# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0001145549-25-053957
**Filing Date:** 2025-8
**Character Count:** 1385617
**Document Hash:** 1b92e56a8acbc8c055019db4a720af43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-053957.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001145549-25-053957

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251257847

**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

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

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

## Nport-Ex

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **ACTIVE M EMERGING MARKETS EQUITY FUND**  | **June 30, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup> | **COMMON STOCKS – 93.7%** <sup>(1)</sup> | **COMMON STOCKS – 93.7%** <sup>(1)</sup> |
| **Argentina – 0.3%** | **Argentina – 0.3%** | **Argentina – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Galicia S.A. ADR\* | 9501 | **$479** |
| **Austria – 0.4%** | **Austria – 0.4%** | **Austria – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank A.G. | 7336 | **623** |
| **Brazil – 5.8%** | **Brazil – 5.8%** | **Brazil – 5.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambev S.A. ADR | 684368 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azzas 2154 S.A. | 122802 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado <br> de Sao Paulo S.A.B.ESP<br>| 16400 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer S.A. | 111600 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer S.A. ADR | 1862 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Localiza Rent a Car S.A.\* | 111300 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 302 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro S.A. - Petrobras ADR | 74700 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIM S.A. | 112800 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTVS S.A.\* | 149900 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale S.A. ADR | 82700 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEG S.A. | 3500 | 28 |
|  |  | **9687** |
| **Chile – 0.4%** | **Chile – 0.4%** | **Chile – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC | 24700 | **614** |
| **China – 18.4%** | **China – 18.4%** | **China – 18.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. ADR | 8600 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Class W | 129300 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bosideng International Holdings Ltd. | 246000 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class H | 50700 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank Corp., <br> Class H<br>| 2253000 | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd., Class H | 828000 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., <br> Class H<br>| 32700 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastroc Beverage Group Co. Ltd., <br> Class A<br>| 16800 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full Truck Alliance Co. Ltd. ADR | 68200 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gambol Pet Group Co. Ltd., Class A | 33600 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Giant Biogene Holding Co. Ltd. | 15800 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class A | 212653 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group Co. Ltd. | 304000 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laopu Gold Co. Ltd., Class H | 5610 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B\* | 52420 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. ADR | 846 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc. ADR\* | 11400 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd., <br> Class H<br>| 350000 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pop Mart International Group Ltd. | 48800 | 1658 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **China – 18.4%continued** | **China – 18.4%continued** | **China – 18.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosus N.V.\* | 5978 | $335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shangri-La Asia Ltd. | 424000 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAL Education Group ADR\* | 56600 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 133950 | 8603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Topsports International Holdings Ltd. | 664956 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. ADR | 685 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Want Want China Holdings Ltd. | 1070740 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class H | 113400 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp., Class B\* | 173600 | 1338 |
|  |  | **30782** |
| **Egypt – 0.7%** | **Egypt – 0.7%** | **Egypt – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank - Egypt <br> (CIB)<br>| 661567 | **1124** |
| **Germany – 0.1%** | **Germany – 0.1%** | **Germany – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy A.G.\* | 1217 | **141** |
| **Greece – 2.2%** | **Greece – 2.2%** | **Greece – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurobank Ergasias Services and <br> Holdings S.A.<br>| 581600 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece S.A. | 56309 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPAP S.A. | 20710 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piraeus Financial Holdings S.A. | 57284 | 398 |
|  |  | **3591** |
| **Hong Kong – 0.7%** | **Hong Kong – 0.7%** | **Hong Kong – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 52000 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 12150 | 650 |
|  |  | **1118** |
| **Hungary – 1.0%** | **Hungary – 1.0%** | **Hungary – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt. | 20559 | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt. | 2900 | 86 |
|  |  | **1728** |
| **India – 13.7%** | **India – 13.7%** | **India – 13.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB India Ltd. | 778 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finance Ltd. | 68280 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. | 199067 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. | 32991 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSE Ltd. | 8926 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Depository Services India Ltd. | 3144 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cipla Ltd. | 2656 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dixon Technologies India Ltd. | 2040 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLF Ltd. | 69724 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Vernova T&D India Ltd. | 2177 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. | 210365 | 4908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hero MotoCorp Ltd. | 45539 | 2251 |

---

NORTHERN FUNDS QUARTERLY REPORT **0** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ACTIVE M EMERGING MARKETS EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **India – 13.7%continued** | **India – 13.7%continued** | **India – 13.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. | 151580 | $2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian Hotels (The) Co. Ltd. | 49535 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JK Cement Ltd. | 10700 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kfin Technologies Ltd. | 4428 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larsen & Toubro Ltd. | 24800 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macrotech Developers Ltd. | 27841 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | 20960 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.\* | 3832 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. | 40816 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PB Fintech Ltd.\* | 5856 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Finance Corp. Ltd. | 10447 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries Ltd. | 21397 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy India Ltd.\* | 671 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Ltd. | 671 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | 91390 | 3691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. | 6165 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varun Beverages Ltd. | 17669 | 94 |
|  |  | **22912** |
| **Indonesia – 1.3%** | **Indonesia – 1.3%** | **Indonesia – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT | 3961354 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT | 307200 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk PT | 5771200 | 989 |
|  |  | **2252** |
| **Italy – 0.2%** | **Italy – 0.2%** | **Italy – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC A.G. - CDI\* | 3273 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrari N.V. | 119 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRADA S.p.A. | 8100 | 50 |
|  |  | **278** |
| **Malaysia – 0.3%** | **Malaysia – 0.3%** | **Malaysia – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIMB Group Holdings Bhd. | 346600 | **566** |
| **Mexico – 6.0%** | **Mexico – 6.0%** | **Mexico – 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America Movil S.A.B. de C.V. ADR | 129066 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex S.A.B. de C.V. ADR | 106200 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa S.A.B. de C.V. ADR | 2148 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano S.A.B. <br> de C.V. ADR<br>| 7300 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V.<br>| 7000 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de <br> C.V., Class O<br>| 165122 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 954 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico S.A.B. de C.V. | 1311775 | 4340 |
|  |  | **10055** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASM International N.V. | 365 | **$234** |
| **Peru – 3.0%** | **Peru – 3.0%** | **Peru – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Minas Buenaventura S.A.A. <br> ADR<br>| 72187 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 17279 | 3862 |
|  |  | **5047** |
| **Philippines – 0.2%** | **Philippines – 0.2%** | **Philippines – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BDO Unibank, Inc. | 66968 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal <br> Services, Inc.<br>| 26500 | 194 |
|  |  | **376** |
| **Poland – 0.7%** | **Poland – 0.7%** | **Poland – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dino Polska S.A.\* | 1593 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank <br> Polski S.A.<br>| 41755 | 873 |
|  |  | **1106** |
| **Saudi Arabia – 0.6%** | **Saudi Arabia – 0.6%** | **Saudi Arabia – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank | 16643 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr. Sulaiman Al Habib Medical <br> Services Group Co.<br>| 2321 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elm Co. | 754 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Etihad Etisalat Co. | 9446 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riyadh Cables Group Co. | 1310 | 49 |
|  |  | **989** |
| **Singapore – 0.8%** | **Singapore – 0.8%** | **Singapore – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 4400 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A\* | 26700 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. ADR\* | 6297 | 1007 |
|  |  | **1297** |
| **South Africa – 5.9%** | **South Africa – 5.9%** | **South Africa – 5.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bid Corp. Ltd. | 45852 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidvest Group Ltd. | 129230 | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clicks Group Ltd. | 5112 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstRand Ltd. | 123700 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | 10873 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impala Platinum Holdings Ltd.\* | 25495 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 126100 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. | 98167 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truworths International Ltd. | 184881 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. | 62284 | 2783 |
|  |  | **9844** |
| **South Korea – 11.4%** | **South Korea – 11.4%** | **South Korea – 11.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amorepacific Corp. | 8353 | 846 |

---

EQUITY FUNDS **1** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **South Korea – 11.4%continued** | **South Korea – 11.4%continued** | **South Korea – 11.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc.\* | 4900 | $147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. | 1554 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. | 597 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd.\* | 2253 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co. Ltd. | 2807 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 3880 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. | 16052 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Rotem Co. Ltd. | 12225 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 1581 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KT Corp. | 1755 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. | 1125 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCSoft Corp. | 6817 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd.\* | 771 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 140375 | 6224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samyang Foods Co. Ltd. | 209 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. | 10424 | 2258 |
|  |  | **19081** |
| **Switzerland – 0.0%** | **Switzerland – 0.0%** | **Switzerland – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont S.A., Class A <br> (Registered)<br>| 145 | **27** |
| **Taiwan – 11.8%** | **Taiwan – 11.8%** | **Taiwan – 11.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. | 30270 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. | 2930 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclat Textile Co. Ltd.\* | 65000 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. | 4800 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fubon Financial Holding Co. Ltd. | 107200 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globalwafers Co. Ltd. | 74000 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hiwin Technologies Corp. | 87000 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | 465796 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 34200 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 312500 | 11283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yageo Corp. | 29000 | 479 |
|  |  | **19758** |
| **Thailand – 0.6%** | **Thailand – 0.6%** | **Thailand – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Info Service PCL NVDR | 35400 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP ALL PCL (Registered) | 577000 | 781 |
|  |  | **1084** |
| **Turkey – 0.4%** | **Turkey – 0.4%** | **Turkey – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret <br> A.S.<br>| 41284 | 157 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **Turkey – 0.4%continued** | **Turkey – 0.4%continued** | **Turkey – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astor Transformator Enerji Turizm Insaat <br> Ve Petrol Sanayi Ticaret A.S.<br>| 189546 | $446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BIM Birlesik Magazalar A.S. | 2201 | 27 |
|  |  | **630** |
| **United Arab Emirates – 4.1%** | **United Arab Emirates – 4.1%** | **United Arab Emirates – 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank PJSC | 32295 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adnoc Gas PLC | 890000 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC | 200066 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC | 1289245 | 4775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkin Co. PJSC | 83655 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salik Co. PJSC | 282136 | 465 |
|  |  | **6821** |
| **United Kingdom – 0.9%** | **United Kingdom – 0.9%** | **United Kingdom – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC | 25100 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 820 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 19064 | 231 |
|  |  | **1451** |
| **United States – 1.7%** | **United States – 1.7%** | **United States – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 227 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 197 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 980 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 414 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenaris S.A. ADR | 49305 | 1844 |
|  |  | **2772** |
| **Total Common Stocks** |  |  |
| **(Cost $122,412)** |  | **156467** |
| **PREFERRED STOCKS – 2.9%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.9%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.9%** <sup>(1)</sup> |
| **Brazil – 2.9%** | **Brazil – 2.9%** | **Brazil – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco S.A.\* | 103000 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gerdau S.A. ADR, 2.90%<sup>(2)</sup> <br>| 265900 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding S.A., 3.08%<sup>(2)</sup> <br>| 165080 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding S.A. ADR, <br> 3.66%<sup>(2)</sup> <br>| 395380 | 2685 |
|  |  | **4900** |
| **Total Preferred Stocks** |  |  |
| **(Cost $3,753)** |  | **4900** |

---

NORTHERN FUNDS QUARTERLY REPORT **2** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ACTIVE M EMERGING MARKETS EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **RIGHTS – 0.0%**  |  |  |
| **South Korea – 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd.\* | 128 | **$26** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **26** |
| **INVESTMENT COMPANIES – 3.2%**  | **INVESTMENT COMPANIES – 3.2%**  | **INVESTMENT COMPANIES – 3.2%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 2500 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(3) (4)</sup> <br>| 3836227 | 3836 |
| **Total Investment Companies** |  |  |
| **(Cost $5,250)** |  | **5388** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(5) (6)</sup> <br>| $111 | $109 |
| **Total Short-Term Investments** |  |  |
| **(Cost $109)** |  | **109** |
| **Total Investments – 99.9%** |  |  |
| **(Cost $131,524)** |  | **166890** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.1% |  | 166 |
| **Net Assets – 100.0%** |  | **$167056** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Current yield is disclosed. Dividends are calculated based on a percentage* *of the issuer's net income.* 

<sup>(3)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(4)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

<sup>(5)</sup> *Discount rate at the time of purchase.*

<sup>(6)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| CDI – CREST Depository Interest |
| ETF – Exchange-Traded Fund |
| MSCI – Morgan Stanley Capital International |
| NVDR – Non-Voting Depositary Receipt |

---

<br> S&P – Standard & Poor's

*Percentages shown are based on Net Assets.* 

At June 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)**<br>|
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 43 | $2652 | Long | 9/25 | $84 |

---

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

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 22.8<br> %<br>|
| Information Technology | 19.8 |
| Consumer Discretionary | 13.3 |
| Communication Services | 10.6 |
| Industrials | 9.0 |
| Consumer Staples | 7.8 |
| Materials | 5.6 |
| Real Estate | 3.8 |
| Energy | 2.4 |
| Health Care | 2.2 |
| Utilities | 0.2 |
| Short-Term Investments | 2.4 |
| Total Investments | 99.9 |
| Other Assets less Liabilities | 0.1 |
| 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. <br>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 June 30, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

EQUITY FUNDS **3** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | &nbsp;&nbsp; $479 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; 9687 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 3706 | &nbsp;&nbsp; 27076 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | &nbsp;&nbsp; 1124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 22513 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; — | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 10055 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp; 5047 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; — | &nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 1141 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1297 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; $147 | &nbsp;&nbsp; $18934 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 2772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 51126 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51126 |
| Total Common Stocks | &nbsp;&nbsp; 36017 | &nbsp;&nbsp; 120450 | &nbsp;&nbsp; — | &nbsp;&nbsp; 156467 |
| Preferred Stocks | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4900 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 |
| Investment Companies | &nbsp;&nbsp; 5388 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5388 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 109 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109 |
| Total Investments | &nbsp;&nbsp; $46305 | &nbsp;&nbsp; $120585 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $166890 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $4733 | $24097 | $24994 | $53 | $3836 | 3836227 |

---

NORTHERN FUNDS QUARTERLY REPORT **4** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup> | **COMMON STOCKS – 93.7%** <sup>(1)</sup> | **COMMON STOCKS – 93.7%** <sup>(1)</sup> |
| **Australia – 1.1%** | **Australia – 1.1%** | **Australia – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGL Energy Ltd. | 32367 | $208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMP Ltd. | 298495 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 11825 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bendigo & Adelaide Bank Ltd. | 36880 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group | 26703 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC\* | 49466 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Hi-Fi Ltd. | 7079 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magellan Financial Group Ltd. | 44935 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medibank Pvt Ltd. | 136706 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanaGold Corp. | 43004 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. | 22151 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paladin Energy Ltd.\* | 43384 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ramelius Resources Ltd.<sup>†</sup> <br>| 319248 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 3210 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandfire Resources Ltd.\* | 42985 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology One Ltd. | 12450 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventia Services Group Pty. Ltd. | 107266 | 366 |
|  |  | **5929** |
| **Austria – 0.6%** | **Austria – 0.6%** | **Austria – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ams-OSRAM A.G.\* | 18620 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank A.G. | 23400 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondi PLC | 64047 | 1046 |
|  |  | **3286** |
| **Belgium – 1.0%** | **Belgium – 1.0%** | **Belgium – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ageas S.A./N.V. | 19539 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A./N.V. | 29749 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colruyt Group N.V | 6014 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V. | 7859 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proximus S.A.DP | 40258 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syensqo S.A. | 10954 | 848 |
|  |  | **5673** |
| **Brazil – 2.0%** | **Brazil – 2.0%** | **Brazil – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambev S.A. | 467025 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lojas Renner S.A.\* | 246846 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 1434 | 3748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natura & Co. Holding S.A.\* | 290798 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A\* | 199153 | 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonica Brasil S.A.\* | 248242 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes S.A. | 131347 | 425 |
|  |  | **10947** |
| **Canada – 3.6%** | **Canada – 3.6%** | **Canada – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AtkinsRealis Group, Inc. | 5178 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 100019 | 2082 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **Canada – 3.6%continued** | **Canada – 3.6%continued** | **Canada – 3.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boardwalk Real Estate Investment Trust | 7384 | $380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., Class B\* | 3970 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boralex, Inc., Class A | 10882 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 65184 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 47128 | 3736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 34627 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., Class A | 3285 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc.\* | 8525 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 233 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dundee Precious Metals, Inc. | 47445 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQB, Inc. | 3603 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finning International, Inc. | 12726 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 5018 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Headwater Exploration, Inc. | 59354 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinaxis, Inc.\* | 2065 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. | 1457 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc. | 6606 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methanex Corp. | 6495 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NuVista Energy Ltd.\* | 27367 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 2010 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secure Waste Infrastructure Corp. | 24814 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stantec, Inc. | 6462 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermilion Energy, Inc.<sup>†</sup> <br>| 34389 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitecap Resources, Inc. | 63536 | 427 |
|  |  | **20056** |
| **China – 1.7%** | **China – 1.7%** | **China – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Class W | 35161 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., Class A\* | 85379 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOC Aviation Ltd. | 56600 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd. | 212850 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B\* | 186300 | 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 63700 | 4091 |
|  |  | **9388** |
| **Denmark – 1.4%** | **Denmark – 1.4%** | **Denmark – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascendis Pharma A/S ADR\* | 1593 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bavarian Nordic A/S\* | 10578 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLSmidth & Co. A/S | 3760 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISS A/S | 9475 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jyske Bank A/S (Registered) | 3820 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netcompany Group A/S\* | 5075 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 68480 | 4778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 2146 | 377 |

---

EQUITY FUNDS **5** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **Denmark – 1.4%continued** | **Denmark – 1.4%continued** | **Denmark – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 7803 | $365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 27784 | 718 |
|  |  | **7893** |
| **Finland – 0.5%** | **Finland – 0.5%** | **Finland – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konecranes OYJ | 6972 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 247086 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 43083 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 5889 | 443 |
|  |  | **2916** |
| **France – 8.8%** | **France – 8.8%** | **France – 8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accor S.A. | 7099 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alstom S.A.\* | 182421 | 4265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arkema S.A. | 11185 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXA S.A. | 81721 | 4017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A. | 50690 | 4566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capgemini S.E. | 10206 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrefour S.A. | 72370 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain S.A. | 33805 | 3977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eiffage S.A. | 3836 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elis S.A. | 17306 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engie S.A. | 96590 | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED | 8040 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ipsen S.A. | 2016 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kering S.A. | 20763 | 4529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klepierre S.A. | 14755 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange S.A. | 134609 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renault S.A. | 24299 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safran S.A. | 18645 | 6072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A. | 80152 | 4593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sopra Steria Group | 1860 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPIE S.A. | 11306 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technip Energies N.V. | 11583 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teleperformance S.E. | 2128 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies S.E. | 41167 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valeo S.E. | 46382 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vinci S.A. | 3574 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virbac S.A.CA | 528 | 199 |
|  |  | **49163** |
| **Germany – 7.7%** | **Germany – 7.7%** | **Germany – 7.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allianz S.E. (Registered) | 530 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BASF S.E. | 29038 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bechtle A.G. | 5893 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilfinger S.E. | 3362 | 324 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **Germany – 7.7%continued** | **Germany – 7.7%continued** | **Germany – 7.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brenntag S.E. | 4998 | $331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental A.G. | 10281 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim A.G. & Co. KGaA | 3812 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding A.G. | 32819 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G. (Registered) | 42251 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse A.G. | 8518 | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom A.G. (Registered) | 55882 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.ON S.E. | 49967 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries A.G. | 56256 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freenet A.G. | 11903 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius S.E. & Co. KGaA | 45555 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials A.G. | 2120 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies A.G. | 63322 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group A.G. | 9119 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen (Registered)<br>| 321 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordex S.E.\* | 12774 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall A.G. | 1221 | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTL Group S.A.<sup>†</sup> <br>| 8659 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP S.E. | 28348 | 8623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scout24 S.E. | 4135 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy A.G.\* | 78566 | 9079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUSS MicroTec S.E. | 5193 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAG Immobilien A.G. | 28583 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TeamViewer S.E.\* | 19761 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TUI A.G.\* | 40209 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zalando S.E.\* | 8425 | 277 |
|  |  | **43408** |
| **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. | 9858 | **369** |
| **Hong Kong – 1.3%** | **Hong Kong – 1.3%** | **Hong Kong – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 38000 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASMPT Ltd. | 71756 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 180720 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. | 355000 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kerry Properties Ltd. | 73000 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 312636 | 3925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Laboratories International <br> Holdings (The) Ltd.<br>| 228000 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd.<sup>(2)</sup> <br>| 851318 | 820 |
|  |  | **7566** |

---

NORTHERN FUNDS QUARTERLY REPORT **6** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **India – 0.7%** | **India – 0.7%** | **India – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canara Bank | 400016 | $533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. ADR | 96287 | 3239 |
|  |  | **3772** |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT | 1968991 | **502** |
| **Ireland – 0.7%** | **Ireland – 0.7%** | **Ireland – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 451 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 139802 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 46675 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC | 103286 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC | 90767 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glanbia PLC | 42627 | 628 |
|  |  | **3864** |
| **Israel – 0.2%** | **Israel – 0.2%** | **Israel – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel B.M. | 35150 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd.\* | 2800 | 475 |
|  |  | **1129** |
| **Italy – 3.9%** | **Italy – 3.9%** | **Italy – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azimut Holding S.p.A. | 9840 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena S.p.A. | 45533 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SPA | 206104 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli S.p.A. | 1761 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buzzi S.p.A. | 11477 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC A.G. - CDI\* | 12499 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; De' Longhi S.p.A. | 7208 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiaSorin S.p.A. | 1991 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel S.p.A. | 245726 | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eni S.p.A. | 129870 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrari N.V. | 5861 | 2874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iren S.p.A. | 92802 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iveco Group N.V. | 14791 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lottomatica Group Spa | 13392 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maire S.p.A. | 20269 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prysmian S.p.A. | 12530 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e <br> Farmaceutica S.p.A.<br>| 8112 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reply S.p.A. | 2220 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniCredit S.p.A. | 103117 | 6916 |
|  |  | **21753** |
| **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** | **Ivory Coast – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC | 32450 | **1001** |
| **Japan – 13.7%** | **Japan – 13.7%** | **Japan – 13.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABC-Mart, Inc. | 13000 | 267 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **Japan – 13.7%continued** | **Japan – 13.7%continued** | **Japan – 13.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alfresa Holdings Corp. | 27953 | $382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alps Alpine Co. Ltd. | 22519 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amada Co. Ltd. | 32850 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anritsu Corp. | 21600 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anycolor, Inc. | 11000 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 45900 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azbil Corp. | 29900 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BIPROGY, Inc. | 25300 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank (The) Ltd. | 135220 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 11600 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Saison Co. Ltd. | 19900 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daicel Corp. | 34000 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daido Steel Co. Ltd. | 24100 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 47566 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group, Inc. | 43600 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dentsu Soken, Inc. | 5000 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ebara Corp. | 17800 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 12226 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 69000 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 86700 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food & Life Cos. Ltd. | 7700 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuji Corp. | 14100 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 28100 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuyo General Lease Co. Ltd. | 8100 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Yuasa Corp. | 18100 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hakuhodo DY Holdings, Inc. | 51100 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hino Motors Ltd.\* | 68704 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 6700 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 157142 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horiba Ltd. | 9380 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ibiden Co. Ltd. | 5600 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INFRONEER Holdings, Inc. | 27900 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. | 609 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 10191 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 28053 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 49750 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JGC Holdings Corp. | 46720 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kanadevia Corp. | 26800 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kandenko Co. Ltd. | 16900 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaneka Corp. | 6200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDX Realty Investment Corp. | 141 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinden Corp. | 9600 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 23743 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koito Manufacturing Co. Ltd. | 65850 | 785 |

---

EQUITY FUNDS **7** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **Japan – 13.7%continued** | **Japan – 13.7%continued** | **Japan – 13.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 105330 | $1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyoritsu Maintenance Co. Ltd. | 9600 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lion Corp. | 16300 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 1977 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mebuki Financial Group, Inc. | 99000 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meidensha Corp. | 6400 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 78510 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Gas Chemical Co., Inc. | 35010 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 257300 | 6448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 58900 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 69800 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Mining & Smelting Co. Ltd. | 7600 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morinaga Milk Industry Co. Ltd. | 10900 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 117200 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NHK Spring Co. Ltd. | 27000 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikon Corp. | 34666 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 45900 | 4403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Accommodations Fund, Inc. | 198 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Electric Glass Co. Ltd. | 10400 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIPPON EXPRESS HOLDINGS, Inc. | 14200 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Television Holdings, Inc. | 23622 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd.\* | 235218 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissui Corp. | 52200 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nitto Boseki Co. Ltd. | 8500 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 11900 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 13700 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 21208 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open House Group Co. Ltd. | 12100 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAL GROUP Holdings Co. Ltd. | 9000 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park24 Co. Ltd. | 20600 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Persol Holdings Co. Ltd. | 680810 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | 285700 | 3516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 176127 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resorttrust, Inc. | 25100 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rinnai Corp. | 22858 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rohm Co. Ltd. | 81588 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Round One Corp. | 50500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sankyo Co. Ltd. | 30600 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sankyu, Inc. | 4600 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santen Pharmaceutical Co. Ltd. | 30400 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanwa Holdings Corp. | 21100 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sawai Group Holdings Co. Ltd. | 20600 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 6500 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sega Sammy Holdings, Inc. | 19330 | 464 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **Japan – 13.7%continued** | **Japan – 13.7%continued** | **Japan – 13.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 6600 | $2377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 37900 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 30000 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanley Electric Co. Ltd. | 27609 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 47212 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Bakelite Co. Ltd. | 8400 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Forestry Co. Ltd.<sup>†</sup> <br>| 18000 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Heavy Industries Ltd. | 20063 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 36700 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 64374 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Rubber Industries Ltd. | 36317 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWCC Corp. | 5700 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 93041 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiheiyo Cement Corp. | 21311 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 28242 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TechnoPro Holdings, Inc. | 12300 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THK Co. Ltd. | 15356 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tohoku Electric Power Co., Inc. | 25800 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Ohka Kogyo Co. Ltd. | 11800 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Seimitsu Co. Ltd. | 5700 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Tatemono Co. Ltd. | 16300 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyu Fudosan Holdings Corp. | 47500 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyo Suisan Kaisha Ltd. | 11900 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyo Tire Corp. | 16600 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyoda Gosei Co. Ltd. | 15000 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsumura & Co. | 8600 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. | 9657 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yamaguchi Financial Group, Inc. | 34000 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yamato Holdings Co. Ltd. | 52200 | 700 |
|  |  | **76983** |
| **Luxembourg – 0.2%** | **Luxembourg – 0.2%** | **Luxembourg – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal S.A. | 41344 | **1307** |
| **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM China Holdings Ltd. | 181600 | **297** |
| **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America Movil S.A.B. de C.V., Class B | 1369739 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC | 26314 | 520 |
|  |  | **1746** |
| **Netherlands – 5.5%** | **Netherlands – 5.5%** | **Netherlands – 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank N.V. - C.V.A. | 71156 | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adyen N.V.\* | 2108 | 3871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel N.V. | 37715 | 2639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASM International N.V. | 4252 | 2722 |

---

NORTHERN FUNDS QUARTERLY REPORT **8** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **Netherlands – 5.5%continued** | **Netherlands – 5.5%continued** | **Netherlands – 5.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. | 575 | $460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. (Registered) | 4234 | 3393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland N.V. | 6791 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BE Semiconductor Industries N.V. | 2501 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euronext N.V. | 8014 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heineken N.V. | 19095 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V. | 152243 | 3341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize N.V. | 12823 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN N.V. | 109499 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips N.V. | 144469 | 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NN Group N.V. | 39718 | 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Randstad N.V. | 21064 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer N.V. | 4370 | 731 |
|  |  | **31126** |
| **Norway – 0.1%** | **Norway – 0.1%** | **Norway – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 19857 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salmar ASA | 4154 | 180 |
|  |  | **293** |
| **Pakistan – 0.1%** | **Pakistan – 0.1%** | **Pakistan – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VEON Ltd. ADR\* | 6297 | **290** |
| **Portugal – 0.0%** | **Portugal – 0.0%** | **Portugal – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS S.A. | 5370 | **136** |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC ADR<sup>(3) (4) \*</sup> <br>| 54380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC ADR<sup>(3) (4) \*</sup> <br>| 4766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile TeleSystems PJSC ADR<sup>(3) (4) \*</sup> <br>| 64508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC<sup>(3) (4)</sup> <br>| 186456 |  |
|  |  | **—** |
| **Singapore – 1.9%** | **Singapore – 1.9%** | **Singapore – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 10300 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel DC REIT | 187000 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 60700 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. ADR\* | 45796 | 7325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. | 89200 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 35200 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | 42900 | 1215 |
|  |  | **10919** |
| **South Africa – 0.4%** | **South Africa – 0.4%** | **South Africa – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 21173 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 141217 | 1122 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **South Africa – 0.4%continued** | **South Africa – 0.4%continued** | **South Africa – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Mutual Ltd. | 803824 | $550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. | 2460 | 108 |
|  |  | **2405** |
| **South Korea – 4.0%** | **South Korea – 4.0%** | **South Korea – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classys, Inc. | 9382 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc.\* | 134422 | 4027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coway Co. Ltd. | 7494 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-MART, Inc. | 3482 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | 9467 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hugel, Inc.\* | 1074 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyosung Heavy Industries Corp. | 875 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 5631 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Rotem Co. Ltd. | 3999 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IsuPetasys Co. Ltd. | 6698 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 18720 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kolmar Korea Co. Ltd.\* | 3968 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power Corp. | 18170 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KT Corp. ADR | 56689 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LEENO Industrial, Inc. | 6255 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PharmaResearch Co. Ltd. | 1466 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poongsan Corp. | 6103 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung E&A Co. Ltd. | 11208 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 92666 | 4108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. <br> Ltd.<br>| 1778 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. | 64499 | 2934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon2 Co. Ltd.\* | 7104 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. | 24282 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOOP Co. Ltd. | 3094 | 209 |
|  |  | **22663** |
| **Spain – 0.7%** | **Spain – 0.7%** | **Spain – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group S.A. | 7410 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankinter S.A. | 57829 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indra Sistemas S.A.<sup>†</sup> <br>| 15258 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil S.A. | 12973 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logista Integral S.A. | 8736 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mapfre S.A. | 125007 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi S.A. | 35475 | 465 |
|  |  | **3984** |
| **Sweden – 0.9%** | **Sweden – 0.9%** | **Sweden – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avanza Bank Holding AB | 13861 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Billerud Aktiebolag | 32360 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 61925 | 622 |

---

EQUITY FUNDS **9** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **Sweden – 0.9%continued** | **Sweden – 0.9%continued** | **Sweden – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loomis AB | 6940 | $292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCC AB, Class B | 13790 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 57099 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Storskogen Group AB, Class B | 184513 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, <br> Class B<br>| 143379 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wihlborgs Fastigheter AB | 32094 | 349 |
|  |  | **5087** |
| **Switzerland – 2.1%** | **Switzerland – 2.1%** | **Switzerland – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 9913 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelleron Industries A.G. | 6453 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adecco Group A.G. (Registered) | 24010 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avolta A.G.\* | 5348 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belimo Holding A.G., (Registered) | 262 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BKW A.G. | 1123 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bucher Industries A.G. (Registered) | 461 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DKSH Holding A.G. | 3392 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flughafen Zurich A.G. (Registered) | 827 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galenica A.G. | 7803 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 1494 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logitech International S.A. (Registered) | 2047 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSP Swiss Property A.G. (Registered) | 3321 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siegfried Holding A.G. (Registered)\* | 2340 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sulzer A.G. (Registered) | 3019 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swatch Group (The) A.G. (Bearer) | 5285 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swissquote Group Holding S.A. <br> (Registered)<br>| 1569 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Temenos A.G. (Registered) | 3168 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group A.G. (Registered) | 122813 | 4173 |
|  |  | **12015** |
| **Taiwan – 1.4%** | **Taiwan – 1.4%** | **Taiwan – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 190000 | 6860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd. ADR<br>| 3982 | 902 |
|  |  | **7762** |
| **Thailand – 0.3%** | **Thailand – 0.3%** | **Thailand – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL (Registered) | 173994 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL NVDR | 169177 | 799 |
|  |  | **1623** |
| **Turkey – 0.0%** | **Turkey – 0.0%** | **Turkey – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Icecek A.S. | 77490 | **96** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 15.6%** | **United Kingdom – 15.6%** | **United Kingdom – 15.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 83921 | $4747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 47125 | 6572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC | 34335 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Babcock International Group PLC | 55117 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 315930 | 8179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balfour Beatty PLC | 57347 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 823646 | 3815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC | 63282 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beazley PLC | 45994 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group Holdings PLC | 16836 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 100336 | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Land (The) Co. PLC | 185105 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BT Group PLC | 603735 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC | 6087 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burberry Group PLC\* | 50528 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 146211 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 101063 | 3423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computacenter PLC | 5938 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConvaTec Group PLC | 96299 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cranswick PLC | 4141 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Croda International PLC | 802 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currys PLC\* | 192835 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCC PLC | 3015 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 84397 | 2123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drax Group PLC | 29201 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easyJet PLC | 194029 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbour Energy PLC | 125987 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC | 27039 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Group Holdings PLC | 51207 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMI PLC | 10097 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inchcape PLC | 24557 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Informa PLC | 53483 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermediate Capital Group PLC | 12073 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investec PLC | 41694 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC | 127817 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JET2 PLC | 12584 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 384716 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 101633 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 5517 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LondonMetric Property PLC | 107092 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 132096 | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC | 182338 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd. | 13299 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSB Group PLC | 40887 | 293 |

---

NORTHERN FUNDS QUARTERLY REPORT **10** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 15.6%continued** | **United Kingdom – 15.6%continued** | **United Kingdom – 15.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC | 47641 | $701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 79745 | 5425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 23110 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 21371 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rightmove PLC | 23459 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 876399 | 11644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 108144 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 73568 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 10146 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Softcat PLC | 12197 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. James's Place PLC | 28196 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 243860 | 4041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tate & Lyle PLC | 88191 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 213178 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trainline PLC\* | 49887 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tritax Big Box REIT PLC | 152006 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weir Group (The) PLC | 7302 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 157555 | 1101 |
|  |  | **87744** |
| **United States – 10.8%** | **United States – 10.8%** | **United States – 10.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 2522 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aon PLC, Class A | 5724 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 36987 | 3368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., Class A\* | 9778 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 35 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 825158 | 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 81553 | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 51001 | 2628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 244930 | 4669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 89803 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp.\* | 13845 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 5660 | 2655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDA Space Ltd.\* | 10131 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 10655 | 3351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle S.A. (Registered) | 1763 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis A.G. (Registered) | 25660 | 3104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 37546 | 6838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding A.G. (Genusschein) | 9512 | 3110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanofi S.A. | 20290 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric S.E. | 3135 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 135635 | 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 19137 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 9124 | 7001 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **United States – 10.8%continued** | **United States – 10.8%continued** | **United States – 10.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 5901 | $1417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 11584 | 2163 |
|  |  | **60837** |
| **Total Common Stocks** |  |  |
| **(Cost $384,565)** |  | **525928** |
| **PREFERRED STOCKS – 0.8%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.8%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.8%** <sup>(1)</sup> |
| **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco S.A. ADR\* | 626753 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raizen S.A., 0.61%<sup>(5)</sup> <br>| 1015271 | 308 |
|  |  | **2245** |
| **Germany – 0.4%** | **Germany – 0.4%** | **Germany – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel A.G. & Co. KGaA, 3.06%<sup>(5)</sup> <br>| 7704 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jungheinrich A.G., 2.01%<sup>(5)</sup> <br>| 7369 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen A.G., 7.11%<sup>(5)</sup> <br>| 14405 | 1521 |
|  |  | **2473** |
| **Total Preferred Stocks** |  |  |
| **(Cost $4,677)** |  | **4718** |
| **INVESTMENT COMPANIES – 3.7%**  | **INVESTMENT COMPANIES – 3.7%**  | **INVESTMENT COMPANIES – 3.7%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 8802 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(6) (7) (8)</sup> <br>| 817500 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(6) (7)</sup> <br>| 18716014 | 18716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard FTSE Developed Markets ETF | 14506 | 827 |
| **Total Investment Companies** |  |  |
| **(Cost $21,014)** |  | **21096** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EQUITY FUNDS **11** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/28/25<sup>(9) (10)</sup> <br>| $389 | $382 |
| **Total Short-Term Investments** |  |  |
| **(Cost $382)** |  | **382** |
| **Total Investments – 98.3%** |  |  |
| **(Cost $410,638)** |  | **552124** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.7% |  | 9398 |
| **Net Assets – 100.0%** |  | **$561522** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 June 30, 2025,* *the value of this security amounted to approximately $820,000 or 0.1% of* *net assets.* 

<sup>(3)</sup> *Restricted security. At June 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:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(4)</sup> <br>| *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <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 June 30, 2025 is disclosed.* |
| <sup>(8)</sup> <br>| *Investment of securities lending cash collateral in connection with securities* <br> *lending.*<br>|
| <sup>(9)</sup> <br>| *Discount rate at the time of purchase.* |
| <sup>(10)</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* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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 June 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)**<br>|
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 121 | $16224 | Long | 9/25 | $142 |

---

NORTHERN FUNDS QUARTERLY REPORT **12** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

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

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 21.2<br> %<br>|
| Industrials | 19.1 |
| Information Technology | 10.7 |
| Consumer Discretionary | 10.0 |
| Communication Services | 7.9 |
| Health Care | 7.5 |
| Consumer Staples | 6.6 |
| Materials | 4.5 |
| Energy | 3.4 |
| Real Estate | 2.0 |
| Utilities | 1.8 |
| Short-Term Investments | 3.6 |
| Total Investments | 98.3 |
| Other Assets less Liabilities | 1.7 |
| 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. <br>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 June 30, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp; $607 | &nbsp;&nbsp; $5322 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; 10947 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 20056 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 7618 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guatemala | &nbsp;&nbsp; 369 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; 3239 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 3490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 1226 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 3393 | &nbsp;&nbsp; 27733 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan | &nbsp;&nbsp; 290 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 7325 | &nbsp;&nbsp; 3594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 2297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; 5205 | &nbsp;&nbsp; 17458 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 6860 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 87518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 35021 | &nbsp;&nbsp; 25816 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 246605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 246605 |
| Total Common Stocks | &nbsp;&nbsp; 90564 | &nbsp;&nbsp; 435364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 525928 |
| Preferred Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; 2245 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 2473 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2473 |
| Total Preferred Stocks | &nbsp;&nbsp; 2245 | &nbsp;&nbsp; 2473 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4718 |
| Investment Companies | &nbsp;&nbsp; 21096 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21096 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 382 | &nbsp;&nbsp; — | &nbsp;&nbsp; 382 |
| Total Investments | &nbsp;&nbsp; $113905 | &nbsp;&nbsp; $438219 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $552124 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $142 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $142 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $1907 | $1089 | $— <br><sup>(1),\*</sup><br>| $818 | 817500 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 17420 | 79274 | 77978 | 199 | 18716 | 18716014 |
| Total | $17420 | $81181 | $79067 | $199 | $19534 | 19533514 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

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

EQUITY FUNDS **13** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup> | **COMMON STOCKS – 94.7%** <sup>(1)</sup> | **COMMON STOCKS – 94.7%** <sup>(1)</sup> |
| **Brazil – 3.1%** | **Brazil – 3.1%** | **Brazil – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambev S.A. | 985860 | $2412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B3 S.A. - Brasil Bolsa Balcao | 1109995 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco S.A.\* | 356277 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual S.A.\* | 249100 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco do Brasil S.A. | 354988 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB Seguridade Participacoes S.A. | 142001 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRF S.A.\* | 112600 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caixa Seguridade Participacoes S/A | 130500 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras S.A. | 251400 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado <br> de Sao Paulo S.A.B.ESP<br>| 101371 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPFL Energia S.A. | 50400 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer S.A. | 152200 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energisa S/A | 53900 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eneva S.A.\* | 181800 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engie Brasil Energia S.A. | 38347 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equatorial Energia S.A. | 253755 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klabin S.A. | 175975 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Localiza Rent a Car S.A.\* | 189184 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motiva Infraestrutura de Mobilidade <br> S.A.<br>| 195700 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natura & Co. Holding S.A.\* | 215901 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A\* | 676120 | 9276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro S.A. - Petrobras | 782334 | 4896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIO S.A.\* | 187100 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raia Drogasil S.A. | 276027 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rede D'Or Sao Luiz S.A.\* | 176900 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rumo S.A. | 261794 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzano S.A.\* | 142885 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonica Brasil S.A.\* | 173480 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIM S.A. | 175295 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTVS S.A.\* | 119955 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes S.A. | 168948 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale S.A. | 766113 | 7431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vibra Energia S.A. | 200700 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEG S.A. | 360948 | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XP, Inc., Class A | 79448 | 1605 |
|  |  | **59626** |
| **Chile – 0.4%** | **Chile – 0.4%** | **Chile – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco de Chile | 9659972 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones S.A. | 18516 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander Chile | 14256329 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencosud S.A. | 277547 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empresas CMPC S.A. | 265940 | 406 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Chile – 0.4%continued** | **Chile – 0.4%continued** | **Chile – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empresas Copec S.A. | 88928 | $606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel Americas S.A. | 4113859 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel Chile S.A. | 5939190 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Falabella S.A. | 130246 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group S.A. | 45988122 | 931 |
|  |  | **7558** |
| **China – 27.4%** | **China – 27.4%** | **China – 27.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 Security Technology, Inc., Class A | 89800 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 Interactive Entertainment Network <br> Technology Group Co. Ltd., Class A<br>| 24100 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAC Technologies Holdings, Inc. | 163500 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelink Technologies Co. Ltd., Class A | 11600 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research Shanghai, Inc., Class A | 3200 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro-Fabrication <br> Equipment, Inc. China, Class A\*<br>| 7398 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECC Aviation Power Co. Ltd., Class A | 36300 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd., Class A | 1136900 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd., Class H | 5915367 | 4226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aier Eye Hospital Group Co. Ltd., <br> Class A<br>| 124676 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air China Ltd., Class A\* | 124200 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airtac International Group | 29765 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akeso, Inc.\* | 134000 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Class W | 3651680 | 51823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Health Information Technology <br> Ltd.\*<br>| 1156000 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd., Class A | 145900 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd., Class H | 847435 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amlogic Shanghai Co. Ltd., Class A\* | 6175 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Yeast Co. Ltd., Class A | 9100 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd., Class A | 47700 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd., Class H | 253575 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Gujing Distillery Co. Ltd., Class A | 5400 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Gujing Distillery Co. Ltd., Class B | 25100 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Jianghuai Automobile Group <br> Corp. Ltd., Class A<br>| 31500 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Yingjia Distillery Co. Ltd., Class A | 9500 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anker Innovations Technology Co. Ltd., <br> Class A<br>| 5330 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANTA Sports Products Ltd. | 264432 | 3190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APT Medical, Inc., Class A | 2900 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autohome, Inc. ADR | 15608 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avary Holding Shenzhen Co. Ltd., <br> Class A<br>| 25000 | 112 |

---

NORTHERN FUNDS QUARTERLY REPORT **14** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AviChina Industry & Technology Co. <br> Ltd., Class H<br>| 554313 | $312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVICOPTER PLC, Class A | 9300 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAIC BluePark New Energy Technology <br> Co. Ltd., Class A\*<br>| 57600 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., Class A\* | 468232 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Beijing Co. Ltd., Class A | 267900 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Changsha Co. Ltd., Class A | 50200 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Chengdu Co. Ltd., Class A | 57700 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of China Ltd., Class A | 427900 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of China Ltd., Class H | 15158652 | 8820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd., <br> Class A<br>| 687400 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd., <br> Class H<br>| 1849117 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Hangzhou Co. Ltd., Class A | 81220 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Jiangsu Co. Ltd., Class A | 235544 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Nanjing Co. Ltd., Class A | 129396 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Ningbo Co. Ltd., Class A | 79350 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Shanghai Co. Ltd., Class A | 159071 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Suzhou Co. Ltd., Class A | 26200 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baoshan Iron & Steel Co. Ltd., Class A | 263296 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Enlight Media Co. Ltd., Class A | 36500 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Enterprises Holdings Ltd. | 109771 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Enterprises Water Group Ltd. | 833886 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Kingsoft Office Software, Inc., <br> Class A<br>| 5789 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing New Building Materials PLC, <br> Class A<br>| 19900 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Oriental Yuhong Waterproof <br> Technology Co. Ltd., Class A<br>| 15500 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Roborock Technology Co. Ltd., <br> Class A<br>| 2651 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Tiantan Biological Products <br> Corp. Ltd., Class A<br>| 30000 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Tong Ren Tang Co. Ltd., Class A | 17800 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Wantai Biological Pharmacy <br> Enterprise Co. Ltd., Class A\*<br>| 11158 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Yanjing Brewery Co. Ltd., <br> Class A<br>| 31300 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing-Shanghai High Speed Railway <br> Co. Ltd., Class A<br>| 633500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BeOne Medicines Ltd.\* | 179734 | 3380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bestechnic Shanghai Co. Ltd., Class A | 1592 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bethel Automotive Safety Systems Co. <br> Ltd., Class A<br>| 8120 | 60 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilibili, Inc., Class Z\* | 48811 | $1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOC Aviation Ltd. | 45100 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOC International China Co. Ltd., <br> Class A<br>| 28600 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOE Technology Group Co. Ltd., <br> Class A<br>| 535700 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bosideng International Holdings Ltd. | 1034000 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class A | 23000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class H | 783596 | 12264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Electronic International Co. Ltd. | 164000 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&D International Investment Group <br> Ltd.<br>| 150814 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caitong Securities Co. Ltd., Class A | 58910 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambricon Technologies Corp. Ltd., <br> Class A\*<br>| 5731 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Securities Co. Ltd., Class A | 24400 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOOP Group Co. Ltd., Class A\* | 289800 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGN Power Co. Ltd., Class A | 120000 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGN Power Co. Ltd., Class H | 2339000 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changchun High-Tech Industry Group <br> Co. Ltd., Class A\*<br>| 5100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changjiang Securities Co. Ltd., Class A | 97000 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changzhou Xingyu Automotive Lighting <br> Systems Co. Ltd., Class A<br>| 4000 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chaozhou Three-Circle Group Co. Ltd., <br> Class A<br>| 27200 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd., <br> Class A<br>| 25500 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China CITIC Bank Corp. Ltd., Class H | 1788286 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Coal Energy Co. Ltd., Class H | 469000 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Communications Services Corp. <br> Ltd., Class H<br>| 527035 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank Corp., Class A | 276600 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank Corp., <br> Class H<br>| 20458693 | 20672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China CSSC Holdings Ltd., Class A | 50200 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Eastern Airlines Corp. Ltd., <br> Class A\*<br>| 136500 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Energy Engineering Corp. Ltd., <br> Class A<br>| 430300 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd., Class A | 529400 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Everbright Bank Co. Ltd., Class H | 712000 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Feihe Ltd. | 788000 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Galaxy Securities Co. Ltd., <br> Class A<br>| 101300 | 242 |

---

EQUITY FUNDS **15** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Galaxy Securities Co. Ltd., <br> Class H<br>| 782000 | $880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Gas Holdings Ltd. | 530095 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Great Wall Securities Co. Ltd., <br> Class A<br>| 59100 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Greatwall Technology Group <br> Co. Ltd., Class A\*<br>| 19700 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Hongqiao Group Ltd. | 618000 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Huishan Dairy Holdings Co. <br> Ltd.<sup>(2) \*</sup> <br>| 1922380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China International Capital Corp. Ltd., <br> Class A<br>| 46800 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China International Capital Corp. Ltd., <br> Class H<br>| 322800 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Jushi Co. Ltd., Class A | 52822 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd., Class A | 35600 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd., Class H | 1557544 | 3749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Literature Ltd.\* | 87600 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Longyuan Power Group Corp. <br> Ltd., Class H<br>| 703473 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd. | 645870 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., Class A | 268879 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd., <br> Class H<br>| 834933 | 5844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Energy Shipping Co. <br> Ltd., Class A<br>| 109700 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Expressway Network <br> & Technology Holdings Co. Ltd., <br> Class A<br>| 84400 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Port Holdings Co. Ltd. | 244067 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Securities Co. Ltd., <br> Class A<br>| 88110 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Shekou Industrial <br> Zone Holdings Co. Ltd., Class A<br>| 151800 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd., <br> Class A<br>| 466840 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd., <br> Class H<br>| 1401154 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China National Building Material Co. <br> Ltd., Class H<br>| 691943 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China National Chemical Engineering <br> Co. Ltd., Class A<br>| 73800 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China National Nuclear Power Co. <br> Ltd., Class A<br>| 271098 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China National Software & Service Co. <br> Ltd., Class A\*<br>| 10400 | 68 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Northern Rare Earth Group <br> High-Tech Co. Ltd., Class A<br>| 46900 | $163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Oilfield Services Ltd., Class H | 330757 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Overseas Land & Investment Ltd. | 786695 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., <br> Class A<br>| 82700 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., <br> Class H<br>| 570137 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Petroleum & Chemical Corp., <br> Class A<br>| 372000 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Petroleum & Chemical Corp., <br> Class H<br>| 5020628 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Power International Development <br> Ltd.<br>| 947000 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Railway Group Ltd., Class A | 257500 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Railway Group Ltd., Class H | 990827 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Railway Signal & <br> Communication Corp. Ltd., Class A<br>| 110341 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Rare Earth Resources And <br> Technology Co. Ltd., Class A\*<br>| 14300 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Beer Holdings Co. Ltd. | 330448 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Gas Group Ltd. | 197658 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Land Ltd. | 667432 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Microelectronics Ltd., <br> Class A<br>| 10019 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Mixc Lifestyle Services <br> Ltd.<br>| 136200 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Pharmaceutical Group <br> Ltd.<br>| 331500 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Power Holdings Co. <br> Ltd.<br>| 437735 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Sanjiu Medical & <br> Pharmaceutical Co. Ltd., Class A<br>| 24843 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Ruyi Holdings Ltd.\* | 1980000 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd., <br> Class A<br>| 89300 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd., <br> Class H<br>| 713636 | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Southern Airlines Co. Ltd., <br> Class A\*<br>| 149900 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China State Construction Engineering <br> Corp. Ltd., Class A<br>| 534280 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China State Construction International <br> Holdings Ltd.<br>| 421600 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Taiping Insurance Holdings Co. <br> Ltd.<br>| 276104 | 540 |

---

NORTHERN FUNDS QUARTERLY REPORT **16** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Three Gorges Renewables <br> Group Co. Ltd., Class A<br>| 438000 | $260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Tourism Group Duty Free Corp. <br> Ltd., Class A<br>| 30000 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Tower Corp. Ltd., Class H | 910800 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China United Network Communications <br> Ltd., Class A<br>| 436900 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class A\* | 108300 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class H\* | 536672 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China XD Electric Co. Ltd., Class A | 84400 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Yangtze Power Co. Ltd., Class A | 318500 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Zheshang Bank Co. Ltd., Class A | 252330 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chongqing Brewery Co. Ltd., Class A | 5300 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chongqing Changan Automobile Co. <br> Ltd., Class A\*<br>| 104368 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. <br> Ltd., Class A<br>| 121400 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. <br> Ltd., Class H<br>| 457000 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chongqing Zhifei Biological Products <br> Co. Ltd., Class A<br>| 31950 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chow Tai Fook Jewellery Group Ltd.<sup>†</sup> <br>| 426200 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIC Ltd. | 868803 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citic Pacific Special Steel Group Co. <br> Ltd., Class A<br>| 14600 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIC Securities Co. Ltd., Class A | 146645 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIC Securities Co. Ltd., Class H | 329400 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMOC Group Ltd., Class A | 236400 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMOC Group Ltd., Class H | 828000 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNGR Advanced Material Co. Ltd., <br> Class A<br>| 10502 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNPC Capital Co. Ltd., Class A | 123100 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd., Class A<br>| 56740 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd., Class H\*<br>| 18000 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COSCO SHIPPING Energy <br> Transportation Co. Ltd., Class A<br>| 75500 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd., <br> Class A<br>| 165880 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd., <br> Class H<br>| 622150 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRRC Corp. Ltd., Class A | 266600 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRRC Corp. Ltd., Class H | 956000 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Financial Co. Ltd., Class A | 53600 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSI Solar Co. Ltd., Class A | 44662 | 57 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSPC Innovation Pharmaceutical Co. <br> Ltd., Class A<br>| 15120 | $110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSPC Pharmaceutical Group Ltd. | 1735360 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daqin Railway Co. Ltd., Class A | 287800 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Datang International Power Generation <br> Co. Ltd., Class A<br>| 170500 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dong-E-E-Jiao Co. Ltd., Class A | 10100 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dongfang Electric Corp. Ltd., Class A | 33800 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dongxing Securities Co. Ltd., Class A | 50400 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Money Information Co. Ltd., <br> Class A<br>| 190224 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastroc Beverage Group Co. Ltd., <br> Class A<br>| 7320 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecovacs Robotics Co. Ltd., Class A | 8100 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empyrean Technology Co. Ltd., Class A | 6300 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | 173379 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENN Natural Gas Co. Ltd., Class A | 31600 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eoptolink Technology, Inc. Ltd., Class A | 15120 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eve Energy Co. Ltd., Class A | 27496 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbright Securities Co. Ltd., Class A | 49998 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everdisplay Optronics Shanghai Co. <br> Ltd., Class A\*<br>| 140978 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Far East Horizon Ltd. | 415000 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flat Glass Group Co. Ltd., Class A | 23600 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Media Information Technology <br> Co. Ltd., Class A<br>| 208900 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foshan Haitian Flavouring & Food Co. <br> Ltd., Class A<br>| 61158 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fosun International Ltd. | 546865 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founder Securities Co. Ltd., Class A | 63300 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foxconn Industrial Internet Co. Ltd., <br> Class A<br>| 172600 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., <br> Class A<br>| 24792 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., <br> Class H<br>| 130000 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GalaxyCore, Inc., Class A | 6580 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd., <br> Class A<br>| 17840 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCL Technology Holdings Ltd.\* | 4868000 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GD Power Development Co. Ltd., <br> Class A<br>| 242200 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geely Automobile Holdings Ltd. | 1287641 | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEM Co. Ltd., Class A | 61100 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genscript Biotech Corp.\* | 260000 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GF Securities Co. Ltd., Class A | 72793 | 171 |

---

EQUITY FUNDS **17** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Giant Biogene Holding Co. Ltd. | 68000 | $501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GigaDevice Semiconductor, Inc., <br> Class A\*<br>| 8880 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoerTek, Inc., Class A | 41300 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldwind Science & Technology Co. <br> Ltd., Class A<br>| 42100 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goneo Group Co. Ltd., Class A | 12299 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gotion High-tech Co. Ltd., Class A | 24200 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Wall Motor Co. Ltd., Class A | 35500 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Wall Motor Co. Ltd., Class H\* | 519796 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gree Electric Appliances, Inc. of <br> Zhuhai, Class A<br>| 38800 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GRG Banking Equipment Co. Ltd., <br> Class A<br>| 43100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangdong Haid Group Co. Ltd., <br> Class A<br>| 22400 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. | 570514 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guanghui Energy Co. Ltd., Class A | 80900 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangzhou Automobile Group Co. <br> Ltd., Class A<br>| 68100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangzhou Baiyunshan <br> Pharmaceutical Holdings Co. Ltd., <br> Class A<br>| 19400 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangzhou Haige Communications <br> Group, Inc. Co., Class A<br>| 40500 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangzhou Tinci Materials Technology <br> Co. Ltd., Class A<br>| 22180 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guolian Minsheng Securities Co. Ltd., <br> Class A<br>| 76700 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guosen Securities Co. Ltd., Class A | 81200 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guotai Haitong Securities Co. Ltd. | 179838 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guotai Haitong Securities Co. Ltd., <br> Class H<br>| 378148 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guoyuan Securities Co. Ltd., Class A | 47460 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H World Group Ltd. ADR | 41973 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haidilao International Holding Ltd. | 377000 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class A | 72497 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd., Class H | 501000 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hainan Airlines Holding Co. Ltd., <br> Class A\*<br>| 575800 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hainan Airport Infrastructure Co. Ltd., <br> Class A\*<br>| 122100 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haisco Pharmaceutical Group Co. Ltd., <br> Class A<br>| 12400 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haitian International Holdings Ltd. | 139000 | 360 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hangzhou First Applied Material Co. <br> Ltd., Class A<br>| 34659 | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hangzhou Silan Microelectronics Co. <br> Ltd., Class A<br>| 17200 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hangzhou Tigermed Consulting Co. <br> Ltd., Class A<br>| 6500 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group Co. Ltd. | 246000 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hebei Yangyuan Zhihui Beverage Co. <br> Ltd., Class A<br>| 10500 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henan Shenhuo Coal Industry & <br> Electricity Power Co. Ltd., Class A<br>| 34200 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henan Shuanghui Investment & <br> Development Co. Ltd., Class A<br>| 47600 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hengan International Group Co. Ltd. | 148898 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hengli Petrochemical Co. Ltd., Class A | 104160 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hengtong Optic-electric Co. Ltd., <br> Class A<br>| 37800 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hisense Home Appliances Group Co. <br> Ltd., Class H<br>| 61000 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hithink RoyalFlush Information Network <br> Co. Ltd., Class A<br>| 5600 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HLA Group Corp. Ltd., Class A | 53800 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoshine Silicon Industry Co. Ltd., <br> Class A<br>| 10900 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hua Hong Semiconductor Ltd. | 140000 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huadian Power International Corp. Ltd., <br> Class A<br>| 84100 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huadong Medicine Co. Ltd., Class A | 22720 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huafon Chemical Co. Ltd., Class A | 50400 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huagong Tech Co. Ltd., Class A | 10600 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaibei Mining Holdings Co. Ltd., <br> Class A<br>| 33900 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hualan Biological Engineering, Inc., <br> Class A<br>| 26070 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaneng Lancang River Hydropower, <br> Inc., Class A<br>| 76100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaneng Power International, Inc., <br> Class A<br>| 85800 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaneng Power International, Inc., <br> Class H<br>| 902501 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaqin Technology Co. Ltd., Class A | 11000 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd., Class A | 74200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd., Class H | 300800 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaxia Bank Co. Ltd., Class A | 156390 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huayu Automotive Systems Co. Ltd., <br> Class A<br>| 42200 | 104 |

---

NORTHERN FUNDS QUARTERLY REPORT **18** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huizhou Desay Sv Automotive Co. Ltd., <br> Class A<br>| 4100 | $59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humanwell Healthcare Group Co. Ltd., <br> Class A<br>| 22400 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hunan Valin Steel Co. Ltd., Class A | 101900 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hundsun Technologies, Inc., Class A | 26145 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hwatsing Technology Co. Ltd., Class A | 2541 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hygon Information Technology Co. Ltd., <br> Class A<br>| 33132 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IEIT Systems Co. Ltd., Class A | 17856 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iflytek Co. Ltd., Class A | 24300 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imeik Technology Development Co. <br> Ltd., Class A<br>| 4200 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China <br> Ltd., Class A<br>| 808600 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China <br> Ltd., Class H<br>| 13876023 | 11009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank Co. Ltd., Class A | 275200 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Securities Co. Ltd., Class A | 126400 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingenic Semiconductor Co. Ltd., Class A | 4200 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia BaoTou Steel Union <br> Co. Ltd., Class A<br>| 580400 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Dian Tou Energy Corp. <br> Ltd., Class A<br>| 29200 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Junzheng Energy & <br> Chemical Industry Group Co. Ltd., <br> Class A<br>| 56100 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Yili Industrial Group <br> Co. Ltd., Class A<br>| 77900 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Yitai Coal Co. Ltd., <br> Class B<br>| 206900 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovent Biologics, Inc.\* | 258500 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isoftstone Information Technology <br> Group Co. Ltd., Class A<br>| 10100 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JA Solar Technology Co. Ltd., Class A\* | 41916 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JCET Group Co. Ltd., Class A | 21700 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD Health International, Inc.\* | 240550 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD Logistics, Inc.\* | 392900 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc., Class A | 515016 | 8397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Eastern Shenghong Co. Ltd., <br> Class A\*<br>| 89900 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Expressway Co. Ltd., Class H | 260000 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hengli Hydraulic Co. Ltd., <br> Class A<br>| 16468 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd., Class A<br>| 84285 | 612 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hoperun Software Co. Ltd., <br> Class A\*<br>| 4800 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu King's Luck Brewery JSC Ltd., <br> Class A<br>| 11300 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Phoenix Publishing & Media <br> Corp. Ltd., Class A<br>| 34400 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Yanghe Distillery Co. Ltd., <br> Class A<br>| 23800 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Yoke Technology Co. Ltd., <br> Class A<br>| 7700 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Yuyue Medical Equipment & <br> Supply Co. Ltd., Class A<br>| 10000 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Zhongtian Technology Co. Ltd., <br> Class A<br>| 40200 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangxi Copper Co. Ltd., Class A | 33099 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jiangxi Copper Co. Ltd., Class H | 240000 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jinduicheng Molybdenum Co. Ltd., <br> Class A<br>| 33100 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jinko Solar Co. Ltd., Class A\* | 139783 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juneyao Airlines Co. Ltd., Class A | 25900 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kangmei Pharmaceutical Co. Ltd.<sup>(2) \*</sup> <br>| 4749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kanzhun Ltd. ADR\* | 63404 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc., Class A | 444543 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingdee International Software Group <br> Co. Ltd.\*<br>| 666000 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingsoft Corp. Ltd. | 201503 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuaishou Technology\* | 561300 | 4542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuang-Chi Technologies Co. Ltd., <br> Class A<br>| 32000 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kunlun Energy Co. Ltd. | 833230 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kunlun Tech Co. Ltd., Class A\* | 13900 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kweichow Moutai Co. Ltd., Class A | 15795 | 3114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LB Group Co. Ltd., Class A | 29400 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group Ltd. | 1706000 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lens Technology Co. Ltd., Class A | 60300 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Li Auto, Inc., Class A\* | 262130 | 3566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Li Ning Co. Ltd. | 471000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liaoning Port Co. Ltd., Class A | 253500 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lingyi iTech Guangdong Co., Class A | 107200 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Longfor Group Holdings Ltd. | 433669 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LONGi Green Energy Technology Co. <br> Ltd., Class A<br>| 97669 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loongson Technology Corp. Ltd., <br> Class A\*<br>| 4400 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxshare Precision Industry Co. Ltd., <br> Class A<br>| 88905 | 432 |

---

EQUITY FUNDS **19** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luzhou Laojiao Co. Ltd., Class A | 21300 | $338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mango Excellent Media Co. Ltd., <br> Class A<br>| 22070 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxscend Microelectronics Co. Ltd., <br> Class A<br>| 6780 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meihua Holdings Group Co. Ltd., <br> Class A<br>| 45200 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B\* | 1053818 | 16865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metallurgical Corp. of China Ltd., <br> Class A<br>| 198300 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midea Group Co. Ltd., Class A | 45700 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midea Group Co. Ltd., Class H | 80200 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MINISO Group Holding Ltd., Class A | 92836 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MMG Ltd.\* | 936000 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montage Technology Co. Ltd., Class A | 13959 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muyuan Foods Co. Ltd., Class A | 61578 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nanjing Iron & Steel Co. Ltd., Class A | 152700 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nanjing Securities Co. Ltd., Class A | 49300 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NARI Technology Co. Ltd., Class A | 98506 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Silicon Industry Group Co. <br> Ltd., Class A<br>| 24987 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAURA Technology Group Co. Ltd., <br> Class A<br>| 6300 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. | 371375 | 10017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd., <br> Class A<br>| 26400 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd., <br> Class H<br>| 193052 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Liuhe Co. Ltd., Class A\* | 63200 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Oriental Education & Technology <br> Group, Inc.<br>| 253720 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexchip Semiconductor Corp., Class A | 24199 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ninestar Corp., Class A\* | 19800 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ningbo Deye Technology Co. Ltd., <br> Class A<br>| 9934 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ningbo Orient Wires & Cables Co. <br> Ltd., Class A<br>| 9200 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ningbo Sanxing Medical Electric Co. <br> Ltd., Class A<br>| 4700 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ningbo Tuopu Group Co. Ltd., Class A | 21795 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ningxia Baofeng Energy Group Co. <br> Ltd., Class A<br>| 85100 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIO, Inc., Class A\* | 333876 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nongfu Spring Co. Ltd., Class H | 418000 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFILM Group Co. Ltd., Class A\* | 51700 | 86 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniVision Integrated Circuits Group, <br> Inc.<br>| 13835 | $246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oppein Home Group, Inc., Class A | 6220 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orient Securities Co. Ltd., Class A | 102839 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc. ADR\* | 146999 | 15385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Insurance Co. Group of China <br> (The) Ltd., Class A<br>| 152500 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Insurance Co. Group of China <br> (The) Ltd., Class H<br>| 1840535 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetroChina Co. Ltd., Class A | 251000 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetroChina Co. Ltd., Class H | 4469438 | 3838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaron Beijing Co. Ltd., Class A | 19125 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd., <br> Class H<br>| 1457359 | 2828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping An Bank Co. Ltd., Class A | 252400 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China <br> Ltd., Class A<br>| 133835 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China <br> Ltd., Class H<br>| 1415406 | 9011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piotech, Inc., Class A | 4201 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poly Developments and Holdings <br> Group Co. Ltd., Class A<br>| 158200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pop Mart International Group Ltd. | 115400 | 3920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., <br> Class A<br>| 344500 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., <br> Class H<br>| 1887000 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Construction Corp. of China Ltd., <br> Class A<br>| 233100 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qifu Technology, Inc. ADR | 23366 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qinghai Salt Lake Industry Co. Ltd., <br> Class A\*<br>| 69700 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Range Intelligent Computing <br> Technology Group Co. Ltd., Class A<br>| 13700 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockchip Electronics Co. Ltd., Class A | 5300 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rongsheng Petrochemical Co. Ltd., <br> Class A<br>| 129100 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAIC Motor Corp. Ltd., Class A | 97593 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sailun Group Co. Ltd., Class A | 48300 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanan Optoelectronics Co. Ltd., <br> Class A<br>| 39500 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sany Heavy Industry Co. Ltd., Class A | 116800 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Satellite Chemical Co. Ltd., Class A | 43761 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDIC Capital Co. Ltd., Class A | 83900 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDIC Power Holdings Co. Ltd., Class A | 107000 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seres Group Co. Ltd., Class A | 20400 | 384 |

---

NORTHERN FUNDS QUARTERLY REPORT **20** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SF Holding Co. Ltd., Class A | 54500 | $372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Micro Corp., Class A | 7605 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shaanxi Coal Industry Co. Ltd., Class A | 128700 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Gold Mining Co. Ltd., <br> Class A<br>| 45937 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Gold Mining Co. Ltd., <br> Class H<br>| 160500 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Himile Mechanical Science <br> & Technology Co. Ltd., Class A<br>| 11800 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Hualu Hengsheng Chemical <br> Co. Ltd., Class A<br>| 27340 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Nanshan Aluminum Co. Ltd., <br> Class A<br>| 175400 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Sun Paper Industry JSC Ltd., <br> Class A<br>| 32500 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shandong Weigao Group Medical <br> Polymer Co. Ltd., Class H<br>| 587316 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., <br> Class A<br>| 24480 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., <br> Class B<br>| 162433 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai BOCHU Electronic <br> Technology Corp. Ltd., Class A<br>| 4236 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Electric Group Co. Ltd., <br> Class A\*<br>| 161200 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group <br> Co. Ltd., Class A<br>| 25300 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai International Airport Co. Ltd., <br> Class A<br>| 17200 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai M&G Stationery, Inc., <br> Class A<br>| 10400 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Pharmaceuticals Holding Co. <br> Ltd., Class A<br>| 37200 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Pudong Development Bank <br> Co. Ltd., Class A<br>| 383892 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Putailai New Energy <br> Technology Co. Ltd., Class A<br>| 25752 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai RAAS Blood Products Co. <br> Ltd., Class A<br>| 94600 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Rural Commercial Bank Co. <br> Ltd., Class A<br>| 113200 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai United Imaging Healthcare <br> Co. Ltd., Class A<br>| 10770 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| 16700 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanjin International Gold Co. Ltd., <br> Class A<br>| 38800 | 103 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanxi Coking Coal Energy Group Co. <br> Ltd., Class A<br>| 79120 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanxi Lu'an Environmental Energy <br> Development Co. Ltd., Class A<br>| 36200 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanxi Xinghuacun Fen Wine Factory <br> Co. Ltd., Class A<br>| 17160 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenergy Co. Ltd., Class A | 41700 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shengyi Technology Co. Ltd., Class A | 26300 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shennan Circuits Co. Ltd., Class A | 9724 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenwan Hongyuan Group Co. Ltd., <br> Class A<br>| 221000 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Goodix Technology Co. Ltd., <br> Class A<br>| 5000 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology Co. <br> Ltd., Class A<br>| 18900 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co. Ltd., Class A<br>| 14100 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen New Industries Biomedical <br> Engineering Co. Ltd., Class A<br>| 9800 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Salubris Pharmaceuticals Co. <br> Ltd., Class A<br>| 17700 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Transsion Holdings Co. Ltd., <br> Class A<br>| 14547 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhou International Group Holdings <br> Ltd.<br>| 169400 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Biokin Pharmaceutical Co. Ltd., <br> Class A\*<br>| 3600 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Changhong Electric Co. Ltd., <br> Class A<br>| 33900 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Chuantou Energy Co. Ltd., <br> Class A<br>| 56000 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Kelun Pharmaceutical Co. Ltd., <br> Class A<br>| 23200 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sichuan Road and Bridge Group Co. <br> Ltd., Class A<br>| 101600 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sieyuan Electric Co. Ltd., Class A | 11000 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silergy Corp. | 69000 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinolink Securities Co. Ltd., Class A | 33900 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinopharm Group Co. Ltd., Class H | 265914 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinotruk Hong Kong Ltd. | 148500 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smoore International Holdings Ltd. | 409000 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SooChow Securities Co. Ltd., Class A | 72343 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Securities Co. Ltd., Class A | 103600 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spring Airlines Co. Ltd., Class A | 15800 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sungrow Power Supply Co. Ltd., <br> Class A<br>| 28000 | 264 |

---

EQUITY FUNDS **21** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunny Optical Technology Group Co. <br> Ltd.<br>| 145525 | $1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunwoda Electronic Co. Ltd., Class A | 17800 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUPCON Technology Co. Ltd., Class A | 8381 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzhou Dongshan Precision <br> Manufacturing Co. Ltd., Class A<br>| 25700 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzhou TFC Optical Communication <br> Co. Ltd., Class A<br>| 8820 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAL Education Group ADR\* | 85509 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBEA Co. Ltd., Class A | 68490 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCL Technology Group Corp., Class A | 266410 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCL Zhonghuan Renewable Energy <br> Technology Co. Ltd., Class A<br>| 52750 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 1367889 | 87856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group <br> ADR<br>| 161723 | 3152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tianfeng Securities Co. Ltd., Class A\* | 117500 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tianqi Lithium Corp., Class A\* | 19000 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tianshan Aluminum Group Co. Ltd., <br> Class A<br>| 22000 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tianshui Huatian Technology Co. Ltd., <br> Class A<br>| 46700 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tingyi Cayman Islands Holding Corp. | 426435 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tongcheng Travel Holdings Ltd. | 284400 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TongFu Microelectronics Co. Ltd., <br> Class A<br>| 22400 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tongling Nonferrous Metals Group Co. <br> Ltd., Class A<br>| 159700 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tongwei Co. Ltd., Class A\* | 62300 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TravelSky Technology Ltd., Class H | 200000 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trina Solar Co. Ltd., Class A\* | 28251 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. | 131023 | 7632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class A | 8300 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class H | 125767 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unigroup Guoxin Microelectronics Co. <br> Ltd., Class A<br>| 10479 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unisplendour Corp. Ltd., Class A | 32948 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verisilicon Microelectronics Shanghai <br> Co. Ltd., Class A\*<br>| 5556 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Giant Technology Huizhou Co. <br> Ltd., Class A<br>| 13100 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vipshop Holdings Ltd. ADR | 66524 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wanhua Chemical Group Co. Ltd., <br> Class A<br>| 40800 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Want Want China Holdings Ltd. | 996870 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd., Class A | 107100 | 231 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weichai Power Co. Ltd., Class H | 403812 | $822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wens Foodstuff Group Co. Ltd., Class A | 82200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Mining Co. Ltd., Class A | 37500 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Securities Co. Ltd., Class A | 61100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Superconducting Technologies <br> Co. Ltd., Class A<br>| 8653 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wingtech Technology Co. Ltd., Class A | 14600 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wintime Energy Group Co. Ltd., <br> Class A<br>| 307400 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wuhan Guide Infrared Co. Ltd., <br> Class A\*<br>| 42825 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wuliangye Yibin Co. Ltd., Class A | 51900 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WUS Printed Circuit Kunshan Co. Ltd., <br> Class A<br>| 28180 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class A | 26792 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class H | 70811 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wuxi Biologics Cayman, Inc.\* | 742500 | 2432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XCMG Construction Machinery Co. <br> Ltd., Class A<br>| 159500 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiamen C & D, Inc., Class A | 40800 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiamen Tungsten Co. Ltd., Class A | 21200 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp., Class B\* | 3629600 | 27972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xinjiang Daqo New Energy Co. Ltd., <br> Class A\*<br>| 19509 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xinyi Solar Holdings Ltd. | 1104318 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPeng, Inc., Class A\* | 259258 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yadea Group Holdings Ltd. | 264000 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankuang Energy Group Co. Ltd., <br> Class A<br>| 72215 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yankuang Energy Group Co. Ltd., <br> Class H<br>| 728919 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yantai Jereh Oilfield Services Group <br> Co. Ltd., Class A<br>| 15500 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yealink Network Technology Corp. Ltd., <br> Class A<br>| 18440 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yifeng Pharmacy Chain Co. Ltd., <br> Class A<br>| 16029 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yihai Kerry Arawana Holdings Co. Ltd., <br> Class A<br>| 20200 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yonghui Superstores Co. Ltd., Class A\* | 154400 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yonyou Network Technology Co. Ltd., <br> Class A\*<br>| 42835 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Youngor Fashion Co. Ltd., Class A | 47400 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YTO Express Group Co. Ltd., Class A | 41800 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. | 80628 | 3605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yunnan Aluminium Co. Ltd., Class A | 34600 | 77 |

---

NORTHERN FUNDS QUARTERLY REPORT **22** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yunnan Baiyao Group Co. Ltd., Class A | 21500 | $168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yunnan Chihong Zinc&Germanium Co. <br> Ltd., Class A<br>| 68200 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yunnan Energy New Material Co. Ltd., <br> Class A\*<br>| 11400 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yunnan Yuntianhua Co. Ltd., Class A | 22300 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yutong Bus Co. Ltd., Class A | 28500 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zangge Mining Co. Ltd., Class A | 18500 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhangzhou Pientzehuang <br> Pharmaceutical Co. Ltd., Class A<br>| 7493 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhaojin Mining Industry Co. Ltd., <br> Class H<br>| 367000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang China Commodities City <br> Group Co. Ltd., Class A<br>| 86100 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Chint Electrics Co. Ltd., <br> Class A<br>| 28994 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Dahua Technology Co. Ltd., <br> Class A<br>| 50900 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Expressway Co. Ltd., Class H | 380625 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Huayou Cobalt Co. Ltd., <br> Class A<br>| 21715 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Jingsheng Mechanical & <br> Electrical Co. Ltd., Class A<br>| 17200 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Juhua Co. Ltd., Class A | 32100 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Leapmotor Technology Co. <br> Ltd.\*<br>| 107800 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Longsheng Group Co. Ltd., <br> Class A<br>| 50300 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang NHU Co. Ltd., Class A | 42448 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls <br> Co. Ltd., Class A<br>| 18600 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Supor Co. Ltd., Class A | 12200 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Wanfeng Auto Wheel Co. <br> Ltd., Class A<br>| 31300 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Weiming Environment <br> Protection Co. Ltd., Class A<br>| 19250 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Zheneng Electric Power Co. <br> Ltd., Class A<br>| 85000 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zheshang Securities Co. Ltd., Class A | 60800 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhongji Innolight Co. Ltd., Class A | 15240 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhongjin Gold Corp. Ltd., Class A | 73900 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhongsheng Group Holdings Ltd. | 181500 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhongtai Securities Co. Ltd., Class A | 36800 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., <br> Class A<br>| 8349 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., <br> Class H<br>| 89074 | 359 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **China – 27.4%continued** | **China – 27.4%continued** | **China – 27.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd., Class A | 258900 | $713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd., Class H | 1222162 | 3111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class A<br>| 111600 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZTE Corp., Class A | 45300 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZTE Corp., Class H | 165317 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZTO Express Cayman, Inc. | 86334 | 1532 |
|  |  | **529537** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest S.A. | 53677 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interconexion Electrica S.A. ESP | 102011 | 494 |
|  |  | **1165** |
| **Czech Republic – 0.2%** | **Czech Republic – 0.2%** | **Czech Republic – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEZ A.S. | 34456 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Komercni Banka A.S. | 15971 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moneta Money Bank A.S. | 53402 | 369 |
|  |  | **3166** |
| **Egypt – 0.1%** | **Egypt – 0.1%** | **Egypt – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank - Egypt <br> (CIB)<br>| 485556 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Co. S.A.E. | 280302 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talaat Moustafa Group | 109922 | 123 |
|  |  | **1118** |
| **Greece – 0.6%** | **Greece – 0.6%** | **Greece – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Bank S.A. | 461096 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurobank Ergasias Services and <br> Holdings S.A.<br>| 546653 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FF Group<sup>(2) \*</sup> <br>| 18664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hellenic Telecommunications <br> Organization S.A.<br>| 35645 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JUMBO S.A. | 24554 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metlen Energy & Metals S.A. | 22088 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece S.A. | 184398 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPAP S.A. | 39952 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piraeus Financial Holdings S.A. | 224526 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Power Corp. S.A. | 40893 | 669 |
|  |  | **11732** |
| **Hong Kong – 0.1%** | **Hong Kong – 0.1%** | **Hong Kong – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J&T Global Express Ltd.\* | 559600 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orient Overseas International Ltd. | 29000 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sino Biopharmaceutical Ltd. | 2108750 | 1416 |
|  |  | **2394** |

---

EQUITY FUNDS **23** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Hungary – 0.3%** | **Hungary – 0.3%** | **Hungary – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MOL Hungarian Oil & Gas PLC | 82741 | $720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt. | 47716 | 3812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt. | 29707 | 876 |
|  |  | **5408** |
| **India – 17.4%** | **India – 17.4%** | **India – 17.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB India Ltd. | 11770 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adani Enterprises Ltd. | 32760 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone <br> Ltd.<br>| 114275 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adani Power Ltd.\* | 118370 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkem Laboratories Ltd. | 8933 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambuja Cements Ltd. | 124516 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APL Apollo Tubes Ltd. | 39725 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Hospitals Enterprise Ltd. | 21218 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashok Leyland Ltd. | 309386 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Paints Ltd. | 79769 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astral Ltd. | 26392 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AU Small Finance Bank Ltd. | 76811 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurobindo Pharma Ltd.\* | 57876 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avenue Supermarts Ltd.\* | 34024 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axis Bank Ltd. | 489660 | 6844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Auto Ltd. | 14661 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finance Ltd. | 596180 | 6512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finserv Ltd. | 81625 | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Holdings & Investment Ltd. | 5702 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balkrishna Industries Ltd. | 15850 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Baroda | 225154 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. | 776833 | 3820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Forge Ltd. | 52943 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Heavy Electricals Ltd. | 216900 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharat Petroleum Corp. Ltd. | 324253 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. | 546653 | 12831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bosch Ltd. | 1685 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Britannia Industries Ltd. | 23595 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSE Ltd. | 41444 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canara Bank | 420715 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CG Power & Industrial Solutions Ltd. | 128667 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cholamandalam Investment and <br> Finance Co. Ltd.<br>| 88774 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cipla Ltd. | 122578 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal India Ltd. | 382811 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive India Ltd. | 28569 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Container Corp. of India Ltd. | 56893 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coromandel International Ltd. | 25073 | 732 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **India – 17.4%continued** | **India – 17.4%continued** | **India – 17.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins India Ltd. | 29671 | $1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dabur India Ltd. | 104846 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Divi's Laboratories Ltd. | 25464 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dixon Technologies India Ltd. | 7596 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLF Ltd. | 152684 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr. Reddy's Laboratories Ltd. | 120847 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eicher Motors Ltd. | 29230 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd.\* | 1024745 | 3167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FSN E-Commerce Ventures Ltd.\* | 261663 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GAIL India Ltd. | 468598 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMR Airports Ltd.\* | 586926 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Godrej Consumer Products Ltd. | 83944 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Godrej Properties Ltd.\* | 33722 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grasim Industries Ltd. | 58019 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Havells India Ltd. | 53104 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCL Technologies Ltd. | 201857 | 4070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd. | 20505 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. | 1203769 | 28082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Life Insurance Co. Ltd. | 204099 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hero MotoCorp Ltd. | 25995 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hindalco Industries Ltd. | 287497 | 2324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hindustan Aeronautics Ltd. | 43171 | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hindustan Petroleum Corp. Ltd. | 193708 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hindustan Unilever Ltd. | 172892 | 4630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor India Ltd.\* | 34920 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. | 1121304 | 18881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Lombard General Insurance Co. <br> Ltd.<br>| 49511 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Prudential Life Insurance Co. Ltd. | 81811 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDFC First Bank Ltd.\* | 704403 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian Hotels (The) Co. Ltd. | 179648 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian Oil Corp. Ltd. | 597544 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian Railway Catering & Tourism <br> Corp. Ltd.<br>| 55833 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indus Towers Ltd.\* | 288215 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IndusInd Bank Ltd. | 126901 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Info Edge India Ltd. | 77612 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. | 707426 | 13219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd.\* | 40743 | 2846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITC Ltd. | 632021 | 3072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jindal Stainless Ltd. | 63966 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jindal Steel & Power Ltd. | 89667 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jio Financial Services Ltd.\* | 599726 | 2286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSW Energy Ltd. | 85103 | 518 |

---

NORTHERN FUNDS QUARTERLY REPORT **24** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **India – 17.4%continued** | **India – 17.4%continued** | **India – 17.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSW Steel Ltd. | 133227 | $1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jubilant Foodworks Ltd. | 75675 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kalyan Jewellers India Ltd. | 80677 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kotak Mahindra Bank Ltd. | 230232 | 5810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larsen & Toubro Ltd. | 141936 | 6075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTIMindtree Ltd. | 14954 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lupin Ltd. | 49131 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macrotech Developers Ltd. | 64375 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | 199204 | 7397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mankind Pharma Ltd.\* | 27081 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marico Ltd. | 111045 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. | 26533 | 3835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. | 166206 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mphasis Ltd. | 21868 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRF Ltd. | 500 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. | 26992 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle India Ltd. | 70003 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NHPC Ltd. | 683150 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMDC Ltd. | 599479 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTPC Ltd. | 919257 | 3591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oberoi Realty Ltd. | 24801 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. | 651694 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil India Ltd. | 110718 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Financial Services Software Ltd. | 4149 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page Industries Ltd. | 1324 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PB Fintech Ltd.\* | 72629 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Persistent Systems Ltd. | 23689 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petronet LNG Ltd. | 169720 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Mills (The) Ltd. | 42919 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PI Industries Ltd. | 15073 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pidilite Industries Ltd. | 32717 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polycab India Ltd. | 11227 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Finance Corp. Ltd. | 320635 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Grid Corp. of India Ltd. | 976436 | 3415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Estates Projects Ltd. | 39252 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Punjab National Bank | 499223 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rail Vikas Nigam Ltd. | 103274 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REC Ltd. | 275359 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries Ltd. | 1295095 | 22668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samvardhana Motherson International <br> Ltd.<br>| 667410 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBI Cards & Payment Services Ltd. | 64881 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBI Life Insurance Co. Ltd. | 95669 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shree Cement Ltd. | 1901 | 688 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **India – 17.4%continued** | **India – 17.4%continued** | **India – 17.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shriram Finance Ltd. | 301707 | $2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Ltd. | 18626 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solar Industries India Ltd. | 5802 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sona Blw Precision Forgings Ltd. | 91488 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SRF Ltd. | 29093 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Bank of India | 373957 | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. | 203090 | 3974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sundaram Finance Ltd. | 14299 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supreme Industries Ltd. | 12481 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzlon Energy Ltd.\* | 2041179 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Communications Ltd. | 21907 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | 190870 | 7708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Consumer Products Ltd. | 125523 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Elxsi Ltd. | 7885 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Motors Ltd. | 424394 | 3407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Power (The) Co. Ltd. | 329431 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Steel Ltd. | 1582825 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tech Mahindra Ltd. | 114240 | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermax Ltd. | 9911 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Co. Ltd. | 74289 | 3197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Torrent Pharmaceuticals Ltd. | 24436 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Torrent Power Ltd. | 34695 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trent Ltd. | 38606 | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tube Investments of India Ltd. | 22712 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. | 50242 | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UltraTech Cement Ltd. | 25004 | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Bank of India Ltd. | 314763 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Spirits Ltd. | 63762 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UPL Ltd. | 95855 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varun Beverages Ltd. | 285570 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vedanta Ltd. | 281699 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Idea Ltd.\* | 6313506 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voltas Ltd. | 46141 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wipro Ltd. | 567058 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes Bank Ltd.\* | 2812527 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zydus Lifesciences Ltd. | 49166 | 569 |
|  |  | **337051** |
| **Indonesia – 1.1%** | **Indonesia – 1.1%** | **Indonesia – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamtri Resources Indonesia Tbk PT | 2678820 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amman Mineral Internasional PT\* | 1280200 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT | 4139560 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT | 11772560 | 6308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk PT | 7946220 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT | 3004318 | 765 |

---

EQUITY FUNDS **25** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Indonesia – 1.1%continued** | **Indonesia – 1.1%continued** | **Indonesia – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero Tbk PT | 14306065 | $3308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barito Pacific Tbk PT | 5141815 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chandra Asri Pacific Tbk PT | 1869400 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charoen Pokphand Indonesia Tbk PT | 1714435 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoTo Gojek Tokopedia Tbk PT\* | 179540232 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indofood CBP Sukses Makmur Tbk PT | 496300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indofood Sukses Makmur Tbk PT | 927771 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kalbe Farma Tbk PT | 4979580 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumber Alfaria Trijaya Tbk PT | 3687300 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk PT | 10501862 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Tractors Tbk PT | 283571 | 376 |
|  |  | **21666** |
| **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solidcore Resources PLC\* | 97434 | **371** |
| **Kuwait – 0.7%** | **Kuwait – 0.7%** | **Kuwait – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boubyan Bank K.S.C.P. | 342889 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Bank K.S.C.P. | 434521 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait Finance House K.S.C.P. | 2344047 | 6164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mabanee Co. KPSC | 145969 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile Telecommunications Co. <br> K.S.C.P.<br>| 418678 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Kuwait S.A.K.P. | 1777075 | 5822 |
|  |  | **14386** |
| **Luxembourg – 0.0%** | **Luxembourg – 0.0%** | **Luxembourg – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinet Investments S.C.A. | 29047 | **947** |
| **Malaysia – 1.2%** | **Malaysia – 1.2%** | **Malaysia – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMMB Holdings Bhd. | 529737 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axiata Group Bhd. | 597503 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CELCOMDIGI Bhd. | 761100 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIMB Group Holdings Bhd. | 1714217 | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gamuda Bhd. | 999900 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genting Bhd. | 474000 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Leong Bank Bhd. | 135598 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHH Healthcare Bhd. | 475900 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IOI Corp. Bhd. | 482140 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuala Lumpur Kepong Bhd. | 105329 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malayan Banking Bhd. | 1164576 | 2699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxis Bhd. | 456351 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MISC Bhd. | 277060 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MR DIY Group M Bhd. | 582700 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle Malaysia Bhd. | 14600 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petronas Chemicals Group Bhd. | 651300 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petronas Dagangan Bhd. | 53400 | 273 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Malaysia – 1.2%continued** | **Malaysia – 1.2%continued** | **Malaysia – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petronas Gas Bhd. | 168400 | $705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPB Group Bhd. | 138700 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press Metal Aluminium Holdings Bhd. | 793400 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Bank Bhd. | 3077005 | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QL Resources Bhd. | 307275 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RHB Bank Bhd. | 396149 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SD Guthrie Bhd. | 445265 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sime Darby Bhd. | 488028 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunway Bhd. | 545600 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telekom Malaysia Bhd. | 233386 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenaga Nasional Bhd. | 568650 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YTL Corp. Bhd. | 708500 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YTL Power International Bhd. | 492200 | 466 |
|  |  | **23776** |
| **Mexico – 2.0%** | **Mexico – 2.0%** | **Mexico – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alfa S.A.B. de C.V., Class A | 826413 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America Movil S.A.B. de C.V., Class B | 3815449 | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arca Continental S.A.B. de C.V. | 111741 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex S.A.B. de C.V., Class CPO | 3153252 | 2183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa S.A.B. de C.V. | 114622 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion S.A. de C.V. | 642101 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano S.A.B. <br> de C.V.<br>| 366106 | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gruma S.A.B. de C.V., Class B | 35660 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V.<br>| 62500 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br> S.A.B. de C.V., Class B<br>| 81672 | 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V., Class B<br>| 39091 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Bimbo S.A.B. de C.V., Class A | 278454 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Carso S.A.B. de C.V., Class A1 | 126506 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Comercial Chedraui S.A. de <br> C.V.<br>| 55000 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de <br> C.V., Class O<br>| 532404 | 4886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Inbursa S.A.B. de <br> C.V., Class O<br>| 398141 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Mexico S.A.B. de C.V., Class B | 652739 | 3939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrias Penoles S.A.B. de C.V.\* | 42419 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico S.A.B. de <br> C.V., Class A<br>| 297727 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis Property Mexico S.A. de C.V. | 208972 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promotora y Operadora de <br> Infraestructura S.A.B. de C.V.<br>| 36370 | 410 |

---

NORTHERN FUNDS QUARTERLY REPORT **26** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Mexico – 2.0%continued** | **Mexico – 2.0%continued** | **Mexico – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualitas Controladora S.A.B. de C.V. | 42030 | $432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 18524 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico S.A.B. de C.V. | 1097627 | 3631 |
|  |  | **38547** |
| **Netherlands – 0.0%** | **Netherlands – 0.0%** | **Netherlands – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebius Group N.V.<sup>(2) \*</sup> <br>| 83223 | **—** |
| **Peru – 0.2%** | **Peru – 0.2%** | **Peru – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Minas Buenaventura S.A.A. <br> ADR<br>| 33461 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 14501 | 3241 |
|  |  | **3791** |
| **Philippines – 0.4%** | **Philippines – 0.4%** | **Philippines – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ayala Corp. | 52377 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ayala Land, Inc. | 1394960 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of the Philippine Islands | 441485 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BDO Unibank, Inc. | 519790 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal <br> Services, Inc.<br>| 217890 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jollibee Foods Corp. | 117233 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manila Electric Co. | 62490 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank & Trust Co. | 381169 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLDT, Inc. | 14020 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Investments Corp. | 47642 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Prime Holdings, Inc. | 2036413 | 848 |
|  |  | **8649** |
| **Poland – 1.1%** | **Poland – 1.1%** | **Poland – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu S.A.\* | 139569 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Millennium S.A.\* | 119841 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki S.A. | 39001 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Budimex S.A. | 2706 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC S.A.\* | 11370 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CD Projekt S.A. | 13795 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dino Polska S.A.\* | 10396 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KGHM Polska Miedz S.A.\* | 29719 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPP S.A. | 238 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mBank S.A.\* | 3279 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORLEN S.A. | 124001 | 2830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGE Polska Grupa Energetyczna S.A.\* | 185380 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank <br> Polski S.A.<br>| 186442 | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen S.A. | 129346 | 2268 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Poland – 1.1%continued** | **Poland – 1.1%continued** | **Poland – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Polska S.A. | 8982 | $1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zabka Group S.A.\* | 62781 | 377 |
|  |  | **21457** |
| **Qatar – 0.7%** | **Qatar – 0.7%** | **Qatar – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Al Rayan Bank | 1238645 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barwa Real Estate Co. | 512921 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Bank PSQC (The) | 663540 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dukhan Bank | 344811 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industries Qatar QSC | 307977 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesaieed Petrochemical Holding Co. | 1315480 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ooredoo QPSC | 181848 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar Electricity & Water Co. QSC | 83259 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar Fuel QSC | 115763 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar Gas Transport Co. Ltd. | 585879 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar International Islamic Bank QSC | 203079 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar Islamic Bank QPSC | 368935 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar National Bank QPSC | 989375 | 4715 |
|  |  | **13743** |
| **Romania – 0.0%** | **Romania – 0.0%** | **Romania – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEPI Rockcastle N.V.\* | 115082 | **878** |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alrosa PJSC<sup>(2) (3)</sup> <br>| 695290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC ADR<sup>(2) \*</sup> <br>| 134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile TeleSystems PJSC ADR<sup>(2) \*</sup> <br>| 121420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novatek PJSC GDR (Registered)<sup>(2) \*</sup> <br>| 24702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PhosAgro PJSC<sup>(2) (3) \*</sup> <br>| 224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyus PJSC<sup>(2) (3) \*</sup> <br>| 93590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rosneft Oil Co. PJSC<sup>(2)</sup> <br>| 318005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC<sup>(2) (3)</sup> <br>| 2882082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Moscow <br> Exchange)<sup>(2) (3)</sup> <br>| 56000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO<sup>(2) (3)</sup> <br>| 55330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO GDR (Registered)<sup>(2) (3) \*</sup> <br>| 1839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgutneftegas PAO ADR<sup>(2) (3) \*</sup> <br>| 4629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VK CO Ltd. GDR<sup>(2) (3) \*</sup> <br>| 30900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTB Bank PJSC<sup>(2) (3) \*</sup> <br>| 160113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTB Bank PJSC GDR<sup>(2) (4) \*</sup> <br>| 11036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTB Bank PJSC GDR (Registered)<sup>(2) (3) \*</sup> <br>| 43343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X5 Retail Group N.V. GDR <br> (Registered)<sup>(2) (3) \*</sup> <br>| 32705 |  |
|  |  | **—** |
| **Saudi Arabia – 3.4%** | **Saudi Arabia – 3.4%** | **Saudi Arabia – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACWA Power Co.\* | 31094 | 2123 |

---

EQUITY FUNDS **27** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Saudi Arabia – 3.4%continued** | **Saudi Arabia – 3.4%continued** | **Saudi Arabia – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ades Holding Co. | 73467 | $268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank | 417740 | 10558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Co. for Co-operative <br> Insurance\*<br>| 8952 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alinma Bank | 258978 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Almarai Co. JSC | 100763 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arab National Bank | 191983 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arabian Internet & Communications <br> Services Co.<br>| 4484 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank AlBilad | 149806 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Al-Jazira\* | 143284 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Saudi Fransi | 250455 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bupa Arabia for Cooperative Insurance <br> Co.<br>| 16876 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Co for Cooperative Insurance (The) | 16155 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallah Healthcare Co. | 7196 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dar Al Arkan Real Estate Development <br> Co.\*<br>| 115654 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr. Sulaiman Al Habib Medical <br> Services Group Co.<br>| 17950 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elm Co. | 5180 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Etihad Etisalat Co. | 77146 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabal Omar Development Co.\* | 129720 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jarir Marketing Co. | 129200 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Makkah Construction & Development <br> Co.<br>| 21474 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mouwasat Medical Services Co. | 23031 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nahdi Medical Co. | 8295 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riyad Bank | 306111 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SABIC Agri-Nutrients Co. | 47772 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sahara International Petrochemical Co. | 67507 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAL Saudi Logistics Services | 8576 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Mining Co.\* | 283271 | 4049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. | 1290604 | 8367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Aramco Base Oil Co. | 11293 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Awwal Bank | 208733 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Basic Industries Corp. | 188178 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Electricity Co. | 188358 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Industrial Investment Group | 72682 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Investment Bank (The) | 127346 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Kayan Petrochemical Co.\* | 154954 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi National Bank (The) | 619271 | 5975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Research & Media Group\* | 8715 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Tadawul Group Holding Co. | 11148 | 526 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Saudi Arabia – 3.4%continued** | **Saudi Arabia – 3.4%continued** | **Saudi Arabia – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Telecom Co. | 420555 | $4770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yanbu National Petrochemical Co. | 64040 | 516 |
|  |  | **65118** |
| **South Africa – 2.8%** | **South Africa – 2.8%** | **South Africa – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Absa Group Ltd. | 179063 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspen Pharmacare Holdings Ltd. | 79090 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bid Corp. Ltd. | 71336 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bidvest Group Ltd. | 65201 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. | 18541 | 3729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clicks Group Ltd. | 51794 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Ltd. | 118221 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstRand Ltd. | 1080140 | 4631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | 191962 | 4547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining Co. Ltd. | 120305 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impala Platinum Holdings Ltd.\* | 189807 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kumba Iron Ore Ltd. | 16295 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 360332 | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd., Class N | 35049 | 10920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nedbank Group Ltd. | 98581 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Mutual Ltd. | 830107 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OUTsurance Group Ltd. | 186793 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pepkor Holdings Ltd. | 526078 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remgro Ltd. | 106808 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanlam Ltd. | 390001 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sasol Ltd.\* | 130535 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoprite Holdings Ltd. | 107675 | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. | 276447 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. | 46186 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodacom Group Ltd. | 133917 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolworths Holdings Ltd. | 185217 | 541 |
|  |  | **53867** |
| **South Korea – 9.9%** | **South Korea – 9.9%** | **South Korea – 9.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alteogen, Inc.\* | 8660 | 2392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amorepacific Corp. | 6059 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celltrion, Inc. | 34080 | 4030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CJ CheilJedang Corp. | 1760 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coway Co. Ltd. | 11436 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DB Insurance Co. Ltd. | 9236 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doosan Bobcat, Inc.\* | 10874 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doosan Enerbility Co. Ltd.\* | 95904 | 4859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecopro B.M. Co. Ltd.\* | 10999 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecopro Co. Ltd. | 23094 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hana Financial Group, Inc. | 61793 | 3943 |

---

NORTHERN FUNDS QUARTERLY REPORT **28** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **South Korea – 9.9%continued** | **South Korea – 9.9%continued** | **South Korea – 9.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanjin Kal Corp. | 4523 | $396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | 14371 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Semiconductor Co. Ltd. | 9653 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. | 6825 | 4289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha Ocean Co. Ltd.\* | 22298 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha Systems Co. Ltd. | 14711 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Co. Ltd. | 9577 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. | 5030 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd.\* | 4777 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd.<br>| 9024 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HLB, Inc.\* | 24954 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HMM Co. Ltd. | 54414 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HYBE Co. Ltd.\* | 4824 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Glovis Co. Ltd. | 7749 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 12929 | 2743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. | 28553 | 4293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Rotem Co. Ltd. | 16345 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank of Korea | 60163 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kakao Corp. | 65556 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KakaoBank Corp. | 32733 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 79976 | 6571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. | 49952 | 3576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Aerospace Industries Ltd. | 16214 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power Corp. | 55504 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Investment Holdings Co. Ltd. | 9317 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Zinc Co. Ltd. | 860 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korean Air Lines Co. Ltd. | 38311 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krafton, Inc.\* | 6080 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KT&G Corp. | 20662 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Chem Ltd. | 10815 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Corp. | 18472 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Display Co. Ltd.\* | 65190 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Electronics, Inc. | 21704 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Energy Solution Ltd.\* | 9904 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG H&H Co. Ltd. | 2187 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Innotek Co. Ltd. | 3449 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Uplus Corp. | 40687 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LS Electric Co. Ltd. | 3345 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritz Financial Group, Inc. | 18195 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirae Asset Securities Co. Ltd. | 47528 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. | 29928 | 5811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NH Investment & Securities Co. Ltd. | 31852 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Corp. | 5064 | 408 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **South Korea – 9.9%continued** | **South Korea – 9.9%continued** | **South Korea – 9.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Future M Co. Ltd.\* | 7169 | $669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Holdings, Inc. | 15716 | 3047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Posco International Corp. | 11613 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd.\* | 3770 | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung C&T Corp. | 17607 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electro-Mechanics Co. Ltd. | 11374 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 1003940 | 44509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. <br> Ltd.<br>| 6477 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Heavy Industries Co. Ltd.\* | 149050 | 1851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Life Insurance Co. Ltd. | 17191 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung SDI Co. Ltd. | 12951 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung SDS Co. Ltd. | 8564 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samyang Foods Co. Ltd. | 860 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. | 90965 | 4138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Biopharmaceuticals Co. Ltd.\* | 7327 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. | 116189 | 25168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Innovation Co. Ltd. | 13701 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Square Co. Ltd.\* | 20223 | 2745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. | 10191 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK, Inc. | 7608 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKC Co. Ltd.\* | 4204 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S-Oil Corp. | 10768 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Financial Group, Inc. | 139146 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuhan Corp. | 11444 | 884 |
|  |  | **191422** |
| **Taiwan – 18.1%** | **Taiwan – 18.1%** | **Taiwan – 18.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. | 108000 | 2685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acer, Inc. | 613800 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantech Co. Ltd. | 103661 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alchip Technologies Ltd. | 15873 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd. | 704928 | 3532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia Cement Corp. | 517567 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. | 68000 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asustek Computer, Inc. | 151546 | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AUO Corp.\* | 1286172 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catcher Technology Co. Ltd. | 136111 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cathay Financial Holding Co. Ltd. | 2039621 | 4387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chailease Holding Co. Ltd. | 308704 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chang Hwa Commercial Bank Ltd. | 1280051 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheng Shin Rubber Industry Co. Ltd. | 385184 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Airlines Ltd. | 620000 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Steel Corp. | 2440156 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chunghwa Telecom Co. Ltd. | 815260 | 3768 |

---

EQUITY FUNDS **29** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Taiwan – 18.1%continued** | **Taiwan – 18.1%continued** | **Taiwan – 18.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compal Electronics, Inc. | 899759 | $889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTBC Financial Holding Co. Ltd. | 3575248 | 5351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. | 416343 | 5861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Ink Holdings, Inc. | 186000 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.Sun Financial Holding Co. Ltd. | 3078185 | 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclat Textile Co. Ltd.\* | 41512 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. | 64071 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eMemory Technology, Inc. | 13000 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eva Airways Corp. | 590996 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd. | 230544 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Far Eastern New Century Corp. | 583272 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Far EasTone Telecommunications Co. <br> Ltd.<br>| 382345 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Feng TAY Enterprise Co. Ltd. | 105199 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Holding Co. Ltd. | 2413506 | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formosa Chemicals & Fibre Corp. | 727499 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formosa Plastics Corp. | 914201 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortune Electric Co. Ltd. | 28700 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fubon Financial Holding Co. Ltd. | 1732927 | 5181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gigabyte Technology Co. Ltd. | 109000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Unichip Corp. | 18000 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globalwafers Co. Ltd. | 56709 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | 2645239 | 14502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotai Motor Co. Ltd. | 65361 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hua Nan Financial Holdings Co. Ltd. | 1895352 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innolux Corp. | 1510283 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Games System Co. Ltd. | 55187 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventec Corp. | 565314 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. | 18752 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KGI Financial Holding Co. Ltd. | 3387143 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Largan Precision Co. Ltd. | 20835 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lite-On Technology Corp. | 457964 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lotes Co. Ltd. | 17906 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 323836 | 13788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mega Financial Holding Co. Ltd. | 2507100 | 3524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micro-Star International Co. Ltd. | 143000 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nan Ya Plastics Corp. | 1094951 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nien Made Enterprise Co. Ltd. | 40000 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novatek Microelectronics Corp. | 120850 | 2256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pegatron Corp. | 428594 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PharmaEssentia Corp.\* | 52000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pou Chen Corp. | 477093 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President Chain Store Corp. | 121220 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Computer, Inc. | 578576 | 5411 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Taiwan – 18.1%continued** | **Taiwan – 18.1%continued** | **Taiwan – 18.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. | 102457 | $1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ruentex Development Co. Ltd. | 339153 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Commercial & Savings Bank <br> (The) Ltd.<br>| 813904 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shin Kong Financial Holding Co. Ltd.\* | 3255756 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SinoPac Financial Holdings Co. Ltd. | 2267872 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synnex Technology International Corp. | 267554 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taishin Financial Holding Co. Ltd. | 2455954 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Business Bank | 1429296 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Cooperative Financial Holding <br> Co. Ltd.<br>| 2250143 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan High Speed Rail Corp. | 383000 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Mobile Co. Ltd. | 377076 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 5229686 | 188823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCC Group Holdings Co. Ltd. | 1398576 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unimicron Technology Corp. | 263000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uni-President Enterprises Corp. | 1031150 | 2860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp. | 2413043 | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard International Semiconductor <br> Corp.<br>| 218033 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voltronic Power Technology Corp. | 15000 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wan Hai Lines Ltd. | 148005 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wistron Corp. | 583000 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wiwynn Corp. | 24000 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPG Holdings Ltd. | 357290 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ya Hsin Industrial Co. Ltd.<sup>(2) \*</sup> <br>| 121548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yageo Corp. | 85629 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yang Ming Marine Transport Corp. | 367000 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuanta Financial Holding Co. Ltd.\* | 2209210 | 2584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zhen Ding Technology Holding Ltd. | 141850 | 486 |
|  |  | **349168** |
| **Thailand – 1.0%** | **Thailand – 1.0%** | **Thailand – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Info Service PCL | 194000 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Info Service PCL NVDR | 31799 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airports of Thailand PCL NVDR | 952000 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bangkok Dusit Medical Services PCL <br> NVDR<br>| 2295100 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bumrungrad Hospital PCL NVDR | 116887 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pattana PCL NVDR | 421000 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charoen Pokphand Foods PCL NVDR | 858957 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP ALL PCL (Registered) | 905200 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP ALL PCL NVDR | 209036 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP AXTRA PCL NVDR (Registered) | 368749 | 203 |

---

NORTHERN FUNDS QUARTERLY REPORT **30** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Thailand – 1.0%continued** | **Thailand – 1.0%continued** | **Thailand – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Thailand PCL NVDR | 666300 | $1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Development PCL NVDR <br> (Registered)\*<br>| 951186 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Product Center PCL NVDR | 1446304 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL NVDR | 128500 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krung Thai Bank PCL (Registered) | 563250 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krung Thai Bank PCL NVDR | 145793 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minor International PCL NVDR | 722630 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTT Exploration & Production PCL <br> (Registered)<br>| 242500 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTT Exploration & Production PCL <br> NVDR<br>| 47443 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTT Oil & Retail Business PCL NVDR <br> (Registered)<br>| 637600 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTT PCL (Registered) | 1835000 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTT PCL NVDR | 239000 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB X PCL (Registered) | 145800 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB X PCL NVDR | 42376 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siam Cement (The) PCL (Registered) | 51000 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siam Cement (The) PCL NVDR | 115298 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TMBThanachart Bank PCL NVDR | 5043400 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; True Corp. PCL NVDR (Registered)\* | 2283123 | 780 |
|  |  | **18405** |
| **Turkey – 0.5%** | **Turkey – 0.5%** | **Turkey – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akbank T.A.S. | 642714 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anadolu Efes Biracilik Ve Malt Sanayii <br> A.S.<sup>(5)</sup> <br>| 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret <br> A.S.<br>| 293032 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BIM Birlesik Magazalar A.S. | 98315 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Icecek A.S. | 183854 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eregli Demir ve Celik Fabrikalari <br> T.A.S.\*<br>| 815077 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Otomotiv Sanayi A.S. | 129424 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haci Omer Sabanci Holding A.S. | 267211 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Is Gayrimenkul Yatirim Ortakligi A.S.\* | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOC Holding A.S. | 150014 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pegasus Hava Tasimaciligi A.S.\* | 45987 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sasa Polyester Sanayi A.S.\* | 2336384 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turk Hava Yollari A.O. | 117564 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri A.S. | 254003 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkiye Is Bankasi A.S., Class C | 1986419 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkiye Petrol Rafinerileri A.S. | 217851 | 769 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.7%** <sup>(1)</sup>**continued**  |
| **Turkey – 0.5%continued** | **Turkey – 0.5%continued** | **Turkey – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkiye Sise ve Cam Fabrikalari A.S. | 244667 | $223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yapi ve Kredi Bankasi A.S.\* | 741010 | 593 |
|  |  | **9903** |
| **United Arab Emirates – 1.5%** | **United Arab Emirates – 1.5%** | **United Arab Emirates – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank PJSC | 623758 | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank PJSC | 308410 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi National Oil Co. for <br> Distribution PJSC<br>| 617339 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADNOC Drilling Co. PJSC | 694680 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adnoc Gas PLC | 1327273 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC | 822923 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americana Restaurants International <br> PLC - Foreign Co.<br>| 701465 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dubai Electricity & Water Authority <br> PJSC<br>| 1283566 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dubai Islamic Bank PJSC | 633849 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Development PJSC | 220286 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC | 1418867 | 5255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC | 406661 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emirates Telecommunications Group <br> Co. PJSC<br>| 728804 | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC | 935590 | 4229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiply Group PJSC\* | 729128 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salik Co. PJSC | 368847 | 608 |
|  |  | **29404** |
| **United Kingdom – 0.3%** | **United Kingdom – 0.3%** | **United Kingdom – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC | 107892 | **4917** |
| **United States – 0.1%** | **United States – 0.1%** | **United States – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBS N.V. BDR\* | 83818 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legend Biotech Corp. ADR\* | 12115 | 430 |
|  |  | **1651** |
| **Total Common Stocks** |  |  |
| **(Cost $1,046,836)** |  | **1830821** |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco S.A.\* | 1106194 | 3423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras S.A., <br> Class B, 0.25%<sup>(6)</sup> <br>| 49941 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais, <br> 3.05%<sup>(6)</sup> <br>| 371721 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia Paranaense de Energia - Copel, <br> Class B, 3.52%<sup>(6)</sup> <br>| 239800 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gerdau S.A., 3.00%<sup>(6)</sup> <br>| 266946 | 786 |

---

EQUITY FUNDS **31** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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**  |
| **Brazil – 1.1%continued** | **Brazil – 1.1%continued** | **Brazil – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding S.A., 3.08%<sup>(6)</sup> <br>| 1137967 | $7722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itausa S.A., 0.97%<sup>(6)</sup> <br>| 1226579 | 2472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro S.A. - Petrobras, <br> 3.93%<sup>(6)</sup> <br>| 990461 | 5719 |
|  |  | **21824** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile <br> S.A., Class B, 2.42%<sup>(6)</sup> <br>| 31644 | **1128** |
| **Colombia – 0.0%** | **Colombia – 0.0%** | **Colombia – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest S.A., 8.45%<sup>(6)</sup> <br>| 94761 | **1092** |
| **South Korea – 0.4%** | **South Korea – 0.4%** | **South Korea – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 8.12%<sup>(6)</sup> <br>| 4481 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. (2nd Preferred), <br> 7.93%<sup>(6)</sup> <br>| 7847 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd., 2.93%<sup>(6)</sup> <br>| 171828 | 6301 |
|  |  | **7738** |
| **Total Preferred Stocks** |  |  |
| **(Cost $23,802)** |  | **31782** |
| **RIGHTS – 0.0%**  |  |  |
| **South Korea – 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd.\* | 508 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Future M Co. Ltd.\* | 850 | 19 |
|  |  | **121** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **121** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YTL Corp. Bhd., Exp. 12/31/99, Strike <br> MYR 1.50\*<br>| 141700 | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YTL Power International Bhd., Exp. <br> 12/31/99, Strike MYR 2.45\*<br>| 112700 | 41 |
|  |  | **68** |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **68** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 3.9%**  | **INVESTMENT COMPANIES – 3.9%**  | **INVESTMENT COMPANIES – 3.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI Emerging Markets | 63000 | $3782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(7) (8)</sup> <br>| 71236902 | 71237 |
| **Total Investment Companies** |  |  |
| **(Cost $74,939)** |  | **75019** |
| **Total Investments – 100.2%** |  |  |
| **(Cost $1,145,577)** |  | **1937811** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.2%) |  | (4726)<br>|
| **Net Assets – 100.0%** |  | **$1933085** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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> *Restricted security. At June 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:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **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;&nbsp; Sberbank of Russia PJSC (Moscow <br> Exchange)<br>| 3/7/07-8/29/08 | &nbsp;&nbsp; 193 |
| Severstal PAO | 2/26/10-3/25/21 | &nbsp;&nbsp; 815 |
| Severstal PAO GDR (Registered) | 7/30/09 | &nbsp;&nbsp; 12 |
| Surgutneftegas PAO ADR | 4/21/16 | &nbsp;&nbsp; 25 |
| VK CO Ltd. GDR | 11/30/20-3/5/21 | &nbsp;&nbsp; 880 |
| VTB Bank PJSC | 4/21/16-8/20/20 | &nbsp;&nbsp; 818 |
| VTB Bank PJSC GDR (Registered) | 4/2/09-7/30/09 | &nbsp;&nbsp; 91 |
| X5 Retail Group N.V. GDR (Registered) | 5/31/18-2/18/21 | &nbsp;&nbsp; 953 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(4)</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 June 30, 2025,* <br> *the value of this security amounted to $0 or 0.0% of net assets.*<br>|
| <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 June 30, 2025 is disclosed.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |

---

NORTHERN FUNDS QUARTERLY REPORT **32** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

*\** *Non-Income Producing Security*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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 |
| MYR – Malaysian Ringgit |
| NVDR – Non-Voting Depositary Receipt |

---

*Percentages shown are based on Net Assets.* 

At June 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>|
| Citibank | Korean Won | 492880 | United States <br> Dollar<br>| 366 | 9/17/25 | $—\* |
| Citibank | United States <br> Dollar<br>| 21 | Taiwan Dollar | 591 | 9/17/25 | —\* |
| Goldman Sachs | Indian Rupee | 37000 | United States <br> Dollar<br>| 430 | 9/17/25 | —\* |
| JPMorgan Chase | Indian Rupee | 7237 | United States <br> Dollar<br>| 84 | 9/17/25 | —\* |
| JPMorgan Chase | Taiwan Dollar | 50000 | United States <br> Dollar<br>| 1770 | 9/17/25 | 19 |
| Morgan Stanley | Hong Kong <br> Dollar<br>| 5228 | United States <br> Dollar<br>| 671 | 9/17/25 | 1 |
| Morgan Stanley | United States <br> Dollar<br>| 284 | Korean Won | 383000 | 9/17/25 | —\* |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 20 |
| Barclays | South African <br> Rand<br>| 4500 | United States <br> Dollar<br>| 252 | 9/17/25 | (—)\*<br>|
| Citibank | Brazilian Real | 3864 | United States <br> Dollar<br>| 683 | 9/17/25 | (14)<br>|
| Citibank | Hong Kong <br> Dollar<br>| 6500 | United States <br> Dollar<br>| 833 | 9/17/25 | (—)\*<br>|
| Morgan Stanley | South African <br> Rand<br>| 408 | United States <br> Dollar<br>| 22 | 9/17/25 | (1)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (15)<br>|
| Total |  |  |  |  |  | $5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

At June 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)**<br>|
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 1364 | $84125 | Long | 9/25 | $2187 |

---

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

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 23.9<br> %<br>|
| Information Technology | 23.1 |
| Consumer Discretionary | 12.3 |
| Communication Services | 9.5 |
| Industrials | 6.6 |
| Materials | 5.6 |
| Consumer Staples | 4.3 |
| Energy | 4.1 |
| Health Care | 3.1 |
| Utilities | 2.5 |
| Real Estate | 1.5 |
| Short-Term Investments | 3.7 |
| Total Investments | 100.2 |
| Liabilities less Other Assets | (0.2)<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. <br>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 June 30, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>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 June 30, 2025:

EQUITY FUNDS **33** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; $59626 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; 7558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 28743 | &nbsp;&nbsp; 500794 | &nbsp;&nbsp; — | &nbsp;&nbsp; 529537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | &nbsp;&nbsp; 371 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 38547 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp; 3791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | &nbsp;&nbsp; 2959 | &nbsp;&nbsp; 5690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 1651 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1179973 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1179973 |
| Total Common Stocks | &nbsp;&nbsp; 144364 | &nbsp;&nbsp; 1686457 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1830821 |
| Preferred Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | &nbsp;&nbsp; — | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 7738 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; 22952 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22952 |
| Total Preferred Stocks | &nbsp;&nbsp; 22952 | &nbsp;&nbsp; 8830 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31782 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Rights | &nbsp;&nbsp; $— | &nbsp;&nbsp; $121 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $121 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 68 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68 |
| Investment Companies | &nbsp;&nbsp; 75019 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 75019 |
| Total Investments | &nbsp;&nbsp; $242335 | &nbsp;&nbsp; $1695476 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1937811 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $20 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; 2187 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2187 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (15)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $2187 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $104 | $104 | $— <br><sup>(1),\*</sup><br>| $— |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 48840 | 134669 | 112272 | 498 | 71237 | 71236902 |
| Total | $48840 | $134773 | $112376 | $498 | $71237 | 71236902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

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

NORTHERN FUNDS QUARTERLY REPORT **34** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**GLOBAL REAL ESTATE INDEX FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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 – 5.4%** | **Australia – 5.4%** | **Australia – 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abacus Group | 192452 | $142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abacus Storage King | 210683 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arena REIT | 158664 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BWP Trust | 213960 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centuria Industrial REIT | 215328 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centuria Office REIT | 163292 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Long Wale REIT | 241809 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Retail REIT | 201381 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Social Infrastructure REIT | 131496 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dexus | 426195 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dexus Industria REIT | 109349 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 809084 | 18236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) | 759406 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growthpoint Properties Australia Ltd. | 114137 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeCo Daily Needs REIT | 658689 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingenia Communities Group | 150888 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifestyle Communities Ltd.<sup>†</sup> <br>| 40213 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group | 1596764 | 2317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage REIT | 475112 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Region Group | 466910 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group | 2058387 | 4838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockland | 945156 | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. | 1539046 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waypoint REIT Ltd. | 262396 | 424 |
|  |  | **42208** |
| **Austria – 0.1%** | **Austria – 0.1%** | **Austria – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Immobilien Anlagen A.G. | 14853 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Europe A.G.\* | 14275 | 316 |
|  |  | **740** |
| **Belgium – 0.9%** | **Belgium – 0.9%** | **Belgium – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aedifica S.A. | 18652 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cofinimmo S.A. | 15033 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montea N.V. | 7629 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail Estates N.V. | 4668 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shurgard Self Storage Ltd. | 13281 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vastned N.V. | 3480 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warehouses De Pauw - C.V.A. | 71000 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xior Student Housing N.V. | 14036 | 508 |
|  |  | **6689** |
| **Brazil – 0.2%** | **Brazil – 0.2%** | **Brazil – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allos S.A. | 152459 | 638 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Brazil – 0.2%continued** | **Brazil – 0.2%continued** | **Brazil – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iguatemi S.A. | 82000 | $351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiplan Empreendimentos <br> Imobiliarios S.A.\*<br>| 130772 | 656 |
|  |  | **1645** |
| **Canada – 1.0%** | **Canada – 1.0%** | **Canada – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Properties Real Estate Investment <br> Trust<br>| 22864 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artis Real Estate Investment Trust | 20185 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boardwalk Real Estate Investment Trust | 9834 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSR Real Estate Investment Trust | 11449 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Apartment Properties REIT | 30778 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Choice Properties Real Estate <br> Investment Trust<br>| 62202 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crombie Real Estate Investment Trust | 20454 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Real Estate Investment Trust | 21037 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream Industrial Real Estate Investment <br> Trust<br>| 55784 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Capital Real Estate Investment Trust | 42082 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Real Estate Investment Trust | 11999 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&R Real Estate Investment Trust | 51521 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterRent Real Estate Investment Trust | 28550 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Killam Apartment Real Estate Investment <br> Trust<br>| 20637 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NorthWest Healthcare Properties Real <br> Estate Investment Trust<br>| 47357 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primaris Real Estate Investment Trust | 19478 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RioCan Real Estate Investment Trust | 55257 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slate Grocery REIT, Class U | 10998 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartCentres Real Estate Investment <br> Trust<br>| 28949 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StorageVault Canada, Inc. | 94064 | 283 |
|  |  | **7890** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parque Arauco S.A. | 266469 | **562** |
| **China – 1.7%** | **China – 1.7%** | **China – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&D International Investment Group <br> Ltd.<br>| 252134 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Jinmao Holdings Group Ltd. | 2150042 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Merchants Shekou Industrial <br> Zone Holdings Co. Ltd., Class A<br>| 220400 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Overseas Grand Oceans Group <br> Ltd.<br>| 703500 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Overseas Land & Investment Ltd. | 1526042 | 2651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Land Ltd. | 1278398 | 4338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class A\* | 223740 | 201 |

---

EQUITY FUNDS **35** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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**  |
| **China – 1.7%continued** | **China – 1.7%continued** | **China – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Vanke Co. Ltd., Class H\* | 888541 | $554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gemdale Properties & Investment Corp. <br> Ltd.<br>| 2130000 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greentown China Holdings Ltd. | 412500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangzhou R&F Properties Co. Ltd., <br> Class H\*<br>| 523600 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hopson Development Holdings Ltd.\* | 446273 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Longfor Group Holdings Ltd. | 850571 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poly Developments and Holdings <br> Group Co. Ltd., Class A<br>| 282000 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poly Property Group Co. Ltd. | 819000 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiance Holdings Group Co. Ltd.\* | 297000 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sasseur Real Estate Investment Trust | 213400 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seazen Group Ltd.\* | 965904 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Jinqiao Export Processing <br> Zone Development Co. Ltd., Class B<br>| 108216 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| 37000 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Investment Ltd.\* | 1071191 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shui On Land Ltd. | 1497277 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunac China Holdings Ltd.\* | 3199000 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yanlord Land Group Ltd.\* | 219000 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuexiu Property Co. Ltd. | 559674 | 307 |
|  |  | **13292** |
| **Egypt – 0.0%** | **Egypt – 0.0%** | **Egypt – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talaat Moustafa Group | 298666 | **334** |
| **Finland – 0.1%** | **Finland – 0.1%** | **Finland – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citycon OYJ\* | 36342 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kojamo OYJ\* | 54973 | 717 |
|  |  | **880** |
| **France – 1.7%** | **France – 1.7%** | **France – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altarea S.C.A. | 2001 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmila S.A.\* | 23162 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covivio S.A./France | 22534 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gecina S.A. | 18089 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICADE | 13636 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klepierre S.A. | 84668 | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercialys S.A. | 38412 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexity S.A.<sup>\* †</sup> <br>| 16080 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield\* | 48272 | 4620 |
|  |  | **13127** |
| **Germany – 2.1%** | **Germany – 2.1%** | **Germany – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aroundtown S.A.\* | 311236 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand City Properties S.A.\* | 27996 | 366 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Germany – 2.1%continued** | **Germany – 2.1%continued** | **Germany – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamborner REIT A.G. | 28693 | $201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien S.E. | 29511 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sirius Real Estate Ltd. | 572734 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAG Immobilien A.G. | 70971 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vonovia S.E. | 294607 | 10377 |
|  |  | **16731** |
| **Greece – 0.0%** | **Greece – 0.0%** | **Greece – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LAMDA Development S.A.\* | 26993 | **201** |
| **Hong Kong – 3.4%** | **Hong Kong – 3.4%** | **Hong Kong – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 767000 | 3386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortune Real Estate Investment Trust | 643000 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Group Ltd. | 326000 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Properties Ltd. | 757674 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | 578555 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 439318 | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hysan Development Co. Ltd. | 249045 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kerry Properties Ltd. | 233099 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 1035226 | 5519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 1437144 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 576925 | 6625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | 665317 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuexiu Real Estate Investment Trust | 1001477 | 111 |
|  |  | **26354** |
| **India – 1.9%** | **India – 1.9%** | **India – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anant Raj Ltd. | 47770 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brigade Enterprises Ltd. | 53980 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield India Real Estate Trust | 127074 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLF Ltd. | 291798 | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embassy Office Parks REIT | 344637 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Godrej Properties Ltd.\* | 58577 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keystone Realtors Ltd. | 11345 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macrotech Developers Ltd. | 116873 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mahindra Lifespace Developers Ltd. | 46102 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mindspace Business Parks REIT | 89211 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NESCO Ltd. | 9411 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oberoi Realty Ltd. | 51412 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Mills (The) Ltd. | 79420 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Estates Projects Ltd. | 69729 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puravankara Ltd.\* | 20475 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SignatureGlobal India Ltd.\* | 12433 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunteck Realty Ltd. | 19915 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TARC Ltd.\* | 38086 | 82 |
|  |  | **14594** |

---

NORTHERN FUNDS QUARTERLY REPORT **36** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**GLOBAL REAL ESTATE INDEX FUND continued** <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**  |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ciputra Development Tbk PT | 3603336 | $213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakuwon Jati Tbk PT | 5524140 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rimo International Lestari Tbk PT<sup>(2) \*</sup> <br>| 42545100 |  |
|  |  | **340** |
| **Ireland – 0.0%** | **Ireland – 0.0%** | **Ireland – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Irish Residential Properties REIT PLC | 207288 | **249** |
| **Israel – 1.0%** | **Israel – 1.0%** | **Israel – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa Israel Residences Ltd. | 2765 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amot Investments Ltd. | 95417 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aura Investments Ltd. | 64185 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azrieli Group Ltd. | 16460 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Square Real Estate Ltd. | 2156 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electra Real Estate Ltd.\* | 12502 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel Canada T.R Ltd. | 70707 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isras Holdings Ltd.\* | 1523 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isras Investment Co. Ltd. | 544 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mega Or Holdings Ltd. | 9548 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melisron Ltd. | 10062 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mivne Real Estate KD Ltd. | 238279 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prashkovsky Investments and <br> Construction Ltd.<br>| 2607 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REIT 1 Ltd. | 78328 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sella Capital Real Estate Ltd. | 89677 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Real Estate Holdings Ltd. | 16184 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YH Dimri Construction & Development <br> Ltd.<br>| 3744 | 409 |
|  |  | **8083** |
| **Japan – 9.5%** | **Japan – 9.5%** | **Japan – 9.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Activia Properties, Inc. | 775 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance Residence Investment Corp. | 1156 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AEON REIT Investment Corp. | 681 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comforia Residential REIT, Inc. | 276 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRE Logistics REIT, Inc. | 222 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 223200 | 7690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House REIT Investment Corp. | 933 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa Office Investment Corp. | 217 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Living Investments <br> Corp.<br>| 792 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Real Estate Investment Corp. | 1066 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fukuoka REIT Corp. | 277 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global One Real Estate Investment <br> Corp.<br>| 398 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GLP J-REIT | 1842 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldcrest Co. Ltd. | 5600 | 128 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Japan – 9.5%continued** | **Japan – 9.5%continued** | **Japan – 9.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin REIT, Inc. | 261 | $283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heiwa Real Estate Co. Ltd. | 15400 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heiwa Real Estate REIT, Inc. | 428 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoshino Resorts REIT, Inc. | 233 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 183440 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hulic REIT, Inc. | 533 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ichigo Office REIT Investment Corp. | 398 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ichigo, Inc. | 78600 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial & Infrastructure Fund <br> Investment Corp.<br>| 969 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. | 3087 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Excellent, Inc. | 492 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Hotel REIT Investment Corp. | 2055 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Logistics Fund, Inc. | 930 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest | 2810 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Prime Realty Investment Corp. | 1364 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | 2502 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Katitas Co. Ltd. | 20400 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDX Realty Investment Corp. | 1614 | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keihanshin Building Co. Ltd. | 11200 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | 727 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leopalace21 Corp. | 67500 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirai Corp. | 809 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 423480 | 7923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Logistics REIT <br> Investment Corp.<br>| 579 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 1052586 | 10168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Logistics Park, Inc. | 1228 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mori Hills REIT Investment Corp. | 589 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mori Trust REIT, Inc. | 1094 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Accommodations Fund, Inc. | 910 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | 3005 | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Prologis REIT, Inc. | 2752 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIPPON REIT Investment Corp. | 670 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Holdings, Inc. | 219100 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund, Inc. | 1596 | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTT UD REIT Investment Corp. | 585 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orix JREIT, Inc. | 1059 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samty Residential Investment Corp. | 154 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sekisui House REIT, Inc. | 1675 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOSiLA Logistics REIT, Inc. | 227 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Asia Investment Corp. | 1071 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 123225 | 4751 |

---

EQUITY FUNDS **37** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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**  |
| **Japan – 9.5%continued** | **Japan – 9.5%continued** | **Japan – 9.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Frontier Fudousan Co. Ltd. | 11400 | $164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takara Leben Real Estate Investment <br> Corp.<br>| 383 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Tatemono Co. Ltd. | 75000 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyu REIT, Inc. | 341 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tosei Corp. | 11500 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Urban Investment Corp. | 1188 | 1279 |
|  |  | **74313** |
| **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Real Estate Co. K.S.C. | 603203 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait Real Estate Co. K.S.C. | 297625 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mabanee Co. KPSC | 267425 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Real Estate Co. KPSC\* | 559752 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salhia Real Estate Co. K.S.C.P. | 171136 | 228 |
|  |  | **1896** |
| **Malaysia – 0.4%** | **Malaysia – 0.4%** | **Malaysia – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axis Real Estate Investment Trust | 598062 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eco World Development Group Bhd. | 403600 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IGB Real Estate Investment Trust | 665000 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IOI Properties Group Bhd. | 548100 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mah Sing Group Bhd. | 542600 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matrix Concepts Holdings Bhd. | 390050 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pavilion Real Estate Investment Trust | 578800 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sime Darby Property Bhd. | 1218500 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SP Setia Bhd. Group | 882469 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunway Real Estate Investment Trust | 703600 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UEM Sunrise Bhd. | 567900 | 96 |
|  |  | **2721** |
| **Mauritius – 0.0%** | **Mauritius – 0.0%** | **Mauritius – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lighthouse Properties PLC | 434537 | **200** |
| **Mexico – 0.6%** | **Mexico – 0.6%** | **Mexico – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentradora Fibra Danhos S.A. de <br> C.V.<br>| 120953 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corp. Inmobiliaria Vesta S.A.B. de C.V. | 345000 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIBRA Macquarie Mexico<sup>(3)</sup> <br>| 318926 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion S.A. de C.V. | 1114933 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis Property Mexico S.A. de C.V. | 407984 | 1538 |
|  |  | **4698** |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurocommercial Properties N.V. | 16533 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wereldhave N.V. | 15614 | 314 |
|  |  | **836** |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **New Zealand – 0.1%** | **New Zealand – 0.1%** | **New Zealand – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodman Property Trust | 441045 | $518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kiwi Property Group Ltd. | 647604 | 351 |
|  |  | **869** |
| **Norway – 0.0%** | **Norway – 0.0%** | **Norway – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entra ASA\* | 18181 | **241** |
| **Philippines – 0.5%** | **Philippines – 0.5%** | **Philippines – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AREIT, Inc. | 379900 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ayala Land, Inc. | 2652781 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Megaworld Corp. | 3048001 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robinsons Land Corp. | 551196 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Prime Holdings, Inc. | 4030253 | 1678 |
|  |  | **3467** |
| **Qatar – 0.0%** | **Qatar – 0.0%** | **Qatar – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Development Co. QSC | 748212 | **215** |
| **Romania – 0.2%** | **Romania – 0.2%** | **Romania – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEPI Rockcastle N.V.\* | 224356 | **1712** |
| **Saudi Arabia – 0.7%** | **Saudi Arabia – 0.7%** | **Saudi Arabia – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi REIT | 113801 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alandalus Property Co. | 19714 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arabian Centres Co. | 85433 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arriyadh Development Co. | 46661 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dar Al Arkan Real Estate Development <br> Co.\*<br>| 213319 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Economic City\* | 79609 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabal Omar Development Co.\* | 233310 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jadwa REIT Saudi Fund | 75341 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Makkah Construction & Development <br> Co.<br>| 39461 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retal Urban Development Co. | 97403 | 411 |
|  |  | **5460** |
| **Singapore – 2.7%** | **Singapore – 2.7%** | **Singapore – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIMS APAC REIT | 223682 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 1487234 | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascott Trust | 1055514 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand China Trust | 479727 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitaland India Trust | 346055 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 2327914 | 3974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDL Hospitality Trusts | 319352 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Developments Ltd. | 201100 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Core REIT Management Pte Ltd. | 353800 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESR-REIT | 261267 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Far East Hospitality Trust | 391203 | 174 |

---

NORTHERN FUNDS QUARTERLY REPORT **38** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**GLOBAL REAL ESTATE INDEX FUND continued** <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**  |
| **Singapore – 2.7%continued** | **Singapore – 2.7%continued** | **Singapore – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frasers Centrepoint Trust | 535009 | $959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frasers Hospitality Trust | 318300 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frasers Logistics & Commercial Trust | 1133546 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Fok Corp. Ltd. | 134400 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel DC REIT | 737066 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel REIT | 1073720 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lendlease Global Commercial REIT | 675222 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mapletree Industrial Trust | 850155 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mapletree Logistics Trust | 1431326 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust | 941961 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkway Life Real Estate Investment <br> Trust<br>| 181700 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starhill Global REIT | 585790 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoneweg Europe Stapled Trust | 143671 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suntec Real Estate Investment Trust | 767891 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UOL Group Ltd. | 184597 | 898 |
|  |  | **21150** |
| **South Africa – 0.5%** | **South Africa – 0.5%** | **South Africa – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equites Property Fund Ltd. | 334033 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Real Estate Investments Ltd., <br> Class B<br>| 466981 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growthpoint Properties Ltd. | 1384071 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyprop Investments Ltd. | 154151 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redefine Properties Ltd. | 2572970 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resilient REIT Ltd. | 118413 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vukile Property Fund Ltd. | 478529 | 531 |
|  |  | **3838** |
| **South Korea – 0.1%** | **South Korea – 0.1%** | **South Korea – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESR Kendall Square REIT Co. Ltd. | 69216 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LOTTE REIT Co. Ltd. | 62556 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK REITs Co. Ltd. | 62395 | 214 |
|  |  | **603** |
| **Spain – 0.4%** | **Spain – 0.4%** | **Spain – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aedas Homes S.A. | 3899 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmobiliaria Colonial Socimi S.A. | 127003 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi S.A. | 156102 | 2047 |
|  |  | **3059** |
| **Sweden – 1.9%** | **Sweden – 1.9%** | **Sweden – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atrium Ljungberg AB, Class B | 103243 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castellum AB | 165191 | 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catena AB | 18315 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cibus Nordic Real Estate AB publ | 26619 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corem Property Group AB, Class B | 234135 | 129 |

---

---

| | | |
|:---|:---|:---|
|  | 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**  |
| **Sweden – 1.9%continued** | **Sweden – 1.9%continued** | **Sweden – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dios Fastigheter AB | 42084 | $308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fabege AB | 86613 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B\* | 285137 | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FastPartner AB, Class A | 21009 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hufvudstaden AB, Class A | 45615 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intea Fastigheter AB | 26712 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NP3 Fastigheter AB | 13836 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nyfosa AB | 65465 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pandox AB | 43259 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platzer Fastigheter Holding AB, Class B | 23517 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 86881 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden <br> AB<br>| 421599 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wallenstam AB, Class B | 154858 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wihlborgs Fastigheter AB | 108045 | 1175 |
|  |  | **14518** |
| **Switzerland – 1.6%** | **Switzerland – 1.6%** | **Switzerland – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allreal Holding A.G. (Registered) | 6030 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hiag Immobilien Holding A.G. | 1791 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Workplace Group PLC | 302803 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intershop Holding A.G. | 2315 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobimo Holding A.G. (Registered) | 2797 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSP Swiss Property A.G. (Registered) | 18059 | 3335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site A.G. (Registered) | 31696 | 4762 |
|  |  | **12190** |
| **Taiwan – 0.4%** | **Taiwan – 0.4%** | **Taiwan – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advancetek Enterprise Co. Ltd. | 91000 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chong Hong Construction Co. Ltd. | 68000 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crowell Development Corp. | 72000 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Da-Li Development Co. Ltd. | 100584 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farglory Land Development Co. Ltd. | 102462 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwealth Construction Corp. | 541113 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huaku Development Co. Ltd. | 101800 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huang Hsiang Construction Corp. | 48457 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kindom Development Co. Ltd. | 122900 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prince Housing & Development Corp. | 350000 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ruentex Development Co. Ltd. | 628955 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sakura Development Co. Ltd. | 113461 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yungshin Construction & Development <br> Co. Ltd.<br>| 27000 | 115 |
|  |  | **3441** |
| **Thailand – 0.3%** | **Thailand – 0.3%** | **Thailand – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amata Corp. PCL NVDR | 318735 | 137 |

---

EQUITY FUNDS **39** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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**  |
| **Thailand – 0.3%continued** | **Thailand – 0.3%continued** | **Thailand – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Thailand PCL (Registered) | 441405 | $85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Thailand PCL NVDR | 434904 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pattana PCL (Registered) | 581626 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pattana PCL NVDR | 220298 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land & Houses PCL NVDR | 3081700 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Houses PCL NVDR | 2544400 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sansiri PCL NVDR | 5497466 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supalai PCL (Registered) | 280445 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supalai PCL NVDR | 144200 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHA Corp. PCL NVDR | 3377400 | 329 |
|  |  | **2607** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reysas Gayrimenkul Yatirim Ortakligi <br> A.S.\*<br>| 250101 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Torunlar Gayrimenkul Yatirim Ortakligi <br> A.S.<br>| 88744 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziraat Gayrimenkul Yatirim Ortakligi <br> A.S.<br>| 414293 | 253 |
|  |  | **528** |
| **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC | 1518090 | 3688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deyaar Development PJSC | 479762 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Development PJSC | 403840 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RAK Properties PJSC\* | 649173 | 255 |
|  |  | **5562** |
| **United Kingdom – 3.3%** | **United Kingdom – 3.3%** | **United Kingdom – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assura PLC | 1317359 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Big Yellow Group PLC | 75354 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Land (The) Co. PLC | 395159 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derwent London PLC | 43127 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empiric Student Property PLC | 263951 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grainger PLC | 289719 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Portland Estates PLC | 134465 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hammerson PLC | 195660 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home REIT PLC<sup>(2) \*</sup> <br>| 484349 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 278898 | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LondonMetric Property PLC | 913049 | 2545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Health Properties PLC | 509691 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRS REIT (The) PLC | 210983 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safestore Holdings PLC | 87860 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 510334 | 4762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shaftesbury Capital PLC | 591042 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supermarket Income REIT PLC | 499116 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Healthcare REIT PLC | 251024 | 359 |

---

---

| | | |
|:---|:---|:---|
|  | 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 Kingdom – 3.3%continued** | **United Kingdom – 3.3%continued** | **United Kingdom – 3.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tritax Big Box REIT PLC | 878039 | $1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITE Group (The) PLC | 154024 | 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workspace Group PLC | 53169 | 307 |
|  |  | **25772** |
| **United States – 53.5%** | **United States – 53.5%** | **United States – 53.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 46864 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 42042 | 3072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 28000 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 891 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 60970 | 4428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 19463 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 62167 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 130195 | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 105773 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment and <br> Management Co., Class A<br>| 50967 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 88521 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 55722 | 11339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 66096 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 119637 | 3115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 73879 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 58845 | 3970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 41794 | 4710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 73505 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. | 6842 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 6541 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 10888 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 45558 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 65463 | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 89604 | 3808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 37014 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 81942 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 131847 | 22985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 66888 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc.<sup>†</sup> <br>| 65399 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Hospitality Trust<sup>(2) \*</sup> <br>| 496400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 16036 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 20464 | 3420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 34077 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 56443 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 38298 | 30465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 71052 | 4382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 133761 | 9027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 25176 | 7135 |

---

NORTHERN FUNDS QUARTERLY REPORT **40** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**GLOBAL REAL ESTATE INDEX FUND continued** <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 – 53.5%continued** | **United States – 53.5%continued** | **United States – 53.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 83104 | $12253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 32297 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 51827 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 38385 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\* | 5390 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 19579 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. | 16131 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 24643 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 76252 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 131682 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 273448 | 4788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 42058 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 271154 | 4165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 12750 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 90534 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 11249 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 30089 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 227915 | 7476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 114996 | 11795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties | 32194 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 42584 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 43884 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 265916 | 5590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 86809 | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 17523 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 115618 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macerich (The) Co. | 98828 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc.<sup>†</sup> <br>| 199827 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 45761 | 6773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 18259 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 28435 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp.<sup>†</sup> <br>| 31542 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 8875 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 73556 | 3176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 110311 | 4043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. | 6546 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Group, Inc.\* | 73725 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc.<sup>†</sup> <br>| 79686 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 47358 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 49311 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. | 51527 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 16014 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 362917 | 38150 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 53.5%continued** | **United States – 53.5%continued** | **United States – 53.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 61805 | $18135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 349164 | 20115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 67467 | 4806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 92483 | 3290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 60529 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 22290 | 2199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 92807 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc. | 5039 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 22025 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 127702 | 20529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 19783 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 27794 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joe (The) Co. | 14700 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 73031 | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 43656 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 49939 | 6317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 75660 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 44278 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 40338 | 2262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 123150 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 30367 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust | 5149 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 48946 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 171358 | 10821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 32593 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 63856 | 2442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 253865 | 39027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 16407 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 85702 | 5346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 39530 | 497 |
|  |  | **418655** |
| **Total Common Stocks** |  |  |
| **(Cost $528,042)** |  | **762470** |
| **RIGHTS – 0.0%**  |  |  |
| **South Korea – 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESR Kendall Square REIT Co. Ltd.<sup>(4) \*</sup> <br>| 10719 | **—** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **OTHER – 0.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Equity Commonwealth <sup>(2) (5) \*</sup> <br>| 75000 |
| **Total Other** |  |
| **(Cost $—)** |  |

---

EQUITY FUNDS **41** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.6%**  | **INVESTMENT COMPANIES – 1.6%**  | **INVESTMENT COMPANIES – 1.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(6) (7) (8)</sup> <br>| 2758453 | $2758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(6) (7)</sup> <br>| 10189827 | 10190 |
| **Total Investment Companies** |  |  |
| **(Cost $12,948)** |  | **12948** |
| **Total Investments – 99.1%** |  |  |
| **(Cost $540,990)** |  | **775418** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.9% |  | 6943 |
| **Net Assets – 100.0%** |  | **$782361** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 June 30, 2025,* *the value of this security amounted to approximately $511,000 or 0.1% of* *net assets.* 

<sup>(4)</sup> *Value rounds to less than one thousand.*

<sup>(5)</sup> *Restricted security. At June 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:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Escrow Equity Commonwealth | 10/18/10 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <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 June 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.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 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 June 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>| 479 | Singapore <br> Dollar<br>| 611 | 9/17/25 | $5 |
| Citibank | Korean Won | 369053 | United States <br> Dollar<br>| 274 | 9/17/25 | —\* |
| Citibank | United States <br> Dollar<br>| 316 | Australian <br> Dollar<br>| 488 | 9/17/25 | 5 |
| JPMorgan Chase | Indian Rupee | 2221 | United States <br> Dollar<br>| 26 | 9/17/25 | —\* |
| Morgan Stanley | Norwegian <br> Krone<br>| 860 | United States <br> Dollar<br>| 86 | 9/17/25 | 1 |
| Morgan Stanley | United States <br> Dollar<br>| 167 | Swedish Krona | 1580 | 9/17/25 | 1 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 12 |
| Bank of Montreal | British Pound | 488 | United States <br> Dollar<br>| 660 | 9/17/25 | (9)<br>|
| Citibank | Brazilian Real | 1400 | United States <br> Dollar<br>| 247 | 9/17/25 | (5)<br>|
| Citibank | Taiwan Dollar | 20844 | United States <br> Dollar<br>| 729 | 9/17/25 | (1)<br>|
| Morgan Stanley | Canadian <br> Dollar<br>| 126 | United States <br> Dollar<br>| 93 | 9/17/25 | (—)\*<br>|
| Morgan Stanley | Euro | 2119 | United States <br> Dollar<br>| 2455 | 9/17/25 | (55)<br>|
| Morgan Stanley | Swiss Franc | 786 | United States <br> Dollar<br>| 979 | 9/17/25 | (22)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 111 | Hong Kong <br> Dollar<br>| 864 | 9/17/25 | (—)\*<br>|
| UBS | Japanese Yen | 113028 | United States <br> Dollar<br>| 791 | 9/17/25 | (1)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (93)<br>|
| Total |  |  |  |  |  | $(81)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

At June 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)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> MidCap 400 <br> (United States <br> Dollar)<br>| 17 | $5313 | Long | 9/25 | $48 |
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 68 | 9118 | Long | 9/25 | 82 |

---

NORTHERN FUNDS QUARTERLY REPORT **42** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GLOBAL REAL ESTATE INDEX FUND continued**  | **June 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)**<br>|
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 58 | $3577 | Long | 9/25 | $10 |
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 9 | 2115 | Long | 9/25 | 25 |
| Total |  |  |  |  | $165 |

---

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

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Real Estate | 97.3<br> %<br>|
| Consumer Discretionary | 0.2 |
| Short-Term Investments | 1.6 |
| Total Investments | 99.1 |
| Other Assets less Liabilities | 0.9 |
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>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 June 30, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; $1645 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 7890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; 562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt | &nbsp;&nbsp; 334 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 4698 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 20893 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 25621 | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 25772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 418655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 418655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 281764 | &nbsp;&nbsp; — | &nbsp;&nbsp; 281764 |
| Total Common Stocks | &nbsp;&nbsp; 434041 | &nbsp;&nbsp; 328278 | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 762470 |
| Investment Companies | &nbsp;&nbsp; 12948 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12948 |
| Total Investments | &nbsp;&nbsp; $446989 | &nbsp;&nbsp; $328278 | &nbsp;&nbsp; $151 | &nbsp;&nbsp; $775418 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; 165 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 165 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (93)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $165 | &nbsp;&nbsp; $(81)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $84 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $3900 | $1142 | $— <br><sup>(1),\*</sup><br>| $2758 | 2758453 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 10255 | 59475 | 59540 | 92 | 10190 | 10189827 |
| Total | $10255 | $63375 | $60682 | $92 | $12948 | 12948280 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

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

EQUITY FUNDS **43** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GLOBAL TACTICAL ASSET ALLOCATION FUND**  | **June 30, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 99.9%**  | **INVESTMENT COMPANIES – 99.9%**  | **INVESTMENT COMPANIES – 99.9%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> Developed Markets <br> ex-U.S. Quality Low Volatility Index <br> Fund<sup>(1)</sup> <br>| 170955 | $5341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> iBoxx 5-Year Target <br> Duration TIPS Index Fund<sup>(1)</sup> <br>| 64503 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar Developed <br> Markets ex-U.S. Factor Tilt Index <br> Fund<sup>(1)</sup> <br>| 46879 | 3912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar Emerging <br> Markets Factor Tilt Index Fund<sup>(1)</sup> <br>| 84602 | 4960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar U.S. Market <br> Factor Tilt Index Fund<sup>(1)</sup> <br>| 42243 | 9463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> STOXX Global Broad <br> Infrastructure Index Fund<sup>(1)</sup> <br>| 38712 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FlexShares<sup>®</sup> U.S. Quality Low Volatility <br> Index Fund<sup>(1)</sup> <br>| 72722 | 4952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury Bond ETF | 17830 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares 3-7 Year Treasury Bond ETF | 52095 | 6204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares 7-10 Year Treasury Bond ETF | 20390 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares MBS ETF | 35300 | 3314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Funds - Fixed Income Fund<sup>(1)</sup> <br>| 1051783 | 9424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Funds - High Yield Fixed <br> Income Fund<sup>(1)</sup> <br>| 246309 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Funds - International Equity <br> Index Fund<sup>(1)</sup> <br>| 293223 | 4882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Funds - Small Cap Core <br> Fund<sup>(1)</sup> <br>| 77155 | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Funds - Stock Index Fund<sup>(1)</sup> <br>| 233682 | 14696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(1) (2)</sup> <br>| 1081528 | 1082 |
| **Total Investment Companies** |  |  |
| **(Cost $67,444)** |  | **79125** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(3) (4)</sup> <br>| $49 | **$48** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $48)** | **(Cost $48)** | **48** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $67,492)** | **(Cost $67,492)** | **79173** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (0.0%) | (10)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$79163** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 June 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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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.* 

NORTHERN FUNDS QUARTERLY REPORT **44** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GLOBAL TACTICAL ASSET ALLOCATION FUND continued**  | **June 30, 2025 (UNAUDITED)**  |

---

At June 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)**<br>|
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 12 | $1386 | Long | 9/25 | $52 |

---

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. <br>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). <br>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 June 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; $79125 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79125 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 48 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48 |
| Total Investments | &nbsp;&nbsp; $79125 | &nbsp;&nbsp; $48 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79173 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $52 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52 |

---

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| FlexShares<sup>®</sup> Developed Markets ex-U.S. Quality Low Volatility Index Fund | $2071 | $2885 | $— | $385 | $— | $71 | $5341 | 170955 |
| FlexShares<sup>®</sup> Global Quality Real Estate Index Fund | 771 |  | 721 | 50 | (100)<br>|  |  |  |
| FlexShares<sup>®</sup> iBoxx 5-Year Target Duration TIPS Index Fund | 1564 |  |  | (11)<br>|  | 27 | 1553 | 64503 |
| FlexShares<sup>®</sup> Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund | 3507 |  |  | 405 |  | 55 | 3912 | 46879 |
| FlexShares<sup>®</sup> Morningstar Emerging Markets Factor Tilt Index Fund | 4834 |  | 435 | 522 | 39 | 16 | 4960 | 84602 |
| FlexShares<sup>®</sup> Morningstar U.S. Market Factor Tilt Index Fund | 8968 |  | 295 | 755 | 35 | 30 | 9463 | 42243 |
| FlexShares<sup>®</sup> STOXX Global Broad Infrastructure Index Fund | 807 | 2359 | 781 | 52 | (41)<br>| 21 | 2396 | 38712 |
| FlexShares<sup>®</sup> U.S. Quality Low Volatility Index Fund | 4794 |  |  | 158 |  | 20 | 4952 | 72722 |
| Northern Funds - Fixed Income Fund | 11746 |  | 2341 | 66 | (47)<br>| 113 | 9424 | 1051783 |
| Northern Funds - High Yield Fixed Income Fund | 2364 |  | 865 | 29 | (26)<br>| 26 | 1502 | 246309 |
| Northern Funds - International Equity Index Fund | 4372 |  |  | 510 |  |  | 4882 | 293223 |
| Northern Funds - Small Cap Core Fund | 1799 |  |  | 118 |  |  | 1917 | 77155 |
| Northern Funds - Stock Index Fund | 18330 |  | 4914 | 1364 | (84)<br>| 45 | 14696 | 233682 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 1162 | 4701 | 4781 |  |  | 19 | 1082 | 1081528 |
| Total | $67089 | $9945 | $15133 | $4403 | $(224)<br>| $443 | $66080 | 3504296 |

---

EQUITY FUNDS **45** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.4%**  | **COMMON STOCKS – 98.4%**  | **COMMON STOCKS – 98.4%**  |
| **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 4099 | **$1898** |
| **Air Freight & Logistics – 0.7%** | **Air Freight & Logistics – 0.7%** | **Air Freight & Logistics – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 16124 | **1628** |
| **Automobiles – 0.6%** | **Automobiles – 0.6%** | **Automobiles – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.<sup>(1) \*</sup> <br>| 4279 | **1359** |
| **Banks – 2.8%** | **Banks – 2.8%** | **Banks – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 5403 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 39952 | 3401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 9332 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 8036 | 2330 |
|  |  | **6543** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 1844 | **243** |
| **Biotechnology – 2.8%** | **Biotechnology – 2.8%** | **Biotechnology – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 18381 | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 1818 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 23535 | 2609 |
|  |  | **6529** |
| **Broadline Retail – 3.4%** | **Broadline Retail – 3.4%** | **Broadline Retail – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>(1) \*</sup> <br>| 33007 | 7241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 10952 | 816 |
|  |  | **8057** |
| **Capital Markets – 2.8%** | **Capital Markets – 2.8%** | **Capital Markets – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. | 15828 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 78648 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 14594 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lazard, Inc. | 11395 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 6239 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 11055 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc., Class A | 17017 | 762 |
|  |  | **6613** |
| **Chemicals – 1.1%** | **Chemicals – 1.1%** | **Chemicals – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 8499 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 3107 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V., Class A | 10811 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 317 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro (The) Co. | 11586 | 764 |
|  |  | **2520** |
| **Communications Equipment – 1.8%** | **Communications Equipment – 1.8%** | **Communications Equipment – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 52560 | 3647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. | 1565 | 644 |
|  |  | **4291** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Consumer Finance – 0.6%** | **Consumer Finance – 0.6%** | **Consumer Finance – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 14512 | $565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 13817 | 788 |
|  |  | **1353** |
| **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 933 | **924** |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 25 | **7** |
| **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 4518 | **248** |
| **Diversified Telecommunication Services – 1.5%** | **Diversified Telecommunication Services – 1.5%** | **Diversified Telecommunication Services – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 102191 | 2958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 13802 | 597 |
|  |  | **3555** |
| **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 15101 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern (The) Co. | 14715 | 1351 |
|  |  | **3133** |
| **Electrical Equipment – 1.3%** | **Electrical Equipment – 1.3%** | **Electrical Equipment – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 8928 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 3370 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | 5208 | 669 |
|  |  | **2979** |
| **Energy Equipment & Services – 0.5%** | **Energy Equipment & Services – 0.5%** | **Energy Equipment & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger N.V. | 35311 | **1193** |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 78569 | **372** |
| **Financial Services – 2.7%** | **Financial Services – 2.7%** | **Financial Services – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 4557 | 2214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 8567 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 15126 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 14846 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 4578 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Union (The) Co. | 62187 | 524 |
|  |  | **6488** |
| **Gas Utilities – 0.3%** | **Gas Utilities – 0.3%** | **Gas Utilities – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 18505 | **674** |
| **Ground Transportation – 0.7%** | **Ground Transportation – 0.7%** | **Ground Transportation – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 4179 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 4721 | 1086 |
|  |  | **1764** |

---

NORTHERN FUNDS QUARTERLY REPORT **46** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INCOME EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Health Care Equipment & Supplies – 0.5%** | **Health Care Equipment & Supplies – 0.5%** | **Health Care Equipment & Supplies – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 3162 | $430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 2704 | 698 |
|  |  | **1128** |
| **Health Care Providers & Services – 0.5%** | **Health Care Providers & Services – 0.5%** | **Health Care Providers & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 170 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 421 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier, Inc., Class A | 29488 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 691 | 215 |
|  |  | **1253** |
| **Health Care Real Estate Investment Trusts – 0.2%** | **Health Care Real Estate Investment Trusts – 0.2%** | **Health Care Real Estate Investment Trusts – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 14658 | **537** |
| **Hotel & Resort Real Estate Investment Trusts – 0.3%** | **Hotel & Resort Real Estate Investment Trusts – 0.3%** | **Hotel & Resort Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 19183 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 44116 | 451 |
|  |  | **746** |
| **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 4249 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wendy's (The) Co. | 44966 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 3640 | 539 |
|  |  | **1720** |
| **Household Products – 2.2%** | **Household Products – 2.2%** | **Household Products – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox (The) Co. | 5569 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 8446 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 21953 | 3497 |
|  |  | **5255** |
| **Independent Power & Renewable Electricity Producers – 0.6%** | **Independent Power & Renewable Electricity Producers – 0.6%** | **Independent Power & Renewable Electricity Producers – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 22804 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 20886 | 668 |
|  |  | **1416** |
| **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 11918 | **1814** |
| **Insurance – 2.3%** | **Insurance – 2.3%** | **Insurance – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 11512 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 9624 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 16157 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 15794 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 10005 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 9661 | 1038 |
|  |  | **5544** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Interactive Media & Services – 7.7%** | **Interactive Media & Services – 7.7%** | **Interactive Media & Services – 7.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A<sup>(1)</sup> <br>| 43931 | $7742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A<sup>(1)</sup> <br>| 14432 | 10652 |
|  |  | **18394** |
| **IT Services – 2.0%** | **IT Services – 2.0%** | **IT Services – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 3119 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 6805 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 9334 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 8183 | 2412 |
|  |  | **4694** |
| **Leisure Products – 0.6%** | **Leisure Products – 0.6%** | **Leisure Products – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 18933 | **1398** |
| **Machinery – 1.3%** | **Machinery – 1.3%** | **Machinery – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 382 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 5757 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 7223 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 2822 | 878 |
|  |  | **3165** |
| **Media – 0.5%** | **Media – 0.5%** | **Media – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 3779 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 5988 | 431 |
|  |  | **1084** |
| **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 7457 | **754** |
| **Mortgage Real Estate Investment Trusts – 0.8%** | **Mortgage Real Estate Investment Trusts – 0.8%** | **Mortgage Real Estate Investment Trusts – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 31288 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 56930 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 33780 | 678 |
|  |  | **1910** |
| **Multi-Utilities – 0.9%** | **Multi-Utilities – 0.9%** | **Multi-Utilities – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 9260 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 22567 | 1276 |
|  |  | **2205** |
| **Office Real Estate Investment Trusts – 0.5%** | **Office Real Estate Investment Trusts – 0.5%** | **Office Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 19897 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 19721 | 677 |
|  |  | **1295** |
| **Oil, Gas & Consumable Fuels – 2.0%** | **Oil, Gas & Consumable Fuels – 2.0%** | **Oil, Gas & Consumable Fuels – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 35015 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 571 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 15499 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 12400 | 1483 |

---

EQUITY FUNDS **47** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Oil, Gas & Consumable Fuels – 2.0%continued** | **Oil, Gas & Consumable Fuels – 2.0%continued** | **Oil, Gas & Consumable Fuels – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 717 | $77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 8732 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 471 | 498 |
|  |  | **4680** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 3301 | **284** |
| **Personal Care Products – 0.4%** | **Personal Care Products – 0.4%** | **Personal Care Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 45339 | **949** |
| **Pharmaceuticals – 4.2%** | **Pharmaceuticals – 4.2%** | **Pharmaceuticals – 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 43981 | 2036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 887 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 14220 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 25957 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 41046 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 110224 | 2672 |
|  |  | **10023** |
| **Professional Services – 1.9%** | **Professional Services – 1.9%** | **Professional Services – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 8520 | 2628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 3077 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 8207 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 840 | 34 |
|  |  | **4604** |
| **Residential Real Estate Investment Trusts – 1.0%** | **Residential Real Estate Investment Trusts – 1.0%** | **Residential Real Estate Investment Trusts – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 6257 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 14623 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 4308 | 638 |
|  |  | **2330** |
| **Retail Real Estate Investment Trusts – 0.7%** | **Retail Real Estate Investment Trusts – 0.7%** | **Retail Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 21613 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 7399 | 1189 |
|  |  | **1752** |
| **Semiconductors & Semiconductor Equipment – 14.9%** | **Semiconductors & Semiconductor Equipment – 14.9%** | **Semiconductors & Semiconductor Equipment – 14.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 675 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 19752 | 5445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 2326 | 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 24028 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp.<sup>(1)</sup> <br>| 132735 | 20971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors N.V. | 972 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 17914 | 2853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 19628 | 1463 |
|  |  | **35489** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  | **COMMON STOCKS - 98.4%continued**  |
| **Software – 8.8%** | **Software – 8.8%** | **Software – 8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 9722 | $525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 42000 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 4268 | 3362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 29914 | 14879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 3691 | 1006 |
|  |  | **21007** |
| **Specialized Real Estate Investment Trusts – 0.9%** | **Specialized Real Estate Investment Trusts – 0.9%** | **Specialized Real Estate Investment Trusts – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 5457 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 4049 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 10837 | 354 |
|  |  | **2204** |
| **Specialty Retail – 2.0%** | **Specialty Retail – 2.0%** | **Specialty Retail – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 304 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 17429 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc. | 4549 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 4529 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 5085 | 831 |
|  |  | **4683** |
| **Technology Hardware, Storage & Peripherals – 7.4%** | **Technology Hardware, Storage & Peripherals – 7.4%** | **Technology Hardware, Storage & Peripherals – 7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc.<sup>(1)</sup> <br>| 77666 | 15935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 33464 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 8375 | 892 |
|  |  | **17646** |
| **Textiles, Apparel & Luxury Goods – 1.4%** | **Textiles, Apparel & Luxury Goods – 1.4%** | **Textiles, Apparel & Luxury Goods – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 1903 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 26040 | 1850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 16273 | 1429 |
|  |  | **3336** |
| **Tobacco – 2.4%** | **Tobacco – 2.4%** | **Tobacco – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 37341 | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 19329 | 3521 |
|  |  | **5710** |
| **Trading Companies & Distributors – 0.6%** | **Trading Companies & Distributors – 0.6%** | **Trading Companies & Distributors – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 29365 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 2206 | 188 |
|  |  | **1421** |
| **Wireless Telecommunication Services – 0.5%** | **Wireless Telecommunication Services – 0.5%** | **Wireless Telecommunication Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 4702 | **1120** |
| **Total Common Stocks** |  |  |
| **(Cost $152,990)** |  | **233921** |

---

NORTHERN FUNDS QUARTERLY REPORT **48** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INCOME EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.3%**  | **INVESTMENT COMPANIES – 1.3%**  | **INVESTMENT COMPANIES – 1.3%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(2) (3)</sup> <br>| 3021077 | $3021 |
| **Total Investment Companies** |  |  |
| **(Cost $3,021)** |  | **3021** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(4) (5)</sup> <br>| $252 | **$248** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $248)** | **(Cost $248)** | **248** |
| **Total Investments – 99.8%** | **Total Investments – 99.8%** |  |
| **(Cost $156,259)** | **(Cost $156,259)** | **237190** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.2% | 411 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$237601** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Security represents underlying investment on open written option contracts.*

<sup>(2)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(3)</sup> *7-day current yield as of June 30, 2025 is disclosed.*

<sup>(4)</sup> *Discount rate at the time of purchase.*

<sup>(5)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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 June 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)**<br>|
| &nbsp;&nbsp; Micro E-Mini <br> S&P 500 <br> Index<br>| 113 | $3533 | Long | 9/25 | $111 |

---

At June 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 7/18/25, <br> Strike Price $200.00<br>| (439)<br>| $(7736)<br>| $(10)<br>|
| &nbsp;&nbsp; Amazon.com, Inc., Exp. Date 7/18/25, <br> Strike Price $240.00<br>| (330)<br>| (7240)<br>| (15)<br>|
| &nbsp;&nbsp; Apple, Inc., Exp. Date 7/18/25, Strike Price <br> $240.00<br>| (388)<br>| (7961)<br>| (4)<br>|
| &nbsp;&nbsp; Meta Platforms, Inc., Class A, Exp. Date <br> 7/18/25, Strike Price $800.00<br>| (144)<br>| (10628)<br>| (28)<br>|
| &nbsp;&nbsp; NVIDIA Corp., Exp. Date 7/18/25, Strike <br> Price $180.00<br>| (1327)<br>| (20965)<br>| (29)<br>|
| &nbsp;&nbsp; Tesla, Inc., Exp. Date 7/18/25, Strike Price <br> $500.00<br>| (42)<br>| (1334)<br>| (1)<br>|
| Total Written Options Contracts |  |  | $(87)<br>|
| (Premiums Received (000s) $39) |  |  |  |

---

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. <br>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). <br>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 June 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; $233921 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233921 |
| Investment Companies | &nbsp;&nbsp; 3021 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3021 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 248 | &nbsp;&nbsp; — | &nbsp;&nbsp; 248 |
| Total Investments | &nbsp;&nbsp; $236942 | &nbsp;&nbsp; $248 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $237190 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $111 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $111 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | &nbsp;&nbsp; (87)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (87)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $24 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

EQUITY FUNDS **49** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $2565 | $8205 | $7749 | $22 | $3021 | 3021077 |

---

NORTHERN FUNDS QUARTERLY REPORT **50** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup> | **COMMON STOCKS – 97.3%** <sup>(1)</sup> | **COMMON STOCKS – 97.3%** <sup>(1)</sup> |
| **Australia – 5.4%** | **Australia – 5.4%** | **Australia – 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 87983 | $1689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 17238 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. | 29745 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cochlear Ltd. | 247 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 13679 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 142124 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC\* | 28837 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 1795 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. | 32821 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. | 2770 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. | 29892 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 15397 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 13291 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group | 32734 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockland | 191980 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 159624 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 4173 | 300 |
|  |  | **8420** |
| **Austria – 0.0%** | **Austria – 0.0%** | **Austria – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verbund A.G. | 487 | **37** |
| **Belgium – 1.0%** | **Belgium – 1.0%** | **Belgium – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ageas S.A./N.V. | 18252 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 1694 | 364 |
|  |  | **1596** |
| **Brazil – 0.5%** | **Brazil – 0.5%** | **Brazil – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 20889 | **772** |
| **Canada – 10.9%** | **Canada – 10.9%** | **Canada – 10.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 2526 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd. | 7270 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 37328 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc.\* | 17869 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 15895 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 6594 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 50474 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Utilities Ltd., Class A | 4768 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCL Industries, Inc., Class B | 12816 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc.\* | 2101 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | 8581 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emera, Inc. | 5846 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire Co. Ltd., Class A | 14605 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. | 892 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc. | 121 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 18801 | 926 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Canada – 10.9%continued** | **Canada – 10.9%continued** | **Canada – 10.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc. | 3290 | $361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IGM Financial, Inc. | 38443 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | 6964 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc. | 6754 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 53640 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp. | 988 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Corp. of Canada | 10662 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., Class A\* | 1636 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 29045 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TFI International, Inc. | 3105 | 279 |
|  |  | **16940** |
| **China – 1.7%** | **China – 1.7%** | **China – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 286802 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosus N.V.\* | 20312 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | 30702 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | 70400 | 123 |
|  |  | **2607** |
| **Denmark – 2.8%** | **Denmark – 2.8%** | **Denmark – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class B | 234 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S, Class B | 2517 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demant A/S\* | 18912 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 6669 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 7482 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 20102 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 2221 | 33 |
|  |  | **4335** |
| **Finland – 1.7%** | **Finland – 1.7%** | **Finland – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 12588 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 6580 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 8088 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 55129 | 1303 |
|  |  | **2581** |
| **France – 8.2%** | **France – 8.2%** | **France – 8.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bouygues S.A. | 10710 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas S.A. | 39257 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capgemini S.E. | 6265 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrefour S.A. | 16578 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 1192 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danone S.A. | 7957 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation S.A. | 313 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eiffage S.A. | 6001 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engie S.A. | 21198 | 499 |

---

EQUITY FUNDS **51** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **France – 8.2%continued** | **France – 8.2%continued** | **France – 8.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED | 17551 | $689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ipsen S.A. | 4023 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klepierre S.A. | 25346 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe S.A. | 10461 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safran S.A. | 5378 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A. | 27960 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies S.E. | 13579 | 835 |
|  |  | **12836** |
| **Germany – 7.1%** | **Germany – 7.1%** | **Germany – 7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adidas A.G. | 2342 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental A.G. | 12247 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse A.G. | 5129 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post A.G. | 24879 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom A.G. (Registered) | 51599 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.ON S.E. | 7115 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries A.G. | 5513 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care A.G. | 22289 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius S.E. & Co. KGaA | 2455 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials A.G. | 4512 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWE A.G. | 5894 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP S.E. | 2622 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens A.G. (Registered) | 3868 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers A.G. | 1009 | 56 |
|  |  | **11125** |
| **Hong Kong – 1.8%** | **Hong Kong – 1.8%** | **Hong Kong – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 107992 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 28595 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. ADR | 11673 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | 194648 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 30986 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd.<sup>(2)</sup> <br>| 140189 | 135 |
|  |  | **2815** |
| **Ireland – 0.3%** | **Ireland – 0.3%** | **Ireland – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 61837 | **509** |
| **Israel – 1.9%** | **Israel – 1.9%** | **Israel – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel B.M. | 74456 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies <br> Ltd.\*<br>| 4562 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd. | 73526 | 504 |
|  |  | **2899** |
| **Italy – 3.7%** | **Italy – 3.7%** | **Italy – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel S.p.A. | 76671 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo S.p.A. | 292313 | 1685 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Italy – 3.7%continued** | **Italy – 3.7%continued** | **Italy – 3.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane S.p.A. | 61970 | $1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC | 20425 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniCredit S.p.A. | 16792 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni S.p.A. | 11621 | 230 |
|  |  | **5679** |
| **Japan – 19.1%** | **Japan – 19.1%** | **Japan – 19.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 28500 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 29700 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 14200 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 13300 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 2200 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 2400 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 1600 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 55000 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 920 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 11000 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 900 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 12200 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 10800 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 3300 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 84500 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 33127 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 32300 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power (The) Co., Inc. | 4900 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. | 25000 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | 24400 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 45238 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 33400 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 8100 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 186600 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 39100 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd. | 4700 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 23300 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 81800 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 5600 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 37600 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 1900 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 63700 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 80000 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 36700 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 1200 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | 2200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. | 17000 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 2900 | 32 |

---

NORTHERN FUNDS QUARTERLY REPORT **52** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Japan – 19.1%continued** | **Japan – 19.1%continued** | **Japan – 19.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 16200 | $292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 20300 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 67000 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 21300 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 36300 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 82600 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 22076 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 4000 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 20800 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 7800 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 600 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 10000 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 14000 | 373 |
|  |  | **29797** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal S.A. | 3328 | **105** |
| **Netherlands – 2.4%** | **Netherlands – 2.4%** | **Netherlands – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adyen N.V.\* | 15 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. | 2336 | 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize N.V. | 36145 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN N.V. | 49570 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer N.V. | 363 | 61 |
|  |  | **3712** |
| **Norway – 1.0%** | **Norway – 1.0%** | **Norway – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 16815 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 69168 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 68529 | 745 |
|  |  | **1564** |
| **Portugal – 0.1%** | **Portugal – 0.1%** | **Portugal – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS S.A. | 6128 | **155** |
| **Singapore – 1.6%** | **Singapore – 1.6%** | **Singapore – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 119200 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. ADR\* | 631 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering <br> Ltd.<br>| 151500 | 929 |
|  |  | **2560** |
| **Spain – 3.8%** | **Spain – 3.8%** | **Spain – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acciona S.A. | 1135 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 6689 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aena SME S.A.<sup>(2)</sup> <br>| 51200 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group S.A. | 4220 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. | 139676 | 2148 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Spain – 3.8%continued** | **Spain – 3.8%continued** | **Spain – 3.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CaixaBank S.A. | 62537 | $542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endesa S.A. | 7546 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iberdrola S.A. | 32938 | 633 |
|  |  | **5955** |
| **Sweden – 2.2%** | **Sweden – 2.2%** | **Sweden – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boliden AB\* | 7692 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution AB | 10445 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 3265 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 9421 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skanska AB, Class B | 24911 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, Class A | 39401 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, Class B | 28680 | 419 |
|  |  | **3364** |
| **Switzerland – 2.3%** | **Switzerland – 2.3%** | **Switzerland – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 25978 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont S.A., Class A <br> (Registered)<br>| 645 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logitech International S.A. (Registered) | 13934 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding A.G. (Registered) | 603 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Temenos A.G. (Registered) | 6130 | 439 |
|  |  | **3553** |
| **United Kingdom – 9.3%** | **United Kingdom – 9.3%** | **United Kingdom – 9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 23843 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods PLC | 14459 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 2683 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 435830 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC | 109596 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCC PLC | 3245 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC | 23221 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 100521 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC | 35202 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC | 155089 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 35683 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC | 94562 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next PLC | 7144 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 5698 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 19501 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 37703 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Group (The) PLC | 30029 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 27334 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 1003 | 25 |

---

EQUITY FUNDS **53** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 9.3%continued** | **United Kingdom – 9.3%continued** | **United Kingdom – 9.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 3191 | $53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC | 30128 | 32 |
|  |  | **14421** |
| **United States – 8.4%** | **United States – 8.4%** | **United States – 8.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd.\* | 7467 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 164 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 92281 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holcim A.G.\* | 7467 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle S.A. (Registered) | 6007 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis A.G. (Registered) | 25764 | 3117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding A.G. (Genusschein) | 7503 | 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanofi S.A. | 6736 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 69159 | 2423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Re A.G. | 6517 | 1131 |
|  |  | **13086** |
| **Total Common Stocks** |  |  |
| **(Cost $117,060)** |  | **151423** |
| **PREFERRED STOCKS – 0.8%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.8%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.8%** <sup>(1)</sup> |
| **Germany – 0.8%** | **Germany – 0.8%** | **Germany – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel A.G. & Co. KGaA, 3.06%<sup>(3)</sup> <br>| 16610 | **1305** |
| **Total Preferred Stocks** |  |  |
| **(Cost $1,289)** |  | **1305** |
| **INVESTMENT COMPANIES – 0.4%**  | **INVESTMENT COMPANIES – 0.4%**  | **INVESTMENT COMPANIES – 0.4%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(4) (5)</sup> <br>| 572460 | 572 |
| **Total Investment Companies** |  |  |
| **(Cost $572)** |  | **572** |
| **Total Investments – 98.5%** |  |  |
| **(Cost $118,921)** |  | **153300** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.5% |  | 2326 |
| **Net Assets – 100.0%** |  | **$155626** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 June 30, 2025,* *the value of these securities amounted to approximately $1,502,000 or* *1.0% of net assets.* 

<sup>(3)</sup> *Current yield is disclosed. Dividends are calculated based on a percentage* *of the issuer's net income.* 

&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 June 30, 2025 is disclosed.*

*\** *Non-Income Producing Security*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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 |
| TSX – Toronto Stock Exchange |

---

*Percentages shown are based on Net Assets.* 

At June 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)**<br>|
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 24 | $1506 | Long | 9/25 | $—\* |
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 3 | 362 | Long | 9/25 | (4)<br>|
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 1 | 235 | Long | 9/25 | 3 |
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 1 | 140 | Long | 9/25 | (—)\*<br>|
| &nbsp;&nbsp; Yen <br> Denominated <br> Nikkei 225 <br> (Japanese <br> Yen)<br>| 4 | 560 | Long | 9/25 | 32 |
| Total |  |  |  |  | $31 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 24.5<br> %<br>|
| Industrials | 17.9 |
| Health Care | 9.8 |
| Consumer Discretionary | 9.3 |
| Information Technology | 8.3 |
| Consumer Staples | 7.2 |

---

NORTHERN FUNDS QUARTERLY REPORT **54** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Materials | 6.7<br> %<br>|
| Communication Services | 4.7 |
| Energy | 4.4 |
| Utilities | 3.3 |
| Real Estate | 2.0 |
| Short-Term Investments | 0.4 |
| Total Investments | 98.5 |
| Other Assets less Liabilities | 1.5 |
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>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 June 30, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>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 June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; $16940 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; 1443 | &nbsp;&nbsp; 1372 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 2459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 12714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 113123 | &nbsp;&nbsp; — | &nbsp;&nbsp; 113123 |
| Total Common Stocks | &nbsp;&nbsp; 19865 | &nbsp;&nbsp; 131558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 151423 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1305 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1305 |
| Investment Companies | &nbsp;&nbsp; 572 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 572 |
| Total Investments | &nbsp;&nbsp; $20437 | &nbsp;&nbsp; $132863 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $153300 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $35 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $31 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $122 | $5768 | $5318 | $7 | $572 | 572460 |

---

EQUITY FUNDS **55** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup> | **COMMON STOCKS – 98.0%** <sup>(1)</sup> | **COMMON STOCKS – 98.0%** <sup>(1)</sup> |
| **Australia – 6.8%** | **Australia – 6.8%** | **Australia – 6.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 899913 | $17273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Group | 394817 | 2123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 169273 | 7261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. | 57105 | 2622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 1531430 | 36807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. | 128657 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 414847 | 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. | 112144 | 2762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cochlear Ltd. | 19624 | 3880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. | 405664 | 5565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 504968 | 61406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 157507 | 4136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. | 603083 | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 505924 | 5091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC\* | 3078486 | 11987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 616978 | 13907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. | 717812 | 4266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lottery (The) Corp. Ltd. | 667267 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | 109888 | 16545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medibank Pvt Ltd. | 830001 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 920694 | 23853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 404117 | 4998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. | 528244 | 3752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. | 16906 | 3173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. | 235279 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 450910 | 6942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. | 15575 | 2466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reece Ltd. | 67484 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 111324 | 7850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 341092 | 19876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santos Ltd. | 989888 | 4980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group | 1608374 | 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGH Ltd. | 62916 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Healthcare Ltd. | 1382469 | 2717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | 140736 | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. | 1379760 | 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockland | 702839 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | 329016 | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 1191447 | 3795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 932345 | 8585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. | 1123564 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. <br> Ltd.<sup>†</sup> <br>| 75182 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. | 344502 | 19217 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Australia – 6.8%continued** | **Australia – 6.8%continued** | **Australia – 6.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. | 1034701 | $23061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 60064 | 4311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 568614 | 8763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. | 365986 | 7494 |
|  |  | **392604** |
| **Austria – 0.2%** | **Austria – 0.2%** | **Austria – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank A.G. | 91839 | 7806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondi PLC | 135051 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMV A.G. | 42819 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verbund A.G. | 19706 | 1513 |
|  |  | **13853** |
| **Belgium – 0.8%** | **Belgium – 0.8%** | **Belgium – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ageas S.A./N.V. | 46158 | 3117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A./N.V. | 300517 | 20662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 6316 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elia Group S.A./N.V. | 14632 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert N.V. | 24854 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V. | 68530 | 7049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lotus Bakeries N.V. | 119 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sofina S.A. | 4529 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syensqo S.A. | 22378 | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UCB S.A. | 37802 | 7427 |
|  |  | **47780** |
| **Brazil – 0.0%** | **Brazil – 0.0%** | **Brazil – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 49662 | **1834** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC | 122292 | **3038** |
| **China – 0.6%** | **China – 0.6%** | **China – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 1115608 | 4853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosus N.V.\* | 396672 | 22220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | 398000 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wharf Holdings (The) Ltd. | 320000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. | 565800 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | 739300 | 1292 |
|  |  | **31895** |
| **Denmark – 2.3%** | **Denmark – 2.3%** | **Denmark – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class A | 880 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class B<sup>†</sup> <br>| 1266 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S, Class B | 28637 | 4062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 37592 | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 206936 | 8437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demant A/S\* | 27804 | 1161 |

---

NORTHERN FUNDS QUARTERLY REPORT **56** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Denmark – 2.3%continued** | **Denmark – 2.3%continued** | **Denmark – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 61233 | $14709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S\* | 19721 | 4081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 972325 | 67847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B | 105680 | 7588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S\* | 49182 | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 25072 | 4401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 27940 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 104169 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 301689 | 4533 |
|  |  | **130495** |
| **Finland – 1.0%** | **Finland – 1.0%** | **Finland – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 43516 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 131965 | 2473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ, Class B | 84899 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 102075 | 6723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ | 180411 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ | 124399 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 1595410 | 8250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 942211 | 14010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 32858 | 2473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 720034 | 7748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stora Enso OYJ (Registered) | 184554 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 161302 | 4404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 155800 | 3682 |
|  |  | **60300** |
| **France – 9.3%** | **France – 9.3%** | **France – 9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accor S.A. | 59186 | 3096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris S.A. | 10000 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Liquide S.A. | 174422 | 36026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbus S.E. | 179587 | 37577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alstom S.A.\* | 101763 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amundi S.A. | 17965 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arkema S.A. | 17924 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXA S.A. | 533620 | 26228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioMerieux | 12245 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A. | 307372 | 27685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bollore S.E. | 207017 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bouygues S.A. | 57889 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas S.A. | 98110 | 3385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capgemini S.E. | 48857 | 8362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrefour S.A. | 159402 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain S.A. | 136623 | 16072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 200813 | 7472 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **France – 9.3%continued** | **France – 9.3%continued** | **France – 9.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covivio S.A./France | 18795 | $1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole S.A. | 316524 | 5996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danone S.A. | 196750 | 16075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation S.A. | 5804 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes S.E. | 201756 | 7313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edenred S.E. | 74248 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eiffage S.A. | 20886 | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engie S.A. | 553854 | 13042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica S.A. | 90765 | 24934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurazeo S.E. | 12057 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED | 33366 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gecina S.A. | 13737 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getlink S.E. | 88664 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hermes International S.C.A. | 9560 | 25936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ipsen S.A. | 11462 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kering S.A. | 22248 | 4853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klepierre S.A. | 67277 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legrand S.A. | 78380 | 10470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L'Oreal S.A. | 72697 | 31127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton S.E. | 82974 | 43516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange S.A. | 559305 | 8538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard S.A. | 60271 | 6021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe S.A. | 68476 | 7730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renault S.A. | 56432 | 2604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexel S.A. | 66379 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safran S.A. | 108875 | 35459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 8476 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A. | 216046 | 12380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sodexo S.A. | 26426 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teleperformance S.E. | 15701 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thales S.A. | 28062 | 8267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies S.E. | 618390 | 38036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield\* | 36588 | 3501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement S.A. | 187863 | 6702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vinci S.A. | 150150 | 22164 |
|  |  | **539985** |
| **Germany – 9.9%** | **Germany – 9.9%** | **Germany – 9.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adidas A.G. | 51282 | 11954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allianz S.E. (Registered) | 116877 | 47355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BASF S.E. | 272586 | 13445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayer A.G. (Registered) | 293737 | 8833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke A.G. | 86300 | 7667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf A.G. | 29785 | 3741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brenntag S.E. | 38168 | 2528 |

---

EQUITY FUNDS **57** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Germany – 9.9%continued** | **Germany – 9.9%continued** | **Germany – 9.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commerzbank A.G. | 266470 | $8408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental A.G. | 33214 | 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covestro A.G.\* | 53792 | 3827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim A.G. & Co. KGaA | 18278 | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding A.G. | 141991 | 6720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank A.G. (Registered) | 562024 | 16675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse A.G. | 57163 | 18652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa A.G. (Registered) | 181517 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post A.G. | 292530 | 13522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom A.G. (Registered) | 1056236 | 38671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.ON S.E. | 679134 | 12505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries A.G. | 80623 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care A.G. | 65927 | 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresenius S.E. & Co. KGaA | 126831 | 6379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEA Group A.G. | 43739 | 3060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck S.E. | 17974 | 5656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials A.G. | 40112 | 9424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel A.G. & Co. KGaA | 30629 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies A.G. | 391345 | 16652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse A.G. | 22188 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien S.E. | 21697 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group A.G. | 216085 | 12643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 38556 | 4993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines A.G. | 16113 | 7165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen (Registered)<br>| 40544 | 26294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nemetschek S.E. | 16934 | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rational A.G. | 1462 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall A.G. | 13497 | 28556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWE A.G. | 192200 | 8032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP S.E. | 315474 | 95963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scout24 S.E. | 22694 | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens A.G. (Registered) | 229660 | 58902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy A.G.\* | 205194 | 23713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers A.G. | 101917 | 5654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symrise A.G. | 39687 | 4167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talanx A.G. | 19366 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vonovia S.E. | 221569 | 7805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zalando S.E.\* | 65879 | 2169 |
|  |  | **569488** |
| **Hong Kong – 1.8%** | **Hong Kong – 1.8%** | **Hong Kong – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 3233886 | 29082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 586638 | 2590 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Hong Kong – 1.8%continued** | **Hong Kong – 1.8%continued** | **Hong Kong – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 191853 | $1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 493014 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. ADR | 18458 | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. | 236979 | 3556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | 419929 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. | 1110220 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | 3385005 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 362096 | 19374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 318900 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jardine Matheson Holdings Ltd. | 47000 | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 788078 | 4201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTR Corp. Ltd. | 494136 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | 420317 | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 782247 | 9821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 1066561 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 435258 | 4998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class A | 106051 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 438333 | 4828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd.<sup>(2)</sup> <br>| 2607213 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | 486766 | 1378 |
|  |  | **106640** |
| **Ireland – 0.4%** | **Ireland – 0.4%** | **Ireland – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings N.V. | 55122 | 6449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 624643 | 5139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC | 299642 | 4276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Irish Bank Resolution Corp. Ltd.<sup>(3) \*</sup> <br>| 99788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A | 49183 | 5431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group PLC | 47306 | 4023 |
|  |  | **25318** |
| **Israel – 0.8%** | **Israel – 0.8%** | **Israel – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azrieli Group Ltd. | 13152 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim B.M. | 379926 | 7296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel B.M. | 450575 | 8384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies <br> Ltd.\*<br>| 26252 | 5808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. | 8184 | 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd. | 224099 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel Discount Bank Ltd., Class A | 365397 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizrahi Tefahot Bank Ltd. | 47561 | 3101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd.\* | 18687 | 3167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. <br> ADR\*<br>| 342176 | 5735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd.\* | 15870 | 2515 |
|  |  | **46036** |

---

NORTHERN FUNDS QUARTERLY REPORT **58** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Italy – 3.1%** | **Italy – 3.1%** | **Italy – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum S.p.A. | 67379 | $1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco BPM S.p.A. | 340853 | 3981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SPA | 289600 | 2633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC A.G. - CDI\* | 66350 | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davide Campari-Milano N.V.<sup>†</sup> <br>| 181076 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiaSorin S.p.A. | 6669 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel S.p.A. | 2464158 | 23388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eni S.p.A. | 658565 | 10667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrari N.V. | 38175 | 18717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco S.p.A. | 183344 | 4070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generali | 259314 | 9230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane S.p.A. | 85229 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo S.p.A. | 4581323 | 26408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leonardo S.p.A. | 120727 | 6808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito <br> Finanziario S.p.A.<br>| 147476 | 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moncler S.p.A. | 70118 | 4003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexi S.p.A. | 160299 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane S.p.A. | 137640 | 2958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prysmian S.p.A. | 84165 | 5935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e <br> Farmaceutica S.p.A.<br>| 35651 | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC | 253667 | 7177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snam S.p.A. | 601338 | 3652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia S.p.A.\* | 3038534 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | 426614 | 4388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniCredit S.p.A. | 423818 | 28426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni S.p.A. | 110647 | 2194 |
|  |  | **180346** |
| **Japan – 21.3%** | **Japan – 21.3%** | **Japan – 21.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 229700 | 17015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 222500 | 6824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc.<sup>†</sup> <br>| 60300 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 156000 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 274800 | 7334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. | 50500 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 431800 | 5779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 364000 | 2586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 203700 | 5204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 543400 | 5328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 177300 | 6347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp.<sup>†</sup> <br>| 170700 | 6971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 280600 | 8127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 104500 | 3568 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Japan – 21.3%continued** | **Japan – 21.3%continued** | **Japan – 21.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 232200 | $5201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank (The) Ltd. | 166600 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 190500 | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 201465 | 10531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concordia Financial Group Ltd. | 308800 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 114300 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 98800 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 1053000 | 7960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 514800 | 11987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 79200 | 9357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 18300 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 168400 | 5802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 404600 | 2878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 566600 | 7641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group, Inc. | 66118 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 27500 | 8137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 271236 | 5854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 79100 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 832497 | 4109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 283200 | 7704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 57400 | 19669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 39700 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 334200 | 7262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 76600 | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 529700 | 12870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. | 67600 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 5100 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 1386200 | 40157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 1265000 | 12198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoshizaki Corp. | 31400 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 103800 | 12323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 135300 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | 241740 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. | 44000 | 4777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 266300 | 3737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 156200 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 361300 | 18988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 42200 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 296900 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Post Bank Co. Ltd. | 540800 | 5838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | 534200 | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 57000 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 360800 | 10623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 176100 | 2044 |

---

EQUITY FUNDS **59** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Japan – 21.3%continued** | **Japan – 21.3%continued** | **Japan – 21.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. | 126000 | $3283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power (The) Co., Inc. | 283400 | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. | 139700 | 6253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | 107900 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 935500 | 16072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 59056 | 23713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kikkoman Corp. | 201800 | 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 233200 | 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | 42600 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 272000 | 8903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 30000 | 4737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 298200 | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. | 385500 | 4628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 73200 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. | 24800 | 3342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 858400 | 3161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M3, Inc. | 137000 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 70100 | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 422700 | 8506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | 97600 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd. | 69952 | 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. | 113000 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | 398500 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 1039500 | 20759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | 570500 | 12321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 318600 | 5961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. | 263000 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 968900 | 24280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 3465795 | 47452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 753100 | 15344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 789800 | 7630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 105700 | 3525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 724218 | 19937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 73100 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 385329 | 8595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 501473 | 7418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 367400 | 10761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 101800 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIDEC CORP. | 250100 | 4841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 334100 | 32046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | 2227 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | 278900 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. | 53300 | 2015 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Japan – 21.3%continued** | **Japan – 21.3%continued** | **Japan – 21.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. | 290961 | $5521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen K.K. | 131000 | 4703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd.<sup>\* †</sup> <br>| 643800 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissin Foods Holdings Co. Ltd. | 59500 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | 24000 | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 212700 | 4102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 899100 | 5905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 113222 | 4550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTT, Inc. | 8978200 | 9588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 198400 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 97500 | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. | 354600 | 4208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omron Corp. | 51200 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 113700 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. Japan | 11300 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | 323500 | 7456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 358400 | 8081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 110300 | 2823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. | 66500 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 131715 | 6521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 117000 | 4021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 694800 | 7464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc.\* | 453700 | 2497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 425900 | 25077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | 502700 | 6186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 624310 | 5730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ricoh Co. Ltd. | 176200 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanrio Co. Ltd. | 53600 | 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 85260 | 2962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | 23600 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. | 45500 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 126300 | 4545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 123600 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 180500 | 3980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. | 664500 | 10717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 94000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 70300 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. | 22800 | 3309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 548500 | 18075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 226700 | 4091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | 117300 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 17200 | 6194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 8745100 | 13514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 286900 | 20802 |

---

NORTHERN FUNDS QUARTERLY REPORT **60** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Japan – 21.3%continued** | **Japan – 21.3%continued** | **Japan – 21.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 266735 | $7991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 1860300 | 48497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 180300 | 3133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 328300 | 8460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 214100 | 4565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | 71600 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 1118826 | 28049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 194938 | 5167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 94700 | 3651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 41500 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 470700 | 5671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. | 150794 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 150700 | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. | 46200 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 485266 | 14980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. | 580300 | 6787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. | 400000 | 7342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 62100 | 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toho Co. Ltd. | 32400 | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 556800 | 23488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 136000 | 25965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 98700 | 3281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. | 83800 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 147900 | 1758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. | 73400 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toray Industries, Inc. | 415500 | 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries Corp. | 48900 | 5510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 2867720 | 49259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 193500 | 4371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. | 37300 | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 338100 | 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 136000 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yakult Honsha Co. Ltd. | 79200 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 290200 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 66700 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. | 28500 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 117900 | 1273 |
|  |  | **1231549** |
| **Jersey – 0.0%** | **Jersey – 0.0%** | **Jersey – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVC Capital Partners PLC | 60648 | **1242** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal S.A. | 141528 | $4474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific S.E. | 35744 | 2547 |
|  |  | **7021** |
| **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 654148 | 2911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sands China Ltd.\* | 728299 | 1519 |
|  |  | **4430** |
| **Netherlands – 4.2%** | **Netherlands – 4.2%** | **Netherlands – 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank N.V. - C.V.A. | 136798 | 3746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adyen N.V.\* | 7554 | 13870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 400095 | 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel N.V. | 51559 | 3608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argenx S.E.\* | 18313 | 10096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASM International N.V. | 14046 | 8993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. | 118974 | 95256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland N.V. | 44134 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BE Semiconductor Industries N.V. | 24789 | 3711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euronext N.V. | 23802 | 4073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXOR N.V. | 26702 | 2693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding N.V. | 40149 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heineken N.V. | 86322 | 7558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMCD N.V. | 17863 | 2404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V. | 954309 | 20942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's N.V. | 49761 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize N.V. | 273227 | 11423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN N.V. | 1167636 | 5699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips N.V. | 248663 | 5970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NN Group N.V. | 80530 | 5353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Randstad N.V. | 31113 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group N.V. | 329983 | 10708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer N.V. | 71364 | 11934 |
|  |  | **239720** |
| **New Zealand – 0.3%** | **New Zealand – 0.3%** | **New Zealand – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auckland International Airport Ltd. | 498723 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contact Energy Ltd. | 260038 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. | 177115 | 3893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infratil Ltd. | 268195 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy Ltd. | 388019 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd.\* | 2996 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (Australian Securities <br> Exchange)\*<br>| 44067 | 5215 |
|  |  | **16370** |

---

EQUITY FUNDS **61** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Norway – 0.6%** | **Norway – 0.6%** | **Norway – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 93489 | $2385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 268186 | 7421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 250659 | 6329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 59937 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA | 131480 | 5100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA | 142020 | 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 415713 | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 218336 | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salmar ASA | 21444 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 196740 | 3073 |
|  |  | **34243** |
| **Poland – 0.0%** | **Poland – 0.0%** | **Poland – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InPost S.A.\* | 65589 | **1090** |
| **Portugal – 0.1%** | **Portugal – 0.1%** | **Portugal – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Espirito Santo S.A. <br> (Registered)<sup>(3) \*</sup> <br>| 882815 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDP S.A. | 956172 | 4151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS S.A. | 120165 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS S.A. | 81740 | 2070 |
|  |  | **8427** |
| **Singapore – 1.8%** | **Singapore – 1.8%** | **Singapore – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 1093392 | 2305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 1793083 | 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. | 688462 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd.<sup>†</sup> <br>| 647005 | 22878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genting Singapore Ltd.<sup>†</sup> <br>| 1704380 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A\* | 728517 | 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. | 441950 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 1017751 | 13067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. ADR\* | 114701 | 18345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. | 264100 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. | 452135 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 252500 | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering <br> Ltd.<br>| 472000 | 2893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | 2230725 | 6703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics N.V. | 203282 | 6186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | 380449 | 10779 |
|  |  | **101714** |
| **South Africa – 0.2%** | **South Africa – 0.2%** | **South Africa – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 339603 | **10026** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **South Korea – 0.0%** | **South Korea – 0.0%** | **South Korea – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero S.E.\* | 57370 | **$1553** |
| **Spain – 3.1%** | **Spain – 3.1%** | **Spain – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acciona S.A. | 7195 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 54393 | 3777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aena SME S.A.<sup>(2)</sup> <br>| 232147 | 6197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group S.A. | 137553 | 11637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. | 1739846 | 26759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell S.A. | 1626680 | 5180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander S.A. | 4576255 | 37885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankinter S.A. | 201107 | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CaixaBank S.A. | 1183642 | 10255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom S.A.\* | 148390 | 5779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis S.A. | 92866 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endesa S.A. | 93555 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grifols S.A.\* | 90080 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iberdrola S.A. | 1751087 | 33662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil S.A. | 330984 | 17247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. S.A. | 124028 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repsol S.A. | 347162 | 5086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonica S.A.<sup>†</sup> <br>| 1105716 | 5833 |
|  |  | **180972** |
| **Sweden – 3.0%** | **Sweden – 3.0%** | **Sweden – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AddTech AB, Class B | 76422 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 88196 | 3715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 301489 | 9427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 820764 | 13296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 471743 | 6721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijer Ref AB | 114157 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boliden AB\* | 85789 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 199191 | 4335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class B | 116644 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT AB | 111999 | 3753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essity AB, Class B | 183017 | 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution AB | 44636 | 3550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B\* | 222803 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&M Hennes & Mauritz AB, Class B<sup>†</sup> <br>| 164790 | 2319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 621324 | 6244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holmen AB, Class B | 21263 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class A | 36171 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class C | 48252 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indutrade AB | 81304 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment AB Latour, Class B | 43691 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class B | 519667 | 15379 |

---

NORTHERN FUNDS QUARTERLY REPORT **62** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Sweden – 3.0%continued** | **Sweden – 3.0%continued** | **Sweden – 3.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, Class B | 22433 | $1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifco AB, Class B | 69810 | 2827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 437307 | 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saab AB, Class B | 94747 | 5292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 70972 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 321971 | 7389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securitas AB, Class B | 152655 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, <br> Class A<br>| 488338 | 8529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skanska AB, Class B | 105339 | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 100236 | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa AB S.C.A., Class B | 178294 | 2319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 435163 | 5820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, Class A | 253629 | 6720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB\* | 56242 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, Class B | 169955 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, <br> Class B<br>| 829457 | 7109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 689962 | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trelleborg AB, Class B | 60361 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 485214 | 13623 |
|  |  | **172295** |
| **Switzerland – 4.9%** | **Switzerland – 4.9%** | **Switzerland – 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 479868 | 28687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avolta A.G.\* | 28300 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baloise Holding A.G. (Registered) | 13094 | 3099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise <br> (Registered)<br>| 8446 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut A.G. (Registered)<sup>†</sup> <br>| 1069 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BKW A.G. | 5956 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Participation Certificate)<br>| 289 | 4863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Registered)<br>| 32 | 5332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont S.A., Class A <br> (Registered)<br>| 162423 | 30718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich A.G. | 55668 | 5919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding A.G. (Registered) | 2113 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galderma Group A.G. | 35662 | 5196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geberit A.G. (Registered) | 10036 | 7910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Givaudan S.A. (Registered) | 2803 | 13596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helvetia Holding A.G. (Registered) | 10934 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 61757 | 4167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International A.G. <br> (Registered)<br>| 14190 | 3081 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **Switzerland – 4.9%continued** | **Switzerland – 4.9%continued** | **Switzerland – 4.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logitech International S.A. (Registered) | 46543 | $4206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lonza Group A.G. (Registered) | 21636 | 15459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding A.G. | 6810 | 8929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group A.G. | 124853 | 6860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding A.G. (Participation <br> Certificate)<br>| 12572 | 4683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding A.G. (Registered) | 6770 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGS S.A. (Registered) | 48261 | 4908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIG Group A.G.\* | 94921 | 1758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sika A.G. (Registered) | 45638 | 12385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding A.G. (Registered) | 15109 | 4513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding A.G. (Registered) | 33428 | 4379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swatch Group (The) A.G. (Bearer) | 8859 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding A.G. (Registered) | 8613 | 8741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site A.G. (Registered) | 23571 | 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swisscom A.G. (Registered) | 7873 | 5590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Temenos A.G. (Registered) | 17485 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group A.G. (Registered) | 994525 | 33792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VAT Group A.G. | 8470 | 3586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group A.G. | 44235 | 31020 |
|  |  | **281226** |
| **United Kingdom – 11.2%** | **United Kingdom – 11.2%** | **United Kingdom – 11.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 294130 | 16638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC | 77873 | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC | 130200 | 8346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods PLC | 99056 | 2799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 468032 | 65271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC | 262121 | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC | 800772 | 6808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 911096 | 23588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 4340203 | 20102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC | 417072 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 595342 | 28173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BT Group PLC | 1792220 | 4767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC | 98829 | 3148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC | 1524517 | 3381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 804138 | 4964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 68829 | 6382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 516878 | 17507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Croda International PLC | 42066 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCC PLC | 29134 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 674236 | 16959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entain PLC | 175097 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 114245 | 5019 |

---

EQUITY FUNDS **63** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 11.2%continued** | **United Kingdom – 11.2%continued** | **United Kingdom – 11.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC | 51676 | $1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 5335660 | 64599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC | 234250 | 9248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Informa PLC | 401538 | 4443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | 44359 | 5065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines <br> Group S.A.<br>| 367083 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intertek Group PLC | 47756 | 3108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC | 535870 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC | 779073 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 538362 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 205068 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group PLC | 1771337 | 6192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 18168400 | 19133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 143904 | 21027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&G PLC | 675766 | 2385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC | 622919 | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries PLC | 387205 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 1482611 | 21678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC | 2442358 | 17149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next PLC | 35137 | 6003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC | 176835 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | 205018 | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 205058 | 13949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 558081 | 30273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | 754731 | 3653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 2549516 | 33874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Group (The) PLC | 299069 | 5140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | 215137 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 389260 | 3632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severn Trent PLC | 82726 | 3111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 252621 | 3860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 101269 | 3123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirax Group PLC | 22021 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 330870 | 8317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 604628 | 10020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 2012684 | 11087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 756940 | 46105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC | 207636 | 3260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC | 5965224 | 6370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitbread PLC | 52678 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wise PLC, Class A\* | 196104 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 324254 | 2267 |
|  |  | **644915** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.0%** <sup>(1)</sup>**continued**  |
| **United States – 10.0%** | **United States – 10.0%** | **United States – 10.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcon A.G. | 149429 | $13267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd.\* | 156116 | 7788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 4852123 | 24205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 147092 | 23185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 14306 | 5821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 278135 | 14329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrovial S.E. | 152795 | 8147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 1244437 | 23722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 2704941 | 13917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holcim A.G.\* | 156116 | 11637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC - CDI\* | 176387 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 12127 | 3814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle S.A. (Registered) | 791437 | 78607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis A.G. (Registered) | 574420 | 69490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QIAGEN N.V.\* | 63466 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding A.G. (Bearer) | 9371 | 3260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding A.G. (Genusschein) | 212382 | 69430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanofi S.A. | 334924 | 32406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric S.E. | 165130 | 44033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 1809921 | 63425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 46450 | 35643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellantis N.V. | 605445 | 6071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Re A.G. | 90469 | 15700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenaris S.A. | 127441 | 2380 |
|  |  | **578202** |
| **Total Common Stocks** |  |  |
| **(Cost $3,078,088)** |  | **5664607** |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke A.G., <br> 6.15%<sup>(4)</sup> <br>| 17118 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr. Ing hc F Porsche A.G., 3.55%<sup>(4)</sup> <br>| 36067 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel A.G. & Co. KGaA, 3.06%<sup>(4)</sup> <br>| 50990 | 4004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding S.E., <br> 5.69%<sup>(4)</sup> <br>| 45648 | 1810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sartorius A.G., 0.34%<sup>(4)</sup> <br>| 7623 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen A.G., 7.11%<sup>(4)</sup> <br>| 61582 | 6503 |
|  |  | **17457** |
| **Total Preferred Stocks** |  |  |
| **(Cost $17,509)** |  | **17457** |
| **INVESTMENT COMPANIES – 0.7%**  | **INVESTMENT COMPANIES – 0.7%**  | **INVESTMENT COMPANIES – 0.7%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 425600 | 35529 |

---

NORTHERN FUNDS QUARTERLY REPORT **64** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.7%continued**  | **INVESTMENT COMPANIES – 0.7%continued**  | **INVESTMENT COMPANIES – 0.7%continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(5) (6) (7)</sup> <br>| 1454981 | $1455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(5) (6)</sup> <br>| 13359 | 13 |
| **Total Investment Companies** |  |  |
| **(Cost $31,667)** |  | **36997** |
| **Total Investments – 99.0%** |  |  |
| **(Cost $3,127,264)** |  | **5719061** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 1.0% |  | 59718 |
| **Net Assets – 100.0%** |  | **$5778779** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <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 June 30, 2025,* <br> *the value of these securities amounted to approximately $8,708,000 or* <br> *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 June 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* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| CDI – CREST Depository Interest |
| EAFE – Europe, Australasia and the Far East |
| ETF – Exchange-Traded Fund |
| FTSE – Financial Times Stock Exchange |
| MSCI – Morgan Stanley Capital International |
| REIT – Real Estate Investment Trust |
| SPI – Standardized Precipitation Index |

---

*Percentages shown are based on Net Assets.* 

At June 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 | United States <br> Dollar<br>| 3595 | British Pound | 2655 | 9/17/25 | $52 |
| Citibank | United States <br> Dollar<br>| 1336 | Australian <br> Dollar<br>| 2060 | 9/17/25 | 23 |
| Citibank | United States <br> Dollar<br>| 6634 | Japanese Yen | 950000 | 9/17/25 | 23 |
| Morgan Stanley | United States <br> Dollar<br>| 4863 | Euro | 4198 | 9/17/25 | 108 |
| Morgan Stanley | United States <br> Dollar<br>| 1264 | Swedish Krona | 11980 | 9/17/25 | 9 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 215 |
| Morgan Stanley | Euro | 1490 | United States <br> Dollar<br>| 1759 | 9/17/25 | (6)<br>|
| Morgan Stanley | Swiss Franc | 4200 | United States <br> Dollar<br>| 5249 | 9/17/25 | (98)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (104)<br>|
| Total |  |  |  |  |  | $111 |

---

At June 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)**<br>|
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 423 | $26543 | Long | 9/25 | $(9)<br>|
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 109 | 13151 | Long | 9/25 | (156)<br>|
| &nbsp;&nbsp; Hang Seng <br> Index (Hong <br> Kong Dollar)<br>| 9 | 1381 | Long | 7/25 | 5 |
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 49 | 6883 | Long | 9/25 | (13)<br>|
| &nbsp;&nbsp; Topix Index <br> (Japanese <br> Yen)<br>| 84 | 16657 | Long | 9/25 | 390 |
| Total |  |  |  |  | $217 |

---

EQUITY FUNDS **65** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 24.1<br> %<br>|
| Industrials | 18.7 |
| Health Care | 11.1 |
| Consumer Discretionary | 9.6 |
| Information Technology | 8.3 |
| Consumer Staples | 7.8 |
| Materials | 5.5 |
| Communication Services | 5.4 |
| Utilities | 3.5 |
| Energy | 3.1 |
| Real Estate | 1.9 |
| 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. <br>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 June 30, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; $2281 | &nbsp;&nbsp; $104359 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; 6449 | &nbsp;&nbsp; 18869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; 14058 | &nbsp;&nbsp; 31978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 22009 | &nbsp;&nbsp; 79705 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 6382 | &nbsp;&nbsp; 638533 | &nbsp;&nbsp; — | &nbsp;&nbsp; 644915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 53066 | &nbsp;&nbsp; 525136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 578202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4161782 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4161782 |
| Total Common Stocks | &nbsp;&nbsp; 104245 | &nbsp;&nbsp; 5560362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5664607 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 17457 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17457 |
| Investment Companies | &nbsp;&nbsp; 36997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36997 |
| Total Investments | &nbsp;&nbsp; $141242 | &nbsp;&nbsp; $5577819 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5719061 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $215 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; 395 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 395 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (104)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (104)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (178)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (178)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $217 | &nbsp;&nbsp; $111 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $3407 | $1952 | $— <br><sup>(1),\*</sup><br>| $1455 | 1454981 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 1914 | 313640 | 315541 | 156 | 13 | 13359 |
| Total | $1914 | $317047 | $317493 | $156 | $1468 | 1468340 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

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

NORTHERN FUNDS QUARTERLY REPORT **66** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LARGE CAP CORE FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.1%**  | **COMMON STOCKS – 99.1%**  | **COMMON STOCKS – 99.1%**  |
| **Aerospace & Defense – 1.4%** | **Aerospace & Defense – 1.4%** | **Aerospace & Defense – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 6849 | $1763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 5353 | 2479 |
|  |  | **4242** |
| **Air Freight & Logistics – 1.0%** | **Air Freight & Logistics – 1.0%** | **Air Freight & Logistics – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 13120 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 3345 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 13622 | 1375 |
|  |  | **3016** |
| **Automobiles – 1.2%** | **Automobiles – 1.2%** | **Automobiles – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 847 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 11258 | 3576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 650 | 58 |
|  |  | **3676** |
| **Banks – 3.6%** | **Banks – 3.6%** | **Banks – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 53156 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 26328 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 20680 | 5995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 3973 | 318 |
|  |  | **11070** |
| **Beverages – 0.4%** | **Beverages – 0.4%** | **Beverages – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 18351 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 1431 | 189 |
|  |  | **1071** |
| **Biotechnology – 1.4%** | **Biotechnology – 1.4%** | **Biotechnology – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 6312 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 10205 | 2849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 1867 | 207 |
|  |  | **4228** |
| **Broadline Retail – 4.3%** | **Broadline Retail – 4.3%** | **Broadline Retail – 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 50669 | 11116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 29647 | 2208 |
|  |  | **13324** |
| **Building Products – 0.1%** | **Building Products – 0.1%** | **Building Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 2213 | **142** |
| **Capital Markets – 3.2%** | **Capital Markets – 3.2%** | **Capital Markets – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 561 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. | 25499 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc. | 4851 | 3433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 13778 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 20931 | 2226 |
|  |  | **10033** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Chemicals – 0.7%** | **Chemicals – 0.7%** | **Chemicals – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 22618 | **$2081** |
| **Communications Equipment – 1.7%** | **Communications Equipment – 1.7%** | **Communications Equipment – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 10821 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 52722 | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 300 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. | 885 | 365 |
|  |  | **5218** |
| **Construction & Engineering – 0.8%** | **Construction & Engineering – 0.8%** | **Construction & Engineering – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 1969 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 4455 | 1455 |
|  |  | **2508** |
| **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 4788 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 24949 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 5593 | 373 |
|  |  | **2210** |
| **Consumer Staples Distribution & Retail – 1.3%** | **Consumer Staples Distribution & Retail – 1.3%** | **Consumer Staples Distribution & Retail – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 857 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co. | 21632 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 1808 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 8203 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 6185 | 605 |
|  |  | **3951** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 1370 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 26553 | 824 |
|  |  | **965** |
| **Diversified Consumer Services – 0.2%** | **Diversified Consumer Services – 0.2%** | **Diversified Consumer Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 13562 | **744** |
| **Diversified Telecommunication Services – 1.2%** | **Diversified Telecommunication Services – 1.2%** | **Diversified Telecommunication Services – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 102779 | 2974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 20432 | 884 |
|  |  | **3858** |
| **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 4132 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International | 808 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 388 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 31486 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 17005 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 8892 | 1428 |

---

EQUITY FUNDS **67** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 1731 | $77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 40503 | 1373 |
|  |  | **6337** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 115 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 1929 | 276 |
|  |  | **311** |
| **Electronic Equipment, Instruments & Components – 0.5%** | **Electronic Equipment, Instruments & Components – 0.5%** | **Electronic Equipment, Instruments & Components – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 7337 | **1600** |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger N.V. | 10101 | **341** |
| **Entertainment – 1.1%** | **Entertainment – 1.1%** | **Entertainment – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 2605 | **3488** |
| **Financial Services – 4.2%** | **Financial Services – 4.2%** | **Financial Services – 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 10601 | 5150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 8041 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 7733 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 9802 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 1437 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 69425 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 8383 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 5002 | 1776 |
|  |  | **13061** |
| **Food Products – 1.2%** | **Food Products – 1.2%** | **Food Products – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 12919 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 40656 | 1829 |
|  |  | **3581** |
| **Ground Transportation – 0.2%** | **Ground Transportation – 0.2%** | **Ground Transportation – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 3638 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 547 | 126 |
|  |  | **632** |
| **Health Care Equipment & Supplies – 2.1%** | **Health Care Equipment & Supplies – 2.1%** | **Health Care Equipment & Supplies – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 21553 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 15721 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 8374 | 2161 |
|  |  | **6462** |
| **Health Care Providers & Services – 2.5%** | **Health Care Providers & Services – 2.5%** | **Health Care Providers & Services – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 4377 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 2353 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 6921 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 5443 | 2085 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Health Care Providers & Services – 2.5%continued** | **Health Care Providers & Services – 2.5%continued** | **Health Care Providers & Services – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 3107 | $2277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1340 | 418 |
|  |  | **7856** |
| **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A\* | 6074 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A\* | 1778 | 512 |
|  |  | **885** |
| **Hotels, Restaurants & Leisure – 2.5%** | **Hotels, Restaurants & Leisure – 2.5%** | **Hotels, Restaurants & Leisure – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 548 | 3172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 61728 | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc.<sup>†</sup> <br>| 1620 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 8109 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 1050 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 17966 | 927 |
|  |  | **7738** |
| **Household Durables – 0.0%** | **Household Durables – 0.0%** | **Household Durables – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 7 | **52** |
| **Household Products – 1.2%** | **Household Products – 1.2%** | **Household Products – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 10329 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 14401 | 2294 |
|  |  | **3626** |
| **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 15827 | **2409** |
| **Insurance – 2.1%** | **Insurance – 2.1%** | **Insurance – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 10072 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 20001 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 17075 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 13416 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 4064 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 12923 | 1044 |
|  |  | **6590** |
| **Interactive Media & Services – 7.3%** | **Interactive Media & Services – 7.3%** | **Interactive Media & Services – 7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 70991 | 12511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 13677 | 10095 |
|  |  | **22606** |
| **IT Services – 1.2%** | **IT Services – 1.2%** | **IT Services – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 6357 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 181 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 11747 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 3314 | 977 |
|  |  | **3810** |

---

NORTHERN FUNDS QUARTERLY REPORT **68** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Life Sciences Tools & Services – 0.1%** | **Life Sciences Tools & Services – 0.1%** | **Life Sciences Tools & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 863 | $271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 132 | 46 |
|  |  | **317** |
| **Machinery – 2.2%** | **Machinery – 2.2%** | **Machinery – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 17034 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 7475 | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 2804 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 5288 | 1646 |
|  |  | **6859** |
| **Media – 0.3%** | **Media – 0.3%** | **Media – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 16774 | **940** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 44791 | **2610** |
| **Mortgage Real Estate Investment Trusts – 0.0%** | **Mortgage Real Estate Investment Trusts – 0.0%** | **Mortgage Real Estate Investment Trusts – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 5300 | **60** |
| **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 7301 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 10969 | 923 |
|  |  | **1656** |
| **Office Real Estate Investment Trusts – 0.2%** | **Office Real Estate Investment Trusts – 0.2%** | **Office Real Estate Investment Trusts – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 16575 | **515** |
| **Oil, Gas & Consumable Fuels – 2.6%** | **Oil, Gas & Consumable Fuels – 2.6%** | **Oil, Gas & Consumable Fuels – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 19339 | 2313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 21371 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 8276 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 33476 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 5494 | 738 |
|  |  | **8004** |
| **Pharmaceuticals – 3.4%** | **Pharmaceuticals – 3.4%** | **Pharmaceuticals – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 53896 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 1983 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 23885 | 3648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 765 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 117290 | 2843 |
|  |  | **10592** |
| **Professional Services – 1.4%** | **Professional Services – 1.4%** | **Professional Services – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 4799 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 26505 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 9778 | 1543 |
|  |  | **4189** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Real Estate Management & Development – 0.9%** | **Real Estate Management & Development – 0.9%** | **Real Estate Management & Development – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 7981 | $1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 6633 | 1697 |
|  |  | **2815** |
| **Retail Real Estate Investment Trusts – 0.7%** | **Retail Real Estate Investment Trusts – 0.7%** | **Retail Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 12953 | **2082** |
| **Semiconductors & Semiconductor Equipment – 12.3%** | **Semiconductors & Semiconductor Equipment – 12.3%** | **Semiconductors & Semiconductor Equipment – 12.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 5169 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 33290 | 9176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 2443 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 145556 | 22997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 16768 | 2671 |
|  |  | **37978** |
| **Software – 10.9%** | **Software – 10.9%** | **Software – 10.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 7180 | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A\* | 1537 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc., Class A | 7823 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A\* | 16313 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 15482 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 60717 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 2052 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 46846 | 23302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 4239 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A\* | 800 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 28 | 8 |
|  |  | **33747** |
| **Specialized Real Estate Investment Trusts – 0.3%** | **Specialized Real Estate Investment Trusts – 0.3%** | **Specialized Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 18217 | **1061** |
| **Specialty Retail – 1.0%** | **Specialty Retail – 1.0%** | **Specialty Retail – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 11744 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc. | 5019 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 405 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 5226 | 854 |
|  |  | **3136** |
| **Technology Hardware, Storage & Peripherals – 6.1%** | **Technology Hardware, Storage & Peripherals – 6.1%** | **Technology Hardware, Storage & Peripherals – 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 92031 | **18882** |
| **Textiles, Apparel & Luxury Goods – 1.0%** | **Textiles, Apparel & Luxury Goods – 1.0%** | **Textiles, Apparel & Luxury Goods – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 5312 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 19810 | 1739 |
|  |  | **3196** |

---

EQUITY FUNDS **69** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Tobacco – 1.4%** | **Tobacco – 1.4%** | **Tobacco – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 42825 | $2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 10767 | 1961 |
|  |  | **4472** |
| **Total Common Stocks** |  |  |
| **(Cost $162,770)** |  | **306833** |
| **INVESTMENT COMPANIES – 0.8%**  | **INVESTMENT COMPANIES – 0.8%**  | **INVESTMENT COMPANIES – 0.8%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(1) (2) (3)</sup> <br>| 211736 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(1) (2)</sup> <br>| 2409073 | 2409 |
| **Total Investment Companies** |  |  |
| **(Cost $2,621)** |  | **2621** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(4) (5)</sup> <br>| $200 | **$197** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $197)** | **(Cost $197)** | **197** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $165,588)** | **(Cost $165,588)** | **309651** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.0% | 41 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$309692** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 June 30, 2025 is disclosed.*

<sup>(3)</sup> *Investment of securities lending cash collateral in connection with securities* *lending.* 

<sup>(4)</sup> *Discount rate at the time of purchase.*

<sup>(5)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

<sup>†</sup> *Security is either wholly or partially on loan.* <br> *\** *Non-Income Producing Security*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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 June 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)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 8 | $2502 | Long | 9/25 | $75 |

---

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. <br>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). <br>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 June 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; $306833 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $306833 |
| Investment Companies | &nbsp;&nbsp; 2621 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2621 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 197 |
| Total Investments | &nbsp;&nbsp; $309454 | &nbsp;&nbsp; $197 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $309651 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $75 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

NORTHERN FUNDS QUARTERLY REPORT **70** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $355 | $143 | $— <br><sup>(1),\*</sup><br>| $212 | 211736 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 3105 | 3292 | 3988 | 22 | 2409 | 2409073 |
| Total | $3105 | $3647 | $4131 | $22 | $2621 | 2620809 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

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

EQUITY FUNDS **71** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.1%**  | **COMMON STOCKS – 98.1%**  | **COMMON STOCKS – 98.1%**  |
| **Aerospace & Defense – 1.7%** | **Aerospace & Defense – 1.7%** | **Aerospace & Defense – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 547 | $267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 1636 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 760 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 957 | 235 |
|  |  | **1090** |
| **Air Freight & Logistics – 1.0%** | **Air Freight & Logistics – 1.0%** | **Air Freight & Logistics – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 6333 | **639** |
| **Banks – 8.9%** | **Banks – 8.9%** | **Banks – 8.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 16894 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 12986 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 9208 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 9209 | 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 2050 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 2321 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 7534 | 604 |
|  |  | **5601** |
| **Beverages – 0.9%** | **Beverages – 0.9%** | **Beverages – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Beer (The) Co., Inc., Class A\* | 1153 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 8239 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 2434 | 117 |
|  |  | **559** |
| **Biotechnology – 2.3%** | **Biotechnology – 2.3%** | **Biotechnology – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 2290 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 8016 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 1024 | 294 |
|  |  | **1471** |
| **Broadline Retail – 0.7%** | **Broadline Retail – 0.7%** | **Broadline Retail – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 5707 | **425** |
| **Capital Markets – 4.7%** | **Capital Markets – 4.7%** | **Capital Markets – 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. | 8580 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 26 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp. | 2807 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc. | 701 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 8624 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 7222 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 7196 | 1014 |
|  |  | **2991** |
| **Chemicals – 1.1%** | **Chemicals – 1.1%** | **Chemicals – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 2850 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 4135 | 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**  |
| **Chemicals – 1.1%continued** | **Chemicals – 1.1%continued** | **Chemicals – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 1317 | $97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V., Class A | 1052 | 61 |
|  |  | **681** |
| **Communications Equipment – 2.7%** | **Communications Equipment – 2.7%** | **Communications Equipment – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 19358 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 1234 | 363 |
|  |  | **1706** |
| **Construction & Engineering – 1.2%** | **Construction & Engineering – 1.2%** | **Construction & Engineering – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 848 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 950 | 310 |
|  |  | **764** |
| **Consumer Finance – 1.5%** | **Consumer Finance – 1.5%** | **Consumer Finance – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 223 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 1397 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 11199 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 3760 | 251 |
|  |  | **924** |
| **Consumer Staples Distribution & Retail – 1.7%** | **Consumer Staples Distribution & Retail – 1.7%** | **Consumer Staples Distribution & Retail – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 7261 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co. | 3957 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 4532 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 1624 | 159 |
|  |  | **1046** |
| **Containers & Packaging – 0.7%** | **Containers & Packaging – 0.7%** | **Containers & Packaging – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 45340 | **417** |
| **Diversified Telecommunication Services – 0.8%** | **Diversified Telecommunication Services – 0.8%** | **Diversified Telecommunication Services – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 11352 | **491** |
| **Electric Utilities – 1.7%** | **Electric Utilities – 1.7%** | **Electric Utilities – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 4677 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 5882 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 3559 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 9727 | 330 |
|  |  | **1065** |
| **Electrical Equipment – 3.3%** | **Electrical Equipment – 3.3%** | **Electrical Equipment – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 2819 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 6979 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 1760 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 995 | 406 |
|  |  | **2099** |
| **Electronic Equipment, Instruments & Components – 0.9%** | **Electronic Equipment, Instruments & Components – 0.9%** | **Electronic Equipment, Instruments & Components – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 2306 | 503 |

---

NORTHERN FUNDS QUARTERLY REPORT **72** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LARGE CAP VALUE 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**  |
| **Electronic Equipment, Instruments & Components – 0.9%continued** | **Electronic Equipment, Instruments & Components – 0.9%continued** | **Electronic Equipment, Instruments & Components – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 33 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 1745 | 64 |
|  |  | **584** |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 917 | **35** |
| **Entertainment – 1.0%** | **Entertainment – 1.0%** | **Entertainment – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 3227 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney (The) Co. | 985 | 122 |
|  |  | **638** |
| **Financial Services – 4.5%** | **Financial Services – 4.5%** | **Financial Services – 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 3827 | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 6432 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 84 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 12477 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 1515 | 112 |
|  |  | **2849** |
| **Food Products – 2.2%** | **Food Products – 2.2%** | **Food Products – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 3533 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 4054 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 2293 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 7989 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 5489 | 247 |
|  |  | **1402** |
| **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 17805 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 9211 | 335 |
|  |  | **632** |
| **Ground Transportation – 1.1%** | **Ground Transportation – 1.1%** | **Ground Transportation – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 22211 | **725** |
| **Health Care Equipment & Supplies – 3.1%** | **Health Care Equipment & Supplies – 3.1%** | **Health Care Equipment & Supplies – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 2034 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 3140 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 7617 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 1543 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 1490 | 358 |
|  |  | **1929** |
| **Health Care Providers & Services – 1.8%** | **Health Care Providers & Services – 1.8%** | **Health Care Providers & Services – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 2156 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 1806 | 132 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 1.8%continued** | **Health Care Providers & Services – 1.8%continued** | **Health Care Providers & Services – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier, Inc., Class A | 965 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 774 | 241 |
|  |  | **1107** |
| **Hotel & Resort Real Estate Investment Trusts – 0.5%** | **Hotel & Resort Real Estate Investment Trusts – 0.5%** | **Hotel & Resort Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 19289 | **296** |
| **Hotels, Restaurants & Leisure – 0.3%** | **Hotels, Restaurants & Leisure – 0.3%** | **Hotels, Restaurants & Leisure – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 1185 | **186** |
| **Household Durables – 1.1%** | **Household Durables – 1.1%** | **Household Durables – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 768 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 44 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 1007 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 415 | 135 |
|  |  | **726** |
| **Household Products – 0.9%** | **Household Products – 0.9%** | **Household Products – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 1880 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 11785 | 252 |
|  |  | **552** |
| **Industrial Real Estate Investment Trusts – 0.7%** | **Industrial Real Estate Investment Trusts – 0.7%** | **Industrial Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 6146 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 1679 | 176 |
|  |  | **472** |
| **Insurance – 4.9%** | **Insurance – 4.9%** | **Insurance – 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 5686 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 5635 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 3497 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 3190 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 2246 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 6913 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 8135 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 4287 | 461 |
|  |  | **3093** |
| **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 1864 | **329** |
| **IT Services – 3.3%** | **IT Services – 3.3%** | **IT Services – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 3238 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 1856 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 2958 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 2355 | 694 |
|  |  | **2062** |

---

EQUITY FUNDS **73** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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**  |
| **Leisure Products – 0.6%** | **Leisure Products – 0.6%** | **Leisure Products – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 5189 | $383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 175 | 4 |
|  |  | **387** |
| **Life Sciences Tools & Services – 3.2%** | **Life Sciences Tools & Services – 3.2%** | **Life Sciences Tools & Services – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 4963 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 1274 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 1988 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QIAGEN N.V.\* | 7318 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 2137 | 867 |
|  |  | **2039** |
| **Machinery – 2.6%** | **Machinery – 2.6%** | **Machinery – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 3442 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 4323 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 997 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 860 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 982 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toro (The) Co. | 160 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.<br>| 2065 | 432 |
|  |  | **1633** |
| **Media – 2.4%** | **Media – 2.4%** | **Media – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 12323 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 4228 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of (The) Cos., Inc. | 3694 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Times (The) Co., Class A | 5488 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 1840 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 2023 | 146 |
|  |  | **1538** |
| **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 13917 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 343 | 108 |
|  |  | **919** |
| **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 13528 | **272** |
| **Multi-Utilities – 1.2%** | **Multi-Utilities – 1.2%** | **Multi-Utilities – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 3354 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 7319 | 414 |
|  |  | **750** |
| **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 8262 | **284** |
| **Oil, Gas & Consumable Fuels – 6.0%** | **Oil, Gas & Consumable Fuels – 6.0%** | **Oil, Gas & Consumable Fuels – 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 7728 | 1107 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 6.0%continued** | **Oil, Gas & Consumable Fuels – 6.0%continued** | **Oil, Gas & Consumable Fuels – 6.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 6387 | $764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 7881 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 6810 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 2399 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 3771 | 507 |
|  |  | **3772** |
| **Personal Care Products – 0.7%** | **Personal Care Products – 0.7%** | **Personal Care Products – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder (The) Cos., Inc., Class A | 5106 | **413** |
| **Pharmaceuticals – 3.9%** | **Pharmaceuticals – 3.9%** | **Pharmaceuticals – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 2335 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 6544 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 3370 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 38033 | 922 |
|  |  | **2436** |
| **Professional Services – 2.5%** | **Professional Services – 2.5%** | **Professional Services – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.\* | 153 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 236 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 3854 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 2484 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 2334 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 3965 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Applications International <br> Corp.<br>| 2568 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 2335 | 193 |
|  |  | **1574** |
| **Real Estate Management & Development – 0.8%** | **Real Estate Management & Development – 0.8%** | **Real Estate Management & Development – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 2071 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 1326 | 339 |
|  |  | **479** |
| **Residential Real Estate Investment Trusts – 1.1%** | **Residential Real Estate Investment Trusts – 1.1%** | **Residential Real Estate Investment Trusts – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 1796 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 5236 | 353 |
|  |  | **719** |
| **Retail Real Estate Investment Trusts – 0.8%** | **Retail Real Estate Investment Trusts – 0.8%** | **Retail Real Estate Investment Trusts – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 4011 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 4391 | 313 |
|  |  | **486** |
| **Semiconductors & Semiconductor Equipment – 2.0%** | **Semiconductors & Semiconductor Equipment – 2.0%** | **Semiconductors & Semiconductor Equipment – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 1858 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 1959 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 692 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 2031 | 324 |

---

NORTHERN FUNDS QUARTERLY REPORT **74** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LARGE CAP VALUE 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 – 2.0%continued** | **Semiconductors & Semiconductor Equipment – 2.0%continued** | **Semiconductors & Semiconductor Equipment – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 454 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 180 | 37 |
|  |  | **1268** |
| **Software – 1.3%** | **Software – 1.3%** | **Software – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 11781 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 492 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 369 | 64 |
|  |  | **798** |
| **Specialized Real Estate Investment Trusts – 1.0%** | **Specialized Real Estate Investment Trusts – 1.0%** | **Specialized Real Estate Investment Trusts – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 11444 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 5906 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 6687 | 172 |
|  |  | **618** |
| **Specialty Retail – 0.4%** | **Specialty Retail – 0.4%** | **Specialty Retail – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 3181 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 186 | 24 |
|  |  | **237** |
| **Textiles, Apparel & Luxury Goods – 2.1%** | **Textiles, Apparel & Luxury Goods – 2.1%** | **Textiles, Apparel & Luxury Goods – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 705 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 2009 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 968 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 6023 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 1478 | 405 |
|  |  | **1313** |
| **Tobacco – 0.3%** | **Tobacco – 0.3%** | **Tobacco – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 1084 | **197** |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 1126 | **96** |
| **Total Common Stocks** |  |  |
| **(Cost $51,216)** |  | **61814** |
| **INVESTMENT COMPANIES – 1.7%**  | **INVESTMENT COMPANIES – 1.7%**  | **INVESTMENT COMPANIES – 1.7%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(1) (2)</sup> <br>| 1045891 | 1046 |
| **Total Investment Companies** |  |  |
| **(Cost $1,046)** |  | **1046** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(3) (4)</sup> <br>| $73 | **$72** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $72)** | **(Cost $72)** | **72** |
| **Total Investments – 99.9%** | **Total Investments – 99.9%** |  |
| **(Cost $52,334)** | **(Cost $52,334)** | **62932** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.1% | 44 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$62976** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 June 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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| REIT - Real Estate Investment Trust |
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At June 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)**<br>|
| &nbsp;&nbsp; Micro E-Mini <br> S&P 500 <br> Index<br>| 33 | $1032 | Long | 9/25 | $35 |

---

EQUITY FUNDS **75** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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. <br>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). <br>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 June 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; $61814 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61814 |
| Investment Companies | &nbsp;&nbsp; 1046 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1046 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 72 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72 |
| Total Investments | &nbsp;&nbsp; $62860 | &nbsp;&nbsp; $72 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62932 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $35 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $502 | $1859 | $1315 | $6 | $1046 | 1045891 |

---

NORTHERN FUNDS QUARTERLY REPORT **76** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**MID CAP INDEX FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.1%**  | **COMMON STOCKS – 99.1%**  | **COMMON STOCKS – 99.1%**  |
| **Aerospace & Defense – 2.1%** | **Aerospace & Defense – 2.1%** | **Aerospace & Defense – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 94032 | $8119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 60894 | 8772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 25112 | 12268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 53366 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 39653 | 9719 |
|  |  | **41893** |
| **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 76378 | **3720** |
| **Automobile Components – 0.8%** | **Automobile Components – 0.8%** | **Automobile Components – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autoliv, Inc. | 47437 | 5308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 149227 | 3281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co.\* | 189298 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 35492 | 3371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp.\* | 18045 | 1684 |
|  |  | **15607** |
| **Automobiles – 0.3%** | **Automobiles – 0.3%** | **Automobiles – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 72388 | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc.<sup>†</sup> <br>| 35313 | 3136 |
|  |  | **4845** |
| **Banks – 6.6%** | **Banks – 6.6%** | **Banks – 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 108354 | 2643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 70338 | 3310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 124388 | 3978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 139537 | 3262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 87328 | 5209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 80993 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 42846 | 5507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 91855 | 9276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 85982 | 3094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 338165 | 7169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flagstar Financial, Inc. | 200858 | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 240214 | 3502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 79036 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 57187 | 3283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 122601 | 3489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 35725 | 2378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old National Bancorp | 217185 | 4635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 51270 | 5661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 63573 | 4465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SouthState Corp. | 65439 | 6022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 92739 | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 30672 | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 47421 | 4987 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Banks – 6.6%continued** | **Banks – 6.6%continued** | **Banks – 6.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 94092 | $3428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 316026 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 112179 | 6125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 72448 | 5650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 44638 | 5534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp N.A. | 98437 | 5113 |
|  |  | **128345** |
| **Beverages – 0.5%** | **Beverages – 0.5%** | **Beverages – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Beer (The) Co., Inc., Class A\* | 5429 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\* | 104462 | 4846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc.<sup>†</sup> <br>| 38940 | 4348 |
|  |  | **10230** |
| **Biotechnology – 2.2%** | **Biotechnology – 2.2%** | **Biotechnology – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 127501 | 7009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 79227 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 181786 | 8012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 82221 | 4277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 65813 | 8272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 279455 | 3149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 64870 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 29997 | 8620 |
|  |  | **43066** |
| **Broadline Retail – 0.4%** | **Broadline Retail – 0.4%** | **Broadline Retail – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 184600 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 40953 | 5397 |
|  |  | **7549** |
| **Building Products – 2.2%** | **Building Products – 2.2%** | **Building Products – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc. | 44829 | 3306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 46922 | 5389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 28756 | 10737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 79879 | 4112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 56556 | 7778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 27787 | 4316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.\* | 71209 | 3872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 40113 | 3986 |
|  |  | **43496** |
| **Capital Markets – 3.8%** | **Capital Markets – 3.8%** | **Capital Markets – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 18978 | 3734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group (The), Inc. | 142047 | 7301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 23972 | 6473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federated Hermes, Inc. | 50456 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Inc., Class A | 28786 | 4091 |

---

EQUITY FUNDS **77** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Capital Markets – 3.8%continued** | **Capital Markets – 3.8%continued** | **Capital Markets – 3.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 35865 | $6454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 290350 | 16088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 84172 | 3269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 108524 | 5935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 17690 | 5554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 63097 | 5670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 68487 | 7108 |
|  |  | **73913** |
| **Chemicals – 1.5%** | **Chemicals – 1.5%** | **Chemicals – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 30539 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 60648 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 145188 | 4311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp. | 35641 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 5039 | 3481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 76830 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 85413 | 9382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro (The) Co. | 28670 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 22071 | 1676 |
|  |  | **28452** |
| **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co. | 28070 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 33574 | 7762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 26112 | 4374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 123388 | 13103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 175701 | 6318 |
|  |  | **34063** |
| **Communications Equipment – 0.6%** | **Communications Equipment – 0.6%** | **Communications Equipment – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 94567 | 7691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 46307 | 4402 |
|  |  | **12093** |
| **Construction & Engineering – 3.3%** | **Construction & Engineering – 3.3%** | **Construction & Engineering – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM | 88169 | 9951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.\* | 162387 | 8290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems U.S.A., Inc. | 23451 | 12575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 29818 | 15949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.\* | 109818 | 5630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 40874 | 6966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 13392 | 4374 |
|  |  | **63735** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Construction Materials – 0.4%** | **Construction Materials – 0.4%** | **Construction Materials – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 22115 | $4470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp.\* | 37825 | 3088 |
|  |  | **7558** |
| **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 184307 | 7179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 25767 | 3482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 140011 | 4591 |
|  |  | **15252** |
| **Consumer Staples Distribution & Retail – 3.3%** | **Consumer Staples Distribution & Retail – 3.3%** | **Consumer Staples Distribution & Retail – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 268781 | 5782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 88002 | 9489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 24732 | 12620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 109577 | 4957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 104033 | 9100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 65212 | 10737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.\* | 154153 | 11871 |
|  |  | **64556** |
| **Containers & Packaging – 1.3%** | **Containers & Packaging – 1.3%** | **Containers & Packaging – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 44031 | 6888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 76698 | 7898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 200444 | 4223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc., Class A | 17550 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc.<sup>†</sup> <br>| 54313 | 2943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. | 65444 | 2851 |
|  |  | **25943** |
| **Diversified Consumer Services – 1.5%** | **Diversified Consumer Services – 1.5%** | **Diversified Consumer Services – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 26115 | 10708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co., Class B | 2268 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 18675 | 3529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 89312 | 4902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International | 94897 | 7725 |
|  |  | **29010** |
| **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. - (Fractional Shares)<sup>(1)</sup> <br>| 50000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 145942 | 9104 |
|  |  | **9104** |
| **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 148547 | 5407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 71683 | 2163 |
|  |  | **7570** |
| **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALLETE, Inc. | 38398 | 2460 |

---

NORTHERN FUNDS QUARTERLY REPORT **78** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Electric Utilities – 1.0%continued** | **Electric Utilities – 1.0%continued** | **Electric Utilities – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 36050 | $4162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 134260 | 5958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 72673 | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 61861 | 3484 |
|  |  | **19017** |
| **Electrical Equipment – 1.6%** | **Electrical Equipment – 1.6%** | **Electrical Equipment – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 20408 | 6088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 26201 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEXTracker, Inc., Class A\* | 95843 | 5211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 109743 | 8039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 44099 | 6393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 97075 | 2923 |
|  |  | **30901** |
| **Electronic Equipment, Instruments & Components – 3.2%** | **Electronic Equipment, Instruments & Components – 3.2%** | **Electronic Equipment, Instruments & Components – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 34612 | 4411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 56013 | 2973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc. | 26379 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 111455 | 3535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 103381 | 9223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co. | 32672 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fabrinet\* | 23888 | 7039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd.\* | 255253 | 12742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 17417 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 16497 | 3740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 23873 | 3078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 49797 | 6757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 98209 | 3624 |
|  |  | **63134** |
| **Energy Equipment & Services – 0.5%** | **Energy Equipment & Services – 0.5%** | **Energy Equipment & Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChampionX Corp. | 127066 | 3156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 250455 | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 43302 | 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weatherford International PLC | 48113 | 2421 |
|  |  | **10514** |
| **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A | 96765 | **2636** |
| **Financial Services – 1.9%** | **Financial Services – 1.9%** | **Financial Services – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 202498 | 11360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 67670 | 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 26970 | 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 158429 | 4411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Class A<sup>\* †</sup> <br>| 44822 | 4442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 64248 | 4562 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Financial Services – 1.9%continued** | **Financial Services – 1.9%continued** | **Financial Services – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Union (The) Co. | 218915 | $1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\* | 22735 | 3339 |
|  |  | **36801** |
| **Food Products – 1.0%** | **Food Products – 1.0%** | **Food Products – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 105046 | 3985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 130128 | 2079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 42888 | 5817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marzetti Company (The) | 12792 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 27055 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 30137 | 3286 |
|  |  | **18594** |
| **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 60269 | 5105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 66611 | 2986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 40034 | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 40088 | 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 39161 | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 143037 | 5210 |
|  |  | **22018** |
| **Ground Transportation – 1.5%** | **Ground Transportation – 1.5%** | **Ground Transportation – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.<sup>\* †</sup> <br>| 11300 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, <br> Inc.<br>| 107671 | 4762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 23196 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 27585 | 4386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 17697 | 4849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc.\* | 78511 | 9915 |
|  |  | **29047** |
| **Health Care Equipment & Supplies – 1.4%** | **Health Care Equipment & Supplies – 1.4%** | **Health Care Equipment & Supplies – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 132075 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 112349 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A\* | 75035 | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 33317 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 46182 | 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 36091 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp.\* | 30019 | 5050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 25764 | 6612 |
|  |  | **28274** |
| **Health Care Providers & Services – 2.5%** | **Health Care Providers & Services – 2.5%** | **Health Care Providers & Services – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 60895 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amedisys, Inc.\* | 21706 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 9722 | 4734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 67188 | 8239 |

---

EQUITY FUNDS **79** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Health Care Providers & Services – 2.5%continued** | **Health Care Providers & Services – 2.5%continued** | **Health Care Providers & Services – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensign Group (The), Inc. | 38059 | $5871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 57769 | 6052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.<sup>\* †</sup> <br>| 130325 | 6497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 109320 | 3551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 61896 | 10894 |
|  |  | **49355** |
| **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 233348 | 3701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 192409 | 7052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 157890 | 2911 |
|  |  | **13664** |
| **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A\* | 88723 | **5442** |
| **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc.<sup>†</sup> <br>| 132166 | **1352** |
| **Hotels, Restaurants & Leisure – 3.4%** | **Hotels, Restaurants & Leisure – 3.4%** | **Hotels, Restaurants & Leisure – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aramark | 174711 | 7315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 40771 | 3190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cava Group, Inc.\* | 54548 | 4595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc.<sup>†</sup> <br>| 14757 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 47994 | 4847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 38507 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A | 27995 | 3910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder, Inc.\* | 56278 | 5417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 21022 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A\* | 55915 | 6098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 44221 | 8287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 44368 | 2290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 24797 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wendy's (The) Co. | 106569 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. | 18605 | 6265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 51383 | 4173 |
|  |  | **66491** |
| **Household Durables – 1.7%** | **Household Durables – 1.7%** | **Household Durables – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home | 47944 | 2540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc.<sup>†</sup> <br>| 137627 | 9365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 66982 | 4114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 66287 | 7565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 18937 | 6131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp. | 36923 | 3745 |
|  |  | **33460** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 38482 | **$3223** |
| **Industrial Real Estate Investment Trusts – 1.0%** | **Industrial Real Estate Investment Trusts – 1.0%** | **Industrial Real Estate Investment Trusts – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 34857 | 5825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 87951 | 4233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc.<sup>†</sup> <br>| 156939 | 5583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 123978 | 4498 |
|  |  | **20139** |
| **Insurance – 4.5%** | **Insurance – 4.5%** | **Insurance – 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 47742 | 6026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 38401 | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 66258 | 2556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 173582 | 9731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 68666 | 4215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group (The), Inc. | 23969 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 40200 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 14724 | 7125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 151646 | 5829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc. | 21913 | 5997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 44047 | 8737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 32430 | 7877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 55467 | 4006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 71812 | 4882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 40350 | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 106920 | 8635 |
|  |  | **87844** |
| **Interactive Media & Services – 0.1%** | **Interactive Media & Services – 0.1%** | **Interactive Media & Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 172022 | **1741** |
| **IT Services – 1.0%** | **IT Services – 1.0%** | **IT Services – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 28969 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 155154 | 6510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc.\* | 111193 | 11116 |
|  |  | **19073** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 43556 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 215475 | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc.<sup>†</sup> <br>| 34930 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 54814 | 1728 |
|  |  | **9803** |
| **Life Sciences Tools & Services – 1.7%** | **Life Sciences Tools & Services – 1.7%** | **Life Sciences Tools & Services – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 452977 | 6097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A\* | 12343 | 2979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bruker Corp. | 73418 | 3025 |

---

NORTHERN FUNDS QUARTERLY REPORT **80** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Life Sciences Tools & Services – 1.7%continued** | **Life Sciences Tools & Services – 1.7%continued** | **Life Sciences Tools & Services – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 105290 | $10046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 15660 | 4915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.\* | 34709 | 4317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 101202 | 1125 |
|  |  | **32504** |
| **Machinery – 5.2%** | **Machinery – 5.2%** | **Machinery – 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 41119 | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 29858 | 4916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial N.V. | 583037 | 7556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 32590 | 6188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 79434 | 5509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 38019 | 4583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 87223 | 4566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 111385 | 9576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 52458 | 8227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 37122 | 7696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middleby (The) Corp.\* | 35540 | 5118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 73546 | 5845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 42943 | 4876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 20894 | 8040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 43472 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timken (The) Co. | 42257 | 3066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toro (The) Co. | 66322 | 4687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc., Class A | 18296 | 4499 |
|  |  | **101220** |
| **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 37434 | **4245** |
| **Media – 0.6%** | **Media – 0.6%** | **Media – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A\* | 88959 | 2464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Times (The) Co., Class A | 108207 | 6057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 18812 | 3254 |
|  |  | **11775** |
| **Metals & Mining – 2.0%** | **Metals & Mining – 2.0%** | **Metals & Mining – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 172037 | 5077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 33177 | 9169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 321448 | 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 75041 | 3670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 35042 | 11000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 43872 | 7802 |
|  |  | **39161** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Mortgage Real Estate Investment Trusts – 0.6%** | **Mortgage Real Estate Investment Trusts – 0.6%** | **Mortgage Real Estate Investment Trusts – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 402357 | $7572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.<sup>†</sup> <br>| 215174 | 4319 |
|  |  | **11891** |
| **Multi-Utilities – 0.2%** | **Multi-Utilities – 0.2%** | **Multi-Utilities – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 48102 | 2698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 40677 | 2087 |
|  |  | **4785** |
| **Office Real Estate Investment Trusts – 0.6%** | **Office Real Estate Investment Trusts – 0.6%** | **Office Real Estate Investment Trusts – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 75342 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 111471 | 3347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp.<sup>†</sup> <br>| 70595 | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 110922 | 4242 |
|  |  | **12089** |
| **Oil, Gas & Consumable Fuels – 3.2%** | **Oil, Gas & Consumable Fuels – 3.2%** | **Oil, Gas & Consumable Fuels – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 223847 | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 194573 | 7838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 38355 | 3715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 56368 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 96641 | 3255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 67725 | 7444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 106391 | 4370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 77323 | 3690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 88898 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 172729 | 6572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | 65003 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 423902 | 5774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 159339 | 6480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc. | 87022 | 3318 |
|  |  | **61658** |
| **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 41344 | **3555** |
| **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 80624 | 3989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 439954 | 4937 |
|  |  | **8926** |
| **Personal Care Products – 0.5%** | **Personal Care Products – 0.5%** | **Personal Care Products – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 84720 | 4908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc., Class A\* | 241817 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 37472 | 4663 |
|  |  | **10695** |

---

EQUITY FUNDS **81** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** | **Pharmaceuticals – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 40944 | $4345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 91166 | 2436 |
|  |  | **6781** |
| **Professional Services – 2.3%** | **Professional Services – 2.3%** | **Professional Services – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A\* | 14661 | 6989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 30448 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 108538 | 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 33662 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 22481 | 3631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 106884 | 4704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 23634 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 86178 | 4131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 30576 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 37381 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp.\* | 31173 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 28669 | 5195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Applications International <br> Corp.<br>| 31468 | 3544 |
|  |  | **44588** |
| **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 31645 | **8094** |
| **Residential Real Estate Investment Trusts – 0.9%** | **Residential Real Estate Investment Trusts – 0.9%** | **Residential Real Estate Investment Trusts – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 211310 | 7622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 127134 | 7840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 154839 | 2739 |
|  |  | **18201** |
| **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp.<sup>†</sup> <br>| 72975 | 5332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 203774 | 5306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 146769 | 3324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 125357 | 5413 |
|  |  | **19375** |
| **Semiconductors & Semiconductor Equipment – 2.6%** | **Semiconductors & Semiconductor Equipment – 2.6%** | **Semiconductors & Semiconductor Equipment – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.\* | 87323 | 2986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 75207 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 35472 | 3698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 100683 | 8120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 91358 | 4476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc.\*<br>| 39663 | 5683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc. | 44559 | 4427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 32443 | 3275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 37306 | 2085 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Semiconductors & Semiconductor Equipment – 2.6%continued** | **Semiconductors & Semiconductor Equipment – 2.6%continued** | **Semiconductors & Semiconductor Equipment – 2.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 71358 | $4568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 21751 | 3205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 25515 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 29488 | 4555 |
|  |  | **50311** |
| **Software – 3.5%** | **Software – 3.5%** | **Software – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Inc., Class A\* | 15302 | 3524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BILL Holdings, Inc.\* | 62892 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbaud, Inc.\* | 24940 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 29432 | 5131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 134949 | 10511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc., Class A | 40754 | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A\* | 130980 | 3746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 199784 | 11030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software, Inc.\* | 55887 | 13159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 40373 | 7972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 59442 | 3218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 24117 | 3446 |
|  |  | **69273** |
| **Specialized Real Estate Investment Trusts – 1.6%** | **Specialized Real Estate Investment Trusts – 1.6%** | **Specialized Real Estate Investment Trusts – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 151994 | 6460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 50812 | 2960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 182769 | 8532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 58648 | 7117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 46538 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 47373 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 92916 | 2061 |
|  |  | **30437** |
| **Specialty Retail – 3.7%** | **Specialty Retail – 3.7%** | **Specialty Retail – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A\* | 31596 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 16615 | 3301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 141484 | 4239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 41979 | 9766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc., Class A\* | 146336 | 6237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 37655 | 7448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 36581 | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A\* | 71514 | 5432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GameStop Corp., Class A<sup>\* †</sup> <br>| 270596 | 6600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gap (The), Inc. | 147494 | 3217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 17360 | 5865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy U.S.A., Inc. | 11997 | 4880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 12375 | 2126 |

---

NORTHERN FUNDS QUARTERLY REPORT **82** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Specialty Retail – 3.7%continued** | **Specialty Retail – 3.7%continued** | **Specialty Retail – 3.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RH\* | 10050 | $1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc.\* | 84889 | 3215 |
|  |  | **71642** |
| **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A\* | 206740 | **11904** |
| **Textiles, Apparel & Luxury Goods – 0.9%** | **Textiles, Apparel & Luxury Goods – 0.9%** | **Textiles, Apparel & Luxury Goods – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 77951 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co.<sup>†</sup> <br>| 20254 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 37237 | 3771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 32101 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skechers U.S.A., Inc., Class A\* | 86897 | 5483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., Class A\* | 124301 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., Class C\* | 83776 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 219632 | 2581 |
|  |  | **18047** |
| **Trading Companies & Distributors – 1.8%** | **Trading Companies & Distributors – 1.8%** | **Trading Companies & Distributors – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 25398 | 5904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc., Class A\* | 126264 | 7620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp. | 23830 | 3659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 29767 | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 23203 | 10247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 29620 | 5485 |
|  |  | **35446** |
| **Water Utilities – 0.3%** | **Water Utilities – 0.3%** | **Water Utilities – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 171972 | **6387** |
| **Total Common Stocks** |  |  |
| **(Cost $1,272,525)** |  | **1935513** |
| **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(2) (3) (4)</sup> <br>| 20283395 | 20283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(2) (3)</sup> <br>| 15330008 | 15330 |
| **Total Investment Companies** |  |  |
| **(Cost $35,613)** |  | **35613** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/28/25<sup>(5) (6)</sup> <br>| $1199 | **$1178** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $1,178)** | **(Cost $1,178)** | **1178** |
| **Total Investments – 101.0%** | **Total Investments – 101.0%** |  |
| **(Cost $1,309,316)** | **(Cost $1,309,316)** | **1972304** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (1.0%) | (19169)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1953135** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <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 June 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* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| REIT - Real Estate Investment Trust |
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At June 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)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> MidCap 400<br>| 57 | $17815 | Long | 9/25 | $284 |

---

EQUITY FUNDS **83** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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. <br>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). <br>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 June 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; $1935513 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1935513 |
| Investment Companies | &nbsp;&nbsp; 35613 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35613 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1178 |
| Total Investments | &nbsp;&nbsp; $1971126 | &nbsp;&nbsp; $1178 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1972304 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $36127 | $15844 | $4 <br><sup>(1)</sup><br>| $20283 | 20283395 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 21363 | 70097 | 76130 | 138 | 15330 | 15330008 |
| Total | $21363 | $106224 | $91974 | $142 | $35613 | 35613403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

NORTHERN FUNDS QUARTERLY REPORT **84** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup> | **COMMON STOCKS – 93.7%** <sup>(1)</sup> | **COMMON STOCKS – 93.7%** <sup>(1)</sup> |
| **Australia – 5.9%** | **Australia – 5.9%** | **Australia – 5.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Arteria Ltd. | 4262557 | $14280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleanaway Waste Management Ltd. | 1652812 | 2959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qube Holdings Ltd. | 1778441 | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 3430571 | 31588 |
|  |  | **53837** |
| **Brazil – 1.0%** | **Brazil – 1.0%** | **Brazil – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado <br> de Sao Paulo S.A.B.ESP ADR<br>| 10569 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia Paranaense de Energia - Copel | 1153569 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equatorial Energia S.A. | 147235 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motiva Infraestrutura de Mobilidade <br> S.A.<br>| 1987614 | 5067 |
|  |  | **8759** |
| **Canada – 3.9%** | **Canada – 3.9%** | **Canada – 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ag Growth International, Inc. | 10709 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. | 1051453 | 6015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 95500 | 7587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 98011 | 4444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hydro One Ltd. | 18947 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp.\* | 68674 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northland Power, Inc. | 80493 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Bow Corp. | 58789 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. | 233062 | 11378 |
|  |  | **35424** |
| **China – 1.7%** | **China – 1.7%** | **China – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beijing Capital International Airport Co. <br> Ltd., Class H\*<br>| 7162000 | 2704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Tower Corp. Ltd., Class H | 2300749 | 3292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Water Affairs Group Ltd. | 250282 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COSCO SHIPPING Ports Ltd. | 3878000 | 2569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | 777500 | 6219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. | 331046 | 277 |
|  |  | **15262** |
| **Denmark – 0.1%** | **Denmark – 0.1%** | **Denmark – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S\* | 7026 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 17086 | 257 |
|  |  | **558** |
| **France – 7.0%** | **France – 7.0%** | **France – 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris S.A. | 124863 | 15672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engie S.A. | 169868 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eutelsat Communications S.A.CA<sup>\* †</sup> <br>| 238882 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getlink S.E. | 724878 | 14009 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **France – 7.0%continued** | **France – 7.0%continued** | **France – 7.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement S.A. | 27383 | $977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vinci S.A. | 191119 | 28211 |
|  |  | **63913** |
| **Germany – 1.5%** | **Germany – 1.5%** | **Germany – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.ON S.E. | 38744 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fraport A.G. Frankfurt Airport Services <br> Worldwide\*<br>| 79233 | 5969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWE A.G. | 167440 | 6997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens A.G. (Registered) | 1786 | 458 |
|  |  | **14137** |
| **Hong Kong – 2.1%** | **Hong Kong – 2.1%** | **Hong Kong – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 1156800 | 7660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | 1826320 | 11739 |
|  |  | **19399** |
| **India – 0.1%** | **India – 0.1%** | **India – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NTPC Ltd. | 301048 | **1176** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greencoat Renewables PLC | 923314 | **836** |
| **Italy – 8.6%** | **Italy – 8.6%** | **Italy – 8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enav S.p.A. | 260107 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel S.p.A. | 1170456 | 11109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hera S.p.A. | 2587726 | 12506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane S.p.A. | 516116 | 6311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italgas S.p.A. | 1552142 | 13195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snam S.p.A. | 2743505 | 16664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | 1638543 | 16854 |
|  |  | **77842** |
| **Japan – 1.6%** | **Japan – 1.6%** | **Japan – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 119200 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 69400 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Airport Terminal Co. Ltd. | 196700 | 6271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kurita Water Industries Ltd. | 17900 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 51300 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 130900 | 3001 |
|  |  | **14262** |
| **Luxembourg – 0.6%** | **Luxembourg – 0.6%** | **Luxembourg – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SES S.A. | 777358 | **5529** |
| **Malaysia – 0.4%** | **Malaysia – 0.4%** | **Malaysia – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenaga Nasional Bhd. | 972900 | **3323** |
| **Mexico – 3.4%** | **Mexico – 3.4%** | **Mexico – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V.<br>| 397817 | 5232 |

---

EQUITY FUNDS **85** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **Mexico – 3.4%continued** | **Mexico – 3.4%continued** | **Mexico – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br> S.A.B. de C.V., Class B<br>| 442965 | $10141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V., Class B<br>| 350912 | 11202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promotora y Operadora de <br> Infraestructura S.A.B. de C.V.<br>| 406076 | 4580 |
|  |  | **31155** |
| **Netherlands – 0.3%** | **Netherlands – 0.3%** | **Netherlands – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcadis N.V. | 6970 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Vopak N.V. | 40374 | 2008 |
|  |  | **2346** |
| **New Zealand – 1.2%** | **New Zealand – 1.2%** | **New Zealand – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auckland International Airport Ltd. | 2230515 | **10549** |
| **Philippines – 0.3%** | **Philippines – 0.3%** | **Philippines – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal <br> Services, Inc.<br>| 347930 | **2546** |
| **Portugal – 0.3%** | **Portugal – 0.3%** | **Portugal – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REN - Redes Energeticas Nacionais <br> SGPS S.A.<br>| 789751 | **2817** |
| **Spain – 2.5%** | **Spain – 2.5%** | **Spain – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aena SME S.A.<sup>(2)</sup> <br>| 695420 | 18564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iberdrola S.A. | 200962 | 3863 |
|  |  | **22427** |
| **Switzerland – 1.4%** | **Switzerland – 1.4%** | **Switzerland – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flughafen Zurich A.G. (Registered) | 43152 | 12312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landis+Gyr Group A.G.\* | 6196 | 436 |
|  |  | **12748** |
| **United Kingdom – 9.1%** | **United Kingdom – 9.1%** | **United Kingdom – 9.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 2911530 | 42570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennon Group PLC | 906959 | 6245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severn Trent PLC | 506993 | 19069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 35386 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC | 914925 | 14366 |
|  |  | **83139** |
| **United States – 40.6%** | **United States – 40.6%** | **United States – 40.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM | 5895 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES (The) Corp. | 106017 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 6216 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 43746 | 4201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 159388 | 16538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 12802 | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 5499 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Array Technologies, Inc.\* | 27842 | 164 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **United States – 40.6%continued** | **United States – 40.6%continued** | **United States – 40.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunge Global S.A. | 11637 | $934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 78325 | 2878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 59251 | 14429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 14436 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 28433 | 9177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 117168 | 12037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 1015037 | 33121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 127805 | 7223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 42784 | 4702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 131890 | 15563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 81384 | 6765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 1358 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 26891 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 175863 | 12122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 144958 | 9222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 373341 | 16210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrovial S.E. | 394211 | 21019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 3157 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Land Corp. | 19861 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H2O America | 6321 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 14827 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream L.P., Class A | 127811 | 4922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 1662 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 44259 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 35859 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 315193 | 21881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEXTracker, Inc., Class A\* | 3787 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 79792 | 3219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 91522 | 23427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 145456 | 11874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 15080 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 447487 | 6238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 91627 | 3105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 75507 | 6356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 30632 | 7194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sempra | 202630 | 15353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 79008 | 13754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 19831 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 36091 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 79376 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global, Inc., Class A<sup>†</sup> <br>| 181617 | 2830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 26348 | 5106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 968 | 181 |

---

NORTHERN FUNDS QUARTERLY REPORT **86** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.7%** <sup>(1)</sup>**continued**  |
| **United States – 40.6%continued** | **United States – 40.6%continued** | **United States – 40.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. (TSX Toronto <br> Exchange)<br>| 14410 | $2692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 4413 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 35811 | 3731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc. | 245691 | 15432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 182094 | 12401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 5079 | 657 |
|  |  | **369138** |
| **Total Common Stocks** |  |  |
| **(Cost $735,328)** |  | **851122** |
| **MASTER LIMITED PARTNERSHIPS – 2.2%** <sup>(1)</sup> | **MASTER LIMITED PARTNERSHIPS – 2.2%** <sup>(1)</sup> | **MASTER LIMITED PARTNERSHIPS – 2.2%** <sup>(1)</sup> |
| **United States – 2.2%** | **United States – 2.2%** | **United States – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer L.P. | 253623 | 4598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Partners L.P. | 92999 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPLX L.P. | 94625 | 4874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline L.P. | 257714 | 4722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Partners L.P. | 73954 | 2862 |
|  |  | **19940** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $20,991)** |  | **19940** |
| **INVESTMENT COMPANIES – 3.7%**  | **INVESTMENT COMPANIES – 3.7%**  | **INVESTMENT COMPANIES – 3.7%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Public Partnerships Ltd. | 618395 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(3) (4) (5)</sup> <br>| 3580231 | 3580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(3) (4)</sup> <br>| 26850238 | 26850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renewables Infrastructure Group (The) <br> Ltd.<br>| 936130 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VH Global Sustainable Energy <br> Opportunities PLC<br>| 673060 | 671 |
| **Total Investment Companies** |  |  |
| **(Cost $33,193)** |  | **33241** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(6) (7)</sup> <br>| $937 | $921 |
| **Total Short-Term Investments** |  |  |
| **(Cost $921)** |  | **921** |
| **Total Investments – 99.7%** |  |  |
| **(Cost $790,433)** |  | **905224** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.3% |  | 3177 |
| **Net Assets – 100.0%** |  | **$908401** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <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 June 30, 2025,* <br> *the value of this security amounted to approximately $18,564,000 or 2.0%* <br> *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 June 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* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| EAFE – Europe, Australasia and the Far East |
| MSCI – Morgan Stanley Capital International |
| S&P – Standard & Poor's |
| TSX – Toronto Stock Exchange |

---

*Percentages shown are based on Net Assets.* 

EQUITY FUNDS **87** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

At June 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)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br> (United States <br> Dollar)<br>| 31 | $9693 | Long | 9/25 | $298 |
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 57 | 7643 | Long | 9/25 | 173 |
| Total |  |  |  |  | $471 |

---

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

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Utilities | 44.9<br> %<br>|
| Industrials | 34.1 |
| Energy | 12.4 |
| Real Estate | 2.6 |
| Communication Services | 1.8 |
| Financials | 0.2 |
| Information Technology | 0.1 |
| Consumer Staples | 0.1 |
| Short-Term Investments | 3.5 |
| Total Investments | 99.7 |
| Other Assets less Liabilities | 0.3 |
| 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. <br>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 June 30, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>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 June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; $8759 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 35424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 31155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 348119 | &nbsp;&nbsp; 21019 | &nbsp;&nbsp; — | &nbsp;&nbsp; 369138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 406646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 406646 |
| Total Common Stocks | &nbsp;&nbsp; 423457 | &nbsp;&nbsp; 427665 | &nbsp;&nbsp; — | &nbsp;&nbsp; 851122 |
| Master Limited Partnerships | &nbsp;&nbsp; 19940 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19940 |
| Investment Companies | &nbsp;&nbsp; 30430 | &nbsp;&nbsp; 2811 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33241 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 921 | &nbsp;&nbsp; — | &nbsp;&nbsp; 921 |
| Total Investments | &nbsp;&nbsp; $473827 | &nbsp;&nbsp; $431397 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $905224 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $471 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

NORTHERN FUNDS QUARTERLY REPORT **88** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND continued**  | **June 30, 2025 (UNAUDITED)**  |

---

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $14876 | $11296 | $50 <br><sup>(1)</sup><br>| $3580 | 3580231 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 25814 | 103443 | 102407 | 276 | 26850 | 26850238 |
| Total | $25814 | $118319 | $113703 | $326 | $30430 | 30430469 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

EQUITY FUNDS **89** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup> | **COMMON STOCKS – 96.6%** <sup>(1)</sup> | **COMMON STOCKS – 96.6%** <sup>(1)</sup> |
| **Australia – 7.3%** | **Australia – 7.3%** | **Australia – 7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group | 53946 | $681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 153888 | 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HMC Capital Ltd. | 18452 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage REIT | 362669 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group | 593989 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockland | 114560 | 405 |
|  |  | **6564** |
| **Belgium – 1.7%** | **Belgium – 1.7%** | **Belgium – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aedifica S.A. | 2600 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shurgard Self Storage Ltd. | 24113 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VGP N.V. | 2842 | 286 |
|  |  | **1540** |
| **Canada – 1.0%** | **Canada – 1.0%** | **Canada – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Apartment Properties REIT | 28185 | **919** |
| **France – 1.7%** | **France – 1.7%** | **France – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield\* | 15810 | **1513** |
| **Germany – 2.2%** | **Germany – 2.2%** | **Germany – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vonovia S.E. | 55292 | **1948** |
| **Hong Kong – 2.7%** | **Hong Kong – 2.7%** | **Hong Kong – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 83600 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 231400 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 64500 | 741 |
|  |  | **2457** |
| **Japan – 7.1%** | **Japan – 7.1%** | **Japan – 7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comforia Residential REIT, Inc. | 163 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. | 424 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest | 1539 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | 505 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDX Realty Investment Corp. | 554 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 27100 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 277600 | 2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Asia Investment Corp. | 776 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Urban Investment Corp. | 270 | 291 |
|  |  | **6399** |
| **Netherlands – 0.3%** | **Netherlands – 0.3%** | **Netherlands – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTP N.V. | 11407 | **240** |
| **Singapore – 1.6%** | **Singapore – 1.6%** | **Singapore – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 213913 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. | 175200 | 365 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Singapore – 1.6%continued** | **Singapore – 1.6%continued** | **Singapore – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel DC REIT | 170900 | $313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkway Life Real Estate Investment <br> Trust<br>| 111800 | 361 |
|  |  | **1404** |
| **Spain – 1.9%** | **Spain – 1.9%** | **Spain – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom S.A.\* | 30591 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi S.A. | 36514 | 479 |
|  |  | **1670** |
| **Sweden – 0.4%** | **Sweden – 0.4%** | **Sweden – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B\* | 54059 | **404** |
| **Tanzania, United Republic of – 0.6%** | **Tanzania, United Republic of – 0.6%** | **Tanzania, United Republic of – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Towers PLC\* | 328853 | **549** |
| **United Kingdom – 6.6%** | **United Kingdom – 6.6%** | **United Kingdom – 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Big Yellow Group PLC | 60110 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Land (The) Co. PLC | 53215 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derwent London PLC | 22713 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grainger PLC | 285647 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hammerson PLC | 48292 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helical PLC | 50488 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safestore Holdings PLC | 28944 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 118589 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shaftesbury Capital PLC | 330829 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tritax Big Box REIT PLC | 180464 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITE Group (The) PLC | 43091 | 503 |
|  |  | **5945** |
| **United States – 61.5%** | **United States – 61.5%** | **United States – 61.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 9505 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 61760 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 2457 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 36133 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 6187 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 23502 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 4984 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 23477 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 4490 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 22465 | 3916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 16412 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 23887 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 3977 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 5939 | 4724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 32086 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 5137 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 11116 | 1639 |

---

NORTHERN FUNDS QUARTERLY REPORT **90** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **United States – 61.5%continued** | **United States – 61.5%continued** | **United States – 61.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 21339 | $2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 15126 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 99902 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 50284 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 65188 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 6672 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macerich (The) Co. | 36906 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 8821 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 42055 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 23802 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 42987 | 4519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 4100 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 31608 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 12922 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 50476 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 4224 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 9965 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 9639 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 59365 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 22749 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 46255 | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 8644 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 37054 | 952 |
|  |  | **55330** |
| **Total Common Stocks** |  |  |
| **(Cost $77,714)** |  | **86882** |
| **INVESTMENT COMPANIES – 2.6%**  | **INVESTMENT COMPANIES – 2.6%**  | **INVESTMENT COMPANIES – 2.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(2) (3)</sup> <br>| 2339894 | 2340 |
| **Total Investment Companies** |  |  |
| **(Cost $2,340)** |  | **2340** |
| **Total Investments – 99.2%** |  |  |
| **(Cost $80,054)** |  | **89222** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.8% |  | 750 |
| **Net Assets – 100.0%** |  | **$89972** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> *7-day current yield as of June 30, 2025 is disclosed.* <br> *\** *Non-Income Producing Security*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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 June 30, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Real Estate | 93.7<br> %<br>|
| Communication Services | 1.9 |
| Consumer Discretionary | 0.7 |
| Financials | 0.3 |
| Short-Term Investments | 2.6 |
| Total Investments | 99.2 |
| Other Assets less Liabilities | 0.8 |
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date. <br>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 June 30, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; $919 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 55330 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 30633 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30633 |
| Total Common Stocks | &nbsp;&nbsp; 56249 | &nbsp;&nbsp; 30633 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86882 |
| Investment Companies | &nbsp;&nbsp; 2340 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2340 |
| Total Investments | &nbsp;&nbsp; $58589 | &nbsp;&nbsp; $30633 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $89222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

EQUITY FUNDS **91** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $2984 | $10486 | $11130 | $28 | $2340 | 2339894 |

---

NORTHERN FUNDS QUARTERLY REPORT **92** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP CORE FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.9%**  | **COMMON STOCKS – 96.9%**  | **COMMON STOCKS – 96.9%**  |
| **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAR Corp.\* | 5234 | $360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 3267 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astronics Corp.\* | 6965 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 3003 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 19450 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 7186 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc., Class A | 3698 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Presto Industries, Inc. | 916 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 3423 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V2X, Inc.\* | 3189 | 155 |
|  |  | **4027** |
| **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Air Corp.\* | 4954 | **122** |
| **Automobile Components – 1.3%** | **Automobile Components – 1.3%** | **Automobile Components – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 13325 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 9322 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooper-Standard Holdings, Inc.\* | 1577 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 18584 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 5102 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion, Inc. | 16507 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc.\* | 5984 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co.\* | 40782 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 5289 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\* | 6127 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 3803 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 4884 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 4166 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 3170 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoneridge, Inc.\* | 3400 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 1140 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Industries International, Inc.\* | 6087 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp.\* | 3617 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 2211 | 79 |
|  |  | **4416** |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** | **Automobiles – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 6336 | **184** |
| **Banks – 10.0%** | **Banks – 10.0%** | **Banks – 10.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 4478 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 4280 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 7554 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriServ Financial, Inc. | 2365 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Banks – 10.0%continued** | **Banks – 10.0%continued** | **Banks – 10.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ames National Corp. | 1242 | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Financial Corp. | 3926 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 16242 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 19011 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 9582 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 18658 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BancFirst Corp. | 3133 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancorp (The), Inc.\* | 6713 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank First Corp. | 2299 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 4765 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 2636 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son (The) Ltd. | 6244 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of South Carolina Corp. | 4498 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank7 Corp. | 6271 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankFinancial Corp. | 2454 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 9161 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 5335 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 6022 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 1407 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayfirst Financial Corp. | 5711 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCB Bancorp, Inc. | 1609 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hills Bancorp, Inc. | 5829 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc.\* | 30208 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp.<br>| 1658 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 2233 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&F Financial Corp. | 1142 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 24927 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California BanCorp\* | 7141 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 2774 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | 1518 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 17219 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 11163 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Financial Services, Inc. | 273 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 3582 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Bankshares, Inc. | 2601 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFSB Bancorp, Inc.\* | 416 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chain Bridge Bancorp, Inc., Class A\* | 4421 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemung Financial Corp. | 2027 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens & Northern Corp. | 841 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Community Bancorp, Inc. | 1160 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Services, Inc. | 211 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 2701 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 529 | 12 |

---

EQUITY FUNDS **93** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Banks – 10.0%continued** | **Banks – 10.0%continued** | **Banks – 10.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNB Financial Corp. | 4761 | $109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 998 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Financial, Inc.\* | 3668 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Financial System, Inc. | 6620 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 2012 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community West Bancshares | 5527 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 3050 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 3974 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 17785 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 4757 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 23667 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Bancorp, Inc. | 2324 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 3821 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Bancshares, Inc., Class A | 2487 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esquire Financial Holdings, Inc. | 921 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESSA Bancorp, Inc. | 721 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 7935 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 4770 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 3222 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp | 5741 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First BanCorp | 21841 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp (The), Inc. | 644 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bank<sup>(1)</sup> <br>| 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Busey Corp. | 12038 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Business Financial Services, Inc. | 868 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 20499 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Community Bankshares, Inc. | 2299 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Community Corp. | 4421 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 10316 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 20503 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp. | 1896 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Northwest, Inc.<sup>(2) \*</sup> <br>| 1552 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Foundation, Inc. | 4144 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Guaranty Bancshares, Inc. | 537 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 14098 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 1210 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 10252 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Merchants Corp. | 7406 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc. | 3070 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Savings Financial Group, Inc. | 8053 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First U.S. Bancshares, Inc. | 8191 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First United Corp. | 5521 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five Star Bancorp | 2211 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 4809 | 57 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Banks – 10.0%continued** | **Banks – 10.0%continued** | **Banks – 10.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 1723 | $68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 23982 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German American Bancorp, Inc. | 3782 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 15294 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 1218 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 11770 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 3552 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harleysville Financial Corp. | 203 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawthorn Bancshares, Inc. | 768 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBT Financial, Inc. | 3316 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 6633 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 5759 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 10770 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Bancorp, Inc. | 2233 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 25290 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeStreet, Inc.\* | 3370 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 2735 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 14638 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 5818 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 6868 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 2211 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 8711 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investar Holding Corp. | 7872 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffersonville Bancorp | 503 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 17258 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky First Federal Bancorp\* | 942 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lake Shore Bancorp, Inc. | 582 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeland Financial Corp. | 3408 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landmark Bancorp, Inc. | 1173 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magyar Bancorp, Inc. | 1055 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 4129 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 2764 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp.\* | 1290 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc. | 750 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 1027 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NASB Financial, Inc. | 762 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | 4713 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bankshares, Inc. | 646 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NB Bancorp, Inc.\* | 5226 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 7449 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | 2121 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Bank | 1595 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 1916 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 11272 | 129 |

---

NORTHERN FUNDS QUARTERLY REPORT **94** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Banks – 10.0%continued** | **Banks – 10.0%continued** | **Banks – 10.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 1197 | $112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 13180 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norwood Financial Corp. | 821 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 6610 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 7540 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | 1166 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Point Financial Corp. | 839 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 1901 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 2027 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 14525 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park National Corp. | 2088 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathfinder Bancorp, Inc.\* | 1087 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 2563 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot National Bancorp, Inc.\* | 94313 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penns Woods Bancorp, Inc. | 1475 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, <br> Inc.<br>| 1113 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | 4612 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Financial Corp. | 201 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Financial Services Corp. | 748 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 2712 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primis Financial Corp. | 543 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Bancorp, Inc.<sup>(1) \*</sup> <br>| 18 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Holdings, Inc. | 1268 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 16903 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 12105 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Bancorp, Inc., Class A | 2263 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 5114 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 11338 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 9085 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 6242 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp | 716 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | 13459 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 1842 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | 1658 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc.\* | 3183 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 514 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 3510 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 6596 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 4420 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 6225 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Coast Bancshares, Inc.\* | 3133 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timberland Bancorp, Inc. | 1308 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 1710 | 107 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Banks – 10.0%continued** | **Banks – 10.0%continued** | **Banks – 10.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towne Bank | 9129 | $312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 3520 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp. NY | 1819 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 8973 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 8599 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Bankshares, Inc. | 4697 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Bancorp, Inc. | 1150 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 17750 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 16056 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 1694 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 3875 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 5753 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia National Bankshares Corp. | 105 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. | 8083 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 3037 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WesBanco, Inc. | 16257 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 870 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 4300 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western New England Bancorp, Inc.<sup>†</sup> <br>| 6211 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 12101 | 666 |
|  |  | **35238** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 2369 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp.\* | 11262 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vita Coco (The) Co., Inc.\* | 6804 | 246 |
|  |  | **804** |
| **Biotechnology – 5.1%** | **Biotechnology – 5.1%** | **Biotechnology – 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4D Molecular Therapeutics, Inc.\* | 6835 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89bio, Inc.\* | 15137 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abeona Therapeutics, Inc.\* | 17318 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 14718 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Achieve Life Sciences, Inc.<sup>\* †</sup> <br>| 28318 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuate Therapeutics, Inc.\* | 14923 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acumen Pharmaceuticals, Inc.\* | 903 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adaptimmune Therapeutics PLC ADR\* | 16891 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 30979 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agenus, Inc.<sup>\* †</sup> <br>| 6707 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 3691 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akero Therapeutics, Inc.\* | 3810 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alector, Inc.\* | 11932 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC\* | 20346 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc.\* | 20734 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altimmune, Inc.<sup>\* †</sup> <br>| 8960 | 35 |

---

EQUITY FUNDS **95** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Biotechnology – 5.1%continued** | **Biotechnology – 5.1%continued** | **Biotechnology – 5.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alvotech S.A.\* | 31986 | $292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALX Oncology Holdings, Inc.\* | 18461 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc.\* | 50080 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AnaptysBio, Inc.<sup>\* †</sup> <br>| 8225 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anavex Life Sciences Corp.<sup>\* †</sup> <br>| 16839 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc.\* | 3735 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annexon, Inc.\* | 4802 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annovis Bio, Inc.\* | 5699 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aravive, Inc.<sup>(2) \*</sup> <br>| 8839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbutus Biopharma Corp.\* | 5845 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcellx, Inc.\* | 7367 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, Inc.\* | 6339 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc.\* | 11902 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 13821 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardelyx, Inc.\* | 4916 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArriVent Biopharma, Inc.\* | 4807 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 14481 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARS Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 10344 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assembly Biosciences, Inc.\* | 5781 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astria Therapeutics, Inc.\* | 17252 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aura Biosciences, Inc.\* | 17060 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc.\* | 15422 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avita Medical, Inc.<sup>\* †</sup> <br>| 12529 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyondspring, Inc.\* | 5310 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biomea Fusion, Inc.<sup>\* †</sup> <br>| 24444 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boundless Bio, Inc.\* | 60966 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C4 Therapeutics, Inc.\* | 4809 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabaletta Bio, Inc.<sup>\* †</sup> <br>| 10390 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capricor Therapeutics, Inc.<sup>\* †</sup> <br>| 16353 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareDx, Inc.\* | 5897 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargo Therapeutics, Inc.\* | 5668 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caribou Biosciences, Inc.\* | 12492 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc.<sup>\* †</sup> <br>| 3810 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 26558 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celcuity, Inc.<sup>\* †</sup> <br>| 12866 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celldex Therapeutics, Inc.\* | 6943 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CervoMed, Inc.\* | 4440 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cibus, Inc.<sup>(1) \* †</sup> <br>| 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cidara Therapeutics, Inc.\* | 6894 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Climb Bio, Inc.\* | 12159 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc.\* | 9797 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherus Oncology, Inc.<sup>\* †</sup> <br>| 11417 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corbus Pharmaceuticals Holdings, Inc.\* | 1984 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics A.G.<sup>\* †</sup> <br>| 9125 | 444 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Biotechnology – 5.1%continued** | **Biotechnology – 5.1%continued** | **Biotechnology – 5.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cullinan Therapeutics, Inc.\* | 8330 | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CureVac N.V.\* | 23804 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curis, Inc.\* | 10704 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CytomX Therapeutics, Inc.\* | 44434 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals, Inc.\* | 5011 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Therapeutics, Inc.\* | 15274 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Design Therapeutics, Inc.\* | 18335 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiaMedica Therapeutics, Inc.\* | 15315 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dianthus Therapeutics, Inc.<sup>\* †</sup> <br>| 3357 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disc Medicine, Inc.\* | 1698 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dyadic International, Inc.\* | 12051 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 21873 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc.\* | 11902 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Pharmaceuticals, Inc.\* | 2990 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Editas Medicine, Inc.\* | 6509 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elicio Therapeutics, Inc.<sup>\* †</sup> <br>| 11793 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.<sup>\* †</sup> <br>| 7655 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 10933 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Engene Holdings, Inc.\* | 9981 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc.\* | 10923 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foghorn Therapeutics, Inc.\* | 7751 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Biotech, Inc.\* | 8697 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galectin Therapeutics, Inc.<sup>\* †</sup> <br>| 6006 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genelux Corp.\* | 3452 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geron Corp.\* | 19695 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenwich Lifesciences, Inc.<sup>\* †</sup> <br>| 5261 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gyre Therapeutics, Inc.<sup>\* †</sup> <br>| 7711 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 4679 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HilleVax, Inc.<sup>\* †</sup> <br>| 1790 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humacyte, Inc.<sup>\* †</sup> <br>| 14061 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IGM Biosciences, Inc.\* | 18198 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immatics N.V.\* | 7392 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immix Biopharma, Inc.\* | 16759 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ImmuCell Corp.\* | 1961 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immunic, Inc.\* | 12106 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immunome, Inc.\* | 9422 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inhibrx Biosciences, Inc.\* | 7498 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmune Bio, Inc.<sup>\* †</sup> <br>| 12897 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovio Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 52859 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inozyme Pharma, Inc.\* | 11494 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 31709 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iTeos Therapeutics, Inc.\* | 5575 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jasper Therapeutics, Inc.<sup>\* †</sup> <br>| 3778 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KalVista Pharmaceuticals, Inc.\* | 13570 | 153 |

---

NORTHERN FUNDS QUARTERLY REPORT **96** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Biotechnology – 5.1%continued** | **Biotechnology – 5.1%continued** | **Biotechnology – 5.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc.\* | 1925 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals International <br> PLC\*<br>| 7736 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klotho Neurosciences, Inc.\* | 20335 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc.\* | 27448 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korro Bio, Inc.<sup>\* †</sup> <br>| 2450 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 2117 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kura Oncology, Inc.\* | 13449 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larimar Therapeutics, Inc.<sup>\* †</sup> <br>| 375 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lexeo Therapeutics, Inc.<sup>\* †</sup> <br>| 5573 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lexicon Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 9092 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MacroGenics, Inc.\* | 6950 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MannKind Corp.\* | 29022 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDxHealth S.A.\* | 68361 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediciNova, Inc.\* | 15513 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MeiraGTx Holdings PLC\* | 10041 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mereo Biopharma Group PLC ADR\* | 1007 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merrimack Pharmaceuticals, Inc.<sup>(2) \*</sup> <br>| 7504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mersana Therapeutics, Inc.\* | 8049 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MiMedx Group, Inc.\* | 10551 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 7077 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc.\* | 9931 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\* | 9435 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurogene, Inc.<sup>\* †</sup> <br>| 2723 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nkarta, Inc.\* | 18730 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc.\* | 4536 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OKYO Pharma Ltd.\* | 2385 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc.\* | 15360 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Therapeutics, Inc.<sup>(1) \*</sup> <br>| 258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 6450 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIC Pharmaceuticals, Inc.\* | 16625 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDL BioPharma, Inc.<sup>(2) \*</sup> <br>| 24608 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepGen, Inc.\* | 5447 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perspective Therapeutics, Inc.\* | 7273 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMV Pharmaceuticals, Inc.\* | 6462 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc.\* | 3016 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precigen, Inc.<sup>\* †</sup> <br>| 71214 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision BioSciences, Inc.\* | 8258 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Medicine, Inc.<sup>\* †</sup> <br>| 13335 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProKidney Corp.\* | 6328 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProQR Therapeutics N.V.\* | 4871 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 4242 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protalix BioTherapeutics, Inc.\* | 503 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prothena Corp. PLC\* | 4261 | 26 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Biotechnology – 5.1%continued** | **Biotechnology – 5.1%continued** | **Biotechnology – 5.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 8291 | $405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q32 Bio, Inc.<sup>\* †</sup> <br>| 4961 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO, Inc.\* | 11472 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc.\* | 11883 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repare Therapeutics, Inc.\* | 86937 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Replimune Group, Inc.\* | 12730 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rezolute, Inc.\* | 22352 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 6425 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Therapeutics, Inc.\* | 8792 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc.<sup>\* †</sup> <br>| 40515 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savara, Inc.<sup>\* †</sup> <br>| 5673 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp.\* | 16796 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sera Prognostics, Inc., Class A\* | 11523 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serina Therapeutics, Inc.\* | 7367 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shattuck Labs, Inc.\* | 3786 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Biosciences, Inc.\* | 372 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spero Therapeutics, Inc.\* | 6624 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc.\* | 3267 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc.\* | 10008 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutro Biopharma, Inc.\* | 2516 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Therapeutics, Inc.<sup>\* †</sup> <br>| 9163 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenaya Therapeutics, Inc.\* | 5333 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 14153 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Bio, Inc.\* | 5352 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc.\* | 7644 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc.<sup>\* †</sup> <br>| 4899 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UroGen Pharma Ltd.<sup>\* †</sup> <br>| 13053 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 7788 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 8560 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 9182 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\* | 6170 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc.\* | 8199 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; vTv Therapeutics, Inc., Class A\* | 4445 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XBiotech, Inc.<sup>\* †</sup> <br>| 5437 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 4045 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XOMA Royalty Corp.\* | 7093 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y-mAbs Therapeutics, Inc.\* | 8476 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zymeworks, Inc.\* | 5215 | 65 |
|  |  | **17751** |
| **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savers Value Village, Inc.\* | 16663 | **170** |
| **Building Products – 1.5%** | **Building Products – 1.5%** | **Building Products – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 2117 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 4631 | 188 |

---

EQUITY FUNDS **97** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Building Products – 1.5%continued** | **Building Products – 1.5%continued** | **Building Products – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AZZ, Inc. | 3179 | $300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc. | 1953 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 5199 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 7515 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 22812 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 5588 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN Holding, Inc.\* | 9355 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 4423 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 18278 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 5343 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 9332 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 19354 | 708 |
|  |  | **5107** |
| **Capital Markets – 2.0%** | **Capital Markets – 2.0%** | **Capital Markets – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 3769 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArrowMark Financial Corp. | 2187 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A<br>| 6388 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Capital Group, Inc., Class A | 1940 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B. Riley Financial, Inc.\* | 1976 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc., Class A | 36683 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Southwest Corp.\* | 5753 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers, Inc. | 3761 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coincheck Group N.V.\* | 8973 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Hill Investment Group, Inc. | 946 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 20319 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federated Hermes, Inc. | 6085 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GAMCO Investors, Inc., Class A | 5618 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs BDC, Inc.\* | 12299 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Elm Group, Inc.\* | 1697 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hercules Capital, Inc.\* | 16318 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co., Class A | 8134 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Direct Lending Fund\* | 9125 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oaktree Specialty Lending Corp.\* | 9323 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patria Investments Ltd., Class A | 14591 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 2788 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc., Class A | 3041 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siebert Financial Corp.\* | 5459 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street Specialty Lending, Inc. | 10068 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc., Class A | 6441 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.\* | 6646 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc., Class A | 8904 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 844 | 153 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Capital Markets – 2.0%continued** | **Capital Markets – 2.0%continued** | **Capital Markets – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Holdings Group, Inc. | 1815 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 12150 | 140 |
|  |  | **6970** |
| **Chemicals – 1.9%** | **Chemicals – 1.9%** | **Chemicals – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 3466 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alto Ingredients, Inc.\* | 7970 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp. | 3224 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arq, Inc.\* | 713 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 4790 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc.\* | 3637 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 11764 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 4571 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp. | 8075 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemours (The) Co. | 15869 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H.B. Fuller Co. | 9151 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawkins, Inc. | 5842 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 18250 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp.\* | 5881 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 3423 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intrepid Potash, Inc.\* | 675 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 6047 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kronos Worldwide, Inc. | 3741 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSB Industries, Inc.\* | 4739 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 10872 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 5439 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 11976 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion S.A. | 5984 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 15473 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 2911 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 6360 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 3462 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC | 15010 | 76 |
|  |  | **6766** |
| **Commercial Services & Supplies – 1.9%** | **Commercial Services & Supplies – 1.9%** | **Commercial Services & Supplies – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 9455 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 15104 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc., Class A\* | 15971 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brady Corp., Class A | 7266 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co. | 6887 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., Class A\* | 6209 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp.\* | 1483 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cimpress PLC\* | 3786 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civeo Corp.<sup>†</sup> <br>| 248 | 6 |

---

NORTHERN FUNDS QUARTERLY REPORT **98** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Commercial Services & Supplies – 1.9%continued** | **Commercial Services & Supplies – 1.9%continued** | **Commercial Services & Supplies – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CompX International, Inc. | 2148 | $57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 15613 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 6332 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\* | 18239 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 4556 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc.\* | 15292 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 6723 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 6626 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services, Inc.\* | 3563 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 12032 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL Industries, Inc. | 6151 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odyssey Marine Exploration, Inc.<sup>(1) \*</sup> <br>| 377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 18508 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc.\* | 1132 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 21077 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 1890 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steelcase, Inc., Class A | 13967 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 2146 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virco Mfg. Corp. | 3347 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VSE Corp. | 3433 | 450 |
|  |  | **6624** |
| **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc.\* | 6725 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.<sup>\* †</sup> <br>| 6003 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviat Networks, Inc.\* | 2174 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BK Technologies Corp.\* | 303 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 6573 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearfield, Inc.\* | 3536 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc.\* | 25779 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comtech Telecommunications Corp.\* | 3651 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 7767 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 14802 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 13665 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ituran Location and Control Ltd. | 2963 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KVH Industries, Inc.\* | 5874 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 4333 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 10555 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ribbon Communications, Inc.\* | 3841 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 13687 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 27910 | 281 |
|  |  | **2703** |
| **Construction & Engineering – 2.4%** | **Construction & Engineering – 2.4%** | **Construction & Engineering – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 7900 | 685 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Construction & Engineering – 2.4%continued** | **Construction & Engineering – 2.4%continued** | **Construction & Engineering – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argan, Inc. | 2625 | $579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centuri Holdings, Inc.<sup>\* †</sup> <br>| 9323 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc., Class A\* | 5610 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 4224 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group, Inc.\* | 6645 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.\* | 20084 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 7893 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 5977 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IES Holdings, Inc.\* | 1207 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limbach Holdings, Inc.\* | 1190 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matrix Service Co.\* | 7808 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 2275 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NWPX Infrastructure, Inc.\* | 3807 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group Holdings, Inc.\* | 2165 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 4302 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 5691 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp.\* | 3989 | 187 |
|  |  | **8418** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp.\* | 6533 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Lime & Minerals, Inc. | 4800 | 479 |
|  |  | **1012** |
| **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** | **Consumer Finance – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\* | 963 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 6153 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dave, Inc.\* | 1389 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 4906 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 3520 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc., Class A\* | 5251 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 5955 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp., Class A\* | 8060 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingClub Corp.\* | 8000 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallion Financial Corp. | 920 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metalpha Technology Holding Ltd.\* | 4927 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 24161 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelnet, Inc., Class A | 4886 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 7312 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 10349 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.\* | 9340 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 1249 | 206 |
|  |  | **4599** |
| **Consumer Staples Distribution & Retail – 0.5%** | **Consumer Staples Distribution & Retail – 0.5%** | **Consumer Staples Distribution & Retail – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andersons (The), Inc. | 2868 | 105 |

---

EQUITY FUNDS **99** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Consumer Staples Distribution & Retail – 0.5%continued** | **Consumer Staples Distribution & Retail – 0.5%continued** | **Consumer Staples Distribution & Retail – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse (The), Inc.\* | 2275 | $145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 10696 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 4004 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 1312 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 2999 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpartanNash Co. | 5034 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 2102 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 6168 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village Super Market, Inc., Class A | 1353 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weis Markets, Inc. | 3384 | 245 |
|  |  | **1924** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging S.A. | 68637 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc., Class A | 3522 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 4960 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 16839 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp. | 6870 | 196 |
|  |  | **1039** |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A-Mark Precious Metals, Inc. | 7079 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyco Group, Inc. | 3024 | 100 |
|  |  | **257** |
| **Diversified Consumer Services – 1.4%** | **Diversified Consumer Services – 1.4%** | **Diversified Consumer Services – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 9178 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afya Ltd., Class A\* | 1437 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 4131 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc.\* | 17060 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 7983 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co., Class B | 657 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Inc.\* | 15097 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp., Class A | 5238 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 34318 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSpaWorld Holdings Ltd. | 10910 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 7260 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 3154 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stride, Inc.\* | 4807 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Udemy, Inc.\* | 14878 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc.\* | 2415 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WW International, Inc.<sup>(1) \*</sup> <br>| 2 |  |
|  |  | **4858** |
| **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 9316 | 166 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Diversified Real Estate Investment Trusts – 0.5%continued** | **Diversified Real Estate Investment Trusts – 0.5%continued** | **Diversified Real Estate Investment Trusts – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 6256 | $124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 4298 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 17504 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | 8398 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 21873 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. | 4034 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 21511 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. | 9100 | 217 |
|  |  | **1880** |
| **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anterix, Inc.\* | 5005 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATN International, Inc. | 1702 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A\* | 2177 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 5517 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globalstar, Inc.\* | 12344 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDT Corp., Class B | 3819 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 15174 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd., Class C\* | 11950 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LICT Corp.\* | 6 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 6540 | 89 |
|  |  | **1702** |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALLETE, Inc. | 8779 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc.\* | 18250 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 6125 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 7456 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 14385 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 10417 | 587 |
|  |  | **3044** |
| **Electrical Equipment – 1.2%** | **Electrical Equipment – 1.2%** | **Electrical Equipment – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 3039 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Superconductor Corp.\* | 534 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Array Technologies, Inc.\* | 19059 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 6433 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Babcock & Wilcox Enterprises, Inc.\* | 5816 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A<sup>\* †</sup> <br>| 25054 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 5980 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSI Industries, Inc. | 3505 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEXTracker, Inc., Class A\* | 16508 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Energy Systems, Inc.\* | 2963 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 3051 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 1353 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servotronics, Inc.\* | 936 | 44 |

---

NORTHERN FUNDS QUARTERLY REPORT **100** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Electrical Equipment – 1.2%continued** | **Electrical Equipment – 1.2%continued** | **Electrical Equipment – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 21561 | $92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 2413 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPI Composites, Inc.\* | 4933 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultralife Corp.\* | 2030 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp.\* | 4254 | 193 |
|  |  | **4050** |
| **Electronic Equipment, Instruments & Components – 4.1%** | **Electronic Equipment, Instruments & Components – 4.1%** | **Electronic Equipment, Instruments & Components – 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 5004 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlo Technologies, Inc.\* | 8505 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 3961 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc., Class A | 1199 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc., Class B | 3797 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc. | 5168 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 6723 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Climb Global Solutions, Inc. | 4004 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co. | 6036 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTS Corp. | 3770 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daktronics, Inc.\* | 5868 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data I/O Corp.\* | 2419 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc.\* | 7546 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fabrinet\* | 5831 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FARO Technologies, Inc.\* | 2731 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frequency Electronics, Inc. | 4919 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identiv, Inc.\* | 260 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 6686 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 4562 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itron, Inc.\* | 6145 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics, Inc.\* | 3724 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knowles Corp.\* | 10384 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc.<sup>(3)</sup> <br>| 5892 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.\* | 24601 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M-Tron Industries, Inc.\* | 2077 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Napco Security Technologies, Inc. | 2824 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nLight, Inc.\* | 8904 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 5125 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSI Systems, Inc.\* | 3776 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp.\* | 3454 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 4777 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plexus Corp.\* | 4331 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powerfleet, Inc. NJ\* | 1602 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Corp.\* | 2520 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 9355 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 3329 | 139 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Electronic Equipment, Instruments & Components – 4.1%continued** | **Electronic Equipment, Instruments & Components – 4.1%continued** | **Electronic Equipment, Instruments & Components – 4.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 11850 | $484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 15027 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 4154 | 117 |
|  |  | **14575** |
| **Energy Equipment & Services – 1.7%** | **Energy Equipment & Services – 1.7%** | **Energy Equipment & Services – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archrock, Inc. | 18985 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc.<sup>†</sup> <br>| 13092 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 4915 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc., Class A | 7806 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChampionX Corp. | 26892 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 4059 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings N.V.\* | 12852 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc.\* | 451 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geospace Technologies Corp.<sup>\* †</sup> <br>| 4612 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulf Island Fabrication, Inc.\* | 4039 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 26448 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 12548 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc.\* | 4575 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLX Energy Services Holdings, Inc.\* | 590 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 10795 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 18390 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Energy Services, Inc.\* | 1811 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd.\* | 1277 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc.\* | 2714 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next Bridge Hydrocarbons, Inc.<sup>(2) (4) \*</sup> <br>| 2700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nine Energy Service, Inc.\* | 2298 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC | 19853 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 12913 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 4468 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 45084 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProFrac Holding Corp., Class A\* | 16861 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 7680 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. | 29745 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc.\* | 7766 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seadrill Ltd.\* | 11055 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. | 3895 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 8807 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 6778 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 113815 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 7812 | 329 |
|  |  | **5993** |
| **Entertainment – 0.6%** | **Entertainment – 0.6%** | **Entertainment – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., Class C\* | 14940 | 699 |

---

EQUITY FUNDS **101** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Entertainment – 0.6%continued** | **Entertainment – 0.6%continued** | **Entertainment – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 11850 | $358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CuriosityStream, Inc. | 13805 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp.\* | 4829 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp.\*<br>| 3103 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manchester United PLC, Class A<sup>\* †</sup> <br>| 19039 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcus (The) Corp. | 3772 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 27571 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reading International, Inc., Class A\* | 2207 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sphere Entertainment Co.\* | 3103 | 130 |
|  |  | **2059** |
| **Financial Services – 2.7%** | **Financial Services – 2.7%** | **Financial Services – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acacia Research Corp.\* | 5389 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior S.A., Class E<br>| 6488 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California First Leasing Corp. | 1284 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 10036 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 1572 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dlocal Ltd. | 36430 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 16139 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 14184 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. | 8116 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C<br>| 907 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp.\* | 10977 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 9065 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc., Class A | 8473 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lesaka Technologies, Inc.\* | 4594 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc., Class A\* | 49098 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 4761 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr Cooper Group, Inc.\* | 1055 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.\* | 7382 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc.\* | 8940 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onity Group, Inc.\* | 25 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd., Class A | 32179 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc., Class A\* | 4114 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc.\* | 34461 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 4774 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 24766 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc.\* | 17962 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security National Financial Corp., <br> Class A\*<br>| 6114 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sezzle, Inc.\* | 3571 | 640 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Financial Services – 2.7%continued** | **Financial Services – 2.7%continued** | **Financial Services – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneCo Ltd., Class A\* | 31008 | $497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 5702 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 3557 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Union (The) Co. | 34913 | 294 |
|  |  | **9589** |
| **Financials – 0.0%** | **Financials – 0.0%** | **Financials – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antalpha Platform Holding Co.\* | 5889 | **68** |
| **Food Products – 1.1%** | **Food Products – 1.1%** | **Food Products – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alico, Inc. | 4470 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc.<sup>†</sup> <br>| 9617 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgford Foods Corp.\* | 4609 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calavo Growers, Inc. | 2175 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 5361 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmer Bros. Co.\* | 3321 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 4306 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group (The), Inc.\* | 10307 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J&J Snack Foods Corp. | 2572 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John B. Sanfilippo & Son, Inc. | 979 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifeway Foods, Inc.\* | 1719 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limoneira Co. | 2033 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marzetti Company (The) | 2835 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd. | 21953 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seaboard Corp. | 90 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods Corp., Class A\* | 3735 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods (The) Co.\* | 11838 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc.<sup>†</sup> <br>| 8513 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 8618 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Farms, Inc.\* | 5079 | 196 |
|  |  | **3924** |
| **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 3213 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 21622 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 14508 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 5557 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 16996 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 1229 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 8421 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 8219 | 600 |
|  |  | **4093** |
| **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 3733 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. | 6736 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 11067 | 96 |

---

NORTHERN FUNDS QUARTERLY REPORT **102** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Ground Transportation – 0.3%continued** | **Ground Transportation – 0.3%continued** | **Ground Transportation – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 7752 | $101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P.A.M.T CORP.\* | 5575 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc. | 3921 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 6666 | 182 |
|  |  | **1000** |
| **Health Care Equipment & Supplies – 3.5%** | **Health Care Equipment & Supplies – 3.5%** | **Health Care Equipment & Supplies – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc.\* | 9117 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc.\* | 12948 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics, Inc.\* | 7495 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apyx Medical Corp.\* | 3504 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 7306 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc.\* | 7709 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 8764 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc.\* | 7182 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baird Medical Investment Holdings <br> Ltd.\*<br>| 15869 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioSig Technologies, Inc.<sup>(1) \*</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bioventus, Inc., Class A\* | 5193 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerus Corp.\* | 34158 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 4199 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVRx, Inc.\* | 7530 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daxor Corp.\* | 610 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 21027 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 10480 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 7073 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.\* | 5907 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 15785 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Establishment Labs Holdings, Inc.<sup>\* †</sup> <br>| 3780 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FONAR Corp.\* | 6686 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 5953 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 2429 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmode Ltd.\* | 9260 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 2133 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 5680 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 7258 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corp. | 4836 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 3501 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kewaunee Scientific Corp.\* | 4088 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 9687 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 7443 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 7314 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 9182 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp.\* | 26532 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeuroPace, Inc.\* | 12881 | 144 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Health Care Equipment & Supplies – 3.5%continued** | **Health Care Equipment & Supplies – 3.5%continued** | **Health Care Equipment & Supplies – 3.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 6881 | $202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 13728 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orchestra BioMed Holdings, Inc.<sup>\* †</sup> <br>| 11249 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc.\* | 10324 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corp.\* | 5006 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Dex, Inc.\* | 8475 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulmonx Corp.\* | 14153 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc.<sup>\* †</sup> <br>| 15166 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 6079 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RxSight, Inc.\* | 7538 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanara Medtech, Inc.\* | 2813 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SANUWAVE Health, Inc.\* | 2976 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semler Scientific, Inc.<sup>\* †</sup> <br>| 3236 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SI-BONE, Inc.\* | 10885 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sight Sciences, Inc.\* | 13063 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 6363 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stereotaxis, Inc.\* | 818 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surmodics, Inc.\* | 3588 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 2012 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 6943 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tela Bio, Inc.\* | 8855 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 3891 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treace Medical Concepts, Inc.\* | 13881 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Technologies, Inc.\* | 2702 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 2165 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 8337 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimvie, Inc.\* | 5352 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zynex, Inc.<sup>\* †</sup> <br>| 7390 | 19 |
|  |  | **12216** |
| **Health Care Providers & Services – 3.4%** | **Health Care Providers & Services – 3.4%** | **Health Care Providers & Services – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 9396 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 8438 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 2952 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.\* | 20082 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amedisys, Inc.\* | 3790 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc.\* | 7429 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardent Health, Inc.\* | 15076 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc.\* | 7157 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.\* | 7983 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc.\* | 29333 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 5754 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Health Systems, Inc.\* | 15021 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 14436 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CorVel Corp.\* | 11014 | 1132 |

---

EQUITY FUNDS **103** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Health Care Providers & Services – 3.4%continued** | **Health Care Providers & Services – 3.4%continued** | **Health Care Providers & Services – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 9762 | $127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cryo-Cell International, Inc. | 638 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DocGo, Inc.\* | 9338 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 9617 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensign Group (The), Inc. | 9336 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc.\* | 4320 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corp.\* | 2994 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 9411 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\* | 23158 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint (The) Corp.\* | 8779 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kindly MD, Inc.\* | 6608 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc.\* | 38711 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ModivCare, Inc.<sup>\* †</sup> <br>| 5997 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 3016 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Research Corp. | 5811 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 14767 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPKO Health, Inc.\* | 65278 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 20511 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc.\* | 7388 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennant Group (The), Inc.\* | 3887 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier, Inc., Class A | 14424 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Privia Health Group, Inc.\* | 11861 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 10946 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RadNet, Inc.\* | 7546 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 17890 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonida Senior Living, Inc.\* | 3340 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgery Partners, Inc.\* | 8871 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, Inc. | 2431 | 190 |
|  |  | **11872** |
| **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 10239 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 12895 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 2815 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 26714 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 7104 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 5287 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc.<sup>†</sup> <br>| 63647 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 6129 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 27908 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 5753 | 136 |
|  |  | **2500** |
| **Health Care Technology – 0.7%** | **Health Care Technology – 0.7%** | **Health Care Technology – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Well Corp., Class A\* | 170 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Health Care Technology – 0.7%continued** | **Health Care Technology – 0.7%continued** | **Health Care Technology – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\* | 13769 | $161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolent Health, Inc., Class A\* | 15969 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoodRx Holdings, Inc., Class A\* | 48534 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 4302 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeMD, Inc.\* | 10614 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp.\* | 11507 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc.\* | 6348 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schrodinger, Inc.\* | 7736 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc. | 3396 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 18448 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TruBridge, Inc.\* | 6314 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veradigm, Inc.\* | 25650 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 18607 | 760 |
|  |  | **2588** |
| **Hotel & Resort Real Estate Investment Trusts – 0.7%** | **Hotel & Resort Real Estate Investment Trusts – 0.7%** | **Hotel & Resort Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 28670 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. | 10063 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust | 5034 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 31407 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 28963 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 17563 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 25089 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 6695 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 22308 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sotherly Hotels, Inc.\* | 2334 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 9760 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 30702 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 15271 | 192 |
|  |  | **2514** |
| **Hotels, Restaurants & Leisure – 2.0%** | **Hotels, Restaurants & Leisure – 2.0%** | **Hotels, Restaurants & Leisure – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc., Class A | 27089 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biglari Holdings, Inc., Class B\* | 591 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\* | 4069 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 10231 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canterbury Park Holding Corp. | 1033 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory (The), Inc. | 5158 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc.<sup>†</sup> <br>| 3536 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.<sup>\* †</sup> <br>| 7919 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denny's Corp.<sup>\* †</sup> <br>| 10671 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 2299 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc.<sup>(1) \*</sup> <br>| 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everi Holdings, Inc.\* | 10756 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genius Sports Ltd.\* | 25193 | 262 |

---

NORTHERN FUNDS QUARTERLY REPORT **104** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Hotels, Restaurants & Leisure – 2.0%continued** | **Hotels, Restaurants & Leisure – 2.0%continued** | **Hotels, Restaurants & Leisure – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Business Travel Group I\* | 48319 | $304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 566 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 10146 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Game Technology PLC | 11237 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack in the Box, Inc.<sup>†</sup> <br>| 3057 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kura Sushi U.S.A., Inc., Class A<sup>\* †</sup> <br>| 1389 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 20321 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lottery.com, Inc.\* | 4586 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucky Strike Entertainment Corp. | 14679 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 3627 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 1124 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nathan's Famous, Inc. | 1146 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 3679 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 15603 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.\* | 3076 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Robin Gourmet Burgers, Inc.\* | 87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc., Class A | 9016 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Street Interactive, Inc.\* | 10117 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc., Class A\* | 3635 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soho House & Co., Inc.\* | 10049 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Town Sports International Holdings, <br> Inc.<sup>(2) \*</sup> <br>| 1105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 11053 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.\* | 6533 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wendy's (The) Co. | 20717 | 237 |
|  |  | **7171** |
| **Household Durables – 1.7%** | **Household Durables – 1.7%** | **Household Durables – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes U.S.A., Inc.\* | 3755 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 1386 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc.\* | 7349 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cricut, Inc., Class A | 22217 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., Class A<sup>\* †</sup> <br>| 9918 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 3864 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexsteel Industries, Inc. | 3242 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoPro, Inc., Class A\* | 12524 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\* | 4627 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Beach Brands Holding Co., <br> Class A<br>| 2148 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hooker Furnishings Corp. | 1214 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc., Class A\* | 254 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc. | 3439 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRobot Corp.<sup>\* †</sup> <br>| 4032 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home | 11650 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koss Corp.\* | 3362 | 17 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Household Durables – 1.7%continued** | **Household Durables – 1.7%continued** | **Household Durables – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 6858 | $255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 14283 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifetime Brands, Inc.<sup>†</sup> <br>| 499 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 3109 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 42421 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nobility Homes, Inc. | 702 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonos, Inc.\* | 12167 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 17151 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 16574 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics, Inc.\* | 2799 | 19 |
|  |  | **6131** |
| **Household Products – 0.5%** | **Household Products – 0.5%** | **Household Products – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\* | 8165 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A\* | 6905 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 8264 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil-Dri Corp. of America | 5899 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 5078 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WD-40 Co. | 1894 | 432 |
|  |  | **1719** |
| **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 9016 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenon Holdings Ltd.\* | 1618 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 6135 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ReNew Energy Global PLC, Class A\* | 19564 | 135 |
|  |  | **859** |
| **Industrial Real Estate Investment Trusts – 0.3%** | **Industrial Real Estate Investment Trusts – 0.3%** | **Industrial Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust | 8003 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 3534 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 30842 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 3722 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 9418 | 528 |
|  |  | **1074** |
| **Insurance – 2.4%** | **Insurance – 2.4%** | **Insurance – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambac Financial Group, Inc.\* | 4656 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Coastal Insurance Corp. | 3466 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 2723 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic American Corp. | 5195 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group (The), Inc.\* | 8234 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc.\* | 3372 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens, Inc.<sup>\* †</sup> <br>| 4693 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 29957 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donegal Group, Inc., Class A | 3926 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 6670 | 315 |

---

EQUITY FUNDS **105** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Insurance – 2.4%continued** | **Insurance – 2.4%continued** | **Insurance – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enstar Group Ltd.\* | 1249 | $420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 12529 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd. | 7026 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.\* | 51332 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc., Class A | 2694 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenlight Capital Re Ltd., Class A\* | 10192 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd., <br> Class B\*<br>| 10910 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCI Group, Inc. | 1190 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 4364 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Title Co. | 504 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Life Insurance Co. | 1538 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestrel Group Ltd.\* | 204 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lemonade, Inc.<sup>\* †</sup> <br>| 6287 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBIA, Inc.\* | 13771 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 3111 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc., Class A\* | 24244 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\* | 3053 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProAssurance Corp.\* | 9737 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Root, Inc., Class A\* | 1785 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | 1761 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 7901 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiriusPoint Ltd.\* | 9689 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc.\*<br>| 4210 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 2181 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trupanion, Inc.\* | 4562 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 3179 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 3379 | 94 |
|  |  | **8609** |
| **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.\* | 6150 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc., Class A\* | 10480 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 11121 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 7734 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EverQuote, Inc., Class A\* | 3372 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IAC, Inc.\* | 8331 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuinStreet, Inc.\* | 12079 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shutterstock, Inc. | 2774 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taboola.com Ltd.\* | 20330 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelzoo\* | 3895 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 12484 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTEX, Class A\* | 16068 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc.\* | 11202 | 384 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Interactive Media & Services – 0.7%continued** | **Interactive Media & Services – 0.7%continued** | **Interactive Media & Services – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 6240 | $189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZipRecruiter, Inc., Class A\* | 9696 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 34714 | 351 |
|  |  | **2632** |
| **IT Services – 0.4%** | **IT Services – 0.4%** | **IT Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 7139 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI&T, Inc., Class A\* | 3529 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSP, Inc. | 2114 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 8083 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 19242 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastly, Inc., Class A\* | 14704 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hackett Group (The), Inc. | 5354 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 3216 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tucows, Inc., Class A\* | 1240 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp.\* | 4700 | 21 |
|  |  | **1231** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 4631 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Outdoor Brands, Inc.\* | 1907 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarus Corp. | 4222 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escalade, Inc. | 3790 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 456 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc., Class A | 2435 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malibu Boats, Inc., Class A\* | 2780 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Products Corp. | 5349 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings, Inc.\* | 5753 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., Class A\* | 42054 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 5951 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sturm Ruger & Co., Inc. | 2022 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 11677 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 10223 | 322 |
|  |  | **1770** |
| **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A\* | 13092 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Teknova, Inc.\* | 2318 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 9055 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 7539 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champions Oncology, Inc.\* | 5209 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Codexis, Inc.\* | 7088 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc.\* | 4326 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc.\* | 10766 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvard Bioscience, Inc.\* | 20337 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifecore Biomedical, Inc.\* | 3172 | 26 |

---

NORTHERN FUNDS QUARTERLY REPORT **106** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Life Sciences Tools & Services – 0.4%continued** | **Life Sciences Tools & Services – 0.4%continued** | **Life Sciences Tools & Services – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A\*<br>| 12821 | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories, Inc. | 1475 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nautilus Biotechnology, Inc.\* | 15652 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc.<sup>(2) \*</sup> <br>| 1740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.\* | 16294 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc. (NASDAQ Exchange)<sup>(2) \*</sup> <br>| 1740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanterix Corp.\* | 9171 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapid Micro Biosystems, Inc., Class A\* | 3037 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 25938 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard BioTools, Inc.\* | 13388 | 16 |
|  |  | **1366** |
| **Machinery – 4.0%** | **Machinery – 4.0%** | **Machinery – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 1614 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albany International Corp., Class A | 4480 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 4004 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 11036 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 4899 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 2384 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 3154 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern (The) Co. | 1183 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 8876 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc. | 2706 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 4090 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 11169 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 6649 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FreightCar America, Inc.\* | 1475 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gorman-Rupp (The) Co. | 4569 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Corp.\* | 3201 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenbrier (The) Cos., Inc. | 3549 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 2776 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 10751 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hurco Cos., Inc.\* | 1292 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyster-Yale, Inc. | 2629 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp. | 4512 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kadant, Inc. | 1393 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 12408 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L.B. Foster Co., Class A\* | 1487 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 1512 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 2318 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 2017 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc., Class A | 23643 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Flex, Inc.<sup>†</sup> <br>| 1156 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 3762 | 151 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Machinery – 4.0%continued** | **Machinery – 4.0%continued** | **Machinery – 4.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REV Group, Inc. | 5158 | $245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shyft Group (The), Inc. | 2539 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 7532 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 2893 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stratasys Ltd.\* | 6540 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Devices, Inc.<sup>\* †</sup> <br>| 1012 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 2844 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 7891 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 8624 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 13295 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Disc, Inc.<sup>†</sup> <br>| 2396 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | 4687 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc., Class A | 4254 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 8880 | 565 |
|  |  | **13957** |
| **Marine Transportation – 0.4%** | **Marine Transportation – 0.4%** | **Marine Transportation – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danaos Corp.\* | 1984 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Ocean Group Ltd. | 15926 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 7295 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Bulk Carriers Corp. | 14300 | 247 |
|  |  | **1347** |
| **Media – 0.8%** | **Media – 0.8%** | **Media – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A\* | 5457 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Omaha Corp., Class A<sup>(1) \*</sup> <br>| 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. | 719 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulus Media, Inc., Class A\* | 5103 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Inc.\* | 17962 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A\* | 20229 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerald Holding, Inc.<sup>†</sup> <br>| 6636 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp., <br> Class A<br>| 34475 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EW Scripps (The) Co., Class A\* | 5093 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gannett Co., Inc.<sup>\* †</sup> <br>| 16859 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc. | 16486 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harte Hanks, Inc.\* | 790 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A\* | 13251 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integral Ad Science Holding Corp.\* | 17456 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc., Class A | 6686 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnite, Inc.\* | 8435 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marchex, Inc., Class B\* | 6321 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saga Communications, Inc., Class A | 1089 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 4975 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinclair, Inc. | 7952 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 28168 | 127 |

---

EQUITY FUNDS **107** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Media – 0.8%continued** | **Media – 0.8%continued** | **Media – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TechTarget, Inc.\* | 3045 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 28750 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings, Inc.\* | 8133 | 99 |
|  |  | **2870** |
| **Metals & Mining – 1.0%** | **Metals & Mining – 1.0%** | **Metals & Mining – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 1520 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Battery Technology Co.\* | 62722 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ampco-Pittsburgh Corp.\* | 2028 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent Industries Co.\* | 108 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 992 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 33498 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 16483 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium S.E.\* | 18981 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contango ORE, Inc.\* | 231 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortitude Gold Corp. | 3587 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 77765 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 2200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 4921 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 2340 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Lithium, Inc.\* | 1436 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radius Recycling, Inc. | 2080 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 2046 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp.\* | 4809 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 8866 | 264 |
|  |  | **3430** |
| **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACRES Commercial Realty Corp.\* | 2261 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Mortgage Investment Trust, Inc. | 1957 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, <br> Inc.<br>| 23787 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc.<sup>†</sup> <br>| 18020 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, Inc.<sup>†</sup> <br>| 1132 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A<sup>†</sup> <br>| 18676 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSpire Capital, Inc. | 8671 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cherry Hill Mortgage Investment <br> Corp.<sup>†</sup> <br>| 3211 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynex Capital, Inc. | 2652 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 1139 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 6122 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Point Mortgage Trust, Inc.<sup>†</sup> <br>| 4760 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Mortgage Capital, Inc.<sup>†</sup> <br>| 1808 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Corp. | 20082 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Mortgage Trust, Inc. | 7887 | 53 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%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;&nbsp;&nbsp;&nbsp;&nbsp; Orchid Island Capital, Inc.<sup>†</sup> <br>| 963 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ready Capital Corp.<sup>†</sup> <br>| 3651 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 8438 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two Harbors Investment Corp. | 6190 | 67 |
|  |  | **1456** |
| **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 9995 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 9273 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 8246 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 2627 | 137 |
|  |  | **1460** |
| **Office Real Estate Investment Trusts – 0.6%** | **Office Real Estate Investment Trusts – 0.6%** | **Office Real Estate Investment Trusts – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 23558 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Office REIT, Inc. | 9794 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 13906 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 20974 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 4477 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 18454 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties Corp. | 12138 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 18182 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties | 7736 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Group, Inc.\* | 24651 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. | 16865 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 8244 | 510 |
|  |  | **2088** |
| **Oil, Gas & Consumable Fuels – 3.1%** | **Oil, Gas & Consumable Fuels – 3.1%** | **Oil, Gas & Consumable Fuels – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. | 16316 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baytex Energy Corp. | 28612 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BKV Corp.\* | 8927 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 10116 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calumet, Inc.\* | 9125 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrus Energy Corp., Class A\* | 608 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 9720 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp.\* | 10200 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 18931 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc.\* | 12119 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 7016 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co., Class A | 2495 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc. | 13998 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delek U.S. Holdings, Inc. | 8492 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 21040 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 576 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution Petroleum Corp. | 12908 | 61 |

---

NORTHERN FUNDS QUARTERLY REPORT **108** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Oil, Gas & Consumable Fuels – 3.1%continued** | **Oil, Gas & Consumable Fuels – 3.1%continued** | **Oil, Gas & Consumable Fuels – 3.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLEX LNG Ltd. | 7439 | $164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline PLC<sup>†</sup> <br>| 6083 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 5343 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golar LNG Ltd. | 16791 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Plains, Inc.\* | 11706 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 2535 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HighPeak Energy, Inc. | 13291 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc. | 7082 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 8258 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 21936 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 19402 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NACCO Industries, Inc., Class A | 2848 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navigator Holdings Ltd. | 9277 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 8974 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 10332 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 3512 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | 16508 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 15500 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PrimeEnergy Resources Corp.\* | 1109 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 8603 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SandRidge Energy, Inc. | 3353 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 8899 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFL Corp. Ltd.<sup>†</sup> <br>| 14553 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sitio Royalties Corp., Class A | 11040 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 15971 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 18845 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Corp. Ltd. | 10764 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers Ltd., Class A | 4768 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp.\* | 50141 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VAALCO Energy, Inc. | 12517 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W&T Offshore, Inc. | 29511 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp. | 8758 | 248 |
|  |  | **11056** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp.\* | 2567 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp.<sup>(1) \*</sup> <br>| 32 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 4716 | 236 |
|  |  | **307** |
| **Passenger Airlines – 0.3%** | **Passenger Airlines – 0.3%** | **Passenger Airlines – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings S.A., Class A | 883 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 8299 | 855 |
|  |  | **952** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Personal Care Products – 0.4%** | **Personal Care Products – 0.4%** | **Personal Care Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 7686 | $180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interparfums, Inc. | 2694 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mannatech, Inc.\* | 3124 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc.\* | 2755 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Alternatives International, Inc.\* | 1147 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc.\* | 2634 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc., Class A | 9558 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oddity Tech Ltd., Class A\* | 6894 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 1616 | 49 |
|  |  | **1290** |
| **Pharmaceuticals – 1.9%** | **Pharmaceuticals – 1.9%** | **Pharmaceuticals – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alto Neuroscience, Inc.\* | 7530 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 28306 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 7865 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc.\* | 20432 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 2611 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assertio Holdings, Inc.\* | 2602 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc.\* | 7340 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avadel Pharmaceuticals PLC\* | 11307 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 3310 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biote Corp., Class A\* | 12792 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cassava Sciences, Inc.<sup>\* †</sup> <br>| 8119 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 11490 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contineum Therapeutics, Inc., Class A<sup>\*</sup> <br>† <br>| 4353 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\* | 3395 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc.<sup>\* †</sup> <br>| 6474 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esperion Therapeutics, Inc.<sup>\* †</sup> <br>| 86434 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eton Pharmaceuticals, Inc.\* | 7538 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolus, Inc.\* | 7895 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EyePoint Pharmaceuticals, Inc.\* | 9617 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc.\* | 16767 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GH Research PLC<sup>\* †</sup> <br>| 6985 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 2594 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc.\* | 11724 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indivior PLC\* | 13092 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc.\* | 18985 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LENZ Therapeutics, Inc.<sup>\* †</sup> <br>| 5474 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 3368 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidia Corp.\* | 6713 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maze Therapeutics, Inc.<sup>\* †</sup> <br>| 5556 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediWound Ltd.<sup>\* †</sup> <br>| 5715 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ocular Therapeutix, Inc.\* | 395 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oculis Holding A.G.\* | 7077 | 137 |

---

EQUITY FUNDS **109** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Pharmaceuticals – 1.9%continued** | **Pharmaceuticals – 1.9%continued** | **Pharmaceuticals – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omeros Corp.<sup>\* †</sup> <br>| 11437 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 27375 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otonomy, Inc.<sup>(2) \*</sup> <br>| 400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 7985 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc.\* | 7077 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp., Class A | 6028 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pliant Therapeutics, Inc.\* | 8366 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 8591 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rafael Holdings, Inc., Class B\* | 7012 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rani Therapeutics Holdings, Inc., <br> Class A\*<br>| 22138 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; scPharmaceuticals, Inc.<sup>\* †</sup> <br>| 8601 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIGA Technologies, Inc. | 4901 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 7734 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\* | 3084 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 11338 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc.\* | 6859 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Harmonic Bio, Inc.\* | 6804 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilray Brands, Inc.<sup>\* †</sup> <br>| 86882 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verrica Pharmaceuticals, Inc.\* | 17433 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd.\* | 5271 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc.\* | 22812 | 107 |
|  |  | **6726** |
| **Professional Services – 2.5%** | **Professional Services – 2.5%** | **Professional Services – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc., Class A | 42525 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asure Software, Inc.\* | 935 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | 12858 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc.\* | 16124 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 6745 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 20487 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRA International, Inc. | 2712 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 5187 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLH Holdings Corp.\* | 980 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 2738 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 8375 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp.\* | 12715 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc.\* | 4478 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey Co.\* | 3412 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles International, Inc. | 4556 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 2755 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 2749 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 5704 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A | 3406 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 7970 | 584 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Professional Services – 2.5%continued** | **Professional Services – 2.5%continued** | **Professional Services – 2.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 6108 | $247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 7186 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NV5 Global, Inc.\* | 7810 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resources Connection, Inc. | 5354 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 5897 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 5385 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc.\* | 3185 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc.\* | 13886 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 17997 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where Food Comes From, Inc.\* | 275 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc.\* | 2125 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WNS Holdings Ltd.\* | 6061 | 383 |
|  |  | **8676** |
| **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altisource Asset Management Corp.\* | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altisource Portfolio Solutions S.A.\* | 1193 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Realty Investors, Inc.\* | 1251 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMREP Corp.\* | 1208 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 12753 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc., Class A\* | 47561 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC\* | 14695 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc.\* | 4971 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eXp World Holdings, Inc.<sup>†</sup> <br>| 7680 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc.\* | 7429 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\* | 1522 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JW Mays, Inc.\* | 196 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 16524 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 4166 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Inc., Class A | 16798 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc., Class A\* | 4409 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMR Group (The), Inc., Class A | 81 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joe (The) Co. | 4571 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Holdings<sup>\* †</sup> <br>| 2204 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stratus Properties, Inc.\* | 1059 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch Co.\* | 5649 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcontinental Realty Investors, Inc.\* | 316 | 13 |
|  |  | **1685** |
| **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluerock Homes Trust, Inc. | 1298 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRT Apartments Corp. | 2228 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 1179 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 10725 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 28232 | 499 |

---

NORTHERN FUNDS QUARTERLY REPORT **110** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Residential Real Estate Investment Trusts – 0.3%continued** | **Residential Real Estate Investment Trusts – 0.3%continued** | **Residential Real Estate Investment Trusts – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 2702 | $90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 5864 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 12346 | 184 |
|  |  | **1164** |
| **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 12307 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 459 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. | 2777 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 8227 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 5322 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 9030 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 29341 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macerich (The) Co. | 19332 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp.<sup>†</sup> <br>| 8530 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 15292 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc. | 1409 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 4111 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 10912 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 15457 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 11361 | 142 |
|  |  | **3501** |
| **Semiconductors & Semiconductor Equipment – 2.2%** | **Semiconductors & Semiconductor Equipment – 2.2%** | **Semiconductors & Semiconductor Equipment – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc., Class A\* | 7711 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeluma, Inc.\* | 7736 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.\* | 3827 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambarella, Inc.\* | 4670 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amtech Systems, Inc.\* | 597 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atomera, Inc.\* | 20630 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 8002 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blaize Holdings, Inc.\* | 5352 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camtek Ltd.<sup>\* †</sup> <br>| 1786 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEVA, Inc.\* | 3047 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 3484 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 11848 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 6334 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 9995 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ichor Holdings Ltd.\* | 2936 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 3449 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; inTEST Corp.\* | 3460 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kopin Corp.<sup>(1) \*</sup> <br>| 280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 8823 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnachip Semiconductor Corp.\* | 2939 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxeon Solar Technologies Ltd.\* | 768 | 2 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Semiconductors & Semiconductor Equipment – 2.2%continued** | **Semiconductors & Semiconductor Equipment – 2.2%continued** | **Semiconductors & Semiconductor Equipment – 2.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Materials, Inc.\* |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVE Corp. | 1446 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 10546 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penguin Solutions, Inc.\* | 10638 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 5044 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 7174 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 14032 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp.\* | 7901 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.\* | 2263 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 5032 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 8904 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 9748 | 198 |
|  |  | **7761** |
| **Software – 5.9%** | **Software – 5.9%** | **Software – 5.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 7538 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 15852 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 13362 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 4106 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airship AI Holdings, Inc.<sup>\* †</sup> <br>| 31497 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc.\* | 4919 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc.\* | 11423 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amplitude, Inc., Class A\* | 13886 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appian Corp., Class A\* | 7736 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asana, Inc., Class A\* | 24796 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc.\* | 21003 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beamr Imaging Ltd.\* | 4771 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbaud, Inc.\* | 6891 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc.\* | 6743 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box, Inc., Class A\* | 19157 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braze, Inc., Class A\* | 12609 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellebrite DI Ltd.\* | 6541 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerence, Inc.\* | 118 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc., Class A | 9720 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A\*<br>| 27298 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognyte Software Ltd.\* | 3405 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 5267 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 2111 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCard Corp.\* | 3571 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daily Journal Corp.\* | 230 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digimarc Corp.\* | 4302 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Turbine, Inc.\* | 10346 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domo, Inc., Class B\* | 4453 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eGain Corp.\* | 4310 | 27 |

---

EQUITY FUNDS **111** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Software – 5.9%continued** | **Software – 5.9%continued** | **Software – 5.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EverCommerce, Inc.\* | 19242 | $202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 9161 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freshworks, Inc., Class A\* | 20239 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc., Class A\* | 2793 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.\* | 8659 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. | 5459 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamf Holding Corp.\* | 13886 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFrog Ltd.\* | 5103 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karooooo Ltd.\* | 3174 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life360, Inc.\* | 8133 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 7583 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magic Software Enterprises Ltd.\* | 1418 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridianlink, Inc.\* | 8133 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc.\* | 19837 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.<sup>\* †</sup> <br>| 11328 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.\* | 14767 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next Technology Holding, Inc.\* | 17574 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nukkleus, Inc.\* | 1407 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olo, Inc., Class A\* | 17655 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON24, Inc.\* | 11360 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSpan, Inc. | 8634 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PagerDuty, Inc.\* | 10820 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progress Software Corp. | 5991 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.\* | 6635 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 4571 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radware Ltd.\* | 2547 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc.\* | 6421 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Violet, Inc. | 2764 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rekor Systems, Inc.<sup>\* †</sup> <br>| 92463 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ReposiTrak, Inc. | 33 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rezolve AI PLC<sup>\* †</sup> <br>| 73491 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rimini Street, Inc.\* | 33127 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc., Class A\* | 10621 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sapiens International Corp. N.V.<sup>†</sup> <br>| 6986 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEMrush Holdings, Inc., Class A\* | 15671 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoundThinking, Inc.\* | 3449 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprinklr, Inc., Class A\* | 27176 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprout Social, Inc., Class A\* | 7077 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 6085 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchronoss Technologies, Inc.<sup>(1) \*</sup> <br>| 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenable Holdings, Inc.\* | 12763 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 12213 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upland Software, Inc.<sup>(1) \*</sup> <br>| 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc.\* | 11848 | 601 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Software – 5.9%continued** | **Software – 5.9%continued** | **Software – 5.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verint Systems, Inc.\* | 8704 | $171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc., Class A\* | 19059 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viant Technology, Inc., Class A\* | 8475 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weave Communications, Inc.\* | 8843 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WM Technology, Inc.\* | 101168 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc.\* | 4746 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xperi, Inc.\* | 5343 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc.\* | 12894 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp., Class A\* | 27389 | 424 |
|  |  | **20594** |
| **Specialized Real Estate Investment Trusts – 0.4%** | **Specialized Real Estate Investment Trusts – 0.4%** | **Specialized Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 10725 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Land Corp. | 10795 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 7711 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 19950 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 11264 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 2975 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc.<sup>†</sup> <br>| 3571 | 129 |
|  |  | **1578** |
| **Specialty Retail – 2.4%** | **Specialty Retail – 2.4%** | **Specialty Retail – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Inc., Class A<sup>\* †</sup> <br>| 5982 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A\* | 7970 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 9140 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 22463 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc.\* | 1452 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arhaus, Inc.\* | 14334 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 2406 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barnes & Noble Education, Inc.\* | 238 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyond, Inc.<sup>\* †</sup> <br>| 4554 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 3722 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckle (The), Inc. | 4141 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Inc. | 3786 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caleres, Inc. | 6701 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc., Class A | 5252 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cato (The) Corp., Class A | 4377 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Place (The), Inc.\* | 3685 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc.\* | 4394 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc., Class A<sup>†</sup> <br>| 8320 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foot Locker, Inc.<sup>\* †</sup> <br>| 9252 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 3351 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 2721 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrowGeneration Corp.\* | 6924 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guess?, Inc.<sup>†</sup> <br>| 6398 | 77 |

---

NORTHERN FUNDS QUARTERLY REPORT **112** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Specialty Retail – 2.4%continued** | **Specialty Retail – 2.4%continued** | **Specialty Retail – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture Cos., Inc. | 3170 | $65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monro, Inc. | 4875 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 8944 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ODP (The) Corp.\* | 5453 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetMed Express, Inc.\* | 3734 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc.\* | 8946 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RumbleON, Inc., Class B\* | 33326 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 19923 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 7821 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 6456 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sleep Number Corp.<sup>\* †</sup> <br>| 2942 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., Class A | 6907 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc., Class A\* | 11902 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 6470 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 8460 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 9252 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winmark Corp. | 748 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 4993 | 66 |
|  |  | **8522** |
| **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstroNova, Inc.\* | 11206 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CompoSecure, Inc., Class A<sup>\* †</sup> <br>| 10712 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Card Group, Inc.\* | 3173 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 3967 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immersion Corp. | 6554 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransAct Technologies, Inc.\* | 3368 | 12 |
|  |  | **640** |
| **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 4460 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Culp, Inc.\* | 3224 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fossil Group, Inc.\* | 5469 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd.\* | 5295 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 5637 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movado Group, Inc. | 2797 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 3439 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 3109 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 11517 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Group of Cos., Inc.<sup>†</sup> <br>| 3109 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., Class A\* | 44601 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unifi, Inc.\* | 588 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vera Bradley, Inc.\* | 3065 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 8530 | 154 |
|  |  | **1673** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 202 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 4004 | 233 |
|  |  | **248** |
| **Total Broadband and Communications – 0.0%** | **Total Broadband and Communications – 0.0%** | **Total Broadband and Communications – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machten, Inc.\* | 893 | **7** |
| **Trading Companies & Distributors – 1.6%** | **Trading Companies & Distributors – 1.6%** | **Trading Companies & Distributors – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.\* | 2466 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 6052 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Solutions Group, Inc.\* | 5868 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 12605 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 1321 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVI Industries, Inc. | 1955 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 1069 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp. | 4836 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Industrial Co. | 5744 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMS, Inc.\* | 5980 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 3932 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 4324 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRC Global, Inc.\* | 12208 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 10576 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | 17241 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Machinery, Inc.\* | 1483 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcat, Inc.\* | 2905 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Lease Finance Corp. | 1761 | 252 |
|  |  | **5582** |
| **Transportation Infrastructure – 0.1%** | **Transportation Infrastructure – 0.1%** | **Transportation Infrastructure – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corp. America Airports S.A.\* | 16582 | **336** |
| **Water Utilities – 0.5%** | **Water Utilities – 0.5%** | **Water Utilities – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 6024 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 3024 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc.\* | 10756 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 7572 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Water Co. Ltd. | 7197 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H2O America | 4069 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 4523 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; York Water (The) Co. | 3174 | 100 |
|  |  | **1713** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 5269 | 77 |

---

EQUITY FUNDS **113** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  | **COMMON STOCKS - 96.9%continued**  |
| **Wireless Telecommunication Services – 0.2%continued** | **Wireless Telecommunication Services – 0.2%continued** | **Wireless Telecommunication Services – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spok Holdings, Inc. | 10163 | $180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telephone and Data Systems, Inc. | 13036 | 464 |
|  |  | **721** |
| **Total Common Stocks** |  |  |
| **(Cost $227,730)** |  | **340558** |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navios Maritime Partners L.P. | 167 | **6** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $5)** |  | **6** |
| **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  |
| **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel Partners Holdings L.P., 6.00% | 2675 | **65** |
| **Total Preferred Stocks** |  |  |
| **(Cost $67)** |  | **65** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adamas Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 7545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Pharma, Inc. (Contingent Value <br> Rights)<sup>(2) (4) \*</sup> <br>| 7485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concert Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 20570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexion Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(2) (4) \*</sup> <br>| 9753 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inhibrx, Inc. (Contingent Value <br> Rights)<sup>(2) \*</sup> <br>| 7862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Forest Products, Inc., Class A <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 11874 | **—** |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. <br> (Contingent Value Rights)<sup>(2) \*</sup> <br>| 16116 |  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  |
| **Pharmaceuticals – 0.0%continued** | **Pharmaceuticals – 0.0%continued** | **Pharmaceuticals – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opiant Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 9938 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. <br> (Contingent Value Rights)<sup>(2) \*</sup> <br>| 44767 |  |
|  |  | **—** |
| **Total Rights** |  |  |
| **(Cost $132)** |  | **3** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Equity Commonwealth <sup>(2) \*</sup> <br>| 15338 |  |
| **Total Other** |  |  |
| **(Cost $93)** |  | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., Exp. 6/11/26, <br> Strike $166.67\*<br>| 743 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc., Exp. 6/27/29, <br> Strike $0.00\*<br>| 1625 | 3 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 5.4%**  | **INVESTMENT COMPANIES – 5.4%**  | **INVESTMENT COMPANIES – 5.4%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellington Credit Co.<sup>†</sup> <br>| 3382 | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(5) (6) (7)</sup> <br>| 8208886 | 8209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(5) (6)</sup> <br>| 10645438 | 10645 |
| **Total Investment Companies** |  |  |
| **(Cost $18,874)** |  | **18874** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

NORTHERN FUNDS QUARTERLY REPORT **114** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(8) (9)</sup> <br>| $1045 | **$1027** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $1,027)** | **(Cost $1,027)** | **1027** |
| **Total Investments – 102.6%** | **Total Investments – 102.6%** |  |
| **(Cost $247,928)** | **(Cost $247,928)** | **360537** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (2.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (2.6%) | (9064)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$351473** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 June 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:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp;&nbsp; Adamas Pharmaceuticals, Inc. (Contingent <br> Value Rights)<br>| 11/26/21 | &nbsp;&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;&nbsp; Concert Pharmaceuticals, Inc. (Contingent <br> Value Rights)<br>| 3/7/23 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Flexion Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/22/21 | &nbsp;&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;&nbsp; Opiant Pharmaceuticals, Inc. (Contingent <br> Value Rights)<br>| 3/3/23 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Resolute Forest Products, Inc., Class A <br> (Contingent Value Rights)<br>| 3/1/23 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/2/16 | &nbsp;&nbsp; 132 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 June 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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

*Percentages shown are based on Net Assets.* 

At June 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)**<br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 102 | $11178 | Long | 9/25 | $290 |

---

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. <br>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). <br>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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; $35232 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $35238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; 17741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 17751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp; 6111 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; 281438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 281438 |
| Total Common Stocks | &nbsp;&nbsp; 340522 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 340558 |
| Master Limited Partnerships | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| Preferred Stocks | &nbsp;&nbsp; 65 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65 |
| Rights<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| Investment Companies | &nbsp;&nbsp; 18874 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18874 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1027 |
| Total Investments | &nbsp;&nbsp; $359467 | &nbsp;&nbsp; $1055 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $360537 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $290 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $290 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

EQUITY FUNDS **115** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Methode Electronics, Inc. | $40 | $— | $3 | $22 | $(3)<br>| $1 | $56 | 5892 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 9215 | 1006 |  |  | 12 <br><sup>(1)</sup><br>| 8209 | 8208886 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 10890 | 18621 | 18866 |  |  | 84 | 10645 | 10645438 |
| Total | $10930 | $27836 | $19875 | $22 | $(3)<br>| $97 | $18910 | 18860216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

NORTHERN FUNDS QUARTERLY REPORT **116** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SMALL CAP INDEX FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.3%**  | **COMMON STOCKS – 99.3%**  | **COMMON STOCKS – 99.3%**  |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAR Corp.\* | 16516 | $1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 13061 | 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerSale Corp.\* | 14082 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Aviation, Inc., Class A\* | 252030 | 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astronics Corp.\* | 13993 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Byrna Technologies, Inc.\* | 8371 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadre Holdings, Inc. | 13180 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 6376 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eve Holding, Inc.<sup>\* †</sup> <br>| 22296 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuitive Machines, Inc.\* | 50611 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 76219 | 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 24065 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc., Class A | 13008 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Presto Industries, Inc. | 2436 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 8401 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwire Corp.<sup>\* †</sup> <br>| 15532 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Satellogic, Inc., Class A<sup>\* †</sup> <br>| 31974 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triumph Group, Inc.\* | 34317 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V2X, Inc.\* | 7964 | 387 |
|  |  | **19246** |
| **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Air Corp.<sup>\* †</sup> <br>| 10090 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc., Class A | 27837 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiant Logistics, Inc.\* | 14167 | 86 |
|  |  | **1264** |
| **Automobile Components – 1.2%** | **Automobile Components – 1.2%** | **Automobile Components – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 38994 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 53944 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooper-Standard Holdings, Inc.\* | 7836 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 61241 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 12766 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.\* | 19501 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion, Inc. | 58756 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc.\* | 14224 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co.\* | 120089 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holley, Inc.\* | 28461 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 11421 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luminar Technologies, Inc.<sup>\* †</sup> <br>| 18954 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\* | 24240 | 2388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 8465 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 15024 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 18388 | 818 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Automobile Components – 1.2%continued** | **Automobile Components – 1.2%continued** | **Automobile Components – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Power, Inc.\* | 63195 | $138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 9804 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 1794 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp.\* | 12721 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 10933 | 393 |
|  |  | **14505** |
| **Automobiles – 0.0%** | **Automobiles – 0.0%** | **Automobiles – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Faraday Future Intelligent Electric, Inc.\* | 41747 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Livewire Group, Inc.<sup>\* †</sup> <br>| 17114 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 12779 | 370 |
|  |  | **519** |
| **Banks – 10.5%** | **Banks – 10.5%** | **Banks – 10.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 8809 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACNB Corp. | 4761 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 10836 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 17278 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 30535 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ames National Corp. | 3852 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Financial Corp. | 7615 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 76914 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 65983 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 24185 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 64127 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BancFirst Corp. | 9634 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bancorp (The), Inc.\* | 21074 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank First Corp. | 4271 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 18224 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 6528 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son (The) Ltd. | 20027 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank7 Corp. | 1955 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankFinancial Corp. | 5181 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 34895 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 3267 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 15745 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 7107 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 4938 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCB Bancorp, Inc. | 7435 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hills Bancorp, Inc. | 21630 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Foundry Bancorp\* | 8369 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc.\* | 29873 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgewater Bancshares, Inc.\* | 9787 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | 40917 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp.<br>| 6264 | 374 |

---

EQUITY FUNDS **117** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Banks – 10.5%continued** | **Banks – 10.5%continued** | **Banks – 10.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 13232 | $326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BV Financial, Inc.\* | 4006 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | 12885 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&F Financial Corp. | 1412 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 81158 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California BanCorp\* | 10862 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 7862 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Bancorp, Inc. | 5389 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | 6416 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 57429 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carter Bankshares, Inc.\* | 10606 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 31183 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Financial Services, Inc. | 2152 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 12086 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Bankshares, Inc. | 1779 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chain Bridge Bancorp, Inc., Class A\* | 1128 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemung Financial Corp. | 1937 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 6660 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens & Northern Corp. | 6997 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Community Bancorp, Inc. | 4466 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Services, Inc.<sup>†</sup> <br>| 2006 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 6594 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 6947 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNB Financial Corp. | 9643 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coastal Financial Corp.\* | 5956 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 7390 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Financial, Inc.\* | 12768 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Financial System, Inc. | 24499 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 7395 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community West Bancshares | 7971 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 22076 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 13672 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 61255 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 18464 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp Montana, Inc. | 3440 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 13544 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Financial Services, Inc. | 2139 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 91040 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECB Bancorp, Inc.\* | 3548 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Bancorp, Inc. | 4458 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 16942 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Bancshares, Inc., Class A | 7414 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esquire Financial Holdings, Inc. | 3288 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESSA Bancorp, Inc. | 3676 | 71 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Banks – 10.5%continued** | **Banks – 10.5%continued** | **Banks – 10.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmers & Merchants Bancorp, Inc. | 5992 | $151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 17045 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FB Bancorp, Inc.\* | 8348 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 16329 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity D&D Bancorp, Inc. | 2027 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 9196 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finward Bancorp | 1583 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finwise Bancorp\* | 4204 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp | 18670 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First BanCorp | 74733 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bancorp (The), Inc. | 5028 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bank | 10147 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Busey Corp. | 39663 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Business Financial Services, Inc. | 3550 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Capital, Inc. | 1505 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 46922 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Community Bankshares, Inc. | 7402 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Community Corp. | 3456 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 44308 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 62201 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp.<sup>†</sup> <br>| 5305 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Northwest, Inc.<sup>(1) \*</sup> <br>| 3248 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Foundation, Inc. | 29980 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 3293 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 40802 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Merchants Corp. | 26996 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc. | 9769 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First National Corp. | 3641 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Savings Financial Group, Inc. | 2554 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First United Corp. | 2786 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Western Financial, Inc.\* | 3926 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp\* | 5831 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five Star Bancorp<sup>†</sup> <br>| 6953 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flagstar Financial, Inc. | 140483 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 15252 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Financial Services Corp. | 1940 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 2893 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 84523 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FVCBankcorp, Inc.\* | 6683 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBank Financial Holdings, Inc.\* | 4152 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German American Bancorp, Inc. | 16808 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 52849 | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 3996 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greene County Bancorp, Inc.<sup>†</sup> <br>| 3225 | 72 |

---

NORTHERN FUNDS QUARTERLY REPORT **118** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Banks – 10.5%continued** | **Banks – 10.5%continued** | **Banks – 10.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guaranty Bancshares, Inc. | 4137 | $176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 39730 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 13881 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanover Bancorp, Inc. | 2190 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HarborOne Bancorp, Inc. | 17769 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawthorn Bancshares, Inc. | 2686 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBT Financial, Inc. | 5997 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 27975 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 15861 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 21162 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hingham Institution For Savings (The)<sup>†</sup> <br>| 701 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Bancorp, Inc. | 3179 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 86901 | 2473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeStreet, Inc.\* | 8738 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 7401 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 53378 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 20368 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 19794 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp.  | 9369 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 25209 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investar Holding Corp. | 4359 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Marshall Bancorp, Inc. | 5461 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 26779 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeland Financial Corp. | 11894 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landmark Bancorp, Inc. | 2083 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCNB Corp. | 6359 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LINKBANCORP, Inc.<sup>†</sup> <br>| 10202 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 16406 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MainStreet Bancshares, Inc. | 3265 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 7354 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridian Corp. | 4236 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 9109 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp.\* | 4542 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc. | 8974 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middlefield Banc Corp.<sup>†</sup> <br>| 3453 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 9642 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 9496 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MVB Financial Corp. | 4992 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | 17575 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bankshares, Inc. | 2861 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NB Bancorp, Inc.\* | 16606 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 23685 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | 6258 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Bank | 3412 | 304 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Banks – 10.5%continued** | **Banks – 10.5%continued** | **Banks – 10.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 5525 | $128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 16962 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northpointe Bancshares, Inc. | 5013 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc.<sup>†</sup> <br>| 2475 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 59098 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norwood Financial Corp. | 4026 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oak Valley Bancorp | 3028 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 26584 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 20946 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | 1755 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old National Bancorp | 147976 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Point Financial Corp. | 1843 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 19813 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OP Bancorp | 5505 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange County Bancorp, Inc. | 4130 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origin Bancorp, Inc. | 13754 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 8660 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 44587 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park National Corp. | 6856 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parke Bancorp, Inc. | 4517 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 10778 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot National Bancorp, Inc.\* | 20504 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCB Bancorp | 4975 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 7401 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penns Woods Bancorp, Inc. | 3414 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, <br> Inc.<br>| 1816 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | 16263 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peoples Financial Services Corp. | 4333 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pioneer Bancorp, Inc.\* | 5388 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plumas Bancorp<sup>†</sup> <br>| 2380 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ponce Financial Group, Inc.\* | 9140 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 5772 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primis Financial Corp. | 9730 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Princeton Bancorp, Inc. | 2669 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Bancorp, Inc.\* | 7289 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 59742 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 7647 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBB Bancorp | 8116 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red River Bancshares, Inc. | 2122 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 43567 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Bancorp, Inc., Class A | 3885 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhinebeck Bancorp, Inc.\* | 2007 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richmond Mutual BanCorp, Inc. | 4206 | 58 |

---

EQUITY FUNDS **119** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Banks – 10.5%continued** | **Banks – 10.5%continued** | **Banks – 10.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverview Bancorp, Inc. | 9451 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 17699 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SB Financial Group, Inc. | 2751 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 39428 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 23856 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 14450 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp | 5722 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | 58190 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 6877 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sound Financial Bancorp, Inc. | 987 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | 5923 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc.\* | 3568 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 4486 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern States Bancshares, Inc. | 3880 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 13491 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SR Bancorp, Inc. | 3571 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 21494 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Bancorp, Inc.<sup>(1) \*</sup> <br>| 9809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 12143 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 21031 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Coast Bancshares, Inc.\* | 5954 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Timberland Bancorp, Inc. | 3452 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 6251 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towne Bank | 32670 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 13977 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triumph Financial, Inc.\* | 10390 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp. NY | 8683 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 26463 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 33573 | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Bankshares, Inc. | 1692 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 65415 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 55784 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Security Bancshares | 6499 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 3407 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 13149 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USCB Financial Holdings, Inc. | 4509 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 224290 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 24567 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia National Bankshares Corp. | 2242 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. | 37222 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 9017 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WesBanco, Inc. | 43814 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 6831 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 11724 | 568 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Banks – 10.5%continued** | **Banks – 10.5%continued** | **Banks – 10.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western New England Bancorp, Inc. | 8569 | $79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 26810 | 1475 |
|  |  | **124159** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 6564 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp.\* | 11136 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vita Coco (The) Co., Inc.\* | 18601 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevia PBC, Class A\* | 14688 | 47 |
|  |  | **1397** |
| **Biotechnology – 7.2%** | **Biotechnology – 7.2%** | **Biotechnology – 7.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4D Molecular Therapeutics, Inc.\* | 18457 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89bio, Inc.\* | 57704 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abeona Therapeutics, Inc.\* | 20210 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Absci Corp.<sup>\* †</sup> <br>| 50636 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 57523 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuate Therapeutics, Inc.\* | 2753 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADC Therapeutics S.A.\* | 31009 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 107140 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 26115 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc.\* | 115579 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akero Therapeutics, Inc.\* | 32431 | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aldeyra Therapeutics, Inc.\* | 25159 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alector, Inc.\* | 39220 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC\* | 74984 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc.\* | 70510 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altimmune, Inc.<sup>\* †</sup> <br>| 35821 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc.\* | 127475 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AnaptysBio, Inc.<sup>\* †</sup> <br>| 8714 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anavex Life Sciences Corp.<sup>\* †</sup> <br>| 38628 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc.\* | 5473 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annexon, Inc.\* | 41379 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apogee Therapeutics, Inc.\* | 14590 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbutus Biopharma Corp.\* | 70062 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcellx, Inc.\* | 17029 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, Inc.\* | 11742 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc.\* | 31969 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 49660 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardelyx, Inc.\* | 109169 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArriVent Biopharma, Inc.<sup>\* †</sup> <br>| 10916 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 55816 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARS Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 25333 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astria Therapeutics, Inc.\* | 19880 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aTyr Pharma, Inc.\* | 40173 | 204 |

---

NORTHERN FUNDS QUARTERLY REPORT **120** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Biotechnology – 7.2%continued** | **Biotechnology – 7.2%continued** | **Biotechnology – 7.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aura Biosciences, Inc.<sup>\* †</sup> <br>| 16195 | $101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc.\* | 53555 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc.\* | 52901 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avita Medical, Inc.<sup>\* †</sup> <br>| 11161 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.\* | 44226 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benitec Biopharma, Inc.\* | 6685 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bicara Therapeutics, Inc.<sup>\* †</sup> <br>| 15857 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\* | 96811 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biohaven Ltd.\* | 41860 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.\* | 29585 | 3792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 72265 | 3120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bright Minds Biosciences, Inc.\* | 2134 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candel Therapeutics, Inc.<sup>\* †</sup> <br>| 18277 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capricor Therapeutics, Inc.<sup>\* †</sup> <br>| 17793 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardiff Oncology, Inc.<sup>\* †</sup> <br>| 28463 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareDx, Inc.\* | 25200 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargo Therapeutics, Inc.\* | 16524 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc.<sup>\* †</sup> <br>| 4015 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 53508 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celcuity, Inc.\* | 12672 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celldex Therapeutics, Inc.\* | 30315 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CG oncology, Inc.\* | 25848 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cidara Therapeutics, Inc.\* | 7770 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc.\* | 49127 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coherus Oncology, Inc.<sup>\* †</sup> <br>| 51987 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Therapeutics, Inc.<sup>\* †</sup> <br>| 39510 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corvus Pharmaceuticals, Inc.\* | 24204 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\* | 41642 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics A.G.<sup>\* †</sup> <br>| 38265 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cullinan Therapeutics, Inc.\* | 23179 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 54001 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals, Inc.\* | 33454 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Therapeutics, Inc.\* | 61257 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Design Therapeutics, Inc.\* | 13207 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiaMedica Therapeutics, Inc.\* | 12241 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dianthus Therapeutics, Inc.<sup>\* †</sup> <br>| 8623 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disc Medicine, Inc.\* | 11386 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 47940 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc.\* | 43424 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Editas Medicine, Inc.<sup>\* †</sup> <br>| 39253 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eledon Pharmaceuticals, Inc.\* | 27218 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 25044 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 9758 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc.\* | 13164 | 88 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Biotechnology – 7.2%continued** | **Biotechnology – 7.2%continued** | **Biotechnology – 7.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erasca, Inc.\* | 77117 | $98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc.\* | 51055 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fennec Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 11085 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foghorn Therapeutics, Inc.\* | 15240 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geron Corp.\* | 280954 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gossamer Bio, Inc.\* | 87839 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GRAIL, Inc.<sup>\* †</sup> <br>| 14094 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenwich Lifesciences, Inc.<sup>\* †</sup> <br>| 2228 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gyre Therapeutics, Inc.<sup>\* †</sup> <br>| 6331 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heron Therapeutics, Inc.<sup>\* †</sup> <br>| 70963 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humacyte, Inc.<sup>\* †</sup> <br>| 58147 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ideaya Biosciences, Inc.\* | 38409 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ImmunityBio, Inc.\* | 106527 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immunome, Inc.\* | 34108 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immunovant, Inc.<sup>\* †</sup> <br>| 31663 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inhibikase Therapeutics, Inc.\* | 28203 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inhibrx Biosciences, Inc.\* | 4648 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmune Bio, Inc.<sup>\* †</sup> <br>| 7770 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc.<sup>\* †</sup> <br>| 47729 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc.<sup>\* †</sup> <br>| 115028 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 74749 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iTeos Therapeutics, Inc.\* | 13840 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jade Biosciences, Inc. | 15026 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janux Therapeutics, Inc.\* | 18218 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KalVista Pharmaceuticals, Inc.\* | 17256 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc.\* | 15634 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc.\* | 15156 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korro Bio, Inc.<sup>\* †</sup> <br>| 2834 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 11463 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kura Oncology, Inc.\* | 36720 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc.\* | 21635 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larimar Therapeutics, Inc.<sup>\* †</sup> <br>| 16921 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lexeo Therapeutics, Inc.<sup>\* †</sup> <br>| 11184 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 7827 | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MannKind Corp.\* | 140174 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MeiraGTx Holdings PLC\* | 18179 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metsera, Inc.<sup>\* †</sup> <br>| 8208 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MiMedx Group, Inc.\* | 54974 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 18094 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc.\* | 20102 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monopar Therapeutics, Inc.\* | 1878 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.<sup>\* †</sup> <br>| 21647 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics, Inc.\* | 42003 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurogene, Inc.\* | 4164 | 62 |

---

EQUITY FUNDS **121** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Biotechnology – 7.2%continued** | **Biotechnology – 7.2%continued** | **Biotechnology – 7.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nkarta, Inc.\* | 25810 | $43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novavax, Inc.<sup>\* †</sup> <br>| 68132 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc.\* | 34881 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuvalent, Inc., Class A\* | 19859 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuvectis Pharma, Inc.\* | 5962 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc.\* | 27668 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 32491 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIC Pharmaceuticals, Inc.\* | 21472 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oruka Therapeutics, Inc. | 12611 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palvela Therapeutics, Inc.<sup>\* †</sup> <br>| 3178 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perspective Therapeutics, Inc.\* | 27705 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc.\* | 8239 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precigen, Inc.<sup>\* †</sup> <br>| 69855 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Medicine, Inc.<sup>\* †</sup> <br>| 27288 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 26968 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protalix BioTherapeutics, Inc.\* | 32575 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protara Therapeutics, Inc.\* | 15042 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prothena Corp. PLC\* | 16721 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 35933 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 17465 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc., <br> Class A<sup>\* †</sup> <br>| 157043 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO, Inc.\* | 21938 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc.\* | 61378 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Replimune Group, Inc.\* | 30453 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rezolute, Inc.\* | 31013 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 25163 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 8172 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Pharmaceuticals, Inc.\* | 38994 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Therapeutics, Inc.\* | 26307 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc.<sup>\* †</sup> <br>| 62783 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savara, Inc.<sup>\* †</sup> <br>| 58765 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp.\* | 37519 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SELLAS Life Sciences Group, Inc.<sup>\* †</sup> <br>| 44146 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sionna Therapeutics, Inc.<sup>\* †</sup> <br>| 5730 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc.\* | 18569 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Biosciences, Inc.\* | 30627 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpringWorks Therapeutics, Inc.\* | 33629 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc.\* | 23086 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc.\* | 18974 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syndax Pharmaceuticals, Inc.\* | 39445 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Therapeutics, Inc.<sup>\* †</sup> <br>| 35557 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taysha Gene Therapies, Inc.<sup>\* †</sup> <br>| 78255 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tectonic Therapeutic, Inc.\* | 5098 | 101 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Biotechnology – 7.2%continued** | **Biotechnology – 7.2%continued** | **Biotechnology – 7.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tevogen Bio Holdings, Inc.\* | 14327 | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 67132 | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tonix Pharmaceuticals Holding Corp.\* | 3514 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Bio, Inc.<sup>\* †</sup> <br>| 9208 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc.\* | 40747 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriSalus Life Sciences, Inc.\* | 7415 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TuHURA Biosciences, Inc.\* | 12127 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twist Bioscience Corp.\* | 27343 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc.<sup>\* †</sup> <br>| 11184 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstream Bio, Inc.<sup>\* †</sup> <br>| 16144 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UroGen Pharma Ltd.\* | 16585 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 24803 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 58142 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vera Therapeutics, Inc.\* | 23806 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 36242 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verastem, Inc.<sup>\* †</sup> <br>| 21029 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\* | 23299 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verve Therapeutics, Inc.\* | 31604 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc.\* | 41594 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viridian Therapeutics, Inc.\* | 31641 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc.\* | 21855 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 32618 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals, Inc.\* | 35129 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XOMA Royalty Corp.\* | 4383 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y-mAbs Therapeutics, Inc.<sup>\* †</sup> <br>| 17735 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zenas Biopharma, Inc.<sup>\* †</sup> <br>| 7548 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zymeworks, Inc.\* | 22115 | 278 |
|  |  | **84772** |
| **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Groupon, Inc.<sup>\* †</sup> <br>| 11561 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp. | 50663 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savers Value Village, Inc.<sup>\* †</sup> <br>| 10932 | 111 |
|  |  | **928** |
| **Building Products – 1.4%** | **Building Products – 1.4%** | **Building Products – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 6892 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 9822 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AZZ, Inc. | 13731 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc. | 7510 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 13681 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 18142 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 8556 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.\* | 62824 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN Holding, Inc.\* | 39453 | 155 |

---

NORTHERN FUNDS QUARTERLY REPORT **122** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Building Products – 1.4%continued** | **Building Products – 1.4%continued** | **Building Products – 1.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 58862 | $643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 22028 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 68684 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 11254 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 27940 | 2776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 69523 | 2543 |
|  |  | **16087** |
| **Capital Markets – 1.8%** | **Capital Markets – 1.8%** | **Capital Markets – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 12852 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AlTi Global, Inc.<sup>\* †</sup> <br>| 19786 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A<br>| 29016 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakkt Holdings, Inc.<sup>\* †</sup> <br>| 2428 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc., Class A | 165648 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers, Inc. | 12849 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Hill Investment Group, Inc. | 1286 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 79287 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 12190 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forge Global Holdings, Inc.<sup>\* †</sup> <br>| 4757 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc., Class A | 19879 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC | 14705 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarketWise, Inc. | 700 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co., Class A | 34389 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Lending Corp.\* | 44988 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P10, Inc., Class A | 25166 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patria Investments Ltd., Class A | 27903 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perella Weinberg Partners | 28205 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 8083 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc., Class A | 10590 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siebert Financial Corp.\* | 6523 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, <br> Inc., Class A<br>| 3244 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc., Class A | 28870 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.\* | 20874 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value Line, Inc. | 184 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc., Class A | 20463 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 3066 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westwood Holdings Group, Inc. | 3469 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 56294 | 648 |
|  |  | **20767** |
| **Chemicals – 1.7%** | **Chemicals – 1.7%** | **Chemicals – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 12195 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp. | 10688 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arq, Inc.\* | 14406 | 77 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Chemicals – 1.7%continued** | **Chemicals – 1.7%continued** | **Chemicals – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP Isotopes, Inc.<sup>\* †</sup> <br>| 26284 | $194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc.\* | 30778 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 42583 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 15178 | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp. | 25108 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemours (The) Co. | 69786 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Molding Technologies, Inc.\* | 3837 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecovyst, Inc.\* | 49064 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flotek Industries, Inc.\* | 6593 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings, Inc.<sup>\* †</sup> <br>| 18028 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H.B. Fuller Co. | 25342 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawkins, Inc. | 9023 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp.\* | 16873 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 11664 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intrepid Potash, Inc.\* | 4990 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 8812 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kronos Worldwide, Inc. | 8946 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSB Industries, Inc.\* | 25019 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 25174 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 14802 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion S.A. | 25367 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 64353 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PureCycle Technologies, Inc.<sup>\* †</sup> <br>| 60052 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 6491 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, Inc.\* | 29903 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 19543 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solesence, Inc.\* | 8736 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 10041 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinseo PLC | 15849 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC | 55571 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valhi, Inc. | 926 | 15 |
|  |  | **19924** |
| **Commercial Services & Supplies – 1.9%** | **Commercial Services & Supplies – 1.9%** | **Commercial Services & Supplies – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 28677 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 42169 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acme United Corp. | 1548 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc., Class A\* | 77810 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightView Holdings, Inc.\* | 27857 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co. | 20035 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., Class A\* | 29068 | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp.\* | 13423 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cimpress PLC\* | 6783 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CompX International, Inc. | 741 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 49880 | 1051 |

---

EQUITY FUNDS **123** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Commercial Services & Supplies – 1.9%continued** | **Commercial Services & Supplies – 1.9%continued** | **Commercial Services & Supplies – 1.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 20373 | $324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\* | 27227 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 11815 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enviri Corp.\* | 35043 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc.\* | 63225 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.\* | 33902 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 21303 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 26823 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services, Inc.\* | 10809 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 31530 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile Infrastructure Corp.\* | 6600 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc.\* | 15027 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL Industries, Inc. | 3743 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 49196 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc.<sup>\*</sup> <br>† <br>| 8267 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 84965 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 12814 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steelcase, Inc., Class A | 38092 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 6977 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vestis Corp. | 53438 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virco Mfg. Corp. | 4228 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VSE Corp. | 9388 | 1230 |
|  |  | **21980** |
| **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc.\* | 33505 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.<sup>\* †</sup> <br>| 24847 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviat Networks, Inc.\* | 5442 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BK Technologies Corp.\* | 1256 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 27271 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearfield, Inc.\* | 5452 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc.\* | 98995 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 16897 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 61035 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 52129 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inseego Corp.\* | 5820 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 12731 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 32375 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ribbon Communications, Inc.\* | 43332 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 52942 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 102426 | 1031 |
|  |  | **9014** |
| **Construction & Engineering – 2.2%** | **Construction & Engineering – 2.2%** | **Construction & Engineering – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameresco, Inc., Class A\* | 14884 | 226 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Construction & Engineering – 2.2%continued** | **Construction & Engineering – 2.2%continued** | **Construction & Engineering – 2.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 22463 | $1948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argan, Inc. | 6129 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bowman Consulting Group Ltd.\* | 6518 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centuri Holdings, Inc.<sup>\* †</sup> <br>| 7742 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. | 10410 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc., Class A\* | 21693 | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 12960 | 3167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.\* | 77427 | 3970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 20228 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 30791 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IES Holdings, Inc.\* | 4177 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limbach Holdings, Inc.\* | 4898 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matrix Service Co.\* | 12285 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 7171 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NWPX Infrastructure, Inc.\* | 4511 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group Holdings, Inc.\* | 17476 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 25015 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southland Holdings, Inc.\* | 3716 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 13794 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp.\* | 20584 | 963 |
|  |  | **25505** |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp.\* | 26433 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith-Midland Corp.<sup>\* †</sup> <br>| 1491 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan America S.A.\* | 11336 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Lime & Minerals, Inc. | 5004 | 499 |
|  |  | **2849** |
| **Consumer Finance – 1.1%** | **Consumer Finance – 1.1%** | **Consumer Finance – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\* | 2485 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 21708 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Portfolio Services, Inc.\* | 4594 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dave, Inc.\* | 4287 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 10545 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 11381 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 18311 | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp., Class A\* | 25043 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingClub Corp.\* | 52412 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingTree, Inc.\* | 5174 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medallion Financial Corp. | 7420 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 32107 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelnet, Inc., Class A | 6430 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NerdWallet, Inc., Class A\* | 19210 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial Corp.\* | 15475 | 111 |

---

NORTHERN FUNDS QUARTERLY REPORT **124** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Consumer Finance – 1.1%continued** | **Consumer Finance – 1.1%continued** | **Consumer Finance – 1.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OppFi, Inc.<sup>†</sup> <br>| 11218 | $157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 18292 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 18633 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 4305 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.<sup>\* †</sup> <br>| 38927 | 2518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vroom, Inc.\* | 512 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 1538 | 254 |
|  |  | **13326** |
| **Consumer Staples Distribution & Retail – 0.5%** | **Consumer Staples Distribution & Retail – 0.5%** | **Consumer Staples Distribution & Retail – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andersons (The), Inc. | 15188 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse (The), Inc.\* | 16869 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 43845 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc., <br> Class A<sup>\* †</sup> <br>| 5920 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Foods Group, Inc.\* | 16962 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 6798 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 5908 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 11875 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpartanNash Co. | 15496 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 27723 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village Super Market, Inc., Class A | 4258 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weis Markets, Inc.<sup>†</sup> <br>| 7644 | 554 |
|  |  | **6044** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging S.A. | 65890 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc., Class A | 11791 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc., Class B | 2043 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 17245 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 71047 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranpak Holdings Corp.\* | 22192 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp. | 15607 | 447 |
|  |  | **3012** |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A-Mark Precious Metals, Inc. | 8812 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc., Class A<sup>\* †</sup> <br>| 12320 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyco Group, Inc. | 3074 | 102 |
|  |  | **541** |
| **Diversified Consumer Services – 1.3%** | **Diversified Consumer Services – 1.3%** | **Diversified Consumer Services – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 17015 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 8039 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc. | 6550 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc.\* | 64150 | 562 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Diversified Consumer Services – 1.3%continued** | **Diversified Consumer Services – 1.3%continued** | **Diversified Consumer Services – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Wax Center, Inc., Class A\* | 12838 | $72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 34523 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co., Class B | 1483 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KinderCare Learning Cos., Inc.\* | 14642 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Inc.\* | 59557 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln Educational Services Corp.\* | 13672 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp., Class A | 13884 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 46027 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nerdy, Inc.<sup>\* †</sup> <br>| 22333 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSpaWorld Holdings Ltd. | 44203 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 28660 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 11146 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stride, Inc.\* | 19750 | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Udemy, Inc.\* | 45169 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc.\* | 20691 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zspace, Inc.<sup>(2) \*</sup> <br>| 135 |  |
|  |  | **15956** |
| **Diversified Real Estate Investment Trusts – 0.6%** | **Diversified Real Estate Investment Trusts – 0.6%** | **Diversified Real Estate Investment Trusts – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 33839 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Income Property Trust, Inc. | 6030 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 24121 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 37371 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 87696 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | 14117 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 91736 | 2927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. | 21257 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 90846 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modiv Industrial, Inc. | 4375 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NexPoint Diversified Real Estate Trust<sup>†</sup> <br>| 13981 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. | 8534 | 204 |
|  |  | **7317** |
| **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anterix, Inc.\* | 6007 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATN International, Inc. | 4314 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A\* | 12517 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 20850 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globalstar, Inc.\* | 23205 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDT Corp., Class B | 7527 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd., Class A\* | 13322 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd., Class C\* | 58513 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.\* | 442840 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 23514 | 321 |
|  |  | **5195** |

---

EQUITY FUNDS **125** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALLETE, Inc. | 27078 | $1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B | 9824 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc.\* | 80656 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 17071 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc.<sup>\* †</sup> <br>| 47469 | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 17732 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 50976 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 42804 | 2411 |
|  |  | **12873** |
| **Electrical Equipment – 1.6%** | **Electrical Equipment – 1.6%** | **Electrical Equipment – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 6635 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Superconductor Corp.\* | 17659 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amprius Technologies, Inc.<sup>\* †</sup> <br>| 43155 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Array Technologies, Inc.\* | 70254 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 15925 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A<sup>\* †</sup> <br>| 94690 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Complete Solaria, Inc.\* | 28021 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 18168 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enovix Corp.<sup>\* †</sup> <br>| 76218 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eos Energy Enterprises, Inc.<sup>\* †</sup> <br>| 102854 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluence Energy, Inc.<sup>\* †</sup> <br>| 35192 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyliion Holdings Corp.<sup>\* †</sup> <br>| 59233 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KULR Technology Group, Inc.<sup>\* †</sup> <br>| 15267 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSI Industries, Inc. | 11881 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NANO Nuclear Energy, Inc.\* | 12363 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Power, Inc.<sup>\* †</sup> <br>| 16006 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEXTracker, Inc., Class A\* | 65592 | 3566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NuScale Power Corp.<sup>\* †</sup> <br>| 58599 | 2318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plug Power, Inc.<sup>\* †</sup> <br>| 422985 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 4416 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Solutions International, Inc.\* | 3029 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 1129 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 77828 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKYX Platforms Corp.\* | 28632 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 95806 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T1 Energy, Inc.<sup>\* †</sup> <br>| 52341 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 15440 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp.\* | 10805 | 490 |
|  |  | **18842** |
| **Electronic Equipment, Instruments & Components – 3.5%** | **Electronic Equipment, Instruments & Components – 3.5%** | **Electronic Equipment, Instruments & Components – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908 Devices, Inc.<sup>\* †</sup> <br>| 12706 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 17430 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeva Technologies, Inc.<sup>\* †</sup> <br>| 14163 | 535 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Electronic Equipment, Instruments & Components – 3.5%continued** | **Electronic Equipment, Instruments & Components – 3.5%continued** | **Electronic Equipment, Instruments & Components – 3.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arlo Technologies, Inc.\* | 45992 | $780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 13716 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc., Class A | 661 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc., Class B | 4877 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc. | 18339 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 16526 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Climb Global Solutions, Inc. | 1791 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTS Corp. | 13661 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daktronics, Inc.\* | 19068 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc.\* | 12213 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolv Technologies Holdings, Inc.\* | 54643 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fabrinet\* | 16706 | 4923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FARO Technologies, Inc.\* | 8777 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frequency Electronics, Inc. | 3031 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 12840 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itron, Inc.\* | 21001 | 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics, Inc.\* | 11358 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knowles Corp.\* | 40099 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc.<sup>(3)</sup> <br>| 14891 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroVision, Inc.<sup>\* †</sup> <br>| 113782 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.\* | 97079 | 2090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M-Tron Industries, Inc.\* | 1138 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Napco Security Technologies, Inc. | 16336 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neonode, Inc.<sup>\* †</sup> <br>| 4850 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nLight, Inc.\* | 22235 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 16714 | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSI Systems, Inc.\* | 7411 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ouster, Inc.\* | 23504 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp.\* | 18535 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 5020 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plexus Corp.\* | 12420 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powerfleet, Inc. NJ\* | 57555 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Cat Holdings, Inc.<sup>\* †</sup> <br>| 34616 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richardson Electronics Ltd. | 5748 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Corp.\* | 8627 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 24243 | 2372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 9905 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 46536 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 55561 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 5285 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vuzix Corp.\* | 29756 | 87 |
|  |  | **41592** |
| **Energy Equipment & Services – 1.7%** | **Energy Equipment & Services – 1.7%** | **Energy Equipment & Services – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archrock, Inc. | 76476 | 1899 |

---

NORTHERN FUNDS QUARTERLY REPORT **126** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Energy Equipment & Services – 1.7%continued** | **Energy Equipment & Services – 1.7%continued** | **Energy Equipment & Services – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aris Water Solutions, Inc., Class A | 14282 | $338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc.<sup>†</sup> <br>| 35947 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borr Drilling Ltd.<sup>\* †</sup> <br>| 103536 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 13162 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc., Class A | 31777 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChampionX Corp. | 88809 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 21568 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 9433 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Services of America Corp. | 5493 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings N.V.\* | 47942 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc., Class A<sup>†</sup> <br>| 8659 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc.\* | 5125 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 66751 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 44625 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc.\* | 17985 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 24964 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 73167 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Energy Services, Inc.\* | 9344 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd.<sup>\* †</sup> <br>| 6569 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Energy Services Reunited <br> Corp.\*<br>| 28321 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc.\* | 4634 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC | 58161 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 43133 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 27582 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 162237 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProFrac Holding Corp., Class A<sup>\* †</sup> <br>| 6422 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 35982 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranger Energy Services, Inc., Class A | 8009 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. | 41774 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc.\* | 8253 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seadrill Ltd.\* | 28800 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. | 43287 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. | 16859 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 58986 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 23412 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 345131 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 29497 | 1242 |
|  |  | **20720** |
| **Entertainment – 0.5%** | **Entertainment – 0.5%** | **Entertainment – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., <br> Class A<sup>\* †</sup> <br>| 201497 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., Class A<sup>\*</sup> <br>† <br>| 3263 | 161 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Entertainment – 0.5%continued** | **Entertainment – 0.5%continued** | **Entertainment – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., Class C\* | 21490 | $1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 49217 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CuriosityStream, Inc. | 14920 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eventbrite, Inc., Class A\* | 33193 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaia, Inc.\* | 8074 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Matrix Group, Inc.<sup>\* †</sup> <br>| 2490 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp.\* | 19987 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lionsgate Studios Corp.\* | 88827 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp.\*<br>| 18375 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcus (The) Corp. | 11037 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playstudios, Inc.\* | 40410 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 26337 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reservoir Media, Inc.\* | 9750 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sphere Entertainment Co.\* | 12870 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starz Entertainment Corp.\* | 5744 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vivid Seats, Inc., Class A\* | 31104 | 53 |
|  |  | **6417** |
| **Financial Services – 2.6%** | **Financial Services – 2.6%** | **Financial Services – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acacia Research Corp.\* | 16675 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alerus Financial Corp. | 10433 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvidXchange Holdings, Inc.\* | 78679 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior S.A., Class E<br>| 13452 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Better Home & Finance Holding Co.\* | 2297 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Ltd. | 88075 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 26647 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cantaloupe, Inc.\* | 24570 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 5432 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Diversified Holdings | 31817 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 13293 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 46080 | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. | 29779 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C<br>| 4316 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance of America Cos., Inc., Class A\* | 2047 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp.\* | 54019 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 56628 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Money Express, Inc.\* | 13006 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc., Class A | 33180 | 2946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; loanDepot, Inc., Class A\* | 38035 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc., Class A\* | 176569 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 12010 | 397 |

---

EQUITY FUNDS **127** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Financial Services – 2.6%continued** | **Financial Services – 2.6%continued** | **Financial Services – 2.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.\* | 33891 | $967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewtekOne, Inc.<sup>†</sup> <br>| 10797 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc.\* | 36094 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onity Group, Inc.\* | 2993 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd., Class A | 81259 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc.\* | 128928 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paysafe Ltd.\* | 15126 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paysign, Inc.\* | 16593 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 13506 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Priority Technology Holdings, Inc.\* | 11565 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 65587 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc.\* | 71717 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp.\* | 34501 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security National Financial Corp., <br> Class A\*<br>| 6807 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sezzle, Inc.<sup>\* †</sup> <br>| 6824 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneCo Ltd., Class A\* | 112578 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWK Holdings Corp. | 1495 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triller Group, Inc.\* | 48901 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Velocity Financial, Inc.\* | 5189 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 15267 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 6877 | 95 |
|  |  | **30545** |
| **Food Products – 0.9%** | **Food Products – 0.9%** | **Food Products – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alico, Inc. | 2250 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc.<sup>†</sup> <br>| 34734 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyond Meat, Inc.<sup>\* †</sup> <br>| 34306 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRC, Inc., Class A<sup>\* †</sup> <br>| 29404 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calavo Growers, Inc.<sup>†</sup> <br>| 7823 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 21238 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dole PLC | 31158 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forafric Global PLC\* | 2614 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 15183 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group (The), Inc.\* | 39395 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J&J Snack Foods Corp. | 7207 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John B. Sanfilippo & Son, Inc. | 3532 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifeway Foods, Inc.\* | 2116 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limoneira Co. | 7597 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mama's Creations, Inc.<sup>\* †</sup> <br>| 15274 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marzetti Company (The) | 9300 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc.\* | 22352 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods Corp., Class A\* | 2171 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods (The) Co.\* | 43434 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunOpta, Inc.\* | 44371 | 257 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Food Products – 0.9%continued** | **Food Products – 0.9%continued** | **Food Products – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. | 8227 | $275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 23391 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 33628 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Farms, Inc.<sup>\* †</sup> <br>| 16020 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westrock Coffee Co.<sup>\* †</sup> <br>| 15509 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WK Kellogg Co. | 28345 | 452 |
|  |  | **11077** |
| **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp., Class A | 55713 | 2318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 10579 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 46711 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 18765 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 27686 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 3658 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 29925 | 2226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 26646 | 1945 |
|  |  | **12671** |
| **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 10566 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. | 7615 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc. | 44065 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 24395 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc.<sup>\* †</sup> <br>| 54915 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 27499 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P.A.M.T CORP.<sup>\* †</sup> <br>| 3128 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proficient Auto Logistics, Inc.<sup>\* †</sup> <br>| 10482 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc.\* | 75364 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc.<sup>†</sup> <br>| 3308 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 27494 | 752 |
|  |  | **4349** |
| **Health Care Equipment & Supplies – 2.9%** | **Health Care Equipment & Supplies – 2.9%** | **Health Care Equipment & Supplies – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc.\* | 49342 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc.\* | 53646 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics, Inc.\* | 18161 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anteris Technologies Global Corp.<sup>\* †</sup> <br>| 10659 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 17622 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc.\* | 22374 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 21031 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc.\* | 20481 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beta Bionics, Inc.<sup>\* †</sup> <br>| 5841 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bioventus, Inc., Class A\* | 21370 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Butterfly Network, Inc.\* | 88952 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceribell, Inc.<sup>\* †</sup> <br>| 11552 | 216 |

---

NORTHERN FUNDS QUARTERLY REPORT **128** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Health Care Equipment & Supplies – 2.9%continued** | **Health Care Equipment & Supplies – 2.9%continued** | **Health Care Equipment & Supplies – 2.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerus Corp.\* | 86135 | $121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClearPoint Neuro, Inc.\* | 12062 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 14430 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVRx, Inc.\* | 7677 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delcath Systems, Inc.\* | 13931 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 3202 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 27121 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.\* | 26474 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glaukos Corp.\* | 25846 | 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 23311 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 11179 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 11413 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 15934 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 31239 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corp.<sup>†</sup> <br>| 3784 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 14741 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestra Medical Technologies Ltd.\* | 6119 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KORU Medical Systems, Inc.\* | 19731 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 31199 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 9653 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LENSAR, Inc.\* | 4347 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 25220 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucid Diagnostics, Inc.\* | 32184 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 27019 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myomo, Inc.\* | 15297 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp.\* | 101445 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuronetics, Inc.\* | 16738 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeuroPace, Inc.\* | 11118 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novocure Ltd.\* | 46550 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 21553 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 35083 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc.\* | 18038 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corp.\* | 7881 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outset Medical, Inc.\* | 8224 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROCEPT BioRobotics Corp.\* | 24288 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro-Dex, Inc.\* | 976 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulmonx Corp.\* | 16810 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc.<sup>\* †</sup> <br>| 7744 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 31359 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RxSight, Inc.\* | 17105 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanara Medtech, Inc.\* | 1153 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SANUWAVE Health, Inc.\* | 3240 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semler Scientific, Inc.<sup>\* †</sup> <br>| 3882 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SI-BONE, Inc.\* | 17135 | 323 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Health Care Equipment & Supplies – 2.9%continued** | **Health Care Equipment & Supplies – 2.9%continued** | **Health Care Equipment & Supplies – 2.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sight Sciences, Inc.<sup>\* †</sup> <br>| 19235 | $79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 23128 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stereotaxis, Inc.\* | 25673 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surmodics, Inc.\* | 6465 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 10366 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 30926 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 15367 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treace Medical Concepts, Inc.\* | 20797 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Technologies, Inc.\* | 3479 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 1523 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 19083 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimvie, Inc.\* | 12918 | 121 |
|  |  | **34704** |
| **Health Care Providers & Services – 3.3%** | **Health Care Providers & Services – 3.3%** | **Health Care Providers & Services – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 41942 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 8401 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; agilon health, Inc.\* | 144806 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AirSculpt Technologies, Inc.\* | 5433 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.\* | 59030 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc.\* | 17756 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardent Health, Inc.\* | 10440 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc.\* | 18575 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aveanna Healthcare Holdings, Inc.\* | 19910 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.\* | 39051 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc.\* | 106191 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 13150 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clover Health Investments Corp.\* | 186848 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Health Systems, Inc.\* | 60145 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 54098 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CorVel Corp.\* | 13466 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 14138 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DocGo, Inc.\* | 37797 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 23336 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensign Group (The), Inc. | 25970 | 4006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc.\* | 9713 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corp.\* | 8678 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 55207 | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 39466 | 4134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\* | 88115 | 4393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovage Holding Corp.\* | 10142 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint (The) Corp.\* | 7054 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc.\* | 59822 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nano-X Imaging Ltd.<sup>\* †</sup> <br>| 29832 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 5882 | 629 |

---

EQUITY FUNDS **129** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Health Care Providers & Services – 3.3%continued** | **Health Care Providers & Services – 3.3%continued** | **Health Care Providers & Services – 3.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Research Corp. | 5426 | $91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 59753 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutex Health, Inc.\* | 1588 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oncology Institute (The), Inc.\* | 27334 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPKO Health, Inc.\* | 167400 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 76397 | 2481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc.\* | 34903 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PACS Group, Inc.\* | 20416 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 38944 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennant Group (The), Inc.\* | 15729 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performant Healthcare, Inc.\* | 32850 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier, Inc., Class A | 42276 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Privia Health Group, Inc.\* | 53236 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 31421 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RadNet, Inc.\* | 30748 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBC Medical Group Holdings, Inc.\* | 2771 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 51752 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonida Senior Living, Inc.\* | 2555 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgery Partners, Inc.\* | 35806 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talkspace, Inc.\* | 57121 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, Inc. | 7005 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viemed Healthcare, Inc.\* | 16532 | 114 |
|  |  | **39154** |
| **Health Care Real Estate Investment Trusts – 1.0%** | **Health Care Real Estate Investment Trusts – 1.0%** | **Health Care Real Estate Investment Trusts – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 73516 | 2701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 87296 | 2671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 12712 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 101484 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 29902 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 21034 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 21359 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 109806 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 25715 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strawberry Fields REIT, Inc. | 3956 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust | 5989 | 239 |
|  |  | **11294** |
| **Health Care Technology – 0.5%** | **Health Care Technology – 0.5%** | **Health Care Technology – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claritev Corp.\* | 3570 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Definitive Healthcare Corp.\* | 14583 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolent Health, Inc., Class A\* | 54297 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Catalyst, Inc.\* | 31815 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 11401 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeMD, Inc.\* | 16751 | 228 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Health Care Technology – 0.5%continued** | **Health Care Technology – 0.5%continued** | **Health Care Technology – 0.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp.\* | 8118 | $110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc.\* | 26178 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schrodinger, Inc.\* | 26054 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc. | 7752 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 81368 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TruBridge, Inc.\* | 4619 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 42150 | 1723 |
|  |  | **5547** |
| **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 104004 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. | 28070 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust | 21236 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 96673 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 54183 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 69530 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 27194 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 71799 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 50951 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 88306 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 47118 | 592 |
|  |  | **7691** |
| **Hotels, Restaurants & Leisure – 2.3%** | **Hotels, Restaurants & Leisure – 2.3%** | **Hotels, Restaurants & Leisure – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accel Entertainment, Inc.\* | 25055 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bally's Corp.\* | 3421 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biglari Holdings, Inc., Class B\* | 324 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\* | 9904 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 38914 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 20469 | 3691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory (The), Inc.<sup>†</sup> <br>| 21499 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc.<sup>†</sup> <br>| 10277 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.<sup>\* †</sup> <br>| 12778 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denny's Corp.\* | 23928 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 7118 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 12352 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everi Holdings, Inc.\* | 39054 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Watch Restaurant Group, Inc.\* | 18899 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genius Sports Ltd.\* | 102516 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Business Travel Group I<sup>\* †</sup> <br>| 42540 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 9071 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 28490 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspired Entertainment, Inc.\* | 12111 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Game Technology PLC | 51568 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack in the Box, Inc. | 8827 | 154 |

---

NORTHERN FUNDS QUARTERLY REPORT **130** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Hotels, Restaurants & Leisure – 2.3%continued** | **Hotels, Restaurants & Leisure – 2.3%continued** | **Hotels, Restaurants & Leisure – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krispy Kreme, Inc. | 33087 | $96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kura Sushi U.S.A., Inc., Class A<sup>\* †</sup> <br>| 2817 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 62755 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc.\* | 17445 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 14819 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 5976 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nathan's Famous, Inc. | 1236 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 15014 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PlayAGS, Inc.\* | 18906 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portillo's, Inc., Class A<sup>\* †</sup> <br>| 26111 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Potbelly Corp.\* | 12054 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.\* | 9870 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCI Hospitality Holdings, Inc. | 3881 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc., Class A | 22581 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Street Interactive, Inc.\* | 41027 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp.\* | 165065 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serve Robotics, Inc.<sup>\* †</sup> <br>| 21703 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc., Class A\* | 17976 | 2527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.\* | 44392 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Super Group SGHC Ltd. | 73609 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweetgreen, Inc., Class A\* | 47907 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Hospitality Corp.\* | 13885 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.\* | 12399 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xponential Fitness, Inc., Class A\* | 12757 | 95 |
|  |  | **27129** |
| **Household Durables – 1.7%** | **Household Durables – 1.7%** | **Household Durables – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 3826 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes U.S.A., Inc.\* | 13405 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 3546 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc. | 12278 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc.\* | 24989 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cricut, Inc., Class A | 21678 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., Class A<sup>\* †</sup> <br>| 13992 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 10807 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexsteel Industries, Inc. | 1872 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\* | 14667 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Beach Brands Holding Co., <br> Class A<br>| 2918 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy Ltd.\* | 10622 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc., Class A\* | 2312 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc. | 10842 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home | 32465 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 19243 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Housing Corp.\* | 3679 | 83 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Household Durables – 1.7%continued** | **Household Durables – 1.7%continued** | **Household Durables – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 61756 | $551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc.\* | 9712 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lovesac (The) Co.\* | 6167 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 12257 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 32947 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonos, Inc.\* | 54693 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 45486 | 2794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Traeger, Inc.<sup>\* †</sup> <br>| 11629 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 41126 | 1314 |
|  |  | **20475** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\* | 4094 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A\* | 24124 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 30287 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil-Dri Corp. of America | 4590 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 11910 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WD-40 Co. | 6305 | 1438 |
|  |  | **3850** |
| **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 14338 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montauk Renewables, Inc.\* | 31430 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 28239 | 2365 |
|  |  | **2662** |
| **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Business Corp., Class A | 11277 | **352** |
| **Industrial Real Estate Investment Trusts – 0.4%** | **Industrial Real Estate Investment Trusts – 0.4%** | **Industrial Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust | 26178 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 12922 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 134973 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 19178 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 47280 | 2651 |
|  |  | **4907** |
| **Insurance – 2.4%** | **Insurance – 2.4%** | **Insurance – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambac Financial Group, Inc.\* | 22041 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Coastal Insurance Corp. | 11373 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 8869 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group (The), Inc.\* | 32479 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc.\* | 7301 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens, Inc.\* | 20948 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 46046 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crawford & Co., Class A | 7185 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donegal Group, Inc., Class A | 7563 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eHealth, Inc.\* | 13393 | 58 |

---

EQUITY FUNDS **131** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Insurance – 2.4%continued** | **Insurance – 2.4%continued** | **Insurance – 2.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 11264 | $531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enstar Group Ltd.\* | 5527 | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 9846 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd. | 27557 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.\* | 190451 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoHealth, Inc., Class A\* | 2453 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc., Class A | 11023 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenlight Capital Re Ltd., Class A\* | 12236 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd., <br> Class B\*<br>| 20761 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCI Group, Inc. | 3958 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 10151 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hippo Holdings, Inc.\* | 8516 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 18864 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Title Co. | 662 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James River Group Holdings Ltd. | 17623 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kestrel Group Ltd.\* | 776 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingstone Cos., Inc.\* | 5081 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingsway Financial Services, Inc.\* | 8324 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lemonade, Inc.<sup>\* †</sup> <br>| 25723 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBIA, Inc.\* | 21334 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 12435 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NI Holdings, Inc.\* | 2614 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc., Class A\* | 84995 | 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\* | 12179 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProAssurance Corp.\* | 23604 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Root, Inc., Class A\* | 4920 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | 6819 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 28090 | 2434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selectquote, Inc.\* | 63662 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiriusPoint Ltd.\* | 47297 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc.\*<br>| 16635 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 12837 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tiptree, Inc. | 10785 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trupanion, Inc.\* | 17148 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 9830 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 11721 | 325 |
|  |  | **27933** |
| **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.\* | 20101 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arena Group Holdings (The), Inc.\* | 6066 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc., Class A\* | 32329 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 37835 | 1266 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Interactive Media & Services – 0.7%continued** | **Interactive Media & Services – 0.7%continued** | **Interactive Media & Services – 0.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 26269 | $311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EverQuote, Inc., Class A\* | 12694 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fuboTV, Inc.<sup>\* †</sup> <br>| 154579 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Images Holdings, Inc.<sup>\* †</sup> <br>| 51612 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grindr, Inc.\* | 15431 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediaAlpha, Inc., Class A\* | 15504 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nextdoor Holdings, Inc.\* | 99519 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuinStreet, Inc.\* | 25304 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rumble, Inc.\* | 36537 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shutterstock, Inc. | 11301 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teads Holding Co.\* | 15443 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelzoo\* | 2970 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 53865 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueCar, Inc.\* | 34316 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vimeo, Inc.\* | 72977 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTEX, Class A\* | 26935 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Webtoon Entertainment, Inc.<sup>\* †</sup> <br>| 8540 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc.\* | 28384 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 19779 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZipRecruiter, Inc., Class A\* | 28911 | 145 |
|  |  | **7870** |
| **IT Services – 0.5%** | **IT Services – 0.5%** | **IT Services – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Digital Corp.<sup>\* †</sup> <br>| 82425 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 19828 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Backblaze, Inc., Class A\* | 24996 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BigBear.ai Holdings, Inc.<sup>\* †</sup> <br>| 133892 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BigCommerce Holdings, Inc., Class 1\* | 30961 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Couchbase, Inc.\* | 19926 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crexendo, Inc.\* | 6797 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSP, Inc. | 3245 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 29656 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastly, Inc., Class A\* | 63422 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 30607 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hackett Group (The), Inc. | 11707 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 15352 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rackspace Technology, Inc.<sup>\* †</sup> <br>| 39231 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSS, Inc.\* | 8438 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tucows, Inc., Class A\* | 2858 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp.\* | 30976 | 140 |
|  |  | **6100** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 13039 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Outdoor Brands, Inc.<sup>\* †</sup> <br>| 5735 | 60 |

---

NORTHERN FUNDS QUARTERLY REPORT **132** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Leisure Products – 0.4%continued** | **Leisure Products – 0.4%continued** | **Leisure Products – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarus Corp. | 14198 | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escalade, Inc. | 4662 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funko, Inc., Class A\* | 16621 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 4234 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc., Class A | 2539 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latham Group, Inc.\* | 20849 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malibu Boats, Inc., Class A\* | 8715 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Products Corp. | 3226 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings, Inc.\* | 7778 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outdoor Holding Co.<sup>\* †</sup> <br>| 35643 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., Class A\* | 170513 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 24754 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Wesson Brands, Inc. | 20295 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sturm Ruger & Co., Inc. | 7312 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 60207 | 485 |
|  |  | **5104** |
| **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A\* | 48890 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 69057 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Teknova, Inc.\* | 5059 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic International Corp.\* | 5254 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 18903 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 17569 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Codexis, Inc.\* | 38677 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc.\* | 22757 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cytek Biosciences, Inc.\* | 54613 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc.\* | 42306 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifecore Biomedical, Inc.\* | 12822 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A\*<br>| 56673 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxCyte, Inc.<sup>\* †</sup> <br>| 43378 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories, Inc. | 2402 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc.\* | 24119 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc.<sup>(1) \*</sup> <br>| 3016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.<sup>\* †</sup> <br>| 46779 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc. (NASDAQ Exchange)<sup>(1) \*</sup> <br>| 3016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Biosciences of California, Inc.\* | 128098 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personalis, Inc.\* | 23189 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanterix Corp.\* | 17114 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum-Si, Inc.<sup>\* †</sup> <br>| 65460 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard BioTools, Inc.\* | 139012 | 167 |
|  |  | **4736** |
| **Machinery – 3.8%** | **Machinery – 3.8%** | **Machinery – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3D Systems Corp.<sup>\* †</sup> <br>| 59329 | 91 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Machinery – 3.8%continued** | **Machinery – 3.8%continued** | **Machinery – 3.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AirJoule Technologies Corp.\* | 10080 | $47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 4782 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albany International Corp., Class A | 13871 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 10455 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 38627 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Bird Corp.\* | 14920 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 20923 | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 13270 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 10514 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastern (The) Co. | 2827 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery, Inc.\* | 24059 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 25096 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc. | 9776 | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 12017 | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 27774 | 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 18546 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gencor Industries, Inc.\* | 4608 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gorman-Rupp (The) Co. | 9619 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Corp.\* | 4748 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenbrier (The) Cos., Inc. | 14243 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 15428 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 32767 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 91949 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyster-Yale, Inc. | 5472 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp. | 24157 | 2905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kadant, Inc.<sup>†</sup> <br>| 5450 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 35916 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L.B. Foster Co., Class A<sup>\* †</sup> <br>| 4758 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 5053 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxfer Holdings PLC | 12505 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manitowoc (The) Co., Inc.\* | 16213 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayville Engineering Co., Inc.\* | 6251 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microvast Holdings, Inc.<sup>\* †</sup> <br>| 91983 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 5178 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc., Class A | 72128 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Flex, Inc.<sup>†</sup> <br>| 1435 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladyne AI Corp.<sup>\* †</sup> <br>| 11866 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park-Ohio Holdings Corp. | 4542 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 10951 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REV Group, Inc. | 23750 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richtech Robotics, Inc., Class B<sup>\* †</sup> <br>| 32308 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shyft Group (The), Inc. | 14441 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 21091 | 3536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 5493 | 860 |

---

EQUITY FUNDS **133** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Machinery – 3.8%continued** | **Machinery – 3.8%continued** | **Machinery – 3.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 8725 | $676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 29976 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 22567 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 37915 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | 18354 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc., Class A | 12696 | 3122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 14546 | 926 |
|  |  | **45194** |
| **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costamare Bulkers Holdings Ltd.\* | 4072 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costamare, Inc. | 20227 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genco Shipping & Trading Ltd. | 17667 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Ocean Group Ltd.<sup>†</sup> <br>| 46379 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Himalaya Shipping Ltd.<sup>\* †</sup> <br>| 14318 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 15066 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pangaea Logistics Solutions Ltd. | 12381 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. | 24803 | 90 |
|  |  | **2698** |
| **Media – 0.8%** | **Media – 0.8%** | **Media – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantage Solutions, Inc.<sup>\* †</sup> <br>| 42552 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice U.S.A, Inc., Class A\* | 121195 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A\* | 15078 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Omaha Corp., Class A\* | 9571 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. | 2330 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A\* | 62704 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerald Holding, Inc. | 6453 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp., <br> Class A<br>| 25710 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EW Scripps (The) Co., Class A\* | 28462 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gambling.com Group Ltd.\* | 8098 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gannett Co., Inc.\* | 66221 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc. | 40795 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ibotta, Inc., Class A<sup>\* †</sup> <br>| 5852 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A<sup>\* †</sup> <br>| 55422 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integral Ad Science Holding Corp.\* | 35455 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc., Class A | 19049 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnite, Inc.\* | 64765 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National CineMedia, Inc. | 29049 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newsmax, Inc.\* | 3678 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexxen International Ltd.\* | 17524 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PubMatic, Inc., Class A\* | 19436 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 9670 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinclair, Inc. | 17940 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 53736 | 242 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Media – 0.8%continued** | **Media – 0.8%continued** | **Media – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TechTarget, Inc.\* | 12752 | $99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 74522 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings, Inc.\* | 16911 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WideOpenWest, Inc.\* | 21694 | 88 |
|  |  | **9264** |
| **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 5420 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Battery Technology Co.\* | 37950 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent Industries Co.\* | 3682 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caledonia Mining Corp. PLC | 7384 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 23888 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 296083 | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 52435 | 2565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc.\* | 16000 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium S.E.\* | 65819 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contango ORE, Inc.\* | 4146 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Critical Metals Corp.\* | 15038 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dakota Gold Corp.\* | 39808 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferroglobe PLC | 55865 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friedman Industries, Inc. | 3096 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 277455 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Strategic Resources, Inc.\* | 5804 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Electric, Inc.\* | 39747 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 7443 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifezone Metals Ltd.\* | 11219 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAC Copper Ltd.\* | 33056 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 9582 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metallus, Inc.\* | 16489 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NioCorp. Developments Ltd.\* | 24045 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novagold Resources, Inc.\* | 115225 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 4650 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perpetua Resources Corp.<sup>\* †</sup> <br>| 21261 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Lithium, Inc.<sup>\* †</sup> <br>| 9674 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radius Recycling, Inc. | 12844 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ramaco Resources, Inc., Class A<sup>†</sup> <br>| 16465 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryerson Holding Corp. | 12547 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSR Mining, Inc.\* | 94129 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 39325 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp.\* | 12348 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Antimony Corp.\* | 42259 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Gold Corp.\* | 5071 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Goldmining, Inc.\* | 1043 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vox Royalty Corp. | 18523 | 59 |

---

NORTHERN FUNDS QUARTERLY REPORT **134** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Metals & Mining – 1.5%continued** | **Metals & Mining – 1.5%continued** | **Metals & Mining – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 24110 | $1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 15237 | 455 |
|  |  | **17655** |
| **Mortgage Real Estate Investment Trusts – 0.9%** | **Mortgage Real Estate Investment Trusts – 0.9%** | **Mortgage Real Estate Investment Trusts – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACRES Commercial Realty Corp.\* | 2819 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Flower Capital, Inc.<sup>†</sup> <br>| 8099 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Mortgage Investment Trust, Inc. | 13532 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage REIT, Inc. | 4930 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, <br> Inc.<br>| 64610 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc.<sup>†</sup> <br>| 88276 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Commercial Real Estate Corp.<sup>†</sup> <br>| 24790 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, Inc.<sup>†</sup> <br>| 38275 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A<sup>†</sup> <br>| 74863 | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSpire Capital, Inc. | 59953 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Atlantic Real Estate Finance, <br> Inc.<sup>†</sup> <br>| 8255 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chimera Investment Corp. | 36384 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc. | 42844 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynex Capital, Inc. | 48866 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc.<sup>†</sup> <br>| 42713 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 38159 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Mortgage Capital, Inc.<sup>†</sup> <br>| 30974 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc.<sup>†</sup> <br>| 26128 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Corp. | 52949 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lument Finance Trust, Inc. | 21254 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MFA Financial, Inc. | 47766 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Mortgage Trust, Inc. | 38268 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexpoint Real Estate Finance, Inc.<sup>†</sup> <br>| 3387 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orchid Island Capital, Inc.<sup>†</sup> <br>| 50127 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust | 40401 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ready Capital Corp.<sup>†</sup> <br>| 77305 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 61713 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Property Trust, Inc. | 19993 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Hills Realty Trust | 6987 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunrise Realty Trust, Inc. | 4065 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG RE Finance Trust, Inc. | 31779 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two Harbors Investment Corp. | 48432 | 522 |
|  |  | **10978** |
| **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 37274 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 33628 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 28562 | 1465 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Multi-Utilities – 0.4%continued** | **Multi-Utilities – 0.4%continued** | **Multi-Utilities – 0.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. - (Fractional <br> Shares)<sup>(1)</sup> <br>| 50000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 7505 | 391 |
|  |  | **5158** |
| **Office Real Estate Investment Trusts – 0.7%** | **Office Real Estate Investment Trusts – 0.7%** | **Office Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 79773 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Office REIT, Inc. | 17807 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 52660 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc.<sup>†</sup> <br>| 74949 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 18454 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 63937 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties Corp. | 39152 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 147931 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties<sup>†</sup> <br>| 34535 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET Lease Office Properties\* | 6885 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Group, Inc.\* | 86364 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peakstone Realty Trust | 17076 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. | 57566 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postal Realty Trust, Inc., Class A | 10521 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 33219 | 2056 |
|  |  | **8618** |
| **Oil, Gas & Consumable Fuels – 3.1%** | **Oil, Gas & Consumable Fuels – 3.1%** | **Oil, Gas & Consumable Fuels – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. | 15495 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berry Corp. | 36028 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BKV Corp.\* | 7749 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 30069 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calumet, Inc.\* | 31902 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrus Energy Corp., Class A<sup>\* †</sup> <br>| 6834 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp.\* | 81902 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 65958 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc.\* | 34477 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 24466 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co., Class A | 82848 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc. | 14551 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delek U.S. Holdings, Inc. | 27805 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 59512 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Energy Co. PLC<sup>†</sup> <br>| 25448 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 17252 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire Petroleum Corp.<sup>\* †</sup> <br>| 5855 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Energy Corp.<sup>\* †</sup> <br>| 85342 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels, Inc.<sup>\* †</sup> <br>| 96332 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epsilon Energy Ltd. | 8874 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution Petroleum Corp.<sup>†</sup> <br>| 15027 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy, Inc., Class A | 10637 | 312 |

---

EQUITY FUNDS **135** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Oil, Gas & Consumable Fuels – 3.1%continued** | **Oil, Gas & Consumable Fuels – 3.1%continued** | **Oil, Gas & Consumable Fuels – 3.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLEX LNG Ltd.<sup>†</sup> <br>| 14550 | $320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 11928 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gevo, Inc.<sup>\* †</sup> <br>| 107311 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golar LNG Ltd. | 46224 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc. | 24979 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Plains, Inc.\* | 29815 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 7033 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HighPeak Energy, Inc.<sup>†</sup> <br>| 8570 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc., <br> Class A<sup>\* †</sup> <br>| 6865 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc. | 18635 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 20549 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kolibri Global Energy, Inc.<sup>\* †</sup> <br>| 16309 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kosmos Energy Ltd.\* | 219857 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightbridge Corp.<sup>\* †</sup> <br>| 8688 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 86208 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 62431 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NACCO Industries, Inc., Class A | 1768 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navigator Holdings Ltd. | 15287 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Fortress Energy, Inc.<sup>†</sup> <br>| 78589 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextDecade Corp.\* | 61877 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextNRG, Inc.\* | 8383 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 95614 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 42503 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPAL Fuels, Inc., Class A\* | 9956 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 24814 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | 38470 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 56642 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prairie Operating Co.<sup>\* †</sup> <br>| 10151 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PrimeEnergy Resources Corp.\* | 260 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 6875 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riley Exploration Permian, Inc. | 6144 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sable Offshore Corp.\* | 31614 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SandRidge Energy, Inc. | 17066 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 19972 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFL Corp. Ltd. | 55284 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sitio Royalties Corp., Class A | 36141 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 52865 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Midstream Corp.\* | 4619 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 54928 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Corp. Ltd. | 23817 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers Ltd., Class A | 11133 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp.\* | 196855 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VAALCO Energy, Inc. | 48396 | 175 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Oil, Gas & Consumable Fuels – 3.1%continued** | **Oil, Gas & Consumable Fuels – 3.1%continued** | **Oil, Gas & Consumable Fuels – 3.1%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verde Clean Fuels, Inc.<sup>\* †</sup> <br>| 1920 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Energy, Inc.\* | 13826 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vitesse Energy, Inc.<sup>†</sup> <br>| 13759 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W&T Offshore, Inc. | 44421 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp. | 25291 | 717 |
|  |  | **36516** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp.\* | 7249 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp.\* | 15447 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 15973 | 800 |
|  |  | **1184** |
| **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co.\* | 6544 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blade Air Mobility, Inc.\* | 30022 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc.<sup>\* †</sup> <br>| 39339 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 148865 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joby Aviation, Inc.<sup>\* †</sup> <br>| 213390 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 18704 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirit Aviation Holdings, Inc.\* | 7591 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 23720 | 279 |
|  |  | **5747** |
| **Personal Care Products – 0.3%** | **Personal Care Products – 0.3%** | **Personal Care Products – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beauty Health (The) Co.<sup>\* †</sup> <br>| 53357 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 21305 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FitLife Brands, Inc.\* | 1873 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herbalife Ltd.\* | 46820 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honest (The) Co., Inc.\* | 43262 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interparfums, Inc. | 8486 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifevantage Corp. | 4918 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc.\* | 4497 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc.\* | 6869 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc., Class A | 22845 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc.<sup>\* †</sup> <br>| 65735 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 5307 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waldencast PLC, Class A<sup>\* †</sup> <br>| 19911 | 49 |
|  |  | **3078** |
| **Pharmaceuticals – 1.6%** | **Pharmaceuticals – 1.6%** | **Pharmaceuticals – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aardvark Therapeutics, Inc.\* | 2650 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc.\* | 42210 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alumis, Inc.\* | 19902 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 69135 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 17076 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc.\* | 32041 | 205 |

---

NORTHERN FUNDS QUARTERLY REPORT **136** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Pharmaceuticals – 1.6%continued** | **Pharmaceuticals – 1.6%continued** | **Pharmaceuticals – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 8462 | $552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aquestive Therapeutics, Inc.<sup>\* †</sup> <br>| 39958 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arvinas, Inc.\* | 30391 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc.\* | 35726 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avadel Pharmaceuticals PLC<sup>\* †</sup> <br>| 40544 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 18702 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioAge Labs, Inc.\* | 11073 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biote Corp., Class A\* | 14052 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 14860 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CorMedix, Inc.\* | 29694 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewise Therapeutics, Inc.\* | 33850 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc.<sup>\* †</sup> <br>| 14573 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esperion Therapeutics, Inc.<sup>\* †</sup> <br>| 93482 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eton Pharmaceuticals, Inc.\* | 11836 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolus, Inc.\* | 24877 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EyePoint Pharmaceuticals, Inc.\* | 27838 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc.\* | 24065 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 20267 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc.\* | 14599 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indivior PLC\* | 56106 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc.\* | 29161 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Journey Medical Corp.\* | 5681 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LENZ Therapeutics, Inc.<sup>\* †</sup> <br>| 8225 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 8828 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidia Corp.\* | 29713 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maze Therapeutics, Inc.<sup>\* †</sup> <br>| 3485 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBX Biosciences, Inc.<sup>\* †</sup> <br>| 7926 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediWound Ltd.\* | 3552 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mind Medicine MindMed, Inc.<sup>\* †</sup> <br>| 34860 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuvation Bio, Inc.<sup>\* †</sup> <br>| 115593 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ocular Therapeutix, Inc.\* | 64125 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omeros Corp.<sup>\* †</sup> <br>| 26582 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 21296 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc.\* | 19583 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp., Class A | 9355 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 22881 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapport Therapeutics, Inc.<sup>\* †</sup> <br>| 8166 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; scPharmaceuticals, Inc.<sup>\* †</sup> <br>| 17258 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Septerna, Inc.<sup>\* †</sup> <br>| 9920 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIGA Technologies, Inc. | 17861 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 24933 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\* | 17914 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 33565 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc.\* | 17592 | 194 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Pharmaceuticals – 1.6%continued** | **Pharmaceuticals – 1.6%continued** | **Pharmaceuticals – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Harmonic Bio, Inc.\* | 11686 | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trevi Therapeutics, Inc.\* | 35379 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tvardi Therapeutics, Inc.\* | 1584 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd.\* | 51856 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc.\* | 69365 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevra Therapeutics, Inc.\* | 25072 | 221 |
|  |  | **18853** |
| **Professional Services – 2.0%** | **Professional Services – 2.0%** | **Professional Services – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acuren Corp.\* | 47967 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc., Class A | 200254 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asure Software, Inc.\* | 11263 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | 11506 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackSky Technology, Inc.<sup>\* †</sup> <br>| 12962 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc.\* | 24245 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 67449 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRA International, Inc. | 3063 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 12890 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 23552 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp.\* | 36649 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc.\* | 5718 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey Co.\* | 4810 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles International, Inc. | 9495 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HireQuest, Inc.<sup>†</sup> <br>| 2879 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 7871 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBEX Holdings Ltd.\* | 4660 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 8442 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innodata, Inc.<sup>\* †</sup> <br>| 14013 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 16696 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A | 14633 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kforce, Inc. | 8414 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 23924 | 1754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legalzoom.com, Inc.\* | 50422 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 26189 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mistras Group, Inc.\* | 6701 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NV5 Global, Inc.\* | 26893 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Labs PBC\* | 98714 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCM Technologies, Inc.\* | 2303 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolute Holdings Management, Inc.<sup>\* †</sup> <br>| 2007 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resources Connection, Inc. | 15609 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skillsoft Corp.\* | 2078 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire Global, Inc.<sup>\* †</sup> <br>| 12710 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 13744 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 13295 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc.<sup>\* †</sup> <br>| 9261 | 44 |

---

EQUITY FUNDS **137** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Professional Services – 2.0%continued** | **Professional Services – 2.0%continued** | **Professional Services – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc.\* | 57601 | $774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 73572 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc.\* | 6424 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WNS Holdings Ltd.\* | 18838 | 1191 |
|  |  | **24098** |
| **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Realty Investors, Inc.<sup>\* †</sup> <br>| 890 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 48862 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc., Class A\* | 210800 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC\* | 107048 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc.\* | 33940 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eXp World Holdings, Inc.<sup>†</sup> <br>| 35467 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc.\* | 9042 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\* | 5127 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 56211 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logistic Properties of The Americas\* | 1493 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 11098 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maui Land & Pineapple Co., Inc.\* | 2736 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Inc., Class A | 63041 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc., Class A\* | 8555 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Brokerage (The), Inc.\* | 49047 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMR Group (The), Inc., Class A | 7380 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seaport Entertainment Group, Inc.\* | 3496 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joe (The) Co. | 17632 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stratus Properties, Inc.\* | 2879 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch Co.\* | 9450 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcontinental Realty Investors, Inc.<sup>\* †</sup> <br>| 865 | 37 |
|  |  | **6537** |
| **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment and <br> Management Co., Class A<br>| 60236 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRT Apartments Corp. | 4575 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 7799 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clipper Realty, Inc. | 7045 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 40702 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 107480 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 10447 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 36176 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 36528 | 544 |
|  |  | **5136** |
| **Retail Real Estate Investment Trusts – 1.2%** | **Retail Real Estate Investment Trusts – 1.2%** | **Retail Real Estate Investment Trusts – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 61054 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 995 | 224 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. | 8494 | $216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 45057 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FrontView REIT, Inc. | 8269 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 23989 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 36077 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 102073 | 2312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macerich (The) Co. | 117465 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp.<sup>†</sup> <br>| 38070 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 58324 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc. | 5741 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 20933 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 51658 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 58904 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 20304 | 253 |
|  |  | **14618** |
| **Semiconductors & Semiconductor Equipment – 2.8%** | **Semiconductors & Semiconductor Equipment – 2.8%** | **Semiconductors & Semiconductor Equipment – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc., Class A\* | 23220 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aehr Test Systems<sup>\* †</sup> <br>| 13208 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeluma, Inc.\* | 4418 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.\* | 11450 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambarella, Inc.\* | 18836 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atomera, Inc.\* | 13557 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 14925 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEVA, Inc.\* | 10833 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 21228 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 67760 | 6274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 21250 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 36072 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ichor Holdings Ltd.\* | 15759 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 12009 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; indie Semiconductor, Inc., Class A<sup>\* †</sup> <br>| 89802 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kopin Corp.\* | 69077 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 24169 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc.\* | 37756 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navitas Semiconductor Corp.<sup>\* †</sup> <br>| 61985 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVE Corp. | 2212 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 14855 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penguin Solutions, Inc.\* | 24743 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 28493 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 26250 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 49924 | 3196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rigetti Computing, Inc.<sup>\* †</sup> <br>| 130827 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp.\* | 40312 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 14916 | 2198 |

---

NORTHERN FUNDS QUARTERLY REPORT **138** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Semiconductors & Semiconductor Equipment – 2.8%continued** | **Semiconductors & Semiconductor Equipment – 2.8%continued** | **Semiconductors & Semiconductor Equipment – 2.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.\* | 9771 | $2082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWater Technology, Inc.<sup>\* †</sup> <br>| 11994 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 18057 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 20687 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 26569 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc.<sup>\* †</sup> <br>| 72867 | 29 |
|  |  | **32770** |
| **Software – 6.4%** | **Software – 6.4%** | **Software – 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8x8, Inc.\* | 60179 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 34250 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 48777 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 50311 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 11972 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airship AI Holdings, Inc.<sup>\* †</sup> <br>| 9373 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc.\* | 22100 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc.<sup>\* †</sup> <br>| 31614 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amplitude, Inc., Class A\* | 40371 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appian Corp., Class A\* | 18212 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arteris, Inc.\* | 12537 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asana, Inc., Class A\* | 43208 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AudioEye, Inc.\* | 3112 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc.\* | 61516 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bit Digital, Inc.<sup>\* †</sup> <br>| 84217 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bitdeer Technologies Group, Class A<sup>\* †</sup> <br>| 41534 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbaud, Inc.\* | 17593 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc.\* | 24358 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blend Labs, Inc., Class A\* | 99163 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box, Inc., Class A\* | 64991 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braze, Inc., Class A\* | 35339 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc., Class A<sup>\* †</sup> <br>| 56030 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerence, Inc.<sup>\* †</sup> <br>| 20285 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cipher Mining, Inc.<sup>\* †</sup> <br>| 122776 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleanspark, Inc.<sup>\* †</sup> <br>| 128407 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc., Class A | 38419 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A\*<br>| 114143 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 20465 | 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 9029 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Scientific, Inc.<sup>\* †</sup> <br>| 127658 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCard Corp.\* | 2597 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CS Disco, Inc.\* | 9292 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daily Journal Corp.\* | 593 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digimarc Corp.<sup>\* †</sup> <br>| 6908 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Turbine, Inc.\* | 47349 | 279 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Software – 6.4%continued** | **Software – 6.4%continued** | **Software – 6.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domo, Inc., Class B\* | 15715 | $220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc.<sup>\* †</sup> <br>| 133225 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E2open Parent Holdings, Inc.\* | 82459 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eGain Corp.\* | 8040 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EverCommerce, Inc.\* | 6074 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expensify, Inc., Class A\* | 27947 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 35429 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freshworks, Inc., Class A\* | 94401 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hut 8 Corp.<sup>\* †</sup> <br>| 43604 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc., Class A\* | 10467 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.\* | 25659 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. | 11977 | 2686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jamf Holding Corp.\* | 30412 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaltura, Inc.<sup>\* †</sup> <br>| 34178 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life360, Inc.\* | 7435 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 29942 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MARA Holdings, Inc.<sup>\* †</sup> <br>| 160485 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercurity Fintech Holding, Inc.\* | 14922 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridianlink, Inc.\* | 14582 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitek Systems, Inc.\* | 20927 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc.\* | 33713 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.\* | 63726 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextNav, Inc.<sup>\* †</sup> <br>| 40703 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olo, Inc., Class A\* | 53502 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON24, Inc.\* | 17906 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneSpan, Inc. | 16867 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ooma, Inc.\* | 11424 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd., Class A<sup>\* †</sup> <br>| 19442 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PagerDuty, Inc.\* | 38517 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Porch Group, Inc.\* | 37283 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progress Software Corp. | 19829 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROS Holdings, Inc.\* | 19733 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.\* | 28785 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 16918 | 2417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc.\* | 29678 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Violet, Inc. | 5241 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ReposiTrak, Inc.<sup>†</sup> <br>| 5445 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rezolve AI PLC\* | 42311 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rimini Street, Inc.\* | 24313 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riot Platforms, Inc.<sup>\* †</sup> <br>| 152891 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sapiens International Corp. N.V.<sup>†</sup> <br>| 14442 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEMrush Holdings, Inc., Class A\* | 21381 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvaco Group, Inc.\* | 2045 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoundHound AI, Inc., Class A<sup>\* †</sup> <br>| 169390 | 1818 |

---

EQUITY FUNDS **139** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Software – 6.4%continued** | **Software – 6.4%continued** | **Software – 6.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoundThinking, Inc.\* | 4092 | $53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprinklr, Inc., Class A\* | 50058 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprout Social, Inc., Class A\* | 23998 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 17634 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchronoss Technologies, Inc.\* | 5095 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telos Corp.\* | 22635 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenable Holdings, Inc.\* | 55373 | 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terawulf, Inc.<sup>\* †</sup> <br>| 123280 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc.\* | 51071 | 2592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verint Systems, Inc.\* | 28840 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc., Class A\* | 30091 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viant Technology, Inc., Class A\* | 7291 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weave Communications, Inc.\* | 27153 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WM Technology, Inc.\* | 39084 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc.\* | 23268 | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xperi, Inc.\* | 20938 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc.\* | 47161 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp., Class A\* | 87066 | 1349 |
|  |  | **76017** |
| **Specialized Real Estate Investment Trusts – 0.5%** | **Specialized Real Estate Investment Trusts – 0.5%** | **Specialized Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmland Partners, Inc.<sup>†</sup> <br>| 18566 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 46151 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Land Corp. | 15890 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 63985 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 36227 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 26065 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc.<sup>†</sup> <br>| 13078 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group, Inc.\* | 109509 | 473 |
|  |  | **5404** |
| **Specialty Retail – 2.3%** | **Specialty Retail – 2.3%** | **Specialty Retail – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Inc., Class A<sup>\* †</sup> <br>| 10477 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A\* | 21707 | 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 30520 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 27761 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 74435 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc.\* | 3478 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arhaus, Inc.\* | 23812 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arko Corp. | 35586 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 9086 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BARK, Inc.\* | 40832 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barnes & Noble Education, Inc.\* | 6953 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyond, Inc.<sup>\* †</sup> <br>| 25649 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 14228 | 2163 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Specialty Retail – 2.3%continued** | **Specialty Retail – 2.3%continued** | **Specialty Retail – 2.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckle (The), Inc. | 14640 | $664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Inc. | 5767 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caleres, Inc. | 15353 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc., Class A | 27948 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc.\* | 2442 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc., Class A<sup>†</sup> <br>| 13580 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envela Corp.\* | 3285 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVgo, Inc.<sup>\* †</sup> <br>| 59342 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foot Locker, Inc.<sup>\* †</sup> <br>| 39590 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 4391 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 5844 | 2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture Cos., Inc. | 5895 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J Jill, Inc.<sup>†</sup> <br>| 3200 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc.\* | 5795 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarineMax, Inc.\* | 8496 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monro, Inc. | 13915 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 36038 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ODP (The) Corp.\* | 12850 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneWater Marine, Inc., Class A<sup>\* †</sup> <br>| 5159 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc.\* | 33677 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RealReal (The), Inc.\* | 44295 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc.\* | 18768 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 47445 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 8438 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 19319 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sleep Number Corp.<sup>\* †</sup> <br>| 8706 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., Class A | 6835 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stitch Fix, Inc., Class A\* | 49328 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc., Class A\* | 42115 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tile Shop Holdings, Inc.\* | 12220 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Torrid Holdings, Inc.\* | 11195 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 24225 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 29256 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 32010 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc., Class A\* | 45441 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winmark Corp. | 1378 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 7525 | 100 |
|  |  | **26741** |
| **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CompoSecure, Inc., Class A<sup>\* †</sup> <br>| 20319 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 21691 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI Card Group, Inc.\* | 2744 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 11767 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastman Kodak Co.<sup>\* †</sup> <br>| 29600 | 167 |

---

NORTHERN FUNDS QUARTERLY REPORT **140** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Technology Hardware, Storage & Peripherals – 0.6%continued** | **Technology Hardware, Storage & Peripherals – 0.6%continued** | **Technology Hardware, Storage & Peripherals – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immersion Corp. | 13343 | $105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc.<sup>\* †</sup> <br>| 109691 | 4713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum Computing, Inc.\* | 53311 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach Corp.\* | 6871 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings Corp.<sup>†</sup> <br>| 54736 | 289 |
|  |  | **7599** |
| **Textiles, Apparel & Luxury Goods – 0.6%** | **Textiles, Apparel & Luxury Goods – 0.6%** | **Textiles, Apparel & Luxury Goods – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 53874 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 16521 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ermenegildo Zegna N.V. | 28717 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Figs, Inc., Class A\* | 39595 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd.\* | 18133 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc.\* | 163338 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 25495 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeland Industries, Inc. | 4300 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movado Group, Inc. | 7213 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 6367 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 3096 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 31800 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Group of Cos., Inc. | 5067 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 37280 | 674 |
|  |  | **6739** |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ispire Technology, Inc.<sup>\* †</sup> <br>| 10248 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 7837 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 11203 | 653 |
|  |  | **1273** |
| **Trading Companies & Distributors – 1.3%** | **Trading Companies & Distributors – 1.3%** | **Trading Companies & Distributors – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc. | 8222 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.\* | 3600 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 17646 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custom Truck One Source, Inc.<sup>\* †</sup> <br>| 28007 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution Solutions Group, Inc.\* | 4514 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 49828 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 6009 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVI Industries, Inc. | 1972 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp. | 16588 | 2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Industrial Co. | 6685 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMS, Inc.\* | 17849 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 15114 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies, Inc.\* | 17104 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Karat Packaging, Inc. | 3010 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 11343 | 1315 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Trading Companies & Distributors – 1.3%continued** | **Trading Companies & Distributors – 1.3%continued** | **Trading Companies & Distributors – 1.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRC Global, Inc.\* | 39414 | $540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 37729 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | 28936 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class B<sup>†</sup> <br>| 4265 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Machinery, Inc.\* | 9557 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcat, Inc.\* | 4243 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Lease Finance Corp.<sup>†</sup> <br>| 1649 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xometry, Inc., Class A\* | 20113 | 680 |
|  |  | **15666** |
| **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sky Harbour Group Corp.<sup>\* †</sup> <br>| 9954 | **97** |
| **Water Utilities – 0.4%** | **Water Utilities – 0.4%** | **Water Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 17898 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc.<sup>\* †</sup> <br>| 25691 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 27673 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Water Co. Ltd. | 7043 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Water Resources, Inc. | 5897 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H2O America | 14588 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 8262 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pure Cycle Corp.\* | 8980 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; York Water (The) Co. | 6752 | 213 |
|  |  | **4494** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 31681 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spok Holdings, Inc. | 9521 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telephone and Data Systems, Inc. | 45372 | 1615 |
|  |  | **2248** |
| **Total Common Stocks** |  |  |
| **(Cost $777,761)** |  | **1177281** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc.<sup>(1) \*</sup> <br>| 50322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 7412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 26398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inhibrx, Inc. (Contingent Value <br> Rights)<sup>(1) \*</sup> <br>| 15255 |  |

---

EQUITY FUNDS **141** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  |
| **Biotechnology – 0.0%continued** | **Biotechnology – 0.0%continued** | **Biotechnology – 0.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oncternal Therapeutics, Inc. <br> (Contingent Value Rights)<sup>(1) (4) \*</sup> <br>| 398 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) (4) \*</sup> <br>| 5175 |  |
|  |  | **—** |
| **Total Rights** |  |  |
| **(Cost $40)** |  | **—** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow DLB Oil & Gas, Inc. <sup>(1) \*</sup> <br>| 1200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Petrocorp, Inc. <sup>(1) \*</sup> <br>| 420 |  |
| **Total Other** |  |  |
| **(Cost $—)** |  | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc., Exp. 6/27/29, <br> Strike $0.00\*<br>| 836 | $2 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **2** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 6.2%**  | **INVESTMENT COMPANIES – 6.2%**  | **INVESTMENT COMPANIES – 6.2%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(5) (6) (7)</sup> <br>| 66994848 | $66995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(5) (6)</sup> <br>| 6531647 | 6532 |
| **Total Investment Companies** |  |  |
| **(Cost $73,527)** |  | **73527** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(8) (9)</sup> <br>| $805 | **$791** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $791)** | **(Cost $791)** | **791** |
| **Total Investments – 105.6%** | **Total Investments – 105.6%** |  |
| **(Cost $852,119)** | **(Cost $852,119)** | **1251601** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (5.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (5.6%) | (65907)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1185694** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(2)</sup> *Value rounds to less than one thousand.*

<sup>(3)</sup> *Investment in affiliate.*

<sup>(4)</sup> *Restricted security. At June 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:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp;&nbsp; Oncternal Therapeutics, Inc. (Contingent <br> Value Rights)<br>| 6/10/19 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/2/16 | &nbsp;&nbsp; 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 June 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* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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.* 

NORTHERN FUNDS QUARTERLY REPORT **142** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SMALL CAP INDEX FUND continued**  | **June 30, 2025 (UNAUDITED)**  |

---

At June 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)**<br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 95 | $10411 | Long | 9/25 | $272 |

---

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. <br>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). <br>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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp; $124155 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $124159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; 1053122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1053122 |
| Total Common Stocks | &nbsp;&nbsp; 1177277 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1177281 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Warrants | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 |
| Investment Companies | &nbsp;&nbsp; 73527 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73527 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 791 | &nbsp;&nbsp; — | &nbsp;&nbsp; 791 |
| Total Investments | &nbsp;&nbsp; $1250804 | &nbsp;&nbsp; $793 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $1251601 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $272 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Methode Electronics, Inc. | $109 | $13 | $32 | $60 | $(8)<br>| $2 | $142 | 14891 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 74868 | 7873 |  |  | 100 <br><sup>(1)</sup><br>| 66995 | 66994848 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 22924 | 30545 | 46937 |  |  | 126 | 6532 | 6531647 |
| Total | $23033 | $105426 | $54842 | $60 | $(8)<br>| $228 | $73669 | 73541386 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

EQUITY FUNDS **143** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SMALL CAP VALUE FUND**  | **June 30, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.4%**  | **COMMON STOCKS – 95.4%**  | **COMMON STOCKS – 95.4%**  |
| **Automobile Components – 1.2%** | **Automobile Components – 1.2%** | **Automobile Components – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 555161 | $2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 50128 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber (The) Co.\* | 60621 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 7489 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 15284 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 72529 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp.\* | 6859 | 640 |
|  |  | **7984** |
| **Automobiles – 0.2%** | **Automobiles – 0.2%** | **Automobiles – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 26362 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 8541 | 759 |
|  |  | **1381** |
| **Banks – 17.3%** | **Banks – 17.3%** | **Banks – 17.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 10877 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACNB Corp. | 15777 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 26573 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 46610 | 3016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 121200 | 3791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 85435 | 6496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank First Corp. | 6318 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son (The) Ltd. | 47027 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank7 Corp. | 16198 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 32900 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 21931 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hills Bancorp, Inc. | 26060 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 26936 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 156896 | 5018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 16273 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 103824 | 4727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 40034 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 23255 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 32684 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNB Financial Corp. | 17312 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 40253 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Financial System, Inc. | 60496 | 3440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 73142 | 3871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 13306 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 110114 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 24784 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Bancshares, Inc., Class A | 16496 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 49642 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 14104 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First BanCorp | 355441 | 7404 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Banks – 17.3%continued** | **Banks – 17.3%continued** | **Banks – 17.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Bank | 43672 | $676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Business Financial Services, Inc. | 15607 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 140825 | 2286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 111262 | 2699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp. | 18529 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 9598 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc. | 18786 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 16926 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 29715 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guaranty Bancshares, Inc. | 15888 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 73788 | 4235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 28899 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBT Financial, Inc. | 28695 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 36355 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 33096 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp.  | 21202 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 15161 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 23558 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp.\* | 11979 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 112012 | 4654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | 5906 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 27762 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 8938 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 65760 | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 22670 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCB Bancorp | 34584 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 18992 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 48513 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 17441 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 48567 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp | 61364 | 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 21314 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 12640 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 22237 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SouthState Corp. | 27461 | 2527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 10519 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 29747 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 67139 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 25406 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 15431 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 36193 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USCB Financial Holdings, Inc. | 35725 | 591 |

---

NORTHERN FUNDS QUARTERLY REPORT **144** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Banks – 17.3%continued** | **Banks – 17.3%continued** | **Banks – 17.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 35326 | $1711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 12012 | 661 |
|  |  | **114480** |
| **Biotechnology – 2.9%** | **Biotechnology – 2.9%** | **Biotechnology – 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 25631 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc.\* | 168684 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardiff Oncology, Inc.\* | 200244 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics A.G.<sup>\* †</sup> <br>| 18573 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cullinan Therapeutics, Inc.\* | 9057 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CureVac N.V.\* | 213596 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc.\* | 47329 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GRAIL, Inc.<sup>\* †</sup> <br>| 50990 | 2622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immatics N.V.\* | 157971 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Instil Bio, Inc.\* | 46166 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janux Therapeutics, Inc.\* | 22476 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\* | 315048 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novavax, Inc.<sup>\* †</sup> <br>| 22065 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc.\* | 13216 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 192185 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDL BioPharma, Inc.<sup>(1) \*</sup> <br>| 1029654 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc.\* | 43596 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc.\* | 53606 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tonix Pharmaceuticals Holding Corp.\* | 90648 | 3262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 46451 | 1256 |
|  |  | **19294** |
| **Building Products – 1.1%** | **Building Products – 1.1%** | **Building Products – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 3770 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 11337 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 3057 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 49318 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 5202 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 36922 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 48120 | 4781 |
|  |  | **7217** |
| **Capital Markets – 0.4%** | **Capital Markets – 0.4%** | **Capital Markets – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 28127 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 3547 | 644 |
|  |  | **2378** |
| **Chemicals – 1.2%** | **Chemicals – 1.2%** | **Chemicals – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 2076 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 18665 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecovyst, Inc.\* | 18387 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flotek Industries, Inc.\* | 61928 | 914 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Chemicals – 1.2%continued** | **Chemicals – 1.2%continued** | **Chemicals – 1.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H.B. Fuller Co. | 21564 | $1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 27828 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 23332 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 46744 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 5522 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 11547 | 630 |
|  |  | **8004** |
| **Commercial Services & Supplies – 1.3%** | **Commercial Services & Supplies – 1.3%** | **Commercial Services & Supplies – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 29664 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 39935 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 43249 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.\* | 11605 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 32147 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 27862 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steelcase, Inc., Class A | 14747 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 25339 | 4769 |
|  |  | **8497** |
| **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** | **Communications Equipment – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceragon Networks Ltd.<sup>\* †</sup> <br>| 274485 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 72676 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 69905 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 28360 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ribbon Communications, Inc.\* | 172333 | 691 |
|  |  | **5386** |
| **Construction & Engineering – 1.4%** | **Construction & Engineering – 1.4%** | **Construction & Engineering – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 61770 | 5356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. | 113598 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.\* | 17858 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 3295 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 70784 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 10981 | 856 |
|  |  | **8997** |
| **Consumer Finance – 2.8%** | **Consumer Finance – 2.8%** | **Consumer Finance – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\* | 12915 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 13537 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 59068 | 6587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 146179 | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelnet, Inc., Class A | 41599 | 5039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 23834 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 20910 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 11337 | 1872 |
|  |  | **18350** |

---

EQUITY FUNDS **145** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Consumer Staples Distribution & Retail – 1.1%** | **Consumer Staples Distribution & Retail – 1.1%** | **Consumer Staples Distribution & Retail – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andersons (The), Inc. | 142329 | $5231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 26398 | 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 3581 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 4742 | 498 |
|  |  | **7542** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 56747 | **822** |
| **Distributors – 0.3%** | **Distributors – 0.3%** | **Distributors – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc., Class A<sup>\* †</sup> <br>| 96932 | **1917** |
| **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 27008 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co., Class B | 642 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 81315 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 10323 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 7375 | 628 |
|  |  | **2884** |
| **Diversified Real Estate Investment Trusts – 1.7%** | **Diversified Real Estate Investment Trusts – 1.7%** | **Diversified Real Estate Investment Trusts – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 35391 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 83891 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 87660 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 104250 | 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 148209 | 4729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. | 77771 | 1856 |
|  |  | **11148** |
| **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A\* | 6575 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDT Corp., Class B | 5538 | 378 |
|  |  | **483** |
| **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 96075 | 3904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 71507 | 4027 |
|  |  | **7931** |
| **Electrical Equipment – 2.2%** | **Electrical Equipment – 2.2%** | **Electrical Equipment – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 29692 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 46322 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 45096 | 3868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEXTracker, Inc., Class A\* | 34436 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 6050 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 91348 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 23358 | 656 |
|  |  | **14460** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Electronic Equipment, Instruments & Components – 2.8%** | **Electronic Equipment, Instruments & Components – 2.8%** | **Electronic Equipment, Instruments & Components – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc., Class B | 1650 | $161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 5607 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc.\* | 4187 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itron, Inc.\* | 9089 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics, Inc.\* | 22749 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 83760 | 5510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 84141 | 8232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 3954 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 32300 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 23940 | 673 |
|  |  | **18212** |
| **Energy Equipment & Services – 1.3%** | **Energy Equipment & Services – 1.3%** | **Energy Equipment & Services – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aris Water Solutions, Inc., Class A | 24487 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc.<sup>†</sup> <br>| 38368 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 80452 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc.\* | 37842 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 51568 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC | 60920 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. | 62833 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. | 67327 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 169144 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 69423 | 2923 |
|  |  | **8765** |
| **Entertainment – 0.0%** | **Entertainment – 0.0%** | **Entertainment – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reservoir Media, Inc.\* | 10199 | **78** |
| **Financial Services – 3.1%** | **Financial Services – 3.1%** | **Financial Services – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Ltd. | 56279 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 6744 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 58762 | 3569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc., Class A | 48514 | 4308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 3257 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr Cooper Group, Inc.\* | 33619 | 5016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd., Class A | 15759 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 179209 | 6455 |
|  |  | **20660** |
| **Food Products – 0.1%** | **Food Products – 0.1%** | **Food Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adecoagro S.A. | 13842 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc.\* | 11144 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods Corp., Class A\* | 6825 | 692 |
|  |  | **949** |
| **Gas Utilities – 1.6%** | **Gas Utilities – 1.6%** | **Gas Utilities – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 36129 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 64245 | 2879 |

---

NORTHERN FUNDS QUARTERLY REPORT **146** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Gas Utilities – 1.6%continued** | **Gas Utilities – 1.6%continued** | **Gas Utilities – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 37437 | $1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 17866 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 61440 | 4485 |
|  |  | **10782** |
| **Ground Transportation – 0.7%** | **Ground Transportation – 0.7%** | **Ground Transportation – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 59595 | 4590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc. | 6118 | 155 |
|  |  | **4745** |
| **Health Care Equipment & Supplies – 1.2%** | **Health Care Equipment & Supplies – 1.2%** | **Health Care Equipment & Supplies – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 10135 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 15045 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 9048 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.\* | 20616 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 13729 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmode Ltd.\* | 13297 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 5237 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 12286 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 16185 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outset Medical, Inc.\* | 94850 | 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 22146 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimvie, Inc.\* | 38706 | 362 |
|  |  | **7586** |
| **Health Care Providers & Services – 1.5%** | **Health Care Providers & Services – 1.5%** | **Health Care Providers & Services – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 58724 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 2515 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 8756 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 21628 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 31724 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc.\* | 2024 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovage Holding Corp.\* | 111053 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc.\* | 89467 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 6500 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 125479 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 107718 | 3499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc.\* | 70617 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 37492 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgery Partners, Inc.\* | 37720 | 838 |
|  |  | **9956** |
| **Health Care Real Estate Investment Trusts – 1.6%** | **Health Care Real Estate Investment Trusts – 1.6%** | **Health Care Real Estate Investment Trusts – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 106850 | 3270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 57634 | 4041 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Health Care Real Estate Investment Trusts – 1.6%continued** | **Health Care Real Estate Investment Trusts – 1.6%continued** | **Health Care Real Estate Investment Trusts – 1.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 134248 | $2475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 22467 | 532 |
|  |  | **10318** |
| **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\* | 62025 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolent Health, Inc., Class A\* | 60179 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 4757 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LifeMD, Inc.\* | 42057 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp.\* | 48195 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 148795 | 1296 |
|  |  | **4054** |
| **Hotel & Resort Real Estate Investment Trusts – 1.2%** | **Hotel & Resort Real Estate Investment Trusts – 1.2%** | **Hotel & Resort Real Estate Investment Trusts – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 122487 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 277313 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 101329 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 51606 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 301611 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 50633 | 636 |
|  |  | **7808** |
| **Hotels, Restaurants & Leisure – 1.4%** | **Hotels, Restaurants & Leisure – 1.4%** | **Hotels, Restaurants & Leisure – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\* | 3653 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 10847 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 21420 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Game Technology PLC | 115571 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 31929 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portillo's, Inc., Class A<sup>\* †</sup> <br>| 53494 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Potbelly Corp.\* | 53885 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.\* | 18460 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCI Hospitality Holdings, Inc. | 14706 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc., Class A | 21206 | 1103 |
|  |  | **9072** |
| **Household Durables – 4.0%** | **Household Durables – 4.0%** | **Household Durables – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 93404 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\* | 7130 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy Ltd.\* | 2415 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc., Class A\* | 836 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home | 101672 | 5386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 6723 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 27724 | 3108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 41439 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 157112 | 9650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 64912 | 2074 |
|  |  | **26448** |

---

EQUITY FUNDS **147** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Independent Power & Renewable Electricity Producers – 0.8%** | **Independent Power & Renewable Electricity Producers – 0.8%** | **Independent Power & Renewable Electricity Producers – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 161405 | **$5165** |
| **Industrial Real Estate Investment Trusts – 1.2%** | **Industrial Real Estate Investment Trusts – 1.2%** | **Industrial Real Estate Investment Trusts – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 34447 | 1902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 138022 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 39314 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 69293 | 3885 |
|  |  | **7559** |
| **Insurance – 3.2%** | **Insurance – 3.2%** | **Insurance – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 11032 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 208602 | 8048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 131508 | 6205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 17165 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.\* | 341055 | 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 38835 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 11023 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 19967 | 1300 |
|  |  | **21059** |
| **Interactive Media & Services – 1.1%** | **Interactive Media & Services – 1.1%** | **Interactive Media & Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.\* | 164801 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 117199 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taboola.com Ltd.\* | 176351 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 47861 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vimeo, Inc.\* | 124051 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 35561 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 63343 | 641 |
|  |  | **7392** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 25964 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 43654 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 12024 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hackett Group (The), Inc. | 4340 | 110 |
|  |  | **2213** |
| **Leisure Products – 0.2%** | **Leisure Products – 0.2%** | **Leisure Products – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 12656 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 28399 | 590 |
|  |  | **1289** |
| **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 3904 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvard Bioscience, Inc.\* | 32288 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc.<sup>(1) \*</sup> <br>| 6939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omniab, Inc. (NASDAQ Exchange)<sup>(1) \*</sup> <br>| 6939 |  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Life Sciences Tools & Services – 0.3%continued** | **Life Sciences Tools & Services – 0.3%continued** | **Life Sciences Tools & Services – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum-Si, Inc.<sup>\* †</sup> <br>| 995419 | $1951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard BioTools, Inc.\* | 73832 | 89 |
|  |  | **2138** |
| **Machinery – 1.6%** | **Machinery – 1.6%** | **Machinery – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 15962 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc. | 5474 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenbrier (The) Cos., Inc. | 12879 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 21891 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 30591 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 1802 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 16319 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 21007 | 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 29796 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 12866 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 11602 | 738 |
|  |  | **10238** |
| **Marine Transportation – 0.7%** | **Marine Transportation – 0.7%** | **Marine Transportation – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Ocean Group Ltd. | 46539 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 36348 | 4047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. | 83823 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Bulk Carriers Corp. | 7752 | 134 |
|  |  | **4824** |
| **Media – 1.7%** | **Media – 1.7%** | **Media – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integral Ad Science Holding Corp.\* | 83441 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexxen International Ltd.\* | 72998 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 71147 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinclair, Inc. | 41155 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 97213 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 442259 | 7412 |
|  |  | **11365** |
| **Metals & Mining – 2.7%** | **Metals & Mining – 2.7%** | **Metals & Mining – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 3178 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 278791 | 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 150017 | 7337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 480496 | 2878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 2498 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryerson Holding Corp. | 27904 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 77692 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 51391 | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 25845 | 771 |
|  |  | **17638** |

---

NORTHERN FUNDS QUARTERLY REPORT **148** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Mortgage Real Estate Investment Trusts – 0.7%** | **Mortgage Real Estate Investment Trusts – 0.7%** | **Mortgage Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc.<sup>†</sup> <br>| 206691 | $2212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 106275 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust | 96928 | 1246 |
|  |  | **4839** |
| **Multi-Utilities – 1.1%** | **Multi-Utilities – 1.1%** | **Multi-Utilities – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 66144 | 3711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 70006 | 3591 |
|  |  | **7302** |
| **Office Real Estate Investment Trusts – 0.9%** | **Office Real Estate Investment Trusts – 0.9%** | **Office Real Estate Investment Trusts – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 56767 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 23673 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 225770 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 16613 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 35047 | 2169 |
|  |  | **5892** |
| **Oil, Gas & Consumable Fuels – 5.1%** | **Oil, Gas & Consumable Fuels – 5.1%** | **Oil, Gas & Consumable Fuels – 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 80137 | 3660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrus Energy Corp., Class A\* | 3713 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 36347 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 162445 | 5471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 16451 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 372777 | 4030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 13197 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HighPeak Energy, Inc.<sup>†</sup> <br>| 133713 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 10752 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 89596 | 4275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 16249 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 55402 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 21649 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riley Exploration Permian, Inc. | 21720 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SandRidge Energy, Inc. | 57390 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 45581 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFL Corp. Ltd. | 71847 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sitio Royalties Corp., Class A | 32933 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 66055 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers Ltd., Class A | 50426 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp. | 23101 | 655 |
|  |  | **33607** |
| **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 16985 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 147211 | 1730 |
|  |  | **3479** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 7847 | $184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 12133 | 370 |
|  |  | **554** |
| **Pharmaceuticals – 1.9%** | **Pharmaceuticals – 1.9%** | **Pharmaceuticals – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 116605 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 4440 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc.<sup>\* †</sup> <br>| 172825 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc.\* | 136801 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 14959 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 49600 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 55955 | 4468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 52220 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc.\* | 10508 | 116 |
|  |  | **12210** |
| **Professional Services – 0.9%** | **Professional Services – 0.9%** | **Professional Services – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 12378 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles International, Inc. | 3162 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 48472 | 3554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mistras Group, Inc.\* | 60661 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc.\* | 15023 | 939 |
|  |  | **5778** |
| **Real Estate Management & Development – 0.8%** | **Real Estate Management & Development – 0.8%** | **Real Estate Management & Development – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC\* | 268373 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 8594 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Inc., Class A | 126360 | 1535 |
|  |  | **5086** |
| **Retail Real Estate Investment Trusts – 1.5%** | **Retail Real Estate Investment Trusts – 1.5%** | **Retail Real Estate Investment Trusts – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 32637 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 52181 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 22289 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macerich (The) Co. | 33940 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 64628 | 2264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 56786 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 42441 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 105628 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 42749 | 534 |
|  |  | **9917** |
| **Semiconductors & Semiconductor Equipment – 2.7%** | **Semiconductors & Semiconductor Equipment – 2.7%** | **Semiconductors & Semiconductor Equipment – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc., Class A\* | 56512 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aehr Test Systems\* | 75748 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 57459 | 4004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 39011 | 2063 |

---

EQUITY FUNDS **149** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Semiconductors & Semiconductor Equipment – 2.7%continued** | **Semiconductors & Semiconductor Equipment – 2.7%continued** | **Semiconductors & Semiconductor Equipment – 2.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 230272 | $4336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 40950 | 2654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 128675 | 2615 |
|  |  | **18116** |
| **Software – 0.6%** | **Software – 0.6%** | **Software – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box, Inc., Class A\* | 18093 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 8752 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 10400 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitek Systems, Inc.\* | 77472 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olo, Inc., Class A\* | 103341 | 920 |
|  |  | **4174** |
| **Specialized Real Estate Investment Trusts – 0.7%** | **Specialized Real Estate Investment Trusts – 0.7%** | **Specialized Real Estate Investment Trusts – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 12425 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmland Partners, Inc. | 30380 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 16157 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group, Inc.\* | 631370 | 2727 |
|  |  | **4421** |
| **Specialty Retail – 2.1%** | **Specialty Retail – 2.1%** | **Specialty Retail – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 15475 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 45163 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 3234 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caleres, Inc. | 5579 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 1630 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc.\* | 24732 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 27135 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 16482 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 85724 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 22268 | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., Class A | 62481 | 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 14582 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 40795 | 756 |
|  |  | **13904** |
| **Technology Hardware, Storage & Peripherals – 0.7%** | **Technology Hardware, Storage & Peripherals – 0.7%** | **Technology Hardware, Storage & Peripherals – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 96417 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 46015 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastman Kodak Co.\* | 107746 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach Corp.\* | 46394 | 642 |
|  |  | **4709** |
| **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Figs, Inc., Class A\* | 71646 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd.\* | 7185 | 161 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  | **COMMON STOCKS - 95.4%continued**  |
| **Textiles, Apparel & Luxury Goods – 0.3%continued** | **Textiles, Apparel & Luxury Goods – 0.3%continued** | **Textiles, Apparel & Luxury Goods – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 22123 | $1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 5120 | 113 |
|  |  | **2196** |
| **Trading Companies & Distributors – 2.1%** | **Trading Companies & Distributors – 2.1%** | **Trading Companies & Distributors – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 13904 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 37818 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp. | 37324 | 5732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies, Inc.\* | 107366 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 216364 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | 57696 | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Lease Finance Corp. | 4002 | 571 |
|  |  | **13756** |
| **Water Utilities – 0.1%** | **Water Utilities – 0.1%** | **Water Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 18228 | **612** |
| **Total Common Stocks** |  |  |
| **(Cost $441,021)** |  | **630020** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 89437 | **—** |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow DLB Oil & Gas, Inc. <sup>(1) \*</sup> <br>| 2100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow Spirit MTA REIT <sup>(1) \*</sup> <br>| 17083 |  |
| **Total Other** |  |  |
| **(Cost $—)** |  | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., Exp. 6/11/26, <br> Strike $166.67\*<br>| 6861 | $5 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **5** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

NORTHERN FUNDS QUARTERLY REPORT **150** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 6.2%**  | **INVESTMENT COMPANIES – 6.2%**  | **INVESTMENT COMPANIES – 6.2%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(2) (3) (4)</sup> <br>| 13298904 | $13299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(2) (3)</sup> <br>| 28125109 | 28125 |
| **Total Investment Companies** |  |  |
| **(Cost $41,424)** |  | **41424** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.4%**  | **SHORT-TERM INVESTMENTS – 0.4%**  | **SHORT-TERM INVESTMENTS – 0.4%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(5) (6)</sup> <br>| $2440 | **$2398** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $2,398)** | **(Cost $2,398)** | **2398** |
| **Total Investments – 102.0%** | **Total Investments – 102.0%** |  |
| **(Cost $484,843)** | **(Cost $484,843)** | **673847** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (2.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities less Other Assets – (2.0%) | (13259)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$660588** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <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 June 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* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| REIT - Real Estate Investment Trust |
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At June 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)**<br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 226 | $24766 | Long | 9/25 | $466 |
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 19 | 5941 | Long | 9/25 | 137 |
| Total |  |  |  |  | $603 |

---

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. <br>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). <br>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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; $18872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $422 | &nbsp;&nbsp; $19294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; 610726 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 610726 |
| Total Common Stocks | &nbsp;&nbsp; 629598 | &nbsp;&nbsp; — | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 630020 |
| Rights<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| Investment Companies | &nbsp;&nbsp; 41424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41424 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2398 |
| Total Investments | &nbsp;&nbsp; $671022 | &nbsp;&nbsp; $2403 | &nbsp;&nbsp; $422 | &nbsp;&nbsp; $673847 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $603 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $603 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

EQUITY FUNDS **151** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $23141 | $9842 | $44 <br><sup>(1)</sup><br>| $13299 | 13298904 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 14658 | 96327 | 82860 | 227 | 28125 | 28125109 |
| Total | $14658 | $119468 | $92702 | $271 | $41424 | 41424013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

NORTHERN FUNDS QUARTERLY REPORT **152** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**STOCK INDEX FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.5%**  | **COMMON STOCKS – 99.5%**  | **COMMON STOCKS – 99.5%**  |
| **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** | **Aerospace & Defense – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 21852 | $18092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing (The) Co.\* | 223113 | 46749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 74153 | 21627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 315924 | 81316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 119683 | 22277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 11209 | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 55696 | 13971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 61873 | 28656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 40211 | 20105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 394732 | 57639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 52915 | 4248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 16569 | 25195 |
|  |  | **342581** |
| **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 34188 | 3280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 39594 | 4524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 65076 | 14792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 218117 | 22017 |
|  |  | **44613** |
| **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 63354 | **4322** |
| **Automobiles – 1.9%** | **Automobiles – 1.9%** | **Automobiles – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 1147961 | 12455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 286601 | 14104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 829101 | 263372 |
|  |  | **289931** |
| **Banks – 3.6%** | **Banks – 3.6%** | **Banks – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 1940927 | 91845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 552842 | 47058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 127445 | 5703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 196537 | 8083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 425791 | 7136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 822555 | 238467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 289830 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 48075 | 9326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 116994 | 21810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 265651 | 6248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 384728 | 16539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 458471 | 20746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 964161 | 77249 |
|  |  | **555259** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Beverages – 1.1%** | **Beverages – 1.1%** | **Beverages – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 56883 | $1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola (The) Co. | 1144669 | 80985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 44633 | 7261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 404996 | 13389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 50399 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 207132 | 12975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 406430 | 53665 |
|  |  | **172230** |
| **Biotechnology – 1.6%** | **Biotechnology – 1.6%** | **Biotechnology – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 522445 | 96976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 159344 | 44490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 44177 | 5548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 367934 | 40793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 48393 | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 102375 | 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 30516 | 16021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 76050 | 33857 |
|  |  | **243806** |
| **Broadline Retail – 4.0%** | **Broadline Retail – 4.0%** | **Broadline Retail – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 2794965 | 613187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 137736 | 10256 |
|  |  | **623443** |
| **Building Products – 0.6%** | **Building Products – 0.6%** | **Building Products – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 33651 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 25913 | 3735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 31724 | 3702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 237277 | 17366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 195075 | 20604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 9350 | 5360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 61426 | 3953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 66007 | 28872 |
|  |  | **85798** |
| **Capital Markets – 3.4%** | **Capital Markets – 3.4%** | **Capital Markets – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 28250 | 15078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. | 212102 | 19325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 42979 | 45096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 215086 | 32173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 31046 | 7240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp. | 505611 | 46132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 106428 | 29334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A\* | 62136 | 21778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 11474 | 5132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 87396 | 2084 |

---

EQUITY FUNDS **153** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Capital Markets – 3.4%continued** | **Capital Markets – 3.4%continued** | **Capital Markets – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc. | 90943 | $64365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 169681 | 31131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 126463 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 199408 | 26527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc.<sup>†</sup> <br>| 10772 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 45737 | 22941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 365257 | 51450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 22972 | 13249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc.<sup>(1)</sup> <br>| 122493 | 10953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp.<sup>(1)</sup> <br>| 58149 | 7373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 53972 | 8278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 92983 | 49029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 84435 | 8979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | 64034 | 6179 |
|  |  | **528226** |
| **Chemicals – 1.2%** | **Chemicals – 1.2%** | **Chemicals – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 65753 | 18546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp.<sup>†</sup> <br>| 36565 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 48952 | 4504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 202729 | 15109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 212678 | 5632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 122761 | 8420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 32961 | 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 74473 | 20066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 74692 | 5494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 139486 | 65444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V., Class A | 77825 | 4503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mosaic (The) Co. | 94778 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 66181 | 7528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams (The) Co. | 67890 | 23311 |
|  |  | **186766** |
| **Commercial Services & Supplies – 0.6%** | **Commercial Services & Supplies – 0.6%** | **Commercial Services & Supplies – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 101342 | 22586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 259363 | 12727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 60023 | 14802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 83499 | 4711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 74403 | 7511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 107890 | 24688 |
|  |  | **87025** |
| **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 303503 | 31051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 1177946 | 81726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 17133 | 5043 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Communications Equipment – 0.9%continued** | **Communications Equipment – 0.9%continued** | **Communications Equipment – 0.9%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 97558 | $3895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 49122 | 20654 |
|  |  | **142369** |
| **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 43644 | **16501** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 17641 | 9684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 38677 | 10088 |
|  |  | **19772** |
| **Consumer Finance – 0.6%** | **Consumer Finance – 0.6%** | **Consumer Finance – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 163824 | 52257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 189368 | 40290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 113613 | 7582 |
|  |  | **100129** |
| **Consumer Staples Distribution & Retail – 2.0%** | **Consumer Staples Distribution & Retail – 2.0%** | **Consumer Staples Distribution & Retail – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 131253 | 129933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 64321 | 7357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 57374 | 5682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co. | 182816 | 13114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 142425 | 10787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 133315 | 13152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 214750 | 2465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 1278843 | 125045 |
|  |  | **307535** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 689448 | 6336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 22525 | 3953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 83267 | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 154585 | 7239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 26106 | 4920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 148761 | 6419 |
|  |  | **33537** |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 41938 | 5087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 75546 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 11489 | 3349 |
|  |  | **11232** |
| **Diversified Telecommunication Services – 0.7%** | **Diversified Telecommunication Services – 0.7%** | **Diversified Telecommunication Services – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 2125267 | 61505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 1249192 | 54053 |
|  |  | **115558** |

---

NORTHERN FUNDS QUARTERLY REPORT **154** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** | **Electric Utilities – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 76301 | $4614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 157641 | 16357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 92401 | 29823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 229207 | 27046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International | 113360 | 5849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 131840 | 10958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 68390 | 4714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 107028 | 6809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 297370 | 12912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 149325 | 6012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 609519 | 42313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 58529 | 9399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 654068 | 9118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 36503 | 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 218877 | 7418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern (The) Co. | 324783 | 29825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 169926 | 11572 |
|  |  | **238005** |
| **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 68210 | 12343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 116079 | 41439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 166621 | 22216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 80959 | 42840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 16900 | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 15926 | 6504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 33467 | 11117 |
|  |  | **138879** |
| **Electronic Equipment, Instruments & Components – 0.7%** | **Electronic Equipment, Instruments & Components – 0.7%** | **Electronic Equipment, Instruments & Components – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 357616 | 35314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 38344 | 6848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 228128 | 11997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 32011 | 6981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 50767 | 8319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp.\* | 2916 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC | 88075 | 14856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 13821 | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 71622 | 5442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A\* | 14904 | 4596 |
|  |  | **101575** |
| **Energy Equipment & Services – 0.2%** | **Energy Equipment & Services – 0.2%** | **Energy Equipment & Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 291709 | 11184 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Energy Equipment & Services – 0.2%continued** | **Energy Equipment & Services – 0.2%continued** | **Energy Equipment & Services – 0.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 258893 | $5276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger N.V. | 399484 | 13503 |
|  |  | **29963** |
| **Entertainment – 1.8%** | **Entertainment – 1.8%** | **Entertainment – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 68207 | 10893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 46513 | 7036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 125987 | 168713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 50132 | 12175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 19868 | 3615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney (The) Co. | 532679 | 66057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warner Bros. Discovery, Inc.\* | 668336 | 7659 |
|  |  | **276148** |
| **Financial Services – 4.3%** | **Financial Services – 4.3%** | **Financial Services – 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 133758 | 18976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 542401 | 263482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 20669 | 6858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 154130 | 12548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 164665 | 28390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 70770 | 5665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 21711 | 3912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 240097 | 134920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 289197 | 21493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 506470 | 179822 |
|  |  | **676066** |
| **Food Products – 0.6%** | **Food Products – 0.6%** | **Food Products – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 143687 | 7584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunge Global S.A. | 40767 | 3273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 146086 | 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 163977 | 8496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hershey (The) Co. | 44177 | 7331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 83138 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker (The) Co. | 32592 | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kellanova | 78234 | 6222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz (The) Co. | 251530 | 6494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 40480 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (Non Voting) | 73789 | 5595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 382091 | 25768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Company | 61515 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 83339 | 4662 |
|  |  | **88115** |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 47064 | **7253** |

---

EQUITY FUNDS **155** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 559011 | $18241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 23937 | 3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 66897 | 17124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 54347 | 8820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 618799 | 57734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 176282 | 40559 |
|  |  | **145915** |
| **Health Care Equipment & Supplies – 2.3%** | **Health Care Equipment & Supplies – 2.3%** | **Health Care Equipment & Supplies – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 514704 | 70005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 19559 | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 155274 | 4702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 85228 | 14681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 437439 | 46985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooper (The) Cos., Inc.\* | 60687 | 4318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 116546 | 10173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 172109 | 13461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 136684 | 10124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 65147 | 4245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 23993 | 12868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.<sup>\* †</sup> <br>| 20883 | 6561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 106162 | 57690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 378641 | 33006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 43469 | 11215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 41270 | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 29136 | 6999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 101975 | 40344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 59693 | 5445 |
|  |  | **359655** |
| **Health Care Providers & Services – 1.8%** | **Health Care Providers & Services – 1.8%** | **Health Care Providers & Services – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 70890 | 11910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 51036 | 15303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 149120 | 8094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 78696 | 26015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 374716 | 25848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 12518 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 66561 | 25890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 51525 | 19739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 34516 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 36140 | 8836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 24744 | 6496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 37018 | 27126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 15676 | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 32953 | 5919 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Health Care Providers & Services – 1.8%continued** | **Health Care Providers & Services – 1.8%continued** | **Health Care Providers & Services – 1.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 268028 | $83617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 16309 | 2954 |
|  |  | **276721** |
| **Health Care Real Estate Investment Trusts – 0.3%** | **Health Care Real Estate Investment Trusts – 0.3%** | **Health Care Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 47019 | 3415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 211691 | 3707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 133473 | 8429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 183343 | 28185 |
|  |  | **43736** |
| **Hotel & Resort Real Estate Investment Trusts – 0.0%** | **Hotel & Resort Real Estate Investment Trusts – 0.0%** | **Hotel & Resort Real Estate Investment Trusts – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 211960 | **3256** |
| **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A\* | 126899 | 16794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 9646 | 55843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 65488 | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 306682 | 8624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 400487 | 22487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 34726 | 7569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 10067 | 4536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A\* | 101357 | 24985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 36595 | 6173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 70709 | 18833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 102256 | 4449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 67635 | 18479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 211493 | 61792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International\* | 58067 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 133799 | 2713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 73551 | 23032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 335431 | 30736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 24834 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 82576 | 12236 |
|  |  | **325463** |
| **Household Durables – 0.3%** | **Household Durables – 0.3%** | **Household Durables – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 80915 | 10432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 45491 | 9495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 69691 | 7708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 14631 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 850 | 6278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 60356 | 6365 |
|  |  | **41812** |
| **Household Products – 1.0%** | **Household Products – 1.0%** | **Household Products – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 72069 | 6926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox (The) Co. | 37322 | 4481 |

---

NORTHERN FUNDS QUARTERLY REPORT **156** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Household Products – 1.0%continued** | **Household Products – 1.0%continued** | **Household Products – 1.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 238572 | $21686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 97897 | 12621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 693708 | 110522 |
|  |  | **156236** |
| **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES (The) Corp. | 215178 | 2264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 100576 | 19492 |
|  |  | **21756** |
| **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 159683 | 24310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 190604 | 44388 |
|  |  | **68698** |
| **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 275258 | **28935** |
| **Insurance – 2.1%** | **Insurance – 2.1%** | **Insurance – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 144976 | 15289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allstate (The) Corp. | 78319 | 15766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 171746 | 14700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aon PLC, Class A | 63896 | 22796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 109493 | 9969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 75801 | 24265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 15319 | 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 82907 | 9192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 110047 | 31883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 46387 | 6908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A | 7139 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 12494 | 4246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 25074 | 3116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc. | 84334 | 10700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 52536 | 4815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 146167 | 31958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 168167 | 13524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 59636 | 4737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progressive (The) Corp. | 173309 | 46249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 104053 | 11180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelers (The) Cos., Inc. | 67018 | 17930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W R Berkley Corp. | 89081 | 6545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 29565 | 9062 |
|  |  | **320331** |
| **Interactive Media & Services – 6.6%** | **Interactive Media & Services – 6.6%** | **Interactive Media & Services – 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 1721295 | 303344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 1389481 | 246480 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Interactive Media & Services – 6.6%continued** | **Interactive Media & Services – 6.6%continued** | **Interactive Media & Services – 6.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 71038 | $2194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 642462 | 474195 |
|  |  | **1026213** |
| **IT Services – 1.1%** | **IT Services – 1.1%** | **IT Services – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 185479 | 55438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 41921 | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 146355 | 11420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 17129 | 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 23029 | 9309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A\* | 41863 | 7538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 274659 | 80964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 24131 | 6969 |
|  |  | **178010** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 37742 | **2786** |
| **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 85109 | 10044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 48495 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc.\*<br>| 13808 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 187898 | 37118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 47941 | 7555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 6240 | 7330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 33757 | 3265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 111409 | 45172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 17443 | 6088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 21073 | 4611 |
|  |  | **125773** |
| **Machinery – 1.5%** | **Machinery – 1.5%** | **Machinery – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 139431 | 54129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 40562 | 13284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 74780 | 38025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 40239 | 7373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 100044 | 5215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 22945 | 4028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 78445 | 19396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 118377 | 9847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 15615 | 3347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 117349 | 11620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 154271 | 14665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 37883 | 26460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 49115 | 5042 |

---

EQUITY FUNDS **157** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Machinery – 1.5%continued** | **Machinery – 1.5%continued** | **Machinery – 1.5%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 15246 | $4744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 47404 | 3212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.<br>| 50577 | 10588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 71443 | 9242 |
|  |  | **240217** |
| **Media – 0.4%** | **Media – 0.4%** | **Media – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A\* | 28296 | 11568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 1098748 | 39214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 63091 | 3536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 36917 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of (The) Cos., Inc. | 113938 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 107816 | 3204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class B | 34133 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 59235 | 4261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, Class B | 169274 | 2184 |
|  |  | **69833** |
| **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 422949 | 18335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 331060 | 19288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 67408 | 8732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 40881 | 5233 |
|  |  | **51588** |
| **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 80001 | 7683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 193272 | 7101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 88669 | 6143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 107028 | 10740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 254239 | 14370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 60597 | 8027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 139565 | 5630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 147419 | 12410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sempra | 193765 | 14681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 94058 | 9801 |
|  |  | **96586** |
| **Office Real Estate Investment Trusts – 0.0%** | **Office Real Estate Investment Trusts – 0.0%** | **Office Real Estate Investment Trusts – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 41706 | **2814** |
| **Oil, Gas & Consumable Fuels – 2.8%** | **Oil, Gas & Consumable Fuels – 2.8%** | **Oil, Gas & Consumable Fuels – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 111796 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 479782 | 68700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 372373 | 33417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 227714 | 5779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 191966 | 6106 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Oil, Gas & Consumable Fuels – 2.8%continued** | **Oil, Gas & Consumable Fuels – 2.8%continued** | **Oil, Gas & Consumable Fuels – 2.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 56004 | $7695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 160624 | 19212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 176691 | 10305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 63893 | 7472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 1274149 | 137353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 82458 | 11424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 571543 | 16803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 91502 | 15199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 211904 | 8902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 186079 | 15190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 119694 | 14280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 64540 | 11235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 5522 | 5833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 91919 | 12356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc. | 360181 | 22623 |
|  |  | **431929** |
| **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 195384 | 9609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 165236 | 5360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 96523 | 7686 |
|  |  | **22655** |
| **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder (The) Cos., Inc., Class A | 69987 | 5655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 567224 | 11872 |
|  |  | **17527** |
| **Pharmaceuticals – 2.8%** | **Pharmaceuticals – 2.8%** | **Pharmaceuticals – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 602225 | 27877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 232706 | 181401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 711994 | 108757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 741523 | 58699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 1686323 | 40877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 343988 | 3072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 131062 | 20439 |
|  |  | **441122** |
| **Professional Services – 0.6%** | **Professional Services – 0.6%** | **Professional Services – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 120128 | 37047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 34672 | 8426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 48664 | 2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 36713 | 9522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 35663 | 4688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 38277 | 6039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 94764 | 13784 |

---

NORTHERN FUNDS QUARTERLY REPORT **158** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Professional Services – 0.6%continued** | **Professional Services – 0.6%continued** | **Professional Services – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 14544 | $3366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 41446 | 12910 |
|  |  | **98478** |
| **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 87464 | 12255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 124762 | 10031 |
|  |  | **22286** |
| **Residential Real Estate Investment Trusts – 0.2%** | **Residential Real Estate Investment Trusts – 0.2%** | **Residential Real Estate Investment Trusts – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 41558 | 8457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 30877 | 3480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 99637 | 6724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 19417 | 5503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 171767 | 5634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 33927 | 5022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 86632 | 3537 |
|  |  | **38357** |
| **Retail Real Estate Investment Trusts – 0.3%** | **Retail Real Estate Investment Trusts – 0.3%** | **Retail Real Estate Investment Trusts – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 24069 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 197253 | 4146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 268219 | 15452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 47155 | 3359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 90696 | 14580 |
|  |  | **39824** |
| **Semiconductors & Semiconductor Equipment – 12.7%** | **Semiconductors & Semiconductor Equipment – 12.7%** | **Semiconductors & Semiconductor Equipment – 12.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 480500 | 68183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 146490 | 34867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 240954 | 44111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 1391053 | 383444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 37360 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 31093 | 5147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 1292936 | 28962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 39239 | 35148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 379033 | 36895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 157917 | 11113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 331131 | 40812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 14053 | 10278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 7215530 | 1139982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors N.V. | 74245 | 16222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 122820 | 6437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 323914 | 51586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 42949 | 3201 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Semiconductors & Semiconductor Equipment – 12.7%continued** | **Semiconductors & Semiconductor Equipment – 12.7%continued** | **Semiconductors & Semiconductor Equipment – 12.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 47135 | $4238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 268693 | 55786 |
|  |  | **1977893** |
| **Software – 11.4%** | **Software – 11.4%** | **Software – 11.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 125813 | 48675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 25902 | 9097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 63542 | 19671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 81017 | 24965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A\* | 73675 | 37523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 7223 | 13203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 188005 | 19876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 161246 | 4741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 82611 | 65067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 2198759 | 1093685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 480927 | 105145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A\* | 629160 | 85767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 195482 | 40004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 35178 | 6063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 31694 | 17965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 284133 | 77480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 61248 | 62968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 45668 | 23413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 12688 | 7522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A\* | 64284 | 15428 |
|  |  | **1778258** |
| **Specialized Real Estate Investment Trusts – 0.9%** | **Specialized Real Estate Investment Trusts – 0.9%** | **Specialized Real Estate Investment Trusts – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 138489 | 30609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 129297 | 13283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 93511 | 16302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 28954 | 23032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 63489 | 9361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 87013 | 8925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 46611 | 13677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 31882 | 7487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 312091 | 10174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 218394 | 5610 |
|  |  | **138460** |
| **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 4960 | 18413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 56422 | 3788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 44239 | 2973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc. | 294344 | 107918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 165089 | 36628 |

---

EQUITY FUNDS **159** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  | **COMMON STOCKS - 99.5%continued**  |
| **Specialty Retail – 1.7%continued** | **Specialty Retail – 1.7%continued** | **Specialty Retail – 1.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 253609 | $22858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 96470 | 12308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TJX (The) Cos., Inc. | 331062 | 40883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 158296 | 8353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 13548 | 6338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 35703 | 5833 |
|  |  | **266293** |
| **Technology Hardware, Storage & Peripherals – 6.2%** | **Technology Hardware, Storage & Peripherals – 6.2%** | **Technology Hardware, Storage & Peripherals – 6.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 4418071 | 906456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 87724 | 10755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 384692 | 7867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 283204 | 6927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 59598 | 6350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 62741 | 9055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.<sup>\* †</sup> <br>| 152492 | 7474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 104413 | 6681 |
|  |  | **961565** |
| **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 45675 | 4708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 32256 | 7663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 350276 | 24884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 11904 | 3265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 61520 | 5402 |
|  |  | **45922** |
| **Tobacco – 0.7%** | **Tobacco – 0.7%** | **Tobacco – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 498823 | 29246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 459908 | 83763 |
|  |  | **113009** |
| **Trading Companies & Distributors – 0.3%** | **Trading Companies & Distributors – 0.3%** | **Trading Companies & Distributors – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 339146 | 14244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 19078 | 14373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 13010 | 13534 |
|  |  | **42151** |
| **Water Utilities – 0.1%** | **Water Utilities – 0.1%** | **Water Utilities – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 56948 | **7922** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 141150 | **33630** |
| **Total Common Stocks** |  |  |
| **(Cost $3,788,123)** |  | **15530252** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 4.39%<sup>(2) (3) (4)</sup> <br>| 6047913 | $6048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(2) (3)</sup> <br>| 64857815 | 64858 |
| **Total Investment Companies** |  |  |
| **(Cost $70,906)** |  | **70906** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(5) (6)</sup> <br>| $5186 | **$5097** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $5,097)** | **(Cost $5,097)** | **5097** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $3,864,126)** | **(Cost $3,864,126)** | **15606255** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.0% | 2299 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$15608554** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <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 June 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* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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 June 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)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 235 | $73482 | Long | 9/25 | $2317 |

---

NORTHERN FUNDS QUARTERLY REPORT **160** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **STOCK INDEX FUND continued**  | **June 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. <br>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). <br>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 June 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; $15530252 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15530252 |
| Investment Companies | &nbsp;&nbsp; 70906 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70906 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 5097 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5097 |
| Total Investments | &nbsp;&nbsp; $15601158 | &nbsp;&nbsp; $5097 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15606255 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $2317 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2317 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Nasdaq, Inc. | $9517 | $22 | $275 | $1618 | $71 | $33 | $10953 | 122493 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 39556 | 33508 |  |  | 1 <br><sup>(1)</sup><br>| 6048 | 6047913 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 129995 | 183124 | 248261 |  |  | 1292 | 64858 | 64857815 |
| Northern Trust Corp. | 5886 | 28 | 196 | 1619 | 36 | 44 | 7373 | 58149 |
| Total | $145398 | $222730 | $282240 | $3237 | $107 | $1370 | $89232 | 71086370 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

EQUITY FUNDS **161** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **U.S. QUALITY ESG FUND**  | **June 30, 2025 (UNAUDITED)**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.4%**  | **COMMON STOCKS – 99.4%**  | **COMMON STOCKS – 99.4%**  |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 5289 | **$984** |
| **Air Freight & Logistics – 0.5%** | **Air Freight & Logistics – 0.5%** | **Air Freight & Logistics – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 7862 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 14161 | 1618 |
|  |  | **2372** |
| **Automobiles – 1.1%** | **Automobiles – 1.1%** | **Automobiles – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 15363 | **4880** |
| **Banks – 3.7%** | **Banks – 3.7%** | **Banks – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 4883 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 52828 | 4497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 15731 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 39488 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 33929 | 9836 |
|  |  | **16528** |
| **Biotechnology – 2.3%** | **Biotechnology – 2.3%** | **Biotechnology – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 28283 | 5250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 4226 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 37553 | 4163 |
|  |  | **10593** |
| **Broadline Retail – 3.5%** | **Broadline Retail – 3.5%** | **Broadline Retail – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 64925 | 14244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 10583 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 18473 | 927 |
|  |  | **15959** |
| **Building Products – 1.2%** | **Building Products – 1.2%** | **Building Products – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 2988 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 12232 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 6985 | 3055 |
|  |  | **5555** |
| **Capital Markets – 3.2%** | **Capital Markets – 3.2%** | **Capital Markets – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 1223 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 1870 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. | 25535 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc. | 1123 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 102508 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 37561 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 33791 | 4760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 19281 | 2050 |
|  |  | **14246** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  |
| **Chemicals – 1.0%** | **Chemicals – 1.0%** | **Chemicals – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 8389 | $2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams (The) Co. | 6201 | 2129 |
|  |  | **4390** |
| **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 1653 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 18572 | 1875 |
|  |  | **2243** |
| **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 31988 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 1239 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 1367 | 575 |
|  |  | **3159** |
| **Construction & Engineering – 0.7%** | **Construction & Engineering – 0.7%** | **Construction & Engineering – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM | 7938 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 4095 | 2190 |
|  |  | **3086** |
| **Consumer Finance – 1.2%** | **Consumer Finance – 1.2%** | **Consumer Finance – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 16016 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 3749 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 57531 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 29561 | 1973 |
|  |  | **5281** |
| **Consumer Staples Distribution & Retail – 1.0%** | **Consumer Staples Distribution & Retail – 1.0%** | **Consumer Staples Distribution & Retail – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 3245 | 3212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 11356 | 1111 |
|  |  | **4323** |
| **Containers & Packaging – 0.9%** | **Containers & Packaging – 0.9%** | **Containers & Packaging – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 6769 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 13140 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 47857 | 1485 |
|  |  | **4026** |
| **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 3961 | **217** |
| **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 52224 | **1576** |
| **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 8347 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 21603 | 938 |
|  |  | **1923** |
| **Electrical Equipment – 0.8%** | **Electrical Equipment – 0.8%** | **Electrical Equipment – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 5239 | 1563 |

---

NORTHERN FUNDS QUARTERLY REPORT **162** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**U.S. QUALITY ESG FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  |
| **Electrical Equipment – 0.8%continued** | **Electrical Equipment – 0.8%continued** | **Electrical Equipment – 0.8%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 3277 | $1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 835 | 277 |
|  |  | **3574** |
| **Energy Equipment & Services – 0.7%** | **Energy Equipment & Services – 0.7%** | **Energy Equipment & Services – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger N.V. | 34773 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC | 54065 | 1862 |
|  |  | **3037** |
| **Entertainment – 1.9%** | **Entertainment – 1.9%** | **Entertainment – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 12815 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 3443 | 4611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 2437 | 1870 |
|  |  | **8527** |
| **Financial Services – 4.7%** | **Financial Services – 4.7%** | **Financial Services – 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 9988 | 4852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 34024 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 25295 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 16581 | 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 4057 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 65451 | 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 14699 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 9842 | 3494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 9805 | 696 |
|  |  | **21064** |
| **Food Products – 0.8%** | **Food Products – 0.8%** | **Food Products – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 4014 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 12802 | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kellanova | 21894 | 1741 |
|  |  | **3685** |
| **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 51132 | **1862** |
| **Ground Transportation – 1.2%** | **Ground Transportation – 1.2%** | **Ground Transportation – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 7189 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 10094 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 12392 | 2851 |
|  |  | **5489** |
| **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 22987 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 3954 | 2121 |
|  |  | **3619** |
| **Health Care Providers & Services – 2.2%** | **Health Care Providers & Services – 2.2%** | **Health Care Providers & Services – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 13234 | 2223 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  |
| **Health Care Providers & Services – 2.2%continued** | **Health Care Providers & Services – 2.2%continued** | **Health Care Providers & Services – 2.2%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 1322 | $397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 8087 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 11268 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 3932 | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 701 | 219 |
|  |  | **9998** |
| **Health Care Technology – 0.8%** | **Health Care Technology – 0.8%** | **Health Care Technology – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A\* | 27513 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A\* | 6541 | 1884 |
|  |  | **3571** |
| **Hotels, Restaurants & Leisure – 2.3%** | **Hotels, Restaurants & Leisure – 2.3%** | **Hotels, Restaurants & Leisure – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A\* | 4854 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 853 | 4938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 1093 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 8917 | 2375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder, Inc.\* | 5201 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 29666 | 1531 |
|  |  | **10480** |
| **Household Durables – 0.4%** | **Household Durables – 0.4%** | **Household Durables – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 5072 | **1642** |
| **Household Products – 2.1%** | **Household Products – 2.1%** | **Household Products – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox (The) Co. | 6946 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 25566 | 2324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 15709 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 27978 | 4458 |
|  |  | **9641** |
| **Independent Power & Renewable Electricity Producers – 0.8%** | **Independent Power & Renewable Electricity Producers – 0.8%** | **Independent Power & Renewable Electricity Producers – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 55610 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 53791 | 1721 |
|  |  | **3544** |
| **Industrial Conglomerates – 0.6%** | **Industrial Conglomerates – 0.6%** | **Industrial Conglomerates – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 17205 | **2619** |
| **Insurance – 2.6%** | **Insurance – 2.6%** | **Insurance – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 18345 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 5654 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc. | 15554 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 26473 | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 14830 | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 21555 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 5655 | 1733 |
|  |  | **11588** |

---

EQUITY FUNDS **163** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  |
| **Interactive Media & Services – 6.4%** | **Interactive Media & Services – 6.4%** | **Interactive Media & Services – 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 80480 | $14183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 14492 | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 16568 | 12228 |
|  |  | **28982** |
| **IT Services – 2.4%** | **IT Services – 2.4%** | **IT Services – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 12334 | 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 3455 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A\* | 1596 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 18885 | 5567 |
|  |  | **10937** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 22621 | **1670** |
| **Life Sciences Tools & Services – 1.0%** | **Life Sciences Tools & Services – 1.0%** | **Life Sciences Tools & Services – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 6935 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 1622 | 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 5498 | 1919 |
|  |  | **4643** |
| **Machinery – 1.7%** | **Machinery – 1.7%** | **Machinery – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 6926 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 9168 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 3980 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 470 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 18832 | 1933 |
|  |  | **7611** |
| **Metals & Mining – 0.6%** | **Metals & Mining – 0.6%** | **Metals & Mining – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 14041 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 10542 | 1875 |
|  |  | **2693** |
| **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 3714 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 11523 | 970 |
|  |  | **1180** |
| **Oil, Gas & Consumable Fuels – 1.8%** | **Oil, Gas & Consumable Fuels – 1.8%** | **Oil, Gas & Consumable Fuels – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 9137 | 2225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 12869 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 14029 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 10131 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 9784 | 1315 |
|  |  | **8275** |
| **Pharmaceuticals – 2.0%** | **Pharmaceuticals – 2.0%** | **Pharmaceuticals – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 48776 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 3584 | 2794 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  |
| **Pharmaceuticals – 2.0%continued** | **Pharmaceuticals – 2.0%continued** | **Pharmaceuticals – 2.0%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 13197 | $2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 46576 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 5845 | 911 |
|  |  | **9108** |
| **Professional Services – 2.5%** | **Professional Services – 2.5%** | **Professional Services – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 12767 | 3937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 7964 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 9097 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 1706 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 9030 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 6747 | 2102 |
|  |  | **11329** |
| **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 15435 | **2163** |
| **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 8184 | **1665** |
| **Retail Real Estate Investment Trusts – 0.0%** | **Retail Real Estate Investment Trusts – 0.0%** | **Retail Real Estate Investment Trusts – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 8843 | **230** |
| **Semiconductors & Semiconductor Equipment – 11.6%** | **Semiconductors & Semiconductor Equipment – 11.6%** | **Semiconductors & Semiconductor Equipment – 11.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 24157 | 4422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 34919 | 9626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 1057 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 40671 | 3959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 202399 | 31977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 9268 | 1476 |
|  |  | **52407** |
| **Software – 11.9%** | **Software – 11.9%** | **Software – 11.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 8288 | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A\* | 3731 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 7232 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 4509 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 5402 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A\* | 58209 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 786 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 6408 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 1277 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 63100 | 31387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 1234 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A\* | 1595 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 16946 | 4621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 16168 | 361 |
|  |  | **53916** |

---

NORTHERN FUNDS QUARTERLY REPORT **164** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**U.S. QUALITY ESG FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  | **COMMON STOCKS - 99.4%continued**  |
| **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 8992 | $604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc. | 12875 | 4720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 16814 | 3731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 1321 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 10473 | 1711 |
|  |  | **11384** |
| **Technology Hardware, Storage & Peripherals – 5.9%** | **Technology Hardware, Storage & Peripherals – 5.9%** | **Technology Hardware, Storage & Peripherals – 5.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 122725 | 25179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 24988 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 7675 | 818 |
|  |  | **26608** |
| **Textiles, Apparel & Luxury Goods – 0.9%** | **Textiles, Apparel & Luxury Goods – 0.9%** | **Textiles, Apparel & Luxury Goods – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 14569 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 9062 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 21503 | 1888 |
|  |  | **4008** |
| **Trading Companies & Distributors – 0.9%** | **Trading Companies & Distributors – 0.9%** | **Trading Companies & Distributors – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 49819 | 2093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 1799 | 1871 |
|  |  | **3964** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. | 21414 | **802** |
| **Total Common Stocks** |  |  |
| **(Cost $286,195)** |  | **448856** |
| **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(1) (2)</sup> <br>| 2528444 | 2528 |
| **Total Investment Companies** |  |  |
| **(Cost $2,528)** |  | **2528** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 11/28/25<sup>(3) (4)</sup> <br>| $201 | **$198** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $198)** | **(Cost $198)** | **198** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $288,921)** | **(Cost $288,921)** | **451582** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.0% | 59 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$451641** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 June 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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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 June 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)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 8 | $2502 | Long | 9/25 | $80 |

---

EQUITY FUNDS **165** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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. <br>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). <br>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 June 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; $448856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $448856 |
| Investment Companies | &nbsp;&nbsp; 2528 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2528 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 198 | &nbsp;&nbsp; — | &nbsp;&nbsp; 198 |
| Total Investments | &nbsp;&nbsp; $451384 | &nbsp;&nbsp; $198 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $451582 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $80 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $80 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $5176 | $7772 | $10420 | $49 | $2528 | 2528444 |

---

NORTHERN FUNDS QUARTERLY REPORT **166** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**WORLD SELECTION INDEX FUND** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | 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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 146186 | $2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Group | 56533 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 29358 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. | 9715 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. | 21484 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 68766 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. | 16895 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cochlear Ltd. | 3011 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. | 70645 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 27038 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. | 92107 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 80226 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 100139 | 2257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | 18336 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 64542 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 75484 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. | 2862 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. | 250093 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | 54075 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 150736 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 10192 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 91917 | 1417 |
|  |  | **22398** |
| **Austria – 0.0%** | **Austria – 0.0%** | **Austria – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondi PLC | 19211 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMV A.G. | 7832 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verbund A.G. | 2801 | 215 |
|  |  | **955** |
| **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ageas S.A./N.V. | 7057 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elia Group S.A./N.V. | 2589 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V. | 11563 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lotus Bakeries N.V. | 16 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syensqo S.A. | 4283 | 331 |
|  |  | **2449** |
| **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 2296 | 6001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 23232 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 9211 | 340 |
|  |  | **8430** |
| **Canada – 3.2%** | **Canada – 3.2%** | **Canada – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 24934 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 35411 | 3924 |

---

---

| | | |
|:---|:---|:---|
|  | 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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 62112 | $3435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 68831 | 4260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc.\* | 16857 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. | 21768 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 26344 | 2745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., Class A | 2150 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | 10186 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc. | 13865 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp. | 21491 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 108794 | 4933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstService Corp. | 1927 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc. | 25159 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd. | 2691 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hydro One Ltd. | 16888 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | 9183 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. | 9152 | 2128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp. | 12429 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 56295 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. | 7253 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metro, Inc. | 10967 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 19557 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 24591 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp. | 11363 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | 28506 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 9504 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Class B | 19978 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., Class A\* | 59923 | 6911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc. | 27446 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | 23748 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp. | 8076 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 87335 | 6424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Fraser Timber Co. Ltd. | 3108 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc. | 6612 | 1349 |
|  |  | **62323** |
| **Chile – 0.0%** | **Chile – 0.0%** | **Chile – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC | 21737 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining Corp. | 39654 | 417 |
|  |  | **957** |
| **China – 0.2%** | **China – 0.2%** | **China – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosus N.V.\* | 64575 | **3617** |
| **Congo, The Democ. Rep. of – 0.0%** | **Congo, The Democ. Rep. of – 0.0%** | **Congo, The Democ. Rep. of – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., Class A\* | 31463 | **236** |

---

EQUITY FUNDS **167** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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 – 1.0%** | **Denmark – 1.0%** | **Denmark – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class A | 115 | $212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class B<sup>†</sup> <br>| 199 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 6812 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 10254 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S\* | 2991 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 160825 | 11222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B | 17083 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S\* | 7279 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 4064 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 5430 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 16927 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 47656 | 716 |
|  |  | **19196** |
| **Finland – 0.3%** | **Finland – 0.3%** | **Finland – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 8019 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ, Class B | 13829 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 16739 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ | 34731 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ | 16391 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 274893 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 120062 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stora Enso OYJ (Registered) | 33841 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 25085 | 685 |
|  |  | **6327** |
| **France – 2.6%** | **France – 2.6%** | **France – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris S.A. | 2094 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXA S.A. | 88300 | 4340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A. | 50364 | 4536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bouygues S.A. | 8662 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas S.A. | 16205 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrefour S.A. | 24318 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 34847 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covivio S.A./France | 3139 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole S.A. | 51258 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danone S.A. | 32925 | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes S.E. | 32371 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eiffage S.A. | 3421 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica S.A. | 14721 | 4044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurazeo S.E. | 1338 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gecina S.A. | 1877 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getlink S.E. | 16266 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hermes International S.C.A. | 1570 | 4259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kering S.A. | 3494 | 762 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 2.6%continued** | **France – 2.6%continued** | **France – 2.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legrand S.A. | 13000 | $1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L'Oreal S.A. | 11944 | 5114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton S.E. | 13709 | 7190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe S.A. | 11043 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexel S.A. | 12871 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A. | 35251 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies S.E. | 101651 | 6252 |
|  |  | **50882** |
| **Germany – 1.2%** | **Germany – 1.2%** | **Germany – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adidas A.G. | 8385 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf A.G. | 4630 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commerzbank A.G. | 42833 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covestro A.G.\* | 9600 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse A.G. | 9311 | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa A.G. (Registered) | 23997 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries A.G. | 15055 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEA Group A.G. | 6794 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials A.G. | 6729 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel A.G. & Co. KGaA | 5365 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies A.G. | 66695 | 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse A.G. | 3722 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien S.E. | 4283 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 6121 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines A.G. | 2679 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen (Registered)<br>| 6637 | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scout24 S.E. | 3881 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symrise A.G. | 6913 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vonovia S.E. | 38543 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zalando S.E.\* | 9943 | 327 |
|  |  | **23379** |
| **Hong Kong – 0.6%** | **Hong Kong – 0.6%** | **Hong Kong – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 530600 | 4772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 38500 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. | 34378 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. | 222000 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | 509463 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 58700 | 3141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTR Corp. Ltd. | 64626 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 126669 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 135113 | 144 |

---

NORTHERN FUNDS QUARTERLY REPORT **168** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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**  |
| **Hong Kong – 0.6%continued** | **Hong Kong – 0.6%continued** | **Hong Kong – 0.6%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class A | 22500 | $193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd.<sup>(2)</sup> <br>| 469500 | 452 |
|  |  | **12054** |
| **Ireland – 0.6%** | **Ireland – 0.6%** | **Ireland – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 31246 | 9339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings N.V. | 9468 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A | 7878 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group PLC | 8060 | 685 |
|  |  | **12002** |
| **Israel – 0.0%** | **Israel – 0.0%** | **Israel – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd.\* | 3341 | **566** |
| **Italy – 0.7%** | **Italy – 0.7%** | **Italy – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC A.G. - CDI\* | 10391 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel S.p.A. | 409961 | 3891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco S.p.A. | 30510 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generali | 41808 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane S.p.A. | 17347 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo S.p.A. | 765883 | 4415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito <br> Finanziario S.p.A.<br>| 26953 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moncler S.p.A. | 12471 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexi S.p.A. | 20591 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane S.p.A. | 19646 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prysmian S.p.A. | 13380 | 944 |
|  |  | **14051** |
| **Japan – 5.7%** | **Japan – 5.7%** | **Japan – 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 32000 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 46400 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. | 10400 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 55000 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 32400 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 85900 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 30000 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 27600 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 15800 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concordia Financial Group Ltd. | 54400 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 22200 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 16400 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 170100 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 87000 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 12900 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 28700 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 73900 | 526 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 5.7%continued** | **Japan – 5.7%continued** | **Japan – 5.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group, Inc. | 7400 | $164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 14805 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 126900 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 45700 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 9400 | 3221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 5700 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 54100 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 88300 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. | 12600 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 227500 | 6590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 17000 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 23400 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 59500 | 3127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 32900 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. | 22400 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 153500 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kikkoman Corp. | 39100 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | 6900 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 46800 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 5200 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 44800 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 144000 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 71800 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | 17700 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd. | 10000 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | 76900 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 55900 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 127000 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 117300 | 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 64700 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 61300 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 17900 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | 41200 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nissin Foods Holdings Co. Ltd. | 12000 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 37200 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 144300 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 18976 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 32800 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omron Corp. | 7100 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | 52000 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 60500 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 19800 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 19400 | 667 |

---

EQUITY FUNDS **169** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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 – 5.7%continued** | **Japan – 5.7%continued** | **Japan – 5.7%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 112800 | $1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc.\* | 67200 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 70500 | 4151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. | 80600 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ricoh Co. Ltd. | 31400 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 21900 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 21600 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 31900 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 11300 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 9900 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 88600 | 2920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | 23000 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 1417500 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 47100 | 3415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 45000 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 305400 | 7962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 26900 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | 10400 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 182000 | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 31900 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 8400 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. | 22526 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 25300 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. | 92700 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 10700 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toho Co. Ltd. | 5100 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 91000 | 3839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 22200 | 4238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 17100 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 21100 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toray Industries, Inc. | 74400 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 62000 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 22300 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 40100 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 9600 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 22800 | 246 |
|  |  | **111050** |
| **Jersey – 0.0%** | **Jersey – 0.0%** | **Jersey – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 10813 | **738** |
| **Luxembourg – 0.0%** | **Luxembourg – 0.0%** | **Luxembourg – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific S.E. | 6341 | **452** |
| **Netherlands – 1.6%** | **Netherlands – 1.6%** | **Netherlands – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel N.V. | 7864 | 550 |

---

---

| | | |
|:---|:---|:---|
|  | 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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. | 19614 | $15704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland N.V. | 7762 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V. | 157314 | 3452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize N.V. | 45019 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN N.V. | 179347 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NN Group N.V. | 12917 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors N.V. | 12479 | 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Randstad N.V. | 6569 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group N.V. | 56653 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer N.V. | 11884 | 1987 |
|  |  | **30694** |
| **New Zealand – 0.1%** | **New Zealand – 0.1%** | **New Zealand – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contact Energy Ltd. | 45475 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy Ltd. | 51289 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd.\* | 479 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (Australian Securities <br> Exchange)\*<br>| 7055 | 835 |
|  |  | **1325** |
| **Norway – 0.2%** | **Norway – 0.2%** | **Norway – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 17859 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 44667 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 43967 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 10577 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA | 20810 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 62009 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 34169 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 28199 | 441 |
|  |  | **4637** |
| **Poland – 0.0%** | **Poland – 0.0%** | **Poland – 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InPost S.A.\* | 13387 | **222** |
| **Portugal – 0.1%** | **Portugal – 0.1%** | **Portugal – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Espirito Santo S.A. <br> (Registered)<sup>(3) \*</sup> <br>| 29034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDP S.A. | 169239 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS S.A. | 22075 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS S.A. | 15119 | 383 |
|  |  | **1523** |
| **Singapore – 0.3%** | **Singapore – 0.3%** | **Singapore – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 210700 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. | 141258 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A\* | 123119 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. | 65500 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. | 37700 | 203 |

---

NORTHERN FUNDS QUARTERLY REPORT **170** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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**  |
| **Singapore – 0.3%continued** | **Singapore – 0.3%continued** | **Singapore – 0.3%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 46100 | $539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics N.V. | 32097 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | 63900 | 1810 |
|  |  | **5270** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 55892 | **1650** |
| **Spain – 0.6%** | **Spain – 0.6%** | **Spain – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 7904 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aena SME S.A.<sup>(2)</sup> <br>| 35860 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group S.A. | 22682 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell S.A. | 271196 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom S.A.\* | 25605 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endesa S.A. | 14383 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iberdrola S.A. | 285419 | 5487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. S.A. | 18865 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repsol S.A. | 61554 | 902 |
|  |  | **12534** |
| **Sweden – 0.9%** | **Sweden – 0.9%** | **Sweden – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AddTech AB, Class B | 11677 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 15606 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 51705 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 134603 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 75012 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boliden AB\* | 15735 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 33149 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class B | 19836 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT AB | 17058 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essity AB, Class B | 31811 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolution AB | 6743 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H&M Hennes & Mauritz AB, Class B<sup>†</sup> <br>| 31683 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holmen AB, Class B | 2681 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indutrade AB | 15423 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 87105 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 52496 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skanska AB, Class B | 15107 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 19256 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa AB S.C.A., Class B | 26999 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 72909 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, Class B | 26667 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 109475 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 77740 | 2183 |
|  |  | **17143** |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 1.5%** | **Switzerland – 1.5%** | **Switzerland – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 79659 | $4762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baloise Holding A.G. (Registered) | 1987 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise <br> (Registered)<br>| 1740 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Participation Certificate)<br>| 47 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Registered)<br>| 5 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich A.G. | 8898 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geberit A.G. (Registered) | 1639 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Givaudan S.A. (Registered) | 452 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 10048 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International A.G. <br> (Registered)<br>| 2630 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logitech International S.A. (Registered) | 8180 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lonza Group A.G. (Registered) | 3691 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGS S.A. (Registered) | 7911 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIG Group A.G.\* | 13052 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sika A.G. (Registered) | 7470 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding A.G. (Registered) | 2692 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding A.G. (Registered) | 1472 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site A.G. (Registered) | 3978 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swisscom A.G. (Registered) | 1303 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Temenos A.G. (Registered) | 2187 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VAT Group A.G. | 1232 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group A.G. | 7318 | 5132 |
|  |  | **28817** |
| **United Kingdom – 3.4%** | **United Kingdom – 3.4%** | **United Kingdom – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 49671 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC | 13185 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC | 20855 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods PLC | 18029 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 77404 | 10795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC | 41808 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC | 132137 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow PLC | 61245 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BT Group PLC | 319525 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC | 14976 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 11130 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Croda International PLC | 7788 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCC PLC | 4212 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 881805 | 10676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Informa PLC | 66010 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intertek Group PLC | 7290 | 474 |

---

EQUITY FUNDS **171** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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 – 3.4%continued** | **United Kingdom – 3.4%continued** | **United Kingdom – 3.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC | 89164 | $355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 94297 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 41062 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group PLC | 288506 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 2954480 | 3111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&G PLC | 109790 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries PLC | 71231 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 244969 | 3582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC | 27401 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | 35856 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 33487 | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 90617 | 4916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | 121807 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Group (The) PLC | 45607 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | 26253 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 59303 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 17080 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spirax Group PLC | 3092 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 57478 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 327343 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 124925 | 7609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC | 955073 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitbread PLC | 10080 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 48252 | 337 |
|  |  | **65908** |
| **United States – 72.4%** | **United States – 72.4%** | **United States – 72.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 26633 | 4055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 21259 | 8225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 80985 | 11492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 26356 | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 13874 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 6713 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 21004 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcon A.G. | 24510 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 3227 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 4162 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allstate (The) Corp. | 13263 | 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 6553 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 290544 | 51203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 245805 | 43603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 27943 | 8913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 23254 | 5140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 9413 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 4725 | 2522 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 72.4%continued** | **United States – 72.4%continued** | **United States – 72.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 26714 | $7459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 24895 | 5926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 28831 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 4253 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 40395 | 7395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 18800 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., Class A\* | 8336 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 7663 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 10818 | 3349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 20151 | 6215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 851 | 3159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 30572 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 4224 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 3647 | 3019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 48244 | 1850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 12565 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. | 35751 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 9414 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 6973 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 7393 | 7757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 1636 | 9471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 101041 | 4677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 5839 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bunge Global S.A. | 6127 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 3318 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 6850 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 6006 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 13860 | 4271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 32011 | 6811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 39655 | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 23774 | 9229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 5397 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 15250 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 9138 | 2740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp. | 85286 | 7781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A\* | 4652 | 1902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 10941 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 12027 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 13430 | 4440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 17764 | 3959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 22179 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox (The) Co. | 5817 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 14258 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial N.V. | 43031 | 558 |

---

NORTHERN FUNDS QUARTERLY REPORT **172** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 – 72.4%continued** | **United States – 72.4%continued** | **United States – 72.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola (The) Co. | 203594 | $14404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 38076 | 3461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 187783 | 6702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 21873 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 18523 | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooper (The) Cos., Inc.\* | 10614 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 33480 | 3073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 21365 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 23949 | 3775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 95837 | 3127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 6920 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 13823 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 32042 | 6330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 5797 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 1760 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 7279 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 12778 | 6497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 7084 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 19124 | 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 2558 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 17164 | 2992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 10147 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 11510 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 7135 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 19425 | 6935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 23798 | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 12604 | 3396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International | 18457 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 28763 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 12427 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 11229 | 4368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 40131 | 31283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 2293 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 4846 | 3855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 15450 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 11895 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder (The) Cos., Inc., Class A | 11035 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 17668 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 51710 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 6820 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 1823 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 1252 | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 9932 | 2163 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 72.4%continued** | **United States – 72.4%continued** | **United States – 72.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrovial S.E. | 24698 | $1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 27150 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 4809 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 27689 | 4774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 16409 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 11061 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 6954 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 7458 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 3960 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 52968 | 13633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 26582 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 7332 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 61682 | 6839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 7810 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 40864 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group (The), Inc. | 14286 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 9122 | 3495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 32339 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 65745 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 12128 | 3230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 10516 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc. | 49598 | 18185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 13606 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 45550 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 2607 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc.\* | 2499 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 5847 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 75260 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 3529 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 4155 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 14173 | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 7435 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 20787 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 3517 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 215850 | 4835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 28209 | 5176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 46031 | 13569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 12200 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 24165 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 13919 | 10963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 8504 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 15213 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker (The) Co. | 4914 | 483 |

---

EQUITY FUNDS **173** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**June 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 – 72.4%continued** | **United States – 72.4%continued** | **United States – 72.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC - CDI\* | 28780 | $794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 3674 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 119897 | 18314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 33087 | 3495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 16295 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kellanova | 13136 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 94227 | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 66070 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 45594 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 8962 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 16960 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger (The) Co. | 30712 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 4342 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 63694 | 6200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 1587 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 23573 | 11060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 11800 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 28169 | 6250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 4055 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 5355 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V., Class A | 13774 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 15914 | 2643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 24230 | 5298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 2960 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 43752 | 3386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 40465 | 22739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (Non Voting) | 13329 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 35505 | 10373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 125576 | 9941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 1005 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 351281 | 174731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 2871 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 36442 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 8162 | 4094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 59871 | 8433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc.<sup>(4)</sup> <br>| 21162 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 10820 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 4580 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 56840 | 3311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 23054 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp.<sup>(4)</sup> <br>| 9779 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis A.G. (Registered) | 94884 | 11479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 10149 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 11140 | 1443 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 72.4%continued** | **United States – 72.4%continued** | **United States – 72.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 1214001 | $191800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 155 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 9304 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 9151 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 30741 | 2509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 42480 | 3829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 4641 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 33059 | 6765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 16144 | 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 47744 | 3548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 8069 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 68410 | 9033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 20016 | 2388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 20035 | 3735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 2048 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 10958 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 11597 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble (The) Co. | 116720 | 18596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progressive (The) Corp. | 28912 | 7715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 46051 | 4841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 17318 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 5769 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 10589 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QIAGEN N.V.\* | 11313 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 7400 | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 5459 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp.\* | 5470 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 9712 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 46932 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 6539 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A<sup>\* †</sup> <br>| 34213 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 5637 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 19914 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 15622 | 8237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 47912 | 13065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 5213 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger N.V. | 66797 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric S.E. | 27212 | 7256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 10593 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sempra | 33298 | 2523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 10244 | 10532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 12505 | 540 |

---

NORTHERN FUNDS QUARTERLY REPORT **174** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 – 72.4%continued** | **United States – 72.4%continued** | **United States – 72.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC (London Stock <br> Exchange)<br>| 13746 | $593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 8020 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 7585 | 5820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 14689 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 7286 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 5119 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Re A.G. | 15164 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 19385 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 7639 | 3916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 25190 | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | 10646 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 8754 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 10950 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 22357 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 144111 | 45778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 45146 | 9373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Company | 8331 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TJX (The) Cos., Inc. | 55192 | 6816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 27081 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 11038 | 4828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 9384 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelers (The) Cos., Inc. | 11363 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 12846 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 64478 | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A\* | 7292 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 77046 | 3486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 2160 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 29843 | 6866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 36298 | 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 3342 | 2518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 16058 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A\* | 7539 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 12319 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 208262 | 9011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 12772 | 5686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 85597 | 30391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 2252 | 2343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walt Disney (The) Co. | 90236 | 11190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 3116 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 32217 | 4953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 3403 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 16293 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 34588 | 889 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 72.4%continued** | **United States – 72.4%continued** | **United States – 72.4%continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams (The) Cos., Inc. | 60837 | $3821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 6353 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 4994 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A\* | 10992 | 2638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 12578 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 14233 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 9413 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 22085 | 3444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc.\* | 4977 | 1562 |
|  |  | **1421239** |
| **Total Common Stocks** |  |  |
| **(Cost $1,054,793)** |  | **1943024** |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henkel A.G. & Co. KGaA, 3.06%<sup>(5)</sup> <br>| 9084 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sartorius A.G., 0.34%<sup>(5)</sup> <br>| 1125 | 287 |
|  |  | **1000** |
| **Total Preferred Stocks** |  |  |
| **(Cost $953)** |  | **1000** |
| **RIGHTS – 0.0%**  |  |  |
| **United States – 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABIOMED, Inc. (Contingent Value <br> Rights)<sup>(3) \*</sup> <br>| 2380 | **—** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **—** |
| **INVESTMENT COMPANIES – 0.4%**  | **INVESTMENT COMPANIES – 0.4%**  | **INVESTMENT COMPANIES – 0.4%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.15%<sup>(6) (7)</sup> <br>| 7940088 | 7940 |
| **Total Investment Companies** |  |  |
| **(Cost $7,940)** |  | **7940** |
| **Total Investments – 99.4%** |  |  |
| **(Cost $1,063,686)** |  | **1951964** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets less Liabilities – 0.6% |  | 12042 |
| **Net Assets – 100.0%** |  | **$1964006** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.*

EQUITY FUNDS **175** NORTHERN FUNDS QUARTERLY REPORT

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <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 June 30, 2025,* <br> *the value of these securities amounted to approximately $1,409,000 or* <br> *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 June 30, 2025 is disclosed.* |
| <sup>†</sup> <br>| *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| CDI – CREST Depository Interest |
| FTSE – Financial Times Stock Exchange |
| REIT – Real Estate Investment Trust |
| S&P – Standard & Poor's |
| SPI – Standardized Precipitation Index |

---

*Percentages shown are based on Net Assets.* 

At June 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 | United States <br> Dollar<br>| 215 | British Pound | 159 | 9/17/25 | $3 |
| Citibank | United States <br> Dollar<br>| 250 | Australian <br> Dollar<br>| 385 | 9/17/25 | 4 |
| Morgan Stanley | Hong Kong <br> Dollar<br>| 1381 | United States <br> Dollar<br>| 177 | 9/17/25 | —\* |
| Morgan Stanley | United States <br> Dollar<br>| 401 | Canadian <br> Dollar<br>| 544 | 9/17/25 | —\* |
| UBS | United States <br> Dollar<br>| 588 | Japanese Yen | 83958 | 9/17/25 | 1 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 8 |
| Morgan Stanley | Canadian <br> Dollar<br>| 410 | United States <br> Dollar<br>| 301 | 9/17/25 | (2)<br>|
| Morgan Stanley | Danish Krone | 694 | United States <br> Dollar<br>| 108 | 9/17/25 | (2)<br>|
| Morgan Stanley | Euro | 1156 | United States <br> Dollar<br>| 1337 | 9/17/25 | (32)<br>|
| Morgan Stanley | Japanese Yen | 59670 | United States <br> Dollar<br>| 415 | 9/17/25 | (3)<br>|
| Morgan Stanley | Swedish Krona | 1918 | United States <br> Dollar<br>| 202 | 9/17/25 | (2)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Morgan Stanley | Swiss Franc | 993 | United States <br> Dollar<br>| 1235 | 9/17/25 | $(28)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (69)<br>|
| Total |  |  |  |  |  | $(61)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

At June 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)**<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br> (United States <br> Dollar)<br>| 46 | $14384 | Long | 9/25 | $440 |
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 37 | 2322 | Long | 9/25 | (1)<br>|
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 8 | 965 | Long | 9/25 | (12)<br>|
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 6 | 843 | Long | 9/25 | (1)<br>|
| &nbsp;&nbsp; Topix Index <br> (Japanese <br> Yen)<br>| 5 | 991 | Long | 9/25 | 24 |
| Total |  |  |  |  | $450 |

---

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

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Information Technology | 29.3<br> %<br>|
| Financials | 16.3 |
| Industrials | 10.8 |
| Health Care | 10.0 |
| Consumer Discretionary | 9.3 |
| Communication Services | 8.1 |
| Consumer Staples | 5.7 |
| Materials | 3.3 |
| Energy | 2.2 |
| Real Estate | 2.1 |
| Utilities | 1.9 |
| Short-Term Investments | 0.4 |
| Total Investments | 99.4 |
| Other Assets less Liabilities | 0.6 |
| Net Assets | 100.0<br> %<br>|

---

NORTHERN FUNDS QUARTERLY REPORT **176** EQUITY FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule of Investments** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **WORLD SELECTION INDEX FUND continued**  | **June 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. <br>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 June 30, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments. <br>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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; $8090 | &nbsp;&nbsp; $340 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 62323 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Congo, The Democ. <br> Rep. of<br>| &nbsp;&nbsp; 236 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; 10447 | &nbsp;&nbsp; 1555 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey | &nbsp;&nbsp; 738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 738 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; $2727 | &nbsp;&nbsp; $27967 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 4651 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 1032 | &nbsp;&nbsp; 64876 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 1390672 | &nbsp;&nbsp; 30567 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1421239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 335227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 335227 |
| Total Common Stocks | &nbsp;&nbsp; 1477301 | &nbsp;&nbsp; 465723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1943024 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000 |
| Investment Companies | &nbsp;&nbsp; 7940 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7940 |
| Total Investments | &nbsp;&nbsp; $1485241 | &nbsp;&nbsp; $466723 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1951964 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; 464 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 464 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (69)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $450 | &nbsp;&nbsp; $(61)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $389 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Transactions in affiliated investments for the three months ended June 30, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATE** | **VALUE,**<br> **BEGINNING**<br> **OF PERIOD**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **NET CHANGE**<br> **IN UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000S)**<br>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **DIVIDEND**<br> **OR INTEREST**<br> **INCOME**<br> **(000S)**<br>| **VALUE,**<br> **END OF PERIOD**<br> **(000S)**<br>| **SHARES, END**<br> **OF PERIOD**<br>|
| Nasdaq, Inc. | $1697 | $— | $100 | $265 | $30 | $6 | $1892 | 21162 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 1877 | 1877 |  |  | — <br><sup>(1),\*</sup><br>|  |  |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 33984 | 43054 | 69098 |  |  | 140 | 7940 | 7940088 |
| Northern Trust Corp. | 1073 |  | 110 | 269 | 8 | 7 | 1240 | 9779 |
| Total | $36754 | $44931 | $71185 | $534 | $38 | $153 | $11072 | 7971029 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> *Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other* *payments to and from borrowers of securities.* 

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

EQUITY FUNDS **177** NORTHERN FUNDS QUARTERLY REPORT

------

## 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:** Active M International Equity Fund

- **b. EDGAR series identifier (if any):** S000012492

- **c. LEI of Series:** 549300SCMF0V3IDLDG64

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $556275439.33

**Total Liabilities:** $510135.67

**Net Assets:** $555765303.66

**Cash Not Reported:** $1581163.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000033959 | 3.84%                | 6.39%                | 4.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1786998.83              | $15459579.31                               |
| Month 2  | $4544330.90              | $24358115.59                               |
| Month 3  | $3513088.43              | $16998080.62                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KONINKLIJKE AHOLD DELHAIZ    | KONINKLIJKE AHOLD DELHAIZ                   | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |     12823 | NS      | $536098.99    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP              | NORDEA BANK ABP                             | CUSIP: X5S8VL105<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |     43083 | NS      | $641554.57    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPASS GRP. PLC             | COMPASS GRP. PLC                            | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     23534 | NS      | $797100.94    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| TESCO PLC                    | TESCO PLC                                   | CUSIP: G8T67X102<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |    213178 | NS      | $1174320.31   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| LOBLAW COS LTD               | LOBLAW COS LTD                              | CUSIP: 539481101<br>LEI: 5493008LN3O1DIDTSH67 | Long             | EC               | CORP              | CA        |      1457 | NS      | $241005.51    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA         | ROYAL BANK OF CANADA                        | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |      2010 | NS      | $264905.23    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMADEUS IT GRP. SA           | AMADEUS IT GRP. SA                          | CUSIP: E04648114<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |      7410 | NS      | $626872.82    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| GALENICA AG                  | GALENICA AG                                 | CUSIP: H85158113<br>LEI: 506700W4772BD8016Z20 | Long             | EC               | CORP              | CH        |      3616 | NS      | $396281.95    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA GRP. LTD                 | AIA GRP. LTD                                | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     38000 | NS      | $341725.41    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                       | SAP SE                                      | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      4520 | NS      | $1374927.76   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLIANZ SE                   | ALLIANZ SE                                  | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |       530 | NS      | $214740.15    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KONINKLIJKE KPN NV           | KONINKLIJKE KPN NV                          | CUSIP: N4297B146<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |    109499 | NS      | $534455.57    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| RECORDATI INDUSTRIA CHIMI    | RECORDATI INDUSTRIA CHIMI                   | CUSIP: T78458139<br>LEI: 815600FBF92FD3531704 | Long             | EC               | CORP              | IT        |      8112 | NS      | $510378.65    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML HLDG. NV                | ASML HLDG. NV                               | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       575 | NS      | $460372.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                | UNICREDIT SPA                               | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     13080 | NS      | $877276.32    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BOOKING HLDGS. INC           | BOOKING HLDGS. INC                          | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        35 | NS      | $202623.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| OBIC CO LTD                  | OBIC CO LTD                                 | CUSIP: J5946V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13700 | NS      | $533830.86    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS GRP. HLDGS. LTD          | DBS GRP. HLDGS. LTD                         | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     10300 | NS      | $364200.84    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ARISTOCRAT LEISURE LTD       | ARISTOCRAT LEISURE LTD                      | CUSIP: Q0521T108<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |      9746 | NS      | $418077.08    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC                    | SHELL PLC                                   | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     34199 | NS      | $1198428.82   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVARTIS AG CHF0.49          | NOVARTIS AG CHF0.49                         | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      3950 | NS      | $477851.48    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS AG GENUSSC    | ROCHE HOLDINGS AG GENUSSC                   | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |      1442 | NS      | $471404.85    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB LTD                      | ABB LTD                                     | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |      9913 | NS      | $592615.65    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL SPA                     | ENEL SPA                                    | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |     71668 | NS      | $680212.46    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC            | NATIONAL GRID PLC                           | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     55742 | NS      | $815025.32    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO        | NI US GOV T PORTFOLIO                       | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   9237970 | NS      | $9237969.78   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TSY. 0.00%     | UNITED STATES TSY. 0.00%                    | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    389000 | PA      | $382312.44    | 0.07%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BP PLC                       | BP PLC                                      | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    390478 | NS      | $1947884.99   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC       | STANDARD CHARTERED PLC                      | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |    179759 | NS      | $2979066.51   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| BABCOCK INTL. GRP. PLC       | BABCOCK INTL. GRP. PLC                      | CUSIP: G0689Q152<br>LEI: 213800TSKOLX4EU6L377 | Long             | EC               | CORP              | GB        |     18363 | NS      | $289186.03    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| KINGFISHER PLC               | KINGFISHER PLC                              | CUSIP: G5256E441<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |    233549 | NS      | $933199.66    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| J SAINSBURY PLC              | J SAINSBURY PLC                             | CUSIP: G77732173<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |    127817 | NS      | $508461.56    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH LAND CO PLC/THE      | BRITISH LAND CO PLC/THE                     | CUSIP: G15540118<br>LEI: RV5B68J2GV3QGMRPW209 | Long             | EC               | CORP              | GB        |    121661 | NS      | $628730.62    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH AMERICAN TOBACCO     | BRITISH AMERICAN TOBACCO                    | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     75274 | NS      | $3562142.05   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER GROUP P    | RECKITT BENCKISER GROUP P                   | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     23369 | NS      | $1589722.61   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| PRUDENTIAL PLC GBP0.05       | PRUDENTIAL PLC GBP0.05                      | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    171983 | NS      | $2159150.00   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| HANKOOK TIRE & TECH. CO L    | HANKOOK TIRE & TECH. CO L                   | CUSIP: Y3R57J108<br>LEI: 9884001BIEVM09M7AH02 | Long             | EC               | CORP              | KR        |      9467 | NS      | $278411.86    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| DCC PLC                      | DCC PLC                                     | CUSIP: G2689P101<br>LEI: 213800UPS1QEE4TD3T45 | Long             | EC               | CORP              | IE        |      2201 | NS      | $142876.61    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICA MOVIL SAB DE CV      | AMERICA MOVIL SAB DE CV                     | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |   1369739 | NS      | $1226337.78   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AMS-OSRAM AG                 | AMS-OSRAM AG                                | CUSIP: A0400Q156<br>LEI: 5299001JPPT2QFTV5D76 | Long             | EC               | CORP              | AT        |     18620 | NS      | $251211.34    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| FRESNILLO PLC                | FRESNILLO PLC                               | CUSIP: G371E2108<br>LEI: 549300JXWH1UV5J0XV81 | Long             | EC               | CORP              | GB        |     26314 | NS      | $520146.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                      | GSK PLC                                     | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    139163 | NS      | $2652830.78   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| MOBILE TELESYSTEMS PJSC      | MOBILE TELESYSTEMS PJSC                     | CUSIP: 607409109<br>LEI: 2534008FX8EXH1FMJA74 | Long             | EC               | CORP              | RU        |     64508 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| KT CORP ADR                  | KT CORP ADR                                 | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | NUSS              | KR        |     56689 | NS      | $1177997.42   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                      | WPP PLC                                     | CUSIP: G9788D103<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |    157555 | NS      | $1101322.36   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| BT GRP. PLC                  | BT GRP. PLC                                 | CUSIP: G16612106<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |    603735 | NS      | $1605871.77   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| BURBERRY GRP. PLC            | BURBERRY GRP. PLC                           | CUSIP: G1700D105<br>LEI: 213800PE1KEFCNFR1R50 | Long             | EC               | CORP              | GB        |     50528 | NS      | $822062.22    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO BRADESCO SA ADR        | BANCO BRADESCO SA ADR                       | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |    626753 | NS      | $1936666.77   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| KB FINL. GRP. INC            | KB FINL. GRP. INC                           | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     18720 | NS      | $1538075.29   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| ENDEAVOUR MINING PLC         | ENDEAVOUR MINING PLC                        | CUSIP: G3042J105<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |     18301 | NS      | $564317.23    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VEON LTD ADR                 | VEON LTD ADR                                | CUSIP: 91822M502<br>LEI: 5493008CA3NMHYEVT131 | Long             | EC               | CORP              | BM        |      6297 | NS      | $290102.79    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VALTERRA PLATINUM LIMITED    | VALTERRA PLATINUM LIMITED                   | CUSIP: S9122P108<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |      2460 | NS      | $108055.01    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                      | BASF SE                                     | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |     29038 | NS      | $1432286.94   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| AGEAS SA/NV                  | AGEAS SA/NV                                 | CUSIP: B0148L138<br>LEI: 5493005DJBML6LY3RV36 | Long             | EC               | CORP              | BE        |     19539 | NS      | $1319334.76   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| RTL GRP. SA                  | RTL GRP. SA                                 | CUSIP: L80326108<br>LEI: 5493000C8J3C3SZYS040 | Long             | EC               | CORP              | LU        |      8659 | NS      | $378792.54    | 0.07%             |  |  |  | No            |                  2 | On Loan: —       |
| AIB GRP. PLC                 | AIB GRP. PLC                                | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |     46675 | NS      | $373594.68    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPS ALPINE CO LTD           | ALPS ALPINE CO LTD                          | CUSIP: J01176114<br>LEI: 529900PWNU4ASLY9VI90 | Long             | EC               | CORP              | JP        |     22519 | NS      | $241672.83    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AMADA CO LTD                 | AMADA CO LTD                                | CUSIP: J01218106<br>LEI: 529900QF5O6TQGCPDX85 | Long             | EC               | CORP              | JP        |     32850 | NS      | $357949.36    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SK TELECOM CO LTD            | SK TELECOM CO LTD                           | CUSIP: Y4935N104<br>LEI: 9884003WEA1PHW006037 | Long             | EC               | CORP              | KR        |     23084 | NS      | $969625.27    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| KASIKORNBANK PCL             | KASIKORNBANK PCL                            | CUSIP: Y4591R126<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |    169177 | NS      | $799049.38    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| SHINHAN FINANCIAL GROUP C    | SHINHAN FINANCIAL GROUP C                   | CUSIP: Y7749X101<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     44322 | NS      | $2016181.68   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| DENTSU GRP. INC              | DENTSU GRP. INC                             | CUSIP: J1207N108<br>LEI: 5299007PBBE83ZLJZG91 | Long             | EC               | CORP              | JP        |     43600 | NS      | $967445.81    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGA SAMMY HLDGS. INC        | SEGA SAMMY HLDGS. INC                       | CUSIP: J7028D104<br>LEI: 5493006B6WMKNQ8QNP51 | Long             | EC               | CORP              | JP        |     19330 | NS      | $463692.68    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| HAKUHODO DY HLDGS. INC       | HAKUHODO DY HLDGS. INC                      | CUSIP: J19174101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     51100 | NS      | $424161.91    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| PT BANK NEGARA INDONESIA(    | PT BANK NEGARA INDONESIA(                   | CUSIP: Y74568166<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |   1968991 | NS      | $501533.98    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| TSURUHA HLDGS. INC           | TSURUHA HLDGS. INC                          | CUSIP: J9348C105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9657 | NS      | $754274.66    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ULTRAPAR PARTICIPACOES SA    | ULTRAPAR PARTICIPACOES SA                   | CUSIP: P94396127<br>LEI: 529900FU4XBXGQMLRE72 | Long             | EC               | CORP              | BR        |    131347 | NS      | $424518.84    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MAKITA CORP                  | MAKITA CORP                                 | CUSIP: J39584107<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |      1977 | NS      | $60793.77     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI ESTATE CO LTD     | MITSUBISHI ESTATE CO LTD                    | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     78510 | NS      | $1468923.92   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC                    | SHELL PLC                                   | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    101436 | NS      | $3554601.75   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                       | AXA SA                                      | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |     39429 | NS      | $1937986.53   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| ENI SPA                      | ENI SPA                                     | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    129870 | NS      | $2103479.66   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA               | BNP PARIBAS SA                              | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     24890 | NS      | $2241824.04   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TRUST GRO    | SUMITOMO MITSUI TRUST GRO                   | CUSIP: J7772M102<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |     64374 | NS      | $1706454.38   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| ASMPT LTD                    | ASMPT LTD                                   | CUSIP: G0535Q133<br>LEI: 529900PYFA1HFYKPT360 | Long             | EC               | CORP              | KY        |     71756 | NS      | $526346.27    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| TATE & LYLE PLC              | TATE & LYLE PLC                             | CUSIP: G86838151<br>LEI: 2138008K14474WPKZ244 | Long             | EC               | CORP              | GB        |     88191 | NS      | $625377.35    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BAIDU INC                    | BAIDU INC                                   | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |     85379 | NS      | $910040.54    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK HLDG. AG       | DAIMLER TRUCK HLDG. AG                      | CUSIP: D1T3RZ100<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |     32819 | NS      | $1553322.95   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| MONDI PLC                    | MONDI PLC                                   | CUSIP: G6258S115<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |     64047 | NS      | $1045931.89   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| CANARA BANK                  | CANARA BANK                                 | CUSIP: Y1081F125<br>LEI: 335800E4RH82Z8XC3C30 | Long             | EC               | CORP              | IN        |    400016 | NS      | $532878.30    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC           | ANGLO AMERICAN PLC                          | CUSIP: G03764142<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     21173 | NS      | $625053.90    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BABCOCK INTL. GRP. PLC       | BABCOCK INTL. GRP. PLC                      | CUSIP: G0689Q152<br>LEI: 213800TSKOLX4EU6L377 | Long             | EC               | CORP              | GB        |     36754 | NS      | $578813.02    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HIKMA PHARMS. PLC            | HIKMA PHARMS. PLC                           | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |     14053 | NS      | $383556.64    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CRANSWICK PLC                | CRANSWICK PLC                               | CUSIP: G2504J108<br>LEI: 549300LDZLPU51XOSK43 | Long             | EC               | CORP              | GB        |      4141 | NS      | $304343.46    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| JET2 PLC                     | JET2 PLC                                    | CUSIP: G5112P101<br>LEI: I72RQ3PNLDPW8R7JIJ56 | Long             | EC               | CORP              | GB        |     12584 | NS      | $318758.48    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SILICON2 CO LTD              | SILICON2 CO LTD                             | CUSIP: Y7T3EN105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      7104 | NS      | $324724.68    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SECURE WASTE INFRA. CORP     | SECURE WASTE INFRA. CORP                    | CUSIP: 813921103<br>LEI: 549300EZKELHYBQO9X11 | Long             | EC               | CORP              | CA        |     24814 | NS      | $283718.73    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWOOL A/S                 | ROCKWOOL A/S                                | CUSIP: K8254S250<br>LEI: 213800QRC7LNX935OZ09 | Long             | EC               | CORP              | DK        |      7803 | NS      | $365059.24    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| OCEANAGOLD CORP              | OCEANAGOLD CORP                             | CUSIP: 675222400<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |     43004 | NS      | $606966.68    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM CHINA HLDGS. LTD         | MGM CHINA HLDGS. LTD                        | CUSIP: G60744102<br>LEI: 529900VZFN87OS7WJM66 | Long             | EC               | CORP              | KY        |    181600 | NS      | $297428.07    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| COCA-COLA HBC AG             | COCA-COLA HBC AG                            | CUSIP: H1512E100<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |     12499 | NS      | $648903.24    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| SIEGFRIED HLDG. AG           | SIEGFRIED HLDG. AG                          | CUSIP: H7593W109<br>LEI: 506700J9QD6IF3937W06 | Long             | EC               | CORP              | CH        |      2340 | NS      | $264152.78    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TEMENOS AG                   | TEMENOS AG                                  | CUSIP: H8547Q107<br>LEI: 5067007NW6550481FH64 | Long             | EC               | CORP              | CH        |      3168 | NS      | $226982.37    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ATKINSREALIS GRP. INC        | ATKINSREALIS GRP. INC                       | CUSIP: 04764T104<br>LEI: UL01OYG5OMLM5G6CFM03 | Long             | EC               | CORP              | CA        |      5178 | NS      | $363172.96    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC ADR              | LUKOIL PJSC ADR                             | CUSIP: 69343P105<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |      4766 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OLD MUTUAL LTD               | OLD MUTUAL LTD                              | CUSIP: S5790B132<br>LEI: 213800MON84ZWWPQCN47 | Long             | EC               | CORP              | ZA        |    803824 | NS      | $549964.47    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| NN GRP. NV                   | NN GRP. NV                                  | CUSIP: N64038107<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |     26781 | NS      | $1780063.11   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF IRELAND GRP. PLC     | BANK OF IRELAND GRP. PLC                    | CUSIP: G0756R109<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |    103286 | NS      | $1477566.13   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CK HUTCHISON HLDGS. LTD      | CK HUTCHISON HLDGS. LTD                     | CUSIP: G21765105<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | KY        |    146211 | NS      | $902590.31    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CK ASSET HLDGS. LTD          | CK ASSET HLDGS. LTD                         | CUSIP: G2177B101<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |    180720 | NS      | $797749.20    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| RENAULT SA                   | RENAULT SA                                  | CUSIP: F77098105<br>LEI: 969500F7JLTX36OUI695 | Long             | EC               | CORP              | FR        |     18489 | NS      | $853260.91    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE             | TOTALENERGIES SE                            | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     38070 | NS      | $2341583.72   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| WH GROUP LIMITED USD0.000    | WH GROUP LIMITED USD0.000                   | CUSIP: G96007102<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |    851318 | NS      | $819892.50    | 0.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| JAPAN POST INS. CO LTD       | JAPAN POST INS. CO LTD                      | CUSIP: J2800E107<br>LEI: 54930042SK2Z708BA841 | Long             | EC               | CORP              | JP        |     49750 | NS      | $1122006.99   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV             | ABN AMRO BANK NV                            | CUSIP: N0162C102<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |     71156 | NS      | $1948258.72   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| VALEO SE EUR1                | VALEO SE EUR1                               | CUSIP: F96221340<br>LEI: 5493006IH2N2WMIBB742 | Long             | EC               | CORP              | FR        |     46382 | NS      | $508747.09    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                | UNICREDIT SPA                               | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     56436 | NS      | $3785165.63   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| EISAI CO LTD NPV             | EISAI CO LTD NPV                            | CUSIP: J12852117<br>LEI: 353800HDEE0ZYEX4QV91 | Long             | EC               | CORP              | JP        |     12226 | NS      | $351200.27    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HORIBA LTD                   | HORIBA LTD                                  | CUSIP: J22428106<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |      6180 | NS      | $480646.46    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ISUZU MOTORS LTD             | ISUZU MOTORS LTD                            | CUSIP: J24994113<br>LEI: 529900C0QSXVCC7AR494 | Long             | EC               | CORP              | JP        |     10191 | NS      | $129024.26    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| KOITO MFG. CO LTD            | KOITO MFG. CO LTD                           | CUSIP: J34899104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     65850 | NS      | $785403.62    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI GAS CHEMICAL C    | MITSUBISHI GAS CHEMICAL C                   | CUSIP: J43959113<br>LEI: 529900G5O4J27ZPLJJ89 | Long             | EC               | CORP              | JP        |     35010 | NS      | $536656.06    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                       | SKF AB                                      | CUSIP: W84237143<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |     57099 | NS      | $1311484.16   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| NIKON CORP                   | NIKON CORP                                  | CUSIP: 654111103<br>LEI: 549300X7LIS9RFELXJ98 | Long             | EC               | CORP              | JP        |     34666 | NS      | $354929.28    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ONO PHARM. CO LTD            | ONO PHARM. CO LTD                           | CUSIP: J61546115<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |     21208 | NS      | $229884.62    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIHEIYO CEMENT CORP         | TAIHEIYO CEMENT CORP                        | CUSIP: J7923L128<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11911 | NS      | $295227.04    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ROHM CO LTD                  | ROHM CO LTD                                 | CUSIP: J65328122<br>LEI: 5493009V2FGDEP7JFE59 | Long             | EC               | CORP              | JP        |     81588 | NS      | $1040457.93   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| STANLEY ELEC. CO LTD         | STANLEY ELEC. CO LTD                        | CUSIP: J76637115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     27609 | NS      | $545554.38    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO HEAVY INDS. LTD     | SUMITOMO HEAVY INDS. LTD                    | CUSIP: J77497170<br>LEI: 353800VSTEIRMBC3S374 | Long             | EC               | CORP              | JP        |     20063 | NS      | $411203.87    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO RUBBER INDS. LTD    | SUMITOMO RUBBER INDS. LTD                   | CUSIP: J77884112<br>LEI: 353800JD4V72SJ3EOX37 | Long             | EC               | CORP              | JP        |     36317 | NS      | $411507.77    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| THK CO LTD                   | THK CO LTD                                  | CUSIP: J83345108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     15356 | NS      | $408986.21    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TAKEDA PHARM. CO LTD         | TAKEDA PHARM. CO LTD                        | CUSIP: J8129E108<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |     28242 | NS      | $871792.42    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| KASIKORNBANK PCL             | KASIKORNBANK PCL                            | CUSIP: Y4591R118<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |    173994 | NS      | $824011.66    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| YAMATO HLDGS. CO LTD         | YAMATO HLDGS. CO LTD                        | CUSIP: J96612114<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     52200 | NS      | $699516.06    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| AMBEV SA COM NPV ABEV3       | AMBEV SA COM NPV ABEV3                      | CUSIP: P0273U106<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |    467025 | NS      | $1142397.94   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ADECCO GRP. AG               | ADECCO GRP. AG                              | CUSIP: H00392318<br>LEI: NI14Y5UMU60O7JE9P611 | Long             | EC               | CORP              | CH        |     24010 | NS      | $713738.76    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CIE DE SAINT-GOBAIN SA       | CIE DE SAINT-GOBAIN SA                      | CUSIP: F80343100<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     13120 | NS      | $1543411.65   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| EVONIK INDS. AG              | EVONIK INDS. AG                             | CUSIP: D2R90Y117<br>LEI: 41GUOJQTALQHLF39XJ34 | Long             | EC               | CORP              | DE        |     47427 | NS      | $977672.05    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| ISHARES CORE MSCI EAFE ET    | ISHARES CORE MSCI EAFE ET                   | CUSIP: 46432F842<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      8802 | NS      | $734790.96    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LAND SECS. GRP. PLC          | LAND SECS. GRP. PLC                         | CUSIP: G5375M142<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               | CORP              | GB        |    101633 | NS      | $880469.39    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| PERSOL HLDGS. CO LTD         | PERSOL HLDGS. CO LTD                        | CUSIP: J6367Q106<br>LEI: 3538000H6OI725NB2008 | Long             | EC               | CORP              | JP        |    347310 | NS      | $677069.87    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG USD0.10 (REG    | UBS GROUP AG USD0.10 (REG                   | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     42725 | NS      | $1451715.80   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ING GROEP NV                 | ING GROEP NV                                | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     81567 | NS      | $1789974.99   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB GRP. PLC                 | AIB GRP. PLC                                | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |       451 | NS      | $3710.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                | AIB GROUP PLC                               | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |    139802 | NS      | $1151700.47   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| RAIZEN SA                    | RAIZEN SA                                   | CUSIP: P79857101<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |   1015271 | PA      | $308331.74    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO        | NI US GOV T PORTFOLIO                       | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1687447 | NS      | $1687447.15   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTINENTAL AG               | CONTINENTAL AG                              | CUSIP: D16212140<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |     10281 | NS      | $897146.12    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| HENKEL AG KGAA               | HENKEL AG KGAA                              | CUSIP: D3207M110<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |      7704 | PA      | $604924.99    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| VOLKSWAGEN AG                | VOLKSWAGEN AG                               | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |     14405 | PA      | $1521099.28   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| ARKEMA SA                    | ARKEMA SA                                   | CUSIP: F0392W125<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |      6609 | NS      | $487888.79    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| COCA-COLA ICECEK AS          | COCA-COLA ICECEK AS                         | CUSIP: M2R39A121<br>LEI: 789000WT80VVLUWJDK41 | Long             | EC               | CORP              | TR        |     77490 | NS      | $96284.86     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JAPAN AIRLINES CO LTD        | JAPAN AIRLINES CO LTD                       | CUSIP: J25979121<br>LEI: 3538002MH5L1QZZ93477 | Long             | EC               | CORP              | JP        |     28053 | NS      | $571459.02    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| RESONA HLDGS. INC            | RESONA HLDGS. INC                           | CUSIP: J6448E106<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |    176127 | NS      | $1616567.46   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| COWAY CO LTD                 | COWAY CO LTD                                | CUSIP: Y1786S109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      7494 | NS      | $537636.36    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN GRP. LTD                 | MTN GRP. LTD                                | CUSIP: S8039R108<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |    141217 | NS      | $1122286.28   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ALFRESA HLDGS. CORP          | ALFRESA HLDGS. CORP                         | CUSIP: J0109X107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     27953 | NS      | $381773.15    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D HLDGS. INC               | T&D HLDGS. INC                              | CUSIP: J86796109<br>LEI: 3538008ARJ1MACEWA242 | Long             | EC               | CORP              | JP        |     93041 | NS      | $2035135.97   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA MENGNIU DAIRY CO LT    | CHINA MENGNIU DAIRY CO LT                   | CUSIP: G21096105<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | KY        |    212850 | NS      | $437252.79    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CHIBA BANK LTD/THE           | CHIBA BANK LTD/THE                          | CUSIP: J05670104<br>LEI: FGJPAKKCTZVSKZXNBS63 | Long             | EC               | CORP              | JP        |    135220 | NS      | $1245984.04   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SUBARU CORP                  | SUBARU CORP                                 | CUSIP: J7676H100<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |     47212 | NS      | $820270.72    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| HINO MOTORS LTD              | HINO MOTORS LTD                             | CUSIP: 433406105<br>LEI: 3538009ZU0PHKNHJM202 | Long             | EC               | CORP              | JP        |     68704 | NS      | $170576.42    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD           | HONDA MOTOR CO LTD                          | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |     94442 | NS      | $910681.41    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI MOBIS CO LTD         | HYUNDAI MOBIS CO LTD                        | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |      5631 | NS      | $1194652.05   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| JGC HLDGS. CORP              | JGC HLDGS. CORP                             | CUSIP: J26945105<br>LEI: 5493003WMGG79YLARU68 | Long             | EC               | CORP              | JP        |     46720 | NS      | $405283.18    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KUBOTA CORP                  | KUBOTA CORP                                 | CUSIP: J36662138<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |    105330 | NS      | $1180941.09   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO NPV          | NISSAN MOTOR CO NPV                         | CUSIP: J57160129<br>LEI: 353800DRBDH1LUTNAY26 | Long             | EC               | CORP              | JP        |    235218 | NS      | $571339.98    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON TELEVISION HLDGS.     | NIPPON TELEVISION HLDGS.                    | CUSIP: J56171101<br>LEI: 353800QI43C3H97E4W63 | Long             | EC               | CORP              | JP        |     23622 | NS      | $547943.36    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| RINNAI CORP                  | RINNAI CORP                                 | CUSIP: J65199101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     22858 | NS      | $566639.08    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| KIRIN HLDGS. CO LTD          | KIRIN HLDGS. CO LTD                         | CUSIP: 497350108<br>LEI: 353800GBVL72LLMTYM96 | Long             | EC               | CORP              | JP        |     23743 | NS      | $332491.38    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| FRESENIUS SE KGAA            | FRESENIUS SE KGAA                           | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     35169 | NS      | $1768740.69   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| NATURA HLDG. SA              | NATURA HLDG. SA                             | CUSIP: P7S8B6105<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    290798 | NS      | $591433.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GRP. HLDG. LTD       | ALIBABA GRP. HLDG. LTD                      | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     35161 | NS      | $498988.16    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BARRICK MINING CORP          | BARRICK MINING CORP                         | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     54419 | NS      | $1132938.24   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEFONICA BRASIL SA         | TELEFONICA BRASIL SA                        | CUSIP: P9T369176<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |    248242 | NS      | $1415953.98   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SOMPO HLDGS. INC             | SOMPO HLDGS. INC                            | CUSIP: J7621A101<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |     37900 | NS      | $1135448.46   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPERIAN PLC                 | EXPERIAN PLC                                | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |     47289 | NS      | $2436166.60   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE SYS. PLC                 | BAE SYS. PLC                                | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    265409 | NS      | $6871238.05   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC              | ASTRAZENECA PLC                             | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     19165 | NS      | $2672709.37   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| KINAXIS INC                  | KINAXIS INC                                 | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |      2065 | NS      | $307107.62    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FOOD & LIFE COS LTD          | FOOD & LIFE COS LTD                         | CUSIP: J1358G100<br>LEI: 529900CWF7GCVZKS5M87 | Long             | EC               | CORP              | JP        |      7700 | NS      | $375046.98    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI ROTEM CO LTD         | HYUNDAI ROTEM CO LTD                        | CUSIP: Y3R36Z108<br>LEI: 988400HB939UNHXTFY36 | Long             | EC               | CORP              | KR        |      3999 | NS      | $582167.67    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED     | TENCENT HOLDINGS LIMITED                    | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     43500 | NS      | $2793878.91   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| CAIRN HOMES PLC              | CAIRN HOMES PLC                             | CUSIP: G1858L107<br>LEI: 635400DPX6WP2KKDOA83 | Long             | EC               | CORP              | IE        |     90767 | NS      | $229320.38    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NETCOMPANY GRP. A/S          | NETCOMPANY GRP. A/S                         | CUSIP: K7020C102<br>LEI: 5299006DEGAWX1Z1X779 | Long             | EC               | CORP              | DK        |      5075 | NS      | $216305.55    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN NATURAL RES. LTD    | CANADIAN NATURAL RES. LTD                   | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     65184 | NS      | $2048742.57   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LTD ADR           | ICICI BANK LTD ADR                          | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     96287 | NS      | $3239094.68   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCH CAP. GRP. LTD           | ARCH CAP. GRP. LTD                          | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     36987 | NS      | $3367666.35   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NOMAD FOODS LTD              | NOMAD FOODS LTD                             | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | VG        |     13299 | NS      | $225950.01    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GALENICA AG                  | GALENICA AG                                 | CUSIP: H85158113<br>LEI: 506700W4772BD8016Z20 | Long             | EC               | CORP              | CH        |      4187 | NS      | $458858.55    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BE SEMICON. INDS. NV         | BE SEMICON. INDS. NV                        | CUSIP: N13107144<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |      2501 | NS      | $374392.63    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCA MONTE DEI PASCHI DI    | BANCA MONTE DEI PASCHI DI                   | CUSIP: T1188K429<br>LEI: J4CP7MHCXR8DAQMKIL78 | Long             | EC               | CORP              | IT        |     45533 | NS      | $387539.54    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC KANSAS C    | CANADIAN PACIFIC KANSAS C                   | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     47128 | NS      | $3735836.56   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                       | SAP SE                                      | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     19276 | NS      | $5863519.36   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFRAN SA                    | SAFRAN SA                                   | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     15340 | NS      | $4995989.47   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| SOFTCAT PLC                  | SOFTCAT PLC                                 | CUSIP: G8251T108<br>LEI: 213800N42YZLR9GLVC42 | Long             | EC               | CORP              | GB        |     12197 | NS      | $287527.32    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR NEDERLAND NV             | ASR NEDERLAND NV                            | CUSIP: N0709G103<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |      6791 | NS      | $451059.57    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| RIGHTMOVE PLC                | RIGHTMOVE PLC                               | CUSIP: G7565D106<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |     23459 | NS      | $254173.23    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SUESS MICROTEC SE            | SUESS MICROTEC SE                           | CUSIP: D82791167<br>LEI: 529900C3KRUTSYDK7N87 | Long             | EC               | CORP              | DE        |      5193 | NS      | $284983.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| FERRARI NV                   | FERRARI NV                                  | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |      5861 | NS      | $2873616.23   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC        | WASTE CONNECTIONS INC                       | CUSIP: 94106B101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     11584 | NS      | $2162964.48   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTIA SERVS. GRP. PTY LT    | VENTIA SERVS. GRP. PTY LT                   | CUSIP: Q9394Q109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    107266 | NS      | $365720.51    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ATLASSIAN CORP               | ATLASSIAN CORP                              | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |      9778 | NS      | $1985814.02   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON ACCOM. INC            | NIPPON ACCOM. INC                           | CUSIP: J52066107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       198 | NS      | $161890.95    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| EBARA CORP                   | EBARA CORP                                  | CUSIP: J12600128<br>LEI: 353800UV8U3SOMCDTI49 | Long             | EC               | CORP              | JP        |     17800 | NS      | $341261.44    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJI CORP/AICHI              | FUJI CORP/AICHI                             | CUSIP: J1R541101<br>LEI: 353800G4VS3QLM6BSX66 | Long             | EC               | CORP              | JP        |     14100 | NS      | $262265.25    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MEIDENSHA CORP               | MEIDENSHA CORP                              | CUSIP: J41594102<br>LEI: 529900VFKHJPVURD7985 | Long             | EC               | CORP              | JP        |      6400 | NS      | $240298.94    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI HEAVY INDS. LT    | MITSUBISHI HEAVY INDS. LT                   | CUSIP: J44002178<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |    257300 | NS      | $6447828.49   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| NINTENDO CO LTD              | NINTENDO CO LTD                             | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     39000 | NS      | $3740763.47   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| NISSUI CORP                  | NISSUI CORP                                 | CUSIP: J56042104<br>LEI: 529900MPH5BMANQ3EC50 | Long             | EC               | CORP              | JP        |     52200 | NS      | $317390.87    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BIPROGY INC                  | BIPROGY INC                                 | CUSIP: J51097103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6900 | NS      | $287992.89    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIHEIYO CEMENT CORP         | TAIHEIYO CEMENT CORP                        | CUSIP: J7923L128<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9400 | NS      | $232989.18    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED LABS. INTL. HLDGS.    | UNITED LABS. INTL. HLDGS.                   | CUSIP: G8813K108<br>LEI: 2549007JL3XIH77JXN70 | Long             | EC               | CORP              | KY        |    228000 | NS      | $436854.05    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SWISSQUOTE GRP. HLDG. SA     | SWISSQUOTE GRP. HLDG. SA                    | CUSIP: H8403Y103<br>LEI: 549300O3WME82RDPEN66 | Long             | EC               | CORP              | CH        |      1569 | NS      | $891181.02    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| SANKYO CO LTD                | SANKYO CO LTD                               | CUSIP: J67844100<br>LEI: 3538009H2R9ZBZAOAK48 | Long             | EC               | CORP              | JP        |     30600 | NS      | $565780.58    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SWCC CORP                    | SWCC CORP                                   | CUSIP: J7863E100<br>LEI: 353800A7RNYOC4KL4T49 | Long             | EC               | CORP              | JP        |      5700 | NS      | $298333.06    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| DIASORIN SPA                 | DIASORIN SPA                                | CUSIP: T3475Y104<br>LEI: 8156002878BDF0EE4348 | Long             | EC               | CORP              | IT        |      1991 | NS      | $213252.80    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO BAKELITE CO LTD     | SUMITOMO BAKELITE CO LTD                    | CUSIP: J77024115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8400 | NS      | $242217.54    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC             | MERCADOLIBRE INC                            | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      1434 | NS      | $3747945.42   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MANU    | TAIWAN SEMICONDUCTOR MANU                   | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    190000 | NS      | $6860140.96   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| TOKYO SEIMITSU CO LTD        | TOKYO SEIMITSU CO LTD                       | CUSIP: J87903100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5700 | NS      | $377982.07    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TOHOKU ELEC. POWER CO INC    | TOHOKU ELEC. POWER CO INC                   | CUSIP: J85108108<br>LEI: 353800KTF7EYIIYHY088 | Long             | EC               | CORP              | JP        |     25800 | NS      | $188179.06    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYO TIRE CORP               | TOYO TIRE CORP                              | CUSIP: J92805175<br>LEI: 529900Y41RD7VQM9RF75 | Long             | EC               | CORP              | JP        |     16600 | NS      | $350458.73    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| LUNDIN GOLD INC              | LUNDIN GOLD INC                             | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |      6606 | NS      | $348794.86    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIE SA                      | SPIE SA                                     | CUSIP: F8691R101<br>LEI: 969500TJNS5GSFWJ8X85 | Long             | EC               | CORP              | FR        |     11306 | NS      | $636079.69    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| FLUGHAFEN ZURICH AG          | FLUGHAFEN ZURICH AG                         | CUSIP: H26552135<br>LEI: 529900PFO97GCN5SYB55 | Long             | EC               | CORP              | CH        |       827 | NS      | $235962.46    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERMEDIATE CAP. GRP. PL    | INTERMEDIATE CAP. GRP. PL                   | CUSIP: G4807D192<br>LEI: 549300OGASR5WRKJ8R68 | Long             | EC               | RF                | GB        |     12073 | NS      | $319625.51    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL. INC      | PHILIP MORRIS INTL. INC                     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     33462 | NS      | $6094434.06   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EVONIK INDS. AG              | EVONIK INDS. AG                             | CUSIP: D2R90Y117<br>LEI: 41GUOJQTALQHLF39XJ34 | Long             | EC               | CORP              | DE        |      8829 | NS      | $182003.22    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PHARMARESEARCH CO LTD        | PHARMARESEARCH CO LTD                       | CUSIP: Y6S297101<br>LEI: 988400WCI2SXC6H7SG23 | Long             | EC               | CORP              | KR        |      1466 | NS      | $535979.12    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HUGEL INC                    | HUGEL INC                                   | CUSIP: Y3R47A100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1074 | NS      | $308905.68    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CONVATEC GRP. PLC            | CONVATEC GRP. PLC                           | CUSIP: G23969101<br>LEI: 213800LS272L4FIDOH92 | Long             | EC               | CORP              | GB        |     96299 | NS      | $381291.58    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| HYOSUNG HEAVY INDS. CORP     | HYOSUNG HEAVY INDS. CORP                    | CUSIP: Y3R1E4102<br>LEI: 988400IDLF9EQ95M0928 | Long             | EC               | CORP              | KR        |       875 | NS      | $578679.20    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| BOMBARDIER INC               | BOMBARDIER INC                              | CUSIP: 097751861<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | EC               | CORP              | CA        |      3970 | NS      | $345879.05    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLS-ROYCE HLDGS. PLC       | ROLLS-ROYCE HLDGS. PLC                      | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    535244 | NS      | $7111400.45   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| SCOUT24 SE                   | SCOUT24 SE                                  | CUSIP: D345XT105<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |      4135 | NS      | $570230.86    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| BEAZLEY PLC                  | BEAZLEY PLC                                 | CUSIP: G0936K107<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |     45994 | NS      | $590439.09    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| REPLY SPA                    | REPLY SPA                                   | CUSIP: T60326112<br>LEI: 815600DAEFB0388F3521 | Long             | EC               | CORP              | IT        |      2220 | NS      | $383475.86    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| EQB INC                      | EQB INC                                     | CUSIP: 26886R104<br>LEI: 549300QAXPCRULOPD247 | Long             | EC               | CORP              | CA        |      3910 | NS      | $297352.38    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S             | NOVO NORDISK A/S                            | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     38549 | NS      | $2689871.20   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| IG GRP. HLDGS. PLC           | IG GRP. HLDGS. PLC                          | CUSIP: G4753Q106<br>LEI: 2138003A5Q1M7ANOUD76 | Long             | EC               | CORP              | GB        |     51207 | NS      | $748414.29    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE SYS. PLC                 | BAE SYS. PLC                                | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     54421 | NS      | $1408918.48   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                     | RELX PLC                                    | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     23110 | NS      | $1253598.72   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| HITACHI LTD                  | HITACHI LTD                                 | CUSIP: J20454112<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |      6700 | NS      | $194091.26    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                       | BP PLC                                      | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    442692 | NS      | $2208352.59   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC       | STANDARD CHARTERED PLC                      | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |     64101 | NS      | $1062317.56   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC ORD US    | SMITH & NEPHEW PLC ORD US                   | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |     73568 | NS      | $1124161.29   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| KINGFISHER PLC               | KINGFISHER PLC                              | CUSIP: G5256E441<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |    151167 | NS      | $604023.10    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| DIAGEO ORD GBP0.28 101/10    | DIAGEO ORD GBP0.28 101/10                   | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     84397 | NS      | $2122883.63   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| 3I GRP. PLC                  | 3I GRP. PLC                                 | CUSIP: G88473148<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     83921 | NS      | $4747129.17   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| PRUDENTIAL PLC GBP0.05       | PRUDENTIAL PLC GBP0.05                      | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    140653 | NS      | $1765819.45   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| SOOP CO LTD                  | SOOP CO LTD                                 | CUSIP: Y63806106<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3094 | NS      | $208679.92    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TECHNOPRO HLDGS. INC         | TECHNOPRO HLDGS. INC                        | CUSIP: J82251109<br>LEI: 3538001DJ8I5PJQNHU53 | Long             | EC               | CORP              | JP        |     12300 | NS      | $358985.81    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA             | ARCELORMITTAL SA                            | CUSIP: L0302D210<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     41344 | NS      | $1306802.39   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| ADYEN NV                     | ADYEN NV                                    | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      2108 | NS      | $3870520.44   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| AVANZA BANK HLDG. AB         | AVANZA BANK HLDG. AB                        | CUSIP: W1R78Z269<br>LEI: 549300MBWR5H8SIJLE03 | Long             | EC               | CORP              | SE        |     13861 | NS      | $470244.32    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TRAINLINE PLC                | TRAINLINE PLC                               | CUSIP: G8992Y119<br>LEI: 213800HO26VXTFJ4MO71 | Long             | EC               | CORP              | GB        |     49887 | NS      | $191022.21    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TEAMVIEWER SE                | TEAMVIEWER SE                               | CUSIP: D8T895100<br>LEI: 3912000FZ0R0KEK9JS42 | Long             | EC               | CORP              | DE        |     19761 | NS      | $222467.17    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| STORSKOGEN GRP. AB           | STORSKOGEN GRP. AB                          | CUSIP: W91106117<br>LEI: 549300DL3K4HLJ41KD24 | Long             | EC               | CORP              | SE        |    184513 | NS      | $220342.50    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON EXPRESS HLDGS. INC    | NIPPON EXPRESS HLDGS. INC                   | CUSIP: J53377107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14200 | NS      | $284451.21    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED     | TENCENT HOLDINGS LIMITED                    | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     20200 | NS      | $1297387.45   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPUTACENTER PLC            | COMPUTACENTER PLC                           | CUSIP: G23356150<br>LEI: 549300XSXUZ1I19DB105 | Long             | EC               | CORP              | GB        |      5938 | NS      | $195668.01    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPASS GRP. PLC             | COMPASS GRP. PLC                            | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     77529 | NS      | $2625921.58   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| FDJ UNITED                   | FDJ UNITED                                  | CUSIP: F55896108<br>LEI: 969500R4CLSQFTYYI535 | Long             | EC               | CORP              | FR        |      8040 | NS      | $315527.26    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BELIMO HLDG. AG              | BELIMO HLDG. AG                             | CUSIP: H07171129<br>LEI: 506700339DLX749VEM23 | Long             | EC               | CORP              | CH        |       262 | NS      | $267846.33    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INFRONEER HLDGS. INC         | INFRONEER HLDGS. INC                        | CUSIP: J2449Y100<br>LEI: 353800G6TWA2W0MY9K16 | Long             | EC               | CORP              | JP        |     27900 | NS      | $234064.69    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TUI AG                       | TUI AG                                      | CUSIP: D8484K455<br>LEI: 529900SL2WSPV293B552 | Long             | EC               | CORP              | DE        |     40209 | NS      | $351386.60    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SANDFIRE RES. LTD            | SANDFIRE RES. LTD                           | CUSIP: Q82191109<br>LEI: 213800ZW52P23FVH1V47 | Long             | EC               | CORP              | AU        |     42985 | NS      | $319317.84    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BRUNELLO CUCINELLI SPA       | BRUNELLO CUCINELLI SPA                      | CUSIP: T2R05S109<br>LEI: 5493003CX2RZ0FOBH256 | Long             | EC               | CORP              | IT        |      1761 | NS      | $214041.39    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SPOTIFY TECH. SA             | SPOTIFY TECH. SA                            | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      9124 | NS      | $7001210.16   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AKZO NOBEL NV                | AKZO NOBEL NV                               | CUSIP: N01803308<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |     37715 | NS      | $2639402.44   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| HEADWATER EXPLORATION INC    | HEADWATER EXPLORATION INC                   | CUSIP: 422096107<br>LEI: 549300XIU4JQ0GKLRG88 | Long             | EC               | CORP              | CA        |     59354 | NS      | $293337.56    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AON PLC                      | AON PLC                                     | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      5724 | NS      | $2042094.24   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIP ENERGIES NV          | TECHNIP ENERGIES NV                         | CUSIP: N8486R101<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | NL        |     11583 | NS      | $488212.64    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO        | NI US GOV T PORTFOLIO                       | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   5444691 | NS      | $5444691.06   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO        | NI US GOV T PORTFOLIO                       | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    729468 | NS      | $729468.39    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HARBOUR ENERGY PLC           | HARBOUR ENERGY PLC                          | CUSIP: G4289T111<br>LEI: 213800YPC42DYBKVPF97 | Long             | EC               | CORP              | GB        |    125987 | NS      | $338877.28    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| LINDE PLC                    | LINDE PLC                                   | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |      5660 | NS      | $2655558.80   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVISTA ENERGY LTD           | NUVISTA ENERGY LTD                          | CUSIP: 67072Q104<br>LEI: 549300MG32TDSM60SX75 | Long             | EC               | CORP              | CA        |     27367 | NS      | $301052.07    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLICOM INTL. CELLULAR S    | MILLICOM INTL. CELLULAR S                   | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |      9858 | NS      | $369379.26    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARDWALK REAL ESTATE INV    | BOARDWALK REAL ESTATE INV                   | CUSIP: 096631106<br>LEI: 549300KXE6YWGWBI0U31 | Long             | EC               | CORP              | CA        |      7384 | NS      | $379516.18    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ELIS SA                      | ELIS SA                                     | CUSIP: F2976F106<br>LEI: 969500UX71LCE8MAY492 | Long             | EC               | CORP              | FR        |     17306 | NS      | $497153.17    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| STERIS PLC                   | STERIS PLC                                  | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      5901 | NS      | $1417538.22   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEMENS ENERGY AG            | SIEMENS ENERGY AG                           | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     78566 | NS      | $9079289.20   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| ENDEAVOUR MINING PLC         | ENDEAVOUR MINING PLC                        | CUSIP: G3042J105<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |     14149 | NS      | $436288.97    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ANYCOLOR INC                 | ANYCOLOR INC                                | CUSIP: J0155B108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11000 | NS      | $398650.43    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM INTL. NV                 | ASM INTL. NV                                | CUSIP: N07045201<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      4252 | NS      | $2722412.84   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| RHEINMETALL AG               | RHEINMETALL AG                              | CUSIP: D65111102<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |      1221 | NS      | $2583289.01   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| SANOFI SA                    | SANOFI SA                                   | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     20290 | NS      | $1963210.58   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| INFINEON TECHS. AG           | INFINEON TECHS. AG                          | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     63322 | NS      | $2694397.26   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA          | SOCIETE GENERALE SA                         | CUSIP: F8591M517<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |     20686 | NS      | $1185313.04   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| KONINKLIJKE PHILIPS NV       | KONINKLIJKE PHILIPS NV                      | CUSIP: N7637U112<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |     82378 | NS      | $1977785.66   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV SA/N    | ANHEUSER-BUSCH INBEV SA/N                   | CUSIP: B639CJ108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |     29815 | NS      | $2049887.86   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| COUPANG INC                  | COUPANG INC                                 | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    134422 | NS      | $4027283.12   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDAY.COM LTD               | MONDAY.COM LTD                              | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |     10655 | NS      | $3350784.40   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| WIHLBORGS FASTIGHETER AB     | WIHLBORGS FASTIGHETER AB                    | CUSIP: W9899F163<br>LEI: 549300RC1YDJPITF8X06 | Long             | EC               | CORP              | SE        |     32094 | NS      | $349121.90    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MDA SPACE LTD                | MDA SPACE LTD                               | CUSIP: 55293N109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     10131 | NS      | $261207.57    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNOLOGY ONE LTD           | TECHNOLOGY ONE LTD                          | CUSIP: Q89275103<br>LEI: 875500YEWBJIM91P9N12 | Long             | EC               | CORP              | AU        |     12450 | NS      | $336082.34    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ROUND ONE CORP               | ROUND ONE CORP                              | CUSIP: J6548T102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     50500 | NS      | $513295.49    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| DENTSU SOKEN INC NPV         | DENTSU SOKEN INC NPV                        | CUSIP: J2388L101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5000 | NS      | $232762.92    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ANRITSU CORP                 | ANRITSU CORP                                | CUSIP: J01554104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     21600 | NS      | $279080.43    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ISUPETASYS CO LTD            | ISUPETASYS CO LTD                           | CUSIP: Y42113103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      6698 | NS      | $260118.63    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| PAL GRP. HLDGS. CO LTD       | PAL GRP. HLDGS. CO LTD                      | CUSIP: J63535108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9000 | NS      | $225098.07    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| JB HI-FI LTD                 | JB HI-FI LTD                                | CUSIP: Q5029L101<br>LEI: 529900TPC8H040Y3ZQ65 | Long             | EC               | CORP              | AU        |      7079 | NS      | $514177.95    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| GS YUASA CORP                | GS YUASA CORP                               | CUSIP: J1770L109<br>LEI: 353800MW7O6PQQHLDR79 | Long             | EC               | CORP              | JP        |     18100 | NS      | $337165.81    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| PALADIN ENERGY LTD           | PALADIN ENERGY LTD                          | CUSIP: Q7264T252<br>LEI: 549300M44UTJAP8J6B37 | Long             | EC               | CORP              | AU        |     43384 | NS      | $230469.10    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SEMBCORP INDS. LTD           | SEMBCORP INDS. LTD                          | CUSIP: Y79711159<br>LEI: 254900J0FF14U6TPQM96 | Long             | EC               | CORP              | SG        |     89200 | NS      | $480726.41    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| LEENO INDUSTRIAL KRW100      | LEENO INDUSTRIAL KRW100                     | CUSIP: Y5254W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      6255 | NS      | $236141.53    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| YAMAGUCHI FINL. GRP. INC     | YAMAGUCHI FINL. GRP. INC                    | CUSIP: J9579M103<br>LEI: 353800898JPV95YSY548 | Long             | EC               | CORP              | JP        |     34000 | NS      | $364697.72    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER HALL GROUP           | CHARTER HALL GROUP                          | CUSIP: Q2308A138<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     26703 | NS      | $337295.65    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| DAICEL CORP                  | DAICEL CORP                                 | CUSIP: J08484149<br>LEI: 353800ZG4XF6D7NZGS72 | Long             | EC               | CORP              | JP        |     34000 | NS      | $284312.55    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| DAIDO STEEL CO LTD           | DAIDO STEEL CO LTD                          | CUSIP: J08778110<br>LEI: 353800WZKGRNG0T2FR92 | Long             | EC               | CORP              | JP        |     24100 | NS      | $165904.81    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KYORITSU MAINTENANCE CO L    | KYORITSU MAINTENANCE CO L                   | CUSIP: J37856101<br>LEI: 353800IO2MFHL1NA0986 | Long             | EC               | CORP              | JP        |      9600 | NS      | $234887.35    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON ELECTRIC GLASS CO     | NIPPON ELECTRIC GLASS CO                    | CUSIP: J53247110<br>LEI: 529900NCIGSAX4V03234 | Long             | EC               | CORP              | JP        |     10400 | NS      | $246672.32    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SANTEN PHARM. CO LTD         | SANTEN PHARM. CO LTD                        | CUSIP: J68467109<br>LEI: 529900TPT3I7C17MIM03 | Long             | EC               | CORP              | JP        |     30400 | NS      | $348687.60    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SEA LTD ADR                  | SEA LTD ADR                                 | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     45796 | NS      | $7324612.24   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CLASSYS INC                  | CLASSYS INC                                 | CUSIP: Y49932109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9382 | NS      | $435812.08    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| OSB GRP. PLC                 | OSB GRP. PLC                                | CUSIP: G6S36L101<br>LEI: 213800ZBKL9BHSL2K459 | Long             | EC               | CORP              | GB        |     40887 | NS      | $293315.89    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SAWAI GRP. HLDGS. CO LTD     | SAWAI GRP. HLDGS. CO LTD                    | CUSIP: J69801108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     20600 | NS      | $262251.06    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BOERSE AG           | DEUTSCHE BOERSE AG                          | CUSIP: D1882G119<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |      8518 | NS      | $2779442.49   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                       | AXA SA                                      | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |     25159 | NS      | $1236597.51   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BILLERUD AKTIEBOLAG          | BILLERUD AKTIEBOLAG                         | CUSIP: W16021102<br>LEI: 549300YJUYJ9A24RXL71 | Long             | EC               | CORP              | SE        |     32360 | NS      | $335901.96    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| DE LONGHI SPA                | DE LONGHI SPA                               | CUSIP: T3508H102<br>LEI: 8156000E09A52C4F8A38 | Long             | EC               | CORP              | IT        |      7208 | NS      | $242062.09    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA               | BNP PARIBAS SA                              | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     25800 | NS      | $2323787.06   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| KLEPIERRE SA                 | KLEPIERRE SA                                | CUSIP: F5396X102<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |     14755 | NS      | $584604.47    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML HLDG. NV ADR            | ASML HLDG. NV ADR                           | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      4234 | NS      | $3393085.26   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CRODA INTL. PLC              | CRODA INTL. PLC                             | CUSIP: G25536155<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |       802 | NS      | $32237.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LOOMIS AB                    | LOOMIS AB                                   | CUSIP: W5S50Y116<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |      6940 | NS      | $291833.83    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IVECO GRP. NV                | IVECO GRP. NV                               | CUSIP: N47017103<br>LEI: 549300ZWF2ZJDD9EOR96 | Long             | EC               | CORP              | NL        |     14791 | NS      | $291087.02    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CELESTICA INC                | CELESTICA INC                               | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |      8525 | NS      | $1331947.13   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ROLLS-ROYCE HLDGS. PLC       | ROLLS-ROYCE HLDGS. PLC                      | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    346001 | NS      | $4597065.38   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG USD0.10 (REG    | UBS GROUP AG USD0.10 (REG                   | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     80088 | NS      | $2721240.83   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| ING GROEP NV                 | ING GROEP NV                                | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     70676 | NS      | $1550973.69   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC            | NATIONAL GRID PLC                           | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     72625 | NS      | $1061878.19   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                     | RELX PLC                                    | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     21371 | NS      | $1156097.43   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| MEITUAN USD0.00001 B CLAS    | MEITUAN USD0.00001 B CLAS                   | CUSIP: G59669104<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |    186300 | NS      | $2981442.71   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| NU HLDGS. LTD/CAYMAN ISLA    | NU HLDGS. LTD/CAYMAN ISLA                   | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |    199153 | NS      | $2732379.16   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCELLERON INDS. AG          | ACCELLERON INDS. AG                         | CUSIP: H0029X106<br>LEI: 254900KS0MD2PAARXD14 | Long             | EC               | CORP              | CH        |      6453 | NS      | $455203.73    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| LOTTOMATICA GRP. SPA         | LOTTOMATICA GRP. SPA                        | CUSIP: T64384109<br>LEI: 549300R72LKEGT4EX026 | Long             | EC               | CORP              | IT        |     13392 | NS      | $371733.64    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVO NORDISK A/S             | NOVO NORDISK A/S                            | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     17420 | NS      | $1215532.34   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SYENSQO SA                   | SYENSQO SA                                  | CUSIP: B8T189100<br>LEI: 549300060XNJ90PLNS10 | Long             | EC               | CORP              | BE        |     10954 | NS      | $847465.88    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| AMP LTD                      | AMP LTD                                     | CUSIP: Q0344G101<br>LEI: 5299000D93LTLU0UJR35 | Long             | EC               | CORP              | AU        |    298495 | NS      | $247595.53    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KDX REALTY INV. CORP         | KDX REALTY INV. CORP                        | CUSIP: J32922106<br>LEI: 353800FFT483NCIHFY42 | Long             | EC               | CORP              | JP        |       141 | NS      | $152738.98    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KANADEVIA CORPORATION        | KANADEVIA CORPORATION                       | CUSIP: J20790101<br>LEI: 5493006MPD0OCAMCE046 | Long             | EC               | CORP              | JP        |     26800 | NS      | $180671.79    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HORIBA LTD                   | HORIBA LTD                                  | CUSIP: J22428106<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |      3200 | NS      | $248878.43    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| IBIDEN CO LTD                | IBIDEN CO LTD                               | CUSIP: J23059116<br>LEI: 52990051DBFIQEY37C91 | Long             | EC               | CORP              | JP        |      5600 | NS      | $244898.70    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ORICA LTD                    | ORICA LTD                                   | CUSIP: Q7160T109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     22151 | NS      | $284165.21    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| KANEKA CORP                  | KANEKA CORP                                 | CUSIP: J2975N106<br>LEI: 529900FWWCF6RY313R16 | Long             | EC               | CORP              | JP        |      6200 | NS      | $170730.57    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KANDENKO CO LTD              | KANDENKO CO LTD                             | CUSIP: J29653102<br>LEI: 35380080NSN7GCYZ3X14 | Long             | EC               | CORP              | JP        |     16900 | NS      | $391095.85    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KERRY PROPS. LTD             | KERRY PROPS. LTD                            | CUSIP: G52440107<br>LEI: 5299006T5ULIIRZ7LK49 | Long             | EC               | CORP              | HK        |     73000 | NS      | $188599.73    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KINDEN CORP                  | KINDEN CORP                                 | CUSIP: J33093105<br>LEI: 35380008T6JUN5TU9T34 | Long             | EC               | CORP              | JP        |      9600 | NS      | $282701.46    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| LION CORP                    | LION CORP                                   | CUSIP: J38933107<br>LEI: 529900MPGS2GM7VPG855 | Long             | EC               | CORP              | JP        |     16300 | NS      | $168640.21    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SAISON CO LTD         | CREDIT SAISON CO LTD                        | CUSIP: J7007M109<br>LEI: 529900SV58ZWTGRH3A66 | Long             | EC               | CORP              | JP        |     19900 | NS      | $536394.21    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI MINING & SMELTING     | MITSUI MINING & SMELTING                    | CUSIP: J44948131<br>LEI: 35380021EYAHSQM25559 | Long             | EC               | CORP              | JP        |      7600 | NS      | $264518.94    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MORINAGA MILK IND. CO LTD    | MORINAGA MILK IND. CO LTD                   | CUSIP: J46410114<br>LEI: 529900FB91P7MVO08949 | Long             | EC               | CORP              | JP        |     10900 | NS      | $244877.20    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NHK SPRING CO LTD            | NHK SPRING CO LTD                           | CUSIP: J49162126<br>LEI: 35380033IJ3XRDV8VH57 | Long             | EC               | CORP              | JP        |     27000 | NS      | $293695.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NITTO BOSEKI CO JPY50        | NITTO BOSEKI CO JPY50                       | CUSIP: J58364118<br>LEI: 3538005B13YMJ9BWQO82 | Long             | EC               | CORP              | JP        |      8500 | NS      | $358716.37    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TOKYO OHKA KOGYO CO LTD      | TOKYO OHKA KOGYO CO LTD                     | CUSIP: J87430104<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11800 | NS      | $342343.43    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TOKYO TATEMONO CO LTD        | TOKYO TATEMONO CO LTD                       | CUSIP: J88333133<br>LEI: 529900RQA4JTW1869J86 | Long             | EC               | CORP              | JP        |     16300 | NS      | $289698.18    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TSUMURA & CO                 | TSUMURA & CO                                | CUSIP: J93407120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8600 | NS      | $207569.80    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BPER BANCA                   | BPER BANCA                                  | CUSIP: T1325T119<br>LEI: N747OI7JINV7RUUH6190 | Long             | EC               | CORP              | IT        |    160522 | NS      | $1459637.98   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| LOJAS RENNER SA              | LOJAS RENNER SA                             | CUSIP: P6332C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    246846 | NS      | $891864.13    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PARK24 CO LTD                | PARK24 CO LTD                               | CUSIP: J63581102<br>LEI: 549300LFG2WZWCWM4M68 | Long             | EC               | CORP              | JP        |     20600 | NS      | $264604.42    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SANKYU INC                   | SANKYU INC                                  | CUSIP: J68037100<br>LEI: 529900QWTXZZEM1T5G75 | Long             | EC               | CORP              | JP        |      4600 | NS      | $246246.89    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BANKINTER SA                 | BANKINTER SA                                | CUSIP: E2116H880<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |     57829 | NS      | $754851.29    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO FORESTRY CO LTD     | SUMITOMO FORESTRY CO LTD                    | CUSIP: J77454122<br>LEI: 549300FIIRGO6D5FWR19 | Long             | EC               | CORP              | JP        |     18000 | NS      | $182267.89    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| TOYO SUISAN KAISHA LTD       | TOYO SUISAN KAISHA LTD                      | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5400 | NS      | $358518.19    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYODA GOSEI CO LTD          | TOYODA GOSEI CO LTD                         | CUSIP: J91128108<br>LEI: 353800ZV4HXVM4DWPO50 | Long             | EC               | CORP              | JP        |     15000 | NS      | $294731.09    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| AZBIL CORP                   | AZBIL CORP                                  | CUSIP: J0370G106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     29900 | NS      | $283692.49    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| PANDORA A/S                  | PANDORA A/S                                 | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |      2146 | NS      | $376668.17    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BKW AG                       | BKW AG                                      | CUSIP: H10053108<br>LEI: 549300IE30SKTUO98Q38 | Long             | EC               | CORP              | CH        |      1123 | NS      | $245826.29    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| VIRBAC SA                    | VIRBAC SA                                   | CUSIP: F97900116<br>LEI: 969500QQ1X5XHG649644 | Long             | EC               | CORP              | FR        |       528 | NS      | $198913.79    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN SEMICON. MFG. ADR     | TAIWAN SEMICON. MFG. ADR                    | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      3982 | NS      | $901883.18    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO        | NI US GOV T PORTFOLIO                       | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    746061 | NS      | $746061.18    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| EASYJET PLC                  | EASYJET PLC                                 | CUSIP: G3030S109<br>LEI: 2138001S47XKWIB7TH90 | Long             | EC               | CORP              | GB        |    164015 | NS      | $1198397.18   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDIBANK PVT LTD             | MEDIBANK PVT LTD                            | CUSIP: Q5921Q109<br>LEI: BDYVSUPTML83OLINBJ17 | Long             | EC               | CORP              | AU        |    136706 | NS      | $455066.39    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ERSTE GROUP BANK AG          | ERSTE GROUP BANK AG                         | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     23400 | NS      | $1988889.79   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| ORANGE SA                    | ORANGE SA                                   | CUSIP: F6866T100<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    134609 | NS      | $2054875.48   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| RANDSTAD NV                  | RANDSTAD NV                                 | CUSIP: N7291Y137<br>LEI: 7245009EAAUUQJ0U4T57 | Long             | EC               | CORP              | NL        |     21064 | NS      | $972839.26    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ GRP. AG        | MERCEDES-BENZ GRP. AG                       | CUSIP: D1668R123<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |      9119 | NS      | $533551.98    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CARREFOUR SA                 | CARREFOUR SA                                | CUSIP: F13923119<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |     72370 | NS      | $1020232.75   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| NOKIA OYJ                    | NOKIA OYJ                                   | CUSIP: X61873133<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |    247086 | NS      | $1277710.07   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ERICSSON(L.M.)(TELEFONAKT    | ERICSSON(L.M.)(TELEFONAKT                   | CUSIP: W26049119<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    143379 | NS      | $1228813.72   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA          | SOCIETE GENERALE SA                         | CUSIP: F8591M517<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |     59466 | NS      | $3407416.84   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| KONINKLIJKE PHILIPS NV       | KONINKLIJKE PHILIPS NV                      | CUSIP: N7637U112<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |     62091 | NS      | $1490721.91   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZPROM PJSC ADR             | GAZPROM PJSC ADR                            | CUSIP: 368287207<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |     54380 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PROXIMUS SADP                | PROXIMUS SADP                               | CUSIP: B6951K109<br>LEI: 549300CWRXC5EP004533 | Long             | EC               | CORP              | BE        |     40258 | NS      | $392025.82    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BARRATT REDROW PLC           | BARRATT REDROW PLC                          | CUSIP: G08288105<br>LEI: 2138006R85VEOF5YNK29 | Long             | EC               | CORP              | GB        |     63282 | NS      | $396428.19    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BALFOUR BEATTY GBP0.50       | BALFOUR BEATTY GBP0.50                      | CUSIP: G3224V108<br>LEI: CT4UIJ3TUKGYYHMENQ17 | Long             | EC               | CORP              | GB        |     57347 | NS      | $411375.12    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH LAND CO PLC/THE      | BRITISH LAND CO PLC/THE                     | CUSIP: G15540118<br>LEI: RV5B68J2GV3QGMRPW209 | Long             | EC               | CORP              | GB        |     63444 | NS      | $327871.59    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| INVESTEC PLC                 | INVESTEC PLC                                | CUSIP: G49188116<br>LEI: 2138007Z3U5GWDN3MY22 | Long             | EC               | CORP              | GB        |     41694 | NS      | $311980.92    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| DRAX GRP. PLC                | DRAX GRP. PLC                               | CUSIP: G2904K127<br>LEI: 549300YPSNTXR4ZHSR98 | Long             | EC               | CORP              | GB        |     29201 | NS      | $277814.04    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ST JAMES S PLACE PLC ORD     | ST JAMES S PLACE PLC ORD                    | CUSIP: G5005D124<br>LEI: 213800M993ICXOMBCP87 | Long             | EC               | CORP              | GB        |     28196 | NS      | $458399.89    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| WEIR GROUP PLC/THE           | WEIR GROUP PLC/THE                          | CUSIP: G95248137<br>LEI: 549300KDR56WHY9I3D10 | Long             | EC               | CORP              | GB        |      7302 | NS      | $249642.10    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MAGELLAN FINL. GRP. LTD      | MAGELLAN FINL. GRP. LTD                     | CUSIP: Q5713S107<br>LEI: 549300X5WFW6USQQ9U26 | Long             | EC               | CORP              | AU        |     44935 | NS      | $253190.16    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| POONGSAN CORP                | POONGSAN CORP                               | CUSIP: Y7021M104<br>LEI: 2549007P08ZD5QJS1369 | Long             | EC               | CORP              | KR        |      6103 | NS      | $580551.93    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| CURRYS PLC                   | CURRYS PLC                                  | CUSIP: G2601D103<br>LEI: 2138001E12GWLLDQQF16 | Long             | EC               | CORP              | GB        |    192835 | NS      | $322172.76    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| INCHCAPE PLC                 | INCHCAPE PLC                                | CUSIP: G47320208<br>LEI: 213800RGEH1MPPNM2T57 | Long             | EC               | CORP              | GB        |     24557 | NS      | $244759.22    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KOLMAR KOREA CO LTD          | KOLMAR KOREA CO LTD                         | CUSIP: Y4920J126<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3968 | NS      | $292899.49    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SULZER AG                    | SULZER AG                                   | CUSIP: H83580284<br>LEI: 529900NZ6MAST5IJF669 | Long             | EC               | CORP              | CH        |      3019 | NS      | $547117.79    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| GILDAN ACTIVEWEAR INC        | GILDAN ACTIVEWEAR INC                       | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |      5018 | NS      | $247261.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FINNING INTL. INC            | FINNING INTL. INC                           | CUSIP: 318071404<br>LEI: 549300QLDCP11KB6XW55 | Long             | EC               | CORP              | CA        |     12726 | NS      | $544084.98    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BORALEX INC                  | BORALEX INC                                 | CUSIP: 09950M300<br>LEI: 5493004UT7HNQU2SVR90 | Long             | EC               | CORP              | CA        |     10882 | NS      | $252841.18    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX CORP                    | IMAX CORP                                   | CUSIP: 45245E109<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | EC               | CORP              | CA        |     13845 | NS      | $387106.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| METHANEX CORP                | METHANEX CORP                               | CUSIP: 59151K108<br>LEI: 549300TSJHRXT9QXRD13 | Long             | EC               | CORP              | CA        |      6495 | NS      | $215061.17    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMELIUS RES. LTD            | RAMELIUS RES. LTD                           | CUSIP: Q7982E108<br>LEI: 254900E44AIGW7KKNR98 | Long             | EC               | CORP              | AU        |    319248 | NS      | $537972.60    | 0.10%             |  |  |  | No            |                  2 | On Loan: —       |
| LONDONMETRIC PROP. PLC       | LONDONMETRIC PROP. PLC                      | CUSIP: G5689W109<br>LEI: 213800OCERWWPQDURL87 | Long             | EC               | CORP              | GB        |    107092 | NS      | $298464.28    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| DKSH HLDG. AG                | DKSH HLDG. AG                               | CUSIP: H2012M121<br>LEI: 549300HUUUNHO6FJUS42 | Long             | EC               | CORP              | CH        |      3392 | NS      | $264321.57    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| WHITECAP RES. INC            | WHITECAP RES. INC                           | CUSIP: 96467A200<br>LEI: 5493004AMPGZA0JO5Q37 | Long             | EC               | CORP              | CA        |     63536 | NS      | $426917.13    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BPER BANCA                   | BPER BANCA                                  | CUSIP: T1325T119<br>LEI: N747OI7JINV7RUUH6190 | Long             | EC               | CORP              | IT        |     45582 | NS      | $414480.38    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| EIFFAGE SA                   | EIFFAGE SA                                  | CUSIP: F2924U106<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |      3836 | NS      | $539476.02    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| RENAULT SA                   | RENAULT SA                                  | CUSIP: F77098105<br>LEI: 969500F7JLTX36OUI695 | Long             | EC               | CORP              | FR        |      5810 | NS      | $268129.48    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INDRA SISTEMAS SA            | INDRA SISTEMAS SA                           | CUSIP: E6271Z155<br>LEI: 95980020140005308793 | Long             | EC               | CORP              | ES        |     15258 | NS      | $664504.75    | 0.12%             |  |  |  | No            |                  2 | On Loan: —       |
| PSP SWISS PROP. AG           | PSP SWISS PROP. AG                          | CUSIP: H64687124<br>LEI: 50670042Y437P8X44F56 | Long             | EC               | CORP              | CH        |      3321 | NS      | $613295.42    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| DUNDEE PRECIOUS METALS IN    | DUNDEE PRECIOUS METALS IN                   | CUSIP: 265269209<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |     47445 | NS      | $762325.39    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NCC AB                       | NCC AB                                      | CUSIP: W5691F104<br>LEI: 213800WRGLW3CY4MHW53 | Long             | EC               | CORP              | SE        |     13790 | NS      | $257292.63    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| EASYJET PLC                  | EASYJET PLC                                 | CUSIP: G3030S109<br>LEI: 2138001S47XKWIB7TH90 | Long             | EC               | CORP              | GB        |     30014 | NS      | $219301.24    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BAVARIAN NORDIC A/S          | BAVARIAN NORDIC A/S                         | CUSIP: K0834C111<br>LEI: 2138006JCDVYIN6INP51 | Long             | EC               | CORP              | DK        |     10578 | NS      | $282105.38    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| KONECRANES OYJ               | KONECRANES OYJ                              | CUSIP: X4550J108<br>LEI: 549300EF0CDEQZBMA096 | Long             | EC               | CORP              | FI        |      6972 | NS      | $553838.39    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| BILFINGER SE                 | BILFINGER SE                                | CUSIP: D11648108<br>LEI: 529900H0HULEN2BZ4604 | Long             | EC               | CORP              | DE        |      3362 | NS      | $323646.59    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| JUNGHEINRICH AG              | JUNGHEINRICH AG                             | CUSIP: D37552102<br>LEI: 529900PHZORTU6FSXE73 | Long             | EP               | CORP              | DE        |      7369 | PA      | $346747.42    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BUZZI SPA                    | BUZZI SPA                                   | CUSIP: T2320M109<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |     11477 | NS      | $636516.94    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| IREN SPA                     | IREN SPA                                    | CUSIP: T5551Y106<br>LEI: 8156001EBD33FD474E60 | Long             | EC               | CORP              | IT        |     92802 | NS      | $286448.63    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CTS EVENTIM AG KGAA          | CTS EVENTIM AG KGAA                         | CUSIP: D1648T108<br>LEI: 529900FDHSN08UBJII80 | Long             | EC               | CORP              | DE        |      3812 | NS      | $474715.07    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| AZIMUT HOLDING SPA           | AZIMUT HOLDING SPA                          | CUSIP: T0783G106<br>LEI: 81560025690EF8540635 | Long             | EC               | CORP              | IT        |      9840 | NS      | $315187.51    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| JYSKE BANK A/S               | JYSKE BANK A/S                              | CUSIP: K55633117<br>LEI: 3M5E1GQGKL17HI6CPN30 | Long             | EC               | CORP              | DK        |      3820 | NS      | $386510.25    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| NORDEX SE                    | NORDEX SE                                   | CUSIP: D5736K135<br>LEI: 529900HVDYCUWVD0OE76 | Long             | EC               | CORP              | DE        |     12774 | NS      | $253152.28    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BUCHER INDUSTRIES AG         | BUCHER INDUSTRIES AG                        | CUSIP: H10914176<br>LEI: 52990014AQ91A29HPB27 | Long             | EC               | CORP              | CH        |       461 | NS      | $229704.68    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| VANGUARD FTSE DEVD. MKTS.    | VANGUARD FTSE DEVD. MKTS.                   | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |     14506 | NS      | $826987.06    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKYU FUDOSAN HLDGS. CORP    | TOKYU FUDOSAN HLDGS. CORP                   | CUSIP: J88764105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47500 | NS      | $340305.78    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MERLIN PROPS. SOCIMI SA      | MERLIN PROPS. SOCIMI SA                     | CUSIP: E7390Z100<br>LEI: 959800L8KD863DP30X04 | Long             | EC               | CORP              | ES        |     35475 | NS      | $465131.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ISS A/S                      | ISS A/S                                     | CUSIP: K5591Y107<br>LEI: 213800LEZA58SZNCBN19 | Long             | EC               | CORP              | DK        |      9475 | NS      | $264721.28    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| LOGISTA INTEGRAL S A         | LOGISTA INTEGRAL S A                        | CUSIP: E0304S106<br>LEI: 9598000ANNAL42UJ7X28 | Long             | EC               | CORP              | ES        |      8736 | NS      | $286093.35    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| AGL ENERGY LTD               | AGL ENERGY LTD                              | CUSIP: Q01630195<br>LEI: 549300QAZ8A74DEDXO80 | Long             | EC               | CORP              | AU        |     32367 | NS      | $207975.06    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KEPPEL DC REIT               | KEPPEL DC REIT                              | CUSIP: Y47230100<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    187000 | NS      | $342767.21    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MAIRE TECNIMONT SPA          | MAIRE TECNIMONT SPA                         | CUSIP: T6388T112<br>LEI: 815600D85A61200A1B83 | Long             | EC               | CORP              | IT        |     20269 | NS      | $267745.94    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| MEBUKI FINL. GRP. INC        | MEBUKI FINL. GRP. INC                       | CUSIP: J4248A101<br>LEI: 353800K1RXV3E3JAE812 | Long             | EC               | CORP              | JP        |     99000 | NS      | $514345.54    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| INVINCIBLE INV. CORP         | INVINCIBLE INV. CORP                        | CUSIP: J2442V103<br>LEI: 353800JY6M2692VAV685 | Long             | EC               | CORP              | JP        |       609 | NS      | $262164.09    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TRITAX BIG BOX REIT PLC      | TRITAX BIG BOX REIT PLC                     | CUSIP: G9101W101<br>LEI: 213800L6X88MIYPVR714 | Long             | EC               | CORP              | GB        |    152006 | NS      | $308036.70    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| IMI PLC                      | IMI PLC                                     | CUSIP: G47152114<br>LEI: 2138002W9Q21PF751R30 | Long             | EC               | CORP              | GB        |     10097 | NS      | $290301.71    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ASCENDIS PHARMA A/S ADR      | ASCENDIS PHARMA A/S ADR                     | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      1593 | NS      | $274951.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SANWA HLDGS. CORP            | SANWA HLDGS. CORP                           | CUSIP: J6858G104<br>LEI: 5299003X6BCA4ROO5A70 | Long             | EC               | CORP              | JP        |     21100 | NS      | $699519.79    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| COLRUYT GROUP N.V            | COLRUYT GROUP N.V                           | CUSIP: B26882231<br>LEI: 5493000O0NZ1BCXO8K39 | Long             | EC               | CORP              | BE        |      6014 | NS      | $260135.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| E-MART INC                   | E-MART INC                                  | CUSIP: Y228A3102<br>LEI: 988400SAX0Q74FRA9981 | Long             | EC               | CORP              | KR        |      3482 | NS      | $220127.13    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| EURONEXT NV                  | EURONEXT NV                                 | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |      3581 | NS      | $612768.55    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| FREENET AG                   | FREENET AG                                  | CUSIP: D3689Q134<br>LEI: 5299003GLDODCVP8DO20 | Long             | EC               | CORP              | DE        |     11903 | NS      | $388536.04    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC         | VERMILION ENERGY INC                        | CUSIP: 923725105<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | EC               | RF                | CA        |     34389 | NS      | $251020.13    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| ZALANDO SE                   | ZALANDO SE                                  | CUSIP: D98423102<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |      8425 | NS      | $277385.82    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ENGIE SA                     | ENGIE SA                                    | CUSIP: F7629A107<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |     96590 | NS      | $2274548.10   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| SBERBANK OF RUSSIA PJSC      | SBERBANK OF RUSSIA PJSC                     | CUSIP: X76317100<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    186456 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NORSK HYDRO ASA              | NORSK HYDRO ASA                             | CUSIP: R61115102<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |     19857 | NS      | $113166.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DAI-ICHI LIFE HOLDINGS IN    | DAI-ICHI LIFE HOLDINGS IN                   | CUSIP: J09748112<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |     47566 | NS      | $359552.93    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ACCOR SA                     | ACCOR SA                                    | CUSIP: F00189120<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |      7099 | NS      | $371385.12    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TELEPERFORMANCE SE           | TELEPERFORMANCE SE                          | CUSIP: F9120F106<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |      2128 | NS      | $206625.19    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BECHTLE AG                   | BECHTLE AG                                  | CUSIP: D0873U103<br>LEI: 529900HA2QT774RUXW59 | Long             | EC               | CORP              | DE        |      5893 | NS      | $276411.50    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SOPRA STERIA GROUP           | SOPRA STERIA GROUP                          | CUSIP: F20906115<br>LEI: 96950020QIOHAAK9V551 | Long             | EC               | CORP              | FR        |      1860 | NS      | $454221.64    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FINL. GRP.    | MITSUBISHI UFJ FINL. GRP.                   | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |     58900 | NS      | $806437.01    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ASAHI GRP. HLDGS. LTD        | ASAHI GRP. HLDGS. LTD                       | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |     45900 | NS      | $614306.01    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVARTIS AG CHF0.49          | NOVARTIS AG CHF0.49                         | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     20840 | NS      | $2521120.26   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| SWATCH GRP. AG/THE           | SWATCH GRP. AG/THE                          | CUSIP: H83949141<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |      5285 | NS      | $862537.83    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| HIKMA PHARMS. PLC            | HIKMA PHARMS. PLC                           | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |     12986 | NS      | $354434.39    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NESTLE SA                    | NESTLE SA                                   | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      1763 | NS      | $175104.38    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| OPEN HOUSE GRP. CO LTD       | OPEN HOUSE GRP. CO LTD                      | CUSIP: J3072G101<br>LEI: 529900WQOGPBIJEHW865 | Long             | EC               | CORP              | JP        |     12100 | NS      | $547528.13    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| NN GRP. NV                   | NN GRP. NV                                  | CUSIP: N64038107<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |     12937 | NS      | $859888.60    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| INDUSTRIA DE DISENO TEXTI    | INDUSTRIA DE DISENO TEXTI                   | CUSIP: E6282J125<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |     12973 | NS      | $676015.73    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| MUENCHENER RUECKVERSICHER    | MUENCHENER RUECKVERSICHER                   | CUSIP: D55535104<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |       321 | NS      | $208180.02    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM AG          | DEUTSCHE TELEKOM AG                         | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     10257 | NS      | $375531.24    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE EXCHANGE LTD       | SINGAPORE EXCHANGE LTD                      | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |     35200 | NS      | $411742.31    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA RESEARCH INSTITUTE    | NOMURA RESEARCH INSTITUTE                   | CUSIP: J5900F106<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |     11900 | NS      | $478188.04    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD           | HONDA MOTOR CO LTD                          | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |     62700 | NS      | $604600.97    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| PRYSMIAN SPA NPV             | PRYSMIAN SPA NPV                            | CUSIP: T7630L105<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |     12530 | NS      | $883608.68    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI FUDOSAN CO LTD        | MITSUI FUDOSAN CO LTD                       | CUSIP: J4509L101<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |     69800 | NS      | $674299.84    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| FRESENIUS SE KGAA            | FRESENIUS SE KGAA                           | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     10386 | NS      | $522339.01    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| EURONEXT NV                  | EURONEXT NV                                 | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |      4433 | NS      | $758559.90    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| AUTO TRADER GRP. PLC         | AUTO TRADER GRP. PLC                        | CUSIP: G06708104<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |     34335 | NS      | $388835.29    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| FLSMIDTH A/S                 | FLSMIDTH A/S                                | CUSIP: K90242130<br>LEI: 213800MXXDGQ3ITPXI41 | Long             | EC               | CORP              | DK        |      3760 | NS      | $229676.12    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AVOLTA AG                    | AVOLTA AG                                   | CUSIP: H2082J107<br>LEI: 549300X53WDBVW7TIF57 | Long             | EC               | CORP              | CH        |      5348 | NS      | $291041.43    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IPSEN SA                     | IPSEN SA                                    | CUSIP: F5362H107<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |      2016 | NS      | $240355.13    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TAG IMMOBILIEN AG            | TAG IMMOBILIEN AG                           | CUSIP: D8283Q174<br>LEI: 529900TAE68USJNXLR59 | Long             | EC               | CORP              | DE        |     28583 | NS      | $507987.13    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ARKEMA SA                    | ARKEMA SA                                   | CUSIP: F0392W125<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |      4576 | NS      | $337808.91    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ORION OYJ                    | ORION OYJ                                   | CUSIP: X6002Y112<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |      5889 | NS      | $443273.60    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| LOGITECH INTL. SA            | LOGITECH INTL. SA                           | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |      2047 | NS      | $184973.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MAPFRE SA                    | MAPFRE SA                                   | CUSIP: E7347B107<br>LEI: 95980020140005693107 | Long             | EC               | CORP              | ES        |    125007 | NS      | $511010.45    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| RESORTTRUST INC              | RESORTTRUST INC                             | CUSIP: J6448M108<br>LEI: 353800FM9MYWH105SE11 | Long             | EC               | CORP              | JP        |     25100 | NS      | $306906.13    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ABC-MART INC                 | ABC-MART INC                                | CUSIP: J00056101<br>LEI: 353800AXWW4CMTSJWL33 | Long             | EC               | CORP              | JP        |     13000 | NS      | $267217.01    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG E&A CO LTD KRW500    | SAMSUNG E&A CO LTD KRW500                   | CUSIP: Y7472L100<br>LEI: 988400HDAY5KIVHGZ188 | Long             | EC               | CORP              | KR        |     11208 | NS      | $183510.73    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BENDIGO & ADELAIDE BANK L    | BENDIGO & ADELAIDE BANK L                   | CUSIP: Q1458B102<br>LEI: 549300Y9URD6W70K0360 | Long             | EC               | CORP              | AU        |     36880 | NS      | $306830.49    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| FUYO GEN. LEASE CO LTD       | FUYO GEN. LEASE CO LTD                      | CUSIP: J1755C108<br>LEI: 353800IE82QJT7UQJK58 | Long             | EC               | CORP              | JP        |      8100 | NS      | $218863.94    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| JULIUS BAER GRP. LTD         | JULIUS BAER GRP. LTD                        | CUSIP: H4414N103<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |      1904 | NS      | $128476.63    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                      | GSK PLC                                     | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    105767 | NS      | $2016210.87   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SMURFIT WESTROCK PLC         | SMURFIT WESTROCK PLC                        | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |     19137 | NS      | $825761.55    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HEXAGON AB                   | HEXAGON AB                                  | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |     59675 | NS      | $599660.64    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                 | BARCLAYS PLC                                | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |    823646 | NS      | $3814872.53   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPGEMINI SE                 | CAPGEMINI SE                                | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     10206 | NS      | $1746851.83   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                       | SAP SE                                      | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      4552 | NS      | $1384661.76   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| KERING SA                    | KERING SA                                   | CUSIP: F5433L103<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |     20763 | NS      | $4529297.40   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| HEIDELBERG MATERIALS AG      | HEIDELBERG MATERIALS AG                     | CUSIP: D31709104<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |      2120 | NS      | $498080.84    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG             | DEUTSCHE BANK AG                            | CUSIP: D18190898<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |     42251 | NS      | $1253536.87   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM AG          | DEUTSCHE TELEKOM AG                         | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     48645 | NS      | $1781000.03   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ALSTOM SA                    | ALSTOM SA                                   | CUSIP: F0259M475<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |    182421 | NS      | $4264857.31   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC            | NATWEST GROUP PLC                           | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     55799 | NS      | $391791.98    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG FIRE & MARINE INS    | SAMSUNG FIRE & MARINE INS                   | CUSIP: Y7473H108<br>LEI: 988400JMBDK47EW0Z936 | Long             | EC               | CORP              | KR        |      1778 | NS      | $572195.74    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SHINHAN FINANCIAL GROUP C    | SHINHAN FINANCIAL GROUP C                   | CUSIP: Y7749X101<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     20177 | NS      | $917839.85    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL. GRP    | SUMITOMO MITSUI FINL. GRP                   | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |      7900 | NS      | $198053.16    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| RENESAS ELECTNCS. CORP       | RENESAS ELECTNCS. CORP                      | CUSIP: J4881V107<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |    285700 | NS      | $3515885.77   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC CORP                   | FANUC CORP                                  | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     86700 | NS      | $2358410.33   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJITSU LTD                  | FUJITSU LTD                                 | CUSIP: J15708159<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |     30400 | NS      | $738600.13    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREA ELEC. POWER CORP       | KOREA ELEC. POWER CORP                      | CUSIP: Y48406105<br>LEI: 988400QG33WS7JEIV602 | Long             | EC               | CORP              | KR        |     20060 | NS      | $580454.28    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MURATA MFG. CO LTD           | MURATA MFG. CO LTD                          | CUSIP: J46840104<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |    117200 | NS      | $1733616.16   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| NINTENDO CO LTD              | NINTENDO CO LTD                             | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |      6900 | NS      | $661827.38    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC CORP                     | SMC CORP                                    | CUSIP: J75734103<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      6600 | NS      | $2376812.38   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                      | E.ON SE                                     | CUSIP: D24914133<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |     49967 | NS      | $920039.51    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| BARRICK MINING CORP          | BARRICK MINING CORP                         | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     45600 | NS      | $949337.25    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKELEY GRP. HLDGS. PLC     | BERKELEY GRP. HLDGS. PLC                    | CUSIP: G1191G153<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |     16836 | NS      | $892549.34    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BUNZL PLC                    | BUNZL PLC                                   | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |      6087 | NS      | $193871.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| LONDON STOCK EXCHANGE GRP    | LONDON STOCK EXCHANGE GRP                   | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      5517 | NS      | $806136.89    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPERIAN PLC                 | EXPERIAN PLC                                | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |      3712 | NS      | $191229.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PEARSON PLC                  | PEARSON PLC                                 | CUSIP: G69651100<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |     47641 | NS      | $701200.12    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC              | ASTRAZENECA PLC                             | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      5656 | NS      | $788773.51    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| INFORMA PLC                  | INFORMA PLC                                 | CUSIP: G4770L106<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |     53483 | NS      | $591735.89    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BOC AVIATION LTD             | BOC AVIATION LTD                            | CUSIP: Y09292106<br>LEI: 254900H06V5RMEB3KE72 | Long             | EC               | CORP              | SG        |     56600 | NS      | $469257.33    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AMDOCS LTD                   | AMDOCS LTD                                  | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |      2522 | NS      | $230107.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN TIRE CORP LTD       | CANADIAN TIRE CORP LTD                      | CUSIP: 136681202<br>LEI: 549300RLHDA7VQYMUB14 | Long             | EC               | CORP              | CA        |      3285 | NS      | $447223.17    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HALEON PLC                   | HALEON PLC                                  | CUSIP: G4232K100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |     89803 | NS      | $462037.25    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC GRP. NV                  | KBC GRP. NV                                 | CUSIP: B5337G162<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |      7859 | NS      | $808358.96    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| GLANBIA PLC                  | GLANBIA PLC                                 | CUSIP: G39021103<br>LEI: 635400SRMCBHVMSKJS84 | Long             | EC               | CORP              | IE        |     42627 | NS      | $627608.91    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SCHNEIDER ELEC. SE           | SCHNEIDER ELEC. SE                          | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      2765 | NS      | $737309.52    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE             | TOTALENERGIES SE                            | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      3097 | NS      | $190488.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFRAN SA                    | SAFRAN SA                                   | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      2965 | NS      | $965652.46    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| STANTEC INC                  | STANTEC INC                                 | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |      6462 | NS      | $703120.65    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE IN    | CONSTELLATION SOFTWARE IN                   | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |       233 | NS      | $854353.30    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| WOLTERS KLUWER NV            | WOLTERS KLUWER NV                           | CUSIP: N9643A197<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |      4370 | NS      | $730765.50    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC            | NATWEST GROUP PLC                           | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    126539 | NS      | $888491.99    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL. GRP    | SUMITOMO MITSUI FINL. GRP                   | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     28800 | NS      | $722016.57    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK LEUMI LE-ISRAEL BM      | BANK LEUMI LE-ISRAEL BM                     | CUSIP: M16043107<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |     35150 | NS      | $654078.08    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| OVERSEA-CHINESE BANKING C    | OVERSEA-CHINESE BANKING C                   | CUSIP: Y64248209<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |     60700 | NS      | $779319.74    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CHUGAI PHARM. CO LTD         | CHUGAI PHARM. CO LTD                        | CUSIP: J06930101<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |     11600 | NS      | $606373.48    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO LTD                | RIO TINTO LTD                               | CUSIP: Q81437107<br>LEI: 529900X2VMAQT2PE0V24 | Long             | EC               | CORP              | AU        |      3210 | NS      | $226352.97    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BIPROGY INC                  | BIPROGY INC                                 | CUSIP: J51097103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     18400 | NS      | $767981.04    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| VINCI SA                     | VINCI SA                                    | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      3574 | NS      | $527565.54    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| NICE LTD                     | NICE LTD                                    | CUSIP: M7494X101<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |      2800 | NS      | $474484.98    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| JERONIMO MARTINS SGPS SA     | JERONIMO MARTINS SGPS SA                    | CUSIP: X40338109<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |      5370 | NS      | $135981.88    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SECOM CO LTD                 | SECOM CO LTD                                | CUSIP: J69972107<br>LEI: 529900TYCL9N3E9PGE47 | Long             | EC               | CORP              | JP        |      6500 | NS      | $233927.55    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SONY GRP. CORP               | SONY GRP. CORP                              | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     30000 | NS      | $782085.46    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYO SUISAN KAISHA LTD       | TOYO SUISAN KAISHA LTD                      | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6500 | NS      | $431549.68    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TRYG A/S                     | TRYG A/S                                    | CUSIP: K9640A110<br>LEI: 213800ZRS8AC4LSTCE39 | Long             | EC               | CORP              | DK        |     27784 | NS      | $718448.23    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                       | AXA SA                                      | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |     18163 | NS      | $892735.03    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| SALMAR ASA                   | SALMAR ASA                                  | CUSIP: R7445C102<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |      4154 | NS      | $180063.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL. INC      | PHILIP MORRIS INTL. INC                     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4084 | NS      | $743818.92    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BRENNTAG SE                  | BRENNTAG SE                                 | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |      4998 | NS      | $331024.44    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HKT TST. & HKT LTD           | HKT TST. & HKT LTD                          | CUSIP: Y3R29Z107<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    355000 | NS      | $530148.09    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| PERSOL HLDGS. CO LTD         | PERSOL HLDGS. CO LTD                        | CUSIP: J6367Q106<br>LEI: 3538000H6OI725NB2008 | Long             | EC               | CORP              | JP        |    333500 | NS      | $650147.70    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEOS HLDGS. INC             | ENEOS HLDGS. INC                            | CUSIP: J29699105<br>LEI: 3538001KQ5SAOZSQTT44 | Long             | EC               | CORP              | JP        |     69000 | NS      | $340560.02    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVO NORDISK A/S             | NOVO NORDISK A/S                            | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     12511 | NS      | $872992.26    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH AMERICAN TOBACCO     | BRITISH AMERICAN TOBACCO                    | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     25062 | NS      | $1185992.56   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| SMITHS GRP. PLC              | SMITHS GRP. PLC                             | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |     10146 | NS      | $312876.86    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER GROUP P    | RECKITT BENCKISER GROUP P                   | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     56376 | NS      | $3835089.30   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTRAZENECA PLC              | ASTRAZENECA PLC                             | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     22304 | NS      | $3110467.50   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| GLENCORE PLC                 | GLENCORE PLC                                | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |     30791 | NS      | $119896.43    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                | CARNIVAL CORP                               | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |     81553 | NS      | $2293270.36   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NI US GOV T PORTFOLIO        | NI US GOV T PORTFOLIO                       | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    870376 | NS      | $870376.45    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT SPA                | UNICREDIT SPA                               | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     33601 | NS      | $2253620.92   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRONICS CO KR    | SAMSUNG ELECTRONICS CO KR                   | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     92666 | NS      | $4108313.48   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED O/SEAS. BANK LTD      | UNITED O/SEAS. BANK LTD                     | CUSIP: Y9T10P105<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |     42400 | NS      | $1201266.60   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGRO PLC                    | SEGRO PLC                                   | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |    108144 | NS      | $1009064.62   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS AG GENUSSC    | ROCHE HOLDINGS AG GENUSSC                   | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |      8070 | NS      | $2638167.24   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL SPA                     | ENEL SPA                                    | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |    174058 | NS      | $1652012.36   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| CIE DE SAINT-GOBAIN SA       | CIE DE SAINT-GOBAIN SA                      | CUSIP: F80343100<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     20685 | NS      | $2433343.76   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| HEINEKEN NV                  | HEINEKEN NV                                 | CUSIP: N39427211<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     18827 | NS      | $1648437.76   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC KANSAS C    | CANADIAN PACIFIC KANSAS C                   | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     34627 | NS      | $2750834.49   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures US futures       | FUT. ICUS MSCI EAF SEP25                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | XX        |        78 | NC      | $10458630.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds | Northern Institutional Funds LIQ ASET PORTF | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    817500 | NS      | $817500.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer