# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001564
**Filing Date:** 2025-11
**Character Count:** 9557
**Document Hash:** 2f0cabde240d7efa691660f34ed16ff8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001564.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001564

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251506526

**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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Northern Funds

- **b. Investment Company Act file number:** 811-08236

- **c. CIK number of Registrant:** 0000916620

- **d. LEI of Registrant:** 5493004ZY1PEJR3C0A81

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 800-595-9111

**Item A.2. Information about the Series.**

- **a. Name of Series:** Global Tactical Asset Allocation Fund

- **b. EDGAR series identifier (if any):** S000033427

- **c. LEI of Series:** 549300TZ6VVW0ZMZ6X65

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $78498814.89

**Total Liabilities:** $41116.46

**Net Assets:** $78457698.43

**Cash Not Reported:** $0.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000102783 | 0.15%                | 2.59%                | 2.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $657264.68               | $-636069.04                                |
| Month 2  | $0.00                    | $1890583.13                                |
| Month 3  | $48713.75                | $1177150.73                                |

### Schedule of Portfolio Investments

| Name                      | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NI US GOV T PORTFOLIO     | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3273036 | NS      | $3273036.28   | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TSY. 0.00%  | UNITED STATES TSY. 0.00%  | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     49000 | PA      | $48684.26     | 0.06%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN HIGH YLD. FIXED  | NORTHERN HIGH YLD. FIXED  | CUSIP: 665162699<br>LEI: 5493004ZY1PEJR3C0A81 | Long             | EC               | RF                | US        |    246309 | PA      | $1517265.46   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEXSHARES IBOXX 5-YEAR T | FLEXSHARES IBOXX 5-YEAR T | CUSIP: 33939L605<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     64503 | NS      | $1565487.81   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ISHARES 7-10 YEAR TSY. BD | ISHARES 7-10 YEAR TSY. BD | CUSIP: 464287440<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     16808 | NS      | $1621299.68   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEXSHARES TR MORNING     | FLEXSHARES TR MORNING     | CUSIP: 33939L803<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     37599 | NS      | $3336351.02   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEXSHARES DEVD. MKTS. EX | FLEXSHARES DEVD. MKTS. EX | CUSIP: 33939L647<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |    170955 | NS      | $5309622.96   | 6.77%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEXSHARES TR MORNING     | FLEXSHARES TR MORNING     | CUSIP: 33939L308<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     92428 | NS      | $5832853.80   | 7.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ISHARES 20+ YEAR TSY. BD. | ISHARES 20+ YEAR TSY. BD. | CUSIP: 464287432<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     14724 | NS      | $1315883.88   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN FIXED INC. FUND  | NORTHERN FIXED INC. FUND  | CUSIP: 665162806<br>LEI: 5493004ZY1PEJR3C0A81 | Long             | EC               | RF                | US        |    838325 | PA      | $7595223.84   | 9.68%             | 2049-12-31      | Variable      | 40.31%                | No            |                  1 | On Loan: No      |
| NF INTL EQUITY INDEX      | NF INTL EQUITY INDEX      | CUSIP: 665130209<br>LEI: 549300L9EM1GT0ES4W02 | Long             | EC               | RF                | US        |    254029 | NS      | $4425190.34   | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN STOCK INDEX INC  | NORTHERN STOCK INDEX INC  | CUSIP: 665162772<br>LEI: 5493004ZY1PEJR3C0A81 | Long             | EC               | RF                | US        |    197777 | NS      | $13409250.02  | 17.09%            |  |  |  | No            |                  1 | On Loan: No      |
| ISHARES 3-7 YEAR TSY. BD. | ISHARES 3-7 YEAR TSY. BD. | CUSIP: 464288661<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     43402 | NS      | $5186973.02   | 6.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ISHARES MBS ETF           | ISHARES MBS ETF           | CUSIP: 464288588<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     29363 | NS      | $2793889.45   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEXSHARES TR MORNING     | FLEXSHARES TR MORNING     | CUSIP: 33939L100<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     46280 | NS      | $11213181.20  | 14.29%            |  |  |  | No            |                  1 | On Loan: No      |
| FLEXSHARES STOXX GBL. BRO | FLEXSHARES STOXX GBL. BRO | CUSIP: 33939L795<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     38712 | NS      | $2435759.04   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEXSHARES US QUALITY LOW | FLEXSHARES US QUALITY LOW | CUSIP: 33939L654<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     72722 | NS      | $5231838.85   | 6.67%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN SMALL CAP C INC  | NORTHERN SMALL CAP C INC  | CUSIP: 665162293<br>LEI: 5493004ZY1PEJR3C0A81 | Long             | EC               | RF                | US        |     85945 | NS      | $2354025.14   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | FUT. U.S. T-BONDS DEC25   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        12 | NC      | $1399125.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

**Name of Signer:** Randal E. Rein

**Title:** Treasurer and Principal Financial Officer