31 | 600 | 674 |
|  |  | **13645** |
| **Kentucky – 1.7%** | **Kentucky – 1.7%** | **Kentucky – 1.7%** |
| &nbsp;&nbsp; Fayette County School District Finance <br> Corp. Revenue Bonds, Series A <br> (State Intercept Program),<br>|  |  |
| 4.00%, 5/1/38 | 5000 | 4948 |
| &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 | 3218 |
| &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 | 612 |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds, <br> Gas & Electric,<br>|  |  |
| 2.00%, 10/1/33 | 4500 | 3866 |
|  |  | **12644** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Louisiana – 3.0%** | **Louisiana – 3.0%** | **Louisiana – 3.0%** |
| &nbsp;&nbsp; Greater New Orleans Expressway <br> Commission Toll Subordinate Lien <br> Revenue Refunding Bonds (AG <br> Insured),<br>|  |  |
| 5.00%, 11/1/32 | $435 | $493 |
| 5.00%, 11/1/34 | 575 | 654 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic Foundation Project,<br>|  |  |
| 5.25%, 5/15/50 | 2500 | 2606 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic, Unrefunded Balance,<br>|  |  |
| 5.00%, 5/15/47 | 2000 | 2003 |
| &nbsp;&nbsp; Louisiana Stadium & Exposition District <br> Senior Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.25%, 7/1/53 | 2695 | 2799 |
| &nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Revenue <br> Refunding Bonds, Entergy <br> Louisiana LLC Project,<br>|  |  |
| 2.50%, 4/1/36 | 7250 | 6061 |
| &nbsp;&nbsp; New Orleans G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 12/1/47 | 3000 | 3099 |
| &nbsp;&nbsp; Shreveport Water & Sewer Revenue <br> Bonds, Series B (BAM Insured),<br>|  |  |
| 5.00%, 12/1/41 | 5000 | 5031 |
|  |  | **22746** |
| **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>(5)</sup> <br>| 2500 | 2238 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| 5.25%, 7/1/50 | 1500 | 1502 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Massachusetts – 4.4%continued** | **Massachusetts – 4.4%continued** | **Massachusetts – 4.4%continued** |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series D,<br>|  |  |
| 5.00%, 10/1/50 | $4525 | $4713 |
| 5.00%, 10/1/52 | 3500 | 3635 |
| &nbsp;&nbsp; Massachusetts State G.O. Unlimited <br> Bonds, Series C, Consolidated Loan,<br>|  |  |
| 5.25%, 10/1/47 | 5000 | 5282 |
| &nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/40 | 2725 | 2727 |
| &nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series C (AMT),<br>|  |  |
| 5.00%, 7/1/44 | 2000 | 2021 |
| 5.00%, 7/1/49 | 3450 | 3471 |
| &nbsp;&nbsp; Massachusetts State School Building <br> Authority Subordinated Sales TRB, <br> Series A,<br>|  |  |
| 5.00%, 2/15/44 | 4000 | 4095 |
| &nbsp;&nbsp; Massachusetts State Transportation <br> Fund Sustainability Revenue Bonds, <br> Rail Enhancement Program,<br>|  |  |
| 5.00%, 6/1/50 | 2500 | 2569 |
| &nbsp;&nbsp; Massachusetts State Water Resources <br> Authority General Revenue Bonds, <br> Series B,<br>|  |  |
| 5.00%, 8/1/43 | 920 | 940 |
|  |  | **33193** |
| **Michigan – 2.4%** | **Michigan – 2.4%** | **Michigan – 2.4%** |
| &nbsp;&nbsp; Great Lakes Water Authority Supply <br> System Senior Lien Revenue Bonds, <br> Series B,<br>|  |  |
| 5.25%, 7/1/53 | 1000 | 1049 |
| &nbsp;&nbsp; Howell Public Schools G.O. Unlimited <br> Bonds, Series II (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/41 | 1000 | 1071 |
| 5.00%, 5/1/42 | 1000 | 1060 |
| 5.00%, 5/1/43 | 750 | 789 |
| 5.00%, 5/1/44 | 750 | 784 |
| &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 | 1330 |
| 5.00%, 5/1/49 | 610 | 636 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Michigan – 2.4%continued** | **Michigan – 2.4%continued** | **Michigan – 2.4%continued** |
| &nbsp;&nbsp; Michigan State Building Authority <br> Facilities Program Revenue Refunding <br> Bonds, Series I,<br>|  |  |
| 5.00%, 4/15/38 | $2000 | $2002 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, <br> Beaumont-Spectrum Consolidation,<br>|  |  |
| 5.00%, 4/15/26 | 3350 | 3390 |
| &nbsp;&nbsp; Michigan State HDA SFM Revenue <br> Bonds, Series A, Social Bonds,<br>|  |  |
| 4.10%, 6/1/43 | 1875 | 1832 |
| &nbsp;&nbsp; Southfield Public Schools G.O. <br> Unlimited Bonds (Q-SBLF Insured),<br>|  |  |
| 5.25%, 5/1/50 | 1200 | 1265 |
| &nbsp;&nbsp; Walled Lake Consolidated School <br> District G.O. Unlimited Bonds <br> (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/50 | 1000 | 1023 |
| &nbsp;&nbsp; West Bloomfield School District G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/42 | 1750 | 1866 |
| &nbsp;&nbsp; West Ottawa Public School District <br> G.O. Unlimited Bonds, Series I,<br>|  |  |
| 5.00%, 11/1/28 | 25 | 27 |
|  |  | **18124** |
| **Minnesota – 0.3%** | **Minnesota – 0.3%** | **Minnesota – 0.3%** |
| &nbsp;&nbsp; Minneapolis & Saint Paul Housing & <br> Redevelopment Authority Health <br> Care Revenue Refunding Bonds, <br> Allina Health System,<br>|  |  |
| 5.00%, 11/15/29 | 1000 | 1033 |
| &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 | 844 |
|  |  | **1877** |
| **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 | **626** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **286** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **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 | $1094 |
| &nbsp;&nbsp; Kansas City Sanitary Sewer System <br> Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 1/1/49 | 1000 | 917 |
| &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 | 1005 |
| &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; Missouri State Development Finance <br> Board Infrastructure Facilities <br> Revenue Bonds, Series A, Public <br> Safety Projects (AG Insured),<br>|  |  |
| 5.50%, 12/1/50 | 1080 | 1140 |
| &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 | 2502 |
| &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 | 1300 |
| &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 | 681 |
|  |  | **8695** |
| **Montana – 0.0%** | **Montana – 0.0%** | **Montana – 0.0%** |
| &nbsp;&nbsp; Montana State Board of Housing <br> Single Family Program Revenue <br> Refunding Bonds, Series A (FHA INS <br> HUD VA Insured),<br>|  |  |
| 3.90%, 12/1/48 | 50 | **46** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Nebraska – 0.9%** | **Nebraska – 0.9%** | **Nebraska – 0.9%** |
| &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 | $1018 |
| &nbsp;&nbsp; Omaha Airport Authority Airport <br> Facilities Revenue Bonds (AMT) <br> (AGC Insured),<br>|  |  |
| 5.00%, 12/15/32 | 900 | 999 |
| &nbsp;&nbsp; Omaha Public Power District Electric <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/42 | 4250 | 4344 |
|  |  | **6361** |
| **New Jersey – 0.4%** | **New Jersey – 0.4%** | **New Jersey – 0.4%** |
| &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 | 1235 |
| &nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Series BB, Transformation Program,<br>|  |  |
| 5.00%, 6/15/46 | 2000 | 2073 |
|  |  | **3308** |
| **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 | 894 |
| &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 | 980 | 932 |
|  |  | **1826** |
| **New York – 11.5%** | **New York – 11.5%** | **New York – 11.5%** |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Climate Bond Certified,<br>|  |  |
| 5.00%, 11/15/32 | 1000 | 1125 |
| 5.00%, 11/15/42 | 1435 | 1518 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/37 | 2500 | 2735 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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 - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **New York – 11.5%continued** | **New York – 11.5%continued** | **New York – 11.5%continued** |
| &nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Bonds, <br> Sustainable Neighborhood Bonds,<br>|  |  |
| 3.00%, 11/1/39 | $1370 | $1186 |
| &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 | 1235 |
| &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 | 5196 |
| &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 | 3073 |
| &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 | 3542 |
| &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 | 1052 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series A-3,<br>|  |  |
| 3.00%, 5/1/45 | 5000 | 3849 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series C-3,<br>|  |  |
| 5.00%, 5/1/41 | 3450 | 3543 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series E,<br>|  |  |
| 5.00%, 11/1/46 | 3000 | 3141 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **New York – 11.5%continued** | **New York – 11.5%continued** | **New York – 11.5%continued** |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Refunding Bonds, Series H, Fiscal <br> 2025,<br>|  |  |
| 5.00%, 11/1/46 | $1150 | $1206 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> A, Fiscal 2024,<br>|  |  |
| 5.00%, 8/1/51 | 1500 | 1554 |
| &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 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 | 734 |
| &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>(4)</sup> <br>| 5 | 6 |
| &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 | 2623 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series D,<br>|  |  |
| 5.00%, 2/15/48 | 4500 | 4585 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Series A, <br> Unrefunded Balance,<br>|  |  |
| 5.00%, 2/15/43 | 2000 | 2005 |
| &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 | 4668 |
| &nbsp;&nbsp; New York State Liberty Development <br> Corp. Liberty Revenue Refunding <br> Bonds, Series 1,<br>|  |  |
| 2.25%, 2/15/41 | 5000 | 3711 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **288** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **New York – 11.5%continued** | **New York – 11.5%continued** | **New York – 11.5%continued** |
| &nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Refunding <br> Bonds, Series 233, Social Bonds,<br>|  |  |
| 2.05%, 4/1/33 | $1555 | $1334 |
| &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 | 604 |
| &nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Sustainable Revenue Bonds (AMT), <br> John F. Kennedy International Airport <br> New Terminal One Project,<br>|  |  |
| 5.25%, 6/30/41 | 1600 | 1658 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| 5.00%, 9/15/28 | 1000 | 1049 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 227 (AMT),<br>|  |  |
| 2.00%, 10/1/32 | 2000 | 1722 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 246 (AMT),<br>|  |  |
| 5.00%, 9/1/33 | 5500 | 6125 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Sales TRB, Series A-1,<br>|  |  |
| 5.00%, 5/15/54 | 2975 | 3088 |
| &nbsp;&nbsp; Triborough MTA Bridge & Tunnel <br> Authority Real Estate Transfer TRB, <br> TBTA Capital Lockbox Fund,<br>|  |  |
| 5.00%, 12/1/50 | 6300 | 6514 |
| 5.25%, 12/1/54 | 3295 | 3472 |
| &nbsp;&nbsp; Utility Debt Securitization Authority <br> Restructuring Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 12/15/37 | 2500 | 2506 |
| &nbsp;&nbsp; Utility Debt Securitization Authority <br> Revenue Bonds, Restructuring Bonds,<br>|  |  |
| 5.00%, 12/15/39 | 2500 | 2578 |
|  |  | **86267** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **North Carolina – 0.2%** | **North Carolina – 0.2%** | **North Carolina – 0.2%** |
| &nbsp;&nbsp; North Carolina State Housing Finance <br> Agency Home Ownership Revenue <br> Bonds, Series 44,<br>|  |  |
| 3.00%, 7/1/46 | $915 | $712 |
| &nbsp;&nbsp; North Carolina State Turnpike Authority <br> Senior Lien Revenue Bonds, Triangle <br> Expressway (AGM Insured),<br>|  |  |
| 5.00%, 1/1/49 | 500 | 507 |
|  |  | **1219** |
| **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 | 1124 |
| &nbsp;&nbsp; North Dakota State PFA Revenue <br> Refunding Bonds, State Revolving <br> Fund Program,<br>|  |  |
| 5.00%, 10/1/43 | 885 | 944 |
|  |  | **2068** |
| **Ohio – 1.4%** | **Ohio – 1.4%** | **Ohio – 1.4%** |
| &nbsp;&nbsp; Columbus Regional Airport Authority <br> Revenue Refunding Bonds, John <br> Glenn Columbus International <br> (AMT),<br>|  |  |
| 5.00%, 1/1/34 | 650 | 715 |
| &nbsp;&nbsp; Northeast Ohio Medical University <br> General Receipts Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 4.00%, 12/1/45 | 225 | 197 |
| &nbsp;&nbsp; Ohio State Hospital Facility Revenue <br> Refunding Bonds, Cleveland Clinic <br> Health System,<br>|  |  |
| 4.00%, 1/1/36 | 1000 | 1006 |
| &nbsp;&nbsp; Troy City School District G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.00%, 12/1/54 | 2650 | 2758 |
| &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 | 1480 |
| &nbsp;&nbsp; Wyoming City School District G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 12/1/43 | 1530 | 1633 |
| 5.00%, 12/1/55 | 2500 | 2603 |
|  |  | **10392** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **289** 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 - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Oklahoma – 1.3%** | **Oklahoma – 1.3%** | **Oklahoma – 1.3%** |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Facilities Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/29 | $280 | $306 |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Bonds, <br> Department of Transportation,<br>|  |  |
| 5.25%, 7/1/50 | 2000 | 2138 |
| &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 | 7519 |
|  |  | **9963** |
| **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), Prerefunded,<br>|  |  |
| 0.00%, 6/15/27<sup>(4) (5)</sup> <br>| 265 | 155 |
| &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>(5)</sup> <br>| 1000 | 622 |
| &nbsp;&nbsp; North Clackamas School District <br> No.12, Clackamas County, Capital <br> Appreciation G.O. Unlimited Bonds, <br> Series A, Unrefunded Balance <br> (School Board Guaranty Program),<br>|  |  |
| 0.00%, 6/15/38<sup>(5)</sup> <br>| 2235 | 1254 |
| &nbsp;&nbsp; Port of Portland International Airport <br> Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/49 | 2010 | 2040 |
| &nbsp;&nbsp; Salem Hospital Facility Authority <br> Revenue Refunding Bonds, Multi <br> Model Salem Health Projects,<br>|  |  |
| 5.00%, 5/15/44 | 3500 | 3553 |
| &nbsp;&nbsp; Union County Hospital Facility Authority <br> Revenue Bonds, Grand Ronde <br> Hospital Project,<br>|  |  |
| 5.00%, 7/1/52 | 750 | 740 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Oregon – 1.3%continued** | **Oregon – 1.3%continued** | **Oregon – 1.3%continued** |
| &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>(5)</sup> <br>| $5000 | $1691 |
|  |  | **10055** |
| **Pennsylvania – 3.2%** | **Pennsylvania – 3.2%** | **Pennsylvania – 3.2%** |
| &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; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A <br> (AMBAC Insured),<br>|  |  |
| 5.50%, 8/1/28 | 1460 | 1573 |
| &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 | 5074 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Oil Franchise Tax <br> Subordinate Revenue Bonds, Series <br> B,<br>|  |  |
| 5.00%, 12/1/43 | 2500 | 2553 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/46 | 1700 | 1749 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Turnpike Revenue Bonds, <br> Series B,<br>|  |  |
| 5.00%, 12/1/40 | 1525 | 1531 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Variable Revenue <br> Refunding, Subseries-2,<br>|  |  |
| 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 2575 | 2903 |
| &nbsp;&nbsp; Pennsylvania State University Revenue <br> Bonds,<br>|  |  |
| 5.00%, 9/1/43 | 5000 | 5114 |
| &nbsp;&nbsp; Pennsylvania State University Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 9/1/45 | 2000 | 2057 |
|  |  | **24241** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **290** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Rhode Island – 0.8%** | **Rhode Island – 0.8%** | **Rhode Island – 0.8%** |
| &nbsp;&nbsp; Providence Public Buildings Authority <br> Revenue Bonds, Capital Improvement <br> Program Project (AGC Insured),<br>|  |  |
| 5.00%, 9/15/37 | $740 | $818 |
| &nbsp;&nbsp; Rhode Island State Turnpike & Bridge <br> Authority Motor Fuel TRB, Series A,<br>|  |  |
| 4.00%, 10/1/44 | 5265 | 4878 |
|  |  | **5696** |
| **South Carolina – 0.9%** | **South Carolina – 0.9%** | **South Carolina – 0.9%** |
| &nbsp;&nbsp; Aiken Water & Sewer Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 8/1/49 | 1000 | 904 |
| &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 | 2183 |
| &nbsp;&nbsp; Patriots Energy Group Gas System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 6/1/51 | 2500 | 2242 |
| &nbsp;&nbsp; South Carolina State Jobs EDA Hospital <br> Facilities Variable Revenue Refunding <br> Bonds, Bon Secours Mercy Health, <br> Inc.,<br>|  |  |
| 5.00%, 11/1/32<sup>(1) (2)</sup> <br>| 1000 | 1111 |
|  |  | **6440** |
| **Tennessee – 0.7%** | **Tennessee – 0.7%** | **Tennessee – 0.7%** |
| &nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 9/1/28<sup>(1) (2)</sup> <br>| 5000 | 5123 |
| &nbsp;&nbsp; Tennessee Housing Development <br> Agency Residential Financing <br> Program Revenue Bonds, Series 1B,<br>|  |  |
| 3.38%, 7/1/38 | 50 | 47 |
|  |  | **5170** |
| **Texas – 6.7%** | **Texas – 6.7%** | **Texas – 6.7%** |
| &nbsp;&nbsp; Austin Electric Utility System Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/28 | 500 | 501 |
| 5.00%, 11/15/35 | 2500 | 2503 |
| &nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 4.00%, 6/15/46 | 5000 | 4705 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Texas – 6.7%continued** | **Texas – 6.7%continued** | **Texas – 6.7%continued** |
| &nbsp;&nbsp; Bexar County Hospital District <br> Certificates of Obligation G.O. <br> Limited Bonds,<br>|  |  |
| 5.00%, 2/15/26 | $625 | $630 |
| &nbsp;&nbsp; Chambers County Justice Center Public <br> Facilities Corp. Lease Revenue <br> Bonds, Justice Center Project,<br>|  |  |
| 5.00%, 6/1/32 | 1005 | 1130 |
| 5.50%, 6/1/49 | 3120 | 3307 |
| &nbsp;&nbsp; Dallas & Fort Worth International <br> Airport Revenue Bonds, Series A-1 <br> (AMT),<br>|  |  |
| 11/1/42<sup>(6)</sup> <br>| 1440 | 1531 |
| &nbsp;&nbsp; Dallas G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 2/15/38 | 1315 | 1436 |
| &nbsp;&nbsp; El Paso G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 8/15/31 | 1020 | 1145 |
| &nbsp;&nbsp; El Paso Municipal Drainage Utility <br> System Revenue Bonds,<br>|  |  |
| 5.00%, 3/1/38 | 1215 | 1319 |
| &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 | 2123 |
| &nbsp;&nbsp; Huffman Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.25%, 2/15/49 | 1750 | 1859 |
| &nbsp;&nbsp; Lower Colorado River Authority <br> Transmission Contract Revenue <br> Refunding Bonds, LCRA Transmission <br> Services,<br>|  |  |
| 5.00%, 5/15/46 | 2500 | 2546 |
| Port Houston Authority Revenue Bonds, |  |  |
| 5.00%, 10/1/51 | 2500 | 2559 |
| &nbsp;&nbsp; Rankin Independent School District <br> G.O. Unlimited Bonds, Escrowed to <br> Maturity (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/26 | 500 | 504 |
| &nbsp;&nbsp; Rockwall Independent School District <br> G.O. Unlimited Bonds, Series A (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 2/15/52 | 2445 | 2505 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **291** 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 - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Texas – 6.7%continued** | **Texas – 6.7%continued** | **Texas – 6.7%continued** |
| &nbsp;&nbsp; Roma Independent School District G.O. <br> Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/49 | $1500 | $1558 |
| &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 | 1631 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/37 | 670 | 731 |
| &nbsp;&nbsp; San Antonio General Improvement <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 8/1/30 | 3700 | 3857 |
| &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 | 1945 |
| &nbsp;&nbsp; Texas Water Development Board <br> Revenue Bonds, Master Trust ,<br>|  |  |
| 10/15/35<sup>(6)</sup> <br>| 2000 | 2322 |
| &nbsp;&nbsp; Texas Water Development Board <br> Revenue Bonds, Series A, Master <br> Trust ,<br>|  |  |
| 4.25%, 10/15/51 | 3000 | 2831 |
| &nbsp;&nbsp; University of Texas Permanent University <br> Fund Revenue Bonds, Series B,<br>|  |  |
| 4.00%, 7/1/41 | 5000 | 4936 |
|  |  | **50114** |
| **Utah – 1.5%** | **Utah – 1.5%** | **Utah – 1.5%** |
| &nbsp;&nbsp; Intermountain Power Agency Supply <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/26 | 1250 | 1271 |
| &nbsp;&nbsp; Ogden City Municipal Building <br> Authority Lease Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 1/15/53 | 1250 | 1256 |
| &nbsp;&nbsp; Ogden City Redevelopment Agency <br> Sales & Tax Increment Revenue <br> Bonds,<br>|  |  |
| 5.00%, 1/15/53 | 1500 | 1532 |
| &nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 7/1/32 | 1250 | 1366 |
| 5.00%, 7/1/35 | 5000 | 5346 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Utah – 1.5%continued** | **Utah – 1.5%continued** | **Utah – 1.5%continued** |
| &nbsp;&nbsp; Tooele County School District G.O. <br> Unlimited Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/1/30 | $505 | $563 |
|  |  | **11334** |
| **Virginia – 0.7%** | **Virginia – 0.7%** | **Virginia – 0.7%** |
| &nbsp;&nbsp; Rockingham County EDA Facilities <br> Revenue Refunding Bonds, Sentara <br> RMH Medical Center,<br>|  |  |
| 3.00%, 11/1/46 | 2000 | 1552 |
| &nbsp;&nbsp; Virginia State Public Building Authority <br> Public Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 8/1/31 | 2325 | 2639 |
| &nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Senior Lien Revenue Bonds <br> (AMT), Elizabeth River,<br>|  |  |
| 3.00%, 1/1/41 | 1000 | 798 |
|  |  | **4989** |
| **Washington – 4.8%** | **Washington – 4.8%** | **Washington – 4.8%** |
| &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 | 940 |
| &nbsp;&nbsp; Grant County G.O. Limited Bonds <br> (BAM Insured),<br>|  |  |
| 5.25%, 12/1/50 | 1350 | 1426 |
| &nbsp;&nbsp; Pasco Public Facilities District Sales TRB <br> (AGC Insured),<br>|  |  |
| 5.00%, 11/1/38 | 1080 | 1180 |
| 5.00%, 11/1/40 | 1050 | 1132 |
| &nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 8/1/36 | 3570 | 3848 |
| 5.00%, 8/1/42 | 1500 | 1546 |
| &nbsp;&nbsp; Snohomish County Public Utility District <br> No. 1 Electric System Revenue <br> Bonds,<br>|  |  |
| 5.00%, 12/1/40 | 560 | 562 |
| &nbsp;&nbsp; Snohomish County Public Utility District <br> No. 1 Electric System Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/47 | 5000 | 5174 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **292** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Washington – 4.8%continued** | **Washington – 4.8%continued** | **Washington – 4.8%continued** |
| &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 | $5695 |
| Washington State COPS, Series A, |  |  |
| 5.00%, 7/1/26 | 1000 | 1018 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series C, Bidding Group 3,<br>|  |  |
| 5.00%, 2/1/45 | 2000 | 2086 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Bonds, Providence <br> St. Joseph Health,<br>|  |  |
| 10/1/35<sup>(6)</sup> <br>| 3500 | 3926 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Providence Health & Services,<br>|  |  |
| 5.00%, 10/1/38 | 5000 | 5003 |
| &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 | 1587 |
|  |  | **36266** |
| **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%, 11/1/30 | 1320 | 1464 |
| &nbsp;&nbsp; PFA Revenue Refunding Bonds, Kahala <br> Nui Project,<br>|  |  |
| 5.25%, 11/15/50 | 1000 | 1013 |
| &nbsp;&nbsp; University Hospitals & Clinics Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.25%, 4/1/48 | 2775 | 2636 |
| &nbsp;&nbsp; Westfield School District G.O. <br> Unlimited Promissory Notes (AGC <br> Insured),<br>|  |  |
| 5.00%, 3/1/39 | 685 | 739 |
| &nbsp;&nbsp; Wisconsin State G.O. Unlimited <br> Refunding Bonds, Series 2025-2,<br>|  |  |
| 5.00%, 5/1/38 | 2400 | 2712 |
| &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 | 1100 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  | **MUNICIPAL BONDS - 98.9%continued**  |
| **Wisconsin – 2.1%continued** | **Wisconsin – 2.1%continued** | **Wisconsin – 2.1%continued** |
| &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 | $1381 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Prerefunded,<br>|  |  |
| 4.00%, 5/15/26<sup>(4)</sup> <br>| 40 | 41 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Unrefunded <br> Balance,<br>|  |  |
| 4.00%, 11/15/46 | 4905 | 4478 |
|  |  | **15564** |
| **Total Municipal Bonds** |  |  |
| **(Cost $776,204)** |  | **740966** |

---

---

| | | |
|:---|:---|:---|
|  | 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> 3.98%<sup>(7) (8)</sup> <br>| 5601408 | $5601 |
| **Total Investment Companies** |  |  |
| **(Cost $5,601)** |  | **5601** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 1.0%**  | **SHORT-TERM INVESTMENTS – 1.0%**  | **SHORT-TERM INVESTMENTS – 1.0%**  |
| &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 | $1467 |
| &nbsp;&nbsp; Indiana State 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 | 1480 |
| &nbsp;&nbsp; Indiana State 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 | 1109 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **293** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **TAX-EXEMPT FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 1.0%continued**  | **SHORT-TERM INVESTMENTS - 1.0%continued**  | **SHORT-TERM INVESTMENTS - 1.0%continued**  |
| &nbsp;&nbsp; PEFA, Inc., Iowa Gas Project Revenue <br> Bonds,<br>|  |  |
| 5.00%, 9/1/26<sup>(1) (2)</sup> <br>| $3500 | $3562 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $7,667)** | **(Cost $7,667)** | **7618** |
| **Total Investments – 100.6%** | **Total Investments – 100.6%** |  |
| **(Cost $789,472)** | **(Cost $789,472)** | **754185** |
| Liabilities less Other Assets – (0.6%) | Liabilities less Other Assets – (0.6%) | (4706)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$749479** |

---

<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 September* *30, 2025 is disclosed.* 

<sup>(3)</sup> *Step coupon bond. Rate as of September 30, 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 September 30, 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 September 30, 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 |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| CABS - Capital Appreciation Bonds |
| CHF - Collegiate Housing Foundation |
| COPS - Certificates of Participation |
| 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 |
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| INS - Insured |
| LCRA - Lower Colorado River Authority |
| MFH - Multi-Family Housing |
| PCR - Pollution Control Revenue |
| PFA - Public Finance Authority |
| 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 September 30, 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; $740966 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $740966 |
| Investment Companies | &nbsp;&nbsp; 5601 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5601 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 7618 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7618 |
| Total Investments | &nbsp;&nbsp; $5601 | &nbsp;&nbsp; $748584 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $754185 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **294** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ULTRA-SHORT FIXED INCOME FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 9.8%**  | **ASSET-BACKED SECURITIES – 9.8%**  | **ASSET-BACKED SECURITIES – 9.8%**  |
| **Auto Loan – 4.5%** | **Auto Loan – 4.5%** | **Auto Loan – 4.5%** |
| &nbsp;&nbsp; American Credit Acceptance <br> Receivables Trust, Series 2025-3, <br> Class B<br>|  |  |
| 4.75%, 9/12/29<sup>(1)</sup> <br>| $8565 | $8599 |
| &nbsp;&nbsp; Americredit Automobile Receivables <br> Trust, Series 2022-1, Class D<br>|  |  |
| 3.23%, 2/18/28 | 4500 | 4446 |
| &nbsp;&nbsp; Bank of America Auto Trust, Series <br> 2023-1A, Class A3<br>|  |  |
| 5.53%, 2/15/28<sup>(1)</sup> <br>| 1290 | 1301 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| 5.00%, 6/25/27 | 2000 | 2018 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2023-1, Class D<br>|  |  |
| 6.27%, 11/15/29 | 3400 | 3490 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2023-4, Class A3<br>|  |  |
| 6.00%, 7/17/28 | 382 | 388 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class A2<br>|  |  |
| 4.56%, 8/10/28 | 5900 | 5914 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class A2<br>|  |  |
| 4.94%, 12/15/27 | 853 | 853 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| 5.89%, 7/15/31 | 1400 | 1437 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 5.09%, 3/22/27 | 1310 | 1314 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-2, <br> Class A3<br>|  |  |
| 4.47%, 2/16/28 | 2735 | 2740 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-1, <br> Class A3<br>|  |  |
| 4.85%, 12/18/28 | 2600 | 2616 |
| &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 5.37%, 3/15/29 | 2050 | 2072 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 5.21%, 8/15/28 | 1733 | 1749 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.8%continued**  | **ASSET-BACKED SECURITIES - 9.8%continued**  | **ASSET-BACKED SECURITIES - 9.8%continued**  |
| **Auto Loan – 4.5%continued** | **Auto Loan – 4.5%continued** | **Auto Loan – 4.5%continued** |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| 5.41%, 5/17/27<sup>(1)</sup> <br>| $2780 | $2800 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.99%, 2/15/29 | 940 | 949 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-2, Class A3<br>|  |  |
| 5.95%, 11/15/28 | 8323 | 8448 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class A2<br>|  |  |
| 4.71%, 6/15/28 | 11600 | 11621 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Series 2023-B, <br> Class A3<br>|  |  |
| 6.13%, 9/21/26<sup>(1)</sup> <br>| 682 | 684 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class A2A<br>|  |  |
| 4.79%, 1/20/27<sup>(1)</sup> <br>| 857 | 858 |
| &nbsp;&nbsp; Toyota Lease Owner Trust, Series <br> 2024-B, Class A2A<br>|  |  |
| 4.31%, 2/22/27<sup>(1)</sup> <br>| 2053 | 2054 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-3, Class A3<br>|  |  |
| 5.82%, 5/17/27<sup>(1)</sup> <br>| 2490 | 2493 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class B<br>|  |  |
| 4.98%, 9/16/30<sup>(1)</sup> <br>| 2750 | 2777 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class C<br>|  |  |
| 5.14%, 10/15/30<sup>(1)</sup> <br>| 1250 | 1265 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class A2<br>|  |  |
| 4.65%, 2/15/28<sup>(1)</sup> <br>| 5000 | 5018 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 4.86%, 3/15/29 | 1130 | 1137 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-B, Class A3<br>|  |  |
| 5.27%, 9/17/29 | 1625 | 1643 |
|  |  | **80684** |
| **Credit Card – 2.3%** | **Credit Card – 2.3%** | **Credit Card – 2.3%** |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2022-A3, Class A<br>|  |  |
| 4.95%, 10/15/27 | 6000 | 6002 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL 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>|
| **ASSET-BACKED SECURITIES - 9.8%continued**  | **ASSET-BACKED SECURITIES - 9.8%continued**  | **ASSET-BACKED SECURITIES - 9.8%continued**  |
| **Credit Card – 2.3%continued** | **Credit Card – 2.3%continued** | **Credit Card – 2.3%continued** |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2023-A1, Class A<br>|  |  |
| 4.42%, 5/15/28 | $8000 | $8020 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2024-A1, Class A<br>|  |  |
| 3.92%, 9/15/29 | 9575 | 9586 |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2023-A1, <br> Class A<br>|  |  |
| 5.16%, 9/15/28 | 4000 | 4048 |
| &nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2023-A1, Class A<br>|  |  |
| 4.31%, 3/15/28 | 4290 | 4295 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A1, Class A<br>|  |  |
| 5.54%, 7/15/29 | 1250 | 1264 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 1458 | 1479 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A2, Class A<br>|  |  |
| 4.93%, 7/15/30 | 2835 | 2882 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| 4.94%, 2/15/29 | 2530 | 2567 |
|  |  | **40143** |
| **Other – 1.1%** | **Other – 1.1%** | **Other – 1.1%** |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-B, <br> Class A3<br>|  |  |
| 5.19%, 9/17/29 | 1100 | 1117 |
| &nbsp;&nbsp; HPEFS Equipment Trust, Series <br> 2024-2A, Class A2<br>|  |  |
| 5.50%, 10/20/31<sup>(1)</sup> <br>| 855 | 856 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.96%, 11/15/28 | 625 | 632 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A2A<br>|  |  |
| 4.36%, 8/16/27 | 2688 | 2690 |
| &nbsp;&nbsp; Kubota Credit Owner Trust, Series <br> 2025-1A, Class A2<br>|  |  |
| 4.61%, 12/15/27<sup>(1)</sup> <br>| 1830 | 1838 |
| &nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2024-A, Class A2<br>|  |  |
| 5.20%, 9/13/27<sup>(1)</sup> <br>| 527 | 529 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.8%continued**  | **ASSET-BACKED SECURITIES - 9.8%continued**  | **ASSET-BACKED SECURITIES - 9.8%continued**  |
| **Other – 1.1%continued** | **Other – 1.1%continued** | **Other – 1.1%continued** |
| &nbsp;&nbsp; Navient Private Education Refi Loan <br> Trust, Series 2020-IA, Class A1A<br>|  |  |
| 1.33%, 4/15/69<sup>(1)</sup> <br>| $942 | $873 |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class A2<br>|  |  |
| 4.50%, 4/15/33<sup>(1)</sup> <br>| 1500 | 1500 |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class B<br>|  |  |
| 4.88%, 4/15/33<sup>(1)</sup> <br>| 4100 | 4097 |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class C<br>|  |  |
| 5.01%, 4/15/33<sup>(1)</sup> <br>| 1500 | 1499 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2024-4, <br> Class B<br>|  |  |
| 5.40%, 6/20/29 | 4045 | 4078 |
|  |  | **19709** |
| **Whole Loan – 1.9%** | **Whole Loan – 1.9%** | **Whole Loan – 1.9%** |
| &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>| 10569 | 10660 |
| &nbsp;&nbsp; Chase Home Lending Mortgage Trust, <br> Series 2024-2, Class A4A<br>|  |  |
| 6.00%, 2/25/55<sup>(1)</sup> <br>| 2267 | 2293 |
| &nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2024-2, Class A6A<br>|  |  |
| 6.00%, 8/25/54<sup>(1)</sup> <br>| 501 | 501 |
| &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>| 5516 | 5562 |
| &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>| 2538 | 2557 |
| &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>| 3606 | 3628 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **296** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.8%continued**  | **ASSET-BACKED SECURITIES - 9.8%continued**  | **ASSET-BACKED SECURITIES - 9.8%continued**  |
| **Whole Loan – 1.9%continued** | **Whole Loan – 1.9%continued** | **Whole Loan – 1.9%continued** |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM3, <br> Class A1B<br>|  |  |
| (Step to 6.60% on 7/25/29), <br> 5.60%, 5/25/65<sup>(1) (2)</sup> <br>| $8066 | $8130 |
|  |  | **33331** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $173,177)** |  | **173867** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%**  |
| **Non Agency – 0.4%** | **Non Agency – 0.4%** | **Non Agency – 0.4%** |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, Series <br> 2019-IMC, Class A<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 1.05%, 1.00% Floor), 5.20%, <br> 4/15/34<sup>(1) (3)</sup> <br>| 2308 | 2296 |
| &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 | 5021 |
|  |  | **7317** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $7,359)** |  | **7317** |
| **CORPORATE BONDS – 51.5%**  | **CORPORATE BONDS – 51.5%**  | **CORPORATE BONDS – 51.5%**  |
| **Asset Management – 2.7%** | **Asset Management – 2.7%** | **Asset Management – 2.7%** |
| BlackRock Funding, Inc., |  |  |
| 4.60%, 7/26/27  | 17340 | 17571 |
| Blackstone Private Credit Fund, |  |  |
| 4.95%, 9/26/27  | 2310 | 2323 |
| Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.05%), 5.31%, <br> 3/3/27 <sup>(3)</sup> <br>| 20000 | 20180 |
| Citadel Finance LLC, |  |  |
| 3.38%, 3/9/26 <sup>(1)</sup> <br>| 8000 | 7947 |
|  |  | **48021** |
| **Automotive – 4.1%** | **Automotive – 4.1%** | **Automotive – 4.1%** |
| American Honda Finance Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.72%), <br> 5.04%, 10/22/27 <sup>(3)</sup> <br>| 9000 | 9000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  |
| **Automotive – 4.1%continued** | **Automotive – 4.1%continued** | **Automotive – 4.1%continued** |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.64%, 1/7/30 <sup>(3)</sup> <br>| $13200 | $13148 |
| Hyundai Capital America, |  |  |
| 5.45%, 6/24/26 <sup>(1)</sup> <br>| 4000 | 4033 |
| 5.95%, 9/21/26 <sup>(1)</sup> <br>| 4000 | 4063 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.50%), <br> 5.84%, 1/8/27 <sup>(1) (3)</sup> <br>| 10000 | 10101 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.04%), <br> 5.26%, 6/24/27 <sup>(1) (3)</sup> <br>| 10000 | 10051 |
| 4.25%, 9/18/28 <sup>(1)</sup> <br>| 1700 | 1696 |
| Toyota Motor Credit Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.45%), 4.79%, <br> 4/10/26 <sup>(3)</sup> <br>| 5180 | 5185 |
| (Floating, U.S. SOFR + 0.47%), <br> 4.81%, 1/8/27 <sup>(3)</sup> <br>| 15000 | 15026 |
|  |  | **72303** |
| **Banking – 10.2%** | **Banking – 10.2%** | **Banking – 10.2%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.11%), <br> 5.41%, 5/9/29 <sup>(3)</sup> <br>| 34000 | 34240 |
| Citibank N.A., |  |  |
| 5.44%, 4/30/26  | 1600 | 1611 |
| 4.93%, 8/6/26  | 2500 | 2518 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.28%), <br> 5.55%, 2/24/28 <sup>(3)</sup> <br>| 21000 | 21221 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.12%, 3/4/29 <sup>(3)</sup> <br>| 5514 | 5515 |
| Fifth Third Bank N.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 5.13%, 1/28/28 <sup>(3)</sup> <br>| 7300 | 7311 |
| Huntington National Bank (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(4)</sup> <br>| 3800 | 3840 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.77%), <br> 4.98%, 9/22/27 <sup>(3)</sup> <br>| 10100 | 10138 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.18%), <br> 5.45%, 2/24/28 <sup>(3)</sup> <br>| 13000 | 13122 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.80%), <br> 5.12%, 1/24/29 <sup>(3)</sup> <br>| 4300 | 4305 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **297** 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 - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  |
| **Banking – 10.2%continued** | **Banking – 10.2%continued** | **Banking – 10.2%continued** |
| Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.13%, 5/26/28 <sup>(3)</sup> <br>| $13110 | $13157 |
| PNC Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.50%), <br> 4.78%, 1/15/27 <sup>(4)</sup> <br>| 5000 | 5006 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.50%), <br> 4.83%, 1/15/27 <sup>(3)</sup> <br>| 6500 | 6501 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.63%), <br> 4.54%, 5/13/27 <sup>(4)</sup> <br>| 9050 | 9064 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.73%), <br> 5.05%, 7/21/28 <sup>(3)</sup> <br>| 750 | 751 |
| &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>(4)</sup> <br>| 3105 | 3181 |
| Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.23%), <br> 6.12%, 5/31/27 <sup>(4)</sup> <br>| 2850 | 2880 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.61%), <br> 5.83%, 3/20/29 <sup>(3)</sup> <br>| 11000 | 11116 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.05%), <br> 6.05%, 6/8/27 <sup>(4)</sup> <br>| 5000 | 5058 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.78%), <br> 5.10%, 1/24/28 <sup>(3)</sup> <br>| 11500 | 11522 |
| Wells Fargo Bank N.A., |  |  |
| 5.25%, 12/11/26  | 7955 | 8069 |
|  |  | **180126** |
| **Beverages – 0.4%** | **Beverages – 0.4%** | **Beverages – 0.4%** |
| Keurig Dr. Pepper, Inc., |  |  |
| (Floating, U.S. SOFR + 0.58%), <br> 4.86%, 11/15/26<sup>(3)</sup> <br>| 6190 | **6190** |
| **Biotechnology & Pharmaceuticals – 1.3%** | **Biotechnology & Pharmaceuticals – 1.3%** | **Biotechnology & Pharmaceuticals – 1.3%** |
| Eli Lilly & Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.53%), <br> 4.80%, 10/15/28 <sup>(3)</sup> <br>| 8600 | 8613 |
| Pfizer Investment Enterprises Pte. Ltd., |  |  |
| 4.45%, 5/19/26  | 13903 | 13930 |
|  |  | **22543** |
| **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** |
| Amcor Flexibles North America, Inc., |  |  |
| 4.80%, 3/17/28 | 7120 | **7200** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  |
| **E-Commerce Discretionary – 0.7%** | **E-Commerce Discretionary – 0.7%** | **E-Commerce Discretionary – 0.7%** |
| eBay, Inc., |  |  |
| 5.90%, 11/22/25  | $8750 | $8757 |
| 1.40%, 5/10/26  | 3454 | 3399 |
|  |  | **12156** |
| **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** |
| Dominion Energy, Inc., |  |  |
| 3.90%, 10/1/25  | 4595 | 4595 |
| DTE Energy Co., |  |  |
| 4.88%, 6/1/28  | 3000 | 3052 |
| Georgia Power Co., |  |  |
| 4.00%, 10/1/28  | 5800 | 5800 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.80%), 5.11%, <br> 2/4/28 <sup>(3)</sup> <br>| 6600 | 6656 |
|  |  | **20103** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| Take-Two Interactive Software, Inc., |  |  |
| 5.00%, 3/28/26 | 3100 | **3111** |
| **Food – 2.6%** | **Food – 2.6%** | **Food – 2.6%** |
| Campbell's (The) Co., |  |  |
| 5.30%, 3/20/26 <sup>†</sup> <br>| 1000 | 1003 |
| Cargill, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.61%), <br> 4.90%, 2/11/28 <sup>(1) (3)</sup> <br>| 7500 | 7517 |
| Conagra Brands, Inc., |  |  |
| 4.60%, 11/1/25  | 4500 | 4498 |
| General Mills, Inc., |  |  |
| 4.70%, 1/30/27  | 2291 | 2309 |
| Kellanova, |  |  |
| 3.25%, 4/1/26  | 15200 | 15130 |
| Kraft Heinz Foods Co., |  |  |
| 3.00%, 6/1/26  | 6000 | 5950 |
| Mars, Inc., |  |  |
| 4.60%, 3/1/28 <sup>(1)</sup> <br>| 5200 | 5264 |
| McCormick & Co., Inc., |  |  |
| 3.25%, 11/15/25  | 5000 | 4989 |
|  |  | **46660** |
| **Health Care Facilities & Services – 2.0%** | **Health Care Facilities & Services – 2.0%** | **Health Care Facilities & Services – 2.0%** |
| Cencora, Inc., |  |  |
| 4.63%, 12/15/27  | 3280 | 3317 |
| CVS Health Corp., |  |  |
| 5.00%, 2/20/26  | 2400 | 2403 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **298** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  |
| **Health Care Facilities & Services – 2.0%continued** | **Health Care Facilities & Services – 2.0%continued** | **Health Care Facilities & Services – 2.0%continued** |
| Elevance Health, Inc., |  |  |
| 4.50%, 10/30/26  | $2320 | $2330 |
| HCA, Inc., |  |  |
| 5.88%, 2/15/26  | 5000 | 5006 |
| 5.00%, 3/1/28  | 2220 | 2261 |
| UnitedHealth Group, Inc., |  |  |
| 1.15%, 5/15/26  | 9510 | 9339 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.50%), <br> 4.83%, 7/15/26 <sup>(3)</sup> <br>| 7000 | 7008 |
| 4.40%, 6/15/28  | 4000 | 4039 |
|  |  | **35703** |
| **Home Construction – 0.6%** | **Home Construction – 0.6%** | **Home Construction – 0.6%** |
| D.R. Horton, Inc., |  |  |
| 1.30%, 10/15/26  | 1887 | 1835 |
| Lennar Corp., |  |  |
| 5.25%, 6/1/26  | 8500 | 8508 |
|  |  | **10343** |
| **Institutional Financial Services – 3.1%** | **Institutional Financial Services – 3.1%** | **Institutional Financial Services – 3.1%** |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 5.06%, 3/9/27 <sup>(3)</sup> <br>| 25000 | 25027 |
| LPL Holdings, Inc., |  |  |
| 4.90%, 4/3/28  | 4370 | 4417 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.02%), <br> 5.36%, 4/13/28 <sup>(3)</sup> <br>| 11000 | 11055 |
| State Street Bank & Trust Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.46%), <br> 4.73%, 11/25/26 <sup>(3) †</sup> <br>| 5240 | 5247 |
| State Street Corp., |  |  |
| 5.27%, 8/3/26  | 2070 | 2090 |
| 4.33%, 10/22/27  | 7040 | 7104 |
|  |  | **54940** |
| **Insurance – 1.2%** | **Insurance – 1.2%** | **Insurance – 1.2%** |
| Arthur J Gallagher & Co., |  |  |
| 4.60%, 12/15/27  | 13050 | 13178 |
| Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 5.00%, <br> 11/8/27 <sup>(3)</sup> <br>| 5280 | 5304 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  |
| **Insurance – 1.2%continued** | **Insurance – 1.2%continued** | **Insurance – 1.2%continued** |
| New York Life Global Funding, |  |  |
| (Floating, U.S. SOFR + 0.67%), <br> 4.89%, 4/2/27 <sup>(1) (3)</sup> <br>| $2480 | $2490 |
|  |  | **20972** |
| **IT Services – 0.8%** | **IT Services – 0.8%** | **IT Services – 0.8%** |
| International Business Machines Corp., |  |  |
| 3.45%, 2/19/26  | 4422 | 4410 |
| 3.30%, 5/15/26  | 9199 | 9158 |
|  |  | **13568** |
| **Leisure Facilities & Services – 1.2%** | **Leisure Facilities & Services – 1.2%** | **Leisure Facilities & Services – 1.2%** |
| Marriott International, Inc., |  |  |
| 3.75%, 10/1/25  | 8500 | 8500 |
| McDonald's Corp., |  |  |
| 3.70%, 1/30/26  | 2750 | 2745 |
| Royal Caribbean Cruises Ltd., |  |  |
| 4.25%, 7/1/26 <sup>(1)</sup> <br>| 5000 | 4996 |
| Starbucks Corp., |  |  |
| 4.50%, 5/15/28  | 4790 | 4837 |
|  |  | **21078** |
| **Machinery – 1.6%** | **Machinery – 1.6%** | **Machinery – 1.6%** |
| AGCO Corp., |  |  |
| 5.45%, 3/21/27  | 1710 | 1735 |
| Caterpillar Financial Services Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.69%), <br> 5.02%, 10/16/26 <sup>(3)</sup> <br>| 1300 | 1306 |
| CNH Industrial Capital LLC, |  |  |
| 1.45%, 7/15/26  | 3250 | 3180 |
| 4.50%, 10/8/27  | 2620 | 2636 |
| John Deere Capital Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.40%), <br> 4.62%, 1/5/27 <sup>(3)</sup> <br>| 15000 | 15007 |
| (Floating, U.S. SOFR + 0.60%), <br> 4.93%, 4/19/27 <sup>(3)</sup> <br>| 5000 | 5018 |
|  |  | **28882** |
| **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** | **Medical Equipment & Devices – 2.3%** |
| Agilent Technologies, Inc., |  |  |
| 4.20%, 9/9/27  | 7800 | 7808 |
| GE HealthCare Technologies, Inc., |  |  |
| 5.60%, 11/15/25  | 10000 | 10004 |
| Stryker Corp., |  |  |
| 3.50%, 3/15/26  | 7000 | 6980 |
| 4.55%, 2/10/27 <sup>†</sup> <br>| 9500 | 9578 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **299** 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 - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  |
| **Medical Equipment & Devices – 2.3%continued** | **Medical Equipment & Devices – 2.3%continued** | **Medical Equipment & Devices – 2.3%continued** |
| Zimmer Biomet Holdings, Inc., |  |  |
| 4.70%, 2/19/27  | $5432 | $5471 |
|  |  | **39841** |
| **Oil & Gas Services & Equipment – 0.7%** | **Oil & Gas Services & Equipment – 0.7%** | **Oil & Gas Services & Equipment – 0.7%** |
| Schlumberger Holdings Corp., |  |  |
| 5.00%, 5/29/27<sup>(1)</sup> <br>| 12799 | **12981** |
| **Oil & Gas Supply Chain – 2.6%** | **Oil & Gas Supply Chain – 2.6%** | **Oil & Gas Supply Chain – 2.6%** |
| Chevron U.S.A., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.57%), <br> 4.86%, 8/13/28 <sup>(3)</sup> <br>| 27800 | 27891 |
| Enterprise Products Operating LLC, |  |  |
| 5.05%, 1/10/26  | 2230 | 2234 |
| Phillips 66, |  |  |
| 1.30%, 2/15/26  | 5600 | 5536 |
| Pioneer Natural Resources Co., |  |  |
| 5.10%, 3/29/26  | 5311 | 5337 |
| Williams (The) Cos., Inc., |  |  |
| 5.40%, 3/2/26  | 5110 | 5133 |
|  |  | **46131** |
| **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%), 5.03%, <br> 4/16/27<sup>(3)</sup> <br>| 4720 | **4735** |
| **Retail - Discretionary – 1.7%** | **Retail - Discretionary – 1.7%** | **Retail - Discretionary – 1.7%** |
| AutoNation, Inc., |  |  |
| 4.50%, 10/1/25  | 1000 | 1000 |
| AutoZone, Inc., |  |  |
| 5.05%, 7/15/26  | 2980 | 3002 |
| Lowe's Cos., Inc., |  |  |
| 4.80%, 4/1/26  | 10300 | 10326 |
| 4.00%, 10/15/28  | 4250 | 4240 |
| O'Reilly Automotive, Inc., |  |  |
| 5.75%, 11/20/26  | 1890 | 1923 |
| Ross Stores, Inc., |  |  |
| 0.88%, 4/15/26  | 10300 | 10113 |
|  |  | **30604** |
| **Semiconductors – 1.4%** | **Semiconductors – 1.4%** | **Semiconductors – 1.4%** |
| Advanced Micro Devices, Inc., |  |  |
| 4.21%, 9/24/26  | 4600 | 4617 |
| 4.32%, 3/24/28  | 11000 | 11096 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  |
| **Semiconductors – 1.4%continued** | **Semiconductors – 1.4%continued** | **Semiconductors – 1.4%continued** |
| Intel Corp., |  |  |
| 4.88%, 2/10/26  | $9509 | $9528 |
|  |  | **25241** |
| **Software – 2.1%** | **Software – 2.1%** | **Software – 2.1%** |
| Oracle Corp., |  |  |
| 1.65%, 3/25/26  | 9311 | 9201 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 5.07%, 8/3/28 <sup>(3)</sup> <br>| 11600 | 11662 |
| Roper Technologies, Inc., |  |  |
| 3.85%, 12/15/25  | 2021 | 2019 |
| 4.25%, 9/15/28  | 2800 | 2813 |
| Synopsys, Inc., |  |  |
| 4.55%, 4/1/27  | 10800 | 10864 |
|  |  | **36559** |
| **Specialty Finance – 3.4%** | **Specialty Finance – 3.4%** | **Specialty Finance – 3.4%** |
| American Express Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.65%), 4.96%, <br> 11/4/26 <sup>(3)</sup> <br>| 12996 | 13032 |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.97%), 5.29%, <br> 7/28/27 <sup>(3)</sup> <br>| 8000 | 8035 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.02%), <br> 5.33%, 1/30/31 <sup>(3) †</sup> <br>| 3000 | 3009 |
| Aviation Capital Group LLC, |  |  |
| 4.88%, 10/1/25 <sup>(1)</sup> <br>| 4300 | 4300 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.,<br>|  |  |
| 1.15%, 3/1/26  | 12831 | 12668 |
| Mastercard, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.44%), 4.67%, <br> 3/15/28 <sup>(3)</sup> <br>| 4700 | 4702 |
| PayPal Holdings, Inc., |  |  |
| (Floating, U.S. SOFR + 0.67%), <br> 4.92%, 3/6/28 <sup>(3)</sup> <br>| 13800 | 13824 |
|  |  | **59570** |
| **Technology Hardware – 0.9%** | **Technology Hardware – 0.9%** | **Technology Hardware – 0.9%** |
| Dell International LLC/EMC Corp., |  |  |
| 4.75%, 4/1/28  | 3660 | 3714 |
| Hewlett Packard Enterprise Co., |  |  |
| 4.45%, 9/25/26  | 2270 | 2279 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **300** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  | **CORPORATE BONDS - 51.5% continued**  |
| **Technology Hardware – 0.9%continued** | **Technology Hardware – 0.9%continued** | **Technology Hardware – 0.9%continued** |
| Juniper Networks, Inc., |  |  |
| 1.20%, 12/10/25  | $9990 | $9922 |
|  |  | **15915** |
| **Telecommunications – 1.5%** | **Telecommunications – 1.5%** | **Telecommunications – 1.5%** |
| AT&T, Inc., |  |  |
| 1.70%, 3/25/26  | 2831 | 2798 |
| T-Mobile U.S.A., Inc., |  |  |
| 2.63%, 4/15/26  | 10200 | 10117 |
| Verizon Communications, Inc., |  |  |
| 4.33%, 9/21/28  | 12800 | 12891 |
|  |  | **25806** |
| **Wholesale - Consumer Staples – 0.4%** | **Wholesale - Consumer Staples – 0.4%** | **Wholesale - Consumer Staples – 0.4%** |
| Sysco Corp., |  |  |
| 3.25%, 7/15/27 | 7760 | **7654** |
| **Total Corporate Bonds** |  |  |
| **(Cost $904,930)** |  | **908936** |
| **FOREIGN ISSUER BONDS – 35.1%**  | **FOREIGN ISSUER BONDS – 35.1%**  | **FOREIGN ISSUER BONDS – 35.1%**  |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| UBS Group A.G., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.08%), 1.36%, <br> 1/30/27<sup>(1) (4)</sup> <br>| 6406 | **6341** |
| **Automotive – 1.4%** | **Automotive – 1.4%** | **Automotive – 1.4%** |
| BMW U.S. Capital LLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.78%), 5.00%, <br> 3/19/27 <sup>(1) (3)</sup> <br>| 12400 | 12455 |
| 4.90%, 4/2/27 <sup>(1)</sup> <br>| 3000 | 3037 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.71%), <br> 5.00%, 8/11/27 <sup>(1) (3)</sup> <br>| 1700 | 1708 |
| &nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| 4.75%, 8/1/27 <sup>(1)</sup> <br>| 7350 | 7432 |
|  |  | **24632** |
| **Banking – 25.7%** | **Banking – 25.7%** | **Banking – 25.7%** |
| &nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 4.87%, 9/30/27 <sup>(1) (3)</sup> <br>| 2000 | 2011 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 4.85%, <br> 9/15/26 <sup>(3)</sup> <br>| 25800 | 25852 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 35.1% continued**  | **FOREIGN ISSUER BONDS - 35.1% continued**  | **FOREIGN ISSUER BONDS - 35.1% continued**  |
| **Banking – 25.7%continued** | **Banking – 25.7%continued** | **Banking – 25.7%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 0.75%), 4.06%, <br> 9/22/28 <sup>(4)</sup> <br>| $9500 | $9487 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.86%), <br> 5.18%, 1/27/29 <sup>(3)</sup> <br>| 3500 | 3509 |
| Bank of New Zealand, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 5.13%, 1/27/27 <sup>(1) (3)</sup> <br>| 21000 | 21052 |
| Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.55%), 4.81%, <br> 3/2/26 <sup>(3)</sup> <br>| 12150 | 12163 |
| &nbsp;&nbsp; Banque Federative du Credit Mutuel <br> S.A.,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.23%), 5.55%, <br> 1/22/30 <sup>(1) (3)</sup> <br>| 5100 | 5138 |
| Barclays PLC, |  |  |
| 4.38%, 1/12/26  | 5250 | 5250 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.49%), <br> 5.72%, 3/12/28 <sup>(3)</sup> <br>| 9000 | 9094 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.08%), <br> 5.37%, 11/11/29 <sup>(3)</sup> <br>| 7400 | 7426 |
| Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.72%), <br> 5.06%, 1/13/28 <sup>(3)</sup> <br>| 15000 | 15010 |
| Commonwealth Bank of Australia, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.52%), <br> 4.75%, 6/15/26 <sup>(1) (3)</sup> <br>| 4500 | 4508 |
| Credit Agricole S.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.11%, 3/11/27 <sup>(1) (3)</sup> <br>| 4660 | 4680 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 4.63%, 9/11/28 <sup>(1) (4)</sup> <br>| 8080 | 8131 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.21%), <br> 5.48%, 9/11/28 <sup>(1) (3)</sup> <br>| 6000 | 6042 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.22%), <br> 5.50%, 11/16/27 <sup>(3)</sup> <br>| 6500 | 6530 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.21%), <br> 5.55%, 1/10/29 <sup>(3)</sup> <br>| 7000 | 7035 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.51%), <br> 6.82%, 11/20/29 <sup>(4)</sup> <br>| 5000 | 5348 |
| HSBC Holdings PLC, |  |  |
| 3.90%, 5/25/26 <sup>†</sup> <br>| 3000 | 2995 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **301** 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 - 35.1% continued**  | **FOREIGN ISSUER BONDS - 35.1% continued**  | **FOREIGN ISSUER BONDS - 35.1% continued**  |
| **Banking – 25.7%continued** | **Banking – 25.7%continued** | **Banking – 25.7%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.04%), <br> 5.32%, 11/19/28 <sup>(3) †</sup> <br>| $3200 | $3215 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 5.29%, 3/3/29 <sup>(3)</sup> <br>| 10000 | 10038 |
| ING Groep N.V., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.01%), 5.23%, <br> 4/1/27 <sup>(3)</sup> <br>| 27000 | 27061 |
| Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.06%), 5.34%, <br> 11/26/28 <sup>(3)</sup> <br>| 11000 | 11059 |
| Macquarie Bank Ltd., |  |  |
| 5.27%, 7/2/27 <sup>(1) †</sup> <br>| 9430 | 9648 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.74%), <br> 4.97%, 6/12/28 <sup>(1) (3)</sup> <br>| 17000 | 17085 |
| Mitsubishi UFJ Financial Group, Inc., |  |  |
| 3.85%, 3/1/26  | 4261 | 4256 |
| National Australia Bank Ltd., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.62%), <br> 4.86%, 6/11/27 <sup>(1) (3)</sup> <br>| 10220 | 10266 |
| National Bank of Canada, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.03%), 5.25%, <br> 7/2/27 <sup>(3)</sup> <br>| 6260 | 6281 |
| Nationwide Building Society, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.57%, 2/16/28 <sup>(1) (3)</sup> <br>| 10700 | 10783 |
| NatWest Markets PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 4.98%, 9/29/26 <sup>(1) (3)</sup> <br>| 27900 | 27973 |
| Nordea Bank Abp, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.74%), <br> 4.96%, 3/19/27 <sup>(1) (3)</sup> <br>| 8500 | 8542 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.70%), <br> 4.92%, 3/17/28 <sup>(1) (3)</sup> <br>| 14300 | 14367 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.57%), 4.89%, <br> 4/27/26 <sup>(3)</sup> <br>| 5900 | 5912 |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.59%), 4.90%, <br> 11/2/26 <sup>(3)</sup> <br>| 14237 | 14278 |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.83%), 5.15%, <br> 1/24/29 <sup>(3)</sup> <br>| 9000 | 9012 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 35.1% continued**  | **FOREIGN ISSUER BONDS - 35.1% continued**  | **FOREIGN ISSUER BONDS - 35.1% continued**  |
| **Banking – 25.7%continued** | **Banking – 25.7%continued** | **Banking – 25.7%continued** |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29 <sup>(4)</sup> <br>| $4800 | $4787 |
| Societe Generale S.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.41%), <br> 5.75%, 4/13/29 <sup>(1) (3)</sup> <br>| 3100 | 3119 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.88%), <br> 5.22%, 1/14/27 <sup>(3)</sup> <br>| 5840 | 5873 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.17%), <br> 5.52%, 7/9/29 <sup>(3)</sup> <br>| 3807 | 3848 |
| Sumitomo Mitsui Trust Bank Ltd., |  |  |
| 4.45%, 9/10/27 <sup>(1)</sup> <br>| 5000 | 5036 |
| Svenska Handelsbanken AB, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.66%), <br> 4.92%, 5/28/27 <sup>(1) (3)</sup> <br>| 15220 | 15294 |
| Swedbank AB, |  |  |
| 5.47%, 6/15/26 <sup>(1)</sup> <br>| 10577 | 10684 |
| 6.14%, 9/12/26 <sup>(1)</sup> <br>| 7000 | 7130 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 5.31%, 11/20/29 <sup>(1) (3)</sup> <br>| 4700 | 4761 |
| Toronto-Dominion Bank (The), |  |  |
| 5.53%, 7/17/26  | 5000 | 5055 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.59%), <br> 4.83%, 9/10/26 <sup>(3)</sup> <br>| 20000 | 20047 |
| Westpac Banking Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.46%), <br> 4.79%, 10/20/26 <sup>(3)</sup> <br>| 16000 | 16017 |
| (Floating, U.S. SOFR + 0.82%), <br> 5.04%, 7/1/30 <sup>(3)</sup> <br>| 1380 | 1393 |
|  |  | **454081** |
| **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** |
| GlaxoSmithKline Capital PLC, |  |  |
| (Floating, U.S. SOFR + 0.50%), <br> 4.73%, 3/12/27<sup>(3)</sup> <br>| 11400 | **11434** |
| **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** |
| Nutrien Ltd., |  |  |
| 5.95%, 11/7/25  | 5000 | 5006 |
| 4.50%, 3/12/27  | 5000 | 5023 |
|  |  | **10029** |
| **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 | **4913** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **302** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 35.1% continued**  | **FOREIGN ISSUER BONDS - 35.1% continued**  | **FOREIGN ISSUER BONDS - 35.1% continued**  |
| **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** | **Industrial Support Services – 0.5%** |
| Element Fleet Management Corp., |  |  |
| 6.27%, 6/26/26<sup>(1)</sup> <br>| $9720 | **$9846** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| Mitsubishi UFJ Trust & Banking Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.32%), <br> 4.52%, 3/17/26 <sup>(3)</sup> <br>| 5000 | 5002 |
| Mizuho Markets Cayman L.P., |  |  |
| (Floating, U.S. SOFR + 0.53%), <br> 4.77%, 1/9/26 <sup>(1) (3)</sup> <br>| 14600 | 14608 |
|  |  | **19610** |
| **Metals & Mining – 2.1%** | **Metals & Mining – 2.1%** | **Metals & Mining – 2.1%** |
| Glencore Funding LLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.75%), 4.97%, <br> 10/1/26 <sup>(1) (3)</sup> <br>| 21450 | 21497 |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.84%), 5.07%, <br> 3/14/28 <sup>(3)</sup> <br>| 15100 | 15224 |
|  |  | **36721** |
| **Semiconductors – 0.4%** | **Semiconductors – 0.4%** | **Semiconductors – 0.4%** |
| NXP B.V./NXP Funding LLC, |  |  |
| 5.35%, 3/1/26  | 4235 | 4242 |
| &nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP <br> U.S.A., Inc.,<br>|  |  |
| 4.30%, 8/19/28  | 2200 | 2203 |
|  |  | **6445** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| Avolon Holdings Funding Ltd., |  |  |
| 4.95%, 1/15/28<sup>(1)</sup> <br>| 4600 | **4646** |
| **Telecommunications – 0.6%** | **Telecommunications – 0.6%** | **Telecommunications – 0.6%** |
| NTT Finance Corp., |  |  |
| (Floating, U.S. SOFR + 1.08%), <br> 5.42%, 7/16/28<sup>(1) (3)</sup> <br>| 10700 | **10812** |
| **Transportation Equipment – 1.2%** | **Transportation Equipment – 1.2%** | **Transportation Equipment – 1.2%** |
| &nbsp;&nbsp; Daimler Truck Finance North <br> America LLC,<br>|  |  |
| 5.00%, 1/15/27 <sup>(1)</sup> <br>| 4000 | 4041 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 35.1% continued**  | **FOREIGN ISSUER BONDS - 35.1% continued**  | **FOREIGN ISSUER BONDS - 35.1% continued**  |
| **Transportation Equipment – 1.2%continued** | **Transportation Equipment – 1.2%continued** | **Transportation Equipment – 1.2%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.96%), <br> 5.18%, 9/25/27 <sup>(1) (3)</sup> <br>| $10720 | $10755 |
| (Floating, U.S. SOFR + 0.84%), <br> 5.18%, 1/13/28 <sup>(1) (3)</sup> <br>| 5900 | 5904 |
|  |  | **20700** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $617,543)** |  | **620210** |
| **U.S. GOVERNMENT AGENCIES – 0.7%** <sup>(5)</sup> | **U.S. GOVERNMENT AGENCIES – 0.7%** <sup>(5)</sup> | **U.S. GOVERNMENT AGENCIES – 0.7%** <sup>(5)</sup> |
| **Fannie Mae – 0.2%** | **Fannie Mae – 0.2%** | **Fannie Mae – 0.2%** |
| Pool #FM3019, |  |  |
| 3.50%, 2/1/35 | 1567 | 1541 |
| Pool #MA3932, |  |  |
| 3.50%, 2/1/35 | 1333 | 1299 |
|  |  | **2840** |
| **Freddie Mac – 0.5%** | **Freddie Mac – 0.5%** | **Freddie Mac – 0.5%** |
| &nbsp;&nbsp; FRESB Mortgage Trust, Series <br> 2022-SB94, Class A5F,<br>|  |  |
| 1.64%, 11/25/26 | 6144 | 5968 |
| Pool #ZS8641, |  |  |
| 2.50%, 2/1/32 | 2088 | 2011 |
|  |  | **7979** |
| **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 | 580 | **572** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $11,717)** |  | **11391** |
| **U.S. GOVERNMENT OBLIGATIONS – 1.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 1.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 1.4%**  |
| **U.S. Treasury Notes – 1.4%** | **U.S. Treasury Notes – 1.4%** | **U.S. Treasury Notes – 1.4%** |
| 4.13%, 2/15/27 | 15000 | 15087 |
| 4.50%, 4/15/27 | 10000 | 10123 |
|  |  | **25210** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $24,916)** |  | **25210** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **303** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ULTRA-SHORT FIXED INCOME FUND continued**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.18%<sup>(6) (7) (8)</sup> <br>| 2323980 | $2324 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(6) (7)</sup> <br>| 6800144 | 6800 |
| **Total Investment Companies** |  |  |
| **(Cost $9,124)** |  | **9124** |
| **Total Investments – 99.4%** | **Total Investments – 99.4%** |  |
| **(Cost $1,748,766)** | **(Cost $1,748,766)** | **1756055** |
| Other Assets less Liabilities – 0.6% | Other Assets less Liabilities – 0.6% | 10224 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1766279** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *Security exempt from registration pursuant to Rule 144A under the Securities* <br> *Act of 1933, as amended. These securities may be resold in transactions* <br> *exempt from registration to qualified institutional investors. At September 30,* <br> *2025, the value of these securities amounted to approximately* <br> *$469,373,000 or 26.6% of net assets.*<br>|
| <sup>(2)</sup> <br>| *Step coupon bond. Rate as of September 30, 2025 is disclosed.* |
| <sup>(3)</sup> <br>| *Variable or floating rate security. Rate as of September 30, 2025 is* <br> *disclosed.*<br>|
| <sup>(4)</sup> <br>| *Variable or floating rate security. Security issued at a fixed coupon rate,* <br> *which converts to a variable rate at a future date. Rate shown is the rate in* <br> *effect as of September 30, 2025.*<br>|
| <sup>(5)</sup> <br>| *The obligations of certain U.S. government-sponsored entities are neither* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(6)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(7)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>(8)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| 1Y - 1 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| 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 September 30, 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; $173867 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $173867 |
| &nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7317 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 908936 | &nbsp;&nbsp; — | &nbsp;&nbsp; 908936 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 620210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 620210 |
| &nbsp;&nbsp; U.S. Government <br> Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11391 |
| &nbsp;&nbsp; U.S. Government <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 25210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25210 |
| Investment Companies | &nbsp;&nbsp; 9124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9124 |
| Total Investments | &nbsp;&nbsp; $9124 | &nbsp;&nbsp; $1746931 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1756055 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **304** NORTHERN FUNDS SEMIANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT FUND**  | **September 30, 2025 (UNAUDITED)**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 5.1%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 5.1%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 5.1%** <sup>(1)</sup> |
| **Fannie Mae – 2.1%** | **Fannie Mae – 2.1%** | **Fannie Mae – 2.1%** |
| Pool #555649, |  |  |
| 7.50%, 10/1/32 | $5 | $5 |
| Pool #BH9277, |  |  |
| 3.50%, 2/1/48 | 99 | 92 |
| Pool #CB7509, |  |  |
| 6.00%, 11/1/53 | 69 | 70 |
| Pool #DA0021, |  |  |
| 6.00%, 9/1/53 | 60 | 62 |
| Pool #FS3063, |  |  |
| 4.50%, 10/1/52 | 150 | 147 |
| Pool #FS4669, |  |  |
| 6.00%, 3/1/53 | 63 | 65 |
| Pool #FS5952, |  |  |
| 6.50%, 10/1/53 | 47 | 50 |
| Pool #FS6176, |  |  |
| 5.00%, 12/1/47 | 54 | 56 |
| Pool #FS6177, |  |  |
| 6.50%, 5/1/40 | 58 | 61 |
|  |  | **608** |
| **Freddie Mac – 1.4%** | **Freddie Mac – 1.4%** | **Freddie Mac – 1.4%** |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 77 | 79 |
| Pool #SD1360, |  |  |
| 5.50%, 7/1/52 | 88 | 89 |
| Pool #SD2347, |  |  |
| 5.50%, 2/1/53 | 66 | 67 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 74 | 76 |
| Pool #SD3817, |  |  |
| 6.00%, 9/1/53 | 98 | 101 |
| Pool #ZS7735, |  |  |
| 2.00%, 1/1/32 | 1 | 1 |
|  |  | **413** |
| **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** |
| Pool #G30926, |  |  |
| 3.50%, 4/1/36 | 15 | **15** |
| **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 | 55 | **52** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 5.1%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 5.1%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 5.1%** <sup>(1)</sup>**continued** |
| **Sovereign Agencies – 1.3%** | **Sovereign Agencies – 1.3%** | **Sovereign Agencies – 1.3%** |
| Resolution Funding Corp. Interest Strip, |  |  |
| 3.89%, 10/15/28<sup>(2)</sup> <br>| $425 | **$380** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $1,447)** |  | **1468** |
| **U.S. GOVERNMENT OBLIGATIONS – 94.0%**  | **U.S. GOVERNMENT OBLIGATIONS – 94.0%**  | **U.S. GOVERNMENT OBLIGATIONS – 94.0%**  |
| **U.S. Treasury Bonds – 20.8%** | **U.S. Treasury Bonds – 20.8%** | **U.S. Treasury Bonds – 20.8%** |
| 4.50%, 8/15/39 | 50 | 50 |
| 4.38%, 11/15/39 | 355 | 352 |
| 4.63%, 2/15/40 | 80 | 81 |
| 1.13%, 5/15/40 | 250 | 159 |
| 4.38%, 5/15/40 | 45 | 45 |
| 4.25%, 11/15/40 | 165 | 160 |
| 3.88%, 2/15/43 | 460 | 418 |
| 3.88%, 5/15/43 | 385 | 349 |
| 4.38%, 8/15/43 | 375 | 362 |
| 4.75%, 11/15/43 | 135 | 136 |
| 4.63%, 5/15/44 | 100 | 99 |
| 4.63%, 11/15/44 | 265 | 263 |
| 4.75%, 2/15/45 | 205 | 206 |
| 5.00%, 5/15/45 | 145 | 151 |
| 4.88%, 8/15/45<sup>†</sup> <br>| 20 | 20 |
| 2.75%, 11/15/47 | 430 | 311 |
| 3.38%, 11/15/48 | 240 | 193 |
| 2.88%, 5/15/49 | 100 | 73 |
| 2.38%, 11/15/49 | 710 | 465 |
| 1.38%, 8/15/50 | 465 | 234 |
| 2.38%, 5/15/51 | 480 | 309 |
| 4.75%, 11/15/53 | 520 | 521 |
| 4.63%, 5/15/54 | 225 | 221 |
| 4.25%, 8/15/54 | 175 | 162 |
| 4.50%, 11/15/54 | 240 | 231 |
| 4.63%, 2/15/55 | 265 | 260 |
| 4.75%, 5/15/55 | 140 | 140 |
| 4.75%, 8/15/55 | 95 | 95 |
|  |  | **6066** |
| **U.S. Treasury Inflation Indexed Notes – 1.0%** | **U.S. Treasury Inflation Indexed Notes – 1.0%** | **U.S. Treasury Inflation Indexed Notes – 1.0%** |
| 0.13%, 4/15/26 | 126 | 154 |
| 0.13%, 4/15/27 | 137 | 155 |
| 0.13%, 7/15/30 | 2 | 2 |
|  |  | **311** |
| **U.S. Treasury Notes – 72.2%** | **U.S. Treasury Notes – 72.2%** | **U.S. Treasury Notes – 72.2%** |
| 1.13%, 10/31/26 | 211 | 205 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **305** 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 - 94.0%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.0%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.0%continued**  |
| **U.S. Treasury Notes – 72.2%continued** | **U.S. Treasury Notes – 72.2%continued** | **U.S. Treasury Notes – 72.2%continued** |
| 4.13%, 10/31/26 | $200 | $201 |
| 4.63%, 11/15/26 | 225 | 227 |
| 4.25%, 11/30/26 | 50 | 50 |
| 4.25%, 12/31/26 | 75 | 76 |
| 4.00%, 1/15/27 | 75 | 75 |
| 1.50%, 1/31/27 | 115 | 112 |
| 4.13%, 2/28/27 | 100 | 101 |
| 0.63%, 3/31/27 | 92 | 88 |
| 3.88%, 3/31/27 | 975 | 978 |
| 3.75%, 4/30/27 | 300 | 300 |
| 4.50%, 5/15/27 | 250 | 253 |
| 0.50%, 5/31/27 | 107 | 102 |
| 3.88%, 5/31/27 | 125 | 125 |
| 4.63%, 6/15/27 | 100 | 102 |
| 3.75%, 6/30/27 | 275 | 275 |
| 4.38%, 7/15/27 | 200 | 202 |
| 0.38%, 9/30/27 | 161 | 151 |
| 3.50%, 9/30/27 | 150 | 150 |
| 2.25%, 11/15/27 | 126 | 122 |
| 4.13%, 11/15/27 | 50 | 51 |
| 0.63%, 11/30/27 | 36 | 34 |
| 3.88%, 11/30/27 | 313 | 315 |
| 4.00%, 12/15/27 | 360 | 363 |
| 4.25%, 1/15/28 | 50 | 51 |
| 0.75%, 1/31/28 | 104 | 97 |
| 4.25%, 2/15/28 | 350 | 355 |
| 3.88%, 3/15/28 | 1005 | 1011 |
| 3.75%, 4/15/28 | 450 | 451 |
| 3.50%, 4/30/28 | 500 | 499 |
| 3.75%, 5/15/28 | 225 | 226 |
| 1.25%, 5/31/28 | 215 | 202 |
| 3.63%, 5/31/28 | 300 | 300 |
| 3.88%, 6/15/28 | 550 | 554 |
| 3.88%, 7/15/28 | 400 | 403 |
| 2.88%, 8/15/28 | 245 | 240 |
| 3.63%, 8/15/28 | 500 | 500 |
| 1.13%, 8/31/28 | 208 | 194 |
| 4.38%, 8/31/28 | 100 | 102 |
| 3.38%, 9/15/28 | 225 | 223 |
| 3.13%, 11/15/28 | 588 | 579 |
| 4.00%, 1/31/29 | 200 | 202 |
| 4.13%, 3/31/29 | 100 | 102 |
| 4.50%, 5/31/29 | 100 | 103 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 94.0%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.0%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.0%continued**  |
| **U.S. Treasury Notes – 72.2%continued** | **U.S. Treasury Notes – 72.2%continued** | **U.S. Treasury Notes – 72.2%continued** |
| 4.00%, 7/31/29 | $100 | $101 |
| 3.63%, 8/31/29 | 100 | 100 |
| 4.13%, 10/31/29 | 65 | 66 |
| 4.38%, 12/31/29 | 260 | 267 |
| 4.25%, 1/31/30 | 400 | 408 |
| 4.00%, 2/28/30 | 425 | 430 |
| 4.00%, 3/31/30 | 375 | 379 |
| 3.88%, 4/30/30 | 105 | 106 |
| 4.00%, 5/31/30 | 65 | 66 |
| 3.88%, 6/30/30 | 225 | 226 |
| 3.88%, 7/31/30 | 50 | 50 |
| 4.13%, 8/31/30 | 1360 | 1383 |
| 3.63%, 8/31/30 | 40 | 40 |
| 3.63%, 9/30/30 | 85 | 85 |
| 4.38%, 11/30/30 | 350 | 360 |
| 3.75%, 12/31/30 | 200 | 200 |
| 4.00%, 1/31/31 | 100 | 101 |
| 4.25%, 2/28/31 | 150 | 153 |
| 4.63%, 4/30/31 | 75 | 78 |
| 4.63%, 5/31/31 | 200 | 208 |
| 4.25%, 6/30/31 | 150 | 153 |
| 4.13%, 7/31/31 | 250 | 254 |
| 3.75%, 8/31/31 | 100 | 100 |
| 3.63%, 9/30/31 | 100 | 99 |
| 4.13%, 10/31/31 | 65 | 66 |
| 4.13%, 11/30/31 | 200 | 203 |
| 4.50%, 12/31/31 | 210 | 217 |
| 4.38%, 1/31/32 | 375 | 385 |
| 4.13%, 2/29/32 | 260 | 263 |
| 4.13%, 3/31/32 | 240 | 243 |
| 4.00%, 4/30/32 | 275 | 277 |
| 4.13%, 5/31/32 | 125 | 127 |
| 4.00%, 6/30/32 | 275 | 276 |
| 4.00%, 7/31/32 | 135 | 136 |
| 3.88%, 8/31/32 | 225 | 224 |
| 3.88%, 9/30/32 | 65 | 65 |
| 3.50%, 2/15/33 | 180 | 175 |
| 3.38%, 5/15/33 | 300 | 288 |
| 4.00%, 2/15/34 | 465 | 464 |
| 4.38%, 5/15/34 | 175 | 179 |
| 3.88%, 8/15/34 | 125 | 123 |
| 4.25%, 11/15/34 | 260 | 263 |
| 4.63%, 2/15/35 | 255 | 265 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **306** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 94.0%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.0%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.0%continued**  |
| **U.S. Treasury Notes – 72.2%continued** | **U.S. Treasury Notes – 72.2%continued** | **U.S. Treasury Notes – 72.2%continued** |
| 4.25%, 5/15/35 | $220 | $222 |
| 4.25%, 8/15/35 | 150 | 151 |
|  |  | **21077** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $27,531)** |  | **27454** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.2%**  | **INVESTMENT COMPANIES – 0.2%**  | **INVESTMENT COMPANIES – 0.2%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.98%<sup>(3) (4)</sup> <br>| 59691 | $60 |
| **Total Investment Companies** |  |  |
| **(Cost $60)** |  | **60** |
| **Total Investments – 99.3%** | **Total Investments – 99.3%** |  |
| **(Cost $29,038)** | **(Cost $29,038)** | **28982** |
| Other Assets less Liabilities – 0.7% | Other Assets less Liabilities – 0.7% | 217 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$29199** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> <br>| *The obligations of certain U.S. government-sponsored entities are neither* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(2)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(3)</sup> <br>| *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(4)</sup> <br>| *7-day current yield as of September 30, 2025 is disclosed.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |

---

---

| |
|:---|
| 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.* 

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 September 30, 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; $1468 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1468 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 27454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27454 |
| Investment Companies | &nbsp;&nbsp; 60 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60 |
| Total Investments | &nbsp;&nbsp; $60 | &nbsp;&nbsp; $28922 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28982 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **307** 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 – 39.4%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 39.4%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 39.4%** <sup>(1)</sup> |
| **Federal Farm Credit Bank – 9.0%** | **Federal Farm Credit Bank – 9.0%** | **Federal Farm Credit Bank – 9.0%** |
| FFCB Discount Notes, |  |  |
| 3.75%, 3/17/26<sup>(2)</sup> <br>| $57000 | $56008 |
| FFCB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.09%), 4.18%, 10/1/25<sup>(3)</sup> <br>| 45000 | 44997 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 4.21%, 10/1/25<sup>(3)</sup> <br>| 60000 | 60000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.21%, 10/1/25<sup>(3)</sup> <br>| 22000 | 22000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.22%, 10/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.22%, 10/1/25<sup>(3)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.23%, 10/1/25<sup>(3)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.23%, 10/1/25<sup>(3)</sup> <br>| 15000 | 14999 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.23%, 10/1/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.24%, 10/1/25<sup>(3)</sup> <br>| 125000 | 125000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.04%), <br> 4.17%, 10/1/25<sup>(3)</sup> <br>| 45000 | 44998 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.26%, 10/1/25<sup>(3)</sup> <br>| 6000 | 6000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 1000 | 1000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.24%, 10/1/25<sup>(3)</sup> <br>| 70000 | 70000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.25%, 10/1/25<sup>(3)</sup> <br>| 130000 | 130000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.26%, 10/1/25<sup>(3)</sup> <br>| 180000 | 180000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.26%, 10/1/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.26%, 10/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.26%, 10/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.26%, 10/1/25<sup>(3)</sup> <br>| 78000 | 78000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 39.4%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 39.4%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 39.4%** <sup>(1)</sup>**continued** |
| **Federal Farm Credit Bank – 9.0%continued** | **Federal Farm Credit Bank – 9.0%continued** | **Federal Farm Credit Bank – 9.0%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| $23000 | $23000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 50000 | 50004 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 65000 | 65000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 85000 | 85000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.29%, 10/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.29%, 10/1/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.29%, 10/1/25<sup>(3)</sup> <br>| 135000 | 134996 |
| (Floating, U.S. SOFR + 0.16%), <br> 4.32%, 10/1/25<sup>(3)</sup> <br>| 50000 | 50006 |
|  |  | **1881008** |
| **Federal Home Loan Bank – 28.8%** | **Federal Home Loan Bank – 28.8%** | **Federal Home Loan Bank – 28.8%** |
| FHLB Bonds, |  |  |
| 4.05%, 10/2/25 | 205000 | 204929 |
| 4.13%, 10/22/25 | 475000 | 474971 |
| 4.13%, 11/7/25 | 425000 | 424927 |
| 4.00%, 2/12/26 | 210000 | 209848 |
| 3.88%, 2/26/26 | 110000 | 109881 |
| 4.34%, 3/6/26 | 225000 | 225000 |
| 4.34%, 3/6/26 | 20000 | 20000 |
| 3.85%, 3/10/26 | 100000 | 99995 |
| 3.63%, 3/17/26 | 200000 | 199783 |
| 4.25%, 5/22/26 | 210900 | 210900 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **308** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 39.4%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 39.4%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 39.4%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 28.8%continued** | **Federal Home Loan Bank – 28.8%continued** | **Federal Home Loan Bank – 28.8%continued** |
| FHLB Discount Notes, |  |  |
| 4.08%, 10/6/25<sup>(2)</sup> <br>| $55000 | $54969 |
| 4.10%, 10/9/25<sup>(2)</sup> <br>| 100000 | 99908 |
| 4.21%, 10/15/25<sup>(2)</sup> <br>| 33210 | 33155 |
| 4.13%, 10/30/25<sup>(2)</sup> <br>| 375000 | 374956 |
| 4.10%, 11/3/25<sup>(2)</sup> <br>| 135000 | 134487 |
| 4.10%, 11/4/25<sup>(2)</sup> <br>| 150000 | 149413 |
| 4.07%, 11/5/25<sup>(2)</sup> <br>| 105000 | 104577 |
| 4.05%, 11/18/25<sup>(2)</sup> <br>| 85000 | 84533 |
| 4.09%, 11/19/25<sup>(2)</sup> <br>| 115000 | 114353 |
| 4.02%, 1/2/26<sup>(2)</sup> <br>| 220000 | 217670 |
| 4.05%, 1/5/26<sup>(2)</sup> <br>| 140000 | 138475 |
| 4.05%, 1/6/26<sup>(2)</sup> <br>| 100000 | 98899 |
| 4.06%, 1/8/26<sup>(2)</sup> <br>| 415090 | 410410 |
| 3.99%, 1/30/26<sup>(2)</sup> <br>| 30000 | 29595 |
| 3.92%, 2/10/26<sup>(2)</sup> <br>| 105000 | 103474 |
| 3.94%, 2/11/26<sup>(2)</sup> <br>| 210000 | 206924 |
| 3.91%, 2/20/26<sup>(2)</sup> <br>| 105000 | 103362 |
| 3.70%, 3/18/26<sup>(2)</sup> <br>| 205000 | 201441 |
| 3.65%, 4/9/26<sup>(2)</sup> <br>| 100000 | 98053 |
| 3.62%, 4/13/26<sup>(2)</sup> <br>| 100000 | 98012 |
| FHLB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.03%), <br> 4.16%, 10/1/25<sup>(3)</sup> <br>| 270000 | 270000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.09%), <br> 4.22%, 10/1/25<sup>(3)</sup> <br>| 54050 | 54050 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 200000 | 200000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 160000 | 160000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 70000 | 70000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.17%), <br> 4.30%, 10/1/25<sup>(3)</sup> <br>| 52950 | 52950 |
| (Floating, U.S. SOFR + 0.18%), <br> 4.30%, 10/1/25<sup>(3)</sup> <br>| 100000 | 100000 |
|  |  | **6013900** |
| **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> 4.24%, 10/1/25<sup>(3)</sup> <br>| 29000 | 29000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 39.4%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 39.4%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 39.4%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Mortgage Corporation – 0.3%continued** | **Federal Home Loan Mortgage Corporation – 0.3%continued** | **Federal Home Loan Mortgage Corporation – 0.3%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| $10000 | $10000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
|  |  | **59000** |
| **Federal National Mortgage Association – 1.3%** | **Federal National Mortgage Association – 1.3%** | **Federal National Mortgage Association – 1.3%** |
| FNMA Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.25%, 10/1/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.26%, 10/1/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| 160000 | 160000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
|  |  | **265000** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $8,218,908)** |  | **8218908** |
| **U.S. GOVERNMENT OBLIGATIONS – 15.5%**  | **U.S. GOVERNMENT OBLIGATIONS – 15.5%**  | **U.S. GOVERNMENT OBLIGATIONS – 15.5%**  |
| **U.S. Treasury Bills – 11.0%** | **U.S. Treasury Bills – 11.0%** | **U.S. Treasury Bills – 11.0%** |
| 4.03%, 10/9/25<sup>(2)</sup> <br>| 160000 | 159854 |
| 3.99%, 10/16/25<sup>(2)</sup> <br>| 103950 | 103774 |
| 3.98%, 11/6/25<sup>(2)</sup> <br>| 220000 | 219093 |
| 4.03%, 11/12/25<sup>(2)</sup> <br>| 75000 | 74630 |
| 3.92%, 12/9/25<sup>(2)</sup> <br>| 160000 | 158738 |
| 3.91%, 12/16/25<sup>(2)</sup> <br>| 163415 | 162017 |
| 4.01%, 12/18/25<sup>(2)</sup> <br>| 375000 | 371665 |
| 4.05%, 12/26/25<sup>(2)</sup> <br>| 190000 | 188130 |
| 3.87%, 1/2/26<sup>(2)</sup> <br>| 240000 | 237549 |
| 4.08%, 1/8/26<sup>(2)</sup> <br>| 55000 | 54372 |
| 3.65%, 1/27/26<sup>(2)</sup> <br>| 200000 | 197500 |
| 3.90%, 2/12/26<sup>(2)</sup> <br>| 110480 | 108849 |
| 3.65%, 3/19/26<sup>(2)</sup> <br>| 40000 | 39302 |
| 3.71%, 3/26/26<sup>(2)</sup> <br>| 120000 | 117810 |
| 3.66%, 4/2/26<sup>(2)</sup> <br>| 100000 | 98121 |
|  |  | **2291404** |
| **U.S. Treasury Notes – 4.5%** | **U.S. Treasury Notes – 4.5%** | **U.S. Treasury Notes – 4.5%** |
| 5.00%, 10/31/25 | 240000 | 240139 |
| 2.25%, 11/15/25 | 50000 | 49875 |
| 0.38%, 11/30/25 | 45000 | 44713 |
| 0.88%, 6/30/26 | 75000 | 73255 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **309** 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 - 15.5%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 15.5%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 15.5%continued**  |
| **U.S. Treasury Notes – 4.5%continued** | **U.S. Treasury Notes – 4.5%continued** | **U.S. Treasury Notes – 4.5%continued** |
| 1.88%, 6/30/26 | $50000 | $49199 |
| 0.63%, 7/31/26 | 250000 | 243040 |
| 1.88%, 7/31/26 | 65000 | 63815 |
| 4.38%, 7/31/26 | 190000 | 190417 |
|  |  | **954453** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $3,245,857)** |  | **3245857** |
| **Investments, at Amortized Cost** |  |  |
| **($11464765)** |  | **11464765** |
| **REPURCHASE AGREEMENTS – 45.9%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 45.9%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 45.9%** <sup>(4)</sup> |
| &nbsp;&nbsp; Bank of America N.A., dated <br> 9/30/25, repurchase price <br> $525,061, <br> 4.21%, 10/1/25<br>| 525000 | 525000 |
| &nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce, dated 9/18/25, <br> repurchase price $550,816, <br> 4.11%, 10/7/25<sup>(5)</sup> <br>| 550000 | 550000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 9/30/25, repurchase price <br> $84,010, <br> 4.21%, 10/1/25<br>| 84000 | 84000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 9/30/25, repurchase price <br> $1,000,117, <br> 4.20%, 10/1/25<br>| 1000000 | 1000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 9/30/25, repurchase price <br> $2,225,260, <br> 4.21%, 10/1/25<br>| 2225000 | 2225000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 9/30/25, repurchase price <br> $2,550,300, <br> 4.23%, 10/1/25<br>| 2550000 | 2550000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 9/30/25, repurchase price <br> $400,047, <br> 4.20%, 10/1/25<br>| 400000 | 400000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, (Floating, <br> U.S. SOFR + 0.01%), dated <br> 9/30/25, repurchase price <br> $752,603, <br> 4.14%, 10/1/25<sup>(6)</sup> <br>| 750000 | 750000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **REPURCHASE AGREEMENTS - 45.9%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 45.9%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 45.9%** <sup>(4)</sup>**continued** |
| &nbsp;&nbsp; NatWest Markets PLC, dated <br> 9/30/25, repurchase price <br> $600,070, <br> 4.21%, 10/1/25<br>| $600000 | $600000 |
| Royal Bank of Canada, dated <br> 9/18/25, repurchase price <br> $901,336, <br> 4.11%, 10/7/25<sup>(5)</sup> <br>| 900000 | 900000 |
|  |  | **9584000** |
| **Total Repurchase Agreements** |  |  |
| **(Cost $9,584,000)** |  | **9584000** |
| **Total Investments – 100.8%** |  |  |
| **(Cost $21,048,765)** |  | **21048765** |
| Liabilities less Other Assets – (0.8%) |  | (167113)<br>|
| **NET ASSETS – 100.0%** |  | **$20881652** |

---

<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 September 30, 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>|
| FHLB | $49697 | 0.63%—6.51% | 11/7/25—10/21/44 |
| FHLMC | 263796 | 0.00%—7.00% | 5/23/28—10/1/55 |
| FNMA | 999156 | 0.00%—7.25% | 10/8/27—9/1/61 |
| GNMA | 3064890 | 2.00%—8.50% | 4/15/29—4/20/75 |
| U.S. Treasury Bills | 68706 | 0.00% | 10/21/25—2/26/26 |
| U.S. Treasury Bonds | 456004 | 0.00%—6.75% | 11/15/25—8/15/55 |
| U.S. Treasury Notes | 4915965 | 0.00%—4.88% | 10/15/25—7/15/35 |
| **Total** | **$9818214** |  |  |

---

<sup>(5)</sup> *Maturity date represents the puttable date.*

<sup>(6)</sup> *Variable or floating rate security. Rate as of September 30, 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 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **310** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| |
|:---|
| 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 September 30, 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; $21048765 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21048765 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **311** 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 – 37.0%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 37.0%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 37.0%** <sup>(1)</sup> |
| **Federal Farm Credit Bank – 10.3%** | **Federal Farm Credit Bank – 10.3%** | **Federal Farm Credit Bank – 10.3%** |
| FFCB Discount Notes, |  |  |
| 4.10%, 1/2/26<sup>(2)</sup> <br>| $10000 | $9894 |
| 3.75%, 3/17/26<sup>(2)</sup> <br>| 13000 | 12774 |
| FFCB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.09%), 4.18%, 10/1/25<sup>(3)</sup> <br>| 9000 | 8999 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 4.20%, 10/1/25<sup>(3)</sup> <br>| 6000 | 6000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 4.21%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.22%, 10/1/25<sup>(3)</sup> <br>| 8000 | 8000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.22%, 10/1/25<sup>(3)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.23%, 10/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.23%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.23%, 10/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.24%, 10/1/25<sup>(3)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.04%), <br> 4.17%, 10/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 4400 | 4400 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.26%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.24%, 10/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.24%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.25%, 10/1/25<sup>(3)</sup> <br>| 12000 | 12000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 37.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 37.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 37.0%** <sup>(1)</sup>**continued** |
| **Federal Farm Credit Bank – 10.3%continued** | **Federal Farm Credit Bank – 10.3%continued** | **Federal Farm Credit Bank – 10.3%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.25%, 10/1/25<sup>(3)</sup> <br>| $25000 | $25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.25%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.26%, 10/1/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.26%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.26%, 10/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| 7000 | 7000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.27%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.30%, 10/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 18000 | 18000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.28%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.29%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| (Floating, U.S. SOFR + 0.16%), <br> 4.29%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
|  |  | **482067** |
| **Federal Home Loan Bank – 26.7%** | **Federal Home Loan Bank – 26.7%** | **Federal Home Loan Bank – 26.7%** |
| FHLB Bonds, |  |  |
| 4.05%, 10/2/25 | 40000 | 39986 |
| 4.13%, 10/22/25 | 75000 | 74995 |
| 4.13%, 11/7/25 | 100000 | 99983 |
| 4.00%, 2/12/26 | 45000 | 44967 |
| 3.88%, 2/26/26 | 25000 | 24973 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **312** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 37.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 37.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 37.0%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 26.7%continued** | **Federal Home Loan Bank – 26.7%continued** | **Federal Home Loan Bank – 26.7%continued** |
| 4.34%, 3/6/26 | $45000 | $45000 |
| 4.34%, 3/6/26 | 5000 | 5000 |
| 3.85%, 3/10/26 | 25000 | 24999 |
| 3.63%, 3/17/26 | 45000 | 44951 |
| 4.25%, 5/22/26 | 40300 | 40300 |
| FHLB Discount Notes, |  |  |
| 4.08%, 10/6/25<sup>(2)</sup> <br>| 10000 | 9994 |
| 4.10%, 10/9/25<sup>(2)</sup> <br>| 20000 | 19982 |
| 4.13%, 10/30/25<sup>(2)</sup> <br>| 75000 | 74991 |
| 4.10%, 11/3/25<sup>(2)</sup> <br>| 25000 | 24905 |
| 4.10%, 11/4/25<sup>(2)</sup> <br>| 25000 | 24902 |
| 4.07%, 11/5/25<sup>(2)</sup> <br>| 20000 | 19920 |
| 4.05%, 11/18/25<sup>(2)</sup> <br>| 15000 | 14918 |
| 4.09%, 11/19/25<sup>(2)</sup> <br>| 35000 | 34803 |
| 4.02%, 1/2/26<sup>(2)</sup> <br>| 45000 | 44523 |
| 4.05%, 1/5/26<sup>(2)</sup> <br>| 25000 | 24728 |
| 4.05%, 1/6/26<sup>(2)</sup> <br>| 20000 | 19780 |
| 4.06%, 1/8/26<sup>(2)</sup> <br>| 87805 | 86815 |
| 3.79%, 1/30/26<sup>(2)</sup> <br>| 80000 | 78972 |
| 3.92%, 2/10/26<sup>(2)</sup> <br>| 20000 | 19709 |
| 3.94%, 2/11/26<sup>(2)</sup> <br>| 45000 | 44341 |
| 3.91%, 2/20/26<sup>(2)</sup> <br>| 20000 | 19688 |
| 3.70%, 3/18/26<sup>(2)</sup> <br>| 45000 | 44219 |
| 3.65%, 4/9/26<sup>(2)</sup> <br>| 20000 | 19611 |
| 3.62%, 4/13/26<sup>(2)</sup> <br>| 20000 | 19602 |
| FHLB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.03%), <br> 4.16%, 10/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.09%), <br> 4.22%, 10/1/25<sup>(3)</sup> <br>| 10190 | 10190 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.23%, 10/1/25<sup>(3)</sup> <br>| 15000 | 15000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 37.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 37.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 37.0%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 26.7%continued** | **Federal Home Loan Bank – 26.7%continued** | **Federal Home Loan Bank – 26.7%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.17%), <br> 4.30%, 10/1/25<sup>(3)</sup> <br>| $10310 | $10310 |
| (Floating, U.S. SOFR + 0.18%), <br> 4.30%, 10/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
|  |  | **1247057** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $1,729,124)** |  | **1729124** |
| **U.S. GOVERNMENT OBLIGATIONS – 14.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 14.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 14.1%**  |
| **U.S. Treasury Bills – 9.9%** | **U.S. Treasury Bills – 9.9%** | **U.S. Treasury Bills – 9.9%** |
| 4.12%, 10/9/25<sup>(2)</sup> <br>| 10000 | 9991 |
| 3.99%, 10/16/25<sup>(2)</sup> <br>| 20680 | 20645 |
| 3.97%, 11/6/25<sup>(2)</sup> <br>| 45000 | 44814 |
| 4.03%, 11/12/25<sup>(2)</sup> <br>| 15000 | 14926 |
| 3.92%, 12/9/25<sup>(2)</sup> <br>| 35000 | 34724 |
| 3.91%, 12/16/25<sup>(2)</sup> <br>| 32230 | 31954 |
| 4.02%, 12/18/25<sup>(2)</sup> <br>| 90000 | 89198 |
| 4.05%, 12/26/25<sup>(2)</sup> <br>| 35000 | 34656 |
| 3.86%, 1/2/26<sup>(2)</sup> <br>| 50000 | 49490 |
| 4.08%, 1/8/26<sup>(2)</sup> <br>| 10000 | 9886 |
| 3.65%, 1/27/26<sup>(2)</sup> <br>| 40000 | 39500 |
| 3.90%, 2/12/26<sup>(2)</sup> <br>| 22345 | 22015 |
| 3.65%, 3/19/26<sup>(2)</sup> <br>| 10000 | 9826 |
| 3.71%, 3/26/26<sup>(2)</sup> <br>| 30000 | 29452 |
| 3.66%, 4/2/26<sup>(2)</sup> <br>| 20000 | 19624 |
|  |  | **460701** |
| **U.S. Treasury Notes – 4.2%** | **U.S. Treasury Notes – 4.2%** | **U.S. Treasury Notes – 4.2%** |
| 5.00%, 10/31/25 | 50000 | 50029 |
| 2.25%, 11/15/25 | 10000 | 9975 |
| 0.38%, 11/30/25 | 10000 | 9936 |
| 0.88%, 6/30/26 | 10000 | 9767 |
| 1.88%, 6/30/26 | 10000 | 9840 |
| 0.63%, 7/31/26 | 45000 | 43746 |
| 1.88%, 7/31/26 | 18000 | 17673 |
| 4.38%, 7/31/26 | 45000 | 45099 |
|  |  | **196065** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $656,766)** |  | **656766** |
| **Investments, at Amortized Cost** |  |  |
| **($2385890)** |  | **2385890** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **313** 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>|
| **REPURCHASE AGREEMENTS – 49.0%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 49.0%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 49.0%** <sup>(4)</sup> |
| &nbsp;&nbsp; Bank of America N.A., dated <br> 9/30/25, repurchase price <br> $300,035, <br> 4.21%, 10/1/25<br>| $300000 | $300000 |
| &nbsp;&nbsp; Barclays Capital, Inc., dated <br> 9/18/25, repurchase price <br> $150,222, <br> 4.09%, 10/7/25<sup>(5)</sup> <br>| 150000 | 150000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 9/30/25, repurchase price <br> $49,006, <br> 4.20%, 10/1/25<br>| 49000 | 49000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 9/30/25, repurchase price <br> $92,011, <br> 4.21%, 10/1/25<br>| 92000 | 92000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 9/30/25, repurchase price <br> $200,023, <br> 4.20%, 10/1/25<br>| 200000 | 200000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 9/30/25, repurchase price <br> $200,023, <br> 4.21%, 10/1/25<br>| 200000 | 200000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 9/30/25, repurchase price <br> $300,035, <br> 4.23%, 10/1/25<br>| 300000 | 300000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 9/30/25, repurchase price <br> $350,041, <br> 4.20%, 10/1/25<br>| 350000 | 350000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, (Floating, <br> U.S. SOFR + 0.01%), dated <br> 9/30/25, repurchase price <br> $150,521, <br> 4.14%, 10/1/25<sup>(6)</sup> <br>| 150000 | 150000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **REPURCHASE AGREEMENTS - 49.0%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 49.0%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 49.0%** <sup>(4)</sup>**continued** |
| &nbsp;&nbsp; Royal Bank of Canada, dated <br> 9/18/25, repurchase price <br> $150,223, <br> 4.11%, 10/7/25<sup>(5)</sup> <br>| $150000 | $150000 |
| TD Securities (U.S.A.) LLC, dated <br> 9/30/25, repurchase price <br> $350,041, <br> 4.21%, 10/1/25<br>| 350000 | 350000 |
|  |  | **2291000** |
| **Total Repurchase Agreements** |  |  |
| **(Cost $2,291,000)** |  | **2291000** |
| **Total Investments – 100.1%** |  |  |
| **(Cost $4,676,890)** |  | **4676890** |
| Liabilities less Other Assets – (0.1%) |  | (3847)<br>|
| **NET ASSETS – 100.0%** |  | **$4673043** |

---

<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 September 30, 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 | $1811 | 4.30%—4.49% | 10/29/26—2/15/28 |
| FNMA | 478264 | 2.50%—7.50% | 5/23/28—8/1/55 |
| GNMA | 526235 | 2.00%—7.00% | 1/1/26—9/1/55 |
| TVA | 117623 | 2.50%—7.50% | 2/20/33—8/20/65 |
| U.S. Treasury Bills | 9791 | 0.00% | 10/14/25—5/14/26 |
| U.S. Treasury Bonds | 23093 | 1.00%—6.00% | 2/15/26—2/15/46 |
| U.S. Treasury Notes | 1190013 | 0.25%—4.50% | 10/31/25—7/15/35 |
| **Total** | **$2346830** |  |  |

---

<sup>(5)</sup> *Maturity date represents the puttable date.*

<sup>(6)</sup> *Variable or floating rate security. Rate as of September 30, 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 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **314** NORTHERN FUNDS SEMIANNUAL REPORT

------

**September 30, 2025 (UNAUDITED)** <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 September 30, 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; $4676890 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4676890 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS SEMIANNUAL REPORT **315** 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 48 funds as of September 30, 2025. 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 and has its own investment objective (e.g., total return or income consistent with preservation of capital).

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 each Fund and as securities lending agent to each Fund except for the Arizona Tax-Exempt Fund, California Intermediate Tax-Exempt Fund, California Tax-Exempt Fund, Intermediate Tax-Exempt Fund, Limited Term Tax-Exempt Fund, and Tax-Exempt Fund (the "Tax-Exempt Fixed Income 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

FIXED INCOME AND MONEY MARKET FUNDS **316** NORTHERN FUNDS SEMIANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

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 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.

**C) SECURITIES LENDING** In order to generate additional income, the Funds (other than the Tax-Exempt Fixed Income Funds) may lend securities to banks, brokers and dealers or other qualified institutions. In exchange, the borrower provides initial collateral having an initial market value of not less than 102% of the market value of the borrowed securities (105% of the market value of the borrowed securities, if the borrowed securities or the collateral are not denominated in U.S. Dollars). Collateral is maintained in an amount at least equal to the current market value of the securities loaned. This collateral is marked-to-market on a daily basis.

Securities lending may represent no more than one-third of the value of a Fund's total assets (including the loan collateral).

Pursuant to an exemptive order issued by the SEC, Northern Trust (the "Securities Lending Agent"), an affiliate of the Investment Adviser, renders securities lending services to the Funds. For such services, Northern Trust receives a percentage of securities lending revenue generated for the Funds. In addition, cash collateral received by the Funds in connection with a securities loan may be invested in shares of other registered or unregistered money market funds that comply with Rule 2a-7 under the 1940 Act, including money market funds that pay investment advisory or other fees to NTI, Northern Trust, or an affiliate. See Note 6 for more information.

Collateral for loans of portfolio securities made by a Fund may consist of cash, cash equivalents, or securities issued or guaranteed by the U.S. government or its agencies (or any combination thereof). Any cash collateral received by a Fund in connection with these loans may be invested in a variety of short-term investments, either directly or indirectly through registered or unregistered money market funds that comply with Rule 2a-7 under the 1940 Act, including money market funds managed by NTI.

When a Fund lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the investment of the cash collateral. The market value of securities on loan and the value of investments made with cash collateral received are disclosed in the Schedules of Investments. Non-cash collateral received is not recorded as an asset in the Funds' financial statements because the Funds do not obtain ownership or exercise effective control over such collateral. Securities lending income represents the Funds' net revenue from the securities lending program, including income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the Funds, and other related expenses. The net amount earned from cash collateral invested in

NORTHERN FUNDS SEMIANNUAL REPORT **317** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

money market funds managed by NTI is reflected in the Statements of Operations under Dividend income from investments in affiliates, while the net amount earned from non-cash collateral is reflected in the Statements of Operations under Income from securities loaned (net of fees). The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day.

A Fund will have the right to terminate a loan at any time and recall the loaned securities within the normal and customary settlement time for securities transactions. A Fund does not have the right to vote securities on loan, but loans may be called so that the securities may be voted by a Fund in accordance with policies and procedures approved by the Board and NTI. A borrower might become insolvent or refuse to honor its obligation to return the securities. In the event of a default by a borrower with respect to any loan, the Securities Lending Agent will exercise any and all remedies provided under the applicable borrower agreement. These remedies include purchasing replacement securities for the Fund by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If the proceeds from the collateral are less than the purchase cost of the replacement securities, the Securities Lending Agent is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Authorization Agreement. In this event, a Fund could experience delays in recovering its securities and possibly may incur a capital loss. Each Fund will be responsible for any loss that might result from its investment of the cash collateral it receives from a borrower.

Information with respect to the securities lending activities and fees earned by Northern Trust during the six months ended September 30, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | FAIR VALUE OF<br> OF SECURITIES<br> LOANED<br>| CASH<br> COLLATERAL<br> RECEIVED<br>| NON-CASH<br> COLLATERAL<br> RECEIVED<br>| FEES EARNED |
| Bond Index | $25404 | $23468 | $2678 | $10 |
| Core Bond |  |  |  | —\* |
| Fixed Income | 1579 | 1620 | —\* | 1 |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>| 137557 | 130309 | 14078 | 84 |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>|  |  |  | —\* |
| &nbsp;&nbsp; Multi-Manager <br> High Yield <br> Opportunity<br>| 11555 | 11527 | 404 | 5 |
| Short Bond | 479 | 489 |  | —\* |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>|  |  |  | —\* |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| 2277 | 2324 |  | —\* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | FAIR VALUE OF<br> OF SECURITIES<br> LOANED<br>| CASH<br> COLLATERAL<br> RECEIVED<br>| NON-CASH<br> COLLATERAL<br> RECEIVED<br>| FEES EARNED |
| U.S. Government | $10 | $— | $11 | $—\* |

---

\* *Amount rounds to less than one thousand.*

The Funds' securities lending transactions are accounted for as secured borrowings and have an overnight and continuous contractual maturity. The gross amounts of recognized liabilities for securities lending transactions outstanding as of

September 30, 2025, are disclosed as Payable upon return of securities loaned on the Statements of Assets and Liabilities, where applicable.

As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan in the Funds. Refer to the Fund's Schedule of Investments for details on the securities out on loan. Additional information about master netting arrangements can be found in Note 10.

Securities lending agreements may be subject to regulation as qualified financial contracts ("QFCs"). QFCs include, but are not limited to, securities contracts, commodities contracts, forward contracts, repurchase agreements, securities lending agreements and swaps agreements, as well as related master agreements, security agreements, credit enhancements, and reimbursement obligations. Regulations adopted by federal banking regulators under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which took effect in 2019, require that certain QFCs with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. If a covered counterparty of a Fund or certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact a Fund's credit and counterparty risks. The remaining maturities of the securities lending transactions are considered overnight and continuous.

**D) 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

FIXED INCOME AND MONEY MARKET FUNDS **318** NORTHERN FUNDS SEMIANNUAL REPORT

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

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.

**E) 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.

**F) 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 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.

**G) 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

NORTHERN FUNDS SEMIANNUAL REPORT **319** FIXED INCOME AND MONEY MARKET FUNDS

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

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 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 creditwor

thiness 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 September 30, 2025 for the Multi-Manager High Yield Opportunity Fund, approximately $39,000 was pledged by the Fund and is included in Due from broker on the Statements of Assets and Liabilities and approximately $20,000 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 six months ended September 30, 2025.

**H) 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

FIXED INCOME AND MONEY MARKET FUNDS **320** NORTHERN FUNDS SEMIANNUAL REPORT

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

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 September 30, 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 September 30, 2025, for the Multi-Manager High Yield Opportunity Fund, approximately $120,000 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 six months ended September 30, 2025.

**I) 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 September 30, 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 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 September 30, 2025.

**J) 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.

**K) 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.

**L) 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

NORTHERN FUNDS SEMIANNUAL REPORT **321** FIXED INCOME AND MONEY MARKET FUNDS

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

U.S. Government Select Money Market Fund have entered into such repurchase agreements at September 30, 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 September 30, 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 September 30, 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.

The following table presents the repurchase agreements, which are subject to Netting Arrangements, as well as the collateral delivered related to those repurchase agreements.

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &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; $525000 | &nbsp;&nbsp;&nbsp; $(525000) | &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; 84000 | &nbsp;&nbsp;&nbsp; (84000) | &nbsp;&nbsp;&nbsp; – |
|  | Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp; 6175000 | &nbsp;&nbsp;&nbsp; (6175000) | &nbsp;&nbsp;&nbsp; – |
|  | JPMorgan Securities LLC | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; (750000) | &nbsp;&nbsp;&nbsp; – |
|  | NatWest Markets PLC | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; (600000) | &nbsp;&nbsp;&nbsp; – |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; (900000) | &nbsp;&nbsp;&nbsp; – |
|  | Total | &nbsp;&nbsp;&nbsp; $9584000 | &nbsp;&nbsp;&nbsp; $(9584000) | &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; 150000 | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp; – |
|  | Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp; (141000) | &nbsp;&nbsp;&nbsp; – |
|  | Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; (1050000) | &nbsp;&nbsp;&nbsp; – |
|  | JPMorgan Securities LLC | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp; – |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp; – |
|  | TD Securities (U.S.A.) LLC | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; (350000) | &nbsp;&nbsp;&nbsp; – |
|  | Total | &nbsp;&nbsp;&nbsp; $2291000 | &nbsp;&nbsp;&nbsp; $(2291000) | &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;**M) 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

FIXED INCOME AND MONEY MARKET FUNDS **322** NORTHERN FUNDS SEMIANNUAL REPORT

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

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.

**N) 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.

**O) 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.

Redemption fees for the six months ended September 30, 2025, were as follows:

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| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| High Yield Fixed Income | $2 |
| Multi-Manager High Yield Opportunity | 16 |

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Redemption fees for the fiscal year ended March 31, 2025, were as follows:

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| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| High Yield Fixed Income | $14 |
| Multi-Manager High Yield Opportunity | —\* |

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\*&nbsp;&nbsp;&nbsp;&nbsp; *Amounts round to less than one thousand.*

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 periods.

**P) DISTRIBUTIONS TO SHAREHOLDERS** Distributions of dividends from net investment income, if any, are declared and paid as follows:

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| | | |
|:---|:---|:---|
|  | 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 |

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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:

NORTHERN FUNDS SEMIANNUAL REPORT **323** FIXED INCOME AND MONEY MARKET FUNDS

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

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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 one thousand.*

**Q) 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.

Capital losses incurred that will be carried forward indefinitely are as follows:

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| | | |
|:---|:---|:---|
| *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 |

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| | | |
|:---|:---|:---|
| *Amounts in thousands* | SHORT-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>| LONG-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>|
| 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 |
| &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.*

FIXED INCOME AND MONEY MARKET FUNDS **324** NORTHERN FUNDS SEMIANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

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.*

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 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands* | TAX-EXEMPT<br> INCOME<br>| ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>|
| &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.

**R) 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

NORTHERN FUNDS SEMIANNUAL REPORT **325** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

customers. There were no shareholder servicing fees paid by the Funds to Northern Trust or its affiliates during the six months ended September 30, 2025.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the six months ended September 30, 2025.

**4. BANK BORROWINGS** 

The Trust and Northern Institutional Funds, a registered investment company also advised by NTI, jointly entered into a $185,000,000 senior unsecured revolving credit facility on November 8, 2024, 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.

During the six months ended September 30, 2025, the following Fund had borrowings with the average loan amounts and weighted average interest rates as disclosed below:

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | DOLLAR<br> AMOUNT<br>| RATE |
| Multi-Manager High Yield Opportunity | $500 | 5.42<br> %<br>|

---

No other Funds had any borrowings or incurred any interest expense for the six months ended September 30, 2025. There were no outstanding loan amounts at September 30, 2025.

**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.

FIXED INCOME AND MONEY MARKET FUNDS **326** NORTHERN FUNDS SEMIANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

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 September 30, 2025.

At September 30, 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>|
| &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, 2026 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 six months ended September 30, 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 September 30, 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.

NORTHERN FUNDS SEMIANNUAL REPORT **327** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

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 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 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 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 September 30, 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.

Each Fund that participates in securities lending may invest cash collateral received in Northern Institutional Funds Liquid Assets Portfolio ("Liquid Assets Portfolio"), a money market fund advised by NTI. Accordingly, each Fund bears indirectly a proportionate share of Liquid Assets Portfolio's operating expenses. These operating expenses include the management, transfer agent and custody fees that Liquid Assets Portfolio pays to NTI or its affiliates. At September 30, 2025, certain Funds held an investment in Liquid Assets 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 Liquid Assets Portfolio's prospectus) on any assets invested in the Liquid Assets Portfolio is 0.03 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 Liquid Assets Portfolio, 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 six months ended September 30, 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 six months ended September 30, 2025, there were no Funds that paid Northern Trust Securities, Inc., an affiliate of NTI, brokerage commissions.

FIXED INCOME AND MONEY MARKET FUNDS **328** NORTHERN FUNDS SEMIANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

During the six months ended September 30, 2025, the High Yield Fixed Income 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 are included in Interest income on the Fund's Statement 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 six months ended September 30, 2025, the High Yield Fixed Income and the Multi-Manager High Yield Opportunity Funds each 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 six months ended September 30, 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 | $— | $10760 | $— | $9607 |
| Bond Index | 623007 | 49482 | 522284 | 15874 |
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>|  | 51168 |  | 40030 |
| &nbsp;&nbsp; California <br> Tax-Exempt<br>|  | 17280 |  | 35280 |
| Core Bond | 27132 | 19103 | 28717 | 25921 |
| Fixed Income | 63872 | 69214 | 86321 | 86418 |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>|  | 509463 |  | 833157 |
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>|  | 206174 |  | 166122 |
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>|  | 39448 |  | 48037 |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| 10361 |  | 8511 |  |
| &nbsp;&nbsp; Multi-Manager High <br> Yield Opportunity<br>| 14 | 36259 | 14 | 66081 |
| Short Bond | 74404 | 75617 | 98306 | 103884 |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>|  | 1513777 | 2528 | 1086503 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Purchases | Sales | Sales |
| *Amounts in thousands*  | U.S. GOVERNMENT | OTHER | U.S. GOVERNMENT | OTHER |
| Tax-Exempt | $— | $134312 | $— | $135775 |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>|  | 373822 | 69261 | 224132 |
| U.S. Government | 10778 |  | 8487 |  |

---

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 September 30, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| &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>| $416 | $(3585) | $(3169) | $58217 |
| Bond Index | 24183 | (140398) | (116215) | 2466416 |
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>| 3201 | (8299) | (5098) | 243355 |
| &nbsp;&nbsp; California <br> Tax-Exempt<br>| 2292 | (8002) | (5710) | 130565 |
| Core Bond | 1472 | (3760) | (2288) | 95768 |
| Fixed Income | 5077 | (13325) | (8248) | 301099 |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>| 62972 | (95437) | (32465) | 2507257 |
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>| 11996 | (42469) | (30473) | 1137549 |
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>| 3149 | (3620) | (471) | 333867 |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| 164 | (39) | 125 | 24798 |
| &nbsp;&nbsp; Multi-Manager <br> High Yield <br> Opportunity<br>| 6652 | (10123) | (3471) | 165692 |
| Short Bond | 2108 | (688) | 1420 | 226417 |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short <br> Fixed Income<br>| 11397 | (3166) | 8231 | 3192121 |
| Tax-Exempt | 5167 | (40454) | (35287) | 789472 |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| 7881 | (621) | 7260 | 1748795 |
| U.S. Government | 248 | (322) | (74) | 29056 |

---

NORTHERN FUNDS SEMIANNUAL REPORT **329** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; U.S. Government <br> Money <br> Market<br>| $— | $— | $— | $21048765 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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; U.S. Government <br> Select Money <br> Market<br>| $— | $— | $— | $4676890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. CAPITAL SHARE TRANSACTIONS**

Transactions in Shares class for the six months ended September 30, 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  | 960 | $8985 | 63 | $587 | (684) | $(6397) | 339 | $3175 |
| Bond Index  | 37737 | 345725 | 1387 | 12746 | (24503) | (225826) | 14621 | 132645 |
| California Intermediate Tax-Exempt  | 3473 | 33867 | 39 | 378 | (2087) | (20405) | 1425 | 13840 |
| California Tax-Exempt  | 1393 | 14294 | 68 | 697 | (3313) | (33864) | (1852) | (18873) |
| Core Bond  | 781 | 6937 | 87 | 779 | (1347) | (11887) | (479) | (4171) |
| Fixed Income  | 1274 | 11318 | 334 | 2974 | (6124) | (54259) | (4516) | (39967) |
| High Yield Fixed Income  | 28162 | 169826 | 1753 | 10637 | (89222) | (534488) | (59307) | (354025) |
| Intermediate Tax-Exempt  | 18254 | 176471 | 209 | 2023 | (16238) | (156884) | 2225 | 21610 |
| Limited Term Tax-Exempt  | 3384 | 33713 | 54 | 541 | (5358) | (53223) | (1920) | (18969) |
| Limited Term U.S. Government  | 408 | 3857 | 14 | 130 | (272) | (2576) | 150 | 1411 |
| Multi-Manager High Yield Opportunity  | 726 | 6108 | 259 | 2175 | (4749) | (39664) | (3764) | (31381) |
| Short Bond  | 516 | 9452 | 131 | 2405 | (4250) | (77740) | (3603) | (65883) |
| Tax-Advantaged Ultra-Short Fixed Income  | 81228 | 828542 | 623 | 6346 | (47275) | (481799) | 34576 | 353089 |
| Tax-Exempt  | 18609 | 173170 | 240 | 2231 | (21909) | (203384) | (3060) | (27983) |
| Ultra-Short Fixed Income  | 46775 | 482670 | 2095 | 21610 | (38910) | (401305) | 9960 | 102975 |
| U.S. Government  | 494 | 4329 | 33 | 285 | (333) | (2947) | 194 | 1667 |
| U.S. Government Money Market  | 39266433 | 39266433 | 75406 | 75406 | (40670313) | (40670313) | (1328474) | (1328474) |
| U.S. Government Select Money Market  | 8971885 | 8971885 | 14022 | 14022 | (8670873) | (8670873) | 315034 | 315034 |

---

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 **330** NORTHERN FUNDS SEMIANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <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 Siebert Williams Shank Shares for the six months ended September 30, 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  |  |  | 84 | 868 | (1016) | (10500) | (932) | (9632) |

---

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 |

---

**9. INVESTMENTS IN AFFILIATES** 

Transactions in affiliated investments for the six months ended September 30, 2025, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF PERIOD<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 PERIOD<br>| SHARES/<br> PRINCIPAL, END<br> OF PERIOD<br>|
| &nbsp;&nbsp; Arizona <br> Tax-Exempt<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $534 | $17147 | $17007 | $— | $— | $— | $24 | $674 | 674087 |
| Bond Index | Nasdaq, <br> Inc.<br>| 306 |  |  | 8 |  |  | 9 | 314 | 300000 |
|  | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>|  | 93919 | 70451 |  |  |  | 52 <br><sup>(1)</sup><br>| 23468 | 23468040 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 41789 | 169263 | 163975 |  |  |  | 1036 | 47077 | 47076998 |
|  | Total | $42095 | $263182 | $234426 | $8 | $— | $— | $1097 | $70859 | 70845038 |

---

NORTHERN FUNDS SEMIANNUAL REPORT **331** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF PERIOD<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 PERIOD<br>| SHARES/<br> PRINCIPAL, END<br> OF PERIOD<br>|
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $5563 | $53928 | $56680 | $— | $— | $— | $97 | $2811 | 2810734 |
| &nbsp;&nbsp; California <br> Tax-Exempt<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 2723 | 21346 | 22735 |  |  |  | 38 | 1334 | 1334021 |
| Core Bond | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>|  | 721 | 721 |  |  |  | — <br><sup>(1),\*</sup><br>|  |  |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 769 | 23164 | 18846 |  |  |  | 61 | 5087 | 5087317 |
|  | Total | $769 | $23885 | $19567 | $— | $— | $— | $61 | $5087 | 5087317 |
| Fixed Income | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $13711 | $12091 | $— | $— | $— | $1 <br><sup>(1)</sup><br>| $1620 | 1619613 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 2380 | 68694 | 70562 |  |  |  | 73 | 512 | 512430 |
|  | Total | $2380 | $82405 | $82653 | $— | $— | $— | $74 | $2132 | 2132043 |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>| Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $277196 | $146887 | $— | $— | $— | $351 <br><sup>(1)</sup><br>| $130309 | 130309438 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 34238 | 402202 | 388748 |  |  |  | 1394 | 47692 | 47692055 |
|  | Total | $34238 | $679398 | $535635 | $— | $— | $— | $1745 | $178001 | 178001493 |

---

FIXED INCOME AND MONEY MARKET FUNDS **332** NORTHERN FUNDS SEMIANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF PERIOD<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 PERIOD<br>| SHARES/<br> PRINCIPAL, END<br> OF PERIOD<br>|
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $12265 | $225964 | $212887 | $—\* | $— | $— | $291 | $25342 | 25342192 |
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 4900 | 70132 | 72048 |  |  |  | 114 | 2984 | 2984225 |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 899 | 3852 | 4674 |  |  |  | 2 | 77 | 77399 |
| &nbsp;&nbsp; Multi-Manager <br> High Yield <br> Opportunity<br>| Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>|  | 29072 | 17545 |  |  |  | 21 <br><sup>(1)</sup><br>| 11527 | 11527203 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 8581 | 62940 | 65057 |  |  |  | 97 | 6464 | 6463842 |
|  | Total | $8581 | $92012 | $82602 | $— | $— | $— | $118 | $17991 | 17991045 |
| Short Bond | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $5580 | $5091 | $— | $— | $— | $2 <br><sup>(1)</sup><br>| $489 | 489260 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 3687 | 74454 | 77466 |  |  |  | 48 | 675 | 675118 |
|  | Total | $3687 | $80034 | $82557 | $— | $— | $— | $50 | $1164 | 1164378 |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>| Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $5754 | $5754 | $— | $— | $— | $— <br><sup>(1),\*</sup><br>| $— |  |

---

NORTHERN FUNDS SEMIANNUAL REPORT **333** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF PERIOD<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 PERIOD<br>| SHARES/<br> PRINCIPAL, END<br> OF PERIOD<br>|
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $28926 | $1177520 | $1177398 | $— | $— | $— | $884 | $29048 | 29048174 |
|  | Total | $28926 | $1183274 | $1183152 | $— | $— | $— | $884 | $29048 | 29048174 |
| Tax-Exempt | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $14033 | $125204 | $133636 | $— | $— | $— | $171 | $5601 | 5601408 |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| Nasdaq, <br> Inc.<br>| 8019 |  | 8000 | (16) |  | (3) | 107 |  |  |
|  | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>|  | 12417 | 10093 |  |  |  | 1 <br><sup>(1)</sup><br>| 2324 | 2323980 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 66804 | 585988 | 645992 |  |  |  | 874 | 6800 | 6800144 |
|  | Total | $74823 | $598405 | $664085 | $(16) | $— | $(3) | $982 | $9124 | 9124124 |
| U.S. Government | Northern <br> Institutional <br> Funds - <br> Liquid <br> Assets <br> Portfolio <br> (Shares)<br>| $— | $50 | $50 | $— | $— | $— | $— | $— |  |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 710 | 2089 | 2739 |  |  |  | 2 | 60 | 59691 |
|  | Total | $710 | $2139 | $2789 | $— | $— | $— | $2 | $60 | 59691 |

---

<sup>(1)</sup> *Represents income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees* *paid or accrued to the Funds, and other related expenses.* 

*\** *Amount rounds to less than one thousand.*

**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.

FIXED INCOME AND MONEY MARKET FUNDS **334** NORTHERN FUNDS SEMIANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of September 30, 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>| $122<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| $(96)\*<br>|
| Fixed Income | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| 471<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (284)\*<br>|
| High Yield Fixed Income | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| 38<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| &nbsp;&nbsp; Multi-Manager High Yield <br> Opportunity<br>| Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency <br> exchange contracts<br>| 5 | Unrealized depreciation on<br> forward foreign currency <br> exchange contracts<br>|  |
|  | Credit contracts | Unrealized appreciation on credit <br> default swap agreements<br>| — <br><sup>\*\*, \*\*\*</sup><br>| Unrealized depreciation on credit <br> default swap agreements<br>|  |
|  | Interest rate contracts | Unrealized appreciation on total <br> return swaps<br>| 143 | Unrealized depreciation on total <br> return swaps<br>|  |
| Short Bond | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| 38<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (114)\*<br>|

---

\* *Includes cumulative appreciation/depreciation on futures contracts 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.*

\*\*\* *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.* 

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 September 30, 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>| Barclays | &nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 143 |
|  | Total | &nbsp;&nbsp;&nbsp; $148 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $148 |

---

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 six months ended September 30, 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; $166 |

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NORTHERN FUNDS SEMIANNUAL REPORT **335** FIXED INCOME AND MONEY MARKET FUNDS

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | 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 |
| Fixed Income | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; $(22) |
| High Yield Fixed Income | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 2294 |
| Limited Term U.S. Government | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 18 |
| Multi-Manager High Yield Opportunity | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; (21) |
|  | Interest rate contracts | Net realized gains (losses) on total return swaps | &nbsp;&nbsp;&nbsp; 38 |
|  | Credit contracts | Net realized gains (losses) on credit default swap agreements | &nbsp;&nbsp;&nbsp; 30 |
| Short Bond | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (466) |
| U.S. Government | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 38 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | &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; $(35) |
| Fixed Income | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; 93 |
| High Yield Fixed Income | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; (1092) |
| 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; 2 |
|  | Interest rate contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on total return <br> swaps<br>| &nbsp;&nbsp;&nbsp; 118 |
|  | 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; 36 |
| 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 six months ended September 30, 2025\*:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOREIGN EXCHANGE<br> CONTRACTS  | FOREIGN EXCHANGE<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>|
| Core Bond |  | $— |  | $— | 21 | $3047 |
| Fixed Income |  |  |  |  | 19 | 10679 |
| High Yield Fixed Income |  |  |  |  | 2 | 119385 |
| Multi-Manager High Yield Opportunity | 8 | 191 | 3 | 85 | 4 | 495 |
| Short Bond |  |  |  |  | 12 | 34830 |

---

*\**

*Activity for the period is measured by number of trades during the period and average notional amount for forward foreign currency exchange contracts, interest rate 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.

FIXED INCOME AND MONEY MARKET FUNDS **336** NORTHERN FUNDS SEMIANNUAL REPORT

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. OPERATING SEGMENTS**

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, 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, moved to dismiss Thebes's

claims on several grounds. The Court heard oral argument on the motions on September 22, 2025, and the parties await the Court's ruling on the motions. 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. This update does not have a material impact on the Funds' financial statements. The disclosures are required on an annual basis and will first apply to the Funds' March 31, 2026 annual financial statements.

**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 SEMIANNUAL REPORT **337** FIXED INCOME AND MONEY MARKET FUNDS

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

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| | |
|:---|:---|
| **Form N-CSR - Items 8 - 11**  | **September 30, 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.**

See next page for Statement Regarding Basis for Approval of Investment Advisory Contract.

FIXED INCOME AND MONEY MARKET FUNDS **338** NORTHERN FUNDS SEMIANNUAL REPORT

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT** <br>| **September 30, 2025 (Unaudited)** |

---

**Considerations for all Northern Funds Fixed Income Funds and Money Market Funds except Multi-Manager High Yield Opportunity Fund**

At an in-person meeting held on May 19-20, 2025 (the "Annual Contract Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Northern Funds (the "Trust"), including all of the Trustees who are not "interested persons" ("Independent Trustees") as defined in the Investment Company Act of 1940 (the "1940 Act") voting separately, reviewed and approved the continuance of the investment management agreements (collectively, the "Management Agreement") between Northern Trust Investments, Inc. ("Northern") and the Trust, on behalf of each of Arizona Tax-Exempt Fund, California Intermediate Tax-Exempt Fund, California Tax-Exempt Fund, Intermediate Tax-Exempt Fund, Limited Term Tax-Exempt Fund, and Tax-Exempt Fund (collectively, the "Tax-Exempt Funds"), Bond Index Fund, Core Bond Fund, Fixed Income Fund, High Yield Fixed Income Fund, Limited Term U.S. Government Fund, Short Bond Fund, Tax-Advantaged Ultra-Short Fixed Income Fund, Ultra-Short Fixed Income Fund, and U.S. Government Fund (collectively, the "Taxable Fixed Income Funds"); and U.S. Government Money Market Fund and U.S. Government Select Money Market Fund (collectively, the "Money Market Funds" and, together with the Tax-Exempt Funds and Taxable Fixed Income Funds, each, a "Fund" and collectively, the "Funds") for an additional one-year period.

In advance of and at the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Management Agreement, Northern and Northern's affiliates. This information included written materials and verbal presentations at an in-person Board meeting held on February 12-13, 2025 (the "February Meeting"), and an executive session of the Independent Trustees held via videoconference on April 15, 2025 (the "April Meeting"). At the Annual Contract Meeting, the Trustees considered these reports and presentations and discussed the information that had been provided. Throughout the process, the Trustees asked questions of and requested additional information from Northern. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law. They met in executive sessions at the Annual Contract Meeting and each of the other Board meetings with their independent legal counsel and without employees of Northern or the interested Trustee present.

In evaluating the Management Agreement, the Independent Trustees discussed with independent legal counsel Northern's reports, presentations and other information that had been provided to them at the February and April Meetings and at the Annual Contract Meeting, as well as their interactions with and information provided by Northern throughout the year and in

past years at various meetings. The Trustees noted that the evaluation process with respect to Northern and the Management Agreement was an ongoing one throughout the year.

The Trustees reviewed and assessed, among other things, information relating to: (a) the nature, extent and quality of the services provided by Northern; (b) the Funds' investment performance over different time periods, including versus an applicable benchmark that generally represents the market segments in which the respective Fund invests (a style benchmark) and in comparison to the investment performance of a universe of comparable peer funds ("Performance Universe") selected by an independent third-party provider of mutual fund data ("Data Provider"); (c) the contractual management fee rates (before fee waivers and expense reimbursements, if any), actual advisory fee rates (after fee waivers and expense reimbursements, if any), and total expense ratios (after fee waivers and expense reimbursements, if any) of the Funds, including in comparison to those borne by a group and universe of comparable peer funds ("Expense Group" and "Expense Universe," respectively) selected by the Data Provider; (d) the cost of the services and profits realized by Northern and its affiliates from their relationship with the Funds; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to Northern and its affiliates as a result of Northern's relationship with the Funds; and (g) other factors deemed relevant by the Trustees.

In addition, the Board reviewed, among other things, materials relating to: (i) compliance reports; (ii) information about Northern's and its affiliates' risk management processes, stress testing, credit research, business continuity and cyber-security programs; (iii) the qualifications of Northern and its affiliates to provide services to the Funds, including Northern's staffing for the Funds, information on portfolio managers and other personnel, as well as Northern's ability to attract and retain portfolio management talent; (iv) Northern's and its affiliates' financial resources and investments in technology to benefit the Funds; and (v) information about purchases and redemptions of each Fund's shares. The Trustees considered information provided during meetings throughout the year, including with respect to shareholder composition for the Money Market Funds.

The Trustees were provided with information on the construction of the Performance Universe and Expense Group for each Fund by the Data Provider. In considering the Management Agreement, the Trustees also considered conditions and trends prevailing generally in the economy, the securities markets, and the industry. In evaluating the Management Agreement for each of the Funds, the Trustees gave weight to various factors, including those discussed below, but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors. The Trustees considered the information provided to them about the Funds together and with respect to each Fund separately as the Board deemed appropriate.

NORTHERN FUNDS SEMIANNUAL REPORT **339** FIXED INCOME AND MONEY MARKET FUNDS

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT (continued)** <br>

*Nature, Extent and Quality of Services*

The Trustees considered the nature, extent and quality of the services provided by Northern to the Funds, including both the investment advisory services, and separately the administrative and other non-advisory services that are provided to the Funds by Northern and its affiliates. These services include acting as the Funds' administrator and sub-administrator, custodian and transfer agent, and providing other services necessary for the operation of the Funds and the Trust. The Trustees considered that the Management Agreement encompassed both the advisory and administrative functions being rendered by Northern and its affiliates.

The Trustees considered that Northern is responsible for the management of the investment operations of each Fund and the composition of each Fund's portfolio, including the day-to-day management of each Fund, subject to the supervision of the Board. The Trustees discussed that, under the Management Agreement, Northern was responsible for, among other things: (i) furnishing a continuous investment program for each Fund; (ii) determining what investments or securities will be purchased, retained or sold by each Fund, and what portion of each Fund's assets will be invested or held uninvested as cash; (iii) trading the assets of each Fund with broker-dealers selected by Northern, including using Northern's best judgment to obtain the best overall terms available in executing Fund transactions; (iv) reviewing and preparing Fund regulatory documents; and (v) monitoring for anticipated purchases and redemptions of Fund shares.

The Trustees considered the strength of Northern's and its affiliates' risk management processes, including with respect to Northern's regular reporting on stress testing of the Funds. The Trustees also considered Northern's and its affiliates' significant commitments to address regulatory compliance requirements applicable to the Funds. They considered information regarding the effectiveness and resources of the compliance team, including maintaining and monitoring Northern's and the Funds' compliance programs. The Trustees also noted that on a regular basis they received and reviewed information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures, including related to compliance with Rule 2a-7 for the Money Market Funds. They considered the quality of Northern's compliance oversight program with respect to the Funds' service providers, as well as Northern's responses to any compliance or operational matters raised during the year.

The Trustees considered ongoing expenditures made by Northern and its affiliates to continue improving the quality and scope of their services to the Funds, and the quality of Northern's communications with and services to Fund shareholders. The Trustees reviewed the administrative services provided to the Funds by Northern and its affiliates, including its oversight of the Funds' day-to-day custodial, transfer agency and fund accounting operations. The Trustees took into account that each of the

Money Market Funds is a "government money market fund" regulated under Rule 2a-7 that seeks to maintain a stable net asset value. The Trustees noted that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, had expanded over time as a result of regulatory, market and other developments. The Trustees considered Northern's initiatives undertaken in the past few years to address additional regulatory and reporting requirements.

The Trustees considered the qualifications, background and responsibilities of Northern's senior management and investment personnel. They noted Northern's recruitment and retention plans for attracting investment professionals, as well as its portfolio management compensation structure, and the consistency of its investment approach with respect to the Funds. The Trustees also considered the financial position and stability of the Northern Trust Corporation, the corporate parent of Northern and its affiliates.

Following consideration of this and other information, the Board was satisfied with the nature, extent and quality of services provided by Northern and its affiliates to the Funds and their shareholders.

*Performance*

The Trustees considered the investment performance of each of the Funds, including whether it had operated within its respective investment objective. The Trustees focused on information on the Funds' investment performance for the one-, three-, and five-year periods ended January 31, 2025, and compared the investment performance of each Fund to its respective Performance Universe. The Funds were ranked by the Data Provider in quintiles based on a Fund's performance compared against their respective Performance Universe, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees reviewed the Funds' performance relative to their respective performance style benchmarks and also considered more recent Fund performance.

The Trustees noted that the performance for the following Funds were not in the top three quintiles for the one- and three-year periods and/or the one- and five-year periods:

• Bond Index Fund was in the fourth quintile for the one-year and five-year periods, and third quintile for the three-year period, and also slightly underperformed its style benchmark index for the one-year, three-year, and five-year periods.

• California Tax-Exempt Fund was in fourth quintile for the one-year, three-year, and five-year periods, and outperformed its style benchmark index for the one-year period but underperformed its style benchmark index for the three-year and five-year periods.

FIXED INCOME AND MONEY MARKET FUNDS **340** NORTHERN FUNDS SEMIANNUAL REPORT

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**September 30, 2025 (Unaudited)** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Short Bond Fund was in the fifth quintile for the one-year period and fourth quintile for the three-year and five-year periods, and outperformed its style benchmark index for the one-year, three-year, and five-year periods.

• Tax-Advantaged Ultra-Short Fixed Income Fund was in the fifth quintile for the one-year, three-year, and five-year periods, and outperformed its style benchmark index for the one-year, three-year, and five-year periods.

• Tax-Exempt Fund was in the fourth quintile for the one-year, three-year and five-year periods, and outperformed its style benchmark index for the one-year period and underperformed its style benchmark index for the three-year and five-year periods.

For the Bond Index Fund, Northern explained that the Fund seeks to provide investment results approximating the overall performance of the securities included in the Bloomberg U.S. Aggregate Bond Index. Northern noted that Lipper does not have a separate category for U.S. aggregate bond index funds, which are generally included in the Lipper Core Bond Fund category with both actively managed and index funds. Northern said that when actively managed core bond funds outperform bond index funds, the bond index funds will have less favorable Lipper rankings. The Trustees considered Northern's explanations of the tracking difference between the Bond Index Fund and its underlying index and concluded that it was appropriately tracking its underlying index. Northern also commented that it is satisfied with the Bloomberg U.S. Aggregate Bond Index, as it is a broad-based index that is representative of the U.S. investment-grade bond market.

For the California Tax-Exempt Fund, Northern explained that the Fund's duration, yield curve positioning and security selection resulted in relative underperformance. The Trustees considered Northern's plans to seek to address the Fund's performance, including related to duration and yield curve positioning.

For the Short Bond Fund, Northern explained that the Lipper peer group performance varies due to the range of duration and risk profiles among the funds in the peer group, and that Northern believes the Short Bond Fund's style benchmark index (Bloomberg 1-3 Year U.S. Government/Credit Index), which the Fund consistently outperformed for the one-year, three-year, and five-year periods, is more appropriate for evaluating performance.

For the Tax-Advantaged Ultra-Short Fixed Income Fund, Northern explained that the Fund is included in a Lipper category that includes taxable funds, which significantly impacts relative performance as the Fund holds over 50% in tax-exempt securities. Northern said it believes that the Fund's blended style benchmark index, which the Fund outperformed for the one-year, three-year, and five-year periods, is more appropriate for evaluating Fund performance.

For the Tax-Exempt Fund, Northern discussed the reasons for the Fund's relative underperformance, including sector allocation, security selection and an underweight allocation to bonds on the lower end of the investment grade rating scale. Northern described its plans to continue to improve Fund performance, including adding a portfolio manager and seeking to improve access to market liquidity.

The Trustees also noted that each of Arizona Tax-Exempt Fund and U.S. Government Fund had underperformed their respective style benchmark index for the one-year, three-year and five-year periods, although relative performance to peers was generally third quintile or better. The Trustees discussed with Northern the reasons for each Fund's relative underperformance. With respect to the Arizona Tax-Exempt Fund, Northern noted that security selection among longer duration bonds and an overweight to lower coupon bonds detracted from performance for the one-year period and that Northern intends to focus on a more defensive approach in coupon and credit quality to manage through elevated volatility. With respect to the U.S. Government Fund, Northern explained that the Fund's duration positioning relative to the style benchmark index negatively impacted performance for the one-year period as interest rates rose.

The Trustees considered Northern's discussions of the Funds' performance and reviewed the differences in investment parameters of certain Funds and their peers. In addition, the Trustees reviewed Northern's processes to address performance issues, if any. The Trustees noted that Northern's quarterly performance reviews had assisted them in evaluating performance issues with respect to any Funds that were underperforming.

The Trustees concluded that, based on the information received, each Fund's performance was generally satisfactory.

*Fee Rates, Costs of Services and Profitability*

The Trustees evaluated each Fund's contractual management fee rates (before fee waivers and expense reimbursements, if any) and actual advisory fee rates (after fee waivers and expense reimbursements, if any); each Fund's total operating expense ratios (after fee waivers and expense reimbursements, if any); and Northern's contractual commitments to limit total annual fund operating expenses with respect to each Fund. The Trustees considered that the Funds, except the Money Market Funds, were sweeping uninvested cash daily into a Northern-affiliated money market portfolio, and that Northern was in each case reimbursing back to the investing Fund or waiving, as the case may be, the net management fee, after reimbursements, attributable to any assets invested in the applicable money market portfolio. In addition, the Trustees considered actions taken in past years to reduce Fund expenses.

The Trustees reviewed information on the management fee rates paid by each Fund under the Management Agreement and each Fund's total operating expense ratios compared to each Fund's

NORTHERN FUNDS SEMIANNUAL REPORT **341** FIXED INCOME AND MONEY MARKET FUNDS

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT (continued)** <br>

respective Expense Group and Expense Universe. The Trustees noted that the contractual management fee rates used by the Data Provider represent a combination of the advisory fee and any administrative fees. The Trustees further noted that the Funds' actual advisory fee rates represent a combination of advisory fees and administrative fees, but some of the actual advisory fee rates used by the Data Provider for funds in the Expense Group present administrative fees separately from, and not included within, the actual advisory fee rates for those funds. As a result, the Funds' actual advisory fee rates may appear higher than the actual advisory fee rates of funds that do not include administrative fees. The Trustees considered that Northern had reimbursed expenses and/or waived fees for all of the Funds for the fiscal year ended March 31, 2025 and had agreed to renew such waiver agreements for an additional one year period. The Board considered that comparative fee and expense data is based upon information taken from the most recent annual financial report available to the Data Provider for the funds that comprise each Fund's Expense Group, and further considered how such reports reflect historical asset levels and that expenses and waivers for the funds in each Fund's Expense Group may be different from those currently existing. While recognizing such inherent limitations, and the fact that expense ratios and management rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by the Data Provider to be an appropriate measure of comparative fees and expenses.

The Funds were ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees noted that the Tax-Exempt Funds and Taxable Fixed Income Funds' total operating expense ratios (after fee waivers and expense reimbursements) were all in the first or second quintiles and the U.S. Government Money Market Fund and U.S. Government Select Money Market Fund were in the fourth and third quintiles, respectively, of their respective Expense Group.

The Trustees noted that contractual management fee rates (before fee waivers/reimbursements, if any) and/or actual advisory fee rates (after fee waivers/reimbursements, if any) for the following Funds were in the fourth or fifth quintiles of the Funds' respective Expense Groups:

• California Intermediate Tax-Exempt Fund, Fixed Income Fund, High Yield Fixed Income Fund, Short Bond Fund, and Tax-Advantaged Ultra-Short Fixed Income Fund, whose actual advisory fee rates were in the fourth quintile;

• Tax-Exempt Fund, whose actual advisory fee rates were in the fifth quintile;

• Intermediate Tax-Exempt Fund, Limited Term Tax-Exempt Fund, U.S. Government Money Market Fund, and U.S. Government Select Money Market Fund, whose contractual management fee rates and actual advisory fee rates were in the fourth or fifth quintile.

The Trustees noted that a significant majority of these Funds had total expenses after fee waivers and expense reimbursements in the top two quintiles. With respect to U.S. Government Money Market Fund, Northern highlighted the narrow fee range within the Expense Group, noting that the Fund's total expenses were below the Expense Universe median and only slightly above the Expense Group median.

The Trustees considered the management fees charged by Northern to other similarly managed funds and client accounts, including Northern's explanations of differences among such funds and accounts as compared to the Funds where relevant.

Following these comparisons and upon further consideration and discussion, the Trustees concluded that the compensation payable by each Fund under the Management Agreement was fair and reasonable in light of the services provided.

The Trustees considered the amount of assets in each Fund; the information provided by Northern relating to the costs of the services provided by Northern and its affiliates; and the profits realized by Northern and its affiliates through their relationship on a Fund-by-Fund basis and on an overall Trust basis, both before and after marketing and distribution expenses and certain non-distribution costs. The Trustees considered Northern's assumptions and methodology for allocating costs to each Fund, recognizing that cost allocation methodologies are inherently subjective and not audited, and that the overall methodology has remained consistent with that used in the Funds' profitability report presentations from prior years.

The Trustees discussed profitability information provided by Northern, including as compared to information provided by the Data Provider with respect to other publicly traded advisers. They considered that comparisons of advisory agreement profitability across fund families are difficult and may be impacted by numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees considered Northern's expense reimbursements during the year. They considered the nature of the Funds and the high quality of the services provided by Northern and its affiliates, and that Northern and its affiliates appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Funds.

Based upon its consideration of all these factors, the Trustees concluded that Northern's profitability was not excessive in view of the nature, extent and quality of services provided to each Fund.

*Economies of Scale*

The Trustees considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflected these economies of scale for the benefit of shareholders. The Trustees considered that the Funds' management fee

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structures (other than Bond Index Fund, High Yield Fixed Income Fund, U.S. Government Money Market Fund, and U.S. Government Select Money Market Fund) had breakpoints, so that shareholders would benefit from reduced fees as the Funds grew, and that two Funds had reached a breakpoint as of January 31, 2025. The Trustees considered management's discussion of the Funds' management fee structure and considered Northern's view that the Funds were sharing in economies of scale through the level at which the Funds' management fees are set and through Northern's contractual expense reimbursement agreement to limit total fund operating expenses for each Fund. Based on the foregoing, the Trustees concluded that each Fund's current management fee structure reasonably reflected Northern's economies of scale.

*Fall Out and Other Benefits to Northern*

The Trustees reviewed other benefits accruing to Northern and its affiliates as a result of their relationship with the Funds. Those benefits included fees received by the affiliates for transfer agency, custodial and sub-administrative functions, for which the Board reviewed the nature, extent and quality of the services provided at its February Meeting. The Trustees considered that many of the Funds' shareholders had other client relationships with Northern's affiliates. In addition, the Trustees considered that the scale of the Funds provided opportunities to Northern to obtain securities trading advantages for its other advisory clients, and that Northern and its affiliates benefit from their ability to leverage resources over a larger asset base.

*Conclusion*

After deliberation and based on the Trustees' review, including consideration of each of the factors referenced above, the Board, including the Independent Trustees, determined that the compensation payable under the Management Agreement on behalf of each Fund is fair and reasonable in light of the services provided by Northern 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 continuance of the Management Agreement on behalf of each Fund.

**Considerations for Northern Funds Multi-Manager High Yield Opportunity Fund**

At an in-person meeting held on May 19-20, 2025 (the "Annual Contract Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Northern Funds (the "Trust"), including all of the Trustees who are not "interested persons" ("Independent Trustees") as defined in the Investment Company Act of 1940 (the "1940 Act") voting separately, reviewed and approved the continuance of (i) the investment management agreement (the "Multi-Manager Management Agreement") between Northern Trust Investments, Inc. ("Northern") and the Trust, on behalf of

the Multi-Manager High Yield Opportunity Fund (the "Fund"); and (ii) the sub-advisory agreements ("Sub-Advisory Agreements") between Northern and each sub-adviser to the Fund for an additional one-year period.

In advance of and at the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Multi-Manager Management Agreement, Northern and Northern's affiliates, and information relating to the Sub-Advisory Agreements and each sub-adviser. This information included written materials and verbal presentations at an in-person Board meeting held on February 12-13, 2025 (the "February Meeting"), and an executive session of the Independent Trustees held via videoconference on April 15, 2025 (the "April Meeting"). At the Annual Contract Meeting, the Trustees considered these reports and presentations and discussed the information that had been provided. Throughout the process, the Trustees asked questions of and requested additional information from Northern. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law. They met in executive sessions at the Annual Contract Meeting and each of the other Board meetings with their independent legal counsel and without employees of Northern or the interested Trustee present.

1. <u>Management Agreement</u>

In evaluating the Multi-Manager Management Agreement, the Independent Trustees discussed with independent legal counsel Northern's reports, presentations and other information that had been provided to them at the February and April Meetings and at the Annual Contract Meeting as well as their interactions with and information provided by Northern throughout the year and in past years at various meetings. The Trustees noted that the evaluation process with respect to Northern and the Multi-Manager Management Agreement was an ongoing one throughout the year.

The Trustees reviewed and assessed, among other things, information relating to: (a) the nature, extent and quality of the services provided by Northern; (b) the Fund's investment performance over different time periods, including versus an applicable benchmark that generally represents the market segments in which the Fund invests (a style benchmark) and in comparison to the investment performance of a universe of comparable peer funds ("Performance Universe") selected by an independent third-party provider of mutual fund data ("Data Provider"); (c) the contractual management fee rates (before fee waivers and expense reimbursements), actual advisory fee rates (after fee waivers and expense reimbursements), and total expense ratios (after fee waivers and expense reimbursements) of the Fund, including in comparison to those borne by a group and universe of comparable peer funds ("Expense Group" and "Expense Universe," respectively) selected by the Data Provider;

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&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT (continued)** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) the cost of the services and profits realized by Northern and its affiliates from their relationship with the Fund; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to Northern and its affiliates as a result of Northern's relationship with the Fund; and (g) other factors deemed relevant by the Trustees.

In addition, the Board reviewed, among other things, materials relating to: (i) compliance reports; (ii) information about Northern's and its affiliates' risk management processes, stress testing, credit research, business continuity and cyber-security programs; (iii) the qualifications of Northern and its affiliates to provide services to the Fund, including Northern's staffing for the Fund, information on portfolio managers and other personnel, as well as Northern's ability to attract and retain portfolio management talent; (iv) Northern's and its affiliates' financial resources and investments in technology to benefit the Fund; (v) information about purchases and redemptions of the Fund's shares; and (vi) Northern's oversight of the sub-advisers.

The Trustees were provided with information on the composition of the Performance Universe and Expense Group by the Data Provider. In considering the Multi-Manager Management Agreement, the Trustees also considered conditions and trends prevailing generally in the economy, the securities markets, and the industry. In evaluating the Multi-Manager Management Agreement for the Fund, the Trustees gave weight to various factors, including those discussed below, but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors.

*Nature, Extent and Quality of Services*

The Trustees considered the nature, extent and quality of the services provided by Northern to the Fund, including both the investment advisory services, and separately the administrative and other non-advisory services that are provided to the Fund by Northern and its affiliates. These services include acting as the Fund's administrator and sub-administrator, custodian and transfer agent, and providing other services necessary for the operation of the Fund and the Trust. The Trustees considered that the Multi-Manager Management Agreement encompassed both the advisory and administrative functions being rendered by Northern and its affiliates.

The Trustees considered that Northern engaged sub-advisers, subject to the Trustees' approval, to each manage a discrete portion of the Fund's assets. They considered that Northern provided overall general investment management services to the Fund and had the ultimate responsibility to oversee the sub-advisers, including to recommend their hiring, termination and replacement, subject to the Trustees' approval. The Trustees discussed that Northern was responsible for, among other things: (i) selecting the Fund's overall investment strategy; (ii) recommending and selecting sub-advisers; (iii) allocating and reallocating assets among the sub-advisers; (iv) monitoring and

evaluating each sub-adviser's performance; (v) providing administration services; and (vi) implementing procedures to ensure the sub-advisers comply with the Fund's investment objective, policies and restrictions. The Trustees noted that Northern also managed the cash portion of the Fund, in addition to providing the foregoing services.

The Trustees considered Northern's expertise in managing multi-manager strategies and its investments in the multi-manager business. In addition, the Trustees considered that Northern selects the sub-advisers to manage the Fund on the basis of both qualitative and quantitative analyses that assess a number of factors. They noted that Northern allocates a portion of the assets of the Fund to a sub-adviser selected through this process on the basis of a particular strategy assigned to it. Therefore, the Trustees considered that the sub-advisers are chosen not only based on their performance but for their anticipated investment strategy with the other sub-advisers managing assets of the Fund.

The Trustees considered the strength of Northern's and its affiliates' risk management processes, including Northern's and its affiliates' significant commitments to address regulatory compliance requirements applicable to the Fund, and in particular the regular reporting on stress testing of the Fund. They noted that Northern's staff conducted thorough operational and compliance due diligence on prospective and existing sub-advisers and monitored the sub-advisers on a continuing basis throughout the year. They considered information regarding the effectiveness and resources of the compliance team, including maintaining and monitoring Northern's and the Fund's compliance program. The Trustees also noted that on a regular basis they received and reviewed information from the Trust's Chief Compliance Officer ("CCO") regarding the Fund's compliance policies and procedures. They considered the quality of Northern's compliance oversight program with respect to the Fund's service providers, as well as Northern's responses to any compliance or operational matters raised during the year.

The Trustees considered ongoing expenditures made by Northern and its affiliates to continue improving the quality and scope of their services to the Fund, and the quality of Northern's communications with and services to Fund shareholders. The Trustees reviewed the administrative services provided to the Fund by Northern and its affiliates, including its oversight of the Fund's day-to-day custodial, transfer agency and fund accounting operations. The Trustees noted that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, had expanded over time as a result of regulatory, market and other developments. The Trustees considered Northern's initiatives undertaken in the past few years to address additional regulatory and reporting requirements.

The Trustees considered the qualifications, background and responsibilities of Northern's senior management and investment personnel. They noted Northern's recruitment and retention plans for attracting investment professionals, as well as its portfolio

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management compensation structure, and the consistency of its investment approach with respect to the Fund. The Trustees also considered the financial position and stability of the Northern Trust Corporation, the corporate parent of Northern and its affiliates.

Following consideration of this and other information, the Board was satisfied with the nature, extent and quality of services provided by Northern and its affiliates to the Fund and its shareholders.

*Performance*

The Trustees considered the investment performance of the Fund, including whether it had operated within its investment objective. The Trustees focused on information on the Fund's investment performance for the one-, three-, and five-year periods ended January 31, 2025, and compared the investment performance of the Fund to the performance of its Performance Universe. The Fund was ranked by the Data Provider in quintiles based on the Fund's performance compared against its Performance Universe, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees reviewed the Fund's performance relative to its performance style benchmark and more recent Fund performance.

The Trustees noted that the Fund had performance in the fourth quintile for the one-year period, and performance in the second quintile for the three- and five-year periods ended January 31, 2025. The Trustees also considered the performance of the Fund against its style benchmark index for the one-, three- and five-year periods ended January 31, 2025, noting that the Fund had underperformed its style benchmark index for the one- and three-year periods and outperformed its style benchmark index for the five-year period.

The Trustees considered Northern's discussions of the Fund's performance and considered Northern's continual monitoring of sub-advisers and their performance during the year, which included due diligence meetings. The Trustees noted that Northern's quarterly performance reviews had assisted them in evaluating performance of the Fund.

The Trustees concluded that, based on the information received, the Fund's performance was generally satisfactory.

*Fee Rates, Costs of Services and Profitability*

The Trustees evaluated the Fund's contractual management fee rate (before fee waivers and expense reimbursements) and actual advisory fee rate (after fee waivers and expense reimbursements); the Fund's total operating expense ratio (after fee waivers and expense reimbursements); and Northern's contractual commitments to limit the Fund's total annual operating expenses. The Trustees considered that the Fund was sweeping uninvested cash daily into a Northern-affiliated money market portfolio, and

that Northern was reimbursing back to the Fund or waiving, as the case may be, the net management fee, after reimbursements, attributable to any assets invested in the applicable money market portfolio.

The Trustees reviewed information on the management fee rate paid by the Fund under the Multi-Manager Management Agreement and the Fund's total operating expense ratio compared to its Expense Group and Expense Universe. The Trustees noted that the contractual management fee rate used by the Data Provider represents a combination of advisory fees and any administrative fees. The Trustees further noted that the Fund's actual advisory fee rate represents a combination of advisory fees and administrative fees, but some of the actual advisory fee rates used by the Data Provider for funds in the Expense Group present administrative fees separately from, and not included within, the actual advisory fee rates for those funds. As a result, the Fund's actual advisory fee rates may appear higher than the actual advisory fee rates of funds that do not include administrative fees. The Trustees considered that Northern had reimbursed expenses and/or waived fees for the Fund for the fiscal year ended March 31, 2025 and had agreed to renew such waiver agreements for an additional one year period. The Board considered that comparative fee and expense data is based upon information taken from the most recent annual financial report available to the Data Provider for the funds that comprise the Fund's Expense Group, and further considered how such reports reflect historical asset levels and that expenses and waivers for the funds in the Fund's Expense Group may be different from those currently existing. While recognizing such inherent limitations, and the fact that expense ratios and management rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by the Data Provider to be an appropriate measure of comparative fees and expenses.

The Fund was ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees noted that the Fund's contractual management fee rate (before fee waivers and expense reimbursements) was in the fourth quintile, and the actual advisory fee rate (after fee waivers and expense reimbursements) was in the fifth quintile, but total operating expenses (after fee waivers and expense reimbursements) was in the first quintile of its Expense Group.

The Trustees considered the management fees charged by Northern to other similarly managed funds and client accounts, including Northern's explanations of differences among such funds and accounts as compared to the Fund where relevant.

Following these comparisons and upon further consideration and discussion, the Trustees concluded that the compensation payable by the Fund under the Multi-Manager Management Agreement was fair and reasonable in light of the services provided.

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&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT (continued)** <br>

The Trustees received information describing the Fund's management fee structure and the amount retained by Northern after payment of the sub-advisory fees, and Northern's role under the Multi-Manager Management Agreement in overseeing the sub-advisers. The Trustees considered that the Fund utilized multiple sub-advisers. In addition, the Trustees considered the amount of assets in the Fund; the information provided by Northern relating to the costs of the services provided by Northern and its affiliates; and the profits realized by Northern and its affiliates through their relationship with the Fund and on an overall Trust basis, both before and after marketing and distribution expenses and certain non-distribution costs. The Trustees noted that Northern had presented profitability information to the Trustees quarterly on a Fund-by-Fund basis as well as reports showing the expected impact on profitability by the addition or termination of sub-advisers, if any, as required by the Fund's exemptive order. The Trustees considered Northern's assumptions and methodology for allocating costs to the Fund, recognizing that cost allocation methodologies are inherently subjective and not audited, and that the overall methodology has remained consistent with that used in the Fund's profitability report presentations from prior years.

The Trustees discussed profitability information provided by Northern, including as compared to information provided by the Data Provider with respect to other publicly traded advisers. They considered that comparisons of advisory agreement profitability across fund families are difficult and may be impacted by numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees considered Northern's expense reimbursements during the year. They considered the nature of the Fund and the high quality of the services provided by Northern and its affiliates, and that Northern and its affiliates appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Fund.

Based upon its consideration of all these factors, the Trustees concluded that Northern's profitability was not excessive in view of the nature, extent and quality of services provided to the Fund.

*Economies of Scale*

The Trustees considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflected these economies of scale for the benefit of shareholders. The Trustees noted that the management fee structure for the Fund has breakpoints, thus ensuring that as the Fund's assets grow, its shareholders would benefit from reduced fees. They also took into account management's discussion of the Fund's management fee structure and considered Northern's view that the Fund was sharing in economies of scale through the level at which the Fund's management fee is set and through Northern's contractual expense reimbursements to limit total fund operating expenses for the Fund.

Based on the foregoing, the Trustees concluded that the Fund's current management fee structure reasonably reflected Northern's economies of scale.

*Fall Out and Other Benefits to Northern*

The Trustees reviewed other benefits accruing to Northern and its affiliates as a result of their relationship with the Fund. Those benefits included fees received by the affiliates for transfer agency, custodial and sub-administrative functions, for which the Board reviewed the nature, extent and quality of the services provided at its February Meeting. The Trustees considered that many of the Fund's shareholders had other client relationships with Northern's affiliates. In addition, the Trustees considered that the scale of the Fund provided opportunities to Northern to obtain securities trading advantages for its other advisory clients, and that Northern and its affiliates benefit from their ability to leverage resources over a larger asset base. The Trustees considered the benefits from many of the sub-advisory fee structures where the fee is based on all assets managed by the sub-adviser for the Fund and Northern's other clients, if any.

*Conclusion*

After deliberation and based on the Trustees' review, including consideration of each of the factors referenced above, the Board, including the Independent Trustees, determined that the compensation payable under the Multi-Manager Management Agreement is fair and reasonable in light of the services provided by Northern 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 continuance of the Multi-Manager Management Agreement on behalf of the Fund.

2. <u>Sub-Advisory Agreements</u>

The Trustees considered the Sub-Advisory Agreements for the Fund. The Trustees reviewed and discussed information and written materials from Northern and the sub-advisers regarding: (i) the nature and quality of the investment advisory services to be provided by the sub-advisers, including the experience and qualifications of the personnel providing such services; (ii) each sub-adviser's financial condition, history of operations and ownership structure; (iii) the sub-advisers' investment strategies and styles of investing; (iv) the performance history of the sub-advisers with respect to the Fund; (v) information with respect to each sub-adviser's risk management and cybersecurity programs, compliance policies and procedures (including their codes of ethics), and the CCO's evaluations of such policies and procedures, as well as the sub-adviser's regulatory history; (vi) the sub-advisers' conflicts of interest in managing the Fund, including each sub-adviser's other financial or business relationships with Northern or its affiliates; and (vii) the terms of the existing Sub-Advisory Agreements. The Trustees

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reviewed and discussed Northern's strategy for allocating assets among the various sub-advisers, as well as the current allocations of assets among the various sub-advisers.

In evaluating the Sub-Advisory Agreements, 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 of Northern with respect to each of the sub-advisers.

*Nature, Extent and Quality of Services*

The Trustees considered the information and evaluations provided by Northern with respect to each sub-adviser's operations, qualifications, and experience in managing the type of strategies for which the sub-adviser was engaged in connection with the Fund. The Trustees placed emphasis on the CCO's compliance program and ongoing compliance monitoring for each sub-adviser. The Trustees concluded that each sub-adviser had provided, and was able to provide, quality services to the Fund.

*Fees, Expenses and Performance*

The Trustees considered that the sub-advisers were each paid sub-advisory fees by Northern out of Northern's management fees and not directly by the Fund. The Trustees believed, based on Northern's representations, that each Sub-Advisory Agreement had been negotiated at arm's-length among Northern and each sub-adviser, and considered the reductions in certain of the sub-advisory fees in the past few years. In addition, the Trustees reviewed and compared each sub-adviser's fees paid by Northern out of its management fees and fees paid to the sub-advisers by its other accounts with similar strategies, if any. Finally, the Trustees considered Northern's representations that the fees to be paid to the sub-advisers were reasonable in light of the existing and anticipated quality of the services to be performed by them.

While the Trustees considered Northern's profitability with respect to the Fund, they did not consider the sub-advisers' projected profitability, which they did not consider particularly relevant given that Northern pays the sub-advisers out of its own management fees and thus had an incentive to negotiate the lowest possible sub-advisory fees.

The Trustees considered and evaluated the performance information presented with respect to each sub-adviser and Northern's evaluation of each sub-adviser's performance. This information was compared to performance information with respect to an applicable performance benchmark index that represents the sub-advised strategy. It was noted that each sub-adviser had a different style, and that these styles would outperform or underperform in various markets.

The Trustees noted that for the one-year period ended December 31, 2024, Polen Capital Credit, LLC ("Polen") underperformed the Fund's style benchmark index due to security selection within certain industries, overweight allocation to securities rated CCC and below, and an underweight duration relative to the Fund's style benchmark index. The Trustees considered Polen's attractive longer term performance. Northern recommended the continuation of Polen's Sub-Advisory Agreement with the Fund.

The Trustees concluded that, based upon the information provided, that the sub-advisers' performance was generally satisfactory and, where there had been ongoing sub-adviser underperformance, Northern had continually monitored and made changes to improve Fund performance, including by replacing sub-advisers.

*Economies of Scale*

The Trustees considered information prepared by Northern that showed that the levels of aggregate sub-advisory fee rates generally decreased as the Fund's assets increased, as most of the sub-advisers had breakpoints incorporated into their sub-advisory fee structures. However, the Trustees generally considered economies of scale with respect to the Fund primarily at the management fee rate level given that Northern pays the sub-advisers out of its own management fees, including Northern's contractual expense limitations for the Fund.

*Other Benefits*

The Trustees considered other benefits derived or to be derived by certain of the sub-advisers as a result of their relationship with the Fund. The Trustees considered the other relationships that certain of the sub-advisers had with Northern, including sub-advisory and/or custodial relationships.

*Conclusion*

Based on the Trustees' deliberations and the recommendations by Northern, the Trustees concluded that the fees paid to each sub-adviser for the Fund were fair and reasonable in light of the services provided by each of them. The Trustees concluded that the Sub-Advisory Agreements with respect to the Fund should be reapproved for an additional one-year period.

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©2025 Northern Funds

NF SAR NCSR FI & MMF (11/25)

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(b) Included as part of the Financial Statements under Item 7(a) of this Form N-CSR.

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#### &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.

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#### &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.

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#### &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.

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#### &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.

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#### &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.

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#### &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.

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#### &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.

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#### &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.

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#### &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.

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#### &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.

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#### &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.

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#### Item 19. Exhibits.
(a)(1) Not applicable.

(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)

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#### 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.

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| | |
|:---|:---|
| Northern Funds  | Northern Funds  |
| By  | */s/ Kevin P. O'Rourke*  |
|  | Kevin P. O'Rourke, President  |
|  | (Principal Executive Officer)  |
| Date: December 2, 2025  | Date: December 2, 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: December 2, 2025  | Date: December 2, 2025  |

---

---

| | |
|:---|:---|
| By  | */s/ Randal E. Rein*  |
|  | Randal E. Rein, Treasurer  |
|  | (Principal Financial and Accounting Officer)  |
| Date: December 2, 2025  | Date: December 2, 2025  |

---

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## 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: December 2, 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: December 2, 2025  | */s/ Randal E. Rein*  |
|  | Randal E. Rein, Treasurer  |
|  | (Principal Financial and Accounting Officer)  |

---

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## 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 September 30, 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: December 2, 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 September 30, 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: December 2, 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.

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