# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0001050269-26-000001
**Filing Date:** 2026-1
**Character Count:** 10068
**Document Hash:** d30bc95686d73f496bb9b3f40d1d9287
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001050269-26-000001.hdr.sgml**: 20260112

**ACCESSION NUMBER**: 0001050269-26-000001

**CONFORMED SUBMISSION TYPE**: 40-17F2

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260112

**DATE AS OF CHANGE**: 20260112

**EFFECTIVENESS DATE**: 20260112

**SUBJECT COMPANY**: 

**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:** 40-17F2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 26525968

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELOITTE & TOUCHE LLP
- **CENTRAL INDEX KEY:** 0001050269

**ORGANIZATION NAME:**
- **EIN:** 133891517
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 40-17F2

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** 3033124079

**MAIL ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

```

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
                                             -----------------------------
FORM N-17f-2                                        OMB Approval
                                             -----------------------------
Certificate of Accounting of Securities and  OMB Number:         3235-0360
Similar Investments in the Custody           Expires:         Dec 31, 2026
of Management Investment Companies           Estimate average burden hours
                                               per response . . . . . 2.00

Pursuant to Rule 17f-2 [17 CFR 270.17f-2]    -----------------------------

-----------------------------------------------------------------------------
1. Investment Company Act File Number:        Date examination completed:

811-08236	                                  May 31, 2025

-----------------------------------------------------------------------------
2. State Identification Number: IL

AL             AK             AZ             AR             CA           CO
CT             DE             DC             FL             GA           HI
ID             IL             IN             IA             KS           KY
LA             ME             MD             MA             MI           MN
MS             MO             MT             NE             NV           NH
NJ             NM             NY             NC             ND           OH
OK             OR             PA             RI             SC           SD
TN             TX             UT             VT             VA           WA
WV             WI             WY             PUERTO RICO
Other (specify):

-----------------------------------------------------------------------------

3. Exact name of investment company as specified in registration statement:

Northern Funds
-----------------------------------------------------------------------------
4. Address of principal executive office (number,street,city,state,zip code):

50 South La Salle, Chicago, IL 60603

-----------------------------------------------------------------------------

INDEPENDENT ACCOUNTANT'S REPORT

To the Board of Trustees of Northern Funds

We have examined management of Northern Funds' assertion, included in the
accompanying Management's Assertion Regarding Northern Funds' Compliance
with Rule 17f-2 Under the Investment Company Act of 1940, that Northern
Funds (the "Company"), comprised of the funds listed in Appendix A, complied
with the requirements of subsections (b) and (c) of Rule 17f-2 under the
Investment Company Act of 1940 (the "specified requirements") as of May 31,
2025. The Company's management is responsible for its assertion. Our
responsibility is to express an opinion on management's assertion about the
Company's compliance with the specified requirements based on our
examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants.
Those standards require that we plan and perform the examination to obtain
reasonable assurance about whether management's assertion about compliance
with the specified requirements is fairly stated, in all material respects.
An examination involves performing procedures to obtain evidence about
whether management's assertion is fairly stated, in all material respects.
The nature, timing, and extent of the procedures selected depend on our
judgment, including an assessment of the risks of material misstatement of
management's assertion, whether due to fraud or error. We believe that the
evidence we obtained is sufficient and appropriate to provide a reasonable
basis for our opinion.

We are required to be independent and to meet our other ethical
responsibilities in accordance with relevant ethical requirements relating to
the engagement.

Included among our procedures were the following tests performed as of
May 31, 2025 (the examination date we selected without prior notice to
management), and with respect to agreement of security purchases and sales,
for the period from March 31, 2025 (the date of our last examination),
through May 31, 2025:

1. Confirmation of all securities held by institutions in book entry form on
behalf of Northern Trust, by the Federal Reserve Bank of Kansas City and The
Depository Trust Company.

2. Confirmation of 1 out of 18 securities pledged as collateral for future
contracts with brokers. For confirms not received, agreed to the cash records
provided by Northern Trust.

3. Reconciliation of all such securities to the books and records of the
Company and Northern Trust.

4. Confirmation and verification through a review of documents or electronic
files provided by Northern Trust or verification of the subsequent settlement
to cash records provided by Northern Trust of approximately 76.94% of all
securities held in book entry form by various sub-custodians, by various
agent banks, by Clearing and Depository Services, or by CREST Co.

5. Confirmation of 15 out of 24 repurchase agreements with brokers/banks and
agreement of underlying collateral with Northern Trust records. For
confirmations not received, agreed to the cash records provided by Northern
Trust.

6. Agreement of 37 security purchases and 37 security sales or maturities
since our last report from the books and records of the Company to the
subsequent settlement in cash records provided by Northern Trust.

Our examination does not provide a legal determination on the Company's
compliance with specified requirements.

In our opinion, management's assertion that the Northern Funds complied with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of May 31, 2025 with respect to securities reflected
in the investment accounts of the Company is fairly stated, in all material
respects.

This report is intended solely for the information and use of management and
the Board of Trustees of Northern Funds and the U.S. Securities and Exchange
Commission and is not intended to be, and should not be, used by anyone
other than the specified parties.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
January 12, 2026

Appendix A

Northern Funds

Active M Emerging Markets Equity Fund
Active M International Equity Fund
Arizona Tax-Exempt Fund
Bond Index Fund
California Intermediate Tax-Exempt Fund
California Tax-Exempt Fund
Core Bond Fund
Emerging Markets Equity Index Fund
Fixed Income Fund
Global Real Estate Index Fund
Global Tactical Asset Allocation Fund
High Yield Fixed Income Fund
Income Equity Fund
Intermediate Tax-Exempt Fund
International Equity Fund
International Equity Index Fund
Large Cap Core Fund
Large Cap Value Fund
Limited Term Tax-Exempt Fund
Limited Term U.S. Government Fund
Mid Cap Index Fund
Multi-Manager Global Listed Infrastructure Fund
Multi-Manager Global Real Estate Fund
Multi-Manager High Yield Opportunity Fund
Short Bond Fund
Small Cap Core Fund
Small Cap Index Fund
Small Cap Value Fund
Stock Index Fund
Tax-Advantaged Ultra-Short Fixed Income Fund
Tax-Exempt Fund
U.S. Government Fund
U.S. Government Money Market Fund
U.S. Government Select Money Market Fund
U.S. Quality ESG Fund
Ultra-Short Fixed Income Fund
World Selection Index Fund

Managements Assertion Regarding Northern Funds' Compliance with Rule 17f-2
Under the Investment Company Act of 1940

We, as members of management of Northern Funds (the "Company"), comprised
of the funds listed in the attached Appendix A, are responsible for
complying with the requirements of subsections (b) and (c) of Rule 17f-2,
"Custody of Investments by Registered Management Investment Companies," of
the Investment Company Act of 1940. We are also responsible for establishing
and maintaining effective internal controls over compliance with those
requirements. We have performed an evaluation of the Company`s compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of
May 31, 2025, and from March 31, 2025 (the date of your last examination)
through May 31, 2025.

Based on this evaluation, we assert that the Company was in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of May 31, 2025, and from March 31, 2025 (the date of
your last examination) through May 31, 2025, with respect to securities
reflected in the investment accounts of the Company.

Northern Funds

By:

/s/ Kevin O'Rourke
Kevin O'Rourke
President, Northern Funds

/s/ Randal Rein
Randal Rein
Treasurer, Northern Funds

January 12,2026

```