UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08236

 

 

Northern Funds

(Exact name of registrant as specified in charter)

 

 

50 South LaSalle Street

Chicago, IL 60603

(Address of principal executive offices) (Zip code)

 

 

 

Name and Address of Agent for Service:

Michael D. Mabry

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, Pennsylvania 19103

  

with a copy to:

Kevin P. O’Rourke

Jose J. Del Real, Esq.

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

 

 

Registrant’s telephone number, including area code: (800) 595-9111

Date of fiscal year end: March 31

Date of reporting period: September 30, 2021

 

 

 

Item 1. Reports to Stockholders.

 

(a)

Copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “1940 Act”) (17 CFR 270.30e-1).

LOGO

     FIXED INCOME AND MONEY MARKET FUNDS  

 

   TABLE OF CONTENTS

 

   

 

2

  

STATEMENTS OF ASSETS AND LIABILITIES

6

  

STATEMENTS OF OPERATIONS

10

  

STATEMENTS OF CHANGES IN NET ASSETS

16

  

FINANCIAL HIGHLIGHTS

37

  

SCHEDULES OF INVESTMENTS

37

  

     ARIZONA TAX-EXEMPT FUND (Ticker Symbol: NOAZX)

43

  

    BOND INDEX FUND (Ticker Symbol: NOBOX)

121

  

     CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND (Ticker Symbol: NCITX)

131

  

     CALIFORNIA TAX-EXEMPT FUND (Ticker Symbol: NCATX)

138

  

    CORE BOND FUND (Ticker Symbol: NOCBX)

153

  

    FIXED INCOME FUND (Ticker Symbol: NOFIX)

170

  

    HIGH YIELD FIXED INCOME FUND (Ticker Symbol: NHFIX)

186

  

    HIGH YIELD MUNICIPAL FUND (Ticker Symbol: NHYMX)

206

  

     INTERMEDIATE TAX-EXEMPT FUND (Ticker Symbol: NOITX)

234

  

     MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND (Ticker Symbol: NMEDX)

247

  

     MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND (Ticker Symbol: NMHYX)

279

  

    SHORT BOND FUND (Ticker Symbol: BSBAX)

293

  

     SHORT-INTERMEDIATE TAX-EXEMPT FUND (Ticker Symbol: NSITX)

307

  

     SHORT-INTERMEDIATE U.S. GOVERNMENT FUND (Ticker Symbol: NSIUX)

309

  

     TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND (Ticker Symbol: NTAUX)

334

  

     TAX-EXEMPT FUND (Ticker Symbol: NOTEX)

357

  

    ULTRA-SHORT FIXED INCOME FUND (Ticker Symbol: NUSFX)

370

  

    U.S. GOVERNMENT FUND (Ticker Symbol: NOUGX)

372

  

    U.S. GOVERNMENT MONEY MARKET FUND (Ticker Symbol: NOGXX)

376

  

     U.S. GOVERNMENT SELECT MONEY MARKET FUND (Ticker Symbol: NOSXX)

379

  

    U.S. TREASURY INDEX FUND (Ticker Symbol: BTIAX)

383

  

NOTES TO THE FINANCIAL STATEMENTS

404

  

FUND EXPENSES

407

  

APPROVAL OF MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENTS

416

  

FOR MORE INFORMATION

 

 

 

This report has been prepared for the general information of Northern Funds shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Northern Funds summary prospectus or prospectus, which contains more complete information about a fund’s investment objectives, risks, fees and expenses. Investors are reminded to read a summary prospectus or prospectus carefully before investing or sending money.

 

  
 

Northern Funds are distributed by Northern Funds Distributors, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101, not affiliated with Northern Trust.

 

You could lose money by investing in the U.S. Government Money Market and U.S. Government Select Money Market Funds. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.

 

An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The U.S. Government Money Market and U.S. Government Select Money Market Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

 

  
 

NOT FDIC INSURED

  
 

May lose value / No bank guarantee

 

  

 

NORTHERN FUNDS SEMIANNUAL REPORT    1    FIXED INCOME AND MONEY MARKET FUNDS

 

   FIXED INCOME AND MONEY MARKET FUNDS

     

 

  STATEMENTS OF ASSETS AND LIABILITIES

 

   

 

    

 

    Amounts in thousands, except per share data    ARIZONA
TAX-EXEMPT
FUND		     BOND
INDEX
FUND		     CALIFORNIA
INTERMEDIATE
TAX-EXEMPT
FUND		     CALIFORNIA
TAX-EXEMPT
FUND		     CORE
BOND
FUND		  

ASSETS:

                 
       

Investments, at value

      $162,498       $3,089,643       $535,198       $213,410       $198,096  
       

Investments in affiliates, at value

      6,145       91,556       13,611       7,150       9,430  
       

Foreign currencies, at value

      —       —       —       —       —  
       

Due from broker (Note 2)

      —       —       —       —       —  
       

Interest income receivable

      1,578       14,842       5,000       2,109       972  
       

Receivable for foreign tax reclaims

      —       —       —       —       14  
       

Receivable for securities sold

      983       22,795       —       —       2,948  
       

Receivable for fund shares sold

      167       3,263       14       245       37  
       

Receivable from investment adviser

      4       19       5       4       2  
       

Unrealized appreciation on bilateral interest rate swap agreements

      —       —       —       —       —  
       

Unrealized appreciation on forward foreign currency exchange contracts

      —       —       —       —       —  
       

Prepaid and other assets

      3       10       6       5       12  
       

Total Assets

      171,378       3,222,128       553,834       222,923       211,511  

LIABILITIES:

                 
       

Unrealized depreciation on forward foreign currency exchange contracts

      —       —       —       —       —  
       

Payable for securities purchased

      —       36,884       —       —       2,053  
       

Unfunded loan commitments (Note 2)

      —       —       —       —       —  
       

Payable for when-issued securities

      2,449       68,008       4,014       —       —  
       

Payable for fund shares redeemed

      344       1,160       41       62       305  
       

Distributions payable to shareholders

      67       1,216       201       79       68  
       

Due to broker (Note 2)

      —       —       —       —       —  
       

Payable to affiliates:

                 
       

Management fees

      12       67       39       16       13  
       

Custody fees

      1       31       2       1       4  
       

Shareholder servicing fees

      11       11       16       13       —  
       

Transfer agent fees

      5       102       18       7       7  
       

Accrued Trustee fees

      4       10       4       4       4  
       

Accrued other liabilities

      17       53       17       16       18  
       

Total Liabilities

      2,910       107,542       4,352       198       2,472  

Net Assets

      $168,468       $3,114,586       $549,482       $222,725       $209,039  

ANALYSIS OF NET ASSETS:

                 
       

Capital stock

      $164,631       $2,995,380       $529,564       $211,566       $209,044  
       

Distributable earnings (loss)

      3,837       119,206       19,918       11,159       (5 ) 
       

Net Assets

      $168,468       $3,114,586       $549,482       $222,725       $209,039  
       

Shares Outstanding ($.0001 par value, unlimited authorization)

      15,557       287,320       50,337       18,878       19,779  
       

Net Asset Value, Redemption and Offering Price Per Share

      $10.83       $10.84       $10.92       $11.80       $10.57  
       

Investments, at cost

      $157,449       $2,983,974       $514,807       $202,956       $196,895  
       

Investments in affiliates, at cost

      6,145       91,556       13,611       7,150       9,430  
       

Foreign currencies, at cost

      —       —       —       —       —  

 

See Notes to the Financial Statements.

 

FIXED INCOME AND MONEY MARKET FUNDS    2    NORTHERN FUNDS SEMIANNUAL REPORT

      
  

 

  SEPTEMBER 30, 2021 (UNAUDITED)     

 

 

FIXED
INCOME
FUND		    HIGH YIELD
FIXED
INCOME
FUND		   HIGH YIELD
MUNICIPAL
FUND		    INTERMEDIATE
TAX-EXEMPT
FUND		    MULTI-MANAGER
EMERGING MARKETS
DEBT OPPORTUNITY
FUND		   MULTI-MANAGER
HIGH YIELD
OPPORTUNITY FUND
         
  $780,535        $3,821,396       $734,807        $2,767,379        $133,428       $164,257  
         
  25,623        87,392       44,609        308,629        7,630       8,641  
         
  —        160       —        —        787       —  
         
  —        —       —        —        461       —  
         
  5,429        56,771       7,824        26,930        2,074       2,653  
         
  20        —       —        —        55       —  
         
  8,261        14,949       1,663        4,962        415       2,242  
         
  152        676       1,174        5,241        —       127  
         
  6        27       30        13        2       3  
         
  —        —       —        —        9       —  
         
  —        —       —        —        195       —  
         
  7        9       6        13        2       14  
         
  820,033        3,981,380       790,113        3,113,167        145,058       177,937  
         
  —        —       —        —        233       —  
         
  5,185        17,892       875        23,084        852       1,437  
         
  —        —       —        —        —       6  
         
  —        49,995       15,649        57,618        —       2,290  
         
  244        2,973       9        1,044        13       115  
         
  366        3,752       435        979        —       —  
         
  —        —       —        —        146       —  
         
  58        495       99        210        20       24  
         
  11        22       —        17        13       3  
         
  5        7       3        13        —       2  
         
  26        126       25        98        5       6  
         
  14        19       4        14        1       2  
         
  18        44       23        39        30       31  
         
  5,927        75,325       17,122        83,116        1,313       3,916  
  $814,106        $3,906,055       $772,991        $3,030,051        $143,745       $174,021  
         
  $798,578        $4,354,459       $747,572        $2,928,363        $163,232       $222,424  
         
  15,528        (448,404 )      25,419        101,688        (19,487 )      (48,403 ) 
         
  $814,106        $3,906,055       $772,991        $3,030,051        $143,745       $174,021  
         
  76,631        572,143       85,055        279,944        16,388       18,255  
         
  $10.62        $6.83       $9.09        $10.82        $8.77       $9.53  
         
  $765,335        $3,708,528       $707,246        $2,680,078        $143,106       $165,595  
         
  25,623        87,392       44,609        308,629        7,630       8,641  
         
  —        153       —        —        824       —  

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    3     FIXED INCOME AND MONEY MARKET FUNDS

 

   FIXED INCOME AND MONEY MARKET FUNDS

     

 

  STATEMENTS OF ASSETS AND LIABILITIES    continued

 

   

 

    

 

    Amounts in thousands, except per share data    SHORT
BOND
FUND		     SHORT-
INTERMEDIATE
TAX-EXEMPT
FUND		     SHORT-
INTERMEDIATE
U.S. GOVERNMENT
FUND		     TAX-ADVANTAGED
ULTRA-SHORT
FIXED
INCOME FUND		     TAX-EXEMPT
FUND		  
       

ASSETS:

                 
       

Investments, at value

      $475,677       $815,978       $60,100       $4,267,615       $1,750,536  
       

Investments in affiliates, at value

      8,910       100,802       58       151,338       206,261  
       

Repurchase agreements, at value

      —       —       —       —       —  
       

Cash and cash equivalents

      —       —       —       —       —  
       

Interest income receivable

      1,851       7,587       160       27,300       17,389  
       

Receivable for securities sold

      —       —       1,930       —       11,609  
       

Receivable for fund shares sold

      8,231       145       —       7,400       1,385  
       

Receivable from investment adviser

      39       7       8       16       12  
       

Prepaid and other assets

      12       16       4       22       9  
       

Total Assets

      494,720       924,535       62,260       4,453,691       1,987,201  

LIABILITIES:

                 
       

Payable for securities purchased

      3,372       17,755       —       54,137       10,161  
       

Payable for when-issued securities

      1,000       15,640       —       61,264       40,155  
       

Payable for fund shares redeemed

      33       176       29       10,861       568  
       

Distributions payable to shareholders

      94       145       2       370       697  
       

Payable to affiliates:

                 
       

Management fees

      30       63       4       159       137  
       

Custody fees

      1       31       1       40       11  
       

Shareholder servicing fees

      1       13       1       2       23  
       

Transfer agent fees

      16       29       2       138       63  
       

Accrued Trustee fees

      4       4       8       9       8  
       

Accrued other liabilities

      18       16       22       42       30  
       

Total Liabilities

      4,569       33,872       69       127,022       51,853  

Net Assets

      $490,151       $890,663       $62,191       $4,326,669       $1,935,348  
       

ANALYSIS OF NET ASSETS:

                 
       

Capital stock

      $496,780       $876,733       $66,264       $4,309,950       $1,877,700  
       

Distributable earnings (loss)

      (6,629 )      13,930       (4,073 )      16,719       57,648  
       

Net Assets

      $490,151       $890,663       $62,191       $4,326,669       $1,935,348  
       

Shares Outstanding ($.0001 par value, unlimited authorization)

      25,744       85,536       6,216       424,250       176,339  
       

Net Asset Value, Redemption and Offering Price Per Share

      $19.04       $10.41       $10.00       $10.20       $10.98  

Investments, at cost

      $471,997       $809,875       $60,246       $4,254,462       $1,704,022  
       

Investments in affiliates, at cost

      8,823       100,802       58       151,338       206,261  

 

 

See Notes to the Financial Statements.

 

FIXED INCOME AND MONEY MARKET FUNDS    4    NORTHERN FUNDS SEMIANNUAL REPORT

  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

ULTRA-SHORT
FIXED
INCOME

FUND

      U.S.
GOVERNMENT
FUND		      U.S. GOVERNMENT
MONEY
MARKET FUND		     

U.S. GOVERNMENT
SELECT

MONEY
MARKET FUND

     

U.S. TREASURY
INDEX

FUND

  
                 
  $3,746,644        $42,761        $8,863,625        $1,890,344        $95,146  
  158,039        60        —        —        767  
  —        —        8,159,500        1,786,300        —  
  —        —        163,551        1,594        —  
  9,385        103        13,869        3,076        360  
  35,686        1,934        —        —        1,673  
  6,947        1        14,985        1,523        1  
  15        6        818        176        2  
  32        4        32        18        11  
  3,956,748        44,869        17,216,380        3,683,031        97,960  
                 
  60,000        —        —        —        2,229  
  31,120        —        —        —        —  
  1,910        1,620        64,653        1,388        84  
  395        3        —        —        25  
                 
  143        3        942        201        2  
  21        1        132        31        2  
  6        1        —        —        —  
  124        1        276        58        3  
  5        3        26        20        4  
  47        18        153        44        16  
  93,771        1,650        66,182        1,742        2,365  
  $3,862,977        $43,219        $17,150,198        $3,681,289        $95,595  
                 
  $3,841,882        $44,084        $17,149,778        $3,681,256        $92,986  
  21,095        (865 )       420        33        2,609  
  $3,862,977        $43,219        $17,150,198        $3,681,289        $95,595  
  374,402        4,439        17,149,811        3,681,296        4,235  
  $10.32        $9.74        $1.00        $1.00        $22.57  
     
  $3,733,941        $42,912        $8,863,625        $1,890,344        $93,134  
  158,039        60        —        —        767  

 

 

See Notes to the Financial Statements.

 

 

NORTHERN FUNDS SEMIANNUAL REPORT     5    FIXED INCOME AND MONEY MARKET FUNDS

 

      FIXED INCOME AND MONEY MARKET FUNDS

     

 

    STATEMENTS OF OPERATIONS

 

   

 

    Amounts in thousands    ARIZONA
TAX-EXEMPT
FUND		      BOND
INDEX
FUND		      CALIFORNIA
INTERMEDIATE
TAX-EXEMPT
FUND		      CALIFORNIA
TAX-EXEMPT
FUND		  
     

INVESTMENT INCOME:

                
     

Interest Income (Note 6)

      $2,146        $30,470        $6,456        $2,782  
       

Dividend income

      —        —        —        —  
     

Dividend income from investments in affiliates

      2        5        5        3  
     

Total Investment Income

      2,148        30,475        6,461        2,785  
     

EXPENSES:

                
     

Management fees

      371        2,100        1,179        476  
     

Custody fees

      7        147        20        9  
     

Transfer agent fees

      33        622        106        43  
     

Blue sky fees

      11        21        5        5  
     

Printing fees

      5        16        5        5  
     

Audit fees

      10        18        10        10  
     

Legal fees

      11        21        11        11  
     

Shareholder servicing fees

      55        52        52        41  
     

Trustee fees

      4        14        3        3  
     

Other

      6        21        6        7  
     

Total Expenses

      513        3,032        1,397        610  
     

Less expenses contractually reimbursed by investment adviser

      (118 )       (584 )       (157 )       (105 ) 
     

Net Expenses

      395        2,448        1,240        505  

Net Investment Income (Loss)

      1,753        28,027        5,221        2,280  

NET REALIZED AND UNREALIZED GAINS (LOSSES):

                
     

Net realized gains (losses) on:

                
     

Investments

      38        11,980        145        246  
       

Interest rate swap agreements

      —        —        —        —  
       

Foreign currency transactions

      —        —        —        —  
       

Forward foreign currency exchange contracts

      —        —        —        —  
     

Net changes in unrealized appreciation (depreciation) on:

                
     

Investments

      (541 )       22,957        (1,556 )       (319 ) 
       

Interest rate swap agreements

      —        —        —        —  
       

Foreign currency translations

      —        —        —        —  
       

Forward foreign currency exchange contracts

      —        —        —        —  
     

Net Gains (Losses)

      (503 )       34,937        (1,411 )       (73 ) 

Net Increase (Decrease) in Net Assets Resulting from Operations

      $1,250        $62,964        $3,810        $2,207  

 

(1) 

Net of $3 and $58, respectively, in foreign withholding taxes.

 

(2) 

Net of foreign capital gains tax paid of $13.

 

 

See Notes to the Financial Statements.

 

FIXED INCOME AND MONEY MARKET FUNDS    6    NORTHERN FUNDS SEMIANNUAL REPORT

      
  

 

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)     

 

      

CORE

BOND

FUND

      FIXED
INCOME
FUND		      HIGH YIELD
FIXED
INCOME
FUND		     HIGH YIELD
MUNICIPAL
FUND		      INTERMEDIATE
TAX-EXEMPT
FUND		      MULTI-MANAGER
EMERGING MARKETS
DEBT OPPORTUNITY
FUND		     MULTI-MANAGER
HIGH YIELD
OPPORTUNITY FUND		  
         
                           
         
    $1,732        $9,637        $105,799 (1)      $12,758        $33,139        $4,069 (1)      $4,971  
           
    —        —        321       —        —        —       12  
         
    3        8        16       11        28        1       1  
         
          1,735        9,645        106,136       12,769        33,167        4,070       4,984  
         
                           
         
    403        1,779        13,777       2,687        6,500        625       710  
         
    14        38        129       21        111        39       18  
         
    41        159        690       134        595        28       33  
         
    10        13        15       15        12        11       11  
         
    6        6        18       5        13        9       9  
         
    10        10        18       10        18        10       21  
         
    11        11        21       11        21        11       11  
         
    1        17        115       22        68        —       2  
           
    3        3        14       3        14        4       3  
           
          6        5        23       6        23        9       6  
         
    505        2,041        14,820       2,914        7,375        746       824  
         
    (75 )       (174 )       (824 )      (814 )       (400 )       (55 )      (90 ) 
         
          430        1,867        13,996       2,100        6,975        691       734  
          1,305        7,778        92,140       10,669        26,192        3,379       4,250  
                           
         
                           
         
    783        4,515        12,568       4,067        9,689        17 (2)       3,290  
           
    —        —        —       —        —        (4 )      —  
           
    —        —        —       —        —        (77 )      —  
           
    —        —        —       —        —        (281 )      —  
         
                           
         
    2,821        11,163        8,832       3,724        (11,434 )       (1,665 )      (707 ) 
           
    —        —        —       —        —        (64 )      —  
           
    —        —        (1 )      —        —        (24 )      —  
             
    —        —        —       —        —        400       —  
         
          3,604        15,678        21,399       7,791        (1,745 )       (1,698 )      2,583  
          $4,909        $23,456        $113,539       $18,460        $24,447        $1,681       $6,833  

 

 

See Notes to the Financial Statements.

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    7    FIXED INCOME AND MONEY MARKET FUNDS

 

     FIXED INCOME AND MONEY MARKET FUNDS

     

 

   STATEMENTS OF OPERATIONS    continued

 

   

 

    Amounts in thousands    SHORT
BOND
FUND		      SHORT-
INTERMEDIATE
TAX-EXEMPT
FUND		      SHORT-
INTERMEDIATE
U.S. GOVERNMENT
FUND		    

TAX-ADVANTAGED
ULTRA-SHORT
FIXED

INCOME FUND

  
     

INVESTMENT INCOME:

               
     

Interest Income (Note 6)

      $3,420        $5,873        $124       $16,706  
       

Dividend income from investments in affiliates

      55        12        —       30  
     

Total Investment Income

      3,475        5,885        124       16,736  

EXPENSES:

               
     

Management fees

      889        1,963        117       4,992  
     

Custody fees

      17        35        4       171  
     

Transfer agent fees

      90        176        12       865  
     

Blue sky fees

      11        10        13       15  
     

Printing fees

      6        5        6       14  
     

Audit fees

      10        10        10       18  
     

Legal fees

      11        11        11       21  
     

Shareholder servicing fees

      —        54        2       7  
     

Trustee fees

      4        3        3       14  
     

Other

      6        6        7       19  
     

Total Expenses

      1,044        2,273        185       6,136  
     

Less expenses voluntarily reimbursed by investment adviser

      —        —        —       —  
     

Less expenses contractually reimbursed by investment adviser

      (107 )       (213 )       (55 )      (496 ) 
     

Less custodian credits

      —        —        —       —  
     

Net Expenses

      937        2,060        130       5,640  

Net Investment Income (Loss)

      2,538        3,825        (6 )      11,096  

NET REALIZED AND UNREALIZED GAINS (LOSSES):

               
     

Net realized gains (losses) on:

               
     

Investments

      692        3,550        (2 )      910  
       

Futures contracts

      —        —        (6 )      —  
     

Net changes in unrealized appreciation (depreciation) on:

               
       

Investments

      (910 )       (5,162 )       (32 )      (6,512 ) 
       

Investments in affiliates

      (77 )       —        —       —  
     

Futures contracts

      —        —        (6 )      —  
     

Net Gains (Losses)

      (295 )       (1,612 )       (46 )      (5,602 ) 

Net Increase (Decrease) in Net Assets Resulting from Operations

      $2,243        $2,213        $ (52)      $5,494  

 

(3) 

Includes nonrecurring litigation proceeds of approximately $864,000 and $8,351,000, respectively.

 

 

See Notes to the Financial Statements.

 

FIXED INCOME AND MONEY MARKET FUNDS    8    NORTHERN FUNDS SEMIANNUAL REPORT

      
  

 

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)     

 

    TAX-EXEMPT
FUND		     

ULTRA-SHORT
FIXED
INCOME

FUND

      U.S.
GOVERNMENT
FUND		      U.S. GOVERNMENT
MONEY
MARKET FUND		    

U.S. GOVERNMENT
SELECT

MONEY
MARKET FUND

    

U.S. TREASURY
INDEX

FUND

  
       
                    
       
  $22,982        $14,981        $156        $7,113 (3)      $9,665 (3)      $748  
         
  13        17        1        —       —       —  
       
  22,995        14,998        157        7,113       9,665       748  
                    
       
  4,266        4,210        93        28,727       6,032       64  
       
  72        134        4        660       147       6  
       
  385        725        9        1,654       347       19  
       
  12        14        10        23       13       10  
       
  10        15        6        34       11       6  
       
  15        21        10        51       21       10  
       
  18        25        11        61       24       11  
       
  85        23        1        —       —       —  
       
  10        17        4        56       17       3  
       
  16        22        6        90       24       5  
       
  4,889        5,206        154        31,356       6,636       134  
       
  —        —        —        (24,063 )      (5,095 )      —  
       
  (373 )       (465 )       (50 )       (785 )      (208 )      (55 ) 
       
  —        —        —        (1 )      —       —  
       
  4,516        4,741        104        6,507       1,333       79  
  18,479        10,257        53        606       8,332       669  
                    
       
                    
       
  6,384        3,199        103        44       10       136  
         
  —        —        (8 )       —       —       —  
       
                    
         
  (3,664 )       (1,642 )       84        —       —       1,025  
         
  —        —        —        —       —       —  
       
  —        —        29        —       —       —  
       
  2,720        1,557        208        44       10       1,161  
  $21,199        $11,814        $261        $650       $8,342       $1,830  

 

 

See Notes to the Financial Statements.

 

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    9    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   STATEMENTS OF CHANGES IN NET  ASSETS

 

   

 

            

 

    

ARIZONA

TAX-EXEMPT

FUND

    

BOND

INDEX

FUND

    

CALIFORNIA
INTERMEDIATE
TAX-EXEMPT

FUND

  
    Amounts in thousands    SEP 30,
2021		     MAR 31,
2021		    

SEP 30,

2021

    

MAR 31,

2021

     SEP 30,
2021		     MAR 31,
2021		  

OPERATIONS:

                 
     

Net investment income (loss) (Note 6)

      $1,753       $3,457       $28,027       $63,013       $5,221       $11,202  
     

Net realized gains (losses) (Note 6)

      38       (405 )      11,980       40,948       145       (581 ) 
     

Net change in unrealized appreciation (depreciation)

      (541 )      1,218       22,957       (101,453 )      (1,556 )      10,349  
     

Net Increase (Decrease) in Net Assets Resulting from Operations

      1,250       4,270       62,964       2,508       3,810       20,970  
     

CAPITAL SHARE TRANSACTIONS:

                 
     

Net increase (decrease) in net assets resulting from capital share transactions

      467       32,158       (167,415 )      417,337       17,278       31,507  
     

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions

      467       32,158       (167,415 )      417,337       17,278       31,507  
     

DISTRIBUTIONS PAID:

                 
     

Distributable earnings

      (1,753 )      (3,457 )      (33,181 )      (103,699 )      (5,223 )      (12,144 ) 
     

Total Distributions Paid

      (1,753 )      (3,457 )      (33,181 )      (103,699 )      (5,223 )      (12,144 ) 
     

Total Increase (Decrease) in Net Assets

      (36 )      32,971       (137,632 )      316,146       15,865       40,333  
     

NET ASSETS:

                 
     

Beginning of period

      168,504       135,533       3,252,218       2,936,072       533,617       493,284  
     

End of period

      $168,468       $168,504       $3,114,586       $3,252,218       $549,482       $533,617  

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    10    NORTHERN FUNDS SEMIANNUAL REPORT

 

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)    

OR THE FISCAL YEAR ENDED MARCH 31, 2021    

 

 

CALIFORNIA

TAX-EXEMPT

FUND

     

CORE

BOND

FUND

    

FIXED

INCOME

FUND

           

HIGH YIELD

FIXED

INCOME

FUND

  

SEP 30,

2021

  

MAR 31,

2021

           

SEP 30,

2021

    

MAR 31,

2021

          

SEP 30,

2021

    

MAR 31,

2021

           

SEP 30,

2021

    

MAR 31,

2021

  
     

$2,280 

     $5,126             $1,305        $2,899            $7,778        $16,147             $92,140        $193,223   
     

246 

     1,120             783        2,755            4,515        13,928             12,568        (112,460)  
     

(319)

     2,246             2,821        (1,314)           11,163        17,796             8,831        762,381   
     

2,207 

     8,492                 4,909        4,340                23,456        47,871                 113,539        843,144   
     

4,759 

     22,426             (47,104)       62,049            (21,842)       (41,918)            554,655        (475,014)  
     

4,759 

     22,426                 (47,104)       62,049                (21,842)       (41,918)                554,655        (475,014)  
     

(2,283)

     (6,194)            (1,858)       (8,131)           (9,769)       (25,518)            (92,409)       (191,107)  

(2,283)

     (6,194)                (1,858)       (8,131)               (9,769)       (25,518)                (92,409)       (191,107)  

4,683 

     24,724             (44,053)       58,258            (8,155)       (19,565)            575,785        177,023   
     

218,042 

     193,318             253,092        194,834            822,261        841,826             3,330,270        3,153,247   
     

$222,725 

     $218,042                 $209,039        $253,092                $814,106        $822,261                 $3,906,055        $3,330,270   

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    11    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   STATEMENTS OF CHANGES IN NET ASSETS  continued

 

   

 

            

 

    

HIGH YIELD

MUNICIPAL

FUND

    

INTERMEDIATE
TAX-EXEMPT

FUND

     MULTI-MANAGER
EMERGING MARKETS
DEBT OPPORTUNITY
FUND		  
    Amounts in thousands    SEP 30,
2021		     MAR 31,
2021		     SEP 30,
2021		     MAR 31,
2021		     SEP 30,
2021		     MAR 31,
2021		  
     

OPERATIONS:

                 
     

Net investment income (loss) (Note 6)

      $10,669       $19,458       $26,192       $57,230       $3,379       $7,338  
     

Net realized gains (losses) (Note 6)

      4,067       (1,408 )      9,689       19,039       (345 )      (5,460 ) 
     

Net change in unrealized appreciation (depreciation)

      3,724       37,680       (11,434 )      43,321       (1,353 )      23,661  
     

Net Increase (Decrease) in Net Assets Resulting from Operations

      18,460       55,730       24,447       119,590       1,681       25,539  
     

CAPITAL SHARE TRANSACTIONS:

                 
     

Net increase (decrease) in net assets resulting from capital share transactions

      166,263       52,831       (41,564 )      12,650       912       (11,786 ) 
     

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions

      166,263       52,831       (41,564 )      12,650       912       (11,786 ) 
     

DISTRIBUTIONS PAID:

                 
     

Distributable earnings

      (10,669 )      (19,458 )      (26,198 )      (76,825 )      (3,912 )      (1,403 ) 
     

Total Distributions Paid

      (10,669 )      (19,458 )      (26,198 )      (76,825 )      (3,912 )      (1,403 ) 
     

Total Increase (Decrease) in Net Assets

      174,054       89,103       (43,315 )      55,415       (1,319 )      12,350  
     

NET ASSETS:

                 
     

Beginning of period

      598,937       509,834       3,073,366       3,017,951       145,064       132,714  
     

End of period

      $772,991       $598,937       $3,030,051       $3,073,366       $143,745       $145,064  

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    12    NORTHERN FUNDS SEMIANNUAL REPORT

   FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)    
  

 

OR THE FISCAL YEAR ENDED MARCH 31, 2021    

 

 

 

MULTI-MANAGER

HIGH YIELD

OPPORTUNITY FUND

     

SHORT

BOND

FUND

    

SHORT-

INTERMEDIATE

TAX-EXEMPT

FUND

           

SHORT-

INTERMEDIATE

U.S. GOVERNMENT

FUND

  

SEP 30,

2021

  

MAR 31,

2021

           

SEP 30,

2021

    

MAR 31,

2021

          

SEP 30,

2021

    

MAR 31,

2021

           

SEP 30,

2021

    

MAR 31,

2021

  
     

$4,250 

     $11,761             $2,538        $6,729            $3,825        $10,053             $(6)       $17   
     

3,290 

     (13,782)            692        2,364            3,550        12,195             (8)       409   
     

(707)

     46,172             (987)       7,469            (5,162)       7,762             (38)       (635)  
     

6,833 

     44,151                 2,243        16,562                2,213        30,010                 (52)       (209)  
     

(2,812)

     (71,396)            53,607        55,919            (25,349)       31,637             (1,527)       5,612   
     

(2,812)

     (71,396)                53,607        55,919                (25,349)       31,637                 (1,527)       5,612   
     

(4,617)

     (12,426)            (2,798)       (7,185)           (3,825)       (24,498)            (39)       (95)  
     

(4,617)

     (12,426)                (2,798)       (7,185)               (3,825)       (24,498)                (39)       (95)  
     

(596)

     (39,671)            53,052        65,296           (26,961)       37,149             (1,618)       5,308  
     

174,617 

     214,288             437,099        371,803            917,624        880,475             63,809        58,501   
     

$174,021 

     $174,617                 $490,151        $437,099                $890,663        $917,624                 $62,191        $63,809   

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    13    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   STATEMENTS OF CHANGES IN NET ASSETS  continued

 

   

 

            

 

    

TAX-ADVANTAGED

ULTRA-SHORT

FIXED

INCOME FUND

    

TAX-EXEMPT

FUND

    

ULTRA-SHORT

FIXED

INCOME

FUND

  
    Amounts in thousands   

SEP 30,

2021

    

MAR 31,

2021

    

SEP 30,

2021

    

MAR 31,

2021

    

SEP 30,

2021

    

MAR 31,

2021

  
     

OPERATIONS:

                 
     

Net investment income (loss) (Note 6)

      $11,096       $32,804       $18,479       $39,710       $10,257       $29,951  
     

Net realized gains (losses) (Note 6)

      910       6,014       6,384       12,787       3,199       8,461  
     

Net change in unrealized appreciation (depreciation)

      (6,512 )      27,047       (3,664 )      24,314       (1,642 )      42,673  
     

Net Increase (Decrease) in Net Assets Resulting from Operations

      5,494       65,865       21,199       76,811       11,814       81,085  
     

CAPITAL SHARE TRANSACTIONS:

                 
     

Net increase (decrease) in net assets resulting from capital share transactions

      (528,830 )      1,097,096       (87,659 )      350,966       171,223       1,457,215  
     

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions

      (528,830 )      1,097,096       (87,659 )      350,966       171,223       1,457,215  
     

DISTRIBUTIONS PAID:

                 
     

Distributable earnings

      (11,099 )      (39,416 )      (18,483 )      (47,187 )      (10,807 )      (36,740 ) 
     

Total Distributions Paid

      (11,099 )      (39,416 )      (18,483 )      (47,187 )      (10,807 )      (36,740 ) 
     

Total Increase (Decrease) in Net Assets

      (534,435 )      1,123,545       (84,943 )      380,590       172,230       1,501,560  
     

NET ASSETS:

                 
     

Beginning of period

      4,861,104       3,737,559       2,020,291       1,639,701       3,690,747       2,189,187  
     

End of period

      $4,326,669       $4,861,104       $1,935,348       $2,020,291       $3,862,977       $3,690,747  

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    14    NORTHERN FUNDS SEMIANNUAL REPORT

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021, (UNAUDITED)    
OR THE FISCAL YEAR ENDED MARCH 31, 2021    

 

U.S.
GOVERNMENT
FUND		    U.S. GOVERNMENT
MONEY
MARKET FUND		    U.S. GOVERNMENT
SELECT
MONEY
MARKET FUND		          U.S. TREASURY
INDEX
FUND		        
SEP 30,
2021		     MAR 31,
2021		          SEP 30,
2021		     MAR 31,
2021		          SEP 30,
2021		     MAR 31,
2021		          SEP 30,
2021		     MAR 31,
2021		        
     
  $53       $58            $606       $4,422            $8,332       $959            $669       $1,635    
     
  95       (124 )           44       389            10       28            136       1,235    
     
  113       (884 )           —       —            —       —            1,025       (8,411 )   
     
  261       (950 )           650       4,811            8,342       987            1,830       (5,541 )         
     
  (10,311 )      16,544            (368,256 )      931,395            (229,980 )      308,791            (5,941 )      4,505    
     
  (10,311 )      16,544            (368,256 )      931,395            (229,980 )      308,791            (5,941 )      4,505          
     
  (74 )      (1,630 )           (605 )      (4,456 )           (8,325 )      (969 )           (668 )      (1,635 )   
     
  (74 )      (1,630 )           (605 )      (4,456 )           (8,325 )      (969 )           (668 )      (1,635 )         
  (10,124 )      13,964            (368,211 )      931,750            (229,963 )      308,809            (4,779 )      (2,671 )   
     
  53,343       39,379            17,518,409       16,586,659            3,911,252       3,602,443            100,374       103,045    
     
      $43,219       $53,343               $17,150,198       $17,518,409               $3,681,289       $3,911,252               $95,595       $100,374          

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    15    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FINANCIAL HIGHLIGHTS

 

   

 

    

 

 

ARIZONA TAX-EXEMPT FUND

 

Selected per share data  

 

SIX MONTHS
ENDED
SEP 30,
2021
(UNAUDITED)

     FISCAL YEAR
ENDED
MAR 31,
2021		     FISCAL YEAR
ENDED
MAR 31,
2020		     FISCAL YEAR
ENDED
MAR 31,
2019		     FISCAL YEAR
ENDED
MAR 31,
2018		     FISCAL YEAR
ENDED
MAR 31,
2017		  
           

Net Asset Value, Beginning of Period

     $10.86       $10.77       $10.65       $10.43       $10.54       $10.96  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.11       0.25       0.28       0.31       0.31       0.29  
           

Net realized and unrealized gains (losses)

     (0.03 )      0.09       0.12       0.22       (0.11 )      (0.30 ) 
           

Total from Investment Operations

     0.08       0.34       0.40       0.53       0.20       (0.01 ) 
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.11 )      (0.25 )      (0.28 )      (0.31 )      (0.31 )      (0.29 ) 
           

From net realized gains

     —       —       —       —       —       (0.12 ) 
           

Total Distributions Paid

     (0.11 )      (0.25 )      (0.28 )      (0.31 )      (0.31 )      (0.41 ) 
           

Net Asset Value, End of Period

     $10.83       $10.86       $10.77       $10.65       $10.43       $10.54  
           

Total Return(1)

    0.74 %      3.19 %      3.86 %      5.15 %      1.95 %      (0.17 )% 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $168,468       $168,504       $135,533       $118,657       $111,621       $102,928  
           

Ratio to average net assets of:(2)

            
           

Expenses, net of reimbursements and credits

     0.46 %      0.46 %(3)       0.46 %(3)       0.47 %(3)       0.46 %(3)       0.46 %(3)  
           

Expenses, before reimbursements and credits

     0.59 %      0.58 %      0.60 %      0.60 %      0.61 %      0.62 % 
           

Net investment income, net of reimbursements and credits

     2.03 %      2.29 %(3)       2.56 %(3)       3.03 %(3)       2.89 %(3)       2.65 %(3)  
           

Net investment income, before reimbursements and credits

     1.90 %      2.17 %      2.42 %      2.90 %      2.74 %      2.49 % 
           

Portfolio Turnover Rate

     13.76 %      17.20 %      63.33 %      52.94 %      85.89 %      83.45 % 

 

  (1) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (2) 

Annualized for periods less than one year.

 

  (3) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $5,000, $10,000, $9,000 and $13,000 , which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019 and 2018, respectively and less than $16,000, which represents less than 0.02 percent of average net assets for the fiscal year ended March 31, 2017. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    16    NORTHERN FUNDS SEMIANNUAL REPORT

 

   

 

   

 

            

 

 

BOND INDEX FUND

 

Selected per share data  

 

SIX MONTHS
ENDED
SEP 30,
2021
(UNAUDITED)

     FISCAL YEAR
ENDED
MAR 31,
2021		     FISCAL YEAR
ENDED
MAR 31,
2020		     FISCAL YEAR
ENDED
MAR 31,
2019		     FISCAL YEAR
ENDED
MAR 31,
2018		     FISCAL YEAR
ENDED
MAR 31,
2017		  
           

Net Asset Value, Beginning of Period

     $10.75       $11.05       $10.45       $10.31       $10.47       $10.74  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.09       0.22       0.28       0.28       0.26       0.25  
           

Net realized and unrealized gains (losses)

     0.11       (0.17 )      0.65       0.15       (0.14 )      (0.24 ) 
           

Total from Investment Operations

     0.20       0.05       0.93       0.43       0.12       0.01  
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.11 )      (0.25 )      (0.30 )      (0.29 )      (0.28 )      (0.27 ) 
           

From net realized gains

     —       (0.10 )      (0.03 )      —       —       (0.01 ) 
           

Total Distributions Paid

     (0.11 )      (0.35 )      (0.33 )      (0.29 )      (0.28 )      (0.28 ) 
           

Net Asset Value, End of Period

     $10.84       $10.75       $11.05       $10.45       $10.31       $10.47  
           

Total Return(1)

    1.88 %      0.36 %      9.01 %      4.33 %      1.13 %      0.14 % 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $3,114,586       $3,252,218       $2,936,072       $3,020,198       $2,769,946       $2,496,618  
           

Ratio to average net assets of:(2)

           
           

Expenses, net of reimbursements and credits

     0.15 %      0.15 %(3)       0.15 %(3)       0.15 %(3)       0.15 %(3)       0.15 %(3)  
           

Expenses, before reimbursements and credits

     0.19 %      0.19 %      0.18 %      0.17 %      0.17 %      0.17 % 
           

Net investment income, net of reimbursements and credits

     1.73 %      1.91 %(3)       2.63 %(3)       2.78 %(3)       2.50 %(3)       2.35 %(3)  
           

Net investment income, before reimbursements and credits

     1.69 %      1.87 %      2.60 %      2.76 %      2.48 %      2.33 % 
           

Portfolio Turnover Rate

     23.10 %      75.38 %      53.74 %      70.72 %      44.51 %      65.28 % 

 

  (1) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (2) 

Annualized for periods less than one year.

 

  (3) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $92,000, $83,000, $109,000, $97,000 and $126,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    17    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FINANCIAL HIGHLIGHTS    continued

 

   

 

    

 

 

CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND

 

Selected per share data  

 

SIX MONTHS
ENDED
SEP 30,
2021
(UNAUDITED)

     FISCAL YEAR
ENDED
MAR 31,
2021		     FISCAL YEAR
ENDED
MAR 31,
2020		     FISCAL YEAR
ENDED
MAR 31,
2019		     FISCAL YEAR
ENDED
MAR 31,
2018		     FISCAL YEAR
ENDED
MAR 31,
2017		  
           

Net Asset Value, Beginning of Period

     $10.94       $10.74       $10.68       $10.47       $10.57       $11.03  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.11       0.24       0.27       0.28       0.28       0.26  
           

Net realized and unrealized gains (losses)

     (0.02 )      0.22       0.06       0.21       (0.10 )      (0.36 ) 
           

Total from Investment Operations

     0.09       0.46       0.33       0.49       0.18       (0.10 ) 
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.11 )      (0.24 )      (0.27 )      (0.28 )      (0.28 )      (0.26 ) 
           

From net realized gains

     —       (0.02 )      — (1)       —       —       (0.10 ) 
           

Total Distributions Paid

     (0.11 )      (0.26 )      (0.27 )      (0.28 )      (0.28 )      (0.36 ) 
           

Net Asset Value, End of Period

     $10.92       $10.94       $10.74       $10.68       $10.47       $10.57  
           

Total Return(2)

    0.78 %      4.29 %      3.11 %      4.78 %      1.67 %      (0.87 )% 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $549,482       $533,617       $493,284       $498,887       $494,372       $470,326  
           

Ratio to average net assets of:(3)

           
           

Expenses, net of reimbursements and credits

     0.45 %      0.45 %(4)       0.45 %(4)       0.45 %(4)       0.45 %(4)       0.45 %(4)  
           

Expenses, before reimbursements and credits

     0.51 %      0.50 %      0.50 %      0.49 %      0.50 %      0.51 % 
           

Net investment income, net of reimbursements and credits

     1.91 %      2.18 %(4)       2.48 %(4)       2.69 %(4)       2.61 %(4)       2.42 %(4)  
           

Net investment income, before reimbursements and credits

     1.85 %      2.13 %      2.43 %      2.65 %      2.56 %      2.36 % 
           

Portfolio Turnover Rate

     7.74 %      16.87 %      31.63 %      28.54 %      52.17 %      64.62 % 

 

  (1) 

Per share amounts from distributions paid from net realized gains were less than $0.01 per share.

 

  (2) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (3) 

Annualized for periods less than one year.

 

  (4) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $19,000, $26,000, $22,000, $25,000 and $28,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    18    NORTHERN FUNDS SEMIANNUAL REPORT

 

   

 

   

 

            

 

 

CALIFORNIA TAX-EXEMPT FUND

 

Selected per share data  

 

SIX MONTHS
ENDED
SEP 30,
2021
(UNAUDITED)

     FISCAL YEAR
ENDED
MAR 31,
2021		     FISCAL YEAR
ENDED
MAR 31,
2020		     FISCAL YEAR
ENDED
MAR 31,
2019		     FISCAL YEAR
ENDED
MAR 31,
2018		     FISCAL YEAR
ENDED
MAR 31,
2017		  
           

Net Asset Value, Beginning of Period

     $11.80       $11.65       $11.56       $11.40       $11.48       $12.06  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.12       0.29       0.33       0.40       0.39       0.35  
           

Net realized and unrealized gains (losses)

     —       0.21       0.16       0.16       (0.08 )      (0.45 ) 
           

Total from Investment Operations

     0.12       0.50       0.49       0.56       0.31       (0.10 ) 
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.12 )      (0.29 )      (0.33 )      (0.40 )      (0.39 )      (0.35 ) 
           

From net realized gains

     —       (0.06 )      (0.07 )      —       —       (0.13 ) 
           

Total Distributions Paid

     (0.12 )      (0.35 )      (0.40 )      (0.40 )      (0.39 )      (0.48 ) 
           

Net Asset Value, End of Period

     $11.80       $11.80       $11.65       $11.56       $11.40       $11.48  
           

Total Return(1)

    1.04 %      4.32 %      4.27 %      5.01 %      2.69 %      (0.83 )% 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $222,725       $218,042       $193,318       $179,416       $181,272       $177,857  
           

Ratio to average net assets of:(2)

           
           

Expenses, net of reimbursements and credits

     0.46 %      0.45 %(3)       0.46 %(3)       0.46 %(3)       0.46 %(3)       0.46 %(3)  
           

Expenses, before reimbursements and credits

     0.55 %      0.55 %      0.55 %      0.56 %      0.58 %      0.61 % 
           

Net investment income, net of reimbursements and credits

     2.06 %      2.46 %(3)       2.78 %(3)       3.50 %(3)       3.36 %(3)       2.95 %(3)  
           

Net investment income, before reimbursements and credits

     1.97 %      2.36 %      2.69 %      3.40 %      3.24 %      2.80 % 
           

Portfolio Turnover Rate

     16.59 %      28.48 %      55.08 %      34.83 %      83.27 %      97.34 % 

 

  (1) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (2) 

Annualized for periods less than one year.

 

  (3) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $9,000, $16,000, $11,000, $21,000 and $16,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    19    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FINANCIAL HIGHLIGHTS    continued

 

   

 

    

 

 

CORE BOND FUND

 

Selected per share data  

 

SIX MONTHS
ENDED
SEP 30,
2021
(UNAUDITED)

     FISCAL YEAR
ENDED
MAR 31,
2021		     FISCAL YEAR
ENDED
MAR 31,
2020		     FISCAL YEAR
ENDED
MAR 31,
2019		     FISCAL YEAR
ENDED
MAR 31,
2018		     FISCAL YEAR
ENDED
MAR 31,
2017		  
           

Net Asset Value, Beginning of Period

     $10.43       $10.47       $10.08       $10.02       $10.15       $10.40  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.06       0.15       0.23       0.28       0.26       0.19  
           

Net realized and unrealized gains (losses)

     0.17       0.18       0.43       0.08       (0.11 )      (0.15 ) 
           

Total from Investment Operations

     0.23       0.33       0.66       0.36       0.15       0.04  
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.09 )      (0.19 )      (0.27 )      (0.30 )      (0.28 )      (0.22 ) 
           

From net realized gains

     —       (0.18 )      —       —       —       (0.07 ) 
           

Total Distributions Paid

     (0.09 )      (0.37 )      (0.27 )      (0.30 )      (0.28 )      (0.29 ) 
           

Net Asset Value, End of Period

     $10.57       $10.43       $10.47       $10.08       $10.02       $10.15  
           

Total Return(1)

    2.24 %      3.08 %      6.57 %      3.75 %      1.45 %      0.36 % 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $209,039       $253,092       $194,834       $255,171       $266,835       $259,951  
           

Ratio to average net assets of:(2)

           
           

Expenses, net of reimbursements and credits

     0.41 %      0.40 %(3)       0.41 %(3)       0.41 %(3)       0.41 %(3)       0.40 %(3)  
           

Expenses, before reimbursements and credits

     0.48 %      0.47 %      0.47 %      0.46 %      0.46 %      0.46 % 
           

Net investment income, net of reimbursements and credits

     1.23 %      1.26 %(3)       2.33 %(3)       2.91 %(3)       2.49 %(3)       1.87 %(3)  
           

Net investment income, before reimbursements and credits

     1.16 %      1.19 %      2.27 %      2.86 %      2.44 %      1.81 % 
           

Portfolio Turnover Rate

     111.80 %      326.11 %      485.45 %      327.61 %      424.59 %      517.18 % 

 

  (1) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (2) 

Annualized for periods less than one year.

 

  (3) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $10,000, $15,000, $11,000, $18,000 and $57,000, which represent less than 0.01, less than 0.01, less than 0.01, less than 0.01 and 0.02 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    20    NORTHERN FUNDS SEMIANNUAL REPORT

 

   

 

   

 

            

 

 

FIXED INCOME FUND

 

Selected per share data  

 

SIX MONTHS
ENDED
SEP 30,
2021
(UNAUDITED)

     FISCAL YEAR
ENDED
MAR 31,
2021		     FISCAL YEAR
ENDED
MAR 31,
2020		     FISCAL YEAR
ENDED
MAR 31,
2019		     FISCAL YEAR
ENDED
MAR 31,
2018		     FISCAL YEAR
ENDED
MAR 31,
2017		  
           

Net Asset Value, Beginning of Period

     $10.45       $10.18       $9.97       $9.94       $10.12       $10.23  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.10 (1)       0.19       0.27       0.32       0.31       0.24  
           

Net realized and unrealized gains (losses)

     0.20       0.38       0.24       0.06       (0.16 )      (0.08 ) 
           

Total from Investment Operations

     0.30       0.57       0.51       0.38       0.15       0.16  
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income(2)

    (0.13 )      (0.24 )      (0.30 )      (0.35 )      (0.33 )      (0.27 ) 
           

From net realized gains

     —       (0.06 )      —       —       —       —  
           

Total Distributions Paid

     (0.13 )      (0.30 )      (0.30 )      (0.35 )      (0.33 )      (0.27 ) 
           

Net Asset Value, End of Period

     $10.62       $10.45       $10.18       $9.97       $9.94       $10.12  
           

Total Return(3)

    2.84 %      5.63 %(4)       5.11 %      3.98 %      1.38 %      1.58 % 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $814,106       $822,261       $841,826       $848,130       $1,190,331       $1,180,510  
           

Ratio to average net assets
of:(5)

           
           

Expenses, net of reimbursements and credits

     0.45 %      0.45 %(6)       0.45 %(6)       0.45 %(6)       0.45 %(6)       0.45 %(6)  
           

Expenses, before reimbursements and credits

     0.49 %      0.49 %      0.49 %      0.48 %      0.48 %      0.48 % 
           

Net investment income, net of reimbursements and credits

     1.88 %      1.83 %(6)       2.66 %(6)       3.41 %(6)       2.95 %(6)       2.40 %(6)  
           

Net investment income, before reimbursements and credits

     1.84 %      1.79 %      2.62 %      3.38 %      2.92 %      2.37 % 
           

Portfolio Turnover Rate

     85.67 %      261.29 %      439.40 %      283.15 %      364.76 %      454.23 % 

 

  (1) 

The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 2.83%. See Note 6.

 

  (2) 

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (3) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (4) 

During the fiscal year ended March 31, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 5.62%.

 

  (5) 

Annualized for periods less than one year.

 

  (6) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $25,000, $55,000, $32,000, $81,000 and $207,000, which represent less than 0.01, less than 0.01, less than 0.01, less than 0.01 and 0.02 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    21    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FINANCIAL HIGHLIGHTS    continued

 

   

 

    

 

 

HIGH YIELD FIXED INCOME FUND

 

Selected per share data  

 

SIX MONTHS
ENDED
SEP 30,
2021
(UNAUDITED)

     FISCAL YEAR
ENDED
MAR 31,
2021		     FISCAL YEAR
ENDED
MAR 31,
2020		     FISCAL YEAR
ENDED
MAR 31,
2019		     FISCAL YEAR
ENDED
MAR 31,
2018		     FISCAL YEAR
ENDED
MAR 31,
2017		  
           

Net Asset Value, Beginning of Period

     $6.78       $5.57       $6.60       $6.72       $6.84       $6.42  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.18 (1)       0.36       0.40       0.42       0.42       0.40  
           

Net realized and unrealized gains (losses)

     0.05       1.21       (1.02 )      (0.12 )      (0.12 )      0.42  
           

Total from Investment Operations

     0.23       1.57       (0.62 )      0.30       0.30       0.82  
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income(2)

    (0.18 )      (0.36 )      (0.41 )      (0.42 )      (0.42 )      (0.40 ) 
           

Total Distributions Paid

     (0.18 )      (0.36 )      (0.41 )      (0.42 )      (0.42 )      (0.40 ) 
           

Net Asset Value, End of Period

     $6.83       $6.78       $5.57       $6.60       $6.72       $6.84  
           

Total Return(3)

    3.37 %      28.40 %      (9.96 )%      4.64 %      4.32 %      13.07 % 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $3,906,055       $3,330,270       $3,153,247       $3,795,975       $3,556,517       $4,431,999  
           

Ratio to average net assets of:(4)

           
           

Expenses, net of reimbursements and credits

     0.78 %      0.78 %(5)       0.78 %(5)       0.78 %(5)       0.80 %(5)       0.80 %(5)  
           

Expenses, before reimbursements and credits

     0.83 %      0.83 %      0.82 %      0.81 %      0.81 %      0.81 % 
           

Net investment income, net of reimbursements and credits

     5.14 %      5.62 %(5)       6.10 %(5)       6.34 %(5)       6.00 %(5)       5.98 %(5)  
           

Net investment income, before reimbursements and credits

     5.09 %      5.57 %      6.06 %      6.31 %      5.99 %      5.97 % 
           

Portfolio Turnover Rate

     16.98 %      54.82 %      47.65 %      52.19 %      95.52 %      117.53 % 

 

  (1) 

The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (2) 

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (3) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (4) 

Annualized for periods less than one year.

 

  (5) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $70,000, $94,000, $198,000, $196,000 and $261,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    22    NORTHERN FUNDS SEMIANNUAL REPORT

 

   

 

   

 

            

 

 

HIGH YIELD MUNICIPAL FUND

 

Selected per share data  

 

SIX MONTHS
ENDED
SEP 30,
2021
(UNAUDITED)

     FISCAL YEAR
ENDED
MAR 31,
2021		     FISCAL YEAR
ENDED
MAR 31,
2020		     FISCAL YEAR
ENDED
MAR 31,
2019		     FISCAL YEAR
ENDED
MAR 31,
2018		     FISCAL YEAR
ENDED
MAR 31,
2017		  
           

Net Asset Value, Beginning of Period

     $8.95       $8.31       $8.70       $8.69       $8.69       $9.02  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.14       0.32       0.34       0.37       0.35       0.32  
           

Net realized and unrealized gains (losses)

     0.14       0.64       (0.39 )      0.01       —       (0.33 ) 
           

Total from Investment Operations

     0.28       0.96       (0.05 )      0.38       0.35       (0.01 ) 
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.14 )      (0.32 )      (0.34 )      (0.37 )      (0.35 )      (0.32 ) 
           

Total Distributions Paid

     (0.14 )      (0.32 )      (0.34 )      (0.37 )      (0.35 )      (0.32 ) 
           

Net Asset Value, End of Period

     $9.09       $8.95       $8.31       $8.70       $8.69       $8.69  
           

Total Return(1)

    3.13 %      11.75 %      (0.68 )%      4.47 %      4.03 %      (0.10 )% 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $772,991       $598,937       $509,834       $443,469       $412,599       $476,835  
           

Ratio to average net assets of:(2)

           
           

Expenses, net of reimbursements and credits

     0.60 %      0.60 %(3)       0.60 %(3)       0.61 %(3)       0.80 %(3)       0.80 %(3)  
           

Expenses, before reimbursements and credits

     0.84 %      0.84 %      0.84 %      0.83 %      0.83 %      0.82 % 
           

Net investment income, net of reimbursements and credits

     3.06 %      3.71 %(3)       3.87 %(3)       4.27 %(3)       3.96 %(3)       3.60 %(3)  
           

Net investment income, before reimbursements and credits

     2.82 %      3.47 %      3.63 %      4.05 %      3.93 %      3.58 % 
           

Portfolio Turnover Rate

     10.02 %      33.75 %      47.62 %      51.81 %      9.69 %      39.67 % 

 

  (1) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (2) 

Annualized for periods less than one year.

 

  (3) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $18,000, $24,000, $16,000, $12,000 and $42,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    23    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FINANCIAL HIGHLIGHTS    continued

 

   

 

    

 

 

INTERMEDIATE TAX-EXEMPT FUND

 

Selected per share data  

 

SIX MONTHS
ENDED
SEP 30,
2021
(UNAUDITED)

     FISCAL YEAR
ENDED
MAR 31,
2021		     FISCAL YEAR
ENDED
MAR 31,
2020		     FISCAL YEAR
ENDED
MAR 31,
2019		     FISCAL YEAR
ENDED
MAR 31,
2018		     FISCAL YEAR
ENDED
MAR 31,
2017		  
           

Net Asset Value, Beginning of Period

     $10.83       $10.68       $10.57       $10.37       $10.40       $10.82  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.09       0.21       0.24       0.25       0.22       0.21  
           

Net realized and unrealized gains (losses)

     (0.01 )      0.22       0.15       0.20       (0.03 )      (0.26 ) 
           

Total from Investment Operations

     0.08       0.43       0.39       0.45       0.19       (0.05 ) 
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.09 )      (0.21 )      (0.24 )      (0.25 )      (0.22 )      (0.21 ) 
           

From net realized gains

     —       (0.07 )      (0.04 )      —       —       (0.16 ) 
           

Total Distributions Paid

     (0.09 )      (0.28 )      (0.28 )      (0.25 )      (0.22 )      (0.37 ) 
           

Net Asset Value, End of Period

     $10.82       $10.83       $10.68       $10.57       $10.37       $10.40  
           

Total Return(1)

    0.76 %      4.01 %      3.72 %      4.47 %      1.75 %      (0.48 )% 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $3,030,051       $3,073,366       $3,017,951       $2,774,081       $2,935,140       $2,752,569  
           

Ratio to average net assets of:(2)

           
           

Expenses, net of reimbursements and credits

     0.45 %      0.45 %(3)       0.45 %(3)       0.45 %(3)       0.45 %(3)       0.45 %(3)  
           

Expenses, before reimbursements and credits

     0.48 %      0.48 %      0.47 %      0.47 %      0.48 %      0.49 % 
           

Net investment income, net of reimbursements and credits

     1.70 %      1.90 %(3)       2.23 %(3)       2.46 %(3)       2.03 %(3)       1.94 %(3)  
           

Net investment income, before reimbursements and credits

     1.67 %      1.87 %      2.21 %      2.44 %      2.00 %      1.90 % 
           

Portfolio Turnover Rate

     47.11 %      82.72 %      127.62 %      115.01 %      120.62 %      106.67 % 

 

  (1) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (2) 

Annualized for periods less than one year.

 

  (3) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $104,000, $267,000, $380,000, $278,000 and $261,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    24    NORTHERN FUNDS SEMIANNUAL REPORT

         

 

   

 

   

 

    

 

 

MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND

 

Selected per share data  

 

SIX MONTHS
ENDED
SEP 30,
2021
(UNAUDITED)

     FISCAL YEAR
ENDED
MAR 31,
2021		     FISCAL YEAR
ENDED
MAR 31,
2020		     FISCAL YEAR
ENDED
MAR 31,
2019		     FISCAL YEAR
ENDED
MAR 31,
2018		     FISCAL YEAR
ENDED
MAR 31,
2017		  
           

Net Asset Value, Beginning of Period

     $8.91       $7.62       $9.05       $9.68       $9.32       $8.89  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.22 (1)       0.44 (2)       0.52       0.51       0.55       0.53  
           

Net realized and unrealized gains (losses)

     (0.11 )      0.93 (3)       (1.70 )      (0.85 )      0.30       0.03  
           

Total from Investment Operations

     0.11       1.37       (1.18 )      (0.34 )      0.85       0.56  
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income(4)

    (0.25 )      (0.08 )      (0.25 )      (0.29 )      (0.49 )      (0.13 ) 
           

Return of capital

     —       —       —       —       —       — (5)  
           

Total Distributions Paid

     (0.25 )      (0.08 )      (0.25 )      (0.29 )      (0.49 )      (0.13 ) 
           

Net Asset Value, End of Period

     $8.77       $8.91       $7.62       $9.05       $9.68       $9.32  
           

Total Return(6)

    1.14 %      17.93 %      (13.20 )%      (3.39 )%      9.30 %      6.32 % 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $143,745       $145,064       $132,714       $174,193       $189,630       $98,397  
           

Ratio to average net assets of:(7)

           
           

Expenses, net of reimbursements and credits

     0.94 %      0.94 %(8)(9)      0.94 %(9)       0.95 %(9)       0.94 %(9)       0.95 %(9) 
           

Expenses, before reimbursements and credits

     1.01 %      1.03 %      1.02 %      1.05 %      1.05 %      1.14 % 
           

Net investment income, net of reimbursements and credits

     4.59 %      4.45 %(9)       5.44 %(9)       5.67 %(9)       5.36 %(9)       5.48 %(9) 
           

Net investment income, before reimbursements and credits

     4.52 %      4.36 %(8)       5.36 %      5.57 %      5.25 %      5.29 % 
           

Portfolio Turnover Rate

     22.00 %      71.26 %      73.25 %      82.84 %      99.56 %      210.59 % 

 

(1) 

The Northern Trust Company reimbursed the Fund approximately $4,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

(2) 

The Northern Trust Company reimbursed the Fund approximately $56,000. The reimbursement represents less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

(3) 

The Northern Trust Company reimbursed the Fund approximately $58,000. The reimbursement represents less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

(4) 

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

(5) 

Per share amounts from distributions paid from return of capital were less than $0.01 per share.

 

(6) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(7) 

Annualized for periods less than one year.

 

(8) 

Net expense ratio and gross investment income ratio have been restated from what was previously reported as 0.97% and 4.39%, respectively.

 

(9) 

The net expenses and net investment income ratios include additional reimbursements of management or advisory fees, as applicable, incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $6,000, $9,000, $11,000, $13,000 and $8,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    25    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FINANCIAL HIGHLIGHTS    continued

 

   

 

    

 

 

MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND

 

Selected per share data  

 

SIX MONTHS
ENDED
SEP 30,
2021
(UNAUDITED)

     FISCAL YEAR
ENDED
MAR 31,
2021		     FISCAL YEAR
ENDED
MAR 31,
2020		     FISCAL YEAR
ENDED
MAR 31,
2019		     FISCAL YEAR
ENDED
MAR 31,
2018		     FISCAL YEAR
ENDED
MAR 31,
2017		  
           

Net Asset Value, Beginning of Period

     $9.41       $7.97       $9.56       $9.81       $10.01       $9.01  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.24 (1)       0.58       0.63       0.60       0.63       0.63  
           

Net realized and unrealized gains (losses)

     0.14       1.46       (1.59 )      (0.25 )      (0.20 )      0.91  
           

Total from Investment Operations

     0.38       2.04       (0.96 )      0.35       0.43       1.54  
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income(2)

    (0.26 )      (0.60 )      (0.63 )      (0.60 )      (0.63 )      (0.54 ) 
           

Total Distributions Paid

     (0.26 )      (0.60 )      (0.63 )      (0.60 )      (0.63 )      (0.54 ) 
           

Net Asset Value, End of Period

     $9.53       $9.41       $7.97       $9.56       $9.81       $10.01  
           

Total Return(3)

    4.05 %      26.25 %      (10.79 )%      3.75 %      4.37 %      17.41 % 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $174,021       $174,617       $214,288       $365,996       $265,410       $322,859  
           

Ratio to average net assets of:(4)

           
           

Expenses, net of reimbursements and credits

     0.86 %      0.85 %(5)       0.86 %(5)       0.86 %(5)       0.86 %(5)       0.87 %(5)(6) 
           

Expenses, before reimbursements and credits

     0.96 %      0.95 %      0.95 %      0.98 %      0.99 %      0.99 %(6)  
           

Net investment income, net of reimbursements and credits

     4.96 %      6.27 %(5)       6.57 %(5)       6.23 %(5)       6.26 %(5)       6.51 %(5)(6) 
           

Net investment income, before reimbursements and credits

     4.86 %      6.17 %      6.48 %      6.11 %      6.13 %      6.39 %(6)  
           

Portfolio Turnover Rate

     41.70 %      91.41 %      63.55 %      80.62 %      66.18 %      92.50 % 

 

(1) 

The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

(2) 

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

(3) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(4) 

Annualized for periods less than one year.

 

(5) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $7,000, $18,000, $31,000, $18,000 and $25,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

(6) 

Effective June 15, 2016, the investment adviser reduced the management fee paid by the Fund and agreed to increase the expense reimbursement it provides the Fund by contractually limiting the Fund’s total expenses (other than certain excepted expenses noted in the Notes to the Financial Statements) to 0.85%. Prior to June 15, 2016, the expense limitation had been 0.90%.

See Notes to the Financial Statements.

 

FIXED INCOME AND MONEY MARKET FUNDS    26    NORTHERN FUNDS SEMIANNUAL REPORT

      

 

   

 

   

 

    

 

SHORT BOND FUND

 

Selected per share data  

 

SIX MONTHS

ENDED

SEP 30,

2021

(UNAUDITED)

    

FISCAL YEAR

ENDED

MAR 31,

2021

    

FISCAL YEAR

ENDED

MAR 31,

2020

    

FISCAL YEAR

ENDED

MAR 31,

2019

    

FISCAL YEAR

ENDED

MAR 31,

2018

    

FISCAL YEAR

ENDED

MAR 31,

2017

  
           

Net Asset Value, Beginning of Period

     $19.06       $18.59       $18.67       $18.60       $18.85       $18.86  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.11       0.32       0.45       0.49       0.34       0.27  
           

Net realized and unrealized gains (losses)

     (0.01 )      0.49       (0.07 )      0.07       (0.25 )      —  
           

Total from Investment Operations

     0.10       0.81       0.38       0.56       0.09       0.27  
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.12 )      (0.34 )      (0.46 )      (0.49 )      (0.34 )      (0.28 ) 
           

Total Distributions Paid

     (0.12 )      (0.34 )      (0.46 )      (0.49 )      (0.34 )      (0.28 ) 
           

Net Asset Value, End of Period

     $19.04       $19.06       $18.59       $18.67       $18.60       $18.85  
           

Total Return(1)

    0.50 %      4.34 %      2.04 %      3.07 %      0.45 %      1.45 % 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $490,151       $437,099       $371,803       $424,702       $487,524       $494,467  
           

Ratio to average net assets of:(2)

           
           

Expenses, net of reimbursements and credits(3)

    0.40 %      0.40 %      0.40 %      0.40 %      0.40 %      0.40 % 
           

Expenses, before reimbursements and credits

     0.45 %      0.45 %      0.44 %      0.43 %      0.43 %      0.43 % 
           

Net investment income, net of reimbursements and credits(3)

    1.09 %      1.64 %      2.40 %      2.65 %      1.79 %      1.43 % 
           

Net investment income, before reimbursements and credits

     1.04 %      1.59 %      2.36 %      2.62 %      1.76 %      1.40 % 
           

Portfolio Turnover Rate

     27.10 %      57.85 %      95.09 %      125.76 %      158.65 %      242.73 % 

 

(1) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(2) 

Annualized for periods less than one year.

 

(3) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $5,000, $6,000, $10,000, $11,000, $13,000 and $29,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2021 and the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    27    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FINANCIAL HIGHLIGHTS    continued

 

   

 

    

 

 

SHORT-INTERMEDIATE TAX-EXEMPT FUND

 

Selected per share data  

 

SIX MONTHS

ENDED

SEP 30,

2021

(UNAUDITED)

    

FISCAL YEAR

ENDED

MAR 31,

2021

    

FISCAL YEAR

ENDED

MAR 31,

2020

    

FISCAL YEAR

ENDED

MAR 31,

2019

    

FISCAL YEAR

ENDED

MAR 31,

2018

    

FISCAL YEAR

ENDED

MAR 31,

2017

  
           

Net Asset Value, Beginning of Period

     $10.43       $10.35       $10.37       $10.20       $10.33       $10.48  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.04       0.12       0.18       0.16       0.12       0.12  
           

Net realized and unrealized gains (losses)

     (0.02 )      0.24       0.04       0.17       (0.11 )      (0.13 ) 
           

Total from Investment Operations

     0.02       0.36       0.22       0.33       0.01       (0.01 ) 
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.04 )      (0.12 )      (0.18 )      (0.16 )      (0.13 )      (0.12 ) 
           

From net realized gains

     —       (0.16 )      (0.06 )      —       (0.01 )      (0.02 ) 
           

Total Distributions Paid

     (0.04 )      (0.28 )      (0.24 )      (0.16 )      (0.14 )      (0.14 ) 
           

Net Asset Value, End of Period

     $10.41       $10.43       $10.35       $10.37       $10.20       $10.33  
           

Total Return(1)

    0.23 %      3.47 %      2.07 %      3.29 %      0.07 %      (0.10 )% 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $890,663       $917,624       $880,475       $962,980       $909,193       $1,047,250  
           

Ratio to average net assets of:(2)

           
           

Expenses, net of reimbursements and credits

     0.45 %      0.45 %(3)       0.45 %(3)       0.45 %(3)       0.45 %(3)       0.45 %(3)  
           

Expenses, before reimbursements and credits

     0.50 %      0.50 %      0.49 %      0.48 %      0.48 %      0.48 % 
           

Net investment income, net of reimbursements and credits

     0.84 %      1.11 %(3)       1.71 %(3)       1.59 %(3)       1.21 %(3)       1.18 %(3)  
           

Net investment income, before reimbursements and credits

     0.79 %      1.06 %      1.67 %      1.56 %      1.18 %      1.15 % 
           

Portfolio Turnover Rate

     48.05 %      98.82 %      126.29 %      135.35 %      36.55 %      21.23 % 

 

(1) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(2) 

Annualized for periods less than one year.

 

(3) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $46,000, $63,000, $79,000, $96,000 and $46,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.

 

FIXED INCOME AND MONEY MARKET FUNDS    28    NORTHERN FUNDS SEMIANNUAL REPORT

      

 

   

 

   

 

    

 

 

SHORT-INTERMEDIATE U.S. GOVERNMENT FUND

 

Selected per share data  

 

SIX MONTHS

ENDED

SEP 30,

2021

(UNAUDITED)

    

FISCAL YEAR

ENDED

MAR 31,

2021

    

FISCAL YEAR

ENDED

MAR 31,

2020

    

FISCAL YEAR

ENDED

MAR 31,

2019

    

FISCAL YEAR

ENDED

MAR 31,

2018

    

FISCAL YEAR

ENDED

MAR 31,

2017

  
           

Net Asset Value, Beginning of Period

     $10.02       $10.06       $9.60       $9.61       $9.81       $9.97  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     — (1)       0.01       0.14       0.21       0.13       0.07  
           

Net realized and unrealized gains (losses)

     (0.01 )      (0.03 )      0.47       0.02       (0.18 )      (0.15 ) 
           

Total from Investment Operations

     (0.01 )      (0.02 )      0.61       0.23       (0.05 )      (0.08 ) 
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.01 )      (0.02 )      (0.15 )      (0.24 )      (0.15 )      (0.08 ) 
           

Total Distributions Paid

     (0.01 )      (0.02 )      (0.15 )      (0.24 )      (0.15 )      (0.08 ) 
           

Net Asset Value, End of Period

     $10.00       $10.02       $10.06       $9.60       $9.61       $9.81  
           

Total Return(2)

    (0.03 )%      (0.26 )%      6.34 %      2.47 %      (0.55 )%      (0.74 )% 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $62,191       $63,809       $58,501       $60,828       $113,917       $132,812  
           

Ratio to average net assets of:(3)

           
           

Expenses, net of reimbursements and credits

     0.42 %      0.41 %(4)      0.42 %(4)      0.42 %(4)      0.41 %(4)       0.41 %(4)  
           

Expenses, before reimbursements and credits

     0.60 %      0.54 %      0.62 %      0.57 %      0.51 %      0.49 % 
           

Net investment income (loss), net of reimbursements and credits

     (0.02 )%      0.02 %(4)      1.41 %(4)      2.30 %(4)      1.32 %(4)       0.71 %(4)  
           

Net investment income (loss), before reimbursements and credits

     (0.20 )%      (0.11 )%      1.21 %      2.15 %      1.22 %      0.63 % 
           

Portfolio Turnover Rate

     105.13 %      445.85 %      838.97 %      739.25 %      504.54 %      905.27 % 

 

(1) 

Per share amounts were less than $0.01 per share.

 

(2) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(3) 

Annualized for periods less than one year.

 

(4) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $4,000, $8,000, $8,000, $14,000 and $31,000, which represent less than 0.01, 0.01, 0.01, 0.01 and 0.02 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    29     FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FINANCIAL HIGHLIGHTS    continued

 

   

 

    

 

 

TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND

 

Selected per share data  

 

SIX MONTHS

ENDED

SEP 30,

2021
(UNAUDITED)

    

FISCAL YEAR
ENDED

MAR 31,

2021

    

FISCAL YEAR
ENDED

MAR 31,

2020

    

FISCAL YEAR
ENDED

MAR 31,

2019

    

FISCAL YEAR
ENDED

MAR 31,

2018

    

FISCAL YEAR
ENDED

MAR 31,

2017

  
           

Net Asset Value, Beginning of Period

     $10.21       $10.14       $10.14       $10.09       $10.13       $10.12  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.03       0.08       0.16       0.15       0.10       0.08  
           

Net realized and unrealized gains (losses)

     (0.01 )      0.08       0.01       0.05       (0.04 )      0.01  
           

Total from Investment Operations

     0.02       0.16       0.17       0.20       0.06       0.09  
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.03 )      (0.08 )      (0.16 )      (0.15 )      (0.10 )      (0.08 ) 
           

From net realized gains

     —       (0.01 )      (0.01 )      —       — (1)       —  
           

Total Distributions Paid

     (0.03 )      (0.09 )      (0.17 )      (0.15 )      (0.10 )      (0.08 ) 
           

Net Asset Value, End of Period

     $10.20       $10.21       $10.14       $10.14       $10.09       $10.13  
           

Total Return(2)

    0.15 %      1.59 %      1.61 %      2.06 %      0.60 %      0.94 % 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $4,326,669       $4,861,104       $3,737,559       $4,008,207       $3,908,876       $3,544,536  
           

Ratio to average net assets of:(3)

           
           

Expenses, net of reimbursements and credits

     0.25 %      0.25 %(4)       0.25 %(4)       0.25 %(4)       0.25 %(4)       0.25 %(4)  
           

Expenses, before reimbursements and credits

     0.27 %      0.27 %      0.27 %      0.26 %      0.26 %      0.26 % 
           

Net investment income, net of reimbursements and credits

     0.49 %      0.74 %(4)       1.52 %(4)       1.55 %(4)       1.00 %(4)       0.84 %(4)  
           

Net investment income, before reimbursements and credits

     0.47 %      0.72 %      1.50 %      1.54 %      0.99 %      0.83 % 
           

Portfolio Turnover Rate

     33.59 %      79.08 %      70.19 %      62.06 %      54.39 %      51.98 % 

 

(1) 

Per share amounts were less than $0.01 per share.

 

(2) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(3) 

Annualized for periods less than one year.

 

(4) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $139,000, $175,000, $81,000, $72,000 and $64,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.

 

FIXED INCOME AND MONEY MARKET FUNDS    30    NORTHERN FUNDS SEMIANNUAL REPORT

      
  

 

    

 

 

TAX-EXEMPT FUND

 

Selected per share data  

 

SIX MONTHS

ENDED

SEP 30,

2021
(UNAUDITED)

    

FISCAL YEAR
ENDED

MAR 31,

2021

    

FISCAL YEAR
ENDED

MAR 31,

2020

    

FISCAL YEAR
ENDED

MAR 31,

2019

    

FISCAL YEAR
ENDED

MAR 31,

2018

    

FISCAL YEAR
ENDED

MAR 31,

2017

  
           

Net Asset Value, Beginning of Period

     $10.96       $10.76       $10.63       $10.49       $10.55       $10.89  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.10       0.24       0.30       0.35       0.33       0.31  
           

Net realized and unrealized gains (losses)

     0.02       0.24       0.16       0.14       (0.06 )      (0.33 ) 
           

Total from Investment Operations

     0.12       0.48       0.46       0.49       0.27       (0.02 ) 
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.10 )      (0.24 )      (0.30 )      (0.35 )      (0.33 )      (0.31 ) 
           

From net realized gains

     —       (0.04 )      (0.03 )      —       —       (0.01 ) 
           

Total Distributions Paid

     (0.10 )      (0.28 )      (0.33 )      (0.35 )      (0.33 )      (0.32 ) 
           

Net Asset Value, End of Period

     $10.98       $10.96       $10.76       $10.63       $10.49       $10.55  
           

Total Return(1)

    1.11 %      4.46 %      4.33 %      4.78 %      2.57 %      (0.16 )% 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $1,935,348       $2,020,291       $1,639,701       $1,168,191       $1,075,258       $1,077,256  
           

Ratio to average net assets of:(2)

           
           

Expenses, net of reimbursements and credits

     0.45 %      0.45 %(3)       0.45 %(3)       0.45 %(3)       0.45 %(3)       0.45 %(3)  
           

Expenses, before reimbursements and credits

     0.49 %      0.49 %      0.49 %      0.47 %      0.48 %      0.48 % 
           

Net investment income, net of reimbursements and credits

     1.85 %      2.13 %(3)       2.73 %(3)       3.35 %(3)       3.12 %(3)       2.91 %(3)  
           

Net investment income, before reimbursements and credits

     1.81 %      2.09 %      2.69 %      3.33 %      3.09 %      2.88 % 
           

Portfolio Turnover Rate

     49.87 %      91.58 %      122.55 %      116.37 %      103.25 %      99.52 % 

 

(1) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(2) 

Annualized for periods less than one year.

 

(3) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $118,000, $183,000, $84,000, $64,000 and $103,000, which represent less than 0.02 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    31     FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FINANCIAL HIGHLIGHTS    continued

 

   

 

    

 

 

ULTRA-SHORT FIXED INCOME FUND

 

Selected per share data  

 

SIX MONTHS

ENDED

SEP 30,

2021
(UNAUDITED)

    

FISCAL YEAR
ENDED

MAR 31,

2021

    

FISCAL YEAR
ENDED

MAR 31,

2020

    

FISCAL YEAR
ENDED

MAR 31,

2019

    

FISCAL YEAR
ENDED

MAR 31,

2018

    

FISCAL YEAR
ENDED

MAR 31,

2017

  
           

Net Asset Value, Beginning of Period

     $10.31       $10.10       $10.19       $10.15       $10.21       $10.18  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.03       0.11       0.24       0.23       0.15       0.12  
           

Net realized and unrealized gains (losses)

     0.01       0.23       (0.09 )      0.04       (0.06 )      0.03  
           

Total from Investment Operations

     0.04       0.34       0.15       0.27       0.09       0.15  
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.03 )      (0.11 )      (0.24 )      (0.23 )      (0.15 )      (0.12 ) 
           

From net realized gains

     —       (0.02 )      —       — (1)       — (1)       —  
           

Total Distributions Paid

     (0.03 )      (0.13 )      (0.24 )      (0.23 )      (0.15 )      (0.12 ) 
           

Net Asset Value, End of Period

     $10.32       $10.31       $10.10       $10.19       $10.15       $10.21  
           

Total Return(2)

    0.39 %      3.29 %      1.45 %      2.75 %      0.96 %      1.45 % 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $3,862,977       $3,690,747       $2,189,187       $2,424,799       $2,590,298       $2,207,740  
           

Ratio to average net assets of:(3)

           
           

Expenses, net of reimbursements and credits

     0.25 %      0.25 %(4)       0.25 %(4)       0.25 %(4)       0.25 %(4)       0.25 %(4)  
           

Expenses, before reimbursements and credits

     0.28 %      0.28 %      0.28 %      0.27 %      0.26 %      0.26 % 
           

Net investment income, net of reimbursements and credits

     0.55 %      0.94 %(4)       2.33 %(4)       2.30 %(4)       1.51 %(4)       1.15 %(4)  
           

Net investment income, before reimbursements and credits

     0.52 %      0.91 %      2.30 %      2.28 %      1.50 %      1.14 % 
           

Portfolio Turnover Rate

     34.10 %      73.99 %      75.95 %      59.63 %      58.41 %      52.98 % 

 

(1) 

Per share amounts were less than $0.01 per share.

 

(2) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(3) 

Annualized for periods less than one year.

 

(4) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $142,000, $43,000, $44,000, $56,000 and $74,000 which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.

 

FIXED INCOME AND MONEY MARKET FUNDS    32    NORTHERN FUNDS SEMIANNUAL REPORT

      

 

   

 

   

 

    

 

 

U.S. GOVERNMENT FUND

 

Selected per share data  

 

SIX MONTHS

ENDED

SEP 30,

2021
(UNAUDITED)

    

FISCAL YEAR
ENDED

MAR 31,

2021

    

FISCAL YEAR
ENDED

MAR 31,

2020

    

FISCAL YEAR
ENDED

MAR 31,

2019

    

FISCAL YEAR
ENDED

MAR 31,

2018

    

FISCAL YEAR
ENDED

MAR 31,

2017

  
           

Net Asset Value, Beginning of Period

     $9.71       $10.17       $9.50       $9.43       $9.64       $9.87  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.01       0.01       0.14       0.21       0.14       0.09  
           

Net realized and unrealized gains (losses)

     0.03       (0.16 )      0.68       0.09       (0.20 )      (0.21 ) 
           

Total from Investment Operations

     0.04       (0.15 )      0.82       0.30       (0.06 )      (0.12 ) 
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.01 )      (0.03 )      (0.15 )      (0.23 )      (0.15 )      (0.11 ) 
           

From net realized gains

     —       (0.28 )      —       —       — (1)       —  
           

Total Distributions Paid

     (0.01 )      (0.31 )      (0.15 )      (0.23 )      (0.15 )      (0.11 ) 
           

Net Asset Value, End of Period

     $9.74       $9.71       $10.17       $9.50       $9.43       $9.64  
           

Total Return(2)

    0.47 %      (1.58 )%      8.66 %      3.29 %      (0.62 )%      (1.26 )% 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $43,219       $53,343       $39,379       $36,008       $22,927       $24,013  
           

Ratio to average net assets of:(3)

           
           

Expenses, net of reimbursements and credits

     0.43 %      0.42 %(4)      0.43 %(4)      0.47 %(4)       0.47 %(4)      0.45 %(4) 
           

Expenses, before reimbursements and credits

     0.63 %      0.57 %      0.73 %      0.93 %      0.90 %      0.90 % 
           

Net investment income, net of reimbursements and credits

     0.21 %      0.11 %(4)      1.43 %(4)      2.33 %(4)       1.41 %(4)      0.94 %(4) 
           

Net investment income (loss), before reimbursements and credits

     0.01 %      (0.04 )%      1.13 %      1.87 %      0.98 %      0.49 % 
           

Portfolio Turnover Rate

     121.10 %      517.52 %      854.95 %      1,074.68 %      429.23 %      665.24 % 

 

(1) 

Per share amount from distributions paid from net realized gains was less than $0.01 per share.

 

(2) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(3) 

Annualized for periods less than one year.

 

(4) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $2,000, $4,000, $4,000, $3,000 and $4,000, which represent less than 0.01, less than 0.01, 0.01, less than 0.01 and 0.02 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    33     FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FINANCIAL HIGHLIGHTS    continued

 

   

 

    

 

 

U.S. GOVERNMENT MONEY MARKET FUND

 

Selected per share data  

 

SIX MONTHS

ENDED

SEP 30,

2021
(UNAUDITED)

    

FISCAL YEAR
ENDED

MAR 31,

2021

    

FISCAL YEAR
ENDED

MAR 31,

2020

    

FISCAL YEAR
ENDED

MAR 31,

2019

    

FISCAL YEAR
ENDED

MAR 31,

2018

    

FISCAL YEAR
ENDED

MAR 31,

2017

  
           

Net Asset Value, Beginning of Period

     $1.00       $1.00       $1.00       $1.00       $1.00       $1.00  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     — (1)       — (1)       0.02       0.02       0.01       — (1)  
           

Net realized and unrealized gains
(losses)(2)

    —       —       —       —       —       —  
           

Total from Investment Operations

     —       —       0.02       0.02       0.01       —  
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     — (3)       — (3)       (0.02 )      (0.02 )      (0.01 )      — (3)  
           

Total Distributions Paid

     —       —       (0.02 )      (0.02 )      (0.01 )      —  
           

Net Asset Value, End of Period

     $1.00       $1.00       $1.00       $1.00       $1.00       $1.00  
           

Total Return(4)

    0.00 %(5)(6)       0.03 %(7)       1.70 %      1.79 %      0.78 %      0.12 % 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $17,150,198       $17,518,409       $16,586,659       $19,213,579       $15,995,919       $16,481,941  
           

Ratio to average net assets of:(8)

           
           

Expenses, net of reimbursements and credits(9)

    0.07 %      0.22 %      0.35 %      0.35 %      0.35 %      0.35 % 
           

Expenses, before reimbursements and credits

     0.36 %      0.36 %      0.36 %      0.36 %      0.36 %      0.36 % 
           

Net investment income, net of reimbursements and credits(9)

    0.01 %(5)       0.03 %      1.70 %      1.80 %      0.77 %      0.15 % 
           

Net investment income (loss), before reimbursements and credits

     (0.28 )%(5)       (0.11 )%      1.69 %      1.79 %      0.76 %      0.14 % 

 

(1) 

Per share amounts from net investment income were less than $0.01 per share.

 

(2) 

Per share amounts from net realized and unrealized gains (losses) were less than $0.01 per share.

 

(3) 

Per share amounts from distributions paid from net investment income were less than $0.01 per share.

 

(4) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(5) 

During the six months ended September 30, 2021, the Fund received monies related to certain nonrecurring litigation proceeds that had no effect on the Fund’s total return. If these monies were not received, the net investment income ratio and gross investment income ratio would have been 0.00% and -0.29%, respectively.

 

(6) 

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $24,063,000. Total return excluding the voluntary reimbursement would have been -0.14%. See Note 5.

 

(7) 

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $22,397,000. Total return excluding the voluntary reimbursement would have been -0.10%.

 

(8) 

Annualized for periods less than one year.

 

(9) 

The impact on Net Assets due to any custody credits is less than 0.005%.

See Notes to the Financial Statements.

 

FIXED INCOME AND MONEY MARKET FUNDS    34    NORTHERN FUNDS SEMIANNUAL REPORT

      

 

   

 

   

 

    

 

 

U.S. GOVERNMENT SELECT MONEY MARKET FUND

 

Selected per share data  

 

SIX MONTHS

ENDED

SEP 30,

2021
(UNAUDITED)

    

FISCAL YEAR
ENDED

MAR 31,

2021

    

FISCAL YEAR
ENDED

MAR 31,

2020

    

FISCAL YEAR
ENDED

MAR 31,

2019

    

FISCAL YEAR
ENDED

MAR 31,

2018

    

FISCAL YEAR
ENDED

MAR 31,

2017

  
           

Net Asset Value, Beginning of Period

     $1.00       $1.00       $1.00       $1.00       $1.00       $1.00  
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     — (1)       — (1)       0.02       0.02       0.01       — (1)  
           

Net realized and unrealized gains
(losses)(2)

    —       —       —       —       —       —  
           

Total from Investment Operations

     —       —       0.02       0.02       0.01       —  
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     — (3)       — (3)       (0.02 )      (0.02 )      (0.01 )      — (3)  
           

Total Distributions Paid

     —       —       (0.02 )      (0.02 )      (0.01 )      —  
           

Net Asset Value, End of Period

     $1.00       $1.00       $1.00       $1.00       $1.00       $1.00  
           

Total Return(4)

    0.24 %(5)(6)       0.03 %(7)       1.69 %      1.79 %      0.78 %      0.15 % 
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $3,681,289       $3,911,252       $3,602,443       $3,791,180       $3,778,047       $3,281,067  
           

Ratio to average net assets of:(8)

           
           

Expenses, net of reimbursements and credits(9)

    0.07 %      0.23 %      0.35 %      0.35 %      0.35 %      0.35 % 
           

Expenses, before reimbursements and credits

     0.36 %      0.36 %      0.37 %      0.37 %      0.37 %      0.36 % 
           

Net investment income, net of reimbursements and credits(9)

    0.46 %(5)       0.02 %      1.69 %      1.78 %      0.80 %      0.14 % 
           

Net investment income (loss), before reimbursements and credits

     0.17 %(5)       (0.11 )%      1.67 %      1.76 %      0.78 %      0.13 % 

 

(1) 

Per share amounts from net investment income were less than $0.01 per share.

 

(2) 

Per share amounts from net realized and unrealized gains (losses) were less than $0.01 per share.

 

(3)

Per share amounts from distributions paid from net investment income were less than $0.01 per share.

 

(4) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(5) 

During the six months ended September 30, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 0.00% and the net investment income ratio and gross investment income ratio would have been 0.00% and -0.29%, respectively.

 

(6) 

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $5,095,000. Total return excluding the voluntary reimbursement would have been 0.10%. See Note 5.

 

(7) 

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $4,729,000. Total return excluding the voluntary reimbursement would have been -0.10%.

 

(8) 

Annualized for periods less than one year.

 

(9) 

The impact on Net Assets due to any custody credits is less than 0.005%.

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    35     FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FINANCIAL HIGHLIGHTS     continued

 

   

 

    

 

 

U.S. TREASURY INDEX FUND

 

Selected per share data  

 SIX MONTHS   

ENDED   

SEP 30,   

2021   

(UNAUDITED)   

    

 FISCAL YEAR   

ENDED   

MAR   

31, 2021   

    

 FISCAL YEAR   
ENDED   

MAR 31,   

2020   

    

 FISCAL YEAR   
ENDED   

MAR 31,   

2019   

    

 FISCAL YEAR   
ENDED   

MAR 31,   

2018   

    

 FISCAL YEAR   
ENDED   

MAR 31,   

2017   

  
           

Net Asset Value, Beginning of Period

     $22.31              $23.79               $21.43               $21.03               $21.35               $22.13          
           

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

            
           

Net investment income

     0.16              0.33               0.45               0.43               0.38               0.34          
           

Net realized and unrealized gains (losses)

     0.26              (1.48)              2.36               0.40               (0.32)              (0.70)         
           

Total from Investment Operations

     0.42              (1.15)              2.81               0.83               0.06               (0.36)         
           

LESS DISTRIBUTIONS PAID:

            
           

From net investment income

     (0.16)             (0.33)              (0.45)              (0.43)              (0.38)              (0.34)         
           

From net realized gains

     —              —               —               —               —               (0.08)         
           

Total Distributions Paid

     (0.16)             (0.33)              (0.45)              (0.43)              (0.38)              (0.42)         
           

Net Asset Value, End of Period

     $22.57              $22.31               $23.79               $21.43               $21.03               $21.35          
           

Total Return(1)

    1.86%           (4.89)%           13.29%            4.03%            0.24%            (1.63)%      
           

SUPPLEMENTAL DATA AND RATIOS:

            
           

Net assets, in thousands, end of period

     $95,595              $100,374               $103,045               $84,809               $81,477               $108,599          
           

Ratio to average net assets of:(2)

           
           

Expenses, net of reimbursements and credits

     0.16%           0.16%(3)         0.16%(3)         0.18%(3)        0.17%(3)        0.16%(3)    
           

Expenses, before reimbursements and credits

     0.27%           0.26%             0.28%             0.32%             0.28%             0.25%        
           

Net investment income, net of reimbursements and credits

     1.37%           1.40%(3)         2.04%(3)         2.08%(3)        1.74%(3)        1.53%(3)    
           

Net investment income, before reimbursements and credits

     1.26%           1.30%             1.92%             1.94%             1.63%             1.44%        
           

Portfolio Turnover Rate

     16.67%           59.23%             50.28%             37.64%             34.21%             38.93%        

 

  (1) 

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (2) 

Annualized for periods less than one year.

 

  (3) 

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, $1,000, $1,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    36    NORTHERN FUNDS SEMIANNUAL REPORT

     SCHEDULE OF INVESTMENTS    

 

   ARIZONA TAX-EXEMPT FUND

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)   

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS – 96.3%

 

  Arizona – 96.3%

 

   
 

Arizona Board of Regents Refunding COPS, University of Arizona Project,

         
 

5.00%, 6/1/28

      $400        $500     
 

Arizona Board of Regents Revenue Bonds, Series B,

         
 

5.00%, 7/1/43

      1,000        1,267     
 

Arizona Board of Regents Revenue Refunding Bonds, Series C, Arizona State University,

         
 

5.00%, 7/1/38

      1,000        1,304     
 

Arizona Board of Regents State University System Revenue Bonds, Series A,

         
 

5.00%, 7/1/31

      550        615     
 

5.00%, 7/1/34

      750        838     
 

5.00%, 7/1/35

      750        838     
 

Arizona Board of Regents State University System Revenue Refunding Bonds, Series A, Green Bonds,

         
 

5.00%, 7/1/35

      1,000        1,156     
 

5.00%, 7/1/41

      1,000        1,155     
 

Arizona Board of Regents State University System Revenue Refunding Bonds, Series B,

         
 

5.00%, 7/1/31

      1,000        1,217     
 

5.00%, 7/1/36

      495        595     
 

Arizona Board of Regents University System Revenue Bonds, Series A,

         
 

5.00%, 6/1/32

      1,500        1,733     
 

5.00%, 6/1/41

      1,000        1,291     
 

Arizona Board of Regents University System Revenue Refunding Bonds,

         
 

5.00%, 6/1/33

      1,710        2,031     
 

Arizona IDA Hospital Revenue Bonds, Phoenix Children’s Hospital,

         
 

5.00%, 2/1/24

      200        221     
 

Arizona State Health Facilities Authority Revenue Bonds, Series A, Banner Health, Prerefunded,

         
 

4.00%, 1/1/22(1)

     3,500        3,533     
 

Arizona State Health Facilities Authority Revenue Refunding Bonds, Series A, Banner Health Obligation,

         
 

5.00%, 1/1/22

      175        177     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 96.3%    continued         
  Arizona – 96.3%    continued         
 

Arizona State IDA Education Revenue Bonds, Series B-Social, Jerome Facility Project,

         
 

4.00%, 7/1/36

      $225        $242     
 

Arizona State IDA Lease Revenue Bonds, Series A,

         
 

3.00%, 9/1/50

      1,030        1,074     
 

Arizona State IDA Revenue Bonds, Lincoln South Beltway Project,

         
 

5.00%, 11/1/29

      1,000        1,291     
 

5.00%, 2/1/30

      1,000        1,297     
 

Arizona State Lottery Revenue Refunding Bonds,

         
 

5.00%, 7/1/28

      390        494     
 

Arizona State Refunding COPS, Series A,

         
 

5.00%, 10/1/29

      200        261     
 

Arizona State Transportation Board Revenue GARVEE Bonds, Series A,

         
 

5.00%, 7/1/23

      1,000        1,084     
 

Bullhead City Excise Tax Revenue Bonds, Second Series,

         
 

2.70%, 7/1/51

      1,500        1,457     
 

Flagstaff G.O. Unlimited Bonds,

         
 

5.00%, 7/1/22

      1,500        1,554     
 

Gilbert Water Resource Municipal Property Corp. Utility System Revenue Bonds,

         
 

5.00%, 7/1/28

      500        602     
 

5.00%, 7/1/29

      750        901     
 

5.00%, 7/1/30

      500        599     
 

5.00%, 7/1/31

      600        719     
 

Glendale IDA Revenue Refunding Bonds, Midwestern University,

         
 

5.00%, 5/15/32

      500        631     
 

Glendale Union School District No.205 G.O. Unlimited Bonds, Series A (AGM Insured),

         
 

5.00%, 7/1/23

      525        568     
 

Glendale Water & Sewer Subordinate Lien Revenue Bonds,

         
 

5.00%, 7/1/39

      2,090        2,716     
 

Goodyear G.O. Unlimited Refunding Bonds,

         
 

5.00%, 7/1/30

      400        528     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    37    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   ARIZONA TAX-EXEMPT FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 96.3%    continued

 

   
  Arizona – 96.3%    continued

 

   
 

Goodyear McDowell Road Commercial Corridor Improvement District Special Assessment Refunding Bonds (BAM Insured),

         
 

3.35%, 1/1/28

      $840        $962     
 

Litchfield Pledged Obligations Revenue Bonds,

         
 

7/1/51(2)

     800        770     
 

Maricopa County Buckeye Elementary School District No. 33 G.O. Unlimited Bonds, Series 2020, School Improvement Bonds Projects of 2015 & 2019 (AGM Insured),

         
 

4.00%, 7/1/33

      300        360     
 

4.00%, 7/1/36

      425        505     
 

Maricopa County Elementary School District No. 1 Phoenix G.O. Unlimited Bonds, Series C, School Improvement Project of 2006 (BAM Insured),

         
 

5.00%, 7/1/30

      605        735     
 

5.00%, 7/1/34

      1,100        1,321     
 

Maricopa County Elementary School District No. 25 Liberty G.O. Unlimited Bonds, Series A (AGM Insured),

         
 

5.00%, 7/1/30

      725        926     
 

Maricopa County Elementary School District No. 28 Kyrene Elementary G.O. Unlimited Bonds, Series A, School Improvement Project of 2017,

         
 

5.00%, 7/1/31

      275        344     
 

5.00%, 7/1/32

      250        312     
 

Maricopa County Elementary School District No. 28 Kyrene Elementary G.O. Unlimited Bonds, Series B, School Improvement Project of 2010,

         
 

5.25%, 7/1/28(3)

     940        1,022     
 

5.50%, 7/1/29(3)

     485        530     
 

5.50%, 7/1/30(3)

     375        410     
 

Maricopa County Elementary School District No. 33 Buckeye G.O. Unlimited Bonds, Series B, School Improvement Project of 2015 (BAM Insured),

         
 

5.00%, 7/1/38

      1,000        1,192     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 96.3%    continued

 

   
  Arizona – 96.3%    continued

 

   
 

Maricopa County Elementary School District No. 65 Littleton G.O. Unlimited Bonds, Series D (BAM Insured),

         
 

4.00%, 7/1/33

      $600        $722     
 

Maricopa County Elementary School District No. 66 Roosevelt G.O. Unlimited Bonds, Series A (AGM Insured),

         
 

4.00%, 7/1/31

      400        485     
 

Maricopa County Elementary School District No. 8 G.O. Unlimited Bonds, Series B, Osborn School Improvement Project of 2017 (AGM Insured),

         
 

5.00%, 7/1/35

      625        766     
 

5.00%, 7/1/36

      1,175        1,436     
 

Maricopa County Elementary School District No. 92 Pendergast Elementary G.O. Unlimited Bonds, Series D, Project of 2016,

         
 

5.00%, 7/1/28

      1,850        2,336     
 

Maricopa County Elementary School District No. 92 Pendergast G.O. Unlimited Bonds, Series E,

         
 

4.00%, 7/1/30

      1,000        1,224     
 

Maricopa County High School District No. 210 Phoenix G.O. Unlimited Bonds, Series C,

         
 

4.00%, 7/1/37

      380        449     
 

Maricopa County High School District No. 214 Tolleson Union High G.O. Unlimited Bonds, Series B, School Improvement Project of 2019,

         
 

7/1/33(2)

     600        671     
 

Maricopa County IDA Education Revenue Bonds, Highland Prep Projects, Series A (State Intercept Program),

         
 

4.00%, 7/1/56

      1,190        1,344     
 

Maricopa County IDA Educational Facilities Revenue Bonds, Creighton University Project,

         
 

5.00%, 7/1/39

      1,285        1,606     
 

5.00%, 7/1/47

      1,000        1,230     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    38    NORTHERN FUNDS SEMIANNUAL REPORT

         

 

   

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 96.3%    continued         
  Arizona – 96.3%    continued         
 

Maricopa County IDA Hospital Revenue Refunding Bonds, Series A, Honorhealth,

         
 

5.00%, 9/1/42

      $4,000        $4,881     
 

Maricopa County IDA Revenue Refunding Bonds, Banner Health Obligation Group,

         
 

5.00%, 1/1/38

      1,250        1,495     
 

Maricopa County Industrial Development Authority Hospital Revenue Bonds, Series A, Honor Health,

         
 

3.00%, 9/1/51

      2,000        2,083     
 

Maricopa County Kyrene Elementary School District No. 28 G.O. Unlimited Bonds, Series B, School Improvement Bonds Project of 2017,

         
 

4.00%, 7/1/37

      375        445     
 

Maricopa County School District No. 3 Tempe Elementary G.O. Limited Refunding Bonds,

         
 

4.00%, 7/1/23

      680        724     
 

Maricopa County School District No. 3 Tempe Elementary G.O. Unlimited Bonds, Series A, School Improvement Project,

         
 

5.00%, 7/1/26

      2,250        2,701     
 

Maricopa County School District No. 31 Balsz G.O. Unlimited Bonds, Series A, School Improvement Project of 2018 (AGM Insured),

         
 

5.00%, 7/1/31

      1,575        1,955     
 

4.00%, 7/1/37

      500        578     
 

Maricopa County Special Health Care District G.O. Unlimited Bonds,

         
 

5.00%, 7/1/32

      1,000        1,241     
 

5.00%, 7/1/35

      1,000        1,233     
 

4.00%, 7/1/38

      2,500        2,866     
 

Maricopa County Special Health Care District G.O. Unlimited Bonds, Series D,

         
 

5.00%, 7/1/31

      1,000        1,331     
 

5.00%, 7/1/32

      1,500        1,989     
 

Maricopa County Unified School District No. 4 Mesa G.O. Unlimited Bonds, Series A,

         
 

5.00%, 7/1/22

      1,375        1,425     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 96.3%    continued         
  Arizona – 96.3%    continued         
 

5.00%, 7/1/27

      $215        $266     
 

Maricopa County Unified School District No. 4 Mesa G.O. Unlimited Bonds, Series D, Project of 2018,

         
 

5.00%, 7/1/30

      1,000        1,319     
 

Maricopa County Unified School District No. 41 Gilbert G.O. Unlimited Bonds,

         
 

4.00%, 7/1/28

      500        599     
 

Maricopa County Unified School District No. 41 Gilbert G.O. Unlimited Bonds, Series B, School Improvement Project of 2015,

         
 

5.00%, 7/1/28

      525        646     
 

5.00%, 7/1/29

      650        798     
 

5.00%, 7/1/31

      500        611     
 

Maricopa County Unified School District No. 41 Gilbert G.O. Unlimited Bonds, Series C,

         
 

5.00%, 7/1/24

      1,000        1,128     
 

Maricopa County Unified School District No. 48 Scottsdale G.O. Unlimited Bonds, Series C,

         
 

5.00%, 7/1/32

      1,600        1,992     
 

Maricopa County Unified School District No. 48 Scottsdale G.O. Unlimited Bonds, Series D,

         
 

4.00%, 7/1/31

      525        644     
 

Maricopa County Unified School District No. 69 Paradise Valley G.O. Unlimited Bonds, Series A,

         
 

4.00%, 7/1/28

      1,000        1,026     
 

Maricopa County Unified School District No. 69 Paradise Valley G.O. Unlimited Bonds, Series D, School Improvement Project of 2011,

         
 

4.50%, 7/1/27

      1,700        1,818     
 

Maricopa County Unified School District No. 80 Chandler G.O. Unlimited Bonds, Series A,

         
 

5.00%, 7/1/31

      1,000        1,284     
 

Maricopa County Unified School District No. 80 Chandler G.O. Unlimited Bonds, Series C, School Improvement Project of 2015,

         
 

5.00%, 7/1/30

      1,335        1,679     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    39    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   ARIZONA TAX-EXEMPT FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 96.3%    continued

 

  Arizona – 96.3%    continued

 

 

Maricopa County Unified School District No. 95 Queen Creek G.O. Limited Refunding Bonds,

         
 

5.00%, 7/1/26

      $400        $465     
 

Maricopa County Unified School District No. 95 Queen Creek G.O. Unlimited Bonds,

         
 

4.00%, 7/1/39

      1,130        1,329     
 

Maricopa County Unified School District No. 95 Queen Creek G.O. Unlimited Bonds, School Improvement,

         
 

5.00%, 7/1/37

      650        759     
 

Mesa G.O. Unlimited Refunding Bonds,

         
 

5.00%, 7/1/30

      3,000        3,962     
 

5.00%, 7/1/31

      1,000        1,353     
 

Mesa Street & Highway Revenue Refunding Bonds (AGM Insured),

         
 

5.00%, 7/1/23

      1,000        1,083     
 

Mesa Utility System Revenue Bonds,

         
 

5.00%, 7/1/26

      240        289     
 

3.00%, 7/1/44

      500        534     
 

Mesa Utility System Revenue Bonds (BAM Insured),

         
 

5.00%, 7/1/23

      1,000        1,082     
 

Mesa Utility System Revenue Refunding Bonds, Series B,

         
 

5.00%, 7/1/30

      290        373     
 

Mesa Utility System Revenue Refunding Bonds, Series C,

         
 

5.00%, 7/1/22

      675        699     
 

5.00%, 7/1/23

      1,000        1,083     
 

Northern Arizona University Revenue Refunding Bonds, Series B (BAM Insured),

         
 

5.00%, 6/1/38

      2,000        2,531     
 

Phoenix Civic Airport Improvement Corp. Junior Lien Airport Revenue Bonds,

         
 

5.00%, 7/1/44

      1,545        1,909     
 

4.00%, 7/1/49

      1,000        1,145     
 

5.00%, 7/1/49

      1,000        1,228     
 

Phoenix Civic Airport Improvement Corp. Revenue Refunding Bonds, Series B,

         
 

5.00%, 7/1/34

      4,000        4,874     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 96.3%    continued

 

     Arizona – 96.3%    continued

 

   
 

Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Refunding Bonds, Series A,

         
 

5.00%, 7/1/29

      $1,160        $1,505     
 

4.00%, 7/1/45

      1,000        1,171     
 

Phoenix Civic Improvement Corp. Wastewater System Junior Lien Revenue Bonds, Series A,

         
 

5.00%, 7/1/34

      325        402     
 

Phoenix Civic Improvement Corp. Water System Junior Lien Revenue Bonds, Series A,

         
 

5.00%, 7/1/44

      2,850        3,628     
 

5.00%, 7/1/45

      1,000        1,293     
 

Phoenix Civic Improvement Corp. Water System Junior Lien Revenue Bonds, Series A, Prerefunded,

         
 

5.00%, 7/1/24(1)

     1,000        1,129     
 

Phoenix Civic Improvement Corp. Water System Junior Lien Revenue Refunding Bonds, Series B,

         
 

4.00%, 7/1/28

      1,000        1,092     
 

Phoenix G.O. Unlimited Refunding Bonds,

         
 

5.00%, 7/1/24

      400        451     
 

5.00%, 7/1/27

      200        241     
 

Pima County COPS,

         
 

5.00%, 12/1/22

      650        686     
 

Pima County COPS, Series B,

         
 

5.00%, 12/1/22

      190        201     
 

Pima County IDA Revenue Refunding Bonds, Tucson Medical Center,

         
 

3.00%, 4/1/51

      1,000        1,042     
 

Pima County IDA Taxable Revenue Bonds, Tucson Medical Center,

         
 

1.20%, 4/1/25

      265        264     
 

1.40%, 4/1/26

      270        267     
 

Pima County Metropolitan Domestic Water Improvement District Water Utility System Senior Lien Revenue Refunding Bonds,

         
 

4.00%, 1/1/25

      715        794     
 

Pima County Sewer System Revenue Bonds,

         
 

5.00%, 7/1/25

      1,000        1,082     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    40    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 96.3%    continued

 

  Arizona – 96.3%    continued

 

 

Pima County Unified School District No. 1 Tucson G.O. Limited Refunding Bonds,

         
 

5.00%, 7/1/26

      $330        $394     
 

Pima County Unified School District No. 10 Amphitheater G.O. Unlimited Bonds, Series D, School Improvement Project of 2007,

         
 

5.00%, 7/1/24

      1,005        1,088     
 

Pima County Unified School District No. 20 G.O. Unlimited Bonds, Vail School Improvement (BAM Insured),

         
 

5.00%, 7/1/26

      1,685        2,018     
 

Pima County Unified School District No. 6 G.O. Unlimited Bonds, Marana School Improvement (FHLMC Insured),

         
 

4.00%, 7/1/29

      675        753     
 

Pima County Vail Unified School District No. 20 G.O. Limited Refunding Bonds (BAM Insured),

         
 

4.00%, 7/1/30

      350        427     
 

Pinal County Unified School District No. 43 Apache Junction G.O. Unlimited Refunding Bonds (AGM Insured),

         
 

5.00%, 7/1/22

      1,000        1,034     
 

Prescott Valley Pledged Revenue Refunding Bonds, Series A,

         
 

5.00%, 1/1/23

      750        793     
 

5.00%, 1/1/24

      700        771     
 

5.00%, 1/1/25

      625        714     
 

Queen Creek Excise Tax & State Shared Revenue Bonds, Series B,

         
 

5.00%, 8/1/47

      2,540        2,726     
 

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds,

         
 

5.00%, 1/1/31

      1,000        1,240     
 

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A,

         
 

5.00%, 12/1/36

      1,105        1,272     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 96.3%    continued

 

  Arizona – 96.3%    continued         
 

Santa Cruz County Unified School District No. 35 G.O. Unlimited Bonds, Series A, Project of 2019 (AGM Insured),

         
 

5.00%, 7/1/28

      $500        $626     
 

Santa Cruz County Unified School District No. 35 G.O. Unlimited Bonds, Series B, Project of 2019 (AGM Insured),

         
 

4.00%, 7/1/24

      200        219     
 

Scottsdale G.O. Unlimited Bonds, Series C, Projects of 2015,

         
 

5.00%, 7/1/24

      100        113     
 

Scottsdale Municipal Property Corp. Excise Tax Revenue Refunding Bonds,

         
 

5.00%, 7/1/30

      2,675        3,387     
 

Tempe G.O. Unlimited Bonds,

         
 

5.00%, 7/1/33

      1,125        1,435     
 

Tempe Water and Sewer Revenue Bonds,

         
 

5.00%, 7/1/41

      1,140        1,481     
 

Tucson G.O. Unlimited Bonds, Series A,

         
 

5.00%, 7/1/26

      285        344     
 

Vistancia Community Facilities District G.O. Unlimited Refunding Bonds (BAM Insured),

         
 

4.00%, 7/15/26

      450        513     
 

Yavapai County IDA Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical,

         
 

3.13%, 8/1/43

      2,450        2,578     
 

4.00%, 8/1/43

      1,000        1,146     
 

Yavapai County Jail District Revenue Bonds (BAM Insured),

         
 

5.00%, 7/1/30

      850        1,064     
 

5.00%, 7/1/31

      1,000        1,250     
 

 

  
          162,236     

 

  
 

Total Municipal Bonds

 

   

 

  
 

(Cost $157,187)

         162,236     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    41    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   ARIZONA TAX-EXEMPT FUND    continued

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)     

 

         NUMBER
OF SHARES		      VALUE
(000S)		        
  INVESTMENT COMPANIES – 3.6%

 

 

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(4) (5)

      6,144,548        $6,145    
   
   

Total Investment Companies

 

 

(Cost $6,145)

         6,145    
 

    

        
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		        
  SHORT-TERM INVESTMENTS – 0.2%

 

 

Pima County COPS, Series B,
5.00%, 12/1/21

      $260        $262    
   
   

Total Short-Term Investments

 

 

(Cost $262)

         262    
 

    

        
   
   

Total Investments – 100.1%

 

 

(Cost $163,594)

         168,643    
 

Liabilities less Other Assets – (0.1%)

         (175 )   
         
 

NET ASSETS – 100.0%

         $168,468    

 

(1) 

Maturity date represents the prerefunded date.

(2) 

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(3)

Security has converted to a fixed rate as of July 1, 2015, and is a fixed rate going forward.

(4) 

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(5)

7-day current yield as of September 30, 2021 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AGM - Assured Guaranty Municipal Corporation

BAM - Build America Mutual

COPS - Certificates of Participation

FHLMC - Federal Home Loan Mortgage Corporation

G.O. - General Obligation

GARVEE - Grant Anticipation Revenue Vehicle

IDA - Industrial Development Authority

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

    SECURITY TYPE (1)   % OF NET ASSETS  

Municipal Bonds

     96.3 % 

Investment Companies

     3.6 % 

Short-Term Investments

     0.2 % 

 

(1) 

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

    INVESTMENTS    LEVEL 1
(000S)		      LEVEL 2
(000S)		      LEVEL 3
(000S)		      TOTAL
(000S)		  

Municipal Bonds

    $ —      $ 162,236        $—      $ 162,236  

Investment Companies

      6,145        —        —        6,145  

Short-Term Investments

      —        262        —        262  

 

  

Total Investments

      $6,145      $ 162,498        $—      $ 168,643  

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    42    NORTHERN FUNDS SEMIANNUAL REPORT

     SCHEDULE OF INVESTMENTS    

 

   BOND INDEX FUND

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)     

 

        PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES – 1.6%

 

  Auto Floor Plan – 0.0%

 

 

Ford Credit Floorplan Master Owner Trust, Series 2018-2, Class A

        
 

3.17%, 3/15/25

     $50        $52     
 

Ford Credit Floorplan Master Owner Trust, Series 2018-4, Class A

        
 

4.06%, 11/15/30

     100        113     
 

Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A

        
 

3.06%, 4/15/26

     150        159     
 

Ford Credit Floorplan Master Owner Trust, Series 2019-4, Class A

        
 

2.44%, 9/15/26

     400        419     
 

Ford Credit Floorplan Master Owner Trust, Series 2020-2, Class A

        
 

1.06%, 9/15/27

     200        199     
 

 

  
         942     
 

 

  
 

Automobile – 0.2%

        
 

Ally Auto Receivables Trust, Series 2019-4, Class A4

        
 

1.92%, 1/15/25

     100        102     
 

AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C

        
 

1.06%, 8/18/26

     100        101     
 

AmeriCredit Automobile Receivables Trust, Series 2021-1, Class A3

        
 

0.37%, 8/18/25

     100        100     
 

AmeriCredit Automobile Receivables Trust, Series 2021-1, Class B

        
 

0.68%, 10/19/26

     100        100     
 

AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D

        
 

1.21%, 12/18/26

     100        99     
 

BMW Vehicle Lease Trust, Series 2021-2, Class A3

        
 

0.33%, 12/26/24

     100        100     
 

Capital One Prime Auto Receivables Trust, Series 2020-1, Class A4

        
 

1.63%, 8/15/25

     100        102     
 

CarMax Auto Owner Trust, Series 2019-2, Class A4

        
 

2.77%, 12/16/24

     200        206     
 

CarMax Auto Owner Trust, Series 2019-3, Class A4

        
 

2.30%, 4/15/25

     100        103     

See Notes to the Financial Statements.

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

  Automobile – 0.2%    continued         
 

CarMax Auto Owner Trust, Series 2020-4, Class A3

         
 

0.50%, 8/15/25

      $100        $100     
 

CarMax Auto Owner Trust, Series 2021-4, Class A3

         
 

0.56%, 9/15/26

      200        199     
 

Drive Auto Receivables Trust, Series 2021-2, Class B

         
 

0.58%, 12/15/25

      100        100     
 

Drive Auto Receivables Trust, Series 2021-2, Class C

         
 

0.87%, 10/15/27

      100        100     
 

Drive Auto Receivables Trust, Series 2021-2, Class D

         
 

1.39%, 3/15/29

      100        100     
 

Exeter Automobile Receivables Trust, Series 2021-3A, Class C

         
 

0.96%, 10/15/26

      200        200     
 

Ford Credit Auto Lease Trust, Series 2021-B, Class A3

         
 

0.37%, 10/15/24

      100        100     
 

Ford Credit Auto Owner Trust, Series 2019-B, Class A4

         
 

2.24%, 10/15/24

      100        102     
 

Ford Credit Auto Owner Trust, Series 2020-C, Class A3

         
 

0.41%, 7/15/25

      200        200     
 

Ford Credit Auto Owner Trust, Series 2020-C, Class A4

         
 

0.51%, 8/15/26

      100        99     
 

Ford Credit Auto Owner Trust, Series 2020-C, Class B

         
 

0.79%, 8/15/26

      100        100     
 

Ford Credit Auto Owner Trust, Series 2021-A, Class A3

         
 

0.30%, 8/15/25

      100        100     
 

GM Financial Automobile Leasing Trust, Series 2021-2, Class A3

         
 

0.34%, 5/20/24

      100        100     
 

GM Financial Consumer Automobile Receivables Trust, Series 2020-3, Class A3

         
 

0.45%, 4/16/25

      200        200     
 

 

NORTHERN FUNDS SEMIANNUAL REPORT    43    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

  Automobile – 0.2%    continued         
 

GM Financial Consumer Automobile Receivables Trust, Series 2020-4, Class A3

         
 

0.38%, 8/18/25

      $100        $100     
 

GM Financial Consumer Automobile Receivables Trust, Series 2021-3, Class A3

         
 

0.48%, 6/16/26

      100        100     
 

GM Financial Leasing Trust, Series 2021-1, Class A4

         
 

0.33%, 2/20/25

      100        100     
 

Harley-Davidson Motorcycle Trust, Series 2021-B, Class A3

         
 

0.56%, 11/16/26

      100        100     
 

Honda Auto Receivables Owner Trust, Series 2020-3, Class A3

         
 

0.37%, 10/18/24

      150        150     
 

Honda Auto Receivables Owner Trust, Series 2021-1, Class A3

         
 

0.27%, 4/21/25

      100        100     
 

Honda Auto Receivables Owner Trust, Series 2021-1, Class A4

         
 

0.42%, 1/21/28

      100        100     
 

Honda Auto Receivables Owner Trust, Series 2021-2, Class A3

         
 

0.33%, 8/15/25

      100        100     
 

Hyundai Auto Receivables Trust, Series 2021-B, Class A3

         
 

0.38%, 1/15/26

      100        100     
 

Hyundai Auto Receivables Trust, Series 2021-B, Class A4

         
 

0.60%, 2/16/27

      100        99     
 

Mercedes-Benz Auto Receivables Trust, Series 2021-1, Class A3

         
 

0.46%, 6/15/26

      100        100     
 

Nissan Auto Receivables Owner Trust, Series 2019-C, Class A4

         
 

1.95%, 5/15/26

      100        103     
 

Santander Drive Auto Receivables Trust, Series 2020-3, Class D

         
 

1.64%, 11/16/26

      75        76     
 

Santander Drive Auto Receivables Trust, Series 2020-4, Class C

         
 

1.01%, 1/15/26

      100        101     
        PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

  Automobile – 0.2%    continued

 

 

Santander Drive Auto Receivables Trust, Series 2021-1, Class C

        
 

0.75%, 2/17/26

     $50        $50     
 

Santander Drive Auto Receivables Trust, Series 2021-2, Class D

        
 

1.35%, 7/15/27

     100        100     
 

Toyota Auto Receivables Owner Trust, Series 2019-D, Class A4

        
 

1.99%, 2/18/25

     100        102     
 

Toyota Auto Receivables Owner Trust, Series 2020-D, Class A3

        
 

0.35%, 1/15/25

     100        100     
 

Toyota Auto Receivables Owner Trust, Series 2021-B, Class A3

        
 

0.26%, 11/17/25

     100        100     
 

Toyota Auto Receivables Owner Trust, Series 2021-C, Class A3

        
 

0.43%, 1/15/26

     100        100     
 

Toyota Auto Receivables Owner Trust, Series 2021-C, Class A4

        
 

0.72%, 1/15/27

     100        100     
 

World Omni Auto Receivables Trust, Series 2019-C, Class A4

        
 

2.03%, 12/15/25

     100        102     
 

World Omni Auto Receivables Trust, Series 2020-C, Class A3

        
 

0.48%, 11/17/25

     200        200     
 

World Omni Auto Receivables Trust, Series 2021-C, Class A3

        
 

0.44%, 8/17/26

     100        100     
 

World Omni Automobile Lease Securitization Trust, Series 2021-A, Class A3

        
 

0.42%, 8/15/24

     100        100     
 

World Omni Select Auto Trust, Series 2021-A, Class A3

        
 

0.53%, 3/15/27

     100        100     
 

 

  
         5,496     
 

 

  
  Commercial Mortgage-Backed Securities – 1.2%

 

 

Banc of America Commercial Mortgage Trust, Series 2016-UB10, Class A4

        
 

3.17%, 7/15/49

     300        322     
 

BANK, Series 2017-BNK7, Class A5

        
 

3.44%, 9/15/60

     250        273     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    44    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Commercial Mortgage-Backed Securities – 1.2%    continued

 

   
 

BANK, Series 2017-BNK9, Class A4

         
 

3.54%, 11/15/54

      $250        $275     
 

BANK, Series 2018-BN10, Class A5

         
 

3.69%, 2/15/61

      100        111     
 

BANK, Series 2018-BN11, Class A3

         
 

4.05%, 3/15/61

      200        226     
 

BANK, Series 2018-BN12, Class A4

         
 

4.26%, 5/15/61

      300        343     
 

BANK, Series 2018-BN13, Class A5

         
 

4.22%, 8/15/61

      100        114     
 

BANK, Series 2018-BN14, Class A4

         
 

4.23%, 9/15/60

      200        229     
 

BANK, Series 2018-BN15, Class A4

         
 

4.41%, 11/15/61

      300        347     
 

BANK, Series 2019-BN18, Class A3

         
 

3.33%, 5/15/62

      200        216     
 

BANK, Series 2019-BN19, Class A3

         
 

3.18%, 8/15/61

      300        325     
 

BANK, Series 2019-BN20, Class A3

         
 

3.01%, 9/15/62

      250        268     
 

BANK, Series 2020-BN25, Class A5

         
 

2.65%, 1/15/63

      200        209     
 

BANK, Series 2020-BN26, Class A4

         
 

2.40%, 3/15/63

      400        411     
 

BANK, Series 2020-BN27, Class A5

         
 

2.14%, 4/15/63

      1,000        1,007     
 

BANK, Series 2020-BN28, Class A4

         
 

1.84%, 3/15/63

      500        490     
 

BANK, Series 2021-BNK31, Class A4

         
 

2.04%, 2/15/54

      200        199     
 

Barclays Commercial Mortgage Trust, Series 2019-C3, Class A4

         
 

3.58%, 5/15/52

      200        222     
 

Barclays Commercial Mortgage Trust, Series 2019-C4, Class A5

         
 

2.92%, 8/15/52

      100        106     
 

BBCMS Mortgage Trust, Series 2018-C2, Class A5

         
 

4.31%, 12/15/51

      150        173     
 

BBCMS Mortgage Trust, Series 2020-C6, Class A4

         
 

2.64%, 2/15/53

      200        209     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Commercial Mortgage-Backed Securities – 1.2%    continued

 

   
 

Benchmark Mortgage Trust, Series 2018-B2, Class A5

         
 

3.88%, 2/15/51

      $150        $168     
 

Benchmark Mortgage Trust, Series 2018-B3, Class A5

         
 

4.03%, 4/10/51

      100        113     
 

Benchmark Mortgage Trust, Series 2018-B5, Class A4

         
 

4.21%, 7/15/51

      200        229     
 

Benchmark Mortgage Trust, Series 2018-B7, Class A2

         
 

4.38%, 5/15/53

      300        318     
 

Benchmark Mortgage Trust, Series 2018-B7, Class A4

         
 

4.51%, 5/15/53

      783        914     
 

Benchmark Mortgage Trust, Series 2018-B8, Class A5

         
 

4.23%, 1/15/52

      100        115     
 

Benchmark Mortgage Trust, Series 2019-B12, Class A5

         
 

3.12%, 8/15/52

      125        135     
 

Benchmark Mortgage Trust, Series 2020-B16, Class A5

         
 

2.73%, 2/15/53

      200        210     
 

Benchmark Mortgage Trust, Series 2020-B17, Class A5

         
 

2.29%, 3/15/53

      200        203     
 

Benchmark Mortgage Trust, Series 2020-B18, Class A5

         
 

1.93%, 7/15/53

      500        494     
 

Benchmark Mortgage Trust, Series 2020-B19, Class A5

         
 

1.85%, 9/15/53

      500        491     
 

Benchmark Mortgage Trust, Series 2020-B20, Class A5

         
 

2.03%, 10/15/53

      250        248     
 

Benchmark Mortgage Trust, Series 2020-IG1, Class A3

         
 

2.69%, 9/15/43

      100        104     
 

Benchmark Mortgage Trust, Series 2021-B23, Class A5

         
 

2.07%, 2/15/54

      200        199     
 

CD Mortgage Trust, Series 2017-CD4, Class A4

         
 

3.51%, 5/10/50

      250        273     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    45    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Commercial Mortgage-Backed Securities – 1.2%    continued

 

   
 

CD Mortgage Trust, Series 2017-CD5, Class A4

         
 

3.43%, 8/15/50

      $250        $273     
 

CD Mortgage Trust, Series 2017-CD6, Class A5

         
 

3.46%, 11/13/50

      200        219     
 

CD Mortgage Trust, Series 2018-CD7, Class A4

         
 

4.28%, 8/15/51

      200        230     
 

CD Mortgage Trust, Series 2019-CD8, Class A4

         
 

2.91%, 8/15/57

      150        159     
 

CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3

         
 

3.87%, 1/10/48

      300        329     
 

CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4

         
 

3.28%, 5/10/58

      250        268     
 

CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4

         
 

3.46%, 8/15/50

      250        273     
 

Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class A4

         
 

3.02%, 9/10/45

      368        373     
 

Citigroup Commercial Mortgage Trust, Series 2013-GC15, Class A4

         
 

4.37%, 9/10/46

      350        373     
 

Citigroup Commercial Mortgage Trust, Series 2013-GC15, Class AS

         
 

4.65%, 9/10/46

      100        106     
 

Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class A4

         
 

3.64%, 10/10/47

      100        107     
 

Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5

         
 

3.14%, 2/10/48

      200        212     
 

Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5

         
 

3.72%, 9/15/48

      200        218     
 

Citigroup Commercial Mortgage Trust, Series 2016-C1, Class A4

         
 

3.21%, 5/10/49

      250        269     
 

Citigroup Commercial Mortgage Trust, Series 2016-C3, Class A4

         
 

3.15%, 11/15/49

      150        162     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Commercial Mortgage-Backed Securities – 1.2%    continued

 

   
 

Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5

         
 

3.62%, 2/10/49

      $300        $327     
 

Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4

         
 

3.31%, 4/10/49

      250        270     
 

Citigroup Commercial Mortgage Trust, Series 2016-P3, Class A4

         
 

3.33%, 4/15/49

      250        269     
 

Citigroup Commercial Mortgage Trust, Series 2017-P8, Class A4

         
 

3.47%, 9/15/50

      250        274     
 

Citigroup Commercial Mortgage Trust, Series 2018-B2, Class A4

         
 

4.01%, 3/10/51

      100        113     
 

Citigroup Commercial Mortgage Trust, Series 2018-C5, Class A4

         
 

4.23%, 6/10/51

      200        229     
 

Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A4

         
 

4.41%, 11/10/51

      200        232     
 

Commercial Mortgage Trust, Series 2013-CR12, Class A4

         
 

4.05%, 10/10/46

      300        319     
 

Commercial Mortgage Trust, Series 2013-LC6, Class A4

         
 

2.94%, 1/10/46

      114        116     
 

Commercial Mortgage Trust, Series 2014-CR14, Class A3

         
 

3.96%, 2/10/47

      420        445     
 

Commercial Mortgage Trust, Series 2014-CR19, Class A5

         
 

3.80%, 8/10/47

      300        323     
 

Commercial Mortgage Trust, Series 2014-UBS5, Class A4

         
 

3.84%, 9/10/47

      500        538     
 

Commercial Mortgage Trust, Series 2014-UBS6, Class A5

         
 

3.64%, 12/10/47

      250        269     
 

Commercial Mortgage Trust, Series 2015-CR24, Class A5

         
 

3.70%, 8/10/48

      500        543     
 

Commercial Mortgage Trust, Series 2015-DC1, Class A5

         
 

3.35%, 2/10/48

      200        214     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    46    NORTHERN FUNDS SEMIANNUAL REPORT

         

 

   

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

      
  Commercial Mortgage-Backed Securities – 1.2%    continued

 

   
 

Commercial Mortgage Trust, Series 2015-LC19, Class A4

         
 

3.18%, 2/10/48

      $500        $533     
 

Commercial Mortgage Trust, Series 2015-PC1, Class A5

         
 

3.90%, 7/10/50

      200        218     
 

Commercial Mortgage Trust, Series 2018-COR3, Class A3

         
 

4.23%, 5/10/51

      200        227     
 

CSAIL Commercial Mortgage Trust, Series 2015-C1, Class A4

         
 

3.51%, 4/15/50

      225        241     
 

CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4

         
 

3.72%, 8/15/48

      500        542     
 

CSAIL Commercial Mortgage Trust, Series 2016-C6, Class A5

         
 

3.09%, 1/15/49

      100        106     
 

CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5

         
 

3.50%, 11/15/49

      200        217     
 

CSAIL Commercial Mortgage Trust, Series 2018-C14, Class A4

         
 

4.42%, 11/15/51

      300        344     
 

CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A5

         
 

4.03%, 4/15/51

      100        112     
 

CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3

         
 

2.56%, 3/15/53

      200        206     
 

DBJPM Mortgage Trust, Series 2017-C6, Class A5

         
 

3.33%, 6/10/50

      250        272     
 

DBJPM Mortgage Trust, Series 2020-C9, Class A5

         
 

1.93%, 8/15/53

      100        99     
 

GS Mortgage Securities Trust, Series 2012-GCJ9, Class A3

         
 

2.77%, 11/10/45

      170        173     
 

GS Mortgage Securities Trust, Series 2014-GC20, Class A5

         
 

4.00%, 4/10/47

      100        106     
 

GS Mortgage Securities Trust, Series 2014-GC24, Class A5

         
 

3.93%, 9/10/47

      300        324     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Commercial Mortgage-Backed Securities – 1.2%    continued

 

   
 

GS Mortgage Securities Trust, Series 2014-GC26, Class A5

         
 

3.63%, 11/10/47

      $250        $269     
 

GS Mortgage Securities Trust, Series 2016-GS3, Class A4

         
 

2.85%, 10/10/49

      200        212     
 

GS Mortgage Securities Trust, Series 2017-GS7, Class A4

         
 

3.43%, 8/10/50

      250        273     
 

GS Mortgage Securities Trust, Series 2017-GS8, Class A4

         
 

3.47%, 11/10/50

      200        219     
 

GS Mortgage Securities Trust, Series 2018-GS9, Class A4

         
 

3.99%, 3/10/51

      150        169     
 

GS Mortgage Securities Trust, Series 2019-GC40, Class A4

         
 

3.16%, 7/10/52

      150        162     
 

GS Mortgage Securities Trust, Series 2020-GC45, Class A5

         
 

2.91%, 2/13/53

      300        319     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class AS

         
 

3.37%, 12/15/47

      50        52     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class A4

         
 

4.00%, 4/15/47

      500        533     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5

         
 

3.80%, 7/15/47

      500        532     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C24, Class A5

         
 

3.64%, 11/15/47

      200        215     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-C30, Class A5

         
 

3.82%, 7/15/48

      200        217     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-C2, Class A4

         
 

3.14%, 6/15/49

      100        106     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    47    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Commercial Mortgage-Backed Securities – 1.2%    continued

 

   
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-C4, Class A3

         
 

3.14%, 12/15/49

      $150        $162     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class A5

         
 

2.87%, 8/15/49

      200        211     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class AS

         
 

3.14%, 8/15/49

      100        106     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-C5, Class A5

         
 

3.69%, 3/15/50

      300        329     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-C7, Class A5

         
 

3.41%, 10/15/50

      200        220     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5

         
 

3.72%, 3/15/50

      350        386     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-JP7, Class A5

         
 

3.45%, 9/15/50

      100        109     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4

         
 

3.39%, 6/13/52

      200        218     
 

JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class A5

         
 

2.18%, 5/13/53

      1,000        1,008     
 

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4

         
 

4.30%, 8/15/46(1) (2)

      200        211     
 

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class A4

         
 

3.10%, 5/15/46

      200        206     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Commercial Mortgage-Backed Securities – 1.2%    continued

 

   
 

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A5

         
 

4.06%, 2/15/47

      $200        $214     
 

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A5

         
 

3.53%, 10/15/48

      100        109     
 

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4

         
 

3.33%, 5/15/49

      250        270     
 

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class A5

         
 

2.86%, 9/15/49

      100        106     
 

Morgan Stanley Capital I Trust, Series 2018-H3, Class A5

         
 

4.18%, 7/15/51

      150        170     
 

Morgan Stanley Capital I Trust, Series 2018-H4, Class A4

         
 

4.31%, 12/15/51

      100        115     
 

Morgan Stanley Capital I Trust, Series 2018-L1, Class A4

         
 

4.41%, 10/15/51

      200        230     
 

Morgan Stanley Capital I Trust, Series 2019-H7, Class A4

         
 

3.26%, 7/15/52

      250        271     
 

Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4

         
 

2.04%, 7/15/53

      500        497     
 

Morgan Stanley Capital I Trust, Series 2020-L4, Class A3

         
 

2.70%, 2/15/53

      200        209     
 

Morgan Stanley Capital I, Series 2017-HR2, Class A4

         
 

3.59%, 12/15/50

      200        221     
 

UBS Commercial Mortgage Trust, Series 2017-C1, Class A4

         
 

3.46%, 6/15/50

      250        271     
 

UBS Commercial Mortgage Trust, Series 2017-C2, Class A4

         
 

3.49%, 8/15/50

      250        272     
 

UBS Commercial Mortgage Trust, Series 2017-C3, Class A4

         
 

3.43%, 8/15/50

      175        189     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    48    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Commercial Mortgage-Backed Securities – 1.2%    continued

 

   
 

UBS Commercial Mortgage Trust,

         
 

Series 2017-C6, Class A5

         
 

3.58%, 12/15/50

      $100        $110     
 

UBS Commercial Mortgage Trust,

         
 

Series 2017-C7, Class A4

         
 

3.68%, 12/15/50

      150        165     
 

UBS Commercial Mortgage Trust,

         
 

Series 2018-C10, Class A4

         
 

4.31%, 5/15/51

      200        228     
 

UBS Commercial Mortgage Trust,

         
 

Series 2018-C11, Class A5

         
 

4.24%, 6/15/51

      150        170     
 

UBS Commercial Mortgage Trust,

         
 

Series 2018-C13, Class A4

         
 

4.33%, 10/15/51

      200        229     
 

UBS Commercial Mortgage Trust,

         
 

Series 2018-C14, Class A4

         
 

4.45%, 12/15/51

      100        115     
 

UBS Commercial Mortgage Trust,

         
 

Series 2018-C8, Class A4

         
 

3.98%, 2/15/51

      150        168     
 

UBS Commercial Mortgage Trust,

         
 

Series 2018-C9, Class A4

         
 

4.12%, 3/15/51

      100        112     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2012-LC5, Class A3

         
 

2.92%, 10/15/45

      132        134     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2015-C26, Class A4

         
 

3.17%, 2/15/48

      100        106     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2015-C30, Class A4

         
 

3.66%, 9/15/58

      250        272     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2015-LC20, Class A5

         
 

3.18%, 4/15/50

      200        213     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2015-NXS2, Class A5

         
 

3.77%, 7/15/58

      300        327     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2015-NXS4, Class A4

         
 

3.72%, 12/15/48

      350        382     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2016-C32, Class A4

         
 

3.56%, 1/15/59

      200        217     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Commercial Mortgage-Backed Securities – 1.2%    continued

 

   
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2016-C33, Class A4

         
 

3.43%, 3/15/59

      $250        $271     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2016-C35, Class A4

         
 

2.93%, 7/15/48

      100        106     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2016-C36, Class A4

         
 

3.07%, 11/15/59

      250        266     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2016-LC24, Class A4

         
 

2.94%, 10/15/49

      200        213     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2016-NXS6, Class A4

         
 

2.92%, 11/15/49

      150        159     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2017-C39, Class A5

         
 

3.42%, 9/15/50

      250        273     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2017-C40, Class A4

         
 

3.58%, 10/15/50

      100        110     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2017-C42, Class A4

         
 

3.59%, 12/15/50

      100        110     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2018-C43, Class A4

         
 

4.01%, 3/15/51

      150        169     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2018-C44, Class A5

         
 

4.21%, 5/15/51

      155        177     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2018-C48, Class A5

         
 

4.30%, 1/15/52

      100        115     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2019-C50, Class A5

         
 

3.73%, 5/15/52

      200        223     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2020-C55, Class A5

         
 

2.73%, 2/15/53

      100        105     
 

Wells Fargo Commercial Mortgage

         
 

Trust, Series 2020-C56, Class A5

         
 

2.45%, 6/15/53

      500        514     
 

WFRBS Commercial Mortgage Trust,

         
 

Series 2013-C12, Class AS

         
 

3.56%, 3/15/48

      50        52     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    49    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Commercial Mortgage-Backed Securities – 1.2%    continued

 

   
 

WFRBS Commercial Mortgage Trust, Series 2013-C12, Class ASB

         
 

2.84%, 3/15/48

      $114        $115     
 

WFRBS Commercial Mortgage Trust, Series 2013-C13, Class A4

         
 

3.00%, 5/15/45

      500        514     
 

WFRBS Commercial Mortgage Trust, Series 2013-C14, Class A5

         
 

3.34%, 6/15/46

      150        156     
 

WFRBS Commercial Mortgage Trust, Series 2014-C25, Class A5

         
 

3.63%, 11/15/47

      250        269     
 

WFRBS Commercial Mortgage Trust, Series 2014-LC14, Class A5

         
 

4.05%, 3/15/47

      100        107     
 

 

  
          38,621     
 

 

  
  Credit Card – 0.1%         
 

American Express Credit Account Master Trust, Series 2018-2, Class A

         
 

3.01%, 10/15/25

      150        156     
 

BA Credit Card Trust, Series 2020-A1, Class A1

         
 

0.34%, 5/15/26

      150        150     
 

BA Credit Card Trust, Series 2021-A1, Class A1

         
 

0.44%, 9/15/26

      200        200     
 

Barclays Dryrock Issuance Trust, Series 2021-1, Class A

         
 

0.63%, 7/15/27

      200        199     
 

Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3

         
 

2.06%, 8/15/28

      250        261     
 

Capital One Multi-Asset Execution Trust, Series 2021-A1, Class A1

         
 

0.55%, 7/15/26

      150        150     
 

Capital One Multi-Asset Execution Trust, Series 2021-A2, Class A2

         
 

1.39%, 7/15/30

      150        148     
 

Chase Issuance Trust, Series 2020-A1, Class A1

         
 

1.53%, 1/15/25

      200        203     
 

Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3

         
 

6.15%, 6/15/39

      150        208     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Credit Card – 0.1%    continued         
 

Citibank Credit Card Issuance Trust, Series 2018-A3, Class A3

         
 

3.29%, 5/23/25

      $100        $105     
 

Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7

         
 

3.96%, 10/13/30

      200        232     
 

Discover Card Execution Note Trust, Series 2018-A1, Class A1

         
 

3.03%, 8/15/25

      200        208     
 

Discover Card Execution Note Trust, Series 2021-A1, Class A1

         
 

0.58%, 9/15/26

      150        150     
 

Discover Card Execution Note Trust, Series 2021-A2, Class A2

         
 

1.03%, 9/15/28

      100        99     
 

Synchrony Credit Card Master Note Trust, Series 2018-2, Class A

         
 

3.47%, 5/15/26

      100        105     
 

 

  
          2,574     
 

 

  
  Other – 0.1%         
 

AEP Texas Central Transition Funding lll LLC, Series 2012-1, Class A3

         
 

2.84%, 3/1/26

      79        82     
 

CenterPoint Energy Restoration Bond Co. LLC, Series 2009-1, Class A3

         
 

4.24%, 8/15/23

      25        25     
 

CenterPoint Energy Transition Bond Co. IV LLC, Series 2012-1, Class A3

         
 

3.03%, 10/15/25

      119        124     
 

CNH Equipment Trust, Series 2021-B, Class A3

         
 

0.44%, 8/17/26

      150        150     
 

Entergy Texas Restoration Funding LLC, Series 2009-A, Class A3

         
 

4.38%, 11/1/23

      25        25     
 

John Deere Owner Trust, Series 2021-B, Class A3

         
 

0.52%, 3/16/26

      150        150     
 

John Deere Owner Trust, Series 2021-B, Class A4

         
 

0.74%, 5/15/28

      75        75     
 

PSNH Funding LLC 3, Series 2018-1, Class A3

         
 

3.81%, 2/1/35

      100        115     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    50    NORTHERN FUNDS SEMIANNUAL REPORT

         

 

   

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  ASSET-BACKED SECURITIES - 1.6%    continued

 

   
  Other – 0.1%    continued         
 

Verizon Master Trust, Series 2021-1, Class A

         
 

0.50%, 5/20/27

      $200        $200     
 

Verizon Owner Trust, Series 2020-B, Class A

         
 

0.47%, 2/20/25

      200        200     
 

Verizon Owner Trust, Series 2020-C, Class A

         
 

0.41%, 4/21/25

      400        401     
 

 

  
          1,547     

 

  
 

Total Asset-Backed Securities

         

 

  
 

(Cost $47,176)

         49,180     
 

    

         
  CORPORATE BONDS – 22.0%         
  Advertising & Marketing – 0.0%         
 

Interpublic Group of (The) Cos., Inc.,

         
 

4.75%, 3/30/30

      300        353     
 

Omnicom Group, Inc./Omnicom Capital, Inc.,

         
 

3.60%, 4/15/26

      525        575     
 

 

  
          928     
 

 

  
  Aerospace & Defense – 0.6%         
 

Boeing (The) Co.,

         
 

4.51%, 5/1/23

      813        859     
 

2.85%, 10/30/24

      110        115     
 

4.88%, 5/1/25

      300        334     
 

2.20%, 2/4/26

      187        188     
 

2.95%, 2/1/30

      250        255     
 

6.13%, 2/15/33

      135        171     
 

6.63%, 2/15/38

      100        134     
 

5.88%, 2/15/40

      1,175        1,481     
 

5.81%, 5/1/50

      1,060        1,413     
 

General Dynamics Corp.,

         
 

2.25%, 11/15/22

      500        508     
 

2.13%, 8/15/26

      350        365     
 

4.25%, 4/1/40

      1,000        1,219     
 

2.85%, 6/1/41

      160        163     
 

L3Harris Technologies, Inc.,

         
 

4.40%, 6/15/28

      449        512     
 

Lockheed Martin Corp.,

         
 

3.55%, 1/15/26

      600        660     
 

3.60%, 3/1/35

      135        153     
 

4.07%, 12/15/42

      868        1,040     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued         
  Aerospace & Defense – 0.6%    continued         
 

3.80%, 3/1/45

      $230        $267     
 

4.09%, 9/15/52

      20        24     
 

Northrop Grumman Corp.,

         
 

3.25%, 1/15/28

      1,000        1,082     
 

5.05%, 11/15/40

      250        321     
 

4.75%, 6/1/43

      250        318     
 

4.03%, 10/15/47

      60        70     
 

Precision Castparts Corp.,

         
 

2.50%, 1/15/23

      500        511     
 

3.90%, 1/15/43

      100        115     
 

4.38%, 6/15/45

      350        425     
 

Raytheon Technologies Corp.,

         
 

3.50%, 3/15/27

      500        549     
 

4.13%, 11/16/28

      750        854     
 

7.50%, 9/15/29

      100        138     
 

6.05%, 6/1/36

      600        827     
 

6.13%, 7/15/38

      175        246     
 

5.70%, 4/15/40

      500        683     
 

4.70%, 12/15/41

      100        126     
 

4.50%, 6/1/42

      450        552     
 

3.75%, 11/1/46

      750        833     
 

 

  
          17,511     
 

 

  
  Airlines – 0.1%         
 

Southwest Airlines Co. Pass Through Trust, Series 2007-1,

         
 

6.15%, 8/1/22

      72        74     
 

United Airlines Pass Through Trust, Series 2019-1, Class AA,

         
 

4.15%, 8/25/31

      1,639        1,764     
 

 

  
          1,838     
 

 

  
  Apparel & Textile Products – 0.1%         
 

NIKE, Inc.,

         
 

2.38%, 11/1/26

      250        264     
 

2.75%, 3/27/27

      1,000        1,074     
 

3.25%, 3/27/40

      75        82     
 

3.38%, 11/1/46

      500        554     
 

 

  
          1,974     
 

 

  
  Auto Parts Manufacturing – 0.0%         
 

Aptiv Corp.,

         
 

4.15%, 3/15/24

      300        322     
 

BorgWarner, Inc.,

         
 

4.38%, 3/15/45

      170        199     
 

 

  
          521     
 

 

  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    51    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

   
  Automobiles Manufacturing – 0.4%         
 

American Honda Finance Corp.,

         
 

2.60%, 11/16/22

      $45        $46     
 

3.63%, 10/10/23

      500        531     
 

2.40%, 6/27/24

      80        83     
 

Daimler Finance North America LLC,

         
 

8.50%, 1/18/31

      175        265     
 

General Motors Co.,

         
 

6.13%, 10/1/25

      1,000        1,172     
 

5.00%, 4/1/35

      500        590     
 

6.25%, 10/2/43

      1,050        1,414     
 

6.75%, 4/1/46

      145        207     
 

5.40%, 4/1/48

      267        331     
 

General Motors Financial Co., Inc.,

         
 

3.70%, 5/9/23

      1,050        1,096     
 

2.70%, 8/20/27

      740        769     
 

5.65%, 1/17/29

      150        181     
 

Harley-Davidson, Inc.,

         
 

4.63%, 7/28/45

      670        717     
 

Toyota Motor Credit Corp.,

         
 

2.70%, 1/11/23

      625        644     
 

2.90%, 3/30/23

      3,000        3,115     
 

2.25%, 10/18/23

      545        565     
 

 

  
          11,726     
 

 

  
  Banks – 0.9%         
 

Bank of America N.A.,

         
 

6.00%, 10/15/36

      250        342     
 

Discover Bank,

         
 

2.70%, 2/6/30

      250        259     
 

Fifth Third Bancorp,

         
 

3.65%, 1/25/24

      570        608     
 

8.25%, 3/1/38

      275        456     
 

HSBC Bank U.S.A. N.A.,

         
 

7.00%, 1/15/39

      350        541     
 

HSBC U.S.A., Inc.,

         
 

3.50%, 6/23/24

      1,000        1,073     
 

Huntington National Bank (The),

         
 

3.55%, 10/6/23

      1,000        1,059     
 

KeyBank N.A.,

         
 

1.25%, 3/10/23

      1,500        1,520     
 

3.30%, 6/1/25

      250        271     
 

M&T Bank Corp.,

         
 

3.55%, 7/26/23

      100        105     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued         
  Banks – 0.9%    continued         
 

PNC Bank N.A.,

         
 

2.70%, 11/1/22

      $750        $768     
 

2.95%, 1/30/23

      500        516     
 

3.80%, 7/25/23

      1,000        1,057     
 

PNC Financial Services Group (The), Inc.,

         
 

2.85%, 11/9/22

      100        103     
 

3.15%, 5/19/27

      1,000        1,095     
 

Truist Bank,

         
 

3.00%, 2/2/23

      1,361        1,407     
 

2.75%, 5/1/23

      350        363     
 

3.63%, 9/16/25

      250        273     
 

4.05%, 11/3/25

      600        668     
 

3.80%, 10/30/26

      250        279     
 

Truist Financial Corp.,

         
 

2.85%, 10/26/24

      573        609     
 

3.70%, 6/5/25

      427        467     
 

U.S. Bancorp,

         
 

3.60%, 9/11/24

      350        379     
 

2.38%, 7/22/26

      455        481     
 

3.90%, 4/26/28

      545        619     
 

U.S. Bank N.A.,

         
 

2.80%, 1/27/25

      250        265     
 

Wells Fargo & Co.,

         
 

3.45%, 2/13/23

      125        130     
 

4.13%, 8/15/23

      200        213     
 

3.30%, 9/9/24

      1,095        1,178     
 

3.00%, 2/19/25

      655        695     
 

3.00%, 4/22/26

      800        858     
 

3.00%, 10/23/26

      600        643     
 

4.30%, 7/22/27

      110        125     
 

(Variable, ICE LIBOR USD 3M + 1.31%), 3.58%, 5/22/28 (3)

     585        641     
 

(Variable, U.S. SOFR + 2.10%), 2.39%, 6/2/28 (3)

     565        583     
 

3.90%, 5/1/45

      950        1,106     
 

4.40%, 6/14/46

      850        1,010     
 

(Variable, U.S. SOFR + 4.50%), 5.01%, 4/4/51 (3)

     2,500        3,355     
 

Wells Fargo Bank N.A.,

         
 

5.85%, 2/1/37

      250        339     
 

6.60%, 1/15/38

      300        436     
 

 

  
          26,895     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    52    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

   
 

Biotechnology – 0.2%

 

   
 

Amgen, Inc.,

         
 

3.20%, 11/2/27

      $100        $109     
 

2.45%, 2/21/30

      150        153     
 

5.15%, 11/15/41

      126        161     
 

2.77%, 9/1/53

      1,876        1,736     
 

Baxalta, Inc.,

         
 

4.00%, 6/23/25

      225        246     
 

Biogen, Inc.,

         
 

4.05%, 9/15/25

      55        61     
 

2.25%, 5/1/30

      40        40     
 

3.25%, 2/15/51 (4)

     112        110     
 

Gilead Sciences, Inc.,

         
 

3.50%, 2/1/25

      250        269     
 

3.65%, 3/1/26

      2,000        2,192     
 

4.00%, 9/1/36

      1,000        1,150     
 

4.80%, 4/1/44

      245        308     
 

4.50%, 2/1/45

      150        182     
 

4.75%, 3/1/46

      210        264     
 

 

  
          6,981     
 

 

  
 

Cable & Satellite – 0.7%

 

   
 

Charter Communications Operating LLC/Charter Communications Operating Capital,

         
 

4.91%, 7/23/25

      625        703     
 

3.75%, 2/15/28

      1,790        1,960     
 

5.05%, 3/30/29

      305        357     
 

2.80%, 4/1/31

      715        717     
 

5.75%, 4/1/48

      520        657     
 

4.80%, 3/1/50

      980        1,100     
 

3.90%, 6/1/52

      1,000        996     
 

Comcast Corp.,

         
 

3.38%, 2/15/25

      145        156     
 

2.35%, 1/15/27

      570        598     
 

3.30%, 2/1/27

      965        1,053     
 

4.15%, 10/15/28

      968        1,113     
 

2.65%, 2/1/30

      482        503     
 

3.40%, 4/1/30

      1,370        1,509     
 

4.25%, 1/15/33

      775        906     
 

7.05%, 3/15/33

      140        203     
 

4.20%, 8/15/34

      775        908     
 

5.65%, 6/15/35

      1,005        1,342     
 

4.00%, 8/15/47

      40        46     
 

4.00%, 11/1/49

      46        53     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

   
 

Cable & Satellite – 0.7%    continued

 

   
 

2.89%, 11/1/51 (4)

     $44        $42     
 

4.05%, 11/1/52

      361        420     
 

2.94%, 11/1/56 (4)

     1,213        1,146     
 

2.99%, 11/1/63 (4)

     2,279        2,136     
 

TCI Communications, Inc.,

         
 

7.88%, 2/15/26

      755        962     
 

Time Warner Cable LLC,

         
 

6.55%, 5/1/37

      68        92     
 

7.30%, 7/1/38

      705        1,011     
 

6.75%, 6/15/39

      130        178     
 

5.50%, 9/1/41

      75        92     
 

Time Warner Entertainment Co. L.P.,

         
 

8.38%, 7/15/33

      260        386     
 

 

  
          21,345     
 

 

  
 

Chemicals – 0.3%

 

   
 

Air Products and Chemicals, Inc.,

         
 

2.75%, 2/3/23

      250        258     
 

Dow Chemical (The) Co.,

         
 

4.55%, 11/30/25

      4        4     
 

7.38%, 11/1/29

      46        63     
 

4.25%, 10/1/34

      470        542     
 

9.40%, 5/15/39

      174        312     
 

5.25%, 11/15/41

      400        519     
 

DuPont de Nemours, Inc.,

         
 

4.73%, 11/15/28

      580        682     
 

5.32%, 11/15/38

      208        268     
 

5.42%, 11/15/48

      1,000        1,376     
 

Eastman Chemical Co.,

         
 

4.80%, 9/1/42

      200        241     
 

4.65%, 10/15/44

      100        120     
 

Ecolab, Inc.,

         
 

2.70%, 11/1/26

      70        75     
 

2.75%, 8/18/55 (4)

     455        437     
 

International Flavors & Fragrances, Inc.,

         
 

5.00%, 9/26/48

      67        87     
 

Linde, Inc.,

         
 

2.70%, 2/21/23

      250        257     
 

Lubrizol (The) Corp.,

         
 

6.50%, 10/1/34

      50        73     
 

LYB International Finance III LLC,

         
 

3.38%, 5/1/30

      240        261     
 

Mosaic (The) Co.,

         
 

3.25%, 11/15/22

      36        37     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    53    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

   
  Chemicals – 0.3%    continued

 

   
 

5.45%, 11/15/33

      $250        $313     
 

4.88%, 11/15/41

      100        119     
 

PPG Industries, Inc.,

         
 

3.20%, 3/15/23

      500        518     
 

RPM International, Inc.,

         
 

3.75%, 3/15/27

      100        109     
 

Sherwin-Williams (The) Co.,

         
 

3.45%, 6/1/27

      205        225     
 

2.95%, 8/15/29

      642        682     
 

2.30%, 5/15/30

      153        154     
 

4.55%, 8/1/45

      30        37     
 

Westlake Chemical Corp.,

         
 

3.60%, 8/15/26

      950        1,043     
 

 

  
          8,812     
 

 

  
  Commercial Finance – 0.2%

 

   
 

Air Lease Corp.,

         
 

3.00%, 9/15/23

      113        118     
 

4.25%, 9/15/24

      258        280     
 

3.25%, 3/1/25

      163        172     
 

2.88%, 1/15/26

      257        269     
 

1.88%, 8/15/26

      78        78     
 

2.10%, 9/1/28

      131        127     
 

4.63%, 10/1/28

      255        286     
 

3.25%, 10/1/29

      500        520     
 

GATX Corp.,

         
 

3.50%, 3/15/28

      500        540     
 

5.20%, 3/15/44

      35        44     
 

GE Capital Funding LLC,

         
 

4.40%, 5/15/30

      3,000        3,476     
 

 

  
          5,910     
 

 

  
  Communications Equipment – 0.5%

 

   
 

Apple, Inc.,

         
 

2.40%, 5/3/23

      5        5     
 

3.00%, 2/9/24

      1,320        1,392     
 

2.85%, 5/11/24

      1,570        1,657     
 

2.75%, 1/13/25

      1,265        1,340     
 

2.50%, 2/9/25

      55        58     
 

2.45%, 8/4/26

      225        238     
 

3.35%, 2/9/27

      370        408     
 

3.20%, 5/11/27

      540        592     
 

2.90%, 9/12/27

      1,625        1,762     
 

2.20%, 9/11/29

      1,000        1,030     
 

3.85%, 5/4/43

      230        269     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

   
  Communications Equipment – 0.5%    continued

 

   
 

4.45%, 5/6/44

      $75        $95     
 

4.38%, 5/13/45

      195        246     
 

4.65%, 2/23/46

      250        325     
 

3.75%, 11/13/47

      25        29     
 

2.95%, 9/11/49

      700        712     
 

2.65%, 5/11/50

      2,000        1,923     
 

Cisco Systems, Inc.,

         
 

2.20%, 9/20/23

      235        243     
 

2.95%, 2/28/26

      375        406     
 

5.90%, 2/15/39

      600        867     
 

5.50%, 1/15/40

      90        126     
 

Corning, Inc.,

         
 

5.75%, 8/15/40

      170        228     
 

5.35%, 11/15/48

      500        683     
 

Juniper Networks, Inc.,

         
 

5.95%, 3/15/41

      100        132     
 

 

  
          14,766     
 

 

  
  Construction Materials Manufacturing – 0.1%

 

   
 

Carlisle Cos., Inc.,

         
 

2.75%, 3/1/30

      500        516     
 

Martin Marietta Materials, Inc.,

 

      
 

3.45%, 6/1/27

      500        545     
 

Owens Corning,

         
 

3.40%, 8/15/26

      400        432     
 

3.88%, 6/1/30

      500        551     
 

 

  
          2,044     
 

 

  
  Consumer Finance – 0.6%

 

   
 

American Express Co.,

         
 

2.65%, 12/2/22

      632        649     
 

3.70%, 8/3/23

      500        529     
 

3.00%, 10/30/24

      220        235     
 

3.63%, 12/5/24

      1,125        1,220     
 

3.13%, 5/20/26

      500        542     
 

Capital One Financial Corp.,

         
 

3.20%, 1/30/23

      400        414     
 

3.75%, 4/24/24

      1,000        1,073     
 

3.30%, 10/30/24

      1,050        1,126     
 

3.75%, 7/28/26

      505        554     
 

3.75%, 3/9/27

      250        277     
 

Discover Financial Services,

         
 

4.50%, 1/30/26

      500        560     
 

Fiserv, Inc.,

         
 

3.85%, 6/1/25

      45        49     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    54    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

   
 

Consumer Finance – 0.6%    continued

 

   
 

3.50%, 7/1/29

      $1,865        $2,031     
 

4.40%, 7/1/49

      500        599     
 

Mastercard, Inc.,

         
 

3.35%, 3/26/30

      3,000        3,337     
 

3.80%, 11/21/46

      500        584     
 

PayPal Holdings, Inc.,

         
 

2.85%, 10/1/29

      1,500        1,601     
 

Synchrony Financial,

         
 

4.25%, 8/15/24

      570        616     
 

3.95%, 12/1/27

      635        700     
 

Visa, Inc.,

         
 

3.15%, 12/14/25

      1,250        1,355     
 

4.15%, 12/14/35

      1,000        1,205     
 

3.65%, 9/15/47

      125        144     
 

 

  
          19,400     
 

 

  
 

Consumer Products – 0.2%

 

   
 

Church & Dwight Co., Inc.,

         
 

3.95%, 8/1/47

      100        117     
 

Colgate-Palmolive Co.,

         
 

2.25%, 11/15/22

      1,150        1,176     
 

2.10%, 5/1/23

      400        411     
 

Estee Lauder (The) Cos., Inc.,

 

      
 

6.00%, 5/15/37

      100        142     
 

4.38%, 6/15/45

      150        187     
 

4.15%, 3/15/47

      70        87     
 

Kimberly-Clark Corp.,

 

      
 

6.63%, 8/1/37

      350        533     
 

3.20%, 7/30/46

      125        134     
 

Procter & Gamble (The) Co.,

         
 

3.10%, 8/15/23

      250        263     
 

3.00%, 3/25/30

      1,500        1,642     
 

Unilever Capital Corp.,

         
 

2.00%, 7/28/26

      1,000        1,038     
 

5.90%, 11/15/32

      125        169     
 

 

  
          5,899     
 

 

  
 

Containers & Packaging – 0.1%

 

   
 

International Paper Co.,

         
 

5.00%, 9/15/35

      445        551     
 

7.30%, 11/15/39

      45        69     
 

6.00%, 11/15/41

      480        671     
 

5.15%, 5/15/46

      250        328     
 

Packaging Corp. of America,

         
 

4.50%, 11/1/23

      100        107     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

   
 

Containers & Packaging – 0.1%    continued

 

   
 

3.65%, 9/15/24

      $250        $268     
 

WestRock MWV LLC,

         
 

7.95%, 2/15/31

      100        142     
 

WRKCo, Inc.,

         
 

4.90%, 3/15/29

      350        414     
 

 

  
          2,550     
 

 

  
 

Design, Manufacturing & Distribution – 0.0%

 

   
 

Arrow Electronics, Inc.,

         
 

3.88%, 1/12/28

      250        270     
 

 

  
 

Diversified Banks – 1.8%

 

   
 

Bank of America Corp.,

         
 

3.30%, 1/11/23

      930        965     
 

4.10%, 7/24/23

      52        55     
 

(Variable, ICE LIBOR USD 3M + 0.79%), 3.00%, 12/20/23 (3)

     1,379        1,421     
 

4.13%, 1/22/24

      100        108     
 

(Variable, ICE LIBOR USD 3M + 0.78%), 3.55%, 3/5/24 (3)

     1,320        1,376     
 

(Variable, ICE LIBOR USD 3M + 0.94%), 3.86%, 7/23/24 (3)

     1,000        1,058     
 

4.20%, 8/26/24

      280        306     
 

4.00%, 1/22/25

      1,595        1,733     
 

3.95%, 4/21/25

      1,375        1,498     
 

(Variable, ICE LIBOR USD 3M + 0.81%), 3.37%, 1/23/26 (3)

     1,000        1,068     
 

(Variable, ICE LIBOR USD 3M + 0.64%), 2.02%, 2/13/26 (3)

     760        780     
 

4.45%, 3/3/26

      500        560     
 

3.50%, 4/19/26

      147        161     
 

4.25%, 10/22/26

      100        113     
 

(Variable, U.S. SOFR + 0.96%), 1.73%, 7/22/27 (3)

     13        13     
 

(Variable, ICE LIBOR USD 3M + 1.04%), 3.42%, 12/20/28 (3)

     1,086        1,177     
 

(Variable, U.S. SOFR + 1.06%), 2.09%, 6/14/29 (3)

     114        114     
 

(Variable, ICE LIBOR USD 3M + 1.21%), 3.97%, 2/7/30 (3)

     585        655     
 

(Variable, ICE LIBOR USD 3M + 0.99%), 2.50%, 2/13/31 (3)

     5,000        5,060     
 

(Variable, U.S. SOFR + 1.32%), 2.69%, 4/22/32 (3)

     380        387     
 

6.11%, 1/29/37

      150        202     
 

5.00%, 1/21/44

      390        512     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    55    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

        

 

PRINCIPAL
AMOUNT
(000S)

      VALUE
(000S)		         
 

 

CORPORATE BONDS - 22.0%    continued

 

   
 

 

Diversified Banks – 1.8%    continued

 

   
 

(Variable, ICE LIBOR USD 3M + 1.19%), 3.95%, 1/23/49 (3)

     $790        $913     
 

(Variable, ICE LIBOR USD 3M + 1.52%), 4.33%, 3/15/50 (3)

     755        926     
 

(Variable, ICE LIBOR USD 3M + 3.15%), 4.08%, 3/20/51 (3)

     810        958     
 

Citigroup, Inc.,

         
 

3.38%, 3/1/23

      150        156     
 

3.88%, 10/25/23

      109        117     
 

3.75%, 6/16/24

      909        982     
 

3.88%, 3/26/25

      1,730        1,879     
 

5.50%, 9/13/25

      350        404     
 

4.60%, 3/9/26

      205        232     
 

(Variable, U.S. SOFR + 2.84%), 3.11%, 4/8/26 (3)

     2,000        2,123     
 

3.20%, 10/21/26

      596        643     
 

4.30%, 11/20/26

      825        927     
 

4.45%, 9/29/27

      170        193     
 

(Variable, ICE LIBOR USD 3M + 1.39%), 3.67%, 7/24/28 (3)

     710        780     
 

(Variable, U.S. SOFR + 3.91%), 4.41%, 3/31/31 (3)

     3,000        3,464     
 

(Variable, U.S. SOFR + 2.11%), 2.57%, 6/3/31 (3)

     750        764     
 

6.63%, 6/15/32

      100        134     
 

6.00%, 10/31/33

      350        458     
 

6.13%, 8/25/36

      125        171     
 

8.13%, 7/15/39

      680        1,162     
 

5.88%, 1/30/42

      30        43     
 

4.75%, 5/18/46

      530        666     
 

JPMorgan Chase & Co.,

         
 

(Variable, ICE LIBOR USD 3M + 0.89%), 3.80%, 7/23/24 (3)

     40        42     
 

3.88%, 9/10/24

      2,250        2,446     
 

3.90%, 7/15/25

      1,315        1,438     
 

7.75%, 7/15/25

      54        67     
 

(Variable, U.S. SOFR + 1.59%), 2.01%, 3/13/26 (3)

     40        41     
 

(Variable, U.S. SOFR + 1.85%), 2.08%, 4/22/26 (3)

     3,000        3,086     
 

3.20%, 6/15/26

      500        540     
 

2.95%, 10/1/26

      485        520     
 

(Variable, U.S. SOFR + 0.89%), 1.58%, 4/22/27 (3)

     70        70     
 

8.00%, 4/29/27

      750        992     
        

 

PRINCIPAL
AMOUNT
(000S)

      VALUE
(000S)		         
 

 

CORPORATE BONDS - 22.0%    continued

 

   
 

 

Diversified Banks – 1.8%    continued

 

   
 

3.63%, 12/1/27

      $705        $770     
 

(Variable, ICE LIBOR USD 3M + 1.34%),3.78%,2/1/28 (3)

     500        551     
 

(Variable, ICE LIBOR USD 3M + 0.95%), 3.51%, 1/23/29 (3)

     500        544     
 

(Variable, U.S. SOFR + 2.52%), 2.96%, 5/13/31 (3)

     545        567     
 

6.40%, 5/15/38

      359        522     
 

5.60%, 7/15/41

      405        558     
 

(Variable, U.S. SOFR + 1.51%), 2.53%, 11/19/41 (3)

     785        743     
 

5.40%, 1/6/42

      100        137     
 

5.63%, 8/16/43

      150        208     
 

4.95%, 6/1/45

      630        824     
 

(Variable, ICE LIBOR USD 3M + 1.58%), 4.26%, 2/22/48 (3)

     285        344     
 

(Variable, ICE LIBOR USD 3M + 1.38%), 3.96%, 11/15/48 (3)

     740        858     
 

(Variable, ICE LIBOR USD 3M + 1.22%), 3.90%, 1/23/49 (3)

     1,500        1,722     
 

(Variable, U.S. SOFR + 2.44%), 3.11%, 4/22/51 (3)

     1,500        1,524     
 

 

  
          56,531     
 

 

  
 

 

Educational Services – 0.1%

 

   
 

California Institute of Technology,

         
 

4.70%, 11/1/11 (5)

     110        156     
 

Duke University,

         
 

2.68%, 10/1/44

      200        200     
 

Emory University,

         
 

2.97%, 9/1/50

      500        520     
 

Johns Hopkins University,

         
 

4.08%, 7/1/53

      100        127     
 

Massachusetts Institute of Technology,

         
 

5.60%, 7/1/11 (5)

     190        327     
 

4.68%, 7/1/14 (6)

     15        22     
 

3.89%, 7/1/16 (7)

     300        363     
 

Northwestern University,

         
 

4.64%, 12/1/44

      50        65     
 

President and Fellows of Harvard College,

         
 

2.52%, 10/15/50

      1,000        986     
 

Trustees of the University of Pennsylvania (The),

         
 

4.67%, 9/1/12 (8)

     100        144     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    56    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

        

 

PRINCIPAL
AMOUNT
(000S)

      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

   
 

Educational Services – 0.1%    continued

 

   
 

University of Southern California,

         
 

2.81%, 10/1/50

      $500        $511     
 

 

  
          3,421     
 

 

  
 

Electrical Equipment Manufacturing – 0.1%

 

   
 

Carrier Global Corp.,

         
 

2.72%, 2/15/30

      1,000        1,034     
 

Otis Worldwide Corp.,

         
 

3.36%, 2/15/50

      500        523     
 

Rockwell Automation, Inc.,

         
 

4.20%, 3/1/49

      100        124     
 

 

  
          1,681     
 

 

  
 

Entertainment Content – 0.4%

 

   
 

Discovery Communications LLC,

         
 

2.95%, 3/20/23

      58        60     
 

3.95%, 6/15/25

      230        251     
 

3.95%, 3/20/28

      248        275     
 

4.13%, 5/15/29

      237        265     
 

3.63%, 5/15/30

      975        1,057     
 

5.30%, 5/15/49

      145        181     
 

Fox Corp.,

         
 

5.58%, 1/25/49

      1,000        1,347     
 

NBCUniversal Media LLC,

         
 

4.45%, 1/15/43

      397        479     
 

ViacomCBS, Inc.,

         
 

3.88%, 4/1/24

      245        261     
 

3.70%, 8/15/24

      565        606     
 

4.75%, 5/15/25

      260        292     
 

4.20%, 5/19/32

      1,000        1,144     
 

4.38%, 3/15/43

      490        561     
 

5.85%, 9/1/43

      300        409     
 

5.25%, 4/1/44

      30        38     
 

Walt Disney (The) Co.,

         
 

3.70%, 9/15/24

      915        990     
 

6.40%, 12/15/35

      31        45     
 

4.13%, 12/1/41

      105        124     
 

3.70%, 12/1/42

      395        447     
 

4.95%, 10/15/45

      500        662     
 

2.75%, 9/1/49

      1,000        960     
 

3.60%, 1/13/51

      2,000        2,228     
 

 

  
          12,682     
 

 

  
        

 

PRINCIPAL
AMOUNT
(000S)

      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

   
 

Exploration & Production – 0.2%

 

   
 

Burlington Resources LLC,

         
 

7.40%, 12/1/31

      $120        $175     
 

5.95%, 10/15/36

      125        171     
 

Cimarex Energy Co.,

         
 

4.38%, 3/15/29

      200        226     
 

ConocoPhillips,

         
 

5.90%, 5/15/38

      280        383     
 

4.88%, 10/1/47 (4)

     1,000        1,301     
 

ConocoPhillips Co.,

         
 

4.95%, 3/15/26

      120        138     
 

6.95%, 4/15/29

      465        621     
 

Devon Energy Corp.,

         
 

5.85%, 12/15/25

      660        764     
 

EOG Resources, Inc.,

         
 

2.63%, 3/15/23

      670        688     
 

3.15%, 4/1/25

      145        155     
 

Hess Corp.,

         
 

7.13%, 3/15/33

      690        933     
 

Marathon Oil Corp.,

         
 

6.80%, 3/15/32

      175        229     
 

5.20%, 6/1/45

      500        596     
 

 

  
          6,380     
 

 

  
 

Financial Services – 1.1%

 

   
 

Ameriprise Financial, Inc.,

         
 

3.70%, 10/15/24

      500        544     
 

3.00%, 4/2/25

      250        266     
 

2.88%, 9/15/26

      435        465     
 

Ares Capital Corp.,

         
 

3.88%, 1/15/26

      620        663     
 

Bank of New York Mellon (The) Corp.,

         
 

2.20%, 8/16/23

      285        294     
 

3.25%, 5/16/27

      500        546     
 

(Variable, ICE LIBOR USD 3M + 1.07%), 3.44%, 2/7/28 (3)

     1,000        1,100     
 

BlackRock, Inc.,

         
 

3.50%, 3/18/24

      250        268     
 

2.40%, 4/30/30

      500        518     
 

1.90%, 1/28/31

      220        220     
 

Charles Schwab (The) Corp.,

         
 

2.65%, 1/25/23

      175        180     
 

3.63%, 4/1/25

      250        270     
 

3.45%, 2/13/26

      280        306     
 

3.20%, 3/2/27

      500        545     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    57    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%     continued         
  Financial Services – 1.1%    continued         
 

CME Group, Inc.,

         
 

3.75%, 6/15/28

      $300        $339     
 

5.30%, 9/15/43

      45        63     
 

Goldman Sachs Group (The), Inc.,

         
 

3.63%, 1/22/23

      90        94     
 

4.00%, 3/3/24

      235        253     
 

3.75%, 5/22/25

      2,690        2,915     
 

(Variable, ICE LIBOR USD 3M + 1.20%), 3.27%, 9/29/25 (3)

     186        199     
 

3.75%, 2/25/26

      2,575        2,826     
 

3.50%, 11/16/26

      500        540     
 

(Variable, U.S. SOFR + 0.79%), 1.09%, 12/9/26 (3)

     55        54     
 

5.95%, 1/15/27

      80        96     
 

3.85%, 1/26/27

      125        137     
 

(Variable, U.S. SOFR + 0.80%), 1.43%, 3/9/27 (3)

     314        313     
 

(Variable, ICE LIBOR USD 3M + 1.51%), 3.69%, 6/5/28 (3)

     1,000        1,101     
 

(Variable, ICE LIBOR USD 3M + 1.16%), 3.81%, 4/23/29 (3)

     70        77     
 

6.75%, 10/1/37

      615        881     
 

(Variable, ICE LIBOR USD 3M + 1.43%), 4.41%, 4/23/39 (3)

     1,020        1,226     
 

6.25%, 2/1/41

      300        437     
 

(Variable, U.S. SOFR + 1.51%), 3.21%, 4/22/42 (3)

     1,000        1,034     
 

4.80%, 7/8/44

      350        448     
 

Intercontinental Exchange, Inc.,

         
 

2.65%, 9/15/40

      1,620        1,545     
 

Jefferies Group LLC,

         
 

5.13%, 1/20/23

      315        333     
 

Legg Mason, Inc.,

         
 

5.63%, 1/15/44

      269        372     
 

Morgan Stanley,

         
 

4.10%, 5/22/23

      580        612     
 

3.88%, 4/29/24

      476        514     
 

3.70%, 10/23/24

      310        336     
 

4.00%, 7/23/25

      2,204        2,428     
 

6.25%, 8/9/26

      100        122     
 

3.63%, 1/20/27

      124        137     
 

3.95%, 4/23/27

      1,190        1,323     
 

(Variable, U.S. SOFR + 0.88%), 1.59%, 5/4/27 (3)

     980        983     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued         
  Financial Services – 1.1%    continued         
 

(Variable, ICE LIBOR USD 3M + 1.34%), 3.59%, 7/22/28 (3)

     $1,000        $1,097     
 

(Variable, U.S. SOFR + 1.02%), 1.93%, 4/28/32 (3)

     66        63     
 

6.38%, 7/24/42

      300        454     
 

4.30%, 1/27/45

      1,095        1,335     
 

(Variable, U.S. SOFR + 4.84%), 5.60%, 3/24/51 (3)

     1,000        1,483     
 

Owl Rock Capital Corp.,

         
 

3.75%, 7/22/25

      300        316     
 

State Street Corp.,

         
 

3.10%, 5/15/23

      225        235     
 

3.70%, 11/20/23

      340        364     
 

3.30%, 12/16/24

      330        357     
 

 

  
          33,627     
 

 

  
  Food & Beverage – 0.7%         
 

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,

         
 

4.90%, 2/1/46

      1,980        2,434     
 

Anheuser-Busch InBev Worldwide, Inc.,

         
 

4.75%, 1/23/29

      915        1,077     
 

3.50%, 6/1/30

      2,085        2,284     
 

8.20%, 1/15/39

      750        1,227     
 

8.00%, 11/15/39

      310        503     
 

4.95%, 1/15/42

      190        235     
 

4.60%, 4/15/48

      1,017        1,214     
 

4.50%, 6/1/50

      503        600     
 

Brown-Forman Corp.,

         
 

4.50%, 7/15/45

      200        254     
 

Campbell Soup Co.,

         
 

3.65%, 3/15/23

      86        89     
 

Coca-Cola (The) Co.,

         
 

1.75%, 9/6/24

      80        83     
 

3.38%, 3/25/27

      661        732     
 

1.65%, 6/1/30

      99        97     
 

Conagra Brands, Inc.,

         
 

1.38%, 11/1/27

      85        83     
 

7.00%, 10/1/28

      200        260     
 

4.85%, 11/1/28

      100        117     
 

5.30%, 11/1/38

      1,000        1,272     
 

Constellation Brands, Inc.,

         
 

4.40%, 11/15/25

      188        211     
 

3.60%, 2/15/28

      184        202     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    58    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

  Food & Beverage – 0.7%    continued

 

 

3.15%, 8/1/29

      $480        $513     
 

2.25%, 8/1/31

      66        65     
 

5.25%, 11/15/48

      167        219     
 

General Mills, Inc.,

         
 

2.60%, 10/12/22

      140        143     
 

3.65%, 2/15/24

      75        79     
 

2.88%, 4/15/30

      650        683     
 

Hershey (The) Co.,

         
 

2.30%, 8/15/26

      365        384     
 

Ingredion, Inc.,

         
 

3.20%, 10/1/26

      250        270     
 

J.M. Smucker (The) Co.,

         
 

3.50%, 3/15/25

      500        540     
 

4.38%, 3/15/45

      250        299     
 

Kellogg Co.,

         
 

4.50%, 4/1/46

      750        923     
 

Keurig Dr. Pepper, Inc.,

         
 

2.55%, 9/15/26

      185        195     
 

4.42%, 12/15/46

      450        540     
 

Molson Coors Beverage Co.,

         
 

3.00%, 7/15/26

      170        182     
 

5.00%, 5/1/42

      275        336     
 

4.20%, 7/15/46

      300        332     
 

PepsiCo, Inc.,

         
 

2.75%, 4/30/25

      500        531     
 

2.63%, 3/19/27

      160        171     
 

2.63%, 7/29/29

      195        207     
 

2.75%, 3/19/30

      205        219     
 

3.38%, 7/29/49

      1,000        1,094     
 

Tyson Foods, Inc.,

         
 

5.15%, 8/15/44

      455        588     
 

 

  
          21,487     
 

 

  
  Forest & Paper Products Manufacturing – 0.0%

 

 

Georgia-Pacific LLC,

         
 

8.00%, 1/15/24

      500        583     
 

7.75%, 11/15/29

      500        709     
 

 

  
          1,292     
 

 

  
  Hardware – 0.2%

 

 

Dell International LLC/EMC Corp.,

         
 

5.45%, 6/15/23

      273        293     
 

5.85%, 7/15/25

      2,000        2,327     
 

4.90%, 10/1/26

      77        89     
 

5.30%, 10/1/29

      225        272     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

  Hardware – 0.2%    continued

 

 

8.35%, 7/15/46

      $900        $1,460     
 

Hewlett Packard Enterprise Co.,

         
 

4.40%, 10/15/22

      830        858     
 

4.65%, 10/1/24

      1,315        1,453     
 

1.75%, 4/1/26

      160        162     
 

6.35%, 10/15/45

      200        268     
 

HP, Inc.,

         
 

6.00%, 9/15/41

      275        355     
 

NetApp, Inc.,

         
 

3.30%, 9/29/24

      160        170     
 

 

  
          7,707     
 

 

  
  Health Care Facilities & Services – 0.7%

 

 

Advocate Health & Hospitals Corp.,

         
 

3.01%, 6/15/50

      265        272     
 

AHS Hospital Corp.,

         
 

5.02%, 7/1/45

      100        135     
 

AmerisourceBergen Corp.,

         
 

3.25%, 3/1/25

      135        144     
 

4.25%, 3/1/45

      60        69     
 

4.30%, 12/15/47

      1,000        1,161     
 

Ascension Health,

         
 

2.53%, 11/15/29

      750        786     
 

Cardinal Health, Inc.,

         
 

3.75%, 9/15/25

      250        272     
 

4.60%, 3/15/43

      35        41     
 

4.50%, 11/15/44

      710        803     
 

Cigna Corp.,

         
 

4.38%, 10/15/28

      2,382        2,753     
 

2.38%, 3/15/31

      518        523     
 

4.80%, 7/15/46

      580        724     
 

CommonSpirit Health,

         
 

3.82%, 10/1/49

      1,000        1,112     
 

CVS Health Corp.,

         
 

2.75%, 12/1/22

      850        868     
 

3.70%, 3/9/23

      4        4     
 

3.88%, 7/20/25

      148        162     
 

4.30%, 3/25/28

      322        367     
 

3.25%, 8/15/29

      1,580        1,698     
 

4.78%, 3/25/38

      170        208     
 

5.30%, 12/5/43

      750        984     
 

5.13%, 7/20/45

      275        354     
 

5.05%, 3/25/48

      1,440        1,854     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    59    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

  Health Care Facilities & Services – 0.7%    continued

 

 

Dignity Health,

         
 

5.27%, 11/1/64

      $200        $270     
 

HCA, Inc.,

         
 

4.50%, 2/15/27

      1,780        2,004     
 

2.38%, 7/15/31

      250        246     
 

5.50%, 6/15/47

      330        428     
 

5.25%, 6/15/49

      170        217     
 

Laboratory Corp. of America Holdings,

         
 

4.70%, 2/1/45

      300        367     
 

McKesson Corp.,

         
 

2.70%, 12/15/22

      120        123     
 

Memorial Sloan-Kettering Cancer Center,

         
 

4.13%, 7/1/52

      100        125     
 

NYU Langone Hospitals,

         
 

4.37%, 7/1/47

      500        591     
 

Quest Diagnostics, Inc.,

         
 

3.45%, 6/1/26

      115        125     
 

Sutter Health,

         
 

4.09%, 8/15/48

      500        594     
 

 

  
          20,384     
 

 

  
  Home & Office Products Manufacturing – 0.0%

 

 

Leggett & Platt, Inc.,

         
 

3.50%, 11/15/27

      818        876     
 

 

  
  Home Improvement – 0.0%

 

 

Whirlpool Corp.,

         
 

3.70%, 5/1/25

      250        271     
 

4.50%, 6/1/46

      60        71     
 

 

  
          342     
 

 

  
  Homebuilders – 0.0%

 

 

D.R. Horton, Inc.,

         
 

2.60%, 10/15/25

      510        535     
 

 

  
  Industrial Other – 0.3%

 

 

3M Co.,

         
 

3.25%, 2/14/24

      456        484     
 

3.05%, 4/15/30

      2,000        2,161     
 

Dover Corp.,

         
 

2.95%, 11/4/29

      10        11     
 

General Electric Co.,

         
 

3.45%, 5/15/24

      520        553     
 

3.45%, 5/1/27

      625        685     
 

6.75%, 3/15/32

      150        205     
 

6.88%, 1/10/39

      40        60     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

  Industrial Other – 0.3%    continued

 

 

Honeywell International, Inc.,

         
 

3.35%, 12/1/23

      $260        $276     
 

2.50%, 11/1/26

      780        828     
 

3.81%, 11/21/47

      125        148     
 

Illinois Tool Works, Inc.,

         
 

3.50%, 3/1/24

      250        266     
 

3.90%, 9/1/42

      700        815     
 

Parker-Hannifin Corp.,

         
 

3.30%, 11/21/24

      500        536     
 

3.25%, 6/14/29

      500        538     
 

4.20%, 11/21/34

      200        230     
 

4.45%, 11/21/44

      500        605     
 

WW Grainger, Inc.,

         
 

4.60%, 6/15/45

      300        384     
 

 

  
          8,785     
 

 

  
  Integrated Oils – 0.3%

 

 

BP Capital Markets America, Inc.,

         
 

3.22%, 11/28/23

      680        717     
 

3.80%, 9/21/25

      605        665     
 

3.12%, 5/4/26

      535        579     
 

3.02%, 1/16/27

      790        849     
 

3.54%, 4/6/27

      300        331     
 

4.23%, 11/6/28

      100        115     
 

3.63%, 4/6/30

      110        123     
 

Chevron Corp.,

         
 

2.36%, 12/5/22

      270        275     
 

2.57%, 5/16/23

      170        175     
 

2.90%, 3/3/24

      29        31     
 

3.33%, 11/17/25

      140        152     
 

2.95%, 5/16/26

      1,465        1,578     
 

Chevron U.S.A., Inc.,

         
 

1.02%, 8/12/27

      31        30     
 

5.25%, 11/15/43

      1,000        1,349     
 

Exxon Mobil Corp.,

         
 

2.44%, 8/16/29

      580        605     
 

2.61%, 10/15/30

      385        403     
 

3.00%, 8/16/39

      200        207     
 

3.57%, 3/6/45

      590        646     
 

4.33%, 3/19/50

      1,500        1,837     
 

 

  
          10,667     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    60    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

  Internet Media – 0.0%

 

 

Alphabet, Inc.,

         
 

2.05%, 8/15/50

      $75        $65     
 

2.25%, 8/15/60

      1,000        874     
 

 

  
          939     
 

 

  
  Leisure Products Manufacturing – 0.0%

 

 

Hasbro, Inc.,

         
 

3.90%, 11/19/29

      110        121     
 

6.35%, 3/15/40

      250        346     
 

 

  
          467     
 

 

  
  Life Insurance – 0.3%

 

 

Aflac, Inc.,

         
 

3.60%, 4/1/30

      1,000        1,118     
 

Equitable Holdings, Inc.,

         
 

5.00%, 4/20/48

      1,000        1,274     
 

Lincoln National Corp.,

         
 

3.63%, 12/12/26

      265        291     
 

6.30%, 10/9/37

      100        140     
 

MetLife, Inc.,

         
 

3.00%, 3/1/25

      830        884     
 

6.38%, 6/15/34

      485        690     
 

6.40%, 12/15/36

      150        193     
 

4.13%, 8/13/42

      460        546     
 

4.72%, 12/15/44

      370        473     
 

Principal Financial Group, Inc.,

         
 

4.63%, 9/15/42

      40        50     
 

Prudential Financial, Inc.,

         
 

5.70%, 12/14/36

      200        269     
 

3.00%, 3/10/40

      1,500        1,543     
 

(Variable, ICE LIBOR USD 3M + 3.04%), 5.20%, 3/15/44 (3)

     275        294     
 

3.91%, 12/7/47

      344        399     
 

3.94%, 12/7/49

      335        395     
 

Voya Financial, Inc.,

         
 

4.80%, 6/15/46

      1,000        1,262     
 

 

  
          9,821     
 

 

  
  Machinery Manufacturing – 0.2%

 

 

Caterpillar Financial Services Corp.,

         
 

3.75%, 11/24/23

      1,000        1,072     
 

2.15%, 11/8/24

      210        219     
 

Caterpillar, Inc.,

         
 

3.40%, 5/15/24

      790        844     
 

3.80%, 8/15/42

      185        217     
 

4.30%, 5/15/44

      235        299     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

  Machinery Manufacturing – 0.2%     continued

 

 

3.25%, 9/19/49

      $220        $239     
 

Deere & Co.,

         
 

5.38%, 10/16/29

      250        315     
 

3.75%, 4/15/50

      1,500        1,790     
 

Eaton Corp.,

         
 

3.10%, 9/15/27

      250        271     
 

John Deere Capital Corp.,

         
 

2.80%, 3/6/23

      500        518     
 

3.05%, 1/6/28

      250        271     
 

Trane Technologies Global Holding Co. Ltd.,

         
 

5.75%, 6/15/43

      150        215     
 

 

  
          6,270     
 

 

  
  Managed Care – 0.3%

 

 

Aetna, Inc.,

         
 

2.75%, 11/15/22

      400        408     
 

6.63%, 6/15/36

      40        58     
 

6.75%, 12/15/37

      150        221     
 

4.50%, 5/15/42

      100        120     
 

3.88%, 8/15/47

      143        159     
 

Anthem, Inc.,

         
 

3.50%, 8/15/24

      545        583     
 

2.38%, 1/15/25

      755        787     
 

6.38%, 6/15/37

      500        706     
 

4.63%, 5/15/42

      525        644     
 

3.60%, 3/15/51

      300        328     
 

Humana, Inc.,

         
 

3.95%, 3/15/27

      85        95     
 

Kaiser Foundation Hospitals,

         
 

3.27%, 11/1/49

      500        534     
 

UnitedHealth Group, Inc.,

         
 

3.50%, 2/15/24

      40        43     
 

3.75%, 7/15/25

      655        721     
 

3.45%, 1/15/27

      1,500        1,654     
 

2.88%, 8/15/29

      160        172     
 

5.80%, 3/15/36

      250        346     
 

6.63%, 11/15/37

      640        954     
 

6.88%, 2/15/38

      170        260     
 

4.75%, 7/15/45

      500        655     
 

3.13%, 5/15/60

      1,000        1,023     
 

 

  
          10,471     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    61    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

  Mass Merchants – 0.1%

 

 

Costco Wholesale Corp.,

         
 

2.75%, 5/18/24

      $750        $791     
 

Dollar General Corp.,

         
 

3.25%, 4/15/23

      900        933     
 

Dollar Tree, Inc.,

         
 

3.70%, 5/15/23

      165        173     
 

Target Corp.,

         
 

2.25%, 4/15/25

      1,000        1,043     
 

Walmart, Inc.,

         
 

2.35%, 12/15/22

      500        511     
 

3.30%, 4/22/24

      625        666     
 

2.38%, 9/24/29

      147        156     
 

 

  
          4,273     
 

 

  
  Medical Equipment & Devices Manufacturing – 0.4%

 

 

Abbott Laboratories,

         
 

2.95%, 3/15/25

      1,000        1,065     
 

1.15%, 1/30/28

      565        550     
 

4.75%, 11/30/36

      555        706     
 

4.75%, 4/15/43

      650        855     
 

Agilent Technologies, Inc.,

         
 

3.88%, 7/15/23

      250        264     
 

Baxter International, Inc.,

         
 

3.50%, 8/15/46

      350        375     
 

Becton Dickinson and Co.,

         
 

4.69%, 12/15/44

      239        298     
 

4.67%, 6/6/47

      1,000        1,249     
 

Boston Scientific Corp.,

         
 

3.85%, 5/15/25

      128        140     
 

7.38%, 1/15/40

      540        856     
 

Medtronic, Inc.,

         
 

3.50%, 3/15/25

      232        252     
 

4.38%, 3/15/35

      913        1,123     
 

4.63%, 3/15/45

      406        530     
 

Stryker Corp.,

         
 

3.38%, 11/1/25

      250        271     
 

3.50%, 3/15/26

      1,000        1,091     
 

4.10%, 4/1/43

      50        57     
 

4.38%, 5/15/44

      200        243     
 

Thermo Fisher Scientific, Inc.,

         
 

3.20%, 8/15/27

      160        174     
 

4.50%, 3/25/30

      1,000        1,183     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

  Medical Equipment & Devices Manufacturing – 0.4%    continued

 

 

Zimmer Biomet Holdings, Inc.,

         
 

3.55%, 4/1/25

      $120        $129     
 

 

  
          11,411     
 

 

  
  Metals & Mining – 0.2%

 

 

Barrick North America Finance LLC,

         
 

5.70%, 5/30/41

      500        675     
 

Newmont Corp.,

         
 

5.88%, 4/1/35

      100        133     
 

4.88%, 3/15/42

      150        189     
 

Nucor Corp.,

         
 

4.00%, 8/1/23

      250        264     
 

2.98%, 12/15/55 (4)

     1,275        1,245     
 

Southern Copper Corp.,

         
 

3.88%, 4/23/25

      100        108     
 

7.50%, 7/27/35

      300        429     
 

6.75%, 4/16/40

      90        125     
 

5.88%, 4/23/45

      1,000        1,352     
 

Steel Dynamics, Inc.,

         
 

3.45%, 4/15/30

      500        538     
 

 

  
          5,058     
 

 

  
  Oil & Gas Services & Equipment – 0.1%

 

 

Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.,

         
 

4.08%, 12/15/47

      210        237     
 

Halliburton Co.,

         
 

3.80%, 11/15/25

      123        135     
 

4.85%, 11/15/35

      275        324     
 

6.70%, 9/15/38

      780        1,063     
 

7.45%, 9/15/39

      160        233     
 

4.75%, 8/1/43

      15        17     
 

 

  
          2,009     
 

 

  
  Pharmaceuticals – 1.1%

 

 

AbbVie, Inc.,

         
 

3.25%, 10/1/22

      1,000        1,022     
 

3.85%, 6/15/24

      1,000        1,076     
 

3.80%, 3/15/25

      750        814     
 

3.60%, 5/14/25

      155        168     
 

3.20%, 5/14/26

      250        270     
 

4.25%, 11/14/28

      97        112     
 

3.20%, 11/21/29

      273        294     
 

4.70%, 5/14/45

      3,340        4,121     
 

Bristol-Myers Squibb Co.,

         
 

2.90%, 7/26/24

      574        609     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    62    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)  

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

         
 

Pharmaceuticals – 1.1%    continued

         
 

3.88%, 8/15/25

      $361        $398     
 

3.90%, 2/20/28

      840        950     
 

5.00%, 8/15/45

      380        511     
 

4.35%, 11/15/47

      900        1,129     
 

GlaxoSmithKline Capital, Inc.,

         
 

3.38%, 5/15/23

      1,000        1,050     
 

3.88%, 5/15/28

      1,000        1,132     
 

5.38%, 4/15/34

      150        199     
 

6.38%, 5/15/38

      530        782     
 

4.20%, 3/18/43

      20        24     
 

Johnson & Johnson,

         
 

2.45%, 3/1/26

      500        532     
 

0.95%, 9/1/27

      2,000        1,960     
 

1.30%, 9/1/30

      2,000        1,928     
 

4.38%, 12/5/33

      250        308     
 

5.95%, 8/15/37

      100        145     
 

4.85%, 5/15/41

      400        531     
 

3.70%, 3/1/46

      970        1,139     
 

Merck & Co., Inc.,

         
 

2.75%, 2/10/25

      805        852     
 

3.40%, 3/7/29

      1,000        1,107     
 

3.60%, 9/15/42

      25        28     
 

3.70%, 2/10/45

      60        69     
 

2.45%, 6/24/50

      1,000        931     
 

Mylan, Inc.,

         
 

5.40%, 11/29/43

      585        723     
 

Novartis Capital Corp.,

         
 

3.40%, 5/6/24

      191        205     
 

1.75%, 2/14/25

      99        102     
 

2.20%, 8/14/30

      1,500        1,538     
 

4.40%, 5/6/44

      250        319     
 

Pfizer, Inc.,

         
 

2.95%, 3/15/24

      250        264     
 

3.40%, 5/15/24

      150        161     
 

2.63%, 4/1/30

      2,000        2,112     
 

7.20%, 3/15/39

      700        1,122     
 

4.13%, 12/15/46

      750        913     
 

Pharmacia LLC,

         
 

6.60%, 12/1/28

      125        166     
 

Utah Acquisition Sub, Inc.,

         
 

3.95%, 6/15/26

      285        314     
 

Wyeth LLC,

         
 

5.95%, 4/1/37

      725        1,020     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

         
 

Pharmaceuticals – 1.1%    continued

         
 

Zoetis, Inc.,

         
 

3.25%, 2/1/23

      $500        $515     
 

3.95%, 9/12/47

      450        523     
 

4.45%, 8/20/48

      40        50     
 

 

  
          34,238     
 

 

  
  Pipeline – 0.9%

 

   
 

Boardwalk Pipelines L.P.,

         
 

4.45%, 7/15/27

      1,650        1,860     
 

Enable Midstream Partners L.P.,

         
 

4.40%, 3/15/27

      90        100     
 

4.15%, 9/15/29

      115        125     
 

Enbridge Energy Partners L.P.,

         
 

7.50%, 4/15/38

      50        74     
 

Energy Transfer L.P.,

         
 

4.05%, 3/15/25

      25        27     
 

5.95%, 12/1/25

      175        203     
 

3.90%, 7/15/26

      125        136     
 

4.20%, 4/15/27

      560        619     
 

5.50%, 6/1/27

      266        312     
 

5.25%, 4/15/29

      255        299     
 

6.63%, 10/15/36

      900        1,181     
 

7.50%, 7/1/38

      310        431     
 

4.95%, 1/15/43

      1,000        1,092     
 

5.30%, 4/1/44

      15        17     
 

5.35%, 5/15/45

      80        93     
 

Enterprise Products Operating LLC,

         
 

3.35%, 3/15/23

      110        114     
 

3.90%, 2/15/24

      820        875     
 

3.95%, 2/15/27

      500        556     
 

3.13%, 7/31/29

      1,710        1,837     
 

2.80%, 1/31/30

      300        313     
 

6.88%, 3/1/33

      50        70     
 

7.55%, 4/15/38

      515        788     
 

5.95%, 2/1/41

      40        54     
 

4.20%, 1/31/50

      1,000        1,127     
 

Kinder Morgan Energy Partners L.P.,

         
 

4.30%, 5/1/24

      170        183     
 

7.30%, 8/15/33

      175        246     
 

6.55%, 9/15/40

      205        284     
 

7.50%, 11/15/40

      305        451     
 

6.38%, 3/1/41

      35        48     
 

5.63%, 9/1/41

      310        389     
 

5.40%, 9/1/44

      250        310     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    63    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Pipeline – 0.9%    continued

         
 

Magellan Midstream Partners L.P.,

         
 

5.00%, 3/1/26

      $500        $570     
 

5.15%, 10/15/43

      20        25     
 

MPLX L.P.,

         
 

4.13%, 3/1/27

      1,355        1,513     
 

4.70%, 4/15/48

      1,000        1,155     
 

ONEOK Partners L.P.,

         
 

3.38%, 10/1/22

      30        31     
 

4.90%, 3/15/25

      40        44     
 

6.65%, 10/1/36

      80        107     
 

6.20%, 9/15/43

      20        26     
 

ONEOK, Inc.,

         
 

4.55%, 7/15/28

      35        40     
 

7.15%, 1/15/51

      1,000        1,448     
 

Phillips 66 Partners L.P.,

         
 

3.61%, 2/15/25

      76        81     
 

3.55%, 10/1/26

      470        506     
 

Plains All American Pipeline L.P./PAA Finance Corp.,

         
 

4.50%, 12/15/26

      1,330        1,487     
 

6.65%, 1/15/37

      80        105     
 

5.15%, 6/1/42

      130        146     
 

Sabine Pass Liquefaction LLC,

         
 

5.63%, 3/1/25

      340        386     
 

5.00%, 3/15/27

      445        512     
 

4.50%, 5/15/30

      610        703     
 

Southern Union Co.,

         
 

8.25%, 11/15/29

      25        33     
 

Spectra Energy Partners L.P.,

         
 

3.38%, 10/15/26

      360        390     
 

5.95%, 9/25/43

      300        414     
 

Tennessee Gas Pipeline Co. LLC,

         
 

7.00%, 3/15/27

      505        640     
 

7.00%, 10/15/28

      545        704     
 

7.63%, 4/1/37

      5        7     
 

Williams (The) Cos., Inc.,

         
 

4.55%, 6/24/24

      1,452        1,584     
 

3.75%, 6/15/27

      548        603     
 

6.30%, 4/15/40

      995        1,356     
 

5.80%, 11/15/43

      200        264     
 

 

  
          29,094     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Power Generation – 0.1%

         
 

Exelon Generation Co. LLC,

         
 

6.25%, 10/1/39

      $1,000        $1,277     
 

5.75%, 10/1/41

      430        524     
 

 

  
          1,801     
 

 

  
  Property & Casualty Insurance – 0.5%

 

   
 

Allstate (The) Corp.,

         
 

4.50%, 6/15/43

      45        56     
 

(Variable, ICE LIBOR USD 3M +
2.12%), 6.50%, 5/15/57 (3)

     225        303     
 

American International Group, Inc.,

         
 

3.75%, 7/10/25

      895        974     
 

4.20%, 4/1/28

      460        524     
 

3.40%, 6/30/30

      485        529     
 

4.50%, 7/16/44

      30        37     
 

4.80%, 7/10/45

      15        19     
 

4.38%, 6/30/50

      1,000        1,231     
 

4.38%, 1/15/55

      105        129     
 

Assurant, Inc.,

         
 

4.90%, 3/27/28

      215        249     
 

Berkshire Hathaway Finance Corp.,

         
 

1.45%, 10/15/30

      700        675     
 

5.75%, 1/15/40

      255        365     
 

4.40%, 5/15/42

      100        124     
 

4.30%, 5/15/43

      440        535     
 

Berkshire Hathaway, Inc.,

         
 

2.75%, 3/15/23

      30        31     
 

3.13%, 3/15/26

      745        809     
 

Chubb (The) Corp.,

         
 

6.00%, 5/11/37

      50        72     
 

6.50%, 5/15/38

      85        128     
 

Chubb INA Holdings, Inc.,

         
 

3.15%, 3/15/25

      295        317     
 

3.35%, 5/3/26

      1,000        1,091     
 

6.70%, 5/15/36

      50        75     
 

4.15%, 3/13/43

      100        120     
 

Hanover Insurance Group (The), Inc.,

         
 

4.50%, 4/15/26

      200        224     
 

Hartford Financial Services Group (The), Inc.,

         
 

5.95%, 10/15/36

      285        388     
 

Loews Corp.,

         
 

2.63%, 5/15/23

      250        258     
 

4.13%, 5/15/43

      75        88     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    64    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Property & Casualty Insurance – 0.5%    continued

 

 

Marsh & McLennan Cos., Inc.,

         
 

3.50%, 6/3/24

      $75        $80     
 

3.50%, 3/10/25

      385        414     
 

3.75%, 3/14/26

      75        82     
 

4.38%, 3/15/29

      260        302     
 

5.88%, 8/1/33

      880        1,179     
 

Progressive (The) Corp.,

         
 

2.45%, 1/15/27

      250        265     
 

4.20%, 3/15/48

      500        614     
 

Transatlantic Holdings, Inc.,

         
 

8.00%, 11/30/39

      70        108     
 

Travelers (The) Cos., Inc.,

         
 

6.25%, 6/15/37

      375        544     
 

5.35%, 11/1/40

      10        14     
 

4.00%, 5/30/47

      1,015        1,217     
 

3.05%, 6/8/51

      80        83     
 

Willis North America, Inc.,

         
 

2.95%, 9/15/29

      2,000        2,091     
 

 

  
          16,344     
 

 

  
  Railroad – 0.4%

 

   
 

Burlington Northern Santa Fe LLC,

         
 

3.75%, 4/1/24

      355        380     
 

3.40%, 9/1/24

      80        86     
 

3.00%, 4/1/25

      325        347     
 

3.65%, 9/1/25

      200        219     
 

6.20%, 8/15/36

      455        643     
 

5.75%, 5/1/40

      1,145        1,605     
 

4.38%, 9/1/42

      975        1,200     
 

5.15%, 9/1/43

      280        378     
 

CSX Corp.,

         
 

3.35%, 11/1/25

      25        27     
 

2.60%, 11/1/26

      25        27     
 

3.80%, 3/1/28

      770        861     
 

6.00%, 10/1/36

      100        139     
 

6.15%, 5/1/37

      190        266     
 

6.22%, 4/30/40

      365        528     
 

5.50%, 4/15/41

      50        67     
 

3.35%, 9/15/49

      1,000        1,052     
 

Norfolk Southern Corp.,

         
 

2.90%, 2/15/23

      625        642     
 

3.80%, 8/1/28

      100        112     
 

3.95%, 10/1/42

      20        23     
 

4.45%, 6/15/45

      275        337     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Railroad – 0.4%    continued

 

 

3.94%, 11/1/47

      $524        $597     
 

3.16%, 5/15/55

      137        137     
 

Union Pacific Corp.,

         
 

3.50%, 6/8/23

      80        84     
 

3.65%, 2/15/24

      524        557     
 

3.25%, 8/15/25

      30        32     
 

2.40%, 2/5/30

      300        308     
 

3.80%, 10/1/51

      1,500        1,733     
 

 

  
          12,387     
 

 

  
  Real Estate – 0.7%

 

   
 

Alexandria Real Estate Equities, Inc.,

         
 

3.95%, 1/15/28

      2,000        2,245     
 

American Campus Communities Operating Partnership L.P.,

         
 

3.75%, 4/15/23

      250        260     
 

4.13%, 7/1/24

      100        109     
 

American Tower Corp.,

         
 

3.50%, 1/31/23

      210        219     
 

4.00%, 6/1/25

      115        125     
 

3.38%, 10/15/26

      85        92     
 

3.13%, 1/15/27

      185        197     
 

3.95%, 3/15/29

      40        44     
 

3.80%, 8/15/29

      1,500        1,663     
 

AvalonBay Communities, Inc.,

         
 

4.35%, 4/15/48

      500        628     
 

Boston Properties L.P.,

         
 

3.85%, 2/1/23

      60        62     
 

3.13%, 9/1/23

      135        141     
 

3.80%, 2/1/24

      910        967     
 

2.90%, 3/15/30

      90        93     
 

Brandywine Operating Partnership L.P.,

         
 

4.55%, 10/1/29

      235        263     
 

Camden Property Trust,

         
 

2.95%, 12/15/22

      150        153     
 

Crown Castle International Corp.,

         
 

3.15%, 7/15/23

      200        209     
 

4.30%, 2/15/29

      1,000        1,135     
 

5.20%, 2/15/49

      500        643     
 

CubeSmart L.P.,

         
 

3.13%, 9/1/26

      250        266     
 

Digital Realty Trust L.P.,

         
 

3.60%, 7/1/29

      500        547     

 

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    65    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Real Estate – 0.7%    continued

 

 

Duke Realty L.P.,

         
 

1.75%, 7/1/30

      $500        $480     
 

Equinix, Inc.,

         
 

2.15%, 7/15/30

      2,000        1,961     
 

ERP Operating L.P.,

         
 

3.50%, 3/1/28

      1,000        1,098     
 

4.50%, 6/1/45

      55        69     
 

Essex Portfolio L.P.,

         
 

3.25%, 5/1/23

      50        52     
 

3.88%, 5/1/24

      200        214     
 

4.00%, 3/1/29

      300        337     
 

Healthcare Realty Trust, Inc.,

         
 

2.40%, 3/15/30

      255        256     
 

Healthpeak Properties, Inc.,

         
 

3.40%, 2/1/25

      13        14     
 

3.25%, 7/15/26

      630        683     
 

Host Hotels & Resorts L.P.,

         
 

4.00%, 6/15/25

      97        104     
 

3.38%, 12/15/29

      118        121     
 

Kilroy Realty L.P.,

         
 

4.38%, 10/1/25

      200        222     
 

Kimco Realty Corp.,

         
 

4.25%, 4/1/45

      759        873     
 

Mid-America Apartments L.P.,

         
 

3.75%, 6/15/24

      100        107     
 

Office Properties Income Trust,

         
 

4.50%, 2/1/25

      150        161     
 

Piedmont Operating Partnership L.P.,

         
 

4.45%, 3/15/24

      100        107     
 

Realty Income Corp.,

         
 

4.65%, 8/1/23

      185        197     
 

3.00%, 1/15/27

      240        257     
 

Simon Property Group L.P.,

         
 

3.30%, 1/15/26

      106        115     
 

1.75%, 2/1/28

      54        54     
 

2.45%, 9/13/29

      1,636        1,671     
 

2.65%, 7/15/30

      585        603     
 

2.20%, 2/1/31

      229        226     
 

6.75%, 2/1/40

      690        1,025     
 

Ventas Realty L.P.,

         
 

3.75%, 5/1/24

      60        64     
 

3.50%, 2/1/25

      150        161     
 

5.70%, 9/30/43

      100        133     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Real Estate – 0.7%    continued

 

 

Welltower, Inc.,

         
 

2.05%, 1/15/29

      $320        $318     
 

4.13%, 3/15/29

      600        676     
 

 

  
          22,420     
 

 

  
 

Refining & Marketing – 0.1%

 

 

HollyFrontier Corp.,

         
 

4.50%, 10/1/30

      250        272     
 

Marathon Petroleum Corp.,

         
 

3.63%, 9/15/24

      175        188     
 

4.70%, 5/1/25

      130        145     
 

5.13%, 12/15/26

      210        244     
 

6.50%, 3/1/41

      466        645     
 

Phillips 66,

         
 

4.65%, 11/15/34

      395        471     
 

5.88%, 5/1/42

      140        192     
 

4.88%, 11/15/44

      165        208     
 

Valero Energy Corp.,

         
 

7.50%, 4/15/32

      765        1,062     
 

 

  
          3,427     
 

 

  
 

Restaurants – 0.1%

 

 

McDonald’s Corp.,

         
 

3.63%, 5/1/43

      209        231     
 

4.88%, 12/9/45

      542        689     
 

4.45%, 3/1/47

      350        427     
 

4.20%, 4/1/50

      400        477     
 

Starbucks Corp.,

         
 

3.85%, 10/1/23

      200        212     
 

4.30%, 6/15/45

      200        234     
 

3.50%, 11/15/50

      2,000        2,123     
 

 

  
          4,393     
 

 

  
 

Retail - Consumer Discretionary – 0.5%

 

 

Advance Auto Parts, Inc.,

         
 

1.75%, 10/1/27

      175        174     
 

Amazon.com, Inc.,

         
 

2.50%, 11/29/22

      150        153     
 

2.40%, 2/22/23

      500        514     
 

2.80%, 8/22/24

      1,000        1,060     
 

5.20%, 12/3/25

      500        581     
 

4.80%, 12/5/34

      1,050        1,338     
 

4.95%, 12/5/44

      255        344     
 

4.25%, 8/22/57

      500        635     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    66    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 22.0%    continued

 

 

Retail - Consumer Discretionary – 0.5%    continued

 

 

AutoZone, Inc.,

         
 

3.13%, 7/15/23

      $135        $141     
 

3.75%, 6/1/27

      129        144     
 

3.75%, 4/18/29

      121        135     
 

eBay, Inc.,

         
 

2.75%, 1/30/23

      46        47     
 

1.40%, 5/10/26

      46        46     
 

2.70%, 3/11/30

      500        521     
 

2.60%, 5/10/31

      18        18     
 

4.00%, 7/15/42

      235        264     
 

Home Depot (The), Inc.,

         
 

2.13%, 9/15/26

      275        288     
 

2.50%, 4/15/27

      495        525     
 

3.30%, 4/15/40

      2,000        2,167     
 

5.40%, 9/15/40

      680        931     
 

5.95%, 4/1/41

      405        579     
 

4.88%, 2/15/44

      405        530     
 

3.13%, 12/15/49

      155        162     
 

Lowe’s Cos., Inc.,

         
 

3.13%, 9/15/24

      550        585     
 

4.50%, 4/15/30

      1,000        1,172     
 

3.00%, 10/15/50

      1,000        975     
 

O’Reilly Automotive, Inc.,

         
 

3.60%, 9/1/27

      1,000        1,111     
 

TJX (The) Cos., Inc.,

         
 

2.50%, 5/15/23

      205        211     
 

2.25%, 9/15/26

      105        110     
 

 

  
          15,461     
 

 

  
 

Retail - Consumer Staples – 0.1%

 

 

Archer-Daniels-Midland Co.,

         
 

2.50%, 8/11/26

      305        324     
 

3.75%, 9/15/47

      295        346     
 

Bunge Ltd. Finance Corp.,

         
 

3.25%, 8/15/26

      615        662     
 

Sysco Corp.,

         
 

3.75%, 10/1/25

      1,000        1,095     
 

3.30%, 7/15/26

      120        130     
 

5.38%, 9/21/35

      250        318     
 

 

  
          2,875     
 

 

  
 

Semiconductors – 0.5%

         
 

Altera Corp.,

         
 

4.10%, 11/15/23

      1,340        1,439     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Semiconductors – 0.5%    continued

 

 

Applied Materials, Inc.,

         
 

3.90%, 10/1/25

      $500        $554     
 

1.75%, 6/1/30

      500        492     
 

5.85%, 6/15/41

      100        146     
 

Broadcom, Inc.,

         
 

4.15%, 11/15/30

      2,270        2,515     
 

2.45%, 2/15/31 (4)

     1,285        1,244     
 

Intel Corp.,

         
 

2.70%, 12/15/22

      80        82     
 

3.70%, 7/29/25

      815        892     
 

2.00%, 8/12/31

      50        50     
 

4.80%, 10/1/41

      80        102     
 

3.73%, 12/8/47

      578        645     
 

3.25%, 11/15/49

      307        318     
 

4.75%, 3/25/50

      562        734     
 

3.05%, 8/12/51

      131        130     
 

3.10%, 2/15/60

      220        216     
 

4.95%, 3/25/60

      136        191     
 

3.20%, 8/12/61

      119        120     
 

KLA Corp.,

         
 

4.65%, 11/1/24

      300        331     
 

Lam Research Corp.,

         
 

1.90%, 6/15/30

      1,000        997     
 

Maxim Integrated Products, Inc.,

         
 

3.38%, 3/15/23

      50        52     
 

NVIDIA Corp.,

         
 

3.50%, 4/1/50

      1,000        1,120     
 

QUALCOMM, Inc.,

         
 

3.25%, 5/20/27

      720        790     
 

4.80%, 5/20/45

      795        1,045     
 

Texas Instruments, Inc.,

         
 

2.90%, 11/3/27

      1,000        1,091     
 

 

  
          15,296     
 

 

  
 

Software & Services – 1.0%

         
 

Adobe, Inc.,

         
 

1.90%, 2/1/25

      250        258     
 

2.15%, 2/1/27

      265        278     
 

Autodesk, Inc.,

         
 

3.50%, 6/15/27

      135        148     
 

Citrix Systems, Inc.,

         
 

3.30%, 3/1/30

      200        204     
 

Equifax, Inc.,

         
 

3.30%, 12/15/22

      365        375     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    67    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Software & Services – 1.0%    continued

 

 

2.35%, 9/15/31

      $980        $965     
 

International Business Machines Corp.,

         
 

2.88%, 11/9/22

      235        242     
 

3.63%, 2/12/24

      170        182     
 

3.00%, 5/15/24

      1,789        1,898     
 

7.00%, 10/30/25

      385        474     
 

3.45%, 2/19/26

      435        476     
 

1.70%, 5/15/27

      211        214     
 

6.50%, 1/15/28

      100        128     
 

1.95%, 5/15/30

      415        410     
 

4.00%, 6/20/42

      320        369     
 

4.25%, 5/15/49

      500        606     
 

Microsoft Corp.,

         
 

3.63%, 12/15/23

      208        221     
 

2.88%, 2/6/24

      645        679     
 

2.70%, 2/12/25

      42        44     
 

2.40%, 8/8/26

      2,670        2,836     
 

3.30%, 2/6/27

      1,505        1,665     
 

2.53%, 6/1/50

      870        837     
 

2.92%, 3/17/52

      820        848     
 

2.68%, 6/1/60

      723        701     
 

3.04%, 3/17/62

      1,178        1,244     
 

Moody’s Corp.,

         
 

4.88%, 2/15/24

      250        272     
 

Oracle Corp.,

         
 

2.50%, 10/15/22

      210        215     
 

2.63%, 2/15/23

      65        67     
 

2.95%, 11/15/24

      29        31     
 

2.50%, 4/1/25

      326        341     
 

2.95%, 5/15/25

      885        939     
 

1.65%, 3/25/26

      30        30     
 

2.65%, 7/15/26

      3,100        3,267     
 

3.25%, 11/15/27

      548        595     
 

2.30%, 3/25/28

      352        360     
 

2.88%, 3/25/31

      1,090        1,122     
 

3.80%, 11/15/37

      5        5     
 

5.38%, 7/15/40

      590        743     
 

4.13%, 5/15/45

      365        393     
 

4.00%, 7/15/46

      330        350     
 

3.60%, 4/1/50

      1,000        1,001     
 

4.38%, 5/15/55

      25        28     
 

3.85%, 4/1/60

      1,000        1,016     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Software & Services – 1.0%    continued

 

 

Roper Technologies, Inc.,

         
 

1.00%, 9/15/25

      $2,000        $1,989     
 

3.85%, 12/15/25

      220        241     
 

3.80%, 12/15/26

      235        261     
 

 

  
          29,568     
 

 

  
 

Supermarkets & Pharmacies – 0.1%

 

 

Kroger (The) Co.,

         
 

2.65%, 10/15/26

      1,135        1,204     
 

7.50%, 4/1/31

      200        283     
 

6.90%, 4/15/38

      100        145     
 

5.40%, 7/15/40

      400        522     
 

Walgreens Boots Alliance, Inc.,

         
 

3.45%, 6/1/26

      132        143     
 

 

  
          2,297     
 

 

  
 

Tobacco – 0.3%

 

 

Altria Group, Inc.,

         
 

2.63%, 9/16/26

      95        100     
 

4.80%, 2/14/29

      410        471     
 

2.45%, 2/4/32

      240        230     
 

4.25%, 8/9/42

      295        307     
 

4.50%, 5/2/43

      410        435     
 

5.38%, 1/31/44

      370        436     
 

5.95%, 2/14/49

      220        279     
 

BAT Capital Corp.,

         
 

3.22%, 9/6/26

      1,819        1,939     
 

4.70%, 4/2/27

      857        968     
 

3.56%, 8/15/27

      458        493     
 

2.26%, 3/25/28

      128        127     
 

4.91%, 4/2/30

      383        439     
 

4.54%, 8/15/47

      435        451     
 

Philip Morris International, Inc.,

         
 

2.50%, 11/2/22

      250        255     
 

2.63%, 3/6/23

      100        103     
 

3.38%, 8/11/25

      250        270     
 

3.88%, 8/21/42

      150        163     
 

4.13%, 3/4/43

      405        452     
 

4.88%, 11/15/43

      100        123     
 

4.25%, 11/10/44

      350        400     
 

Reynolds American, Inc.,

         
 

4.45%, 6/12/25

      320        353     
 

7.25%, 6/15/37

      250        336     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    68    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

   
 

Tobacco – 0.3%    continued

 

   
 

6.15%, 9/15/43

      $65        $80     
 

5.85%, 8/15/45

      795        954     
 

 

  
          10,164     
 

 

  
 

Transportation & Logistics – 0.2%

         
 

Cummins, Inc.,

         
 

1.50%, 9/1/30

      500        478     
 

4.88%, 10/1/43

      90        118     
 

FedEx Corp.,

         
 

3.40%, 2/15/28

      780        860     
 

3.90%, 2/1/35

      100        113     
 

4.10%, 4/15/43

      50        56     
 

4.10%, 2/1/45

      50        56     
 

4.95%, 10/17/48

      1,000        1,267     
 

Ryder System, Inc.,

         
 

3.35%, 9/1/25

      500        539     
 

United Parcel Service, Inc.,

         
 

2.50%, 4/1/23

      2,000        2,063     
 

5.20%, 4/1/40

      30        40     
 

3.63%, 10/1/42

      105        119     
 

3.40%, 11/15/46

      290        319     
 

4.25%, 3/15/49

      130        163     
 

5.30%, 4/1/50

      500        722     
 

 

  
          6,913     
 

 

  
 

Travel & Lodging – 0.0%

         
 

Marriott International, Inc.,

         
 

3.13%, 6/15/26

      130        139     
 

 

  
 

Utilities – 1.9%

         
 

AEP Transmission Co. LLC,

         
 

4.00%, 12/1/46

      200        234     
 

3.65%, 4/1/50

      500        558     
 

Alabama Power Co.,

         
 

3.85%, 12/1/42

      60        68     
 

Ameren Illinois Co.,

         
 

3.25%, 3/1/25

      500        534     
 

American Water Capital Corp.,

         
 

3.40%, 3/1/25

      35        38     
 

2.95%, 9/1/27

      1,000        1,076     
 

6.59%, 10/15/37

      105        154     
 

4.30%, 12/1/42

      75        91     
 

4.30%, 9/1/45

      520        624     
 

3.25%, 6/1/51

      70        72     
 

Appalachian Power Co.,

         
 

7.00%, 4/1/38

      75        111     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

   
 

Utilities – 1.9%    continued

 

   
 

Arizona Public Service Co.,

         
 

3.15%, 5/15/25

      $500        $534     
 

4.50%, 4/1/42

      230        278     
 

4.20%, 8/15/48

      250        297     
 

Atmos Energy Corp.,

         
 

4.15%, 1/15/43

      250        288     
 

4.13%, 10/15/44

      75        87     
 

Baltimore Gas and Electric Co.,

         
 

2.40%, 8/15/26

      130        136     
 

3.75%, 8/15/47

      475        537     
 

Berkshire Hathaway Energy Co.,

         
 

5.15%, 11/15/43

      500        652     
 

CenterPoint Energy Houston Electric LLC,

         
 

2.40%, 9/1/26

      50        52     
 

3.00%, 2/1/27

      150        161     
 

3.55%, 8/1/42

      40        45     
 

4.25%, 2/1/49

      500        621     
 

CenterPoint Energy Resources Corp.,

         
 

5.85%, 1/15/41

      50        69     
 

CMS Energy Corp.,

         
 

3.00%, 5/15/26

      40        43     
 

3.45%, 8/15/27

      500        547     
 

4.88%, 3/1/44

      500        637     
 

Commonwealth Edison Co.,

         
 

6.45%, 1/15/38

      200        289     
 

3.80%, 10/1/42

      90        102     
 

4.60%, 8/15/43

      100        125     
 

Connecticut Light and Power (The) Co.,

         
 

2.50%, 1/15/23

      420        429     
 

4.00%, 4/1/48

      250        298     
 

Consolidated Edison Co. of New York, Inc.,

         
 

5.30%, 3/1/35

      150        189     
 

5.85%, 3/15/36

      100        133     
 

6.20%, 6/15/36

      200        276     
 

6.75%, 4/1/38

      100        146     
 

5.50%, 12/1/39

      85        112     
 

5.70%, 6/15/40

      450        608     
 

4.20%, 3/15/42

      1,763        2,025     
 

3.95%, 3/1/43

      120        135     
 

4.45%, 3/15/44

      100        120     
 

3.85%, 6/15/46

      100        111     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    69    FIXED INCOME AND MONEY MARKET FUNDS

 

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Utilities – 1.9%    continued

         
 

Dominion Energy South Carolina, Inc.,

         
 

6.05%, 1/15/38

      $265        $369     
 

5.10%, 6/1/65

      50        72     
 

Dominion Energy, Inc.,

         
 

4.25%, 6/1/28

      1,000        1,136     
 

5.25%, 8/1/33

      250        313     
 

5.95%, 6/15/35

      750        1,005     
 

7.00%, 6/15/38

      20        29     
 

4.90%, 8/1/41

      35        44     
 

4.05%, 9/15/42

      100        113     
 

DTE Electric Co.,

         
 

4.05%, 5/15/48

      500        594     
 

Duke Energy Carolinas LLC,

         
 

6.45%, 10/15/32

      106        144     
 

6.10%, 6/1/37

      150        205     
 

4.25%, 12/15/41

      210        249     
 

3.75%, 6/1/45

      350        390     
 

Duke Energy Corp.,

         
 

3.75%, 4/15/24

      100        107     
 

2.65%, 9/1/26

      2,000        2,110     
 

3.75%, 9/1/46

      120        128     
 

Duke Energy Florida LLC,

         
 

6.35%, 9/15/37

      340        492     
 

3.40%, 10/1/46

      290        310     
 

Duke Energy Indiana LLC,

         
 

6.12%, 10/15/35

      500        678     
 

6.35%, 8/15/38

      25        36     
 

6.45%, 4/1/39

      225        326     
 

4.90%, 7/15/43

      1,000        1,267     
 

Duke Energy Progress LLC,

         
 

4.10%, 3/15/43

      200        233     
 

Entergy Louisiana LLC,

         
 

5.40%, 11/1/24

      150        170     
 

3.05%, 6/1/31

      950        1,012     
 

Entergy Texas, Inc.,

         
 

4.50%, 3/30/39

      250        294     
 

Evergy Kansas Central, Inc.,

         
 

4.13%, 3/1/42

      275        319     
 

Evergy Metro, Inc.,

         
 

5.30%, 10/1/41

      50        67     
 

Eversource Energy,

         
 

2.80%, 5/1/23

      105        108     
 

3.15%, 1/15/25

      100        106     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Utilities – 1.9%    continued

         
 

3.30%, 1/15/28

      $165        $179     
 

Exelon Corp.,

         
 

5.63%, 6/15/35

      75        97     
 

4.70%, 4/15/50

      100        126     
 

Florida Power & Light Co.,

         
 

5.65%, 2/1/37

      335        456     
 

5.95%, 2/1/38

      150        213     
 

5.96%, 4/1/39

      250        358     
 

5.69%, 3/1/40

      30        42     
 

4.13%, 2/1/42

      250        301     
 

4.05%, 6/1/42

      100        119     
 

Georgia Power Co.,

         
 

2.65%, 9/15/29

      910        948     
 

4.30%, 3/15/42

      60        70     
 

4.30%, 3/15/43

      100        117     
 

Indiana Michigan Power Co.,

         
 

6.05%, 3/15/37

      200        274     
 

ITC Holdings Corp.,

         
 

3.35%, 11/15/27

      200        217     
 

MidAmerican Energy Co.,

         
 

3.50%, 10/15/24

      100        107     
 

4.80%, 9/15/43

      100        129     
 

4.40%, 10/15/44

      150        184     
 

3.15%, 4/15/50

      2,000        2,093     
 

National Fuel Gas Co.,

         
 

3.75%, 3/1/23

      250        259     
 

National Grid U.S.A.,

         
 

5.80%, 4/1/35

      425        533     
 

National Rural Utilities Cooperative Finance Corp.,

         
 

2.85%, 1/27/25

      1,000        1,056     
 

8.00%, 3/1/32

      50        74     
 

4.30%, 3/15/49

      125        153     
 

Nevada Power Co.,

         
 

6.65%, 4/1/36

      100        146     
 

NextEra Energy Capital Holdings, Inc.,

         
 

2.25%, 6/1/30

      2,000        2,011     
 

NiSource, Inc.,

         
 

5.95%, 6/15/41

      77        106     
 

5.25%, 2/15/43

      100        130     
 

4.80%, 2/15/44

      580        717     
 

5.65%, 2/1/45

      200        274     
 

Northern States Power Co.,

         
 

5.35%, 11/1/39

      1,065        1,446     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    70    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Utilities – 1.9%    continued

 

 

4.13%, 5/15/44

      $200        $238     
 

NSTAR Electric Co.,

         
 

2.38%, 10/15/22

      100        102     
 

Oglethorpe Power Corp.,

         
 

5.38%, 11/1/40

      150        188     
 

Oklahoma Gas and Electric Co.,

         
 

4.15%, 4/1/47

      200        236     
 

Oncor Electric Delivery Co. LLC,

         
 

7.50%, 9/1/38

      145        233     
 

Pacific Gas and Electric Co.,

         
 

4.55%, 7/1/30

      3,000        3,244     
 

4.50%, 7/1/40

      1,000        1,021     
 

PacifiCorp,

         
 

5.25%, 6/15/35

      50        64     
 

6.10%, 8/1/36

      200        276     
 

5.75%, 4/1/37

      540        728     
 

6.25%, 10/15/37

      275        388     
 

6.00%, 1/15/39

      60        84     
 

4.13%, 1/15/49

      50        59     
 

Potomac Electric Power Co.,

         
 

3.60%, 3/15/24

      150        159     
 

PPL Electric Utilities Corp.,

         
 

6.25%, 5/15/39

      275        395     
 

4.13%, 6/15/44

      100        118     
 

Public Service Electric and Gas Co.,

 

   
 

3.00%, 5/15/25

      500        531     
 

3.95%, 5/1/42

      50        58     
 

3.65%, 9/1/42

      30        33     
 

Puget Energy, Inc.,

         
 

3.65%, 5/15/25

      500        534     
 

Puget Sound Energy, Inc.,

         
 

6.27%, 3/15/37

      75        104     
 

5.64%, 4/15/41

      340        460     
 

San Diego Gas & Electric Co.,

         
 

3.60%, 9/1/23

      200        211     
 

4.50%, 8/15/40

      150        184     
 

Sempra Energy,

         
 

2.88%, 10/1/22

      60        61     
 

2.90%, 2/1/23

      500        515     
 

3.55%, 6/15/24

      250        266     
 

3.25%, 6/15/27

      150        162     
 

6.00%, 10/15/39

      250        344     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 22.0%    continued

 

 

Utilities – 1.9%    continued

         
 

Southern (The) Co.,

         
 

4.40%, 7/1/46

      $1,000        $1,176     
 

Southern California Edison Co.,

         
 

6.65%, 4/1/29

      300        367     
 

6.00%, 1/15/34

      100        129     
 

5.35%, 7/15/35

      586        728     
 

5.55%, 1/15/37

      275        337     
 

5.95%, 2/1/38

      710        920     
 

6.05%, 3/15/39

      50        67     
 

5.50%, 3/15/40

      150        188     
 

3.90%, 3/15/43

      150        160     
 

4.13%, 3/1/48

      90        98     
 

Southern California Gas Co.,

         
 

3.75%, 9/15/42

      250        279     
 

4.30%, 1/15/49

      125        154     
 

Southern Co. Gas Capital Corp.,

         
 

5.88%, 3/15/41

      600        824     
 

4.40%, 5/30/47

      250        294     
 

Southern Power Co.,

         
 

5.25%, 7/15/43

      60        75     
 

Southwest Gas Corp.,

         
 

3.80%, 9/29/46

      250        268     
 

Southwestern Electric Power Co.,

         
 

2.75%, 10/1/26

      130        137     
 

4.10%, 9/15/28

      250        282     
 

3.90%, 4/1/45

      170        186     
 

Tampa Electric Co.,

         
 

4.10%, 6/15/42

      50        58     
 

Union Electric Co.,

         
 

3.90%, 9/15/42

      50        57     
 

4.00%, 4/1/48

      250        294     
 

Virginia Electric and Power Co.,

         
 

6.00%, 5/15/37

      15        21     
 

6.35%, 11/30/37

      40        57     
 

8.88%, 11/15/38

      300        527     
 

4.65%, 8/15/43

      150        187     
 

4.45%, 2/15/44

      75        91     
 

3.80%, 9/15/47

      125        141     
 

WEC Energy Group, Inc.,

         
 

3.55%, 6/15/25

      235        254     
 

Wisconsin Public Service Corp.,

         
 

4.75%, 11/1/44

      100        127     
 

3.30%, 9/1/49

      150        157     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    71    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND  continued

 

   

 

    

 

        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
 

CORPORATE BONDS - 22.0%    continued

 

 

Utilities – 1.9%    continued

         
 

Xcel Energy, Inc.,

         
 

6.50%, 7/1/36

      $100        $142     
 

 

  
          58,781     
 

 

  
 

Waste & Environment Services & Equipment – 0.0%

 

 

Republic Services, Inc.,

         
 

3.38%, 11/15/27

      296        323     
 

3.95%, 5/15/28

      550        621     
 

 

  
          944     
 

 

  
 

Wireless Telecommunications Services – 1.0%

 

 

AT&T, Inc.,

         
 

3.60%, 7/15/25

      109        119     
 

1.65%, 2/1/28

      535        531     
 

4.30%, 2/15/30

      1,258        1,444     
 

2.75%, 6/1/31

      426        437     
 

2.25%, 2/1/32

      1,090        1,061     
 

2.55%, 12/1/33

      3,455        3,399     
 

6.25%, 3/29/41

      175        242     
 

5.55%, 8/15/41

      168        219     
 

5.15%, 3/15/42

      55        68     
 

4.80%, 6/15/44

      32        38     
 

4.85%, 7/15/45

      45        55     
 

4.75%, 5/15/46

      120        144     
 

5.15%, 11/15/46

      978        1,238     
 

4.50%, 3/9/48

      574        661     
 

5.15%, 2/15/50

      170        214     
 

3.65%, 6/1/51

      691        704     
 

3.30%, 2/1/52

      309        299     
 

3.80%, 12/1/57

      2,618        2,674     
 

3.85%, 6/1/60

      148        153     
 

T-Mobile U.S.A., Inc.,

         
 

3.75%, 4/15/27

      3,000        3,305     
 

3.88%, 4/15/30

      1,000        1,104     
 

4.50%, 4/15/50

      2,000        2,332     
 

Verizon Communications, Inc.,

         
 

4.13%, 3/16/27

      458        520     
 

3.00%, 3/22/27

      210        225     
 

4.33%, 9/21/28

      1,692        1,945     
 

4.02%, 12/3/29

      1,305        1,479     
 

3.15%, 3/22/30

      1,065        1,139     
 

1.68%, 10/30/30

      432        411     
 

4.52%, 9/15/48

      2,000        2,454     
        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

      
 

CORPORATE BONDS - 22.0%    continued

 

Wireless Telecommunications Services – 1.0%     continued

 

2.99%, 10/30/56

      $1,757        $1,622    
 

3.70%, 3/22/61

      1,000        1,056    
 

 

          31,292    

 

 

Total Corporate Bonds

        

 

 

(Cost $639,667)

         684,320    
         
 

FOREIGN ISSUER BONDS – 7.2%

        
 

Advertising & Marketing – 0.0%

        
 

WPP Finance 2010,

        
 

3.75%, 9/19/24

      150        163    
 

 

 

Auto Parts Manufacturing – 0.0%

        
 

Aptiv PLC,

        
 

4.25%, 1/15/26

      1,000        1,114    
 

 

 

Banks – 0.5%

        
 

Cooperatieve Rabobank U.A.,

        
 

3.95%, 11/9/22

      250        260    
 

4.63%, 12/1/23

      1,000        1,084    
 

3.38%, 5/21/25

      500        542    
 

5.75%, 12/1/43

      250        350    
 

Credit Suisse A.G.,

        
 

3.63%, 9/9/24

      384        414    
 

1.25%, 8/7/26

      366        361    
 

Deutsche Bank A.G.,

        
 

(Variable, U.S. SOFR + 2.58%),
3.96%, 11/26/25 (3)

      2,000        2,163    
 

Lloyds Banking Group PLC,

        
 

(Variable, ICE LIBOR USD 3M + 0.81%),
2.91%, 11/7/23 (3)

      105        108    
 

4.58%, 12/10/25

      2,095        2,338    
 

4.34%, 1/9/48

      500        589    
 

National Australia Bank Ltd.,

        
 

3.00%, 1/20/23

      1,000        1,035    
 

3.38%, 1/14/26

      1,000        1,094    
 

Santander UK PLC,

        
 

4.00%, 3/13/24

      250        270    
 

Sumitomo Mitsui Banking Corp.,

        
 

3.00%, 1/18/23

      210        217    
 

3.65%, 7/23/25

      500        546    
 

Svenska Handelsbanken AB,

        
 

3.90%, 11/20/23

      250        269    
 

Westpac Banking Corp.,

        
 

2.85%, 5/13/26

      1,000        1,076    
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    72    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
 

FOREIGN ISSUER BONDS - 7.2%     continued

 

 

Banks – 0.5%    continued

         
 

2.70%, 8/19/26

      $1,000        $1,072     
 

3.35%, 3/8/27

      500        549     
 

 

  
          14,337     
 

 

  
 

Cable & Satellite – 0.0%

         
 

Grupo Televisa S.A.B.,

 

      
 

6.63%, 1/15/40

      570        791     
 

 

  
 

Casinos & Gaming – 0.0%

         
 

Sands China Ltd.,

         
 

5.40%, 8/8/28

      1,000        1,104     
 

 

  
 

Chemicals – 0.1%

         
 

LYB International Finance B.V.,

 

      
 

4.00%, 7/15/23

      105        111     
 

5.25%, 7/15/43

      565        728     
 

LyondellBasell Industries N.V.,

 

      
 

4.63%, 2/26/55

      35        42     
 

Nutrien Ltd.,

         
 

3.15%, 10/1/22

      200        204     
 

3.00%, 4/1/25

      180        191     
 

5.88%, 12/1/36

      50        67     
 

5.63%, 12/1/40

      250        338     
 

6.13%, 1/15/41

      100        142     
 

 

  
          1,823     
 

 

  
 

Commercial Finance – 0.0%

         
 

AerCap Ireland Capital DAC/AerCap

         
 

Global Aviation Trust,

         
 

3.50%, 1/15/25

      389        409     
 

 

  
 

Design, Manufacturing & Distribution – 0.0%

 

 

Flex Ltd.,

         
 

5.00%, 2/15/23

      572        606     
 

 

  
 

Diversified Banks – 1.1%

         
 

Banco Santander S.A.,

         
 

3.31%, 6/27/29

      1,600        1,730     
 

Bank of Montreal,

         
 

2.55%, 11/6/22

      160        164     
 

3.30%, 2/5/24

      140        149     
 

Bank of Nova Scotia (The),

         
 

2.70%, 8/3/26

      1,000        1,061     
 

Barclays PLC,

         
 

3.68%, 1/10/23

      250        252     
 

(Variable, ICE LIBOR USD 3M +

         
 

1.36%), 4.34%, 5/16/24 (3)

      800        847     
 

(Variable, ICE LIBOR USD 3M +

         
 

1.61%), 3.93%, 5/7/25 (3)

      705        757     
        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
 

FOREIGN ISSUER BONDS - 7.2%     continued

 

 

Diversified Banks – 1.1%    continued

         
 

4.38%, 1/12/26

      $155        $173     
 

5.20%, 5/12/26

      345        394     
 

4.34%, 1/10/28

      200        224     
 

5.25%, 8/17/45

      730        976     
 

BNP Paribas S.A.,

         
 

3.25%, 3/3/23

      250        260     
 

HSBC Holdings PLC,

         
 

(Variable, ICE LIBOR USD 3M +

         
 

1.21%), 3.80%, 3/11/25 (3)

      2,000        2,133     
 

(Variable, U.S. SOFR + 1.40%),

         
 

2.63%, 11/7/25 (3)

      2,000        2,086     
 

4.30%, 3/8/26

      2,000        2,227     
 

6.50%, 9/15/37

      300        416     
 

6.80%, 6/1/38

      1,150        1,638     
 

Mitsubishi UFJ Financial Group, Inc.,

 

   
 

2.19%, 2/25/25

      2,500        2,586     
 

3.29%, 7/25/27

      750        819     
 

3.74%, 3/7/29

      1,500        1,672     
 

Mizuho Financial Group, Inc.,

         
 

(Variable, ICE LIBOR USD 3M +

 

   
 

1.00%), 3.92%, 9/11/24 (3)

      3,000        3,186     
 

(Variable, ICE LIBOR USD 3M +

         
 

1.07%), 2.59%, 5/25/31 (3)

      1,000        1,011     
 

Natwest Group PLC,

         
 

(Variable, ICE LIBOR USD 3M +

         
 

1.55%), 4.52%, 6/25/24 (3)

      500        532     
 

(Variable, ICE LIBOR USD 3M +

         
 

1.76%), 4.27%, 3/22/25 (3)

      250        270     
 

(Variable, ICE LIBOR USD 3M +

         
 

1.75%), 4.89%, 5/18/29 (3)

      2,000        2,329     
 

Royal Bank of Canada,

         
 

3.70%, 10/5/23

      500        532     
 

4.65%, 1/27/26

      600        681     
 

Sumitomo Mitsui Financial Group, Inc.,

 

   
 

2.70%, 7/16/24

      2,000        2,101     
 

3.54%, 1/17/28

      1,250        1,368     
 

2.13%, 7/8/30

      1,000        985     
 

Toronto-Dominion Bank (The),

 

   
 

3.25%, 3/11/24

      500        531     
 

 

  
          34,090     
 

 

  
 

Electrical Equipment Manufacturing – 0.0%

 

 

Johnson Controls International PLC,

 

   
 

4.63%, 7/2/44

      105        128     
 

5.13%, 9/14/45

      35        46     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    73    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND  continued

 

   

 

    

 

        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
 

FOREIGN ISSUER BONDS - 7.2%     continued

 

 

Electrical Equipment Manufacturing – 0.0%    continued

 

   
 

4.95%, 7/2/64

      $110        $145     
 

Tyco Electronics Group S.A.,

         
 

7.13%, 10/1/37

      50        75     
 

 

  
          394     
 

 

  
 

Exploration & Production – 0.1%

         
 

Burlington Resources LLC,

         
 

7.20%, 8/15/31

      320        454     
 

Canadian Natural Resources Ltd.,

         
 

3.85%, 6/1/27

      1,695        1,854     
 

7.20%, 1/15/32

      15        20     
 

6.45%, 6/30/33

      135        177     
 

6.75%, 2/1/39

      200        278     
 

 

  
          2,783     
 

 

  
 

Financial Services – 0.2%

         
 

Brookfield Finance, Inc.,

         
 

4.35%, 4/15/30

      2,000        2,310     
 

Credit Suisse Group A.G.,

         
 

4.55%, 4/17/26

      1,740        1,955     
 

4.88%, 5/15/45

      500        626     
 

GE Capital International Funding Co.

         
 

Unlimited Co.,

         
 

3.37%, 11/15/25

      205        222     
 

4.42%, 11/15/35

      1,000        1,200     
 

Invesco Finance PLC,

         
 

4.00%, 1/30/24

      100        107     
 

3.75%, 1/15/26

      1,000        1,098     
 

 

  
          7,518     
 

 

  
 

Food & Beverage – 0.0%

         
 

Coca-Cola Femsa S.A.B. de C.V.,

         
 

5.25%, 11/26/43

      150        197     
 

Diageo Capital PLC,

         
 

3.88%, 4/29/43

      175        205     
 

 

  
          402     
 

 

  
 

Government Agencies – 0.1%

         
 

FMS Wertmanagement,

         
 

2.75%, 3/6/23

      1,500        1,553     
 

 

  
 

Government Development Banks – 0.7%

 

 

Export Development Canada,

         
 

2.75%, 3/15/23

      1,000        1,036     
 

Export-Import Bank of Korea,

         
 

2.63%, 5/26/26

      1,000        1,063     
        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

        
 

FOREIGN ISSUER BONDS - 7.2%     continued

 

 

Government Development Banks – 0.7%     continued

 

 

Japan Bank for International

        
 

Cooperation,

        
 

2.38%, 11/16/22

      $1,000        $1,023    
 

2.50%, 5/23/24

      2,000        2,099    
 

2.75%, 11/16/27

      1,699        1,834    
 

3.50%, 10/31/28

      301        341    
 

1.88%, 4/15/31

      750        761    
 

Korea Development Bank (The),

        
 

3.38%, 3/12/23

      300        312    
 

Kreditanstalt fuer Wiederaufbau,

        
 

2.00%, 10/4/22

      250        255    
 

2.13%, 1/17/23

      1,000        1,025    
 

2.63%, 2/28/24

      1,000        1,052    
 

1.38%, 8/5/24

      3,000        3,069    
 

0.38%, 7/18/25

      1,500        1,478    
 

2.88%, 4/3/28

      1,215        1,334    
 

0.00%, 4/18/36 (9)

      500        380    
 

Landwirtschaftliche Rentenbank,

        
 

2.00%, 1/13/25

      1,000        1,043    
 

2.38%, 6/10/25

      1,000        1,058    
 

Svensk Exportkredit AB,

        
 

0.75%, 4/6/23

      2,000        2,013    
 

 

  
          21,176    
 

 

  
 

Government Regional – 0.4%

        
 

Province of Alberta Canada,

        
 

3.35%, 11/1/23

      2,000        2,121    
 

Province of British Columbia Canada,

        
 

2.00%, 10/23/22

      300        306    
 

7.25%, 9/1/36

      175        288    
 

Province of Ontario Canada,

        
 

3.40%, 10/17/23

      2,000        2,121    
 

3.20%, 5/16/24

      4,000        4,275    
 

2.50%, 4/27/26

      260        277    
 

2.00%, 10/2/29

      240        247    
 

Province of Quebec Canada,

        
 

2.63%, 2/13/23

      875        903    
 

7.50%, 7/15/23

      300        337    
 

7.13%, 2/9/24

      100        115    
 

2.50%, 4/9/24

      91        95    
 

2.88%, 10/16/24

      250        267    
 

7.50%, 9/15/29

      375        535    
 

 

  
          11,887    
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    74    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
 

FOREIGN ISSUER BONDS - 7.2%     continued

 

 

Integrated Oils – 0.4%

         
 

BP Capital Markets America, Inc.,

         
 

3.38%, 2/8/61

      $500        $497     
 

BP Capital Markets PLC,

         
 

3.99%, 9/26/23

      30        32     
 

3.28%, 9/19/27

      385        422     
 

Cenovus Energy, Inc.,

         
 

4.40%, 4/15/29

      85        95     
 

Equinor ASA,

         
 

2.45%, 1/17/23

      280        288     
 

7.75%, 6/15/23

      350        393     
 

3.25%, 11/10/24

      125        134     
 

3.13%, 4/6/30

      2,000        2,176     
 

2.38%, 5/22/30

      370        380     
 

4.25%, 11/23/41

      350        422     
 

Shell International Finance B.V.,

         
 

2.25%, 1/6/23

      345        354     
 

2.88%, 5/10/26

      100        108     
 

2.50%, 9/12/26

      1,335        1,416     
 

2.38%, 11/7/29

      25        26     
 

4.13%, 5/11/35

      1,010        1,191     
 

3.63%, 8/21/42

      430        478     
 

4.55%, 8/12/43

      60        75     
 

4.38%, 5/11/45

      390        479     
 

3.75%, 9/12/46

      230        262     
 

3.13%, 11/7/49

      290        300     
 

Suncor Energy, Inc.,

         
 

7.15%, 2/1/32

      200        276     
 

5.95%, 12/1/34

      50        65     
 

5.95%, 5/15/35

      430        559     
 

6.80%, 5/15/38

      130        184     
 

TotalEnergies Capital International S.A.,

         
 

3.70%, 1/15/24

      415        445     
 

3.75%, 4/10/24

      330        356     
 

2.83%, 1/10/30

      2,000        2,133     
 

 

  
          13,546     
 

 

  
 

Internet Media – 0.0%

         
 

Baidu, Inc.,

         
 

3.50%, 11/28/22

      200        206     
 

 

  
 

Life Insurance – 0.0%

         
 

AXA S.A.,

         
 

8.60%, 12/15/30

      75        113     
 

 

  
        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
 

FOREIGN ISSUER BONDS - 7.2%    continued

 

   
 

Machinery Manufacturing – 0.0%

         
 

Trane Technologies Luxembourg
Finance S.A.,

         
 

3.50%, 3/21/26

      $250        $272     
 

4.65%, 11/1/44

      35        44     
 

 

  
          316     
 

 

  
 

Medical Equipment & Devices Manufacturing – 0.1%

 

 

DH Europe Finance II S.a.r.l.,

         
 

2.60%, 11/15/29

      2,000        2,086     
 

Koninklijke Philips N.V.,

         
 

6.88%, 3/11/38

      225        336     
 

5.00%, 3/15/42

      100        130     
 

 

  
          2,552     
 

 

  
 

Metals & Mining – 0.1%

         
 

BHP Billiton Finance U.S.A. Ltd.,

         
 

4.13%, 2/24/42

      600        711     
 

Rio Tinto Alcan, Inc.,

         
 

6.13%, 12/15/33

      100        139     
 

5.75%, 6/1/35

      100        137     
 

Rio Tinto Finance U.S.A. PLC,

         
 

4.75%, 3/22/42

      150        192     
 

4.13%, 8/21/42

      300        361     
 

 

  
          1,540     
 

 

  
 

Pharmaceuticals – 0.1%

         
 

AstraZeneca PLC,

         
 

3.13%, 6/12/27

      100        109     
 

1.38%, 8/6/30

      1,000        951     
 

6.45%, 9/15/37

      450        667     
 

4.00%, 9/18/42

      250        297     
 

Sanofi,

         
 

3.63%, 6/19/28

      250        284     
 

Shire Acquisitions Investments Ireland
DAC,

         
 

3.20%, 9/23/26

      225        243     
 

Takeda Pharmaceutical Co. Ltd.,

         
 

4.40%, 11/26/23

      300        323     
 

3.18%, 7/9/50

      204        207     
 

 

  
          3,081     
 

 

  
 

Pipeline – 0.1%

         
 

Enbridge, Inc.,

         
 

4.50%, 6/10/44

      40        46     
 

TransCanada PipeLines Ltd.,

         
 

5.85%, 3/15/36

      200        261     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    75    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND  continued

 

   

 

    

 

        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
  FOREIGN ISSUER BONDS - 7.2%    continued

 

 

Pipeline – 0.1%    continued

         
 

6.20%, 10/15/37

      $445        $607     
 

4.75%, 5/15/38

      1,003        1,194     
 

6.10%, 6/1/40

      375        509     
 

 

  
          2,617     
 

 

  
 

Property & Casualty Insurance – 0.1%

         
 

Aon PLC,

         
 

3.50%, 6/14/24

      500        534     
 

Arch Capital Group Ltd.,

         
 

3.64%, 6/30/50

      500        545     
 

Aspen Insurance Holdings Ltd.,

         
 

4.65%, 11/15/23

      270        292     
 

Fairfax Financial Holdings Ltd.,

         
 

4.85%, 4/17/28

      250        285     
 

XLIT Ltd.,

         
 

4.45%, 3/31/25

      210        233     
 

5.25%, 12/15/43

      250        343     
 

 

  
          2,232     
 

 

  
 

Railroad – 0.0%

         
 

Canadian National Railway Co.,

         
 

2.75%, 3/1/26

      250        266     
 

6.90%, 7/15/28

      25        33     
 

6.25%, 8/1/34

      15        21     
 

6.20%, 6/1/36

      40        56     
 

6.38%, 11/15/37

      20        29     
 

Canadian Pacific Railway Co.,

         
 

5.95%, 5/15/37

      710        974     
 

 

  
          1,379     
 

 

  
 

Real Estate – 0.0%

         
 

National Retail Properties, Inc.,

         
 

3.00%, 4/15/52

      500        473     
 

 

  
 

Retail - Consumer Discretionary – 0.1%

 

 

Alibaba Group Holding Ltd.,

         
 

3.40%, 12/6/27

      335        359     
 

4.40%, 12/6/57

      2,000        2,299     
 

Amazon.com, Inc.,

         
 

3.10%, 5/12/51

      1,000        1,045     
 

 

  
          3,703     
 

 

  
 

Semiconductors – 0.1%

         
 

Broadcom Corp./Broadcom Cayman
Finance Ltd.,

         
 

3.88%, 1/15/27

      2,090        2,297     
        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
 

FOREIGN ISSUER BONDS - 7.2%    continued

 

 

Semiconductors – 0.1%    continued

         
 

NXP B.V./NXP Funding LLC/NXP

         
 

U.S.A., Inc.,

         
 

3.40%, 5/1/30 (4)

      $2,000        $2,171     
 

 

  
          4,468     
 

 

  
 

Software & Services – 0.0%

         
 

Thomson Reuters Corp.,

         
 

5.50%, 8/15/35

      150        194     
 

5.65%, 11/23/43

      285        388     
 

 

  
          582     
 

 

  
 

Sovereigns – 1.1%

         
 

Canada Government International
Bond,

         
 

2.00%, 11/15/22

      500        510     
 

Chile Government International
Bond,

         
 

3.13%, 1/21/26

      500        534     
 

3.50%, 1/25/50

      210        210     
 

3.10%, 1/22/61

      500        450     
 

Hungary Government International
Bond,

         
 

5.75%, 11/22/23

      2,000        2,210     
 

5.38%, 3/25/24

      390        433     
 

Indonesia Government International
Bond,

         
 

3.50%, 1/11/28

      500        542     
 

5.35%, 2/11/49

      1,000        1,287     
 

Israel Government International
Bond,

         
 

4.50%, 1/30/43

      200        250     
 

3.88%, 7/3/50

      1,500        1,709     
 

Korea International Bond,

         
 

3.88%, 9/11/23

      200        213     
 

2.75%, 1/19/27

      200        214     
 

3.50%, 9/20/28

      500        560     
 

Mexico Government International
Bond,

         
 

4.00%, 10/2/23

      30        32     
 

3.25%, 4/16/30

      1,964        2,011     
 

2.66%, 5/24/31

      1,036        999     
 

7.50%, 4/8/33

      100        140     
 

6.75%, 9/27/34

      750        986     
 

6.05%, 1/11/40

      820        1,003     
 

4.75%, 3/8/44

      1,000        1,064     
 

5.55%, 1/21/45

      500        585     
 

4.60%, 1/23/46

      500        518     
 

4.35%, 1/15/47

      500        501     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    76    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		        
 

FOREIGN ISSUER BONDS - 7.2%    continued

 

 

Sovereigns – 1.1%    continued

        
 

Panama Government International Bond,

        
 

4.00%, 9/22/24

      $575        $616    
 

3.75%, 3/16/25

      500        537    
 

3.88%, 3/17/28

      500        543    
 

6.70%, 1/26/36

      550        731    
 

4.50%, 5/15/47

      250        273    
 

4.50%, 4/1/56

      1,000        1,088    
 

Peruvian Government International Bond,

        
 

7.35%, 7/21/25

      500        604    
 

6.55%, 3/14/37

      500        674    
 

5.63%, 11/18/50

      600        812    
 

Philippine Government International Bond,

        
 

4.20%, 1/21/24

      1,000        1,072    
 

10.63%, 3/16/25

      500        658    
 

5.50%, 3/30/26

      200        234    
 

7.75%, 1/14/31

      500        720    
 

6.38%, 10/23/34

      500        690    
 

5.00%, 1/13/37

      500        616    
 

3.70%, 2/2/42

      500        529    
 

Republic of Italy Government International Bond,

        
 

2.88%, 10/17/29

      2,000        2,069    
 

5.38%, 6/15/33

      175        220    
 

Republic of Poland Government International Bond,

        
 

3.00%, 3/17/23

      1,000        1,037    
 

4.00%, 1/22/24

      150        162    
 

Uruguay Government International Bond,

        
 

7.63%, 3/21/36

      250        373    
 

4.13%, 11/20/45

      400        466    
 

5.10%, 6/18/50

      750        953    
 

 

  
          32,638    
 

 

  
 

Supermarkets & Pharmacies – 0.0%

 

 

Koninklijke Ahold Delhaize N.V.,

        
 

5.70%, 10/1/40

      116        159    
 

 

  
 

Supranationals – 1.5%

 

 

African Development Bank,

        
 

3.00%, 9/20/23

      750        789    
 

Asian Development Bank,

        
 

2.50%, 11/2/27

      500        538    
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		        
 

FOREIGN ISSUER BONDS - 7.2%    continued

 

  
 

Supranationals – 1.5%    continued

 

  
 

1.88%, 1/24/30

      $5,000        $5,151    
 

Asian Infrastructure Investment Bank (The),

        
 

0.50%, 5/28/25

      2,000        1,984    
 

European Bank for Reconstruction & Development,

        
 

2.75%, 3/7/23

      500        518    
 

European Investment Bank,

        
 

2.50%, 3/15/23

      2,500        2,582    
 

0.25%, 9/15/23

      2,000        1,998    
 

3.25%, 1/29/24

      250        266    
 

2.63%, 3/15/24

      2,000        2,105    
 

2.25%, 6/24/24

      2,000        2,093    
 

2.50%, 10/15/24

      1,000        1,058    
 

2.13%, 4/13/26

      1,500        1,579    
 

4.88%, 2/15/36

      200        275    
 

Inter-American Development Bank,

        
 

2.50%, 1/18/23

      5,000        5,149    
 

3.00%, 2/21/24

      150        159    
 

2.13%, 1/15/25

      500        524    
 

2.00%, 6/2/26

      803        839    
 

1.13%, 7/20/28

      197        194    
 

3.13%, 9/18/28

      1,000        1,116    
 

3.88%, 10/28/41

      200        254    
 

International Bank for Reconstruction & Development,

        
 

2.50%, 11/25/24

      600        635    
 

2.13%, 3/3/25

      700        734    
 

0.63%, 4/22/25

      3,000        2,990    
 

0.38%, 7/28/25

      5,000        4,925    
 

2.50%, 7/29/25

      500        532    
 

0.50%, 10/28/25

      3,000        2,960    
 

4.75%, 2/15/35

      25        33    
 

International Finance Corp.,

        
 

2.88%, 7/31/23

      2,000        2,094    
 

Nordic Investment Bank,

        
 

2.25%, 5/21/24

      1,000        1,046    
 

 

  
          45,120    
 

 

  
 

Wireless Telecommunications Services – 0.2%

 

 

America Movil S.A.B. de C.V.,

        
 

6.13%, 11/15/37

      505        690    
 

Orange S.A.,

        
 

9.00%, 3/1/31

      610        950    
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    77    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

FOREIGN ISSUER BONDS - 7.2%    continued

 

 

Wireless Telecommunications Services – 0.2%    continued

 

 

Rogers Communications, Inc.,

         
 

3.00%, 3/15/23

      $80        $82     
 

3.63%, 12/15/25

      1,000        1,090     
 

4.50%, 3/15/43

      45        52     
 

5.45%, 10/1/43

      85        110     
 

5.00%, 3/15/44

      45        55     
 

Vodafone Group PLC,

         
 

4.13%, 5/30/25

      895        990     
 

7.88%, 2/15/30

      15        21     
 

6.15%, 2/27/37

      1,065        1,457     
 

4.38%, 2/19/43

      95        110     
 

5.25%, 5/30/48

      135        175     
 

 

  
          5,782     
 

 

  
 

Wireline Telecommunications Services – 0.1%

 

 

Bell Telephone Co. of Canada or Bell Canada (The),

         
 

4.46%, 4/1/48

      500        608     
 

British Telecommunications PLC,

         
 

9.63%, 12/15/30

      100        153     
 

Deutsche Telekom International Finance B.V.,

         
 

8.75%, 6/15/30

      400        596     
 

Telefonica Emisiones S.A.,

         
 

4.10%, 3/8/27

      1,010        1,135     
 

5.21%, 3/8/47

      320        400     
 

5.52%, 3/1/49

      500        654     
 

 

  
                    3,546           
   

Total Foreign Issuer Bonds

                           
 

(Cost $213,376)

         224,203     
          
 

U.S. GOVERNMENT AGENCIES – 30.0% (10)

 

      
 

Fannie Mae – 13.6%

         
 

0.25%, 5/22/23

      3,000        3,001     
 

0.25%, 7/10/23

      1,000        1,000     
 

2.88%, 9/12/23

      1,500        1,576     
 

0.25%, 11/27/23

      4,000        3,995     
 

1.75%, 7/2/24

      2,000        2,070     
 

2.63%, 9/6/24

      1,000        1,063     
 

0.50%, 6/17/25

      4,000        3,976     
 

2.13%, 4/24/26

      1,000        1,053     
 

7.13%, 1/15/30

      1,500        2,154     
 

6.63%, 11/15/30

      200        286     
 

5.63%, 7/15/37

      500        746     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Fannie Mae-Aces, Series 2012-M17,
Class A2,
2.18%, 11/25/22

      $80        $82     
 

Fannie Mae-Aces, Series 2012-M2,
Class A2,
2.72%, 2/25/22

      30        30     
 

Fannie Mae-Aces, Series 2012-M4,
Class 1A2,
2.98%, 4/25/22

      11        11     
 

Fannie Mae-Aces, Series 2012-M5,
Class A2,
2.72%, 2/25/22

      18        18     
 

Fannie Mae-Aces, Series 2012-M9,
Class A2,
2.48%, 4/25/22

      34        35     
 

Fannie Mae-Aces, Series 2013-M14,
Class A2,
3.33%, 10/25/23

      132        139     
 

Fannie Mae-Aces, Series 2013-M6,
Class 2A,
2.62%, 3/25/23(1) (2)

      64        66     
 

Fannie Mae-Aces, Series 2013-M9,
Class A2,
2.39%, 1/25/23

      56        57     
 

Fannie Mae-Aces, Series 2014-M13,
Class A2,
3.02%, 8/25/24

      69        73     
 

Fannie Mae-Aces, Series 2014-M3,
Class A2,
3.50%, 1/25/24

      180        191     
 

Fannie Mae-Aces, Series 2014-M9,
Class A2,
3.10%, 7/25/24

      87        92     
 

Fannie Mae-Aces, Series 2015-M1,
Class A2,
2.53%, 9/25/24

      135        141     
 

Fannie Mae-Aces, Series 2015-M11,
Class A2,
2.92%, 4/25/25(1) (2)

      500        531     
 

Fannie Mae-Aces, Series 2015-M3,
Class A2,
2.72%, 10/25/24

      224        235     
 

Fannie Mae-Aces, Series 2016-M3,
Class A2,
2.70%, 2/25/26

      98        104     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    78    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)  

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%     continued

 

 

Fannie Mae-Aces, Series 2016-M4,
Class A2,
2.58%, 3/25/26

      $100        $106     
 

Fannie Mae-Aces, Series 2016-M5,
Class A2,
2.47%, 4/25/26

      250        262     
 

Fannie Mae-Aces, Series 2016-M7,
Class AV2,
2.16%, 10/25/23

      178        182     
 

Fannie Mae-Aces, Series 2016-M9,
Class A2,
2.29%, 6/25/26

      100        104     
 

Fannie Mae-Aces, Series 2017-M1,
Class A2,
2.50%, 10/25/26(1) (2)

      88        92     
 

Fannie Mae-Aces, Series 2017-M11,
Class A2,
2.98%, 8/25/29

      125        137     
 

Fannie Mae-Aces, Series 2017-M14,
Class A2,
2.96%, 11/25/27(1) (2)

      250        270     
 

Fannie Mae-Aces, Series 2017-M2,
Class A2,
2.89%, 2/25/27(1) (2)

      95        102     
 

Fannie Mae-Aces, Series 2017-M4,
Class A2,
2.64%, 12/25/26(1) (2)

      136        145     
 

Fannie Mae-Aces, Series 2017-M5,
Class A2,
3.22%, 4/25/29(1) (2)

      118        130     
 

Fannie Mae-Aces, Series 2017-M8,
Class A2,
3.06%, 5/25/27

      300        326     
 

Fannie Mae-Aces, Series 2018-M1,
Class A2,
3.08%, 12/25/27(1) (2)

      230        250     
 

Fannie Mae-Aces, Series 2018-M10,
Class A2,
3.48%, 7/25/28(1) (2)

      200        223     
 

Fannie Mae-Aces, Series 2018-M12,
Class A2,
3.77%, 8/25/30(1) (2)

      110        127     
 

Fannie Mae-Aces, Series 2018-M13,
Class A2,
3.82%, 9/25/30(1) (2)

      200        232     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%     continued

 

 

Fannie Mae-Aces, Series 2018-M14,
Class A2,
3.70%, 8/25/28(1) (2)

      $700        $791     
 

Fannie Mae-Aces, Series 2018-M2,
Class A2,
3.00%, 1/25/28(1) (2)

      125        136     
 

Fannie Mae-Aces, Series 2018-M3,
Class A2,
3.19%, 2/25/30(1) (2)

      100        111     
 

Fannie Mae-Aces, Series 2018-M4,
Class A2,
3.16%, 3/25/28(1) (2)

      94        102     
 

Fannie Mae-Aces, Series 2018-M8,
Class A2,
3.44%, 6/25/28(1) (2)

      100        111     
 

Fannie Mae-Aces, Series 2019-M1,
Class A2,
3.67%, 9/25/28(1) (2)

      650        736     
 

Fannie Mae-Aces, Series 2019-M18,
Class A2,
2.47%, 8/25/29

      200        212     
 

Fannie Mae-Aces, Series 2019-M4,
Class A2,
3.61%, 2/25/31

      150        173     
 

Fannie Mae-Aces, Series 2019-M7,
Class A2,
3.14%, 4/25/29

      200        221     
 

Fannie Mae-Aces, Series 2019-M9,
Class A2,
2.94%, 6/25/29

      200        219     
 

Fannie Mae-Aces, Series 2020-M1,
Class A2,
2.44%, 10/25/29

      150        159     
 

Fannie Mae-Aces, Series 2020-M20,
Class A2,
1.44%, 10/25/29

      500        493     
 

Fannie Mae-Aces, Series 2020-M29,
Class A2,
1.49%, 5/25/30

      500        491     
 

Fannie Mae-Aces, Series 2020-M42,
Class A2,
1.27%, 7/25/30

      200        194     
 

Fannie Mae-Aces, Series 2020-M46,
Class A2,
1.32%, 5/25/30

      500        490     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    79    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

  

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Fannie Mae-Aces, Series 2020-M52,
Class A2,
1.36%, 10/25/30(1) (2)

    $ 350      $ 341     
 

Fannie Mae-Aces, Series 2021-M11,
Class A2,
1.51%, 3/25/31(1) (2)

      200        195     
 

Pool #256792,
6.50%, 6/1/22

      1        1     
 

Pool #256925,
6.00%, 10/1/37

      9        11     
 

Pool #256959,
6.00%, 11/1/37

      54        63     
 

Pool #257042,
6.50%, 1/1/38

      112        131     
 

Pool #257106,
4.50%, 1/1/28

      2        2     
 

Pool #257237,
4.50%, 6/1/28

      12        13     
 

Pool #707791,
5.00%, 6/1/33

      55        63     
 

Pool #725425,
5.50%, 4/1/34

      23        27     
 

Pool #730811,
4.50%, 8/1/33

      43        47     
 

Pool #735222,
5.00%, 2/1/35

      13        15     
 

Pool #735358,
5.50%, 2/1/35

      58        68     
 

Pool #735502,
6.00%, 4/1/35

      8        10     
 

Pool #737853,
5.00%, 9/1/33

      127        143     
 

Pool #745336,
5.00%, 3/1/36

      274        313     
 

Pool #745418,
5.50%, 4/1/36

      20        23     
 

Pool #745754,
5.00%, 9/1/34

      176        200     
 

Pool #745826,
6.00%, 7/1/36

      76        90     
 

Pool #747383,
5.50%, 10/1/33

      55        62     
 

Pool #755632,
5.00%, 4/1/34

      45        51     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #772730,
5.00%, 4/1/34

    $ 49      $ 56     
 

Pool #790406,
6.00%, 9/1/34

      32        38     
 

Pool #793666,
5.50%, 9/1/34

      27        30     
 

Pool #796250,
5.50%, 11/1/34

      29        33     
 

Pool #800471,
5.50%, 10/1/34

      131        152     
 

Pool #817795,
6.00%, 8/1/36

      14        16     
 

Pool #826057,
5.00%, 7/1/35

      35        40     
 

Pool #826585,
5.00%, 8/1/35

      64        72     
 

Pool #828523,
5.00%, 7/1/35

      26        30     
 

Pool #831676,
6.50%, 8/1/36

      8        9     
 

Pool #833067,
5.50%, 9/1/35

      102        118     
 

Pool #833163,
5.00%, 9/1/35

      41        46     
 

Pool #845425,
6.00%, 2/1/36

      25        30     
 

Pool #868435,
6.00%, 4/1/36

      72        84     
 

Pool #869710,
6.00%, 4/1/36

      29        34     
 

Pool #871135,
6.00%, 1/1/37

      18        21     
 

Pool #881818,
6.50%, 8/1/36

      12        14     
 

Pool #885769,
6.00%, 6/1/36

      3        3     
 

Pool #885866,
6.00%, 6/1/36

      68        79     
 

Pool #888100,
5.50%, 9/1/36

      95        110     
 

Pool #888205,
6.50%, 2/1/37

      21        25     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    80    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)  

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #889224,
5.50%, 1/1/37

      $106        $123     
 

Pool #889390,
6.00%, 3/1/23

      1        1     
 

Pool #889401,
6.00%, 3/1/38

      46        54     
 

Pool #889415,
6.00%, 5/1/37

      212        250     
 

Pool #889579,
6.00%, 5/1/38

      100        119     
 

Pool #889630,
6.50%, 3/1/38

      13        14     
 

Pool #889970,
5.00%, 12/1/36

      76        87     
 

Pool #890234,
6.00%, 10/1/38

      53        63     
 

Pool #890329,
4.00%, 4/1/26

      334        355     
 

Pool #890796,
3.50%, 12/1/45

      1,522        1,639     
 

Pool #893363,
5.00%, 6/1/36

      19        22     
 

Pool #893366,
5.00%, 4/1/35

      33        37     
 

Pool #898417,
6.00%, 10/1/36

      15        18     
 

Pool #899079,
5.00%, 3/1/37

      22        25     
 

Pool #902414,
5.50%, 11/1/36

      64        74     
 

Pool #906090,
5.50%, 1/1/37

      70        80     
 

Pool #910147,
5.00%, 3/1/22(11)

     —        —     
 

Pool #918515,
5.00%, 6/1/37

      43        48     
 

Pool #923123,
5.00%, 4/1/36

      9        10     
 

Pool #923166,
7.50%, 1/1/37

      5        6     
 

Pool #928261,
4.50%, 3/1/36

      46        51     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #928584,
6.50%, 8/1/37

      $187        $222     
 

Pool #928909,
6.00%, 12/1/37(12)

     —        1     
 

Pool #928915,
6.00%, 11/1/37

      5        6     
 

Pool #930606,
4.00%, 2/1/39

      221        243     
 

Pool #931195,
4.50%, 5/1/24

      26        27     
 

Pool #932023,
5.00%, 1/1/38

      39        44     
 

Pool #932741,
4.50%, 4/1/40

      166        186     
 

Pool #934466,
5.50%, 9/1/23

      12        12     
 

Pool #940623,
5.50%, 8/1/37

      11        13     
 

Pool #943388,
6.00%, 6/1/37

      84        99     
 

Pool #943617,
6.00%, 8/1/37

      39        45     
 

Pool #945876,
5.50%, 8/1/37

      5        5     
 

Pool #947216,
6.00%, 10/1/37

      30        36     
 

Pool #949391,
5.50%, 8/1/22(11)

     —        —     
 

Pool #953018,
6.50%, 10/1/37

      40        46     
 

Pool #953910,
6.00%, 11/1/37

      22        27     
 

Pool #955771,
6.50%, 10/1/37

      17        19     
 

Pool #959604,
6.50%, 11/1/37

      7        8     
 

Pool #959880,
5.50%, 11/1/37

      14        16     
 

Pool #962687,
5.00%, 4/1/38

      54        61     
 

Pool #963735,
4.50%, 6/1/23

      12        12     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    81    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #965389,

         
 

6.00%, 10/1/23

      $10        $10     
 

Pool #968037,

         
 

6.00%, 1/1/38

      25        28     
 

Pool #969632,

         
 

6.50%, 1/1/38

      17        19     
 

Pool #970013,

         
 

4.50%, 6/1/38

      72        78     
 

Pool #972452,

         
 

5.50%, 3/1/38

      70        82     
 

Pool #975365,

         
 

5.00%, 6/1/23

      5        5     
 

Pool #976963,

         
 

5.50%, 2/1/38

      591        682     
 

Pool #981704,

         
 

5.00%, 6/1/23

      15        16     
 

Pool #981854,

         
 

5.50%, 7/1/38

      30        35     
 

Pool #984075,

         
 

4.50%, 6/1/23

      4        4     
 

Pool #986760,

         
 

5.50%, 7/1/38

      169        198     
 

Pool #992472,

         
 

6.00%, 10/1/38

      9        10     
 

Pool #992491,

         
 

4.50%, 10/1/23

      7        7     
 

Pool #995018,

         
 

5.50%, 6/1/38

      33        38     
 

Pool #995203,

         
 

5.00%, 7/1/35

      229        261     
 

Pool #995266,

         
 

5.00%, 12/1/23

      31        32     
 

Pool #995879,

         
 

6.00%, 4/1/39

      44        52     
 

Pool #AA0649,

         
 

5.00%, 12/1/38

      151        173     
 

Pool #AA2939,

         
 

4.50%, 4/1/39

      291        328     
 

Pool #AA4482,

         
 

4.00%, 4/1/39

      200        221     
 

Pool #AA4562,

         
 

4.50%, 9/1/39

      276        311     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

   
 

Pool #AA8978,

         
 

4.50%, 7/1/39

      $51        $56     
 

Pool #AA9357,

         
 

4.50%, 8/1/39

      178        199     
 

Pool #AB1048,

         
 

4.50%, 5/1/40

      236        263     
 

Pool #AB2067,

         
 

3.50%, 1/1/41

      414        452     
 

Pool #AB2092,

         
 

4.00%, 1/1/41

      244        270     
 

Pool #AB2272,

         
 

4.50%, 2/1/41

      311        349     
 

Pool #AB2693,

         
 

4.50%, 4/1/41

      208        233     
 

Pool #AB2768,

         
 

4.50%, 4/1/41

      234        262     
 

Pool #AB3035,

         
 

5.00%, 5/1/41

      391        447     
 

Pool #AB3246,

         
 

5.00%, 7/1/41

      69        79     
 

Pool #AB4057,

         
 

4.00%, 12/1/41

      784        867     
 

Pool #AB4293,

         
 

3.50%, 1/1/42

      430        467     
 

Pool #AB5049,

         
 

4.00%, 4/1/42

      603        662     
 

Pool #AB6016,

         
 

3.50%, 8/1/42

      281        304     
 

Pool #AB6293,

         
 

3.50%, 9/1/27

      506        543     
 

Pool #AB6472,

         
 

2.00%, 10/1/27

      226        234     
 

Pool #AB7076,

         
 

3.00%, 11/1/42

      1,332        1,422     
 

Pool #AB7503,

         
 

3.00%, 1/1/43

      489        519     
 

Pool #AB7733,

         
 

3.00%, 1/1/43

      1,016        1,084     
 

Pool #AB8787,

         
 

2.00%, 3/1/28

      493        509     
 

Pool #AB9019,

         
 

3.00%, 4/1/43

      521        558     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    82    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

        

PRINCIPAL
AMOUNT

(000S)

      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #AB9136,

         
 

2.50%, 4/1/43

      $58        $61     
 

Pool #AB9363,

         
 

3.50%, 5/1/43

      1,317        1,434     
 

Pool #AB9990,

         
 

3.00%, 7/1/33

      123        131     
 

Pool #AC2947,

         
 

5.50%, 9/1/39

      331        373     
 

Pool #AC2969,

         
 

5.00%, 9/1/39

      955        1,092     
 

Pool #AC3263,

         
 

4.50%, 9/1/29

      75        83     
 

Pool #AC3312,

         
 

4.50%, 10/1/39

      396        439     
 

Pool #AC4861,

         
 

4.50%, 11/1/24

      53        55     
 

Pool #AC5040,

         
 

4.00%, 10/1/24

      34        36     
 

Pool #AC6118,

         
 

4.50%, 11/1/39

      106        118     
 

Pool #AC6742,

         
 

4.50%, 1/1/40

      478        536     
 

Pool #AC8518,

         
 

5.00%, 12/1/39

      160        182     
 

Pool #AC9581,

         
 

5.50%, 1/1/40

      438        507     
 

Pool #AD0119,

         
 

6.00%, 7/1/38

      128        152     
 

Pool #AD0585,

         
 

4.50%, 12/1/39

      269        305     
 

Pool #AD0639,

         
 

6.00%, 12/1/38

      50        59     
 

Pool #AD0969,

         
 

5.50%, 8/1/37

      168        195     
 

Pool #AD5241,

         
 

4.50%, 7/1/40

      126        141     
 

Pool #AD5525,

         
 

5.00%, 6/1/40

      176        201     
 

Pool #AD5556,

         
 

4.00%, 6/1/25

      36        38     
 

Pool #AD7859,

         
 

5.00%, 6/1/40

      94        107     
        

PRINCIPAL
AMOUNT

(000S)

      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #AE0949,

         
 

4.00%, 2/1/41

      $421        $464     
 

Pool #AE0971,

         
 

4.00%, 5/1/25

      21        23     
 

Pool #AE0981,

         
 

3.50%, 3/1/41

      313        338     
 

Pool #AE1807,

         
 

4.00%, 10/1/40

      484        534     
 

Pool #AE3873,

         
 

4.50%, 10/1/40

      105        118     
 

Pool #AE5436,

         
 

4.50%, 10/1/40

      123        138     
 

Pool #AE7758,

         
 

3.50%, 11/1/25

      56        59     
 

Pool #AH0525,

         
 

4.00%, 12/1/40

      424        467     
 

Pool #AH1295,

         
 

3.50%, 1/1/26

      111        119     
 

Pool #AH3226,

         
 

5.00%, 2/1/41

      47        53     
 

Pool #AH4158,

         
 

4.00%, 1/1/41

      83        92     
 

Pool #AH4450,

         
 

3.00%, 1/1/26

      56        58     
 

Pool #AH5573,

         
 

4.00%, 2/1/41

      454        502     
 

Pool #AH5614,

         
 

3.50%, 2/1/26

      115        123     
 

Pool #AH8854,

         
 

4.50%, 4/1/41

      138        153     
 

Pool #AI1247,

         
 

4.00%, 4/1/26

      52        56     
 

Pool #AI3470,

         
 

4.50%, 6/1/41

      153        169     
 

Pool #AI4361,

         
 

(Floating, ICE LIBOR USD 1Y + 1.80%, 1.80% Floor, 8.15% Cap), 2.18%, 9/1/41(2)

     5        5     
 

Pool #AI4380,

         
 

(Floating, ICE LIBOR USD 1Y + 1.80%, 1.80% Floor, 7.93% Cap), 2.18%, 11/1/41(2)

     6        6     
 

Pool #AI5603,

         
 

4.50%, 7/1/41

      109        122     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    83    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #AI7743,

         
 

4.00%, 8/1/41

      $64        $70     
 

Pool #AI9137,

         
 

2.50%, 11/1/27

      688        721     
 

Pool #AI9555,

         
 

4.00%, 9/1/41

      229        253     
 

Pool #AI9828,

         
 

(Floating, ICE LIBOR USD 1Y + 1.82%, 1.82% Floor, 7.91% Cap), 2.25%, 11/1/41(2)

      4        4     
 

Pool #AJ4093,

         
 

3.50%, 10/1/26

      29        31     
 

Pool #AJ4408,

         
 

4.50%, 10/1/41

      92        103     
 

Pool #AJ6086,

         
 

3.00%, 12/1/26

      91        96     
 

Pool #AJ9152,

         
 

3.50%, 12/1/26

      388        415     
 

Pool #AJ9218,

         
 

4.00%, 2/1/42

      391        432     
 

Pool #AJ9326,

         
 

3.50%, 1/1/42

      752        826     
 

Pool #AJ9355,

         
 

3.00%, 1/1/27

      211        222     
 

Pool #AK4813,

         
 

3.50%, 3/1/42

      241        261     
 

Pool #AK4945,

         
 

3.50%, 2/1/42

      211        229     
 

Pool #AK7766,

         
 

2.50%, 3/1/27

      254        266     
 

Pool #AK9444,

         
 

4.00%, 3/1/42

      48        53     
 

Pool #AL0442,

         
 

5.50%, 6/1/40

      52        60     
 

Pool #AL0766,

         
 

4.00%, 9/1/41

      641        711     
 

Pool #AL1449,

         
 

4.00%, 1/1/42

      667        735     
 

Pool #AL1849,

         
 

6.00%, 2/1/39

      211        249     
 

Pool #AL1939,

         
 

3.50%, 6/1/42

      679        741     
 

Pool #AL2243,

         
 

4.00%, 3/1/42

      529        582     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #AL2303,

         
 

4.50%, 6/1/26

      $41        $43     
 

Pool #AL2326,

         
 

4.50%, 4/1/42

      1,221        1,370     
 

Pool #AL2397,

         
 

(Floating, ICE LIBOR USD 1Y + 1.75%, 1.75% Floor, 7.71% Cap), 2.01%, 8/1/42(2)

     18        19     
 

Pool #AL2438,

         
 

3.00%, 9/1/27

      573        608     
 

Pool #AL2893,

         
 

3.50%, 12/1/42

      1,918        2,108     
 

Pool #AL3396,

         
 

2.50%, 3/1/28

      257        270     
 

Pool #AL3803,

         
 

3.00%, 6/1/28

      431        455     
 

Pool #AL4408,

         
 

4.50%, 11/1/43

      740        831     
 

Pool #AL4462,

         
 

2.50%, 6/1/28

      446        467     
 

Pool #AL4908,

         
 

4.00%, 2/1/44

      566        627     
 

Pool #AL5167,

         
 

3.50%, 1/1/34

      143        155     
 

Pool #AL5254,

         
 

3.00%, 11/1/27

      305        321     
 

Pool #AL5377,

         
 

4.00%, 6/1/44

      1,606        1,787     
 

Pool #AL5734,

         
 

3.50%, 9/1/29

      427        459     
 

Pool #AL5785,

         
 

4.00%, 9/1/44

      929        1,037     
 

Pool #AL6488,

         
 

3.50%, 8/1/43

      361        394     
 

Pool #AL7807,

         
 

3.00%, 11/1/30

      1,388        1,475     
 

Pool #AL8469,

         
 

3.50%, 4/1/31

      242        262     
 

Pool #AL8908,

         
 

3.00%, 8/1/46

      509        547     
 

Pool #AL8951,

         
 

3.00%, 8/1/46

      432        463     
 

Pool #AL9582,

         
 

3.00%, 12/1/31

      627        665     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    84    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #AO0752,

         
 

3.00%, 4/1/42

      $292        $312     
 

Pool #AO0800,

         
 

3.00%, 4/1/27

      206        217     
 

Pool #AO2973,

         
 

3.50%, 5/1/42

      941        1,042     
 

Pool #AO4136,

         
 

3.50%, 6/1/42

      399        432     
 

Pool #AO7970,

         
 

2.50%, 6/1/27

      144        151     
 

Pool #AO8031,

         
 

3.50%, 7/1/42

      1,234        1,344     
 

Pool #AO8629,

         
 

3.50%, 7/1/42

      172        187     
 

Pool #AP6273,

         
 

3.00%, 10/1/42

      360        384     
 

Pool #AQ6784,

         
 

3.50%, 12/1/42

      435        473     
 

Pool #AQ8185,

         
 

2.50%, 1/1/28

      93        97     
 

Pool #AQ8647,

         
 

3.50%, 12/1/42

      588        637     
 

Pool #AR1706,

         
 

2.50%, 1/1/28

      1,520        1,591     
 

Pool #AR3054,

         
 

3.00%, 1/1/28

      351        373     
 

Pool #AR3792,

         
 

3.00%, 2/1/43

      312        333     
 

Pool #AR8151,

         
 

3.00%, 3/1/43

      653        697     
 

Pool #AR9188,

         
 

2.50%, 3/1/43

      91        95     
 

Pool #AR9582,

         
 

3.00%, 3/1/43

      258        279     
 

Pool #AS0018,

         
 

3.00%, 7/1/43

      1,244        1,328     
 

Pool #AS0275,

         
 

3.00%, 8/1/33

      165        176     
 

Pool #AS3294,

         
 

4.00%, 9/1/44

      644        706     
 

Pool #AS3600,

         
 

3.00%, 10/1/29

      815        865     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #AS3657,

         
 

4.50%, 10/1/44

      $394        $432     
 

Pool #AS4085,

         
 

4.00%, 12/1/44

      282        312     
 

Pool #AS4306,

         
 

3.00%, 1/1/45

      368        388     
 

Pool #AS4458,

         
 

3.50%, 2/1/45

      1,657        1,785     
 

Pool #AS4715,

         
 

3.00%, 4/1/45

      511        545     
 

Pool #AS5090,

         
 

2.50%, 6/1/30

      201        211     
 

Pool #AS5324,

         
 

2.50%, 7/1/30

      374        391     
 

Pool #AS5500,

         
 

3.00%, 7/1/35

      173        184     
 

Pool #AS5666,

         
 

4.00%, 8/1/45

      433        473     
 

Pool #AS5892,

         
 

3.50%, 10/1/45

      471        506     
 

Pool #AS6192,

         
 

3.50%, 11/1/45

      1,291        1,388     
 

Pool #AS6262,

         
 

3.50%, 11/1/45

      590        634     
 

Pool #AS6332,

         
 

3.50%, 12/1/45

      686        738     
 

Pool #AS6398,

         
 

3.50%, 12/1/45

      477        513     
 

Pool #AS6730,

         
 

3.50%, 2/1/46

      738        792     
 

Pool #AS6887,

         
 

2.50%, 3/1/31

      405        426     
 

Pool #AS7149,

         
 

3.00%, 5/1/46

      837        903     
 

Pool #AS7157,

         
 

3.00%, 5/1/46

      308        326     
 

Pool #AS7247,

         
 

4.00%, 5/1/46

      180        195     
 

Pool #AS7343,

         
 

3.00%, 6/1/46

      311        329     
 

Pool #AS7480,

         
 

2.00%, 7/1/31

      105        108     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    85    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #AS7580,

         
 

3.00%, 7/1/46

      $374        $395     
 

Pool #AS8067,

         
 

3.00%, 10/1/46

      811        869     
 

Pool #AS8074,

         
 

3.00%, 10/1/46

      289        305     
 

Pool #AS8178,

         
 

3.00%, 10/1/36

      105        111     
 

Pool #AS8194,

         
 

2.50%, 10/1/31

      1,424        1,498     
 

Pool #AS8424,

         
 

3.00%, 12/1/36

      169        179     
 

Pool #AS8483,

         
 

3.00%, 12/1/46

      524        556     
 

Pool #AS8591,

         
 

2.00%, 1/1/32

      224        232     
 

Pool #AS8614,

         
 

3.50%, 1/1/32

      163        176     
 

Pool #AS8699,

         
 

4.00%, 1/1/47

      1,089        1,176     
 

Pool #AS8787,

         
 

2.00%, 2/1/32

      126        130     
 

Pool #AS8960,

         
 

4.00%, 3/1/47

      334        365     
 

Pool #AS9505,

         
 

3.00%, 4/1/32

      386        408     
 

Pool #AS9615,

         
 

4.50%, 5/1/47

      314        342     
 

Pool #AT0666,

         
 

3.50%, 4/1/43

      336        367     
 

Pool #AT2720,

         
 

3.00%, 5/1/43

      695        747     
 

Pool #AT3164,

         
 

3.00%, 4/1/43

      1,077        1,150     
 

Pool #AT3180,

         
 

3.00%, 5/1/43

      1,337        1,428     
 

Pool #AT5026,

         
 

3.00%, 5/1/43

      1,174        1,254     
 

Pool #AU1657,

         
 

2.50%, 7/1/28

      240        252     
 

Pool #AU1689,

         
 

3.50%, 8/1/43

      1,551        1,695     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #AU1808,

         
 

3.00%, 8/1/43

      $1,041        $1,111     
 

Pool #AU3164,

         
 

3.00%, 8/1/33

      160        171     
 

Pool #AU5918,

         
 

3.00%, 9/1/43

      840        895     
 

Pool #AU5919,

         
 

3.50%, 9/1/43

      551        600     
 

Pool #AV0691,

         
 

4.00%, 12/1/43

      1,186        1,313     
 

Pool #AV2339,

         
 

4.00%, 12/1/43

      262        290     
 

Pool #AW8167,

         
 

3.50%, 2/1/42

      251        271     
 

Pool #AW8595,

         
 

3.00%, 8/1/29

      194        206     
 

Pool #AX2163,

         
 

3.50%, 11/1/44

      311        336     
 

Pool #AX4413,

         
 

4.00%, 11/1/44

      482        531     
 

Pool #AX4839,

         
 

3.50%, 11/1/44

      487        525     
 

Pool #AX6139,

         
 

4.00%, 11/1/44

      834        920     
 

Pool #AY0544,

         
 

2.50%, 8/1/27

      550        575     
 

Pool #AY3062,

         
 

3.00%, 11/1/26

      197        208     
 

Pool #AY9555,

         
 

3.00%, 5/1/45

      479        504     
 

Pool #AZ1449,

         
 

3.00%, 7/1/45

      314        330     
 

Pool #AZ2936,

         
 

3.00%, 9/1/45

      227        239     
 

Pool #AZ2947,

         
 

4.00%, 9/1/45

      502        552     
 

Pool #AZ4775,

         
 

3.50%, 10/1/45

      316        340     
 

Pool #AZ6684,

         
 

3.00%, 2/1/31

      493        523     
 

Pool #BA2911,

         
 

3.00%, 11/1/30

      185        195     

 

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    86    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #BC0326,

         
 

3.50%, 12/1/45

      $235        $253     
 

Pool #BC0822,

         
 

3.50%, 4/1/46

      1,982        2,129     
 

Pool #BC1105,

         
 

3.50%, 2/1/46

      868        933     
 

Pool #BC1510,

         
 

3.00%, 8/1/46

      306        323     
 

Pool #BC9096,

         
 

3.50%, 12/1/46

      402        430     
 

Pool #BE3171,

         
 

2.50%, 2/1/32

      427        448     
 

Pool #BH1130,

         
 

3.50%, 4/1/32

      311        333     
 

Pool #BH5784,

         
 

3.00%, 11/1/32

      1,577        1,682     
 

Pool #BH7032,

         
 

3.50%, 12/1/47

      204        217     
 

Pool #BH7106,

         
 

3.50%, 1/1/48

      412        436     
 

Pool #BH9215,

         
 

3.50%, 1/1/48

      781        829     
 

Pool #BJ0648,

         
 

3.50%, 3/1/48

      452        480     
 

Pool #BJ9181,

         
 

5.00%, 5/1/48

      437        483     
 

Pool #BJ9260,

         
 

4.00%, 4/1/48

      360        387     
 

Pool #BJ9977,

         
 

4.00%, 5/1/48

      262        285     
 

Pool #BK0276,

         
 

4.00%, 9/1/48

      130        140     
 

Pool #BK0920,

         
 

4.00%, 7/1/48

      659        706     
 

Pool #BK0922,

         
 

4.50%, 7/1/48

      126        137     
 

Pool #BK3044,

         
 

2.50%, 9/1/50

      608        628     
 

Pool #BK4740,

         
 

4.00%, 8/1/48

      207        222     
 

Pool #BK4764,

         
 

4.00%, 8/1/48

      192        206     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #BK4816,

         
 

4.00%, 9/1/48

      $324        $347     
 

Pool #BM1687,

         
 

4.00%, 1/1/47

      1,455        1,584     
 

Pool #BM1787,

         
 

4.00%, 9/1/47

      952        1,047     
 

Pool #BM2001,

         
 

3.50%, 12/1/46

      123        132     
 

Pool #BM3286,

         
 

4.50%, 11/1/47

      84        93     
 

Pool #BM4151,

         
 

2.50%, 6/1/32

      1,354        1,416     
 

Pool #BM5288,

         
 

3.50%, 1/1/34

      242        258     
 

Pool #BM5466,

         
 

2.50%, 10/1/43

      486        506     
 

Pool #BM5804,

         
 

5.00%, 1/1/49

      534        586     
 

Pool #BN1176,

         
 

4.50%, 11/1/48

      201        218     
 

Pool #BN1628,

         
 

4.50%, 11/1/48

      144        156     
 

Pool #BN5947,

         
 

3.50%, 6/1/49

      250        267     
 

Pool #BN6097,

         
 

4.00%, 6/1/49

      1,242        1,330     
 

Pool #BN6683,

         
 

3.50%, 6/1/49

      420        444     
 

Pool #BN8985,

         
 

2.00%, 3/1/51

      393        396     
 

Pool #BN9007,

         
 

2.00%, 3/1/51

      2,590        2,607     
 

Pool #BO1012,

         
 

3.50%, 8/1/49

      204        216     
 

Pool #BO1021,

         
 

3.50%, 8/1/49

      206        218     
 

Pool #BO1169,

         
 

3.50%, 7/1/49

      119        126     
 

Pool #BO1444,

         
 

3.00%, 10/1/49

      295        311     
 

Pool #BO1461,

         
 

3.00%, 10/1/49

      174        184     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    87    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #BO3181,

         
 

2.50%, 10/1/49

      $619        $639     
 

Pool #BO4708,

         
 

3.00%, 11/1/49

      567        594     
 

Pool #BO8620,

         
 

3.00%, 12/1/49

      609        640     
 

Pool #BP4660,

         
 

2.50%, 5/1/50

      199        205     
 

Pool #BP6496,

         
 

2.00%, 7/1/35

      996        1,026     
 

Pool #BP6626,

         
 

2.00%, 8/1/50

      1,027        1,031     
 

Pool #BP6683,

         
 

2.50%, 9/1/50

      764        788     
 

Pool #BP7273,

         
 

2.50%, 8/1/50

      437        451     
 

Pool #BP7585,

         
 

2.00%, 9/1/50

      3,446        3,458     
 

Pool #BQ0202,

         
 

2.50%, 8/1/50

      643        667     
 

Pool #BQ1147,

         
 

2.50%, 10/1/50

      854        886     
 

Pool #BQ1351,

         
 

2.50%, 8/1/50

      727        753     
 

Pool #BQ4077,

         
 

2.00%, 12/1/50

      984        994     
 

Pool #BQ4966,

         
 

2.00%, 10/1/35

      1,326        1,367     
 

Pool #BQ5056,

         
 

2.00%, 10/1/50

      380        383     
 

Pool #BQ5979,

         
 

2.00%, 11/1/50

      1,779        1,788     
 

Pool #BR4450,

         
 

1.50%, 2/1/36

      937        949     
 

Pool #BR6042,

         
 

2.00%, 2/1/51

      2,206        2,214     
 

Pool #BR9755,

         
 

2.00%, 4/1/51

      1,678        1,700     
 

Pool #BR9761,

         
 

2.00%, 4/1/51

      1,268        1,272     
 

Pool #BT1034,

         
 

2.00%, 7/1/51

      2,167        2,174     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

 

Fannie Mae – 13.6%    continued

 

 

Pool #BT4528,

         
 

9/1/51(13)

     $11,320        $11,916     
 

Pool #BT9031,

         
 

2.00%, 8/1/41

      997        1,014     
 

Pool #CA0110,

         
 

3.50%, 8/1/47

      396        419     
 

Pool #CA0619,

         
 

4.00%, 10/1/47

      117        126     
 

Pool #CA0620,

         
 

4.00%, 10/1/47

      1,463        1,573     
 

Pool #CA0656,

         
 

3.50%, 11/1/47

      1,015        1,095     
 

Pool #CA0859,

         
 

3.50%, 12/1/47

      802        852     
 

Pool #CA0917,

         
 

3.50%, 12/1/47

      603        651     
 

Pool #CA1370,

         
 

4.00%, 3/1/48

      365        397     
 

Pool #CA1378,

         
 

4.00%, 3/1/48

      306        329     
 

Pool #CA1564,

         
 

4.50%, 4/1/48

      145        157     
 

Pool #CA1711,

         
 

4.50%, 5/1/48

      415        450     
 

Pool #CA1902,

         
 

4.50%, 6/1/48

      479        524     
 

Pool #CA1909,

         
 

4.50%, 6/1/48

      208        225     
 

Pool #CA1951,

         
 

4.00%, 7/1/48

      221        237     
 

Pool #CA1952,

         
 

4.50%, 6/1/48

      116        126     
 

Pool #CA2056,

         
 

4.50%, 7/1/48

      136        147     
 

Pool #CA2200,

         
 

4.50%, 8/1/48

      1,309        1,445     
 

Pool #CA2208,

         
 

4.50%, 8/1/48

      142        154     
 

Pool #CA2256,

         
 

3.50%, 8/1/33

      232        249     
 

Pool #CA2366,

         
 

3.50%, 9/1/48

      145        154     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    88    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Fannie Mae – 13.6%    continued         
 

Pool #CA2375,

         
 

4.00%, 9/1/48

      $602        $644     
 

Pool #CA2559,

         
 

4.00%, 11/1/33

      289        308     
 

Pool #CA2616,

         
 

3.50%, 11/1/48

      980        1,065     
 

Pool #CA2729,

         
 

4.50%, 11/1/48

      662        714     
 

Pool #CA3640,

         
 

4.00%, 6/1/49

      547        591     
 

Pool #CA4029,

         
 

4.00%, 8/1/49

      1,476        1,582     
 

Pool #CA4143,

         
 

3.00%, 9/1/49

      5,301        5,592     
 

Pool #CA4420,

         
 

3.00%, 10/1/49

      539        573     
 

Pool #CA4792,

         
 

3.00%, 12/1/49

      342        359     
 

Pool #CA5020,

         
 

3.50%, 1/1/50

      820        868     
 

Pool #CA5452,

         
 

3.00%, 3/1/50

      1,095        1,149     
 

Pool #CA5508,

         
 

3.00%, 4/1/50

      1,353        1,416     
 

Pool #CA6072,

         
 

2.50%, 6/1/50

      538        555     
 

Pool #CA6074,

         
 

2.50%, 6/1/50

      768        792     
 

Pool #CA6144,

         
 

2.50%, 6/1/50

      833        860     
 

Pool #CA6290,

         
 

3.00%, 7/1/50

      665        703     
 

Pool #CA6305,

         
 

2.50%, 7/1/50

      1,466        1,513     
 

Pool #CA6339,

         
 

2.50%, 7/1/50

      1,450        1,496     
 

Pool #CA6346,

         
 

2.50%, 7/1/50

      767        793     
 

Pool #CA6563,

         
 

2.50%, 8/1/35

      716        747     
 

Pool #CA6601,

         
 

2.50%, 8/1/50

      612        631     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Fannie Mae – 13.6%    continued         
 

Pool #CA6951,

         
 

2.50%, 9/1/50

      $518        $536     
 

Pool #CA6962,

         
 

2.50%, 9/1/50

      768        794     
 

Pool #CA6986,

         
 

2.00%, 9/1/50

      2,602        2,621     
 

Pool #CA7019,

         
 

2.00%, 9/1/50

      1,503        1,508     
 

Pool #CA7216,

         
 

2.00%, 10/1/50

      3,051        3,072     
 

Pool #CA7232,

         
 

2.50%, 10/1/50

      1,621        1,673     
 

Pool #CA7600,

         
 

2.50%, 11/1/50

      1,619        1,671     
 

Pool #CA7697,

         
 

1.50%, 11/1/50

      3,898        3,790     
 

Pool #CA7736,

         
 

2.50%, 11/1/50

      1,674        1,727     
 

Pool #CA8043,

         
 

2.50%, 12/1/50

      929        962     
 

Pool #CA9143,

         
 

2.00%, 2/1/36

      1,133        1,174     
 

Pool #CA9355,

         
 

2.00%, 3/1/41

      576        584     
 

Pool #CA9418,

         
 

1.50%, 3/1/36

      663        672     
 

Pool #CB0325,

         
 

2.00%, 4/1/51

      1,861        1,867     
 

Pool #FM1496,

         
 

3.50%, 9/1/49

      3,340        3,533     
 

Pool #FM1708,

         
 

3.00%, 12/1/45

      333        357     
 

Pool #FM1742,

         
 

3.00%, 10/1/49

      340        361     
 

Pool #FM1938,

         
 

4.50%, 9/1/49

      730        790     
 

Pool #FM2305,

         
 

3.50%, 2/1/50

      945        1,014     
 

Pool #FM2715,

         
 

3.00%, 3/1/50

      225        238     
 

Pool #FM2778,

         
 

3.00%, 3/1/50

      1,443        1,532     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    89    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Fannie Mae – 13.6%    continued         
 

Pool #FM2963,

         
 

3.00%, 2/1/50

      $6,220        $6,612     
 

Pool #FM3125,

         
 

3.50%, 3/1/50

      1,490        1,585     
 

Pool #FM3225,

         
 

3.00%, 5/1/50

      822        878     
 

Pool #FM3610,

         
 

4.00%, 6/1/50

      610        654     
 

Pool #FM3747,

         
 

2.50%, 8/1/50

      1,265        1,310     
 

Pool #FM3969,

         
 

2.50%, 8/1/43

      482        502     
 

Pool #FM4055,

         
 

2.50%, 8/1/50

      8,455        8,755     
 

Pool #FM4149,

         
 

3.00%, 9/1/50

      4,440        4,721     
 

Pool #FM4193,

         
 

2.50%, 9/1/50

      869        901     
 

Pool #FM4476,

         
 

2.00%, 10/1/50

      2,031        2,045     
 

Pool #FM4544,

         
 

2.00%, 10/1/50

      1,121        1,125     
 

Pool #FM4598,

         
 

2.00%, 11/1/40

      265        268     
 

Pool #FM4633,

         
 

2.00%, 10/1/50

      1,107        1,119     
 

Pool #FM4734,

         
 

2.00%, 11/1/35

      1,354        1,400     
 

Pool #FM4762,

         
 

2.00%, 11/1/50

      1,663        1,688     
 

Pool #FM4799,

         
 

2.00%, 11/1/50

      893        900     
 

Pool #FM4868,

         
 

2.00%, 11/1/50

      1,571        1,587     
 

Pool #FM4934,

         
 

2.00%, 11/1/35

      891        924     
 

Pool #FM4951,

         
 

1.50%, 11/1/35

      728        738     
 

Pool #FM5026,

         
 

2.00%, 12/1/50

      1,504        1,517     
 

Pool #FM5087,

         
 

2.00%, 12/1/50

      695        698     
        PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Fannie Mae – 13.6%    continued        
 

Pool #FM5210,

        
 

2.00%, 12/1/50

     $2,774        $2,821     
 

Pool #FM5534,

        
 

2.00%, 1/1/41

     375        380     
 

Pool #FM5570,

        
 

2.00%, 1/1/36

     2,191        2,275     
 

Pool #FM5580,

        
 

1.50%, 1/1/36

     909        921     
 

Pool #FM5849,

        
 

2.00%, 12/1/50

     1,065        1,074     
 

Pool #FM6055,

        
 

2.00%, 2/1/51

     2,343        2,352     
 

Pool #FM6099,

        
 

2.00%, 2/1/51

     2,325        2,333     
 

Pool #FM6338,

        
 

2.00%, 2/1/51

     1,514        1,520     
 

Pool #FM6496,

        
 

2.00%, 2/1/51

     668        676     
 

Pool #FM6511,

        
 

2.00%, 3/1/36

     2,556        2,651     
 

Pool #FM6550,

        
 

2.00%, 3/1/51

     463        468     
 

Pool #FM6943,

        
 

2.00%, 4/1/51

     1,550        1,569     
 

Pool #FM6964,

        
 

2.00%, 5/1/51

     1,260        1,275     
 

Pool #FM6991,

        
 

2.00%, 4/1/51

     1,841        1,854     
 

Pool #FM7078,

        
 

2.00%, 4/1/51

     1,473        1,495     
 

Pool #FM7080,

        
 

2.00%, 4/1/51

     783        792     
 

Pool #FM7360,

        
 

2.00%, 5/1/41

     487        497     
 

Pool #FM7411,

        
 

2.00%, 5/1/51

     3,543        3,573     
 

Pool #FM7429,

        
 

1.50%, 5/1/36

     2,038        2,066     
 

Pool #FM7622,

        
 

2.00%, 5/1/51

     982        995     
 

Pool #FM8146,

        
 

2.00%, 7/1/36

     1,969        2,040     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    90    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Fannie Mae – 13.6%    continued

 

 

Pool #FM8848,

         
 

9/1/41(13)

     $996        $1,047     
 

Pool #MA0361,

         
 

4.00%, 3/1/30

      68        73     
 

Pool #MA0667,

         
 

4.00%, 3/1/31

      189        205     
 

Pool #MA0706,

         
 

4.50%, 4/1/31

      224        245     
 

Pool #MA0711,

         
 

3.50%, 4/1/31

      119        126     
 

Pool #MA0804,

         
 

4.00%, 7/1/31

      130        142     
 

Pool #MA0976,

         
 

3.50%, 2/1/32

      262        278     
 

Pool #MA1107,

         
 

3.50%, 7/1/32

      346        370     
 

Pool #MA1138,

         
 

3.50%, 8/1/32

      192        206     
 

Pool #MA1141,

         
 

3.00%, 8/1/32

      92        98     
 

Pool #MA1200,

         
 

3.00%, 10/1/32

      524        554     
 

Pool #MA1239,

         
 

3.50%, 11/1/32

      268        287     
 

Pool #MA1432,

         
 

3.00%, 5/1/33

      558        594     
 

Pool #MA1511,

         
 

2.50%, 7/1/33

      168        174     
 

Pool #MA1764,

         
 

4.00%, 1/1/34

      234        257     
 

Pool #MA2320,

         
 

3.00%, 7/1/35

      404        430     
 

Pool #MA2473,

         
 

3.50%, 12/1/35

      165        178     
 

Pool #MA2489,

         
 

2.50%, 12/1/30

      630        659     
 

Pool #MA2512,

         
 

4.00%, 1/1/46

      228        250     
 

Pool #MA2670,

         
 

3.00%, 7/1/46

      882        930     
 

Pool #MA2672,

         
 

3.00%, 7/1/36

      204        216     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Fannie Mae – 13.6%    continued

 

 

Pool #MA2705,

         
 

3.00%, 8/1/46

      $638        $673     
 

Pool #MA2737,

         
 

3.00%, 9/1/46

      289        306     
 

Pool #MA2738,

         
 

3.00%, 9/1/36

      297        314     
 

Pool #MA2771,

         
 

3.00%, 10/1/46

      317        336     
 

Pool #MA2775,

         
 

2.50%, 10/1/31

      211        220     
 

Pool #MA2781,

         
 

2.50%, 10/1/46

      221        230     
 

Pool #MA2804,

         
 

3.00%, 11/1/36

      392        415     
 

Pool #MA2817,

         
 

2.50%, 11/1/36

      153        158     
 

Pool #MA2841,

         
 

2.50%, 12/1/36

      65        67     
 

Pool #MA2863,

         
 

3.00%, 1/1/47

      5,095        5,385     
 

Pool #MA2895,

         
 

3.00%, 2/1/47

      307        325     
 

Pool #MA2929,

         
 

3.50%, 3/1/47

      1,333        1,422     
 

Pool #MA3028,

         
 

3.50%, 6/1/37

      302        323     
 

Pool #MA3057,

         
 

3.50%, 7/1/47

      534        569     
 

Pool #MA3058,

         
 

4.00%, 7/1/47

      207        224     
 

Pool #MA3059,

         
 

3.50%, 7/1/37

      52        56     
 

Pool #MA3073,

         
 

4.50%, 7/1/47

      459        500     
 

Pool #MA3127,

         
 

3.00%, 9/1/37

      121        128     
 

Pool #MA3150,

         
 

4.50%, 10/1/47

      263        287     
 

Pool #MA3181,

         
 

3.50%, 11/1/37

      86        91     
 

Pool #MA3182,

         
 

3.50%, 11/1/47

      646        688     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    91    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Fannie Mae – 13.6%    continued         
 

Pool #MA3184,

         
 

4.50%, 11/1/47

      $81        $88     
 

Pool #MA3185,

         
 

3.00%, 11/1/37

      138        146     
 

Pool #MA3188,

         
 

3.00%, 11/1/32

      473        500     
 

Pool #MA3211,

         
 

4.00%, 12/1/47

      134        145     
 

Pool #MA3239,

         
 

4.00%, 1/1/48

      577        624     
 

Pool #MA3276,

         
 

3.50%, 2/1/48

      536        571     
 

Pool #MA3281,

         
 

4.00%, 2/1/38

      327        352     
 

Pool #MA3334,

         
 

4.50%, 4/1/48

      444        480     
 

Pool #MA3385,

         
 

4.50%, 6/1/48

      165        179     
 

Pool #MA3412,

         
 

3.50%, 7/1/38

      149        158     
 

Pool #MA3413,

         
 

4.00%, 7/1/38

      56        60     
 

Pool #MA3443,

         
 

4.00%, 8/1/48

      142        152     
 

Pool #MA3444,

         
 

4.50%, 8/1/48

      151        163     
 

Pool #MA3467,

         
 

4.00%, 9/1/48

      135        145     
 

Pool #MA3492,

         
 

4.00%, 10/1/38

      46        49     
 

Pool #MA3547,

         
 

3.00%, 12/1/33

      280        295     
 

Pool #MA3590,

         
 

4.00%, 2/1/39

      48        52     
 

Pool #MA3685,

         
 

3.00%, 6/1/49

      217        228     
 

Pool #MA3692,

         
 

3.50%, 7/1/49

      176        186     
 

Pool #MA3695,

         
 

3.00%, 7/1/34

      103        108     
 

Pool #MA3744,

         
 

3.00%, 8/1/49

      241        252     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Fannie Mae – 13.6%    continued         
 

Pool #MA3765,

         
 

2.50%, 9/1/49

      $462        $477     
 

Pool #MA3870,

         
 

2.50%, 12/1/49

      225        232     
 

Pool #MA3871,

         
 

3.00%, 12/1/49

      237        248     
 

Pool #MA3896,

         
 

2.50%, 1/1/35

      1,497        1,562     
 

Pool #MA3898,

         
 

3.50%, 1/1/35

      575        613     
 

Pool #MA3902,

         
 

2.50%, 1/1/50

      221        229     
 

Pool #MA3934,

         
 

3.00%, 2/1/40

      165        173     
 

Pool #MA3958,

         
 

3.00%, 3/1/40

      173        181     
 

Pool #MA4013,

         
 

2.50%, 5/1/35

      322        336     
 

Pool #MA4014,

         
 

3.00%, 5/1/35

      536        566     
 

Pool #MA4016,

         
 

2.50%, 5/1/40

      555        572     
 

Pool #MA4042,

         
 

2.00%, 6/1/35

      679        700     
 

Pool #MA4053,

         
 

2.50%, 6/1/35

      1,254        1,306     
 

Pool #MA4071,

         
 

2.00%, 7/1/40

      365        368     
 

Pool #MA4072,

         
 

2.50%, 7/1/40

      334        345     
 

Pool #MA4074,

         
 

2.00%, 7/1/35

      1,034        1,066     
 

Pool #MA4076,

         
 

3.00%, 7/1/35

      1,172        1,236     
 

Pool #MA4078,

         
 

2.50%, 7/1/50

      1,813        1,871     
 

Pool #MA4093,

         
 

2.00%, 8/1/40

      196        198     
 

Pool #MA4094,

         
 

2.50%, 8/1/40

      357        369     
 

Pool #MA4096,

         
 

2.50%, 8/1/50

      1,126        1,162     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    92    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Fannie Mae – 13.6%    continued

 

 

Pool #MA4099,

         
 

2.50%, 8/1/35

      $1,234        $1,286     
 

Pool #MA4100,

         
 

2.00%, 8/1/50

      2,025        2,032     
 

Pool #MA4119,

         
 

2.00%, 9/1/50

      2,363        2,371     
 

Pool #MA4122,

         
 

1.50%, 9/1/35

      392        396     
 

Pool #MA4123,

         
 

2.00%, 9/1/35

      1,461        1,506     
 

Pool #MA4128,

         
 

2.00%, 9/1/40

      565        570     
 

Pool #MA4129,

         
 

2.50%, 9/1/40

      376        389     
 

Pool #MA4153,

         
 

2.50%, 10/1/40

      164        169     
 

Pool #MA4154,

         
 

1.50%, 10/1/35

      588        595     
 

Pool #MA4155,

         
 

2.00%, 10/1/35

      1,564        1,612     
 

Pool #MA4176,

         
 

2.00%, 11/1/40

      966        976     
 

Pool #MA4228,

         
 

1.50%, 1/1/36

      890        900     
 

Pool #MA4232,

         
 

2.00%, 1/1/41

      461        467     
 

Pool #MA4254,

         
 

1.50%, 2/1/51

      614        597     
 

Pool #MA4266,

         
 

1.50%, 2/1/41

      1,225        1,210     
 

Pool #MA4278,

         
 

1.50%, 3/1/36

      276        279     
 

Pool #MA4310,

         
 

1.50%, 4/1/41

      386        380     
 

Pool #MA4333,

         
 

2.00%, 5/1/41

      682        692     
 

Pool #MA4342,

         
 

1.50%, 5/1/41

      195        192     
 

Pool TBA,

         
   

10/1/51(13)

     42,000        42,084           
                    423,180           
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Federal Farm Credit Bank – 0.1%         
 

1.38%, 10/11/22

      $1,000        $1,013     
   

0.73%, 5/27/25

      2,000        1,997           
                    3,010           
  Federal Home Loan Bank – 0.2%         
 

1.88%, 12/9/22

      3,000        3,062     
 

1.38%, 2/17/23

      3,500        3,559     
   

5.50%, 7/15/36

      500        729           
                    7,350           
  Freddie Mac – 8.8%         
 

Federal Home Loan Mortgage Corp.,

         
 

0.38%, 5/5/23

      2,000        2,004     
 

2.75%, 6/19/23

      1,000        1,043     
 

0.25%, 6/26/23

      1,000        1,000     
 

0.25%, 8/24/23

      2,500        2,499     
 

0.25%, 12/4/23

      3,000        2,994     
 

0.38%, 9/23/25

      2,500        2,459     
 

6.75%, 3/15/31

      1,200        1,742     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K029, Class A2,

         
 

3.32%, 2/25/23(1) (2)

      250        259     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K030, Class A2,

         
 

3.25%, 4/25/23

      300        311     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K031, Class A2,

         
 

3.30%, 4/25/23

      227        236     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K032, Class A2,

         
 

3.31%, 5/25/23

      365        381     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K033, Class A2,

         
 

3.06%, 7/25/23

      350        365     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K036, Class A2,

         
 

3.53%, 10/25/23

      1,000        1,056     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K038, Class A2,

         
 

3.39%, 3/25/24

      295        314     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    93    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

   
  Freddie Mac – 8.8%     continued

 

   
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K040, Class A2,

         
 

3.24%, 9/25/24

      $300        $321     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K041, Class A2,

         
 

3.17%, 10/25/24

      300        321     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K042, Class A2,

         
 

2.67%, 12/25/24

      200        211     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K043, Class A2,

         
 

3.06%, 12/25/24

      200        214     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K046, Class A2,

         
 

3.21%, 3/25/25

      250        269     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K047, Class A2,

         
 

3.33%, 5/25/25

      500        541     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K051, Class A2,

         
 

3.31%, 9/25/25

      300        326     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K053, Class A2,

         
 

3.00%, 12/25/25

      300        323     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K054, Class A2,

         
 

2.75%, 1/25/26

      250        267     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K055, Class A2,

         
 

2.67%, 3/25/26

      500        534     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K056, Class A2,

         
 

2.53%, 5/25/26

      400        425     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

   
  Freddie Mac – 8.8%     continued

 

   
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K058, Class A2,

         
 

2.65%, 8/25/26

      $250        $268     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K059, Class A2,

         
 

3.12%, 9/25/26

      100        109     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K065, Class A2,

         
 

3.24%, 4/25/27

      350        386     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K066, Class A2,

         
 

3.12%, 6/25/27

      350        384     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K067, Class A2,

         
 

3.19%, 7/25/27

      250        275     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K068, Class A2,

         
 

3.24%, 8/25/27

      150        166     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2,

         
 

3.19%, 9/25/27

      200        220     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K070, Class A2,

         
 

3.30%, 11/25/27

      150        166     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K072, Class A2,

         
 

3.44%, 12/25/27

      150        168     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K073, Class A2,

         
 

3.35%, 1/25/28

      150        167     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K074, Class A2,

         
 

3.60%, 1/25/28

      150        170     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    94    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

   
  Freddie Mac – 8.8%    continued         
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K075, Class A2,

         
 

3.65%, 2/25/28

      $150        $170     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K076, Class A2,

         
 

3.90%, 4/25/28

      200        230     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K077, Class A2,

         
 

3.85%, 5/25/28

      200        229     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K078, Class A2,

         
 

3.85%, 6/25/28

      150        172     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K079, Class A2,

         
 

3.93%, 6/25/28

      200        231     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K080, Class A2,

         
 

3.93%, 7/25/28

      200        231     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K081, Class A2,

         
 

3.90%, 8/25/28

      200        231     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K082, Class A2,

         
 

3.92%, 9/25/28

      350        405     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K083, Class A2,

         
 

4.05%, 9/25/28

      200        233     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K086, Class A2,

         
 

3.86%, 11/25/28

      200        231     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K088, Class A2,

         
 

3.69%, 1/25/29

      100        115     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

   
  Freddie Mac – 8.8%    continued         
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K090, Class A2,

         
 

3.42%, 2/25/29

      $500        $565     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K091, Class A2,

         
 

3.51%, 3/25/29

      150        170     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K092, Class A2,

         
 

3.30%, 4/25/29

      300        336     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K093, Class A2,

         
 

2.98%, 5/25/29

      200        220     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K094, Class A2,

         
 

2.90%, 6/25/29

      300        329     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K102, Class A2,

         
 

2.54%, 10/25/29

      250        268     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K104, Class A2,

         
 

2.25%, 2/25/52

      250        262     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K105, Class A2,

         
 

1.87%, 3/25/53

      200        204     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K109, Class A2,

         
 

1.56%, 4/25/30

      500        499     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K110, Class A2,

         
 

1.48%, 4/25/30

      500        496     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K111, Class A2,

         
 

1.35%, 5/25/30

      500        490     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    95    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Freddie Mac – 8.8%    continued

 

 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K112, Class A2,

         
 

1.31%, 5/25/30

      $500        $489     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K113, Class A2,

         
 

1.34%, 6/25/30

      500        490     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K116, Class A2,

         
 

1.38%, 7/25/30

      150        147     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K117, Class A2,

         
 

1.41%, 8/25/30

      100        98     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K119, Class A2,

         
 

1.57%, 9/25/30

      250        249     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K122, Class A2,

         
 

1.52%, 11/25/30

      200        198     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K129, Class A2,

         
 

1.91%, 5/25/31

      300        307     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1510, Class A2,

         
 

3.72%, 1/25/31

      100        116     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1510, Class A3,

         
 

3.79%, 1/25/34

      100        118     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1511, Class A2,

         
 

3.47%, 3/25/31

      100        114     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1511, Class A3,

         
 

3.54%, 3/25/34

      100        115     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

   
  Freddie Mac – 8.8%    continued         
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1512, Class A2,

         
 

2.99%, 5/25/31

      $100        $110     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1512, Class A3,

         
 

3.06%, 4/25/34

      100        110     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1515, Class A2,

         
 

1.94%, 2/25/35

      100        98     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1517, Class A2,

         
 

1.72%, 7/25/35

      200        191     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1518, Class A2,

         
 

1.86%, 10/25/35

      150        146     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1519, Class A2,

         
 

2.01%, 12/25/35

      150        148     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1520, Class A2,

         
 

2.44%, 2/25/36

      150        155     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K154, Class A2,

         
 

3.42%, 4/25/32

      100        113     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K155, Class A3,

         
 

3.75%, 4/25/33

      100        117     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K157, Class A2,

         
 

3.99%, 5/25/33

      100        118     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K157, Class A3,

         
 

3.99%, 8/25/33

      100        119     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    96    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Freddie Mac – 8.8%    continued

 

 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K719, Class A2,

         
 

2.73%, 6/25/22

      $33        $34     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K722, Class A2,

         
 

2.41%, 3/25/23

      250        256     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K723, Class A2,

         
 

2.45%, 8/25/23

      244        252     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K729, Class A2,

         
 

3.14%, 10/25/24

      200        212     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K730, Class A2,

         
 

3.59%, 1/25/25

      200        215     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K731, Class A2,

         
 

3.60%, 2/25/25

      150        161     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K732, Class A2,

         
 

3.70%, 5/25/25

      400        434     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K733, Class A2,

         
 

3.75%, 8/25/25

      500        545     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K734, Class A2,

         
 

3.21%, 2/25/26

      200        216     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K735, Class A2,

         
 

2.86%, 5/25/26

      150        161     
 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K740, Class A2,

         
 

1.47%, 9/25/27

      400        404     
 

Pool #QA0127,

         
 

3.50%, 6/1/49

      969        1,033     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Freddie Mac – 8.8%    continued

 

 

Pool #QA1132,

         
 

3.50%, 7/1/49

      $366        $387     
 

Pool #QA1263,

         
 

3.50%, 7/1/49

      363        387     
 

Pool #QA1752,

         
 

3.50%, 8/1/49

      1,802        1,904     
 

Pool #QA1883,

         
 

4.00%, 8/1/49

      607        656     
 

Pool #QA3149,

         
 

3.00%, 10/1/49

      438        466     
 

Pool #QA4699,

         
 

3.00%, 11/1/49

      310        324     
 

Pool #QA8043,

         
 

3.00%, 3/1/50

      2,286        2,428     
 

Pool #QB0211,

         
 

2.50%, 6/1/50

      651        672     
 

Pool #QB2516,

         
 

2.50%, 8/1/50

      503        519     
 

Pool #QB2682,

         
 

2.50%, 8/1/50

      561        579     
 

Pool #QB2966,

         
 

2.50%, 9/1/50

      205        212     
 

Pool #QB3199,

         
 

2.00%, 9/1/50

      898        901     
 

Pool #QB4467,

         
 

2.00%, 10/1/50

      1,658        1,674     
 

Pool #QB5079,

         
 

2.00%, 11/1/50

      1,962        1,988     
 

Pool #QB5128,

         
 

2.00%, 10/1/50

      1,251        1,255     
 

Pool #QB5507,

         
 

2.00%, 11/1/50

      932        942     
 

Pool #QB6246,

         
 

2.00%, 12/1/50

      450        457     
 

Pool #QB6448,

         
 

2.00%, 12/1/50

      1,294        1,298     
 

Pool #QB8132,

         
 

2.00%, 1/1/51

      5,364        5,416     
 

Pool #QB9266,

         
 

2.00%, 3/1/51

      587        592     
 

Pool #QB9410,

         
 

2.00%, 1/1/51

      1,748        1,754     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    97    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Freddie Mac – 8.8%    continued

 

 

Pool #QC1443,

         
 

2.00%, 5/1/51

      $2,343        $2,372     
 

Pool #QC1809,

         
 

2.00%, 5/1/51

      579        581     
 

Pool #QC2062,

         
 

2.00%, 5/1/51

      891        900     
 

Pool #QC3259,

         
 

2.00%, 6/1/51

      3,375        3,425     
 

Pool #QK0622,

         
 

1.50%, 2/1/41

      663        655     
 

Pool #QN0818,

         
 

2.50%, 10/1/34

      400        417     
 

Pool #QN4614,

         
 

1.50%, 12/1/35

      300        304     
 

Pool #QN5018,

         
 

2.00%, 1/1/36

      1,657        1,720     
 

Pool #QN5065,

         
 

1.50%, 1/1/36

      923        935     
 

Pool #QN5866,

         
 

2.00%, 4/1/36

      1,066        1,108     
 

Pool #QN6394,

         
 

1.50%, 5/1/36

      2,122        2,148     
 

Pool #RA1196,

         
 

4.00%, 8/1/49

      1,561        1,670     
 

Pool #RA1343,

         
 

3.00%, 9/1/49

      3,329        3,517     
 

Pool #RA1493,

         
 

3.00%, 10/1/49

      6,075        6,457     
 

Pool #RA1501,

         
 

3.00%, 10/1/49

      220        231     
 

Pool #RA2010,

         
 

3.50%, 1/1/50

      421        445     
 

Pool #RA2117,

         
 

3.00%, 2/1/50

      448        477     
 

Pool #RA2386,

         
 

3.00%, 4/1/50

      1,155        1,226     
 

Pool #RA2457,

         
 

3.00%, 4/1/50

      721        766     
 

Pool #RA2730,

         
 

2.50%, 6/1/50

      386        401     
 

Pool #RA2790,

         
 

2.50%, 6/1/50

      638        658     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Freddie Mac – 8.8%    continued

 

 

Pool #RA2853,

         
 

2.50%, 6/1/50

      $844        $871     
 

Pool #RA2959,

         
 

2.50%, 7/1/50

      826        852     
 

Pool #RA3086,

         
 

2.50%, 7/1/50

      635        655     
 

Pool #RA3306,

         
 

2.50%, 8/1/50

      500        517     
 

Pool #RA3517,

         
 

2.00%, 9/1/50

      1,210        1,216     
 

Pool #RA3524,

         
 

2.00%, 9/1/50

      2,500        2,523     
 

Pool #RA3563,

         
 

2.00%, 9/1/50

      1,251        1,257     
 

Pool #RA3578,

         
 

2.00%, 9/1/50

      1,653        1,658     
 

Pool #RA3580,

         
 

2.00%, 9/1/50

      1,556        1,570     
 

Pool #RA3653,

         
 

1.50%, 10/1/50

      751        734     
 

Pool #RA3662,

         
 

2.50%, 10/1/50

      903        932     
 

Pool #RA3663,

         
 

2.50%, 10/1/50

      850        882     
 

Pool #RA3723,

         
 

2.00%, 10/1/50

      1,615        1,620     
 

Pool #RA3765,

         
 

2.50%, 10/1/50

      865        893     
 

Pool #RA3908,

         
 

1.50%, 11/1/50

      685        666     
 

Pool #RA4209,

         
 

1.50%, 12/1/50

      2,162        2,102     
 

Pool #RA4218,

         
 

2.50%, 12/1/50

      10,240        10,618     
 

Pool #RA5204,

         
 

2.00%, 5/1/51

      1,776        1,794     
 

Pool #RA5373,

         
 

2.00%, 6/1/51

      889        897     
 

Pool #RB0452,

         
 

2.00%, 2/1/41

      972        986     
 

Pool #RB5032,

         
 

2.50%, 2/1/40

      109        112     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    98    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Freddie Mac – 8.8%    continued

 

 

Pool #RB5033,

         
 

3.00%, 2/1/40

      $425        $445     
 

Pool #RB5043,

         
 

2.50%, 4/1/40

      200        207     
 

Pool #RB5048,

         
 

2.50%, 5/1/40

      107        111     
 

Pool #RB5059,

         
 

2.50%, 7/1/40

      135        140     
 

Pool #RB5066,

         
 

2.50%, 8/1/40

      360        372     
 

Pool #RB5072,

         
 

2.50%, 9/1/40

      375        387     
 

Pool #RB5076,

         
 

2.00%, 8/1/40

      710        716     
 

Pool #RB5078,

         
 

2.50%, 10/1/40

      242        250     
 

Pool #RB5085,

         
 

2.00%, 11/1/40

      620        628     
 

Pool #RB5090,

         
 

2.00%, 12/1/40

      726        736     
 

Pool #RB5095,

         
 

2.00%, 1/1/41

      460        465     
 

Pool #RB5100,

         
 

2.00%, 2/1/41

      373        377     
 

Pool #RB5110,

         
 

1.50%, 5/1/41

      1,364        1,347     
 

Pool #RB5111,

         
 

2.00%, 5/1/41

      584        593     
 

Pool #RB5131,

         
 

10/1/41(13)

     996        1,013     
 

Pool #RC1857,

         
 

1.50%, 2/1/36

      1,641        1,661     
 

Pool #RC1926,

         
 

1.50%, 4/1/36

      770        780     
 

Pool #RC2045,

         
 

2.00%, 6/1/36

      386        398     
 

Pool #SB0048,

         
 

3.00%, 8/1/34

      812        864     
 

Pool #SB0330,

         
 

2.00%, 5/1/35

      537        553     
 

Pool #SB0434,

         
 

2.00%, 10/1/35

      912        940     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Freddie Mac – 8.8%    continued

 

 

Pool #SB0507,

         
 

2.00%, 3/1/36

      $1,626        $1,686     
 

Pool #SB8045,

         
 

2.50%, 5/1/35

      269        281     
 

Pool #SB8046,

         
 

3.00%, 5/1/35

      517        546     
 

Pool #SB8049,

         
 

2.50%, 6/1/35

      885        925     
 

Pool #SB8052,

         
 

2.00%, 7/1/35

      694        717     
 

Pool #SB8057,

         
 

2.00%, 8/1/35

      844        870     
 

Pool #SB8058,

         
 

2.50%, 8/1/35

      1,021        1,064     
 

Pool #SB8061,

         
 

2.00%, 9/1/35

      1,485        1,531     
 

Pool #SB8062,

         
 

2.50%, 9/1/35

      695        726     
 

Pool #SB8067,

         
 

1.50%, 9/1/35

      369        373     
 

Pool #SB8068,

         
 

1.50%, 10/1/35

      398        402     
 

Pool #SB8069,

         
 

2.00%, 10/1/35

      1,173        1,209     
 

Pool #SB8073,

         
 

1.50%, 11/1/35

      509        515     
 

Pool #SB8078,

         
 

1.50%, 12/1/35

      1,048        1,059     
 

Pool #SB8083,

         
 

1.50%, 1/1/36

      606        612     
 

Pool #SB8501,

         
 

2.00%, 8/1/35

      928        963     
 

Pool #SD0163,

         
 

3.00%, 12/1/49

      891        944     
 

Pool #SD0261,

         
 

3.00%, 2/1/50

      363        383     
 

Pool #SD0262,

         
 

3.50%, 2/1/50

      588        635     
 

Pool #SD0410,

         
 

2.50%, 8/1/50

      1,663        1,720     
 

Pool #SD0414,

         
 

2.50%, 8/1/50

      326        338     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    99    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

 

Freddie Mac – 8.8%    continued

         
 

Pool #SD0467,

         
 

2.00%, 12/1/50

      $671        $678     
 

Pool #SD0537,

         
 

2.00%, 3/1/51

      3,597        3,632     
 

Pool #SD0608,

         
 

2.50%, 5/1/51

      3,903        4,097     
 

Pool #SD7512,

         
 

3.00%, 2/1/50

      717        763     
 

Pool #SD7536,

         
 

2.50%, 2/1/51

      7,495        7,814     
 

Pool #SD7537,

         
 

2.00%, 3/1/51

      3,765        3,789     
 

Pool #SD7539,

         
 

2.00%, 4/1/51

      3,766        3,814     
 

Pool #SD7541,

         
 

2.00%, 5/1/51

      2,535        2,563     
 

Pool #SD8019,

         
 

4.50%, 10/1/49

      651        704     
 

Pool #SD8023,

         
 

2.50%, 11/1/49

      420        434     
 

Pool #SD8029,

         
 

2.50%, 12/1/49

      465        480     
 

Pool #SD8037,

         
 

2.50%, 1/1/50

      467        482     
 

Pool #SD8083,

         
 

2.50%, 8/1/50

      1,023        1,056     
 

Pool #SD8090,

         
 

2.00%, 9/1/50

      2,912        2,922     
 

Pool #SD8097,

         
 

2.00%, 8/1/50

      2,586        2,595     
 

Pool #SD8104,

         
 

1.50%, 11/1/50

      4,675        4,545     
 

Pool #SD8112,

         
 

1.50%, 12/1/50

      1,388        1,349     
 

Pool #ZA1036,

         
 

4.50%, 2/1/40

      109        122     
 

Pool #ZA1159,

         
 

3.50%, 4/1/42

      298        327     
 

Pool #ZA1165,

         
 

3.50%, 4/1/42

      473        512     
 

Pool #ZA1254,

         
 

3.00%, 10/1/42

      1,320        1,409     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac – 8.8%    continued         
 

Pool #ZA1334,

         
 

3.50%, 7/1/42

      $157        $170     
 

Pool #ZA1361,

         
 

3.50%, 5/1/43

      227        246     
 

Pool #ZA1375,

         
 

4.00%, 9/1/44

      145        159     
 

Pool #ZA1378,

         
 

3.50%, 10/1/44

      211        228     
 

Pool #ZA2773,

         
 

2.50%, 8/1/27

      107        112     
 

Pool #ZA3862,

         
 

2.50%, 5/1/31

      388        409     
 

Pool #ZA4194,

         
 

3.00%, 4/1/43

      295        319     
 

Pool #ZA4214,

         
 

3.00%, 5/1/43

      472        510     
 

Pool #ZA4715,

         
 

4.00%, 9/1/46

      1,246        1,373     
 

Pool #ZA5107,

         
 

4.00%, 11/1/47

      282        303     
 

Pool #ZA5642,

         
 

4.00%, 9/1/48

      372        399     
 

Pool #ZA5950,

         
 

4.50%, 11/1/48

      839        905     
 

Pool #ZI6135,

         
 

5.00%, 9/1/34

      466        531     
 

Pool #ZI6854,

         
 

4.50%, 12/1/37

      48        53     
 

Pool #ZI7645,

         
 

5.00%, 6/1/38

      156        176     
 

Pool #ZI8519,

         
 

4.50%, 2/1/39

      27        30     
 

Pool #ZI9157,

         
 

4.50%, 9/1/39

      700        784     
 

Pool #ZI9349,

         
 

4.50%, 10/1/39

      368        411     
 

Pool #ZI9657,

         
 

4.50%, 1/1/40

      449        503     
 

Pool #ZI9862,

         
 

4.50%, 3/1/40

      215        240     
 

Pool #ZI9939,

         
 

4.50%, 4/1/40

      159        178     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    100    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac – 8.8%    continued

 

 

Pool #ZJ0631,

         
 

4.50%, 10/1/40

      $194        $215     
 

Pool #ZJ1046,

         
 

4.00%, 1/1/41

      236        262     
 

Pool #ZJ1052,

         
 

4.00%, 1/1/41

      193        213     
 

Pool #ZJ1228,

         
 

4.00%, 2/1/41

      331        365     
 

Pool #ZJ1359,

         
 

4.50%, 3/1/41

      164        184     
 

Pool #ZK5468,

         
 

2.00%, 5/1/28

      490        507     
 

Pool #ZK7259,

         
 

2.50%, 4/1/30

      437        459     
 

Pool #ZK7533,

         
 

2.50%, 7/1/30

      270        283     
 

Pool #ZL1714,

         
 

4.50%, 7/1/41

      243        272     
 

Pool #ZL1806,

         
 

4.50%, 8/1/41

      568        630     
 

Pool #ZL1922,

         
 

4.00%, 9/1/41

      90        99     
 

Pool #ZL2350,

         
 

3.50%, 11/1/41

      110        119     
 

Pool #ZL3211,

         
 

3.50%, 6/1/42

      423        463     
 

Pool #ZL3245,

         
 

4.00%, 6/1/42

      678        747     
 

Pool #ZL3535,

         
 

3.50%, 8/1/42

      753        834     
 

Pool #ZL3551,

         
 

3.50%, 8/1/42

      620        675     
 

Pool #ZL4634,

         
 

3.00%, 1/1/43

      2,042        2,178     
 

Pool #ZL4709,

         
 

3.00%, 1/1/43

      444        474     
 

Pool #ZL5074,

         
 

3.00%, 2/1/43

      189        202     
 

Pool #ZL5915,

         
 

3.50%, 5/1/43

      885        961     
 

Pool #ZL5927,

         
 

3.00%, 5/1/43

      246        266     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac – 8.8%    continued

 

 

Pool #ZL6381,

         
 

3.00%, 6/1/43

      $430        $459     
 

Pool #ZL6467,

         
 

3.00%, 7/1/43

      318        339     
 

Pool #ZL6676,

         
 

3.00%, 8/1/43

      627        669     
 

Pool #ZL6920,

         
 

3.50%, 8/1/43

      150        163     
 

Pool #ZL7780,

         
 

4.00%, 2/1/44

      360        398     
 

Pool #ZL8299,

         
 

3.50%, 7/1/44

      1,019        1,099     
 

Pool #ZL8300,

         
 

4.00%, 7/1/44

      746        821     
 

Pool #ZL8709,

         
 

4.00%, 11/1/44

      329        364     
 

Pool #ZM0489,

         
 

4.00%, 11/1/45

      301        328     
 

Pool #ZM0617,

         
 

3.50%, 12/1/45

      338        367     
 

Pool #ZM1120,

         
 

3.00%, 5/1/46

      1,542        1,652     
 

Pool #ZM1194,

         
 

3.00%, 6/1/46

      399        421     
 

Pool #ZM1933,

         
 

3.00%, 10/1/46

      435        460     
 

Pool #ZM2167,

         
 

3.00%, 11/1/46

      652        688     
 

Pool #ZM2286,

         
 

3.50%, 12/1/46

      1,221        1,304     
 

Pool #ZM3525,

         
 

3.50%, 6/1/47

      162        175     
 

Pool #ZM3933,

         
 

3.50%, 8/1/47

      612        660     
 

Pool #ZM4305,

         
 

3.50%, 9/1/47

      662        705     
 

Pool #ZM4601,

         
 

3.50%, 10/1/47

      822        876     
 

Pool #ZM4711,

         
 

4.00%, 11/1/47

      1,218        1,313     
 

Pool #ZM4736,

         
 

3.50%, 11/1/47

      235        250     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    101    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac – 8.8%    continued

 

 

Pool #ZM4908,

         
 

3.50%, 11/1/47

      $468        $498     
 

Pool #ZM5133,

         
 

3.50%, 12/1/47

      198        210     
 

Pool #ZM5397,

         
 

3.50%, 1/1/48

      475        505     
 

Pool #ZM5659,

         
 

3.50%, 2/1/48

      408        434     
 

Pool #ZM5917,

         
 

4.00%, 3/1/48

      332        357     
 

Pool #ZM6682,

         
 

4.50%, 5/1/48

      284        309     
 

Pool #ZM7370,

         
 

4.00%, 7/1/48

      200        214     
 

Pool #ZM7378,

         
 

5.00%, 7/1/48

      279        308     
 

Pool #ZM7849,

         
 

4.00%, 8/1/48

      72        77     
 

Pool #ZM8045,

         
 

4.00%, 9/1/48

      306        328     
 

Pool #ZM8575,

         
 

4.50%, 10/1/48

      262        283     
 

Pool #ZN1506,

         
 

3.50%, 11/1/48

      917        996     
 

Pool #ZN3447,

         
 

3.50%, 2/1/49

      208        223     
 

Pool #ZS0932,

         
 

4.50%, 8/1/34

      13        15     
 

Pool #ZS0971,

         
 

5.00%, 12/1/35

      132        151     
 

Pool #ZS1567,

         
 

5.00%, 8/1/37

      15        18     
 

Pool #ZS2391,

         
 

5.00%, 9/1/38

      32        36     
 

Pool #ZS2499,

         
 

5.00%, 3/1/38

      77        88     
 

Pool #ZS2533,

         
 

4.50%, 2/1/39

      80        90     
 

Pool #ZS2827,

         
 

4.50%, 11/1/39

      188        210     
 

Pool #ZS2905,

         
 

4.50%, 4/1/40

      245        273     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac – 8.8%    continued

 

 

Pool #ZS3554,

         
 

3.50%, 7/1/42

      $281        $306     
 

Pool #ZS3596,

         
 

4.00%, 6/1/42

      689        758     
 

Pool #ZS3613,

         
 

4.00%, 8/1/42

      399        438     
 

Pool #ZS3792,

         
 

2.50%, 7/1/43

      366        381     
 

Pool #ZS4078,

         
 

3.50%, 1/1/45

      412        450     
 

Pool #ZS4100,

         
 

3.50%, 3/1/45

      730        790     
 

Pool #ZS4127,

         
 

4.50%, 7/1/44

      202        225     
 

Pool #ZS4472,

         
 

3.50%, 2/1/42

      285        308     
 

Pool #ZS4522,

         
 

3.00%, 7/1/43

      1,085        1,158     
 

Pool #ZS4536,

         
 

3.50%, 10/1/43

      404        439     
 

Pool #ZS4584,

         
 

3.00%, 9/1/44

      146        155     
 

Pool #ZS4590,

         
 

3.00%, 11/1/44

      1,515        1,603     
 

Pool #ZS4600,

         
 

4.00%, 1/1/45

      454        500     
 

Pool #ZS4607,

         
 

3.50%, 3/1/45

      554        596     
 

Pool #ZS4617,

         
 

3.00%, 6/1/45

      273        289     
 

Pool #ZS4618,

         
 

3.50%, 6/1/45

      450        484     
 

Pool #ZS4621,

         
 

3.00%, 7/1/45

      658        697     
 

Pool #ZS4627,

         
 

4.00%, 8/1/45

      157        172     
 

Pool #ZS4629,

         
 

3.00%, 9/1/45

      2,000        2,116     
 

Pool #ZS4630,

         
 

3.50%, 9/1/45

      313        337     
 

Pool #ZS4634,

         
 

4.00%, 10/1/45

      190        207     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    102    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac – 8.8%    continued

 

 

Pool #ZS4639,

         
 

4.00%, 11/1/45

      $188        $205     
 

Pool #ZS4642,

         
 

3.50%, 12/1/45

      633        681     
 

Pool #ZS4655,

         
 

3.50%, 3/1/46

      311        337     
 

Pool #ZS4667,

         
 

3.00%, 6/1/46

      428        453     
 

Pool #ZS4671,

         
 

3.00%, 8/1/46

      950        1,004     
 

Pool #ZS4677,

         
 

3.00%, 9/1/46

      267        282     
 

Pool #ZS4682,

         
 

3.00%, 10/1/46

      352        373     
 

Pool #ZS4703,

         
 

3.00%, 2/1/47

      268        285     
 

Pool #ZS4722,

         
 

3.50%, 6/1/47

      285        303     
 

Pool #ZS4730,

         
 

3.50%, 8/1/47

      111        118     
 

Pool #ZS4740,

         
 

4.00%, 10/1/47

      538        578     
 

Pool #ZS4743,

         
 

3.50%, 11/1/47

      710        755     
 

Pool #ZS4745,

         
 

4.50%, 11/1/47

      542        590     
 

Pool #ZS4747,

         
 

3.50%, 12/1/47

      196        209     
 

Pool #ZS4748,

         
 

4.00%, 12/1/47

      561        605     
 

Pool #ZS4749,

         
 

4.50%, 12/1/47

      188        204     
 

Pool #ZS4752,

         
 

4.00%, 1/1/48

      458        494     
 

Pool #ZS4759,

         
 

3.50%, 3/1/48

      440        468     
 

Pool #ZS4769,

         
 

4.00%, 5/1/48

      248        266     
 

Pool #ZS4773,

         
 

4.50%, 6/1/48

      85        93     
 

Pool #ZS4781,

         
 

4.50%, 7/1/48

      210        227     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac – 8.8%    continued

 

 

Pool #ZS4785,

         
 

4.00%, 8/1/48

      $198        $212     
 

Pool #ZS6948,

         
 

2.50%, 11/1/28

      267        280     
 

Pool #ZS8023,

         
 

2.00%, 8/1/32

      75        77     
 

Pool #ZS8495,

         
 

2.50%, 8/1/28

      1,083        1,134     
 

Pool #ZS8628,

         
 

2.00%, 11/1/31

      122        126     
 

Pool #ZS8639,

         
 

2.00%, 1/1/32

      43        44     
 

Pool #ZS9449,

         
 

3.50%, 8/1/45

      440        477     
 

Pool #ZS9495,

         
 

3.50%, 10/1/45

      697        761     
 

Pool #ZS9580,

         
 

3.50%, 12/1/45

      602        651     
 

Pool #ZS9618,

         
 

3.50%, 3/1/46

      1,176        1,283     
 

Pool #ZS9805,

         
 

3.00%, 9/1/46

      642        685     
 

Pool #ZS9813,

         
 

3.00%, 9/1/46

      685        734     
 

Pool #ZS9827,

         
 

3.00%, 10/1/46

      570        612     
 

Pool #ZS9828,

         
 

3.00%, 10/1/46

      563        602     
 

Pool #ZT0000,

         
 

3.00%, 1/1/47

      2,343        2,522     
 

Pool #ZT0074,

         
 

3.50%, 3/1/47

      1,738        1,863     
 

Pool #ZT0495,

         
 

4.50%, 8/1/48

      98        107     
 

Pool #ZT0524,

         
 

4.50%, 9/1/48

      431        470     
 

Pool #ZT0542,

         
 

4.00%, 7/1/48

      761        837     
 

Pool #ZT0712,

         
 

4.00%, 10/1/48

      277        297     
 

Pool #ZT0787,

         
 

4.00%, 10/1/48

      266        285     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    103    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

   
 

Freddie Mac – 8.8%    continued

 

   
 

Pool #ZT1702,

         
 

4.00%, 1/1/49

      $568        $609     
 

Pool #ZT2091,

         
 

3.00%, 6/1/34

      128        135     
 

 

  
          273,471     
 

 

  
 

Freddie Mac Gold – 0.8%

 

   
 

Pool #A16753,

         
 

5.00%, 11/1/33

      30        34     
 

Pool #A17665,

         
 

5.00%, 1/1/34

      33        38     
 

Pool #A27950,

         
 

5.50%, 11/1/34

      111        127     
 

Pool #A31136,

         
 

5.50%, 1/1/35

      135        152     
 

Pool #A39306,

         
 

5.50%, 11/1/35

      65        75     
 

Pool #A46224,

         
 

5.00%, 7/1/35

      11        12     
 

Pool #A48104,

         
 

5.00%, 1/1/36

      46        52     
 

Pool #A57604,

         
 

5.00%, 3/1/37

      66        76     
 

Pool #A58718,

         
 

5.50%, 3/1/37

      12        13     
 

Pool #A59081,

         
 

5.50%, 4/1/37

      69        80     
 

Pool #A61560,

         
 

5.50%, 10/1/36

      132        154     
 

Pool #A61597,

         
 

5.50%, 12/1/35

      15        17     
 

Pool #A64474,

         
 

5.50%, 9/1/37

      9        11     
 

Pool #A67116,

         
 

7.00%, 10/1/37

      14        17     
 

Pool #A68761,

         
 

5.50%, 9/1/37

      115        129     
 

Pool #A69303,

         
 

6.00%, 11/1/37

      15        18     
 

Pool #A73778,

         
 

5.00%, 2/1/38

      46        53     
 

Pool #A74134,

         
 

7.00%, 2/1/38

      19        21     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac Gold – 0.8%    continued

 

      
 

Pool #A81606,

         
 

6.00%, 9/1/38

      $16        $18     
 

Pool #A83008,

         
 

5.50%, 11/1/38

      163        190     
 

Pool #A91541,

         
 

5.00%, 3/1/40

      103        117     
 

Pool #C91009,

         
 

5.00%, 11/1/26

      3        3     
 

Pool #C91247,

         
 

5.00%, 4/1/29

      60        66     
 

Pool #C91354,

         
 

4.00%, 1/1/31

      192        207     
 

Pool #C91370,

         
 

4.50%, 5/1/31

      103        112     
 

Pool #C91388,

         
 

3.50%, 2/1/32

      118        126     
 

Pool #C91402,

         
 

4.00%, 10/1/31

      167        181     
 

Pool #C91408,

         
 

3.50%, 11/1/31

      116        123     
 

Pool #C91485,

         
 

3.50%, 8/1/32

      184        197     
 

Pool #C91811,

         
 

4.00%, 1/1/35

      91        99     
 

Pool #C91826,

         
 

3.00%, 5/1/35

      127        134     
 

Pool #C91858,

         
 

3.00%, 12/1/35

      135        143     
 

Pool #C91879,

         
 

3.00%, 6/1/36

      151        160     
 

Pool #C91891,

         
 

3.00%, 9/1/36

      184        196     
 

Pool #C91904,

         
 

2.50%, 11/1/36

      110        114     
 

Pool #C91908,

         
 

3.00%, 1/1/37

      73        78     
 

Pool #C91949,

         
 

3.00%, 9/1/37

      150        159     
 

Pool #C91955,

         
 

3.00%, 10/1/37

      133        141     
 

Pool #C91970,

         
 

3.50%, 1/1/38

      172        183     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    104    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac Gold – 0.8%    continued

 

   
 

Pool #C91971,

         
 

4.00%, 1/1/38

      $73        $79     
 

Pool #C92003,

         
 

3.50%, 7/1/38

      89        95     
 

Pool #C92010,

         
 

4.00%, 8/1/38

      140        151     
 

Pool #D97564,

         
 

5.00%, 1/1/28

      81        89     
 

Pool #D99094,

         
 

3.00%, 3/1/32

      111        119     
 

Pool #E03033,

         
 

3.00%, 2/1/27

      190        200     
 

Pool #E04044,

         
 

3.50%, 8/1/27

      322        344     
 

Pool #G02064,

         
 

5.00%, 2/1/36

      60        68     
 

Pool #G02069,

         
 

5.50%, 3/1/36

      9        11     
 

Pool #G02386,

         
 

6.00%, 11/1/36

      97        115     
 

Pool #G02391,

         
 

6.00%, 11/1/36

      3        4     
 

Pool #G02540,

         
 

5.00%, 11/1/34

      32        36     
 

Pool #G02649,

         
 

6.00%, 1/1/37

      4        5     
 

Pool #G02789,

         
 

6.00%, 4/1/37

      370        433     
 

Pool #G02911,

         
 

6.00%, 4/1/37

      5        6     
 

Pool #G02973,

         
 

6.00%, 6/1/37

      12        14     
 

Pool #G03121,

         
 

5.00%, 6/1/36

      41        46     
 

Pool #G03134,

         
 

5.50%, 8/1/36

      23        27     
 

Pool #G03218,

         
 

6.00%, 9/1/37

      15        17     
 

Pool #G03351,

         
 

6.00%, 9/1/37

      25        30     
 

Pool #G03513,

         
 

6.00%, 11/1/37

      29        34     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac Gold – 0.8%    continued

 

      
 

Pool #G03600,

         
 

7.00%, 11/1/37

      $14        $18     
 

Pool #G03737,

         
 

6.50%, 11/1/37

      194        227     
 

Pool #G03992,

         
 

6.00%, 3/1/38

      37        43     
 

Pool #G04287,

         
 

5.00%, 5/1/38

      53        60     
 

Pool #G04459,

         
 

5.50%, 6/1/38

      44        52     
 

Pool #G04611,

         
 

6.00%, 7/1/38

      106        126     
 

Pool #G04650,

         
 

6.50%, 9/1/38

      59        69     
 

Pool #G05733,

         
 

5.00%, 11/1/39

      150        172     
 

Pool #G05969,

         
 

5.00%, 8/1/40

      69        78     
 

Pool #G05971,

         
 

5.50%, 8/1/40

      366        427     
 

Pool #G06020,

         
 

5.50%, 12/1/39

      351        410     
 

Pool #G06767,

         
 

5.00%, 10/1/41

      294        336     
 

Pool #G06947,

         
 

6.00%, 5/1/40

      102        121     
 

Pool #G08189,

         
 

7.00%, 3/1/37

      20        23     
 

Pool #G08192,

         
 

5.50%, 4/1/37

      22        25     
 

Pool #G08341,

         
 

5.00%, 4/1/39

      392        449     
 

Pool #G12837,

         
 

4.50%, 4/1/22(11)

      —        —     
 

Pool #G12868,

         
 

5.00%, 11/1/22

      5        5     
 

Pool #G12869,

         
 

5.00%, 9/1/22

      2        2     
 

Pool #G13136,

         
 

4.50%, 5/1/23

      8        9     
 

Pool #G13151,

         
 

6.00%, 3/1/23

      2        2     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    105    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac Gold – 0.8%    continued

 

      
 

Pool #G13201,

         
 

4.50%, 7/1/23

      $6        $6     
 

Pool #G13433,

         
 

5.50%, 1/1/24

      8        8     
 

Pool #G14168,

         
 

5.50%, 12/1/24

      7        7     
 

Pool #G14239,

         
 

4.00%, 9/1/26

      318        338     
 

Pool #G14554,

         
 

4.50%, 7/1/26

      20        22     
 

Pool #G14891,

         
 

3.00%, 10/1/28

      164        174     
 

Pool #G15134,

         
 

3.00%, 5/1/29

      118        125     
 

Pool #G15468,

         
 

3.50%, 12/1/29

      235        254     
 

Pool #G16562,

         
 

3.50%, 8/1/33

      390        417     
 

Pool #G16600,

         
 

3.00%, 7/1/33

      1,591        1,694     
 

Pool #G16774,

         
 

3.50%, 2/1/34

      239        255     
 

Pool #G16786,

         
 

4.00%, 4/1/34

      285        303     
 

Pool #G18220,

         
 

6.00%, 11/1/22

      1        1     
 

Pool #G18420,

         
 

3.00%, 1/1/27

      241        254     
 

Pool #G18438,

         
 

2.50%, 6/1/27

      131        137     
 

Pool #G18442,

         
 

3.50%, 8/1/27

      213        229     
 

Pool #G18571,

         
 

2.50%, 10/1/30

      210        220     
 

Pool #G18601,

         
 

3.00%, 5/1/31

      279        295     
 

Pool #G18626,

         
 

2.50%, 1/1/32

      1,676        1,754     
 

Pool #G18664,

         
 

3.50%, 10/1/32

      172        184     
 

Pool #G18681,

         
 

3.00%, 3/1/33

      544        575     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac Gold – 0.8%    continued

 

      
 

Pool #G30327,

         
 

4.50%, 1/1/27

      $10        $11     
 

Pool #G30835,

         
 

3.50%, 12/1/35

      164        177     
 

Pool #G31020,

         
 

2.50%, 2/1/37

      40        41     
 

Pool #G31057,

         
 

3.00%, 2/1/38

      230        243     
 

Pool #G67713,

         
 

4.00%, 6/1/48

      832        912     
 

Pool #J03736,

         
 

5.50%, 11/1/21(11)

      —        —     
 

Pool #J05307,

         
 

4.50%, 8/1/22

      1        1     
 

Pool #J06465,

         
 

6.00%, 11/1/22(11)

      —        —     
 

Pool #J06476,

         
 

5.50%, 11/1/22

      2        2     
 

Pool #J08202,

         
 

5.00%, 7/1/23

      2        2     
 

Pool #J08454,

         
 

5.00%, 8/1/23

      4        4     
 

Pool #J08913,

         
 

5.50%, 10/1/23

      3        3     
 

Pool #J09148,

         
 

5.00%, 12/1/23

      15        16     
 

Pool #J09305,

         
 

5.00%, 2/1/24

      18        18     
 

Pool #J09463,

         
 

5.00%, 3/1/24

      17        18     
 

Pool #J11136,

         
 

4.00%, 11/1/24

      10        11     
 

Pool #J12098,

         
 

4.50%, 4/1/25

      119        125     
 

Pool #J14808,

         
 

3.50%, 3/1/26

      177        189     
 

Pool #J16932,

         
 

3.00%, 10/1/26

      128        135     
 

Pool #J17055,

         
 

3.00%, 11/1/26

      93        97     
 

Pool #J17232,

         
 

3.00%, 11/1/26

      110        117     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    106    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Freddie Mac Gold – 0.8%    continued

 

 

Pool #J17932,

         
 

3.00%, 3/1/27

      $166        $176     
 

Pool #J20834,

         
 

2.50%, 10/1/27

      259        271     
 

Pool #J21601,

         
 

2.50%, 12/1/27

      964        1,009     
 

Pool #J22069,

         
 

2.50%, 1/1/28

      66        69     
 

Pool #J22986,

         
 

2.50%, 3/1/28

      532        559     
 

Pool #J30435,

         
 

3.00%, 1/1/30

      299        317     
 

Pool #J32244,

         
 

3.00%, 7/1/30

      1,111        1,176     
 

Pool #J34252,

         
 

3.50%, 4/1/31

      50        54     
 

Pool #K90071,

         
 

3.00%, 2/1/33

      361        385     
 

Pool #K90641,

         
 

3.50%, 6/1/33

      38        41     
 

Pool #K90791,

         
 

3.00%, 7/1/33

      215        230     
 

Pool #K91490,

         
 

3.50%, 1/1/34

      320        343     
 

Pool #K92325,

         
 

3.00%, 1/1/35

      228        243     
 

Pool #V60268,

         
 

3.00%, 9/1/28

      506        538     
 

Pool #V60886,

         
 

2.50%, 8/1/30

      142        149     
 

Pool #V60902,

         
 

2.50%, 8/1/30

      121        128     
 

Pool #V61347,

         
 

2.50%, 10/1/31

      434        456     
 

 

  
          23,921     
 

 

  
  Government National Mortgage Association I – 0.4%

 

 

Pool #510835,

         
 

5.50%, 2/15/35

      13        15     
 

Pool #553463,

         
 

3.50%, 1/15/42

      366        395     
 

Pool #597889,

         
 

5.50%, 6/15/33

      98        110     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Government National Mortgage Association I – 0.4%    continued

 

 

Pool #614169,

         
 

5.00%, 7/15/33

      $24        $27     
 

Pool #616879,

         
 

3.50%, 2/15/42

      286        310     
 

Pool #617739,

         
 

6.00%, 10/15/37

      6        7     
 

Pool #634431,

         
 

6.00%, 9/15/34

      14        16     
 

Pool #641416,

         
 

5.50%, 4/15/35

      98        111     
 

Pool #646341,

         
 

6.00%, 11/15/36

      9        11     
 

Pool #648538,

         
 

5.00%, 12/15/35

      54        62     
 

Pool #651753,

         
 

5.50%, 3/15/36

      6        7     
 

Pool #670030,

         
 

3.00%, 7/15/45

      254        267     
 

Pool #675211,

         
 

6.50%, 3/15/38

      6        7     
 

Pool #675484,

         
 

5.50%, 6/15/38

      29        33     
 

Pool #676360,

         
 

6.50%, 10/15/37

      3        3     
 

Pool #682899,

         
 

6.00%, 9/15/40

      105        118     
 

Pool #687824,

         
 

5.50%, 8/15/38

      59        69     
 

Pool #687900,

         
 

5.00%, 9/15/38

      79        89     
 

Pool #687901,

         
 

5.00%, 9/15/38

      50        57     
 

Pool #692309,

         
 

6.00%, 1/15/39

      20        23     
 

Pool #697645,

         
 

5.50%, 10/15/38

      25        30     
 

Pool #698236,

         
 

5.00%, 6/15/39

      147        168     
 

Pool #698336,

         
 

4.50%, 5/15/39

      147        166     
 

Pool #699277,

         
 

6.00%, 9/15/38

      5        6     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    107    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Government National Mortgage Association I – 0.4%    continued

 

 

Pool #700918,

         
 

5.50%, 11/15/38

      $45        $52     
 

Pool #700972,

         
 

5.50%, 11/15/38

      15        17     
 

Pool #701196,

         
 

6.00%, 10/15/38

      5        5     
 

Pool #703677,

         
 

5.50%, 6/15/39

      99        114     
 

Pool #704185,

         
 

5.50%, 1/15/39

      21        24     
 

Pool #704514,

         
 

4.50%, 5/15/39

      287        329     
 

Pool #704624,

         
 

4.50%, 7/15/39

      977        1,132     
 

Pool #717175,

         
 

4.50%, 6/15/39

      161        184     
 

Pool #719262,

         
 

5.00%, 8/15/40

      82        95     
 

Pool #720065,

         
 

4.50%, 6/15/39

      540        618     
 

Pool #720202,

         
 

4.50%, 7/15/39

      127        144     
 

Pool #723231,

         
 

4.00%, 10/15/39

      119        131     
 

Pool #723339,

         
 

5.00%, 9/15/39

      70        81     
 

Pool #726085,

         
 

4.00%, 11/15/24

      32        34     
 

Pool #728629,

         
 

4.50%, 1/15/40

      220        251     
 

Pool #733663,

         
 

4.50%, 5/15/40

      502        566     
 

Pool #736768,

         
 

3.00%, 11/15/42

      630        668     
 

Pool #737286,

         
 

4.50%, 5/15/40

      190        216     
 

Pool #737416,

         
 

3.50%, 9/15/25

      26        27     
 

Pool #738134,

         
 

3.50%, 4/15/26

      63        67     
 

Pool #738247,

         
 

4.50%, 4/15/41

      74        84     
         PRINCIPAL
AMOUNT
(000S)		     

VALUE

(000S)

         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Government National Mortgage Association I – 0.4%    continued

 

 

Pool #745215,

         
 

4.00%, 7/15/25

      $27        $28     
 

Pool #747643,

         
 

4.50%, 8/15/40

      298        337     
 

Pool #760874,

         
 

3.50%, 2/15/26

      70        75     
 

Pool #768800,

         
 

4.50%, 6/15/41

      42        47     
 

Pool #773939,

         
 

4.00%, 11/15/41

      240        263     
 

Pool #778957,

         
 

3.50%, 3/15/42

      380        414     
 

Pool #782131,

         
 

5.50%, 12/15/36

      24        28     
 

Pool #782150,

         
 

5.50%, 4/15/37

      32        38     
 

Pool #782259,

         
 

5.00%, 2/15/36

      64        75     
 

Pool #782272,

         
 

5.50%, 2/15/38

      57        67     
 

Pool #782498,

         
 

6.00%, 12/15/38

      26        31     
 

Pool #782565,

         
 

5.00%, 2/15/39

      646        749     
 

Pool #782584,

         
 

5.00%, 3/15/39

      33        38     
 

Pool #782675,

         
 

4.50%, 6/15/24

      23        24     
 

Pool #782696,

         
 

5.00%, 6/15/39

      143        164     
 

Pool #782831,

         
 

6.00%, 12/15/39

      19        23     
 

Pool #783176,

         
 

4.00%, 11/15/40

      387        427     
 

Pool #783467,

         
 

4.00%, 10/15/41

      1,071        1,189     
 

Pool #783740,

         
 

2.50%, 12/15/27

      93        97     
 

Pool #AA5391,

         
 

3.50%, 6/15/42

      21        23     
 

Pool #AA6089,

         
 

3.00%, 2/15/43

      266        286     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    108    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Government National Mortgage Association I – 0.4%    continued

 

 

Pool #AB2761,

         
 

3.50%, 8/15/42

      $75        $81     
 

Pool #AB2891,

         
 

3.00%, 9/15/42

      97        104     
 

Pool #AD8781,

         
 

3.00%, 3/15/43

      213        228     
 

Pool #AD9016,

         
 

3.00%, 4/15/43

      193        204     
 

Pool #AL1763,

         
 

3.50%, 1/15/45

      101        109     
 

 

  
          12,095     
 

 

  
  Government National Mortgage Association II – 6.0%

 

 

Pool #3570,

         
 

6.00%, 6/20/34

      29        34     
 

Pool #3665,

         
 

5.50%, 1/20/35

      75        86     
 

Pool #3852,

         
 

6.00%, 5/20/36

      13        15     
 

Pool #3879,

         
 

6.00%, 7/20/36

      36        42     
 

Pool #3910,

         
 

6.00%, 10/20/36

      18        21     
 

Pool #3994,

         
 

5.00%, 6/20/37

      12        13     
 

Pool #4018,

         
 

6.50%, 8/20/37

      47        56     
 

Pool #4026,

         
 

5.00%, 9/20/37

      16        18     
 

Pool #4027,

         
 

5.50%, 9/20/37

      7        8     
 

Pool #4040,

         
 

6.50%, 10/20/37

      10        12     
 

Pool #4098,

         
 

5.50%, 3/20/38

      56        64     
 

Pool #4116,

         
 

6.50%, 4/20/38

      22        27     
 

Pool #4170,

         
 

6.00%, 6/20/38

      44        51     
 

Pool #4194,

         
 

5.50%, 7/20/38

      97        110     
 

Pool #4243,

         
 

5.00%, 9/20/38

      23        27     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Government National Mortgage Association II – 6.0%    continued

 

 

Pool #4244,

         
 

5.50%, 9/20/38

      $28        $32     
 

Pool #4245,

         
 

6.00%, 9/20/38

      15        17     
 

Pool #4269,

         
 

6.50%, 10/20/38

      21        25     
 

Pool #4290,

         
 

5.50%, 11/20/38

      18        22     
 

Pool #4344,

         
 

6.00%, 1/20/39

      34        40     
 

Pool #4345,

         
 

6.50%, 1/20/39

      25        29     
 

Pool #4425,

         
 

5.50%, 4/20/39

      61        71     
 

Pool #4559,

         
 

5.00%, 10/20/39

      119        136     
 

Pool #4561,

         
 

6.00%, 10/20/39

      74        87     
 

Pool #4617,

         
 

4.50%, 1/20/40

      34        38     
 

Pool #4619,

         
 

5.50%, 1/20/40

      135        158     
 

Pool #4713,

         
 

4.50%, 6/20/40

      99        109     
 

Pool #4747,

         
 

5.00%, 7/20/40

      90        103     
 

Pool #4881,

         
 

3.50%, 12/20/40

      381        410     
 

Pool #4882,

         
 

4.00%, 12/20/40

      854        935     
 

Pool #4923,

         
 

4.50%, 1/20/41

      90        100     
 

Pool #5050,

         
 

4.00%, 5/20/26

      59        63     
 

Pool #5081,

         
 

4.00%, 6/20/41

      141        154     
 

Pool #5082,

         
 

4.50%, 6/20/41

      145        162     
 

Pool #5083,

         
 

5.00%, 6/20/41

      620        707     
 

Pool #5114,

         
 

4.00%, 7/20/41

      543        595     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    109    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Government National Mortgage Association II – 6.0%    continued

 

 

Pool #5141,

         
 

5.00%, 8/20/41

      $87        $99     
 

Pool #5175,

         
 

4.50%, 9/20/41

      85        95     
 

Pool #5176,

         
 

5.00%, 9/20/41

      420        479     
 

Pool #5202,

         
 

3.50%, 10/20/41

      228        247     
 

Pool #5203,

         
 

4.00%, 10/20/41

      138        151     
 

Pool #5232,

         
 

3.50%, 11/20/41

      429        463     
 

Pool #5264,

         
 

5.50%, 12/20/41

      11        13     
 

Pool #5280,

         
 

4.00%, 1/20/42

      157        172     
 

Pool #5304,

         
 

3.50%, 2/20/42

      157        170     
 

Pool #5317,

         
 

5.50%, 2/20/42

      76        89     
 

Pool #5326,

         
 

3.00%, 3/20/27

      168        176     
 

Pool #5331,

         
 

3.50%, 3/20/42

      250        271     
 

Pool #626951,

         
 

3.00%, 6/20/45

      554        606     
 

Pool #737602,

         
 

4.00%, 11/20/40

      202        222     
 

Pool #752757,

         
 

4.50%, 11/20/40

      256        282     
 

Pool #755677,

         
 

4.00%, 12/20/40

      134        146     
 

Pool #766711,

         
 

4.00%, 5/20/42

      603        653     
 

Pool #782433,

         
 

6.00%, 10/20/38

      61        72     
 

Pool #783976,

         
 

3.50%, 4/20/43

      1,865        2,015     
 

Pool #784345,

         
 

3.50%, 7/20/47

      544        603     
 

Pool #AA5970,

         
 

3.00%, 1/20/43

      721        770     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Government National Mortgage Association II – 6.0%    continued

 

 

Pool #AA6054,

         
 

3.00%, 2/20/43

      $1,088        $1,169     
 

Pool #AA6149,

         
 

3.00%, 3/20/43

      705        753     
 

Pool #AA6160,

         
 

3.50%, 3/20/43

      233        254     
 

Pool #AA6243,

         
 

3.50%, 4/20/43

      84        91     
 

Pool #AB9443,

         
 

3.50%, 11/20/42

      312        332     
 

Pool #AD1755,

         
 

3.50%, 2/20/43

      444        479     
 

Pool #AD8825,

         
 

3.50%, 3/20/43

      242        261     
 

Pool #AF5097,

         
 

4.00%, 8/20/43

      634        691     
 

Pool #AJ0645,

         
 

3.50%, 7/20/44

      204        220     
 

Pool #AJ0789,

         
 

3.50%, 8/20/45

      1,633        1,764     
 

Pool #AJ3643,

         
 

4.00%, 10/20/44

      547        596     
 

Pool #AK6867,

         
 

3.50%, 1/20/45

      1,089        1,176     
 

Pool #AO7525,

         
 

3.50%, 8/20/45

      1,253        1,354     
 

Pool #AO7682,

         
 

4.00%, 8/20/45

      482        521     
 

Pool #BB6965,

         
 

3.50%, 7/20/47

      377        408     
 

Pool #BE9902,

         
 

4.50%, 6/20/48

      255        274     
 

Pool #MA0006,

         
 

2.50%, 4/20/27

      62        64     
 

Pool #MA0022,

         
 

3.50%, 4/20/42

      249        269     
 

Pool #MA0088,

         
 

3.50%, 5/20/42

      562        608     
 

Pool #MA0220,

         
 

3.50%, 7/20/42

      292        316     
 

Pool #MA0318,

         
 

3.50%, 8/20/42

      544        588     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    110    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Government National Mortgage Association II – 6.0%    continued

 

 

Pool #MA0321,

         
 

5.00%, 8/20/42

      $134        $153     
 

Pool #MA0391,

         
 

3.00%, 9/20/42

      1,225        1,297     
 

Pool #MA0392,

         
 

3.50%, 9/20/42

      243        263     
 

Pool #MA0698,

         
 

3.00%, 1/20/43

      290        307     
 

Pool #MA0826,

         
 

3.00%, 3/20/28

      78        82     
 

Pool #MA0850,

         
 

2.50%, 3/20/43

      118        124     
 

Pool #MA0851,

         
 

3.00%, 3/20/43

      420        445     
 

Pool #MA0852,

         
 

3.50%, 3/20/43

      505        546     
 

Pool #MA0933,

         
 

3.00%, 4/20/43

      511        541     
 

Pool #MA0934,

         
 

3.50%, 4/20/43

      167        181     
 

Pool #MA1011,

         
 

3.00%, 5/20/43

      493        522     
 

Pool #MA1012,

         
 

3.50%, 5/20/43

      455        491     
 

Pool #MA1064,

         
 

2.50%, 6/20/28

      259        270     
 

Pool #MA1089,

         
 

3.00%, 6/20/43

      523        554     
 

Pool #MA1224,

         
 

3.50%, 8/20/43

      377        408     
 

Pool #MA1285,

         
 

3.50%, 9/20/43

      220        238     
 

Pool #MA1839,

         
 

4.00%, 4/20/44

      117        128     
 

Pool #MA1920,

         
 

4.00%, 5/20/44

      125        137     
 

Pool #MA2224,

         
 

4.00%, 9/20/44

      694        757     
 

Pool #MA2444,

         
 

3.00%, 12/20/44

      83        87     
 

Pool #MA2521,

         
 

3.50%, 1/20/45

      357        382     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)    continued

 

  Government National Mortgage Association II – 6.0%    continued

 

 

Pool #MA2522,

         
 

4.00%, 1/20/45

      $149        $162     
 

Pool #MA2677,

         
 

3.00%, 3/20/45

      172        181     
 

Pool #MA2753,

         
 

3.00%, 4/20/45

      470        495     
 

Pool #MA2754,

         
 

3.50%, 4/20/45

      191        204     
 

Pool #MA2891,

         
 

3.00%, 6/20/45

      520        548     
 

Pool #MA2892,

         
 

3.50%, 6/20/45

      180        192     
 

Pool #MA2935,

         
 

3.00%, 7/20/30

      332        350     
 

Pool #MA2960,

         
 

3.00%, 7/20/45

      422        444     
 

Pool #MA3034,

         
 

3.50%, 8/20/45

      524        559     
 

Pool #MA3104,

         
 

3.00%, 9/20/45

      589        621     
 

Pool #MA3106,

         
 

4.00%, 9/20/45

      457        499     
 

Pool #MA3172,

         
 

3.00%, 10/20/45

      111        117     
 

Pool #MA3173,

         
 

3.50%, 10/20/45

      2,161        2,304     
 

Pool #MA3174,

         
 

4.00%, 10/20/45

      253        272     
 

Pool #MA3244,

         
 

3.50%, 11/20/45

      398        425     
 

Pool #MA3245,

         
 

4.00%, 11/20/45

      938        1,023     
 

Pool #MA3310,

         
 

3.50%, 12/20/45

      867        925     
 

Pool #MA3378,

         
 

4.50%, 1/20/46

      582        646     
 

Pool #MA3521,

         
 

3.50%, 3/20/46

      760        809     
 

Pool #MA3522,

         
 

4.00%, 3/20/46

      219        234     
 

Pool #MA3596,

         
 

3.00%, 4/20/46

      431        454     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    111    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Government National Mortgage Association II – 6.0%    continued

 

 

Pool #MA3597,

         
 

3.50%, 4/20/46

      $770        $816     
 

Pool #MA3662,

         
 

3.00%, 5/20/46

      711        749     
 

Pool #MA3663,

         
 

3.50%, 5/20/46

      463        492     
 

Pool #MA3664,

         
 

4.00%, 5/20/46

      210        228     
 

Pool #MA3735,

         
 

3.00%, 6/20/46

      865        910     
 

Pool #MA3736,

         
 

3.50%, 6/20/46

      605        643     
 

Pool #MA3777,

         
 

2.50%, 7/20/31

      82        86     
 

Pool #MA3778,

         
 

3.00%, 7/20/31

      113        119     
 

Pool #MA3802,

         
 

3.00%, 7/20/46

      1,026        1,080     
 

Pool #MA3803,

         
 

3.50%, 7/20/46

      887        942     
 

Pool #MA3873,

         
 

3.00%, 8/20/46

      391        412     
 

Pool #MA3874,

         
 

3.50%, 8/20/46

      415        441     
 

Pool #MA3912,

         
 

2.50%, 9/20/31

      120        126     
 

Pool #MA3936,

         
 

3.00%, 9/20/46

      908        956     
 

Pool #MA3937,

         
 

3.50%, 9/20/46

      1,286        1,367     
 

Pool #MA4002,

         
 

2.50%, 10/20/46

      64        66     
 

Pool #MA4003,

         
 

3.00%, 10/20/46

      603        634     
 

Pool #MA4067,

         
 

2.50%, 11/20/46

      520        539     
 

Pool #MA4068,

         
 

3.00%, 11/20/46

      2,878        3,030     
 

Pool #MA4101,

         
 

2.50%, 12/20/31

      65        68     
 

Pool #MA4125,

         
 

2.50%, 12/20/46

      36        37     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Government National Mortgage Association II – 6.0%    continued

 

 

Pool #MA4196,

         
 

3.50%, 1/20/47

      $625        $664     
 

Pool #MA4322,

         
 

4.00%, 3/20/47

      255        273     
 

Pool #MA4382,

         
 

3.50%, 4/20/47

      200        210     
 

Pool #MA4509,

         
 

3.00%, 6/20/47

      929        983     
 

Pool #MA4512,

         
 

4.50%, 6/20/47

      377        409     
 

Pool #MA4624,

         
 

3.00%, 8/20/32

      91        96     
 

Pool #MA4652,

         
 

3.50%, 8/20/47

      844        894     
 

Pool #MA4718,

         
 

3.00%, 9/20/47

      2,218        2,329     
 

Pool #MA4719,

         
 

3.50%, 9/20/47

      1,344        1,424     
 

Pool #MA4778,

         
 

3.50%, 10/20/47

      838        893     
 

Pool #MA4838,

         
 

4.00%, 11/20/47

      123        132     
 

Pool #MA4900,

         
 

3.50%, 12/20/47

      848        899     
 

Pool #MA4901,

         
 

4.00%, 12/20/47

      1,689        1,810     
 

Pool #MA4962,

         
 

3.50%, 1/20/48

      796        845     
 

Pool #MA4963,

         
 

4.00%, 1/20/48

      303        325     
 

Pool #MA5021,

         
 

4.50%, 2/20/48

      450        485     
 

Pool #MA5077,

         
 

3.50%, 3/20/48

      912        966     
 

Pool #MA5137,

         
 

4.00%, 4/20/48

      133        143     
 

Pool #MA5191,

         
 

3.50%, 5/20/48

      523        554     
 

Pool #MA5264,

         
 

4.00%, 6/20/48

      323        344     
 

Pool #MA5265,

         
 

4.50%, 6/20/48

      348        374     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    112    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Government National Mortgage Association II – 6.0%    continued

 

 

Pool #MA5266,

         
 

5.00%, 6/20/48

      $468        $505     
 

Pool #MA5330,

         
 

4.00%, 7/20/48

      428        457     
 

Pool #MA5331,

         
 

4.50%, 7/20/48

      715        764     
 

Pool #MA5398,

         
 

4.00%, 8/20/48

      301        320     
 

Pool #MA5399,

         
 

4.50%, 8/20/48

      339        363     
 

Pool #MA5466,

         
 

4.00%, 9/20/48

      720        768     
 

Pool #MA5467,

         
 

4.50%, 9/20/48

      400        429     
 

Pool #MA5528,

         
 

4.00%, 10/20/48

      418        446     
 

Pool #MA5529,

         
 

4.50%, 10/20/48

      400        427     
 

Pool #MA5564,

         
 

3.50%, 11/20/33

      206        221     
 

Pool #MA5595,

         
 

4.00%, 11/20/48

      146        155     
 

Pool #MA5653,

         
 

5.00%, 12/20/48

      551        595     
 

Pool #MA5818,

         
 

4.50%, 3/20/49

      423        452     
 

Pool #MA5931,

         
 

4.00%, 5/20/49

      815        869     
 

Pool #MA5985,

         
 

3.50%, 6/20/49

      817        860     
 

Pool #MA6040,

         
 

4.00%, 7/20/49

      974        1,039     
 

Pool #MA6217,

         
 

2.50%, 10/20/49

      325        335     
 

Pool #MA6218,

         
 

3.00%, 10/20/49

      3,652        3,820     
 

Pool #MA6282,

         
 

2.50%, 11/20/49

      857        885     
 

Pool #MA6283,

         
 

3.00%, 11/20/49

      1,931        2,020     
 

Pool #MA6310,

         
 

3.00%, 12/20/34

      81        85     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

  Government National Mortgage Association II – 6.0%    continued

 

 

Pool #MA6337,

         
 

2.50%, 12/20/49

      $255        $264     
 

Pool #MA6338,

         
 

3.00%, 12/20/49

      2,879        3,011     
 

Pool #MA6339,

         
 

3.50%, 12/20/49

      1,662        1,746     
 

Pool #MA6408,

         
 

2.50%, 1/20/50

      668        690     
 

Pool #MA6409,

         
 

3.00%, 1/20/50

      812        849     
 

Pool #MA6410,

         
 

3.50%, 1/20/50

      1,672        1,756     
 

Pool #MA6655,

         
 

2.50%, 5/20/50

      521        538     
 

Pool #MA6709,

         
 

2.50%, 6/20/50

      2,425        2,505     
 

Pool #MA6765,

         
 

2.50%, 7/20/50

      2,774        2,866     
 

Pool #MA6819,

         
 

2.50%, 8/20/50

      1,537        1,587     
 

Pool #MA6820,

         
 

3.00%, 8/20/50

      1,297        1,356     
 

Pool #MA6865,

         
 

2.50%, 9/20/50

      4,762        4,919     
 

Pool #MA6866,

         
 

3.00%, 9/20/50

      8,287        8,669     
 

Pool #MA6930,

         
 

2.00%, 10/20/50

      1,629        1,653     
 

Pool #MA6931,

         
 

2.50%, 10/20/50

      3,819        3,945     
 

Pool #MA6994,

         
 

2.00%, 11/20/50

      2,119        2,151     
 

Pool #MA6995,

         
 

2.50%, 11/20/50

      3,566        3,682     
 

Pool #MA7051,

         
 

2.00%, 12/20/50

      2,803        2,845     
 

Pool #MA7052,

         
 

2.50%, 12/20/50

      2,187        2,259     
 

Pool #MA7107,

         
 

2.50%, 1/20/36

      272        286     
 

Pool #MA7135,

         
 

2.00%, 1/20/51

      3,517        3,570     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    113    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT AGENCIES - 30.0% (10)     continued

 

 

Government National Mortgage Association II – 6.0%    continued

 

 

Pool #MA7136,

         
 

2.50%, 1/20/51

      $2,505        $2,582     
 

Pool #MA7164,

         
 

2.00%, 2/20/36

      188        194     
 

Pool #MA7192,

         
 

2.00%, 2/20/51

      4,408        4,475     
 

Pool #MA7193,

         
 

2.50%, 2/20/51

      1,128        1,165     
 

Pool #MA7254,

         
 

2.00%, 3/20/51

      4,833        4,907     
 

Pool #MA7311,

         
 

2.00%, 4/20/51

      2,921        2,966     
 

Pool #MA7312,

         
 

2.50%, 4/20/51

      1,940        2,003     
 

Pool #MA7367,

         
 

2.50%, 5/20/51

      1,077        1,111     
 

Pool #MA7417,

         
 

2.00%, 6/20/51

      4,937        5,013     
 

Pool #MA7418,

         
 

2.50%, 6/20/51

      1,974        2,039     
 

Pool #MA7471,

         
 

2.00%, 7/20/51

      8,938        9,072     
 

Pool #MA7472,

         
 

2.50%, 7/20/51

      2,976        3,072     
 

Pool #MA7588,

         
 

2.00%, 9/20/51

      2,000        2,031     
 

Pool #MA7589,

         
 

2.50%, 9/20/51

      4,000        4,135     
 

Pool #MA7648,

         
 

10/20/51(13)

      1,500        1,523     
 

Pool #MA7649,

         
 

10/20/51(13)

      1,900        1,965     
 

 

  
          187,944     
 

 

  
 

Tennessee Valley Authority – 0.1%

 

   
   

5.25%, 9/15/39

      1,650        2,341           
   

Total U.S. Government Agencies

 

         
 

(Cost $917,971)

         933,312     
 

    

         
 

U.S. GOVERNMENT OBLIGATIONS – 37.8%

 

 

U.S. Treasury Bonds – 7.9%

         
 

4.50%, 2/15/36

      1,000        1,366     
 

4.38%, 2/15/38

      1,000        1,369     
 

4.50%, 8/15/39

      2,000        2,809     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT OBLIGATIONS - 37.8%     continued

 

 

U.S. Treasury Bonds – 7.9%    continued

 

 

4.38%, 11/15/39

      $2,000        $2,772     
 

4.63%, 2/15/40

      2,000        2,859     
 

1.13%, 5/15/40

      5,000        4,322     
 

4.38%, 5/15/40

      2,000        2,783     
 

1.13%, 8/15/40

      3,500        3,012     
 

1.38%, 11/15/40

      10,000        8,983     
 

1.88%, 2/15/41

      10,000        9,781     
 

2.25%, 5/15/41

      5,000        5,199     
 

1.75%, 8/15/41

      6,000        5,736     
 

3.75%, 8/15/41

      4,000        5,185     
 

3.13%, 2/15/42

      2,000        2,386     
 

2.75%, 8/15/42

      3,000        3,376     
 

2.75%, 11/15/42

      4,000        4,498     
 

3.63%, 2/15/44

      5,000        6,436     
 

3.38%, 5/15/44

      5,000        6,215     
 

3.13%, 8/15/44

      5,000        5,984     
 

3.00%, 11/15/44

      5,000        5,870     
 

2.50%, 2/15/45

      5,000        5,400     
 

3.00%, 5/15/45

      5,000        5,883     
 

3.00%, 11/15/45

      5,000        5,894     
 

2.50%, 2/15/46

      3,000        3,244     
 

2.50%, 5/15/46

      7,000        7,574     
 

2.25%, 8/15/46

      5,000        5,164     
 

2.88%, 11/15/46

      5,000        5,792     
 

3.00%, 5/15/47

      5,000        5,931     
 

2.75%, 8/15/47

      5,000        5,675     
 

2.75%, 11/15/47

      5,000        5,681     
 

3.00%, 2/15/48

      8,000        9,512     
 

3.13%, 5/15/48

      5,000        6,084     
 

3.00%, 8/15/48

      9,000        10,723     
 

3.00%, 2/15/49

      5,000        5,977     
 

2.88%, 5/15/49

      10,000        11,698     
 

2.25%, 8/15/49

      5,000        5,183     
 

2.38%, 11/15/49

      6,000        6,386     
 

2.00%, 2/15/50

      8,000        7,859     
 

1.25%, 5/15/50

      9,000        7,363     
 

1.38%, 8/15/50

      10,000        8,438     
 

1.63%, 11/15/50

      8,000        7,187     
 

1.88%, 2/15/51

      3,000        2,861     
 

2.38%, 5/15/51

      5,500        5,870     
 

2.00%, 8/15/51

      5,000        4,912     
 

 

  
          247,232     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    114    NORTHERN FUNDS SEMIANNUAL REPORT

       

 

   

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT OBLIGATIONS - 37.8%    continued

 

 

U.S. Treasury Notes – 29.9%

 

 

1.88%, 10/31/22

      $10,000        $10,190     
 

0.13%, 11/30/22

      10,000        9,998     
 

2.00%, 11/30/22

      10,000        10,217     
 

2.13%, 12/31/22

      10,000        10,246     
 

0.13%, 1/31/23

      10,000        9,995     
 

0.13%, 2/28/23

      10,000        9,993     
 

1.50%, 2/28/23

      10,000        10,188     
 

2.63%, 2/28/23

      10,000        10,346     
 

0.13%, 3/31/23

      10,000        9,990     
 

1.63%, 4/30/23

      10,000        10,224     
 

2.75%, 4/30/23

      15,000        15,602     
 

0.13%, 5/15/23

      20,000        19,971     
 

2.75%, 5/31/23

      20,000        20,840     
 

0.13%, 6/30/23

      10,000        9,983     
 

0.13%, 7/31/23

      10,000        9,979     
 

0.13%, 8/15/23

      10,000        9,975     
 

0.13%, 8/31/23

      10,000        9,973     
 

2.75%, 8/31/23

      15,000        15,710     
 

2.88%, 10/31/23

      10,000        10,532     
 

2.75%, 11/15/23

      5,000        5,257     
 

2.63%, 12/31/23

      5,000        5,255     
 

0.13%, 1/15/24

      10,000        9,946     
 

0.13%, 2/15/24

      10,000        9,943     
 

2.38%, 2/29/24

      20,000        20,954     
 

0.25%, 3/15/24

      10,000        9,965     
 

0.38%, 4/15/24

      20,000        19,977     
 

2.50%, 5/15/24

      20,000        21,078     
 

2.00%, 5/31/24

      5,000        5,205     
 

2.00%, 6/30/24

      15,000        15,628     
 

0.38%, 8/15/24

      5,000        4,982     
 

2.38%, 8/15/24

      10,000        10,537     
 

1.50%, 9/30/24

      5,000        5,146     
 

1.50%, 10/31/24

      10,000        10,294     
 

2.25%, 11/15/24

      10,000        10,525     
 

1.50%, 11/30/24

      10,000        10,293     
 

1.38%, 1/31/25

      10,000        10,252     
 

2.75%, 2/28/25

      15,000        16,076     
 

0.38%, 4/30/25

      15,000        14,834     
 

2.13%, 5/15/25

      10,000        10,509     
 

0.25%, 6/30/25

      15,000        14,733     
 

0.25%, 7/31/25

      10,000        9,809     
 

0.25%, 8/31/25

      10,000        9,796     
 

3.00%, 9/30/25

      10,000        10,871     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT OBLIGATIONS - 37.8%    continued

 

 

U.S. Treasury Notes – 29.9%    continued

 

 

0.38%, 11/30/25

      $10,000        $9,809     
 

2.63%, 12/31/25

      10,000        10,739     
 

0.38%, 1/31/26

      10,000        9,785     
 

1.63%, 2/15/26

      10,000        10,318     
 

0.50%, 2/28/26

      10,000        9,831     
 

0.75%, 3/31/26

      10,000        9,929     
 

0.75%, 4/30/26

      10,000        9,923     
 

1.63%, 5/15/26

      10,000        10,313     
 

0.88%, 6/30/26

      10,000        9,965     
 

0.63%, 7/31/26

      10,000        9,840     
 

1.50%, 8/15/26

      10,000        10,252     
 

0.75%, 8/31/26

      5,000        4,946     
 

1.63%, 9/30/26

      10,000        10,311     
 

2.00%, 11/15/26

      10,000        10,492     
 

1.75%, 12/31/26

      5,000        5,185     
 

2.25%, 2/15/27

      10,000        10,622     
 

1.13%, 2/28/27

      10,000        10,034     
 

0.50%, 4/30/27

      10,000        9,676     
 

0.50%, 5/31/27

      10,000        9,661     
 

2.25%, 8/15/27

      10,000        10,629     
 

0.50%, 8/31/27

      10,000        9,625     
 

0.50%, 10/31/27

      10,000        9,597     
 

2.25%, 11/15/27

      10,000        10,630     
 

0.63%, 12/31/27

      10,000        9,648     
 

2.75%, 2/15/28

      10,000        10,940     
 

1.25%, 3/31/28

      10,000        10,000     
 

1.25%, 4/30/28

      10,000        9,993     
 

2.88%, 5/15/28

      10,000        11,029     
 

1.00%, 7/31/28

      10,000        9,806     
 

2.88%, 8/15/28

      10,000        11,046     
 

1.13%, 8/31/28

      10,000        9,881     
 

1.25%, 9/30/28

      10,000        9,958     
 

3.13%, 11/15/28

      10,000        11,235     
 

2.63%, 2/15/29

      10,000        10,903     
 

2.38%, 5/15/29

      10,000        10,734     
 

1.63%, 8/15/29

      5,000        5,093     
 

1.75%, 11/15/29

      5,000        5,138     
 

1.50%, 2/15/30

      5,000        5,032     
 

0.63%, 5/15/30

      10,000        9,334     
 

0.63%, 8/15/30

      10,000        9,303     
 

0.88%, 11/15/30

      15,000        14,235     
 

1.13%, 2/15/31

      15,000        14,529     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    115    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

U.S. GOVERNMENT OBLIGATIONS - 37.8%    continued

 

 

U.S. Treasury Notes – 29.9%    continued

 

 

1.63%, 5/15/31

      $15,000        $15,176     
 

1.25%, 8/15/31

      10,000        9,758     
 

 

  
                    930,700           
   

Total U.S. Government Obligations

 

         
 

(Cost $1,150,121)

         1,177,932     
 

    

         
 

MUNICIPAL BONDS – 0.6%

 

 

Arizona – 0.0%

         
 

Salt River Project Agricultural Improvement & Power District Electric Revenue Bonds, Build America Bonds,

         
 

4.84%, 1/1/41

      110        143     
 

 

  
 

California – 0.3%

         
 

Bay Area Toll Authority Toll Bridge Subordinate Revenue Bonds, Series S1, Build America Bonds,

         
 

7.04%, 4/1/50

      150        264     
 

Bay Area Toll Authority Toll Bridge Taxable Revenue Bonds, Series S3, Build America Bonds,

         
 

6.91%, 10/1/50

      150        265     
 

California State G.O. Unlimited Bonds, Build America Bonds,

         
 

7.30%, 10/1/39

      920        1,454     
 

7.63%, 3/1/40

      405        673     
 

7.60%, 11/1/40

      400        690     
 

California State Various Purpose Taxable G.O. Unlimited Bonds, Build America Bonds,

         
 

7.55%, 4/1/39

      585        986     
 

East Bay Municipal Utility District Water System Subordinated Revenue Bonds, Build America Bonds,

         
 

5.87%, 6/1/40

      300        434     
 

Los Angeles Community College District G.O. Unlimited Bonds, Build America Bonds,

         
 

6.75%, 8/1/49

      150        253     
 

Los Angeles Unified School District G.O. Unlimited Bonds, Series RY, Build America Bonds,

         
 

6.76%, 7/1/34

      290        410     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

MUNICIPAL BONDS - 0.6%    continued

 

 

California – 0.3%    continued

 

 

Los Angeles Unified School District Taxable G.O. Unlimited Bonds, Series KR, Build America Bonds,

         
 

5.75%, 7/1/34

      $335        $443     
 

San Diego County Water Authority Financing Agency Water Revenue Bonds, Build America Bonds,

         
 

6.14%, 5/1/49

      100        150     
 

San Francisco City & County Public Utilities Commission Water Revenue Bonds, Build America Bonds,

         
 

6.95%, 11/1/50

      75        125     
 

University of California Revenue Bonds, Build America Bonds,

         
 

5.95%, 5/15/45

      150        211     
 

University of California Taxable General Revenue Bonds, Series AD,

         
 

4.86%, 5/15/12(8)

      1,000        1,405     
 

 

  
          7,763     
 

 

  
 

Connecticut – 0.0%

         
 

Connecticut State Taxable G.O. Unlimited Bonds, Series A,

         
 

5.85%, 3/15/32

      300        395     
 

 

  
 

District of Columbia – 0.0%

         
 

District of Columbia Income Tax Secured Revenue Bonds, Series E, Build America Bonds,

         
 

5.59%, 12/1/34

      30        39     
 

 

  
 

Georgia – 0.0%

         
 

Municipal Electric Authority of Georgia Revenue Bonds, Build America Bonds,

         
 

6.66%, 4/1/57

      98        149     
 

Municipal Electric Authority of Georgia Taxable Revenue Bonds, Build America Bonds,

         
 

6.64%, 4/1/57

      67        101     
 

7.06%, 4/1/57

      292        430     
 

 

  
          680     
 

 

  
 

Illinois – 0.0%

         
 

Chicago Transit Authority Sales & Transfer Tax Receipts Pension Funding Taxable Revenue Bonds, Series A,

         
 

6.90%, 12/1/40

      300        424     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    116    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

MUNICIPAL BONDS - 0.6%    continued

 

 

Illinois – 0.0%    continued

 

 

Chicago Transit Authority Sales Tax Receipts Revenue Bonds, Series B, Build America Bonds,

         
 

6.20%, 12/1/40

      $140        $192     
 

Illinois State Taxable Pension G.O. Unlimited Bonds,

         
 

5.10%, 6/1/33

      705        822     
 

 

  
          1,438     
 

 

  
 

Massachusetts – 0.0%

         
 

Massachusetts State G.O. Limited Bonds, Series D, Build America Bonds,

         
 

4.50%, 8/1/31

      250        301     
 

Massachusetts State School Building Authority Sales TRB, Build America Bonds,

         
 

5.72%, 8/15/39

      100        138     
 

 

  
          439     
 

 

  
 

Mississippi – 0.0%

         
 

Mississippi State G.O. Unlimited Bonds, Series F, Build America Bonds,

         
 

5.25%, 11/1/34

      100        128     
 

 

  
 

Nevada – 0.0%

         
 

Clark County Airport System Taxable Revenue Bonds, Series C, Build America Bonds,

         
 

6.82%, 7/1/45

      200        310     
 

 

  
 

New Jersey – 0.0%

         
 

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series B, Build America Bonds,

         
 

6.56%, 12/15/40

      200        297     
 

New Jersey State Turnpike Authority Taxable Revenue Bonds, Build America Bonds,

         
 

7.41%, 1/1/40

      125        204     
 

Rutgers State University Revenue Bonds, Build America Bonds,

         
 

5.67%, 5/1/40

      145        195     
 

 

  
          696     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

MUNICIPAL BONDS - 0.6%    continued

 

 

New York – 0.1%

         
 

Metropolitan Transportation Authority Dedicated Tax Fund Taxable Revenue Bonds, Build America Bonds,

         
 

7.34%, 11/15/39

      $75        $122     
 

Metropolitan Transportation Authority Taxable Revenue Bonds, Build America Bonds,

         
 

6.81%, 11/15/40

      60        88     
 

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Build America Bonds,

         
 

5.75%, 6/15/41

      200        296     
 

5.72%, 6/15/42

      250        372     
 

New York City Transitional Finance Authority Future Taxable Revenue Bonds, Build America Bonds,

         
 

5.77%, 8/1/36

      300        381     
 

New York G.O. Unlimited Bonds, Build America Bonds,

         
 

5.52%, 10/1/37

      100        136     
 

New York State Dormitory Authority Personal Income TRB, Series D, Build America Bonds,

         
 

5.60%, 3/15/40

      250        336     
 

New York State Dormitory Authority State Personal Income Tax Build America Revenue Bonds, Unrefunded Balance,

         
 

5.63%, 3/15/39

      75        96     
 

New York State Urban Development Corp. Taxable Revenue Bonds, Build America Bonds,

         
 

5.77%, 3/15/39

      100        125     
 

Port Authority of New York & New Jersey Consolidated 164th Taxable Revenue Bonds,

         
 

5.65%, 11/1/40

      350        491     
 

Port Authority of New York & New Jersey Consolidated 165th Taxable Revenue Bonds,

         
 

5.65%, 11/1/40

      200        280     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    117    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

MUNICIPAL BONDS - 0.6%    continued

 

 

New York – 0.1%    continued

 

 

Port Authority of New York & New Jersey Consolidated 168th Revenue Bonds,

         
 

4.93%, 10/1/51

      $250        $349     
 

 

  
          3,072     
 

 

  
 

Ohio – 0.1%

         
 

American Municipal Power-Ohio, Inc., Revenue Bonds, Subseries B, Build America Bonds,

         
 

6.45%, 2/15/44

      200        292     
 

American Municipal Power-Ohio, Inc., Taxable Revenue Bonds, Series B, Build America Bonds, Combined Hydroelectric Projects,

         
 

8.08%, 2/15/50

      300        557     
 

Ohio State University Revenue Bonds, Series C, Build America Bonds,

         
 

4.91%, 6/1/40

      190        252     
 

Ohio State University Taxable Revenue Bonds, Series A,

         
 

4.80%, 6/1/11(5)

      200        285     
 

Ohio State Water Quality Development Authority Pollution Control Taxable Revenue Bonds, Series B-2, Loan Fund,

         
 

4.88%, 12/1/34

      90        107     
 

 

  
          1,493     
 

 

  
 

Oregon – 0.0%

         
 

Oregon State Department of Transportation Highway Subordinate Lien User Taxable Revenue Bonds, Series A, Build America Bonds,

         
 

5.83%, 11/15/34

      200        274     
 

 

  
 

Pennsylvania – 0.0%

         
 

State Public School Building Authority Taxable Revenue Bonds, Series A, Qualified School Construction Bonds,

         
 

5.00%, 9/15/27

      200        236     
 

 

  
 

Tennessee – 0.0%

         
 

Metropolitan Government of Nashville & Davidson County Convention Center Authority Subordinate Taxable Revenue Bonds, Series B, Build America Bonds,

         
 

6.73%, 7/1/43

      100        145     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

MUNICIPAL BONDS - 0.6%    continued

 

 

Texas – 0.1%

         
 

Dallas Area Rapid Transit Sales TRB, Build America Bonds,

         
 

5.02%, 12/1/48

      $180        $247     
 

Dallas Independent School District Taxable G.O. Unlimited Bonds, Series C, Build America Bonds (PSF, Gtd.),

         
 

6.45%, 2/15/35

      200        210     
 

Houston Pension Taxable G.O. Limited Refunding Bonds, Series A,

         
 

6.29%, 3/1/32

      245        310     
 

North Texas Tollway Authority Revenue Bonds, Build America Bonds,

         
 

6.72%, 1/1/49

      125        207     
 

San Antonio Electric & Gas Revenue Bonds, Build America Bonds,

         
 

5.99%, 2/1/39

      200        286     
 

Texas State Taxable G.O. Unlimited Bonds, Build America Bonds,

         
 

5.52%, 4/1/39

      200        288     
 

Texas Transportation Commission State Highway Fund Taxable Revenue Bonds, Series B, First Tier,

         
 

5.18%, 4/1/30

      300        366     
 

University of Texas Revenue Bonds, Series C, Build America Bonds,

         
 

4.79%, 8/15/46

      100        133     
 

 

  
          2,047     
 

 

  
 

Utah – 0.0%

         
 

Utah State G.O. Unlimited Bonds, Series B, Build America Bonds,

         
 

3.54%, 7/1/25

      95        100     
 

 

  
 

Virginia – 0.0%

         
 

University of Virginia University Taxable Revenue Refunding Bonds,

         
 

2.26%, 9/1/50

      1,000        920     
 

 

  
 

Washington – 0.0%

         
 

Central Puget Sound Regional Transportation Authority Sales & Use TRB, Build America Bonds,

         
 

5.49%, 11/1/39

      80        111     
 

Washington State Convention Center Public Facilities District Revenue Bonds, Build America Bonds,

         
 

6.79%, 7/1/40

      100        129     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    118    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

        

PRINCIPAL
AMOUNT

(000S)

      VALUE
(000S)		      
 

MUNICIPAL BONDS - 0.6%    continued

 

Washington – 0.0%    continued

        
 

Washington State G.O. Unlimited Bonds, Series F, Build America Bonds,

        
 

5.14%, 8/1/40

      $100        $138      
                    378      
 
   

Total Municipal Bonds

                      
 

(Cost $15,624)

         20,696    
         
         NUMBER
OF SHARES		     

VALUE

(000S)

      
 

OTHER – 0.0%

 

     
   

Escrow Lehman Brothers Holdings
Capital Trust  VII(14) (15)

      50,000        $—      
   

Total Other

                      
 

(Cost $39)

         —    
         
 

INVESTMENT COMPANIES – 2.9%

 

     
   

Northern Institutional Funds -
U.S. Government Portfolio (Shares),
0.00%(16) (17)

      91,556,093        91,556      
   

Total Investment Companies

                      
       
 

(Cost $91,556)

         91,556    
         
       
 

Total Investments – 102.1%

 

     
         
 

(Cost $3,075,530)

         3,181,199    
   

Liabilities less Other Assets – (2.1%)

 

      (66,613 )     
 

NET ASSETS – 100.0%

       $ 3,114,586    

 

(1) 

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

 

(2) 

Variable rate security. Rate as of September 30, 2021 is disclosed.

 

(3) 

Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of September 30, 2021.

 

(4) 

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

 

(5) 

Century bond maturing in 2111.

 

(6) 

Century bond maturing in 2114.

 

(7) 

Century bond maturing in 2116.

 

(8) 

Century bond maturing in 2112.

 

(9) 

Zero coupon bond.

 

(10) 

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

 

(11) 

Principal Amount and Value rounds to less than one thousand.

 

(12) 

Principal rounds to less than a thousand.

 

(13) 

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(14) 

Issuer has defaulted on terms of debt obligation.

 

(15) 

Level 3 asset that is worthless, bankrupt or has been delisted.

 

(16) 

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

 

(17) 

7-day current yield as of September 30, 2021 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1Y - 1 Year

3M - 3 Month

A.G. - Aktiengesellschaft (German: Stock Corporation)

AB - Aktiebolag (Sweden: Corporation)

ASA - Aksjeselskap (Norway: Stock Company)

B.V. - Besloten Vennootschap (Dutch: Private Limited Liability Company)

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

G.O. - General Obligation

Gtd. - Guaranteed

ICE - Intercontinental Exchange

L.P. - Limited Partnership

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

PSF - Permanent School Fund

S.A. - Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. - Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

SOFR - Secured Overnight Financing Rate

TBA - To be announced

TRB - Tax Revenue Bonds

USD - United States Dollar

Percentages shown are based on Net Assets.

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    119    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   BOND INDEX FUND    continued

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE(1)    % OF NET ASSETS  

  Asset-backed securities

      1.6 % 

  Corporate bonds

      22.0 % 

  Foreign Issuer Bonds

      7.2 % 

  U.S. Government Agencies

      30.0 % 

  U.S. Government Obligations

      37.8 % 

  Municipal Bonds

      0.6 % 

  Other

      0.0 % 

  Investment Companies

      2.9 % 

 

 

(1) 

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

    INVESTMENTS    LEVEL 1
(000S)		      LEVEL 2
(000S)		      LEVEL 3
(000S)		      TOTAL
(000S)		      
  Asset-Backed Securities:              
 

Automobile

    $ —      $ 5,296        $200      $ 5,496    
 

All Other Industries(1)

      —        43,684        —        43,684      
  Total Asset-Backed Securities      —        48,980        200        49,180      
 

Corporate Bonds(1)

      —        684,320        —        684,320    
 

Foreign Issuer Bonds(1)

     —        224,203        —        224,203    
 

U.S. Government
Agencies(1)

     —        933,312        —        933,312    
 

U.S. Government
Obligations(1)

      —        1,177,932        —        1,177,932    
 

Municipal Bonds(1)

      —        20,696        —        20,696    
 

Investment Companies

      91,556        —        —        91,556      
 

Total Investments

      $91,556        $3,089,443        $200        $3,181,199      

 

(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    120    NORTHERN FUNDS SEMIANNUAL REPORT

    

 

SCHEDULE OF INVESTMENTS    

 

 

   CALIFORNIA INTERMEDIATE  TAX-EXEMPT FUND

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS – 94.2%

 

   California – 94.2%        
 

Alameda County Joint Powers Authority Lease Revenue Bonds, Series A, Multiple Capital Projects,

        
 

4.00%, 12/1/24

      $850         $917     
 

Alameda County Unified School District G.O. Unlimited Bonds, Series B, Election of 2014,

        
 

5.00%, 8/1/42

      2,000       2,434     
 

Alameda County Unified School District G.O. Unlimited Bonds, Series C, Election of 2014,

        
 

3.00%, 8/1/42

      3,950       4,162     
 

Albany Unified School District G.O. Unlimited Bonds, Series B, Measure B, Election of 2016,

        
 

5.00%, 8/1/43

      1,000       1,174     
 

Anaheim Housing & Public Improvement Authority Revenue Refunding Bonds, Series B,

        
 

5.00%, 10/1/28

      2,000       2,135     
 

Azusa Unified School District G.O. Unlimited Bonds, Series C, Election of 2014,

        
 

5.00%, 8/1/44

      1,700       2,106     
 

Bay Area Toll Authority Subordinate Toll Bridge Revenue Refunding Bonds, Series S-H,

        
 

5.00%, 4/1/44

      2,000       2,474     
 

Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area,

        
 

2.95%, 4/1/26(1) (2) (3)

      19,975       21,774     
 

Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area Toll,

        
 

2.00%, 4/1/24(1) (2) (3)

      7,620       7,855     
 

2.13%, 4/1/25(1) (2) (3)

      16,700       17,484     
 

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,

        
 

4.00%, 8/1/31(1) (2) (3)

      3,500       4,242     
 

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Series A,

        
 

5.00%, 6/1/29

      310       397     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

5.00%, 6/1/30

      $300         $391     
 

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Sonoma County Securitization,

        
 

5.00%, 6/1/27

      325       398     
 

California HFA Municipal Certificates Revenue Bonds, Series 2, Class A,

        
 

4.00%, 3/20/33

      973       1,147     
 

California HFA Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,

        
 

3.50%, 11/20/35

      1,737       2,015     
 

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-2, Class A Social Certificates (FHLMC Insured),

        
 

3.75%, 3/25/35

      2,000       2,371     
 

California School Finance Authority Educational Facilities Revenue Bonds, Series A,

        
 

4.00%, 7/1/40

      800       911     
 

California School Finance Authority Educational Facilities Revenue Bonds, Series A, Kipp Socal Public School Projects,

        
 

5.00%, 7/1/39

      1,000       1,211     
 

California School Finance Authority School Facility Revenue Refunding Bonds, Granada Hills Charter Obligated Group,

        
 

4.00%, 7/1/38

      465       518     
 

California State Department of Veterans Affairs Home Purchase Taxable Revenue Refunding Bonds, Series A,

        
 

0.59%, 6/1/24

      1,350       1,352     
 

0.92%, 12/1/25

      1,000       998     
 

California State Department of Water Resources Central Valley Project Revenue Bonds, Series AR, Prerefunded,

        
 

4.00%, 6/1/24(4)

     1,795       1,974     
 

California State Earthquake Authority Taxable Revenue Bonds, Series B,

        
 

1.33%, 7/1/22

      1,500       1,511     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    121    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

California State Enterprise Development Authority Lease Revenue Bonds, Riverside County Library Facilities Project,

        
 

3.00%, 11/1/44

      $3,000         $3,129     
 

4.00%, 11/1/49

      1,900       2,140     
 

California State G.O. Unlimited Bonds,

        
 

5.00%, 3/1/26

      1,250       1,443     
 

California State G.O. Unlimited Refunding Bonds,

        
 

5.00%, 9/1/27

      1,845       2,234     
 

5.00%, 10/1/27

      1,850       2,310     
 

5.00%, 8/1/28

      4,000       4,964     
 

5.00%, 10/1/28

      3,000       3,826     
 

5.00%, 3/1/35

      3,500       4,497     
 

California State G.O. Unlimited Refunding Bonds, Bid Group C,

        
 

5.00%, 8/1/27

      2,000       2,416     
 

5.00%, 8/1/28

      7,000       8,453     
 

California State G.O. Unlimited Refunding Bonds, Series C,

        
 

5.00%, 9/1/26

      3,500       4,108     
 

California State G.O. Unlimited Various Purpose Refunding Bonds,

        
 

5.00%, 10/1/26

      2,750       3,130     
 

5.00%, 3/1/32

      1,125       1,458     
 

California State Health Facilities Financing Authority Revenue Bonds, Series A, Sutter Health, Prerefunded,

        
 

5.00%, 11/15/25(4)

     1,200       1,425     
 

California State Health Facilities Financing Authority Revenue Refunding Bonds, Cedars-Sinai Medical Center,

        
 

5.00%, 11/15/27

      250       296     
 

California State Health Facilities Financing Authority Revenue Refunding Bonds, Children’s Hospital of Orange County,

        
 

5.00%, 11/1/28

      700       897     
 

California State Health Facilities Financing Authority Revenue Refunding Bonds, Providence St. Joseph Health,

        
 

2.00%, 10/1/25(1) (2) (3)

      2,450       2,597     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

California State Health Facilities Financing Authority Revenue Refunding Bonds, Series B, Sutter Health,

        
 

5.00%, 11/15/35

      $2,500         $3,020     
 

California State Health Facilities Financing Authority Revenue Refunding Bonds, Sutter Health, Prerefunded,

        
 

5.00%, 11/15/26(4)

     1,215       1,484     
 

California State Health Facilities Financing Authority Revenue Refunding Bonds, Sutter Health, Unrefunded Balance,

        
 

5.00%, 11/15/46

      1,785       2,125     
 

California State Health Facilities Financing Authority Variable Revenue Refunding Bonds, Stanford Health Care,

        
 

3.00%, 8/15/25(1) (2) (3)

      600       659     
 

California State Infrastructure & Economic Development Bank Revenue Bonds, Equitable School Revolving Fund,

        
 

5.00%, 11/1/39

      550       663     
 

California State Infrastructure & Economic Development Bank Revenue Bonds, UCSF 2130 Third Street,

        
 

5.00%, 5/15/36

      1,000       1,240     
 

California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Los Angeles Museum of Art Project,

        
 

1.20%, 6/1/28(1) (2) (3)

      3,000       3,009     
 

California State Municipal Finance Authority MFH Revenue Bonds, Pass-Through Park Western Apartments (FNMA Insured),

        
 

2.65%, 8/1/36

      3,423       3,607     
 

California State Municipal Finance Authority Revenue Bonds, California Institute of the Arts,

        
 

4.00%, 10/1/46

      500       577     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    122    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

California State Municipal Finance Authority Revenue Bonds, Humangood, California Obligated Group,

        
 

3.00%, 10/1/46

      $1,000         $1,034     
 

California State Municipal Finance Authority Revenue Bonds, Series A, National University,

        
 

5.00%, 4/1/36

      2,245       2,761     
 

California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village,

        
 

5.00%, 5/15/39

      1,500       1,827     
 

California State University Revenue Bonds, Series A,

        
 

5.00%, 11/1/31

      2,670       3,480     
 

California State University Taxable Revenue Refunding Bonds, Series B,

        
 

1.14%, 11/1/26

      1,175       1,169     
 

California State Various Purpose G.O. Unlimited Bonds,

        
 

5.00%, 10/1/23

      500       548     
 

5.00%, 11/1/28

      4,000       4,996     
 

4.00%, 10/1/34

      3,500       4,262     
 

5.25%, 10/1/39

      1,500       1,793     
 

California State Various Purpose G.O. Unlimited Bonds, Bid Group B,

        
 

5.00%, 11/1/31

      3,500       4,620     
 

California State Various Purpose G.O. Unlimited Bonds, Bidding Group,

        
 

5.00%, 9/1/28

      5,000       6,052     
 

Centinela Valley Union High School District G.O. Unlimited Bonds, Series B, Election of 2008, Prerefunded,

        
 

5.75%, 8/1/23(4)

     1,000       1,100     
 

Central Unified School District G.O. Unlimited Bonds, Series B, Election of 2016,

        
 

4.00%, 8/1/48

      1,000       1,112     
 

Contra Costa Community College District G.O. Unlimited Bonds, Series B-2,

        
 

3.00%, 8/1/35

      775       863     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

CSCDA Taxable Revenue Refunding Bonds, Front Porch Community,

        
 

1.51%, 4/1/26

      $1,000         $1,001     
 

Davis Joint Unified School District G.O. Unlimited Bonds (BAM Insured),

        
 

3.00%, 8/1/31

      2,025       2,236     
 

Desert Community College District G.O. Unlimited Bonds, Riverside & Imperial County, Prerefunded,

        
 

5.00%, 8/1/23(4)

     1,125       1,224     
 

Desert Sands Unified School District G.O. Unlimited Bonds, Election of 2014,

        
 

5.00%, 8/1/39

      1,330       1,620     
 

El Camino Community College District G.O. Unlimited CABS, Series C, Election of 2002,

        
 

0.00%, 8/1/23(5)

     9,940       9,890     
 

Evergreen School District G.O. Unlimited Bonds, Election of 2014,

        
 

5.00%, 8/1/46

      1,000       1,216     
 

Fremont Unified School District Alameda County G.O. Unlimited Bonds, Series D,

        
 

2.00%, 8/1/35

      3,985       3,967     
 

Fremont Union High School District Santa Clara County G.O. Unlimited Bonds, Series A,

        
 

3.00%, 8/1/39

      2,000       2,172     
 

Hartnell Community College District G.O. Unlimited Bonds, Series B,

        
 

3.00%, 8/1/45

      2,500       2,642     
 

Hayward Unified School District G.O. Unlimited Bonds (AGM Insured),

        
 

4.00%, 8/1/45

      2,000       2,317     
 

Imperial Irrigation District Electric Revenue Bonds, Series B-1,

        
 

5.00%, 11/1/46

      2,500       2,955     
 

Kern Community College District G.O. Unlimited CABS-BANS,

        
 

0.00%, 8/1/23(5)

     2,250       2,239     
 

Lodi Unified School District G.O. Unlimited Bonds, Series 2020, Election of 2016,

        
 

3.00%, 8/1/43

      2,750       2,906     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    123    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

Long Beach Community College District G.O. Unlimited Refunding Bonds, Series F,

        
 

5.00%, 6/1/27

      $1,100         $1,279     
 

Long Beach Harbor Revenue Bonds, Series A (AMT),

        
 

5.00%, 5/15/30

      1,300       1,576     
 

Long Beach Harbor Revenue Refunding Bonds, Series C,

        
 

5.00%, 5/15/47

      3,000       3,599     
 

Long Beach Unified School District G.O. Unlimited Bonds, Series F, Election of 2008,

        
 

3.00%, 8/1/38

      3,270       3,535     
 

Los Angeles Community College District G.O. Unlimited Bonds, Series K, Election of 2008,

        
 

3.00%, 8/1/39

      3,600       3,846     
 

Los Angeles County Metropolitan Transportation Authority Measure R Junior Subordinate Sales Tax Revenue Refunding Bonds, Green Bonds,

        
 

5.00%, 6/1/37

      2,000       2,601     
 

Los Angeles County Public Works Financing Authority Lease Revenue Bonds, Multiple Capital Projects II,

        
 

5.00%, 8/1/24

      945       982     
 

Los Angeles County Public Works Financing Authority Lease Revenue Bonds, Series D,

        
 

5.00%, 12/1/29

      1,665       1,964     
 

Los Angeles County Public Works Financing Authority Lease Revenue Bonds, Series E-1,

        
 

5.00%, 12/1/44

      3,405       4,279     
 

Los Angeles County Public Works Financing Authority Lease Revenue Refunding Bonds, Series B,

        
 

5.00%, 12/1/29

      2,630       3,103     
 

5.00%, 12/1/31

      2,000       2,354     
 

Los Angeles County TRANS,

        
 

4.00%, 6/30/22

      2,700       2,778     
 

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International,

        
 

5.00%, 5/15/23

      500       538     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

5.00%, 5/15/24

      $500         $560     
 

5.00%, 5/15/30

      1,465       1,847     
 

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport,

        
 

5.25%, 5/15/31

      2,000       2,508     
 

5.00%, 5/15/44

      1,500       1,833     
 

Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds, Series A (AMT), P3 Project,

        
 

5.00%, 5/15/46

      1,000       1,247     
 

Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds, Series D (AMT),

        
 

5/15/32(6)

     3,000       3,938     
 

Los Angeles Department of Airports Revenue Refunding Bonds, Series B (AMT),

        
 

5.00%, 5/15/27

      7,435       9,114     
 

5.00%, 5/15/28

      7,630       9,552     
 

5.00%, 5/15/29

      1,000       1,247     
 

Los Angeles Department of Airports Senior Revenue Bonds, Series B,

        
 

5.00%, 5/15/27

      640       743     
 

Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B,

        
 

5.00%, 7/1/40

      2,500       3,204     
 

Los Angeles Department of Water & Power Waterworks System Revenue Refunding Bonds, Series B,

        
 

4.00%, 7/1/29

      2,075       2,561     
 

5.00%, 7/1/43

      1,850       2,284     
 

5.00%, 7/1/46

      3,000       3,844     
 

Los Angeles Department of Water & Power Waterworks System Revenue Refunding Bonds, Series C,

        
 

5.00%, 7/1/41

      1,000       1,282     
 

Los Angeles Harbor Department Revenue Refunding Bonds, Series A (AMT), Private Activity,

        
 

5.00%, 8/1/25

      6,750       7,828     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    124    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

Los Angeles Unified School District G.O. Unlimited Bonds, Series B-1, Election of 2008,

        
 

4.00%, 7/1/24

      $1,000         $1,102     
 

4.00%, 7/1/25

      3,000       3,400     
 

5.00%, 7/1/29

      1,500       1,872     
 

5.00%, 7/1/30

      190       236     
 

Los Angeles Unified School District G.O. Unlimited Bonds, Series C,

        
 

5.00%, 7/1/29

      500       650     
 

Los Angeles Unified School District G.O. Unlimited Refunding Bonds,
Series A,

        
 

5.00%, 7/1/24

      2,360       2,665     
 

5.00%, 7/1/26

      5,440       6,564     
 

3.00%, 7/1/27

      1,000       1,128     
 

Los Angeles Unified School District G.O. Unlimited Refunding Bonds, Series B,

        
 

5.00%, 7/1/26

      700       845     
 

Los Angeles Wastewater System Revenue, Subseries A, Green Bonds,

        
 

5.00%, 6/1/38

      1,100       1,362     
 

Los Rios Community College District G.O. Unlimited Bonds, Series D,

        
 

3.00%, 8/1/44

      2,000       2,120     
 

Los Rios Community College District G.O. Unlimited Bonds, Series E,

        
 

3.00%, 8/1/35

      1,450       1,595     
 

Metropolitan Water District of Southern California Subordinate Revenue Refunding Bonds, Series A,

        
 

2.50%, 7/1/27

      6,650       7,304     
 

Modesto Irrigation District Financing Authority Electric System Revenue Bonds, Series A,

        
 

5.00%, 10/1/26

      1,490       1,746     
 

5.00%, 10/1/27

      1,130       1,322     
 

5.00%, 10/1/28

      2,770       3,238     
 

Modesto Irrigation District Financing Authority Electric System Revenue Refunding Bonds, Series B,

        
 

5.00%, 10/1/28

      2,150       2,724     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

Modesto Irrigation District Financing Authority Revenue Refunding Bonds, Series G, Domestic Water Project (AGM Insured),

        
 

5.00%, 9/1/22

      $1,445         $1,509     
 

Monterey County Public Facilities Financing COPS,

        
 

5.00%, 10/1/27

      1,000       1,177     
 

5.00%, 10/1/28

      670       788     
 

Natomas Unified School District G.O. Unlimited Bonds (AGM Insured),

        
 

3.00%, 8/1/39

      1,655       1,731     
 

3.00%, 8/1/40

      2,325       2,425     
 

3.00%, 8/1/41

      2,590       2,698     
 

Natomas Unified School District G.O. Unlimited Bonds, Election of 2014,

        
 

5.00%, 8/1/25

      1,690       1,905     
 

Natomas Unified School District G.O. Unlimited Bonds, Election of 2014 (BAM Insured),

        
 

5.00%, 8/1/33

      1,185       1,412     
 

Natomas Unified School District G.O. Unlimited Bonds, Series A (AGM Insured),

        
 

4.00%, 8/1/45

      3,000       3,369     
 

Natomas Unified School District G.O. Unlimited Refunding Bonds (BAM Insured),

        
 

5.00%, 8/1/31

      3,620       4,327     
 

Northern Energy Authority Commodity Supply Revenue Bonds, Series A,

        
 

4.00%, 7/1/24(1) (2) (3)

      2,000       2,175     
 

Oakland Unified School District Alameda County G.O. Unlimited Bonds, Series A,

        
 

5.00%, 8/1/22

      750       779     
 

5.00%, 8/1/24

      600       677     
 

Orange County Local Transportation Authority Sales TRB,

        
 

5.00%, 2/15/33

      3,000       3,800     
 

Orange County Transportation Authority Revenue BANS, I-405 Improvement Project,

        
 

5.00%, 10/15/24

      2,700       3,079     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    125    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

Oxnard Union High School District G.O. Unlimited Bonds, Series A, Election of 2018,

        
 

5.00%, 8/1/42

      $3,000         $3,521     
 

Oxnard Union High School District G.O. Unlimited Bonds, Series B,

        
 

5.00%, 8/1/45

      2,000       2,457     
 

Palm Springs Unified School District G.O. Unlimited Bonds, Series D, Election of 2008,

        
 

2.00%, 8/1/27

      1,970       2,077     
 

Paso Robles Joint Unified School District G.O. Unlimited Bonds, Series A,

        
 

4.00%, 8/1/43

      4,220       4,856     
 

4.00%, 8/1/46

      5,950       6,813     
 

Perris Union High School District G.O. Unlimited Bonds, Series C, Election of 2012,

        
 

3.00%, 9/1/39

      800       855     
 

3.00%, 9/1/40

      875       930     
 

Placentia-Yorba Linda Unified School District G.O. Unlimited Refunding Bonds,

        
 

5.00%, 8/1/26

      1,000       1,172     
 

Placentia-Yorba Linda Unified School District Taxable G.O. Unlimited Refunding Bonds, Series B,

        
 

1.07%, 8/1/26

      650       646     
 

Redlands Unified School District G.O. Unlimited Refunding Bonds, San Bernandino County,

        
 

3.00%, 7/1/30

      2,295       2,519     
 

Redwood City Public Facilities & Infrastructure Authority Lease Revenue Bonds, Veterans Memorial Building,

        
 

3.00%, 6/1/41

      2,230       2,376     
 

Richmond Joint Powers Financing Authority Revenue Refunding Bonds, Series A, Civic Center Project (AGM Insured),

        
 

5.00%, 11/1/24

      600       677     
 

5.00%, 11/1/25

      1,000       1,164     
 

5.00%, 11/1/26

      750       894     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

Riverside County Asset Leasing Corp. Lease Revenue Bonds, Series 2013 A, Public Defender & Probation Building, Prerefunded,

        
 

5.25%, 11/1/23(4)

      $150         $165     
 

Riverside County Asset Leasing Corp. Lease Revenue Bonds, Series 2013 A, Public Defender & Probation Building, Unrefunded Balance,

        
 

5.25%, 11/1/24

      650       714     
 

Riverside County TRANS,

        
 

2.00%, 6/30/22

      2,300       2,332     
 

Riverside County Transportation Commission Revenue Refunding Bonds, Series A,

        
 

3.00%, 6/1/26

      5,500       5,835     
 

Riverside County Transportation Commission Sales Tax Revenue Refunding Bonds, Series B,

        
 

5.00%, 6/1/30

      2,500       3,125     
 

Riverside Public Financing Authority Local Measure A Sales Tax Revenue COPS, Riverside Payment Rehabilitation (AGM Insured),

        
 

5.25%, 6/1/24

      615       666     
 

Sacramento City Unified School District G.O. Unlimited Bonds, Measure Q, Election of 2021 (AGM Insured),

        
 

4.00%, 8/1/41

      850       997     
 

Sacramento City Unified School District G.O. Unlimited Refunding Bonds (AGM Insured),

        
 

4.00%, 7/1/27

      350       410     
 

Sacramento County Airport System Revenue Refunding Bonds, Series A,

        
 

5.00%, 7/1/29

      565       709     
 

5.00%, 7/1/31

      500       622     
 

Sacramento County Airport System Revenue Refunding Bonds, Series B,

        
 

5.00%, 7/1/29

      680       853     
 

Sacramento County Sanitation Districts Financing Authority Revenue Refunding Bonds,

        
 

5.00%, 12/1/33

      2,000       2,711     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    126    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

San Diego Association of Governments Capital Grant Receipts Revenue Bonds, Mid Coast Corridor, Green Bonds,

        
 

5.00%, 11/15/26

      $1,000         $1,177     
 

San Diego Association of Governments South Bay Expressway Toll Senior Lien Revenue Bonds, Series A,

        
 

5.00%, 7/1/29

      850       1,036     
 

5.00%, 7/1/37

      1,000       1,205     
 

San Diego County Regional Transportation Commission Sales Tax Subordinate Revenue Refunding Bonds, Series A,

        
 

3.00%, 10/1/22

      1,750       1,799     
 

San Diego Public Facilities Financing Authority Lease Revenue Refunding Bonds, Ballpark,

        
 

5.00%, 10/15/30

      1,040       1,213     
 

San Diego Unified School District G.O. Unlimited Bonds, Series D-2, Election of 2018,

        
 

3.00%, 7/1/37

      1,715       1,901     
 

San Diego Unified School District G.O. Unlimited Bonds, Series I, Election of 2012,

        
 

5.00%, 7/1/41

      3,380       4,143     
 

San Diego Unified School District G.O. Unlimited Refunding Bonds, Series E-2, Election of 1998 (AGM Insured),

        
 

5.50%, 7/1/27

      1,500       1,910     
 

San Francisco Bay Area Rapid Transit District G.O. Unlimited Bonds, Green Bonds,

        
 

5.00%, 8/1/31

      2,000       2,612     
 

San Francisco Bay Area Rapid Transit District Sales Tax Revenue Refunding Bonds, Series A,

        
 

5.00%, 7/1/32

      1,500       1,741     
 

San Francisco Bay Area Rapid Transit District Sales TRB, Series A,

        
 

3.00%, 7/1/44

      2,000       2,095     
 

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),

        
 

5.00%, 5/1/38

      3,000       3,705     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series E (AMT),

        
 

5.00%, 5/1/50

      $1,355         $1,638     
 

San Francisco City & County Airports Commission International Airport Revenue Refunding Bonds, Second Series A (AMT),

        
 

5.00%, 5/1/24

      1,095       1,125     
 

San Francisco City & County Airports Commission International Airport Revenue Refunding Bonds, Series D (AMT),

        
 

5.00%, 5/1/25

      1,000       1,157     
 

San Francisco City & County COPS, Multiple Capital Projects,

        
 

2.00%, 10/1/33

      2,800       2,825     
 

San Francisco City & County G.O. Unlimited Bonds, Series C,

        
 

3.00%, 6/15/30

      5,415       5,725     
 

San Francisco City & County Public Utilities Commission Water Revenue Refunding Bonds, Series D, Green Bonds,

        
 

5.00%, 11/1/32

      1,375       1,708     
 

San Francisco City & County Unified School District G.O. Unlimited Bonds, Proposition A, Series F&C,

        
 

3.25%, 6/15/32

      1,500       1,584     
 

San Francisco City and County G.O. Unlimited Refunding Bonds, Series R1,

        
 

5.00%, 6/15/22

      1,000       1,034     
 

San Francisco County Transportation Authority Sales TRB,

        
 

3.00%, 2/1/30

      5,000       5,465     
 

San Francisco Municipal Transportation Agency Taxable Revenue Refunding Bonds, Series A,

        
 

1.30%, 3/1/28

      725       714     
 

San Jacinto Unified School District G.O. Unlimited Refunding Bonds (AGM Insured),

        
 

5.00%, 8/1/26

      1,055       1,187     
 

San Jose Airport Revenue Refunding Bonds, Series A (AMT),

        
 

5.00%, 3/1/22

      1,495       1,524     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    127    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

San Jose G.O. Unlimited Refunding Bonds, Series C,

        
 

5.00%, 9/1/31

      $1,900         $2,437     
 

San Mateo Foster City School District G.O. Unlimited Bonds, Series A,

        
 

3.00%, 8/1/40

      500       539     
 

San Mateo-Foster City Public Financing Authority Wastewater Revenue Bonds, Series B,

        
 

5.00%, 8/1/25

      1,995       2,345     
 

San Rafael Elementary School District G.O. Unlimited Bonds, Series B, Election of 2015,

        
 

4.50%, 8/1/42

      1,750       2,073     
 

Santa Clara County Financing Authority Revenue Bonds, Series A,

        
 

3.00%, 5/1/39

      2,000       2,174     
 

Santa Clara County Financing Authority Revenue Refunding Bonds, Series Q,

        
 

3.00%, 5/15/35

      2,500       2,657     
 

Santa Clarita Community College District G.O. Unlimited Bonds,

        
 

3.00%, 8/1/44

      1,000       1,051     
 

Santa Rosa Elementary School District G.O. Unlimited Bonds, Series D, Election of 2014 (AGM Insured),

        
 

5.00%, 8/1/43

      1,145       1,348     
 

Santa Rosa High School District G.O. Unlimited Bonds, Series C, Election of 2014 (AGM Insured),

        
 

5.00%, 8/1/43

      1,000       1,177     
 

Silicon Valley Clean Water Wastewater Revenue Bonds, Series B,

        
 

0.50%, 3/1/26

      3,000       2,981     
 

South San Francisco Public Facilities Financing Authority Revenue Bonds, Community Civic Campus and Multiple Capital Lease Projects,

        
 

4.00%, 6/1/41

      1,000       1,186     
 

Southern California Financing Authority Water Replenishment Assessment Revenue Bonds,

        
 

5.00%, 8/1/43

      2,000       2,456     
 

Stockton Public Financing Authority Parking Revenue Refunding Bonds,

        
 

5.00%, 3/1/32

      555       677     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

5.00%, 3/1/33

      $600         $730     
 

5.00%, 3/1/47

      1,125       1,321     
 

Tobacco Securitization Authority Tobacco Settlement Senior Revenue Refunding Bonds, Sacramento County,

        
 

4.00%, 6/1/35

      500       603     
 

4.00%, 6/1/36

      750       900     
 

Transbay Joint Powers Authority Senior Tax Allocation Bonds, Green Bonds,

        
 

5.00%, 10/1/29

      465       599     
 

5.00%, 10/1/34

      600       765     
 

Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds,

        
 

5.00%, 1/1/28

      625       702     
 

University of California General Revenue Bonds, Series AF, Prerefunded,

        
 

5.00%, 5/15/23(4)

     1,220       1,313     
 

University of California Regents Medical Center Pooled Taxable Revenue Refunding Bonds, Series M,

        
 

2.46%, 5/15/26

      1,785       1,872     
 

Ventura County Public Financing Authority Lease Revenue Bonds, Series B,

        
 

5.00%, 11/1/24

      1,060       1,165     
 

Ventura Unified School District G.O. Unlimited Refunding Bonds,

        
 

5.00%, 8/1/29

      640       838     
 

5.00%, 8/1/30

      680       883     
 

5.00%, 8/1/31

      710       917     
 

Visalia Unified School District COPS (AGM Insured),

        
 

3.00%, 5/1/27

      1,525       1,527     
 

Western Riverside Water & Wastewater Finance Authority Western Municipal Water District Improvement Revenue Bonds (AGC Insured),

        
 

5.13%, 9/1/29

      1,645       1,651     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    128    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

        

PRINCIPAL
AMOUNT

(000S)

   VALUE
(000S)		         
   MUNICIPAL BONDS - 94.2%    continued

 

   California – 94.2%    continued

 

 

Yucaipa Valley Water District Water System Revenue Refunding Bonds, Series A,
5.00%, 9/1/26

      $1,000           $1,171     
 

 

  
         517,787     

 

  
   Total Municipal Bonds        

 

  
   (Cost $497,391)        517,787     
         
         NUMBER
OF SHARES		   VALUE
(000S)		         
   INVESTMENT COMPANIES – 2.5%

 

 

Northern Institutional Funds - U.S. Government Portfolio (Shares),
0.00%(7) (8)

      13,610,986       $13,611     

 

  
   Total Investment Companies        

 

  
   (Cost $13,611)        13,611     
         
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   SHORT-TERM INVESTMENTS – 3.2%

 

 

California State School Cash Reserve Program Authority TRANS, Series A,

        
 

2.00%, 6/30/22

      $2,000       $2,026     
 

Irvine Assessment District No. 87-8 Improvement Bond Act 1915 Adjustable Special Assessment (State Street B&T Co. LOC),

        
 

0.08%, 10/1/21(1) (3) (9)

      679       679     
 

Livermore-Amador Valley Water Management Agency Sewer Revenue Refunding Bonds,

        
 

4.00%, 8/1/22

      1,535       1,584     
 

Los Angeles County Schools Pooled Financing Program COPS, Series B-3,

        
 

2.00%, 12/30/21

      1,000       1,005     
 

Los Angeles County Schools Pooled Financing Program TRANS,

        
 

2.00%, 12/30/21

      750       753     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   SHORT-TERM INVESTMENTS - 3.2%    continued

 

 

San Diego County & School District TRANS, Series A,

        
 

0.25%, 6/30/22

      $7,500         $7,506     
 

San Diego Unified School District TRANS, Series A,

        
 

4.00%, 6/30/22

      3,750       3,858     

 

  
   Total Short-Term Investments        

 

  
   (Cost $17,416)        17,411     
         

 

  
   Total Investments – 99.9%        

 

  
   (Cost $528,418)        548,809     
 

Other Assets less Liabilities – 0.1%

 

     673     

 

  
   NET ASSETS – 100.0%        $549,482     

 

(1) 

Maturity date represents the puttable date.

(2) 

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

(3) 

Variable rate security. Rate as of September 30, 2021 is disclosed.

(4) 

Maturity date represents the prerefunded date.

(5) 

Zero coupon bond.

(6) 

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(7) 

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(8) 

7-day current yield as of September 30, 2021 is disclosed.

(9) 

Rate is determined by a remarketing agent and, in the agent’s judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AGC - Assured Guaranty Corporation

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

BANS - Bond Anticipation Notes

CABS - Capital Appreciation Bonds

CHF - Collegiate Housing Foundation

COPS - Certificates of Participation

CSCDA - California Statewide Communities Development Authority

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    129    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

G.O. - General Obligation

HFA - Housing Finance Authority

LLC - Limited Liability Company

LOC - Letter of Credit

MFH - Multi-Family Housing

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

   SECURITY TYPE(1)    % OF NET ASSETS   

   Municipal Bonds

      94.2 % 

   Investment Companies

      2.5 % 

   Short-Term Investments

      3.2 % 

 

(1) 

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

   INVESTMENTS   LEVEL 1
(000S)		   LEVEL 2
(000S)		   LEVEL 3
(000S)		   TOTAL
(000S)

   Municipal Bonds(1)

    $ —     $ 517,787       $—     $ 517,787

   Investment Companies

       13,611       —       —       13,611

   Short-Term Investments

       —       17,411       —       17,411

   Total Investments

     $ 13,611     $ 535,198       $—     $ 548,809

 

(1) 

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    130    NORTHERN FUNDS SEMIANNUAL REPORT

    

 

SCHEDULE OF INVESTMENTS     

 

   CALIFORNIA TAX-EXEMPT  FUND

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS – 86.9%

 

   California – 86.9%

 

 

Alameda County Unified School District G.O. Unlimited Bonds, Series B, Election of 2014,

        
 

5.00%, 8/1/42

      $500         $609     
 

Alameda County Unified School District G.O. Unlimited Bonds, Series C, Election of 2014,

        
 

3.00%, 8/1/42

      3,000       3,161     
 

Albany Unified School District G.O. Unlimited Bonds, Series B, Measure B, Election of 2016,

        
 

4.00%, 8/1/46

      1,000       1,121     
 

Bay Area Toll Authority Subordinate Toll Bridge Revenue Bonds, Series S-4, Prerefunded,

        
 

5.25%, 4/1/23(1)

     1,250       1,345     
 

Bay Area Toll Authority Subordinate Toll Bridge Revenue Refunding Bonds, Series S-H,

        
 

5.00%, 4/1/49

      1,000       1,230     
 

Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area,

        
 

2.95%, 4/1/26(2) (3) (4)

      5,500       5,995     
 

Beaumont Unified School District G.O. Unlimited Bonds, Series D, Election of 2008 (BAM Insured),

        
 

5.25%, 8/1/44

      1,500       1,821     
 

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,

        
 

4.00%, 8/1/31(2) (3) (4)

      1,500       1,818     
 

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Series A,

        
 

4.00%, 6/1/35

      885       1,066     
 

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Sonoma County Securitization,

        
 

5.00%, 6/1/29

      310       397     
 

California HFA Municipal Certificates Revenue Bonds, Series 2, Class A,

        
 

4.00%, 3/20/33

      973       1,147     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 86.9%    continued

 

   California – 86.9%    continued

 

 

California HFA Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,

        
 

3.50%, 11/20/35

      $1,241         $1,439     
 

California School Finance Authority Educational Facilities Revenue Bonds, Granada Hills Charter Obligated Group,

        
 

5.00%, 7/1/54

      1,200       1,350     
 

California School Finance Authority Educational Facilities Revenue Bonds, Series A,

        
 

4.00%, 7/1/50

      1,135       1,272     
 

California State Educational Facilities Authority Sustainability Revenue Refunding Bonds, Stanford University,

        
 

5.00%, 4/1/51

      2,000       3,059     
 

California State Enterprise Development Authority Lease Revenue Bonds, Riverside County Library Facilities Project,

        
 

4.00%, 11/1/49

      1,000       1,126     
 

California State G.O. Unlimited Bonds,

        
 

3.00%, 12/1/46

      300       320     
 

California State G.O. Unlimited Refunding Bonds,

        
 

5.00%, 12/1/26

      2,000       2,442     
 

5.00%, 10/1/28

      3,000       3,826     
 

California State G.O. Unlimited Refunding Bonds, Series C,

        
 

5.00%, 9/1/26

      500       587     
 

California State Health Facilities Financing Authority Revenue Refunding Bonds, Sutter Health, Prerefunded,

        
 

5.00%, 11/15/26(1)

     410       501     
 

California State Health Facilities Financing Authority Revenue Refunding Bonds, Sutter Health, Unrefunded Balance,

        
 

5.00%, 11/15/46

      590       702     
 

California State Infrastructure & Economic Development Bank Revenue Bonds, Equitable School Revolving Fund,

        
 

5.00%, 11/1/44

      625       745     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    131    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CALIFORNIA TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 86.9%    continued

 

   California – 86.9%    continued

 

 

California State Infrastructure & Economic Development Bank Revenue Bonds, UCSF 2130 Third Street,

        
 

5.00%, 5/15/42

      $1,000         $1,226     
 

California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds,

        
 

1.75%, 8/1/26(2) (3) (4)

      3,500       3,635     
 

California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Los Angeles Museum of Art Project,

        
 

1.20%, 6/1/28(2) (3) (4)

      2,000       2,006     
 

California State Municipal Finance Authority Revenue Bonds, California Institute of the Arts,

        
 

4.00%, 10/1/51

      250       288     
 

California State Municipal Finance Authority Revenue Bonds, Humangood, California Obligated Group,

        
 

3.00%, 10/1/49

      1,000       1,029     
 

California State Municipal Finance Authority Revenue Bonds, Series A, National University,

        
 

5.00%, 4/1/40

      1,000       1,219     
 

California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village,

        
 

5.00%, 5/15/39

      1,000       1,218     
 

5.00%, 5/15/43

      1,000       1,208     
 

California State Public Works Board Lease Revenue Refunding Bonds, Series G, Various Capital Projects,

        
 

5.00%, 11/1/22

      1,000       1,052     
 

California State Public Works Board Lease Revenue Refunding Bonds, Various Capital Projects,

        
 

5.00%, 11/1/21

      250       251     
 

California State University Systemwide Revenue Bonds, Series C,

        
 

4.00%, 11/1/45

      2,260       2,631     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 86.9%    continued

 

   California – 86.9%    continued

 

 

California State University Systemwide Revenue Refunding Bonds, Prerefunded,

        
 

5.00%, 11/1/24(1)

     $2,500         $2,861     
 

California State University Taxable Revenue Refunding Bonds, Series B,

        
 

1.14%, 11/1/26

      475       473     
 

California State Various Purpose G.O. Unlimited Bonds,

        
 

4.00%, 10/1/34

      2,000       2,435     
 

California State Various Purpose G.O. Unlimited Bonds, Bid Group B,

        
 

5.00%, 11/1/31

      1,500       1,980     
 

Carlsbad Unified School District G.O. Unlimited Bonds, Series A, Election of 2018,

        
 

3.00%, 8/1/42

      550       585     
 

Centinela Valley Union High School District G.O. Unlimited Bonds, Series B, Election of 2008, Prerefunded,

        
 

5.75%, 8/1/23(1)

     570       627     
 

6.00%, 8/1/23(1)

     1,000       1,104     
 

Compton Unified School District G.O. Unlimited Bonds, Series B (BAM Insured),

        
 

4.00%, 6/1/49

      1,675       1,881     
 

Corona-Norco Unified School District G.O. Unlimited Bonds, Series C,

        
 

4.00%, 8/1/49

      1,000       1,143     
 

CSCDA Taxable Revenue Refunding Bonds, Front Porch Community,

        
 

1.51%, 4/1/26

      625       626     
 

Desert Sands Unified School District G.O. Unlimited Bonds, Election of 2014,

        
 

4.00%, 8/1/44

      500       569     
 

Evergreen School District G.O. Unlimited Bonds, Election of 2014,

        
 

5.00%, 8/1/46

      1,300       1,581     
 

Foothill Eastern Transportation Corridor Agency Toll Road Senior Lien Revenue Bonds, Series A,

        
 

4.00%, 1/15/46

      250       285     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    132    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 86.9%    continued

 

   California – 86.9%    continued

 

 

Fremont Unified School District Alameda County G.O. Unlimited Bonds, Series D,

        
 

2.00%, 8/1/35

      $1,610         $1,603     
 

Hartnell Community College District G.O. Unlimited Bonds, Series B,

        
 

3.00%, 8/1/45

      1,500       1,585     
 

Hayward Unified School District G.O. Unlimited Bonds (AGM Insured),

        
 

4.00%, 8/1/50

      1,000       1,153     
 

Imperial Irrigation District Electric Revenue Bonds, Series B-1,

        
 

5.00%, 11/1/46

      1,500       1,773     
 

Lancaster Financing Authority Revenue Bonds, Measure M & R Street Improvements Project,

        
 

4.00%, 6/1/49

      2,830       3,257     
 

Los Angeles Community College District G.O. Unlimited Bonds, Series K, Election of 2008,

        
 

3.00%, 8/1/39

      1,400       1,496     
 

Los Angeles County TRANS,

        
 

4.00%, 6/30/22

      1,100       1,132     
 

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International,

        
 

5.00%, 5/15/31

      1,000       1,255     
 

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport,

        
 

5.00%, 5/15/44

      500       611     
 

Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds, Series A (AMT), P3 Project,

        
 

5.00%, 5/15/46

      500       623     
 

Los Angeles Department of Airports Revenue Refunding Bonds, Series B (AMT),

        
 

5.00%, 5/15/29

      4,000       4,988     
 

5.00%, 5/15/31

      5,000       6,190     
 

Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B,

        
 

5.00%, 7/1/40

      1,000       1,282     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 86.9%    continued

 

   California – 86.9%    continued

 

 

Los Angeles Department of Water & Power Waterworks System Revenue Refunding Bonds, Series B,

        
 

5.00%, 7/1/51

      $1,000         $1,276     
 

Los Angeles Department of Water & Power Waterworks System Revenue Refunding Bonds, Series C,

        
 

5.00%, 7/1/41

      1,000       1,282     
 

Los Angeles Unified School District G.O. Unlimited Bonds, Series RYQ,

        
 

5.00%, 7/1/33

      1,000       1,311     
 

4.00%, 7/1/44

      2,000       2,309     
 

Los Angeles Unified School District G.O. Unlimited Refunding Bonds, Series A,

        
 

5.00%, 7/1/24

      3,000       3,388     
 

Los Rios Community College District G.O. Unlimited Bonds, Series D,

        
 

3.00%, 8/1/44

      1,000       1,060     
 

Lucia Mar Unified School District G.O. Unlimited Bonds, Series B, Election of 2016,

        
 

5.00%, 8/1/42

      1,450       1,786     
 

Manteca Redevelopment Agency Successor Agency Tax Allocation Refunding Bonds, Series A (BAM Insured),

        
 

4.00%, 10/1/39

      500       577     
 

Mesa Water District COPS,

        
 

4.00%, 3/15/45

      1,150       1,346     
 

Metropolitan Water District of Southern California Subordinate Revenue Refunding Bonds, Series A,

        
 

5.00%, 7/1/22

      1,000       1,036     
 

Metropolitan Water District of Southern California Subordinate Revenue Refunding Bonds, Series B,

        
 

4.00%, 8/1/23

      395       421     
 

Monterey County Financing Authority Revenue Refunding Bonds,

        
 

5.00%, 9/1/37

      1,170       1,452     
 

Napa Valley Unified School District TRANS,

        
 

2.00%, 6/30/22

      2,000       2,028     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    133    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CALIFORNIA TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 86.9%    continued

 

   California – 86.9%    continued

 

 

Natomas Unified School District G.O. Unlimited Bonds, Series A (AGM Insured),

        
 

4.00%, 8/1/49

      $1,000         $1,120     
 

New Haven Unified School District G.O. Unlimited Bonds, Series C, Alameda County,

        
 

3.00%, 8/1/49

      1,520       1,595     
 

Newport Mesa Unified School District G.O. Unlimited CABS, Election of 2005,

        
 

0.00%, 8/1/33(5)

     10,000       8,162     
 

Northern Energy Authority Commodity Supply Revenue Bonds, Series A,

        
 

4.00%, 7/1/24(2) (3) (4)

      2,000       2,175     
 

Orange County Transportation Authority Revenue BANS, I-405 Improvement Project,

        
 

5.00%, 10/15/24

      1,800       2,053     
 

Oxnard Union High School District G.O. Unlimited Bonds, Series B,

        
 

5.00%, 8/1/45

      1,000       1,228     
 

Palm Springs Unified School District G.O. Unlimited Bonds, Series A,

        
 

2.00%, 8/1/24

      1,000       1,048     
 

Palm Springs Unified School District G.O. Unlimited Bonds, Series D, Election of 2008,

        
 

3.00%, 8/1/31

      2,435       2,632     
 

Palomar Pomerado Health G.O. Unlimited Convertible CABS, Series A, Election of 2004 (AGC Insured),

        
 

7.00%, 8/1/38

      5,000       6,982     
 

Perris Union High School District G.O. Unlimited Bonds, Series C, Election of 2012,

        
 

3.00%, 9/1/45

      1,865       1,955     
 

Placentia-Yorba Linda Unified School District Taxable G.O. Unlimited Refunding Bonds, Series B,

        
 

1.07%, 8/1/26

      350       348     
 

Redwood City Public Facilities & Infrastructure Authority Lease Revenue Bonds, Veterans Memorial Building,

        
 

3.00%, 6/1/51

      1,750       1,829     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 86.9%    continued

 

   California – 86.9%    continued

 

 

Riverside County TRANS,

        
 

2.00%, 6/30/22

      $900         $913     
 

Ross Valley Public Financing Authority Revenue Bonds, Sanitary District No. 1 of Marin County,

        
 

5.00%, 1/1/36

      275       313     
 

5.00%, 1/1/37

      215       244     
 

Sacramento Municipal Utility District Revenue Bonds, Series A,

        
 

5.00%, 8/15/37

      55       59     
 

San Diego Association of Governments Capital Grant Receipts Revenue Bonds, Mid Coast Corridor, Green Bonds,

        
 

1.80%, 11/15/27

      1,000       1,044     
 

San Diego County Regional Transportation Commission Sales Tax Subordinate Revenue Refunding Bonds, Series A,

        
 

3.00%, 10/1/22

      750       771     
 

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),

        
 

5.00%, 5/1/38

      1,000       1,235     
 

5.00%, 5/1/42

      1,500       1,790     
 

5.00%, 5/1/49

      1,000       1,210     
 

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series E (AMT),

        
 

5.00%, 5/1/45

      1,000       1,216     
 

5.00%, 5/1/50

      1,500       1,813     
 

San Francisco City & County Airports Commission International Airport Revenue Refunding Bonds, Series D (AMT),

        
 

5.00%, 5/1/25

      1,000       1,157     
 

San Francisco City & County COPS, Multiple Capital Projects,

        
 

5.00%, 10/1/22

      3,000       3,144     
 

2.00%, 10/1/33

      1,200       1,211     
 

San Francisco City & County G.O. Unlimited Bonds, Series C,

        
 

3.00%, 6/15/30

      1,000       1,057     
 

San Francisco City & County G.O. Unlimited Bonds, Series D,

        
 

5.00%, 6/15/23

      950       982     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    134    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   MUNICIPAL BONDS - 86.9%    continued

 

   California – 86.9%    continued

 

 

San Francisco City & County Public Utilities Commission Water Revenue Bonds, Series D, Hetch Hetchy Water,

        
 

3.00%, 11/1/50

      $600         $636     
 

San Francisco City & County Unified School District G.O. Unlimited Bonds, Proposition A, Series F&C,

        
 

3.25%, 6/15/32

      2,500       2,641     
 

San Francisco Community College District G.O. Unlimited Bonds, Series A, Election of 2020,

        
 

3.00%, 6/15/45

      1,000       1,050     
 

San Jose Airport Revenue Refunding Bonds, Series B,

        
 

5.00%, 3/1/31

      1,000       1,325     
 

San Jose G.O. Unlimited Bonds, Series A-1,

        
 

5.00%, 9/1/42

      1,310       1,634     
 

San Mateo Foster City School District G.O. Unlimited Bonds, Series A,

        
 

3.00%, 8/1/41

      300       323     
 

San Mateo-Foster City Public Financing Authority Wastewater Revenue Bonds, Series B,

        
 

5.00%, 8/1/25

      750       882     
 

Santa Ana College Improvement District No. 1 Rancho Santiago Community College District G.O. Unlimited Bonds,

        
 

3.00%, 8/1/39

      2,130       2,240     
 

Santa Clara County Financing Authority Revenue Bonds, Series A,

        
 

3.00%, 5/1/39

      1,000       1,087     
 

Santa Rosa High School District G.O. Unlimited Bonds, Series C, Election of 2014 (AGM Insured),

        
 

5.00%, 8/1/43

      500       589     
 

Silicon Valley Clean Water Wastewater Revenue Bonds, Series B,

        
 

0.50%, 3/1/26

      2,000       1,987     
 

South Bayside Waste Management Authority Solid Waste Enterprise Revenue Refunding Bonds, Shoreway Environmental Center, Green Bonds (AGM Insured),

        
 

5.00%, 9/1/32

      15       20     
         PRINCIPAL
AMOUNT
(000S)		     VALUE
(000S)		         
   MUNICIPAL BONDS - 86.9%    continued

 

   California – 86.9%    continued

 

 

South Bayside Waste Management Authority Solid Waste Enterprise Revenue Refunding Bonds, Shoreway Environmental Center, Green Bonds (AGM Insured), Unrefunded Balance,

        
 

5.00%, 9/1/32

      $485         $611     
 

Stockton Public Financing Authority Parking Revenue Refunding Bonds,

        
 

5.00%, 3/1/32

      250       305     
 

5.00%, 3/1/33

      245       298     
 

5.00%, 3/1/47

      500       587     
 

Tobacco Securitization Authority Tobacco Settlement Senior Revenue Refunding Bonds, Sacramento County,

        
 

4.00%, 6/1/37

      700       838     
 

Transbay Joint Powers Authority Senior Tax Allocation Bonds, Green Bonds,

        
 

5.00%, 10/1/45

      1,000       1,240     
 

Union Sanitry District Financing Authority Revenue Bonds, Series A,

        
 

3.00%, 9/1/22

      1,760       1,806     
 

University of California General Revenue Bonds, Series A,

        
 

5.00%, 5/15/38

      600       645     
 

University of California General Revenue Bonds, Series AF, Prerefunded,

        
 

5.00%, 5/15/23(1)

      430       463     
 

University of California Revenue Refunding Bonds, Series O, Limited Project,

        
 

5.00%, 5/15/58

      2,500       3,047     
 

Upper Santa Clara Valley Joint Powers Authority Revenue Refunding Bonds, Series A,

        
 

4.00%, 8/1/45

      1,200       1,326     
 

Ventura Unified School District G.O. Unlimited Refunding Bonds,

        
 

5.00%, 8/1/27

      585       730     
 

5.00%, 8/1/28

      620       794     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    135    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CALIFORNIA TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   MUNICIPAL BONDS - 86.9%    continued

 

   California – 86.9%    continued

 

 

Western Riverside Water & Wastewater Finance Authority Western Municipal Water District Improvement Revenue Bonds (AGC Insured),

         
 

5.13%, 9/1/29

    $ 2,000      $ 2,008     
 

 

  
          193,610     

 

  
   Total Municipal Bonds         

 

  
   (Cost $183,150)         193,610     
          
         NUMBER
OF SHARES		      VALUE
(000S)		         
   INVESTMENT COMPANIES – 3.2%

 

 

Northern Institutional Funds - U.S. Government Portfolio (Shares),

         
 

0.00%(6) (7)

      7,150,219      $ 7,150     

 

  
   Total Investment Companies         

 

  
   (Cost $7,150)         7,150     
          
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   SHORT-TERM INVESTMENTS – 8.9%

 

 

California School Finance Authority Revenue Notes, School and Community College District Deferrals,

         
 

3.00%, 12/30/21

    $ 2,500      $ 2,518     
 

California State Public Works Board Lease Revenue Bonds, Series D, Various Capital Projects,

         
 

5.00%, 11/1/21

      1,380        1,385     
 

California State School Cash Reserve Program Authority TRANS, Series A,

         
 

2.00%, 6/30/22

      1,000        1,013     
 

Livermore-Amador Valley Water Management Agency Sewer Revenue Refunding Bonds,

         
 

4.00%, 8/1/22

      2,000        2,063     
 

Los Angeles County Schools Pooled Financing Program COPS, Series B-3,

         
 

2.00%, 12/30/21

      1,000        1,005     
 

Los Angeles TRANS,

         
 

4.00%, 6/23/22

      3,500        3,599     
 

San Diego County & School District TRANS, Series A,

         
 

0.25%, 6/30/22

      4,500        4,503     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   SHORT-TERM INVESTMENTS - 8.9%    continued

 

 

San Diego Unified School District TRANS, Series A,

         
 

4.00%, 6/30/22

    $ 1,600      $ 1,646     
 

San Francisco City & County G.O. Unlimited Bonds, Series 2021, Transportation and Road Improvement 2014,

         
 

5.00%, 6/15/22

      2,000        2,068     

 

  
   Total Short-Term Investments         

 

  
   (Cost $19,806)         19,800     
          

 

  
   Total Investments – 99.0%         

 

  
   (Cost $210,106)         220,560     

Other Assets less Liabilities – 1.0%

         2,165     

 

  
   NET ASSETS – 100.0%       $ 222,725     

 

(1) 

Maturity date represents the prerefunded date.

(2) 

Maturity date represents the puttable date.

(3) 

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

(4) 

Variable rate security. Rate as of September 30, 2021 is disclosed.

(5) 

Zero coupon bond.

(6) 

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(7) 

7-day current yield as of September 30, 2021 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AGC - Assured Guaranty Corporation

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

BANS - Bond Anticipation Notes

CABS - Capital Appreciation Bonds

CHF - Collegiate Housing Foundation

COPS - Certificates of Participation

CSCDA - California Statewide Communities Development Authority

G.O. - General Obligation

HFA - Housing Finance Authority

LLC - Limited Liability Company

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    136    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

TRANS - Tax and Revenue Anticipation Notes

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

   SECURITY TYPE(1)    % OF NET ASSETS   

   Municipal Bonds

      86.9 % 

   Investment Companies

      3.2 % 

   Short-Term Investments

      8.9 % 

 

(1) 

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

   INVESTMENTS   LEVEL 1
(000S)		   LEVEL 2
(000S)		   LEVEL 3
(000S)		   TOTAL
(000S)

   Municipal Bonds

     $ —     $ 193,610     $ —     $ 193,610

   Investment Companies

       7,150       —       —       7,150

   Short-Term Investments

       —       19,800       —       19,800

   Total Investments

     $ 7,150     $ 213,410     $ —     $ 220,560
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    137    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CORE BOND FUND

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   ASSET-BACKED SECURITIES – 2.5%

 

   Commercial Mortgage-Backed Securities – 2.5%

 

 

BANK, Series 2019-BN16, Class A4

        
 

4.01%, 2/15/52

      $1,000         $1,138     
 

Benchmark Mortgage Trust, Series 2018-B2, Class A2

        
 

3.66%, 2/15/51

      765       788     
 

Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5

        
 

3.14%, 2/10/48

      920       976     
 

DBJPM Mortgage Trust, Series 2016-C3, Class A5

        
 

2.89%, 8/10/49

      320       340     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5

        
 

3.72%, 3/15/50

      1,370       1,510     
 

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class A4

        
 

3.10%, 5/15/46

      100       103     
 

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class A5

        
 

3.64%, 10/15/48

      375       408     
 

 

  
         5,263     

 

  
   Total Asset-Backed Securities        

 

  
   (Cost $5,038)        5,263     
         
   CORPORATE BONDS – 35.0%

 

   Aerospace & Defense – 1.0%

 

 

Boeing (The) Co.,

        
 

2.20%, 2/4/26

      540       544     
 

2.95%, 2/1/30

      175       178     
 

5.81%, 5/1/50

      290       387     
 

3.95%, 8/1/59

      140       144     
 

Huntington Ingalls Industries, Inc.,

        
 

2.04%, 8/16/28 (1)

     510       503     
 

Northrop Grumman Corp.,

        
 

2.93%, 1/15/25

      135       143     
 

Teledyne Technologies, Inc.,

        
 

2.25%, 4/1/28

      110       112     
 

 

  
         2,011     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         

   CORPORATE BONDS - 35.0%    continued

 

   Airlines – 0.4%

 

 

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,

        
 

6.50%, 6/20/27 (1)

     $310         $337     
 

Southwest Airlines Co.,

        
 

5.13%, 6/15/27

      350       409     
 

 

  
         746     
 

 

  
   Apparel & Textile Products – 0.1%

 

 

VF Corp.,

        
 

2.95%, 4/23/30

      240       253     
 

 

  
   Automobiles Manufacturing – 0.7%

 

 

General Motors Co.,

        
 

6.75%, 4/1/46

      220       314     
 

General Motors Financial Co., Inc.,

        
 

2.70%, 8/20/27

      550       571     
 

Hyundai Capital America,

        
 

2.00%, 6/15/28 (1)

     310       305     
 

Stellantis Finance U.S., Inc.,

        
 

1.71%, 1/29/27 (1)

     298       297     
 

 

  
         1,487     
 

 

  
   Banks – 0.5%

 

 

PNC Financial Services Group (The), Inc.,

        
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.60%),
3.40%, 9/15/26 (2) (3)

      304       303     
 

Wells Fargo & Co.,

        
 

3.00%, 10/23/26

      400       429     
 

(Variable, U.S. SOFR + 2.10%),
2.39%, 6/2/28 (2)

     220       227     
 

 

  
         959     
 

 

  
   Biotechnology – 0.5%

 

 

Amgen, Inc.,

        
 

3.13%, 5/1/25

      295       315     
 

2.20%, 2/21/27

      315       326     
 

2.30%, 2/25/31

      135       136     
 

Gilead Sciences, Inc.,

        
 

2.60%, 10/1/40

      185       176     
 

 

  
         953     
 

 

  
   Cable & Satellite – 0.8%

 

 

Charter Communications Operating LLC/Charter Communications Operating Capital,

        
 

5.05%, 3/30/29

      250       293     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    138    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Cable & Satellite – 0.8%    continued

 

     
 

6.38%, 10/23/35

      $575         $756     
 

Comcast Corp.,

        
 

1.50%, 2/15/31

      148       140     
 

Cox Communications, Inc.,

        
 

2.95%, 10/1/50 (1)

     205       193     
 

Time Warner Cable LLC,

        
 

5.88%, 11/15/40

      200       252     
 

 

  
         1,634     
 

 

  
   Chemicals – 0.7%

 

 

Avery Dennison Corp.,

        
 

2.65%, 4/30/30

      200       205     
 

Dow Chemical (The) Co.,

        
 

3.63%, 5/15/26

      200       219     
 

LYB International Finance III LLC,

        
 

2.25%, 10/1/30

      100       100     
 

NewMarket Corp.,

        
 

2.70%, 3/18/31

      330       330     
 

PPG Industries, Inc.,

        
 

2.55%, 6/15/30

      90       92     
 

RPM International, Inc.,

        
 

4.55%, 3/1/29

      260       297     
 

Sherwin-Williams (The) Co.,

        
 

3.95%, 1/15/26

      200       222     
 

 

  
         1,465     
 

 

  
   Commercial Finance – 0.5%

 

 

Air Lease Corp.,

        
 

1.88%, 8/15/26

      185       184     
 

2.10%, 9/1/28

      240       233     
 

3.00%, 2/1/30

      130       132     
 

GATX Corp.,

        
 

4.00%, 6/30/30

      185       206     
 

3.10%, 6/1/51

      125       118     
 

GE Capital Funding LLC,

        
 

3.45%, 5/15/25 (1)

     250       270     
 

 

  
         1,143     
 

 

  
   Communications Equipment – 0.1%

 

 

Motorola Solutions, Inc.,

        
 

2.30%, 11/15/30

      280       275     
 

 

  
   Construction Materials Manufacturing – 0.2%

 

 

Carlisle Cos., Inc.,

        
 

2.75%, 3/1/30

      210       217     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Construction Materials Manufacturing – 0.2%    continued

 

 

Martin Marietta Materials, Inc.,

        
 

2.50%, 3/15/30

      $300         $305     
 

 

  
         522     
 

 

  
   Consumer Finance – 1.0%

 

 

Ally Financial, Inc.,

        
 

5.80%, 5/1/25

      320       368     
 

Fidelity National Information Services, Inc.,

        
 

1.15%, 3/1/26

      325       322     
 

3.10%, 3/1/41

      60       61     
 

Fiserv, Inc.,

        
 

3.20%, 7/1/26

      445       480     
 

Global Payments, Inc.,

        
 

1.20%, 3/1/26

      310       307     
 

2.90%, 5/15/30

      255       263     
 

Western Union (The) Co.,

        
 

2.75%, 3/15/31

      360       361     
 

 

  
         2,162     
 

 

  
   Consumer Services – 0.3%

 

 

Block Financial LLC,

        
 

2.50%, 7/15/28

      270       274     
 

3.88%, 8/15/30

      275       299     
 

 

  
         573     
 

 

  
   Containers & Packaging – 0.2%

 

 

Berry Global, Inc.,

        
 

1.57%, 1/15/26 (1)

     115       115     
 

Graphic Packaging International LLC,

        
 

1.51%, 4/15/26 (1)

     245       245     
 

Packaging Corp. of America,

        
 

3.40%, 12/15/27

      109       119     
 

 

  
         479     
 

 

  
   Department Stores – 0.1%

 

 

Nordstrom, Inc.,

        
 

5.00%, 1/15/44

      200       196     
 

 

  
   Design, Manufacturing & Distribution – 0.2%

 

 

Jabil, Inc.,

        
 

1.70%, 4/15/26

      260       261     
 

3.60%, 1/15/30

      140       152     
 

 

  
         413     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    139    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CORE BOND FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Diversified Banks – 2.4%

 

 

Bank of America Corp.,

        
 

(Variable, ICE LIBOR USD 3M + 2.66%),
4.30%, 1/28/25 (2) (3)

      $595         $605     
 

(Variable, U.S. SOFR + 2.15%), 2.59%, 4/29/31 (2)

     100       102     
 

(Variable, U.S. SOFR + 1.22%),
2.65%, 3/11/32 (2)

     520       530     
 

Citigroup, Inc.,

        
 

(Variable, U.S. SOFR + 0.67%),
0.98%, 5/1/25 (2)

     340       341     
 

(Variable, ICE LIBOR USD 3M + 1.15%),
3.52%, 10/27/28 (2)

     370       402     
 

(Variable, U.S. SOFR + 3.91%),
4.41%, 3/31/31 (2)

     385       445     
 

(Variable, U.S. SOFR + 1.17%),
2.56%, 5/1/32 (2)

     275       278     
 

JPMorgan Chase & Co.,

        
 

(Variable, U.S. SOFR + 3.38%),
5.00%, 8/1/24 (2) (3)

      650       678     
 

3.88%, 9/10/24

      165       179     
 

(Variable, U.S. SOFR + 3.13%),
4.60%, 2/1/25 (2) (3)

      415       424     
 

(Variable, U.S. SOFR + 1.85%),
2.08%, 4/22/26 (2)

     300       309     
 

(Variable, U.S. SOFR + 0.70%),
1.04%, 2/4/27 (2)

     370       363     
 

(Variable, U.S. SOFR + 1.07%),
1.95%, 2/4/32 (2)

     435       420     
 

 

  
         5,076     
 

 

  
   Educational Services – 0.1%

 

 

Massachusetts Institute of Technology,

        
 

2.99%, 7/1/50

      50       54     
 

President and Fellows of Harvard College,

        
 

4.88%, 10/15/40

      50       68     
 

 

  
         122     
 

 

  
   Electrical Equipment Manufacturing – 0.7%

 

 

Acuity Brands Lighting, Inc.,

        
 

2.15%, 12/15/30

      295       288     
 

Hubbell, Inc.,

        
 

2.30%, 3/15/31

      240       241     
 

Keysight Technologies, Inc.,

        
 

4.55%, 10/30/24

      83       92     
 

3.00%, 10/30/29

      280       296     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Electrical Equipment Manufacturing – 0.7%    continued

 

 

Vontier Corp.,

        
 

1.80%, 4/1/26 (1)

     $250         $248     
 

2.40%, 4/1/28 (1)

     250       246     
 

 

  
         1,411     
 

 

  
   Entertainment Content – 0.7%

 

 

Discovery Communications LLC,

        
 

3.63%, 5/15/30

      300       325     
 

ViacomCBS, Inc.,

        
 

3.70%, 6/1/28

      290       321     
 

4.95%, 5/19/50

      135       169     
 

Walt Disney (The) Co.,

        
 

1.75%, 1/13/26

      445       457     
 

2.20%, 1/13/28

      255       264     
 

 

  
         1,536     
 

 

  
   Exploration & Production – 0.7%

 

 

ConocoPhillips,

        
 

6.50%, 2/1/39

      100       146     
 

Diamondback Energy, Inc.,

        
 

3.13%, 3/24/31

      370       384     
 

Hess Corp.,

        
 

7.13%, 3/15/33

      265       358     
 

5.80%, 4/1/47

      380       495     
 

 

  
         1,383     
 

 

  
   Financial Services – 2.4%

 

 

Ares Capital Corp.,

        
 

4.25%, 3/1/25

      215       231     
 

Ares Finance Co. III LLC,

        
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.24%),
4.13%, 6/30/51 (1) (2)

      513       531     
 

Charles Schwab (The) Corp.,

        
 

(Variable, ICE LIBOR USD 3M + 2.58%),
5.00%, 12/1/27 (2) (3)

      185       197     
 

FMR LLC,

        
 

6.45%, 11/15/39 (1)

     175       255     
 

FS KKR Capital Corp.,

        
 

4.13%, 2/1/25

      635       678     
 

Goldman Sachs BDC, Inc.,

        
 

3.75%, 2/10/25

      195       206     
 

Goldman Sachs Group (The), Inc.,

        
 

3.50%, 4/1/25

      310       333     
 

Intercontinental Exchange, Inc.,

        
 

2.65%, 9/15/40

      300       286     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    140    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Financial Services – 2.4%    continued

 

 

Jefferies Group LLC,

         
 

2.75%, 10/15/32

      $225        $225     
 

Morgan Stanley,

         
 

(Variable, U.S. SOFR + 1.99%),
2.19%, 4/28/26 (2)

     275        284     
 

(Variable, U.S. SOFR + 0.88%),
1.59%, 5/4/27 (2)

     187        188     
 

(Variable, U.S. SOFR + 1.14%),
2.70%, 1/22/31 (2)

     540        557     
 

(Variable, U.S. SOFR + 1.03%),
1.79%, 2/13/32 (2)

     405        386     
 

Nasdaq, Inc.,

         
 

1.65%, 1/15/31

      320        301     
 

Oaktree Specialty Lending Corp.,

         
 

2.70%, 1/15/27

      300        301     
 

State Street Corp.,

         
 

(Variable, U.S. SOFR + 2.65%),
3.15%, 3/30/31 (2)

     95        104     
 

 

  
          5,063     
 

 

  
   Food & Beverage – 0.9%

 

 

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,

         
 

3.65%, 2/1/26

      205        225     
 

Coca-Cola (The) Co.,

         
 

7.38%, 7/29/93

      72        133     
 

Conagra Brands, Inc.,

         
 

1.38%, 11/1/27

      200        195     
 

Constellation Brands, Inc.,

         
 

2.88%, 5/1/30

      195        203     
 

Flowers Foods, Inc.,

         
 

2.40%, 3/15/31

      120        120     
 

Hormel Foods Corp.,

         
 

1.80%, 6/11/30

      165        162     
 

McCormick & Co., Inc.,

         
 

1.85%, 2/15/31

      220        213     
 

Pernod Ricard International Finance LLC,

         
 

1.25%, 4/1/28 (1)

     200        191     
 

Smithfield Foods, Inc.,

         
 

2.63%, 9/13/31 (1)

     310        301     
 

Tyson Foods, Inc.,

         
 

4.35%, 3/1/29

      155        179     
 

 

  
          1,922     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         

   CORPORATE BONDS - 35.0%    continued

 

   Funds & Trusts – 0.2%

 

 

Blackstone Private Credit Fund,

         
 

2.63%, 12/15/26(1)

     $320        $319     
 

 

  
   Hardware – 1.0%

 

 

Dell International LLC/EMC Corp.,

         
 

5.85%, 7/15/25

      560        651     
 

8.10%, 7/15/36

      200        303     
 

Hewlett Packard Enterprise Co.,

         
 

4.65%, 10/1/24

      235        260     
 

6.35%, 10/15/45

      200        269     
 

HP, Inc.,

         
 

2.65%, 6/17/31 (1)

     520        515     
 

 

  
          1,998     
 

 

  
   Health Care Facilities & Services – 1.1%

 

 

Cardinal Health, Inc.,

         
 

4.90%, 9/15/45

      290        346     
 

Cigna Corp.,

         
 

1.25%, 3/15/26

      330        329     
 

2.38%, 3/15/31

      240        242     
 

Fresenius Medical Care U.S. Finance III, Inc.,

         
 

1.88%, 12/1/26 (1)

     209        210     
 

Laboratory Corp. of America Holdings,

 

   
 

1.55%, 6/1/26

      460        461     
 

2.70%, 6/1/31

      305        312     
 

Quest Diagnostics, Inc.,

         
 

2.80%, 6/30/31

      90        94     
 

Universal Health Services, Inc.,

         
 

2.65%, 1/15/32 (1)

     310        307     
 

 

  
          2,301     
 

 

  
   Home Improvement – 0.0%

 

 

Masco Corp.,

         
 

1.50%, 2/15/28

      110        107     
 

 

  
   Homebuilders – 0.5%

 

 

D.R. Horton, Inc.,

         
 

1.30%, 10/15/26

      185        183     
 

1.40%, 10/15/27

      300        294     
 

MDC Holdings, Inc.,

         
 

6.00%, 1/15/43

      500        629     
 

 

  
          1,106     
 

 

  
   Integrated Oils – 0.2%

 

 

BP Capital Markets America, Inc.,

         
 

1.75%, 8/10/30

      130        126     

 

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    141    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CORE BOND FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Integrated Oils – 0.2%    continued

 

 

Exxon Mobil Corp.,

         
 

4.23%, 3/19/40

      $190        $226     
 

 

  
          352     
 

 

  
   Internet Media – 0.1%

 

 

Expedia Group, Inc.,

         
 

2.95%, 3/15/31

      125        126     
 

 

  
   Leisure Products Manufacturing – 0.1%

 

 

Brunswick Corp.,

         
 

2.40%, 8/18/31

      270        261     
 

 

  
   Life Insurance – 0.8%

 

 

Athene Global Funding,

         
 

2.50%, 3/24/28 (1)

      370        379     
 

Brighthouse Financial Global Funding,

         
 

1.55%, 5/24/26 (1)

      315        317     
 

Global Atlantic Fin Co.,

         
 

3.13%, 6/15/31 (1)

      220        222     
 

Protective Life Corp.,

         
 

8.45%, 10/15/39

      430        692     
 

 

  
          1,610     
 

 

  
   Machinery Manufacturing – 0.4%

 

 

CNH Industrial Capital LLC,

         
 

1.88%, 1/15/26

      615        623     
 

IDEX Corp.,

         
 

3.00%, 5/1/30

      90        95     
 

2.63%, 6/15/31

      85        87     
 

Xylem, Inc.,

         
 

2.25%, 1/30/31

      120        120     
 

 

  
          925     
 

 

  
   Managed Care – 0.2%

 

 

Anthem, Inc.,

         
 

2.38%, 1/15/25

      175        183     
 

UnitedHealth Group, Inc.,

         
 

2.30%, 5/15/31

      155        158     
 

 

  
          341     
 

 

  
   Mass Merchants – 0.2%

 

 

Dollar General Corp.,

         
 

3.50%, 4/3/30

      335        369     
 

 

  
   Medical Equipment & Devices Manufacturing – 0.3%

 

 

Alcon Finance Corp.,

         
 

2.60%, 5/27/30 (1)

      210        214     
 

Boston Scientific Corp.,

         
 

1.90%, 6/1/25

      185        190     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Medical Equipment & Devices Manufacturing – 0.3%    continued

 

 

DENTSPLY SIRONA, Inc.,

         
 

3.25%, 6/1/30

      $260        $277     
 

 

  
          681     
 

 

  
   Metals & Mining – 0.3%

 

 

Glencore Funding LLC,

         
 

1.63%, 4/27/26 (1)

     315        314     
 

3.88%, 10/27/27 (1)

     115        125     
 

Southern Copper Corp.,

         
 

6.75%, 4/16/40

      100        139     
 

 

  
          578     
 

 

  
   Oil & Gas Services & Equipment – 0.2%

 

 

Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.,

         
 

4.08%, 12/15/47

      85        96     
 

Halliburton Co.,

         
 

2.92%, 3/1/30

      100        103     
 

5.00%, 11/15/45

      100        120     
 

NOV, Inc.,

         
 

3.60%, 12/1/29

      155        163     
 

 

  
          482     
 

 

  
   Pharmaceuticals – 0.1%

 

 

Mylan, Inc.,

         
 

5.20%, 4/15/48

      175        215     
 

 

  
   Pipeline – 1.1%

 

 

Boardwalk Pipelines L.P.,

         
 

4.80%, 5/3/29

      240        275     
 

Energy Transfer L.P.,

         
 

4.20%, 9/15/23

      205        218     
 

3.90%, 7/15/26

      285        311     
 

Kinder Morgan, Inc.,

         
 

4.30%, 6/1/25

      200        221     
 

2.00%, 2/15/31

      200        193     
 

MPLX L.P.,

         
 

4.88%, 6/1/25

      305        341     
 

4.13%, 3/1/27

      200        223     
 

4.50%, 4/15/38

      200        223     
 

ONEOK, Inc.,

         
 

4.00%, 7/13/27

      300        332     
 

 

  
          2,337     
 

 

  
   Power Generation – 0.2%

 

 

Liberty Utilities Finance GP 1,

         
 

2.05%, 9/15/30 (1)

      360        348     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    142    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Power Generation – 0.2%    continued

 

 

NRG Energy, Inc.,

         
 

2.45%, 12/2/27 (1)

      $115        $117     
 

 

  
          465     
 

 

  
   Property & Casualty Insurance – 0.4%

 

 

Berkshire Hathaway Finance Corp.,

         
 

1.85%, 3/12/30

      30        30     
 

Brown & Brown, Inc.,

         
 

2.38%, 3/15/31

      270        269     
 

Chubb INA Holdings, Inc.,

         
 

3.35%, 5/3/26

      100        109     
 

1.38%, 9/15/30

      50        47     
 

Marsh & McLennan Cos., Inc.,

         
 

3.75%, 3/14/26

      100        110     
 

4.90%, 3/15/49

      100        135     
 

Progressive (The) Corp.,

         
 

3.20%, 3/26/30

      50        55     
 

Willis North America, Inc.,

         
 

2.95%, 9/15/29

      50        52     
 

 

  
          807     
 

 

  
   Railroad – 0.1%

 

 

Union Pacific Corp.,

         
 

2.38%, 5/20/31

      108        110     
 

 

  
   Real Estate – 2.1%

 

 

American Campus Communities Operating Partnership L.P.,

         
 

2.85%, 2/1/30

      100        103     
 

American Tower Corp.,

         
 

3.13%, 1/15/27

      230        245     
 

AvalonBay Communities, Inc.,

         
 

2.30%, 3/1/30

      100        102     
 

Boston Properties L.P.,

         
 

3.20%, 1/15/25

      405        430     
 

2.55%, 4/1/32

      440        439     
 

Brixmor Operating Partnership L.P.,

         
 

4.05%, 7/1/30

      145        162     
 

Crown Castle International Corp.,

         
 

1.05%, 7/15/26

      370        362     
 

Equinix, Inc.,

         
 

3.20%, 11/18/29

      247        262     
 

2.50%, 5/15/31

      280        282     
 

ERP Operating L.P.,

         
 

3.25%, 8/1/27

      30        33     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Real Estate – 2.1%    continued

 

 

Essex Portfolio L.P.,

         
 

2.65%, 3/15/32

      $180        $182     
 

Healthcare Realty Trust, Inc.,

         
 

2.40%, 3/15/30

      85        85     
 

Healthcare Trust of America Holdings L.P.,

         
 

3.75%, 7/1/27

      50        55     
 

Healthpeak Properties, Inc.,

         
 

3.25%, 7/15/26

      165        179     
 

Kimco Realty Corp.,

         
 

2.70%, 10/1/30

      100        103     
 

Office Properties Income Trust,

         
 

2.65%, 6/15/26

      275        277     
 

Omega Healthcare Investors, Inc.,

         
 

3.38%, 2/1/31

      100        102     
 

Realty Income Corp.,

         
 

4.13%, 10/15/26

      200        224     
 

Safehold Operating Partnership L.P.,

         
 

2.80%, 6/15/31

      50        50     
 

Simon Property Group L.P.,

         
 

2.65%, 7/15/30

      200        206     
 

STORE Capital Corp.,

         
 

2.75%, 11/18/30

      100        101     
 

Ventas Realty L.P.,

         
 

4.40%, 1/15/29

      55        63     
 

VEREIT Operating Partnership L.P.,

         
 

3.40%, 1/15/28

      90        97     
 

Welltower, Inc.,

         
 

2.70%, 2/15/27

      100        106     
 

Weyerhaeuser Co.,

         
 

4.00%, 11/15/29

      205        232     
 

 

  
          4,482     
 

 

  
   Refining & Marketing – 0.3%

 

 

Marathon Petroleum Corp.,

         
 

3.80%, 4/1/28

      315        345     
 

Phillips 66,

         
 

2.15%, 12/15/30

      200        195     
 

 

  
          540     
 

 

  
   Restaurants – 0.1%

 

 

Starbucks Corp.,

         
 

2.00%, 3/12/27

      190        195     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    143    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CORE BOND FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Retail - Consumer Discretionary – 0.9%

 

 

Advance Auto Parts, Inc.,

         
 

1.75%, 10/1/27

      $230        $229     
 

AutoNation, Inc.,

         
 

2.40%, 8/1/31

      190        185     
 

Best Buy Co., Inc.,

         
 

1.95%, 10/1/30

      305        297     
 

eBay, Inc.,

         
 

3.60%, 6/5/27

      97        108     
 

Genuine Parts Co.,

         
 

1.88%, 11/1/30

      200        191     
 

Ross Stores, Inc.,

         
 

4.60%, 4/15/25

      260        291     
 

0.88%, 4/15/26

      300        295     
 

Tractor Supply Co.,

         
 

1.75%, 11/1/30

      195        187     
 

 

  
          1,783     
 

 

  
   Semiconductors – 0.7%

 

 

Broadcom, Inc.,

         
 

3.15%, 11/15/25

      300        321     
 

4.30%, 11/15/32

      440        493     
 

3.50%, 2/15/41 (1)

      120        118     
 

KLA Corp.,

         
 

5.65%, 11/1/34

      115        148     
 

Qorvo, Inc.,

         
 

3.38%, 4/1/31 (1)

      310        327     
 

Skyworks Solutions, Inc.,

         
 

1.80%, 6/1/26

      45        46     
 

3.00%, 6/1/31

      85        87     
 

 

  
          1,540     
 

 

  
   Software & Services – 1.5%

 

 

Broadridge Financial Solutions, Inc.,

         
 

2.90%, 12/1/29

      236        247     
 

Citrix Systems, Inc.,

         
 

4.50%, 12/1/27

      240        266     
 

Equifax, Inc.,

         
 

3.10%, 5/15/30

      270        286     
 

Fortinet, Inc.,

         
 

1.00%, 3/15/26

      120        118     
 

2.20%, 3/15/31

      130        129     
 

Infor, Inc.,

         
 

1.75%, 7/15/25 (1)

      210        213     
 

Leidos, Inc.,

         
 

3.63%, 5/15/25

      95        102     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Software & Services – 1.5%    continued

 

 

Moody’s Corp.,

         
 

4.25%, 2/1/29

      $157        $181     
 

Oracle Corp.,

         
 

2.30%, 3/25/28

      150        153     
 

3.65%, 3/25/41

      245        253     
 

3.60%, 4/1/50

      215        215     
 

3.95%, 3/25/51

      230        243     
 

Roper Technologies, Inc.,

         
 

3.80%, 12/15/26

      110        122     
 

2.00%, 6/30/30

      175        171     
 

ServiceNow, Inc.,

         
 

1.40%, 9/1/30

      95        89     
 

Vmware, Inc.,

         
 

1.80%, 8/15/28

      180        177     
 

4.70%, 5/15/30

      200        236     
 

 

  
          3,201     
 

 

  
   Supermarkets & Pharmacies – 0.3%

 

 

7-Eleven, Inc.,

         
 

1.80%, 2/10/31 (1)

     240        229     
 

Walgreens Boots Alliance, Inc.,

         
 

3.20%, 4/15/30

      460        492     
 

 

  
          721     
 

 

  
   Tobacco – 0.9%

 

 

Altria Group, Inc.,

         
 

3.40%, 2/4/41

      485        459     
 

BAT Capital Corp.,

         
 

4.70%, 4/2/27

      630        712     
 

Philip Morris International, Inc.,

         
 

1.75%, 11/1/30

      320        308     
 

Reynolds American, Inc.,

         
 

5.85%, 8/15/45

      310        372     
 

 

  
          1,851     
 

 

  
   Transportation & Logistics – 0.5%

 

 

JB Hunt Transport Services, Inc.,

         
 

3.88%, 3/1/26

      310        343     
 

Penske Truck Leasing Co. L.P./PTL Finance Corp.,

         
 

4.00%, 7/15/25 (1)

      490        535     
 

Ryder System, Inc.,

         
 

2.90%, 12/1/26

      100        107     
 

 

  
          985     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    144    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Travel & Lodging – 0.1%

 

 

Marriott International, Inc.,

         
 

3.13%, 6/15/26

    $ 200      $ 214     
 

 

  
   Utilities – 3.2%

 

 

AES (The) Corp.,

         
 

1.38%, 1/15/26

      340        335     
 

Ameren Corp.,

         
 

3.50%, 1/15/31

      500        544     
 

Avangrid, Inc.,

         
 

3.80%, 6/1/29

      265        295     
 

Berkshire Hathaway Energy Co.,

         
 

1.65%, 5/15/31

      170        163     
 

2.85%, 5/15/51

      235        225     
 

CenterPoint Energy, Inc.,

         
 

2.95%, 3/1/30

      415        434     
 

Dominion Energy, Inc.,

         
 

3.07%, 8/15/24

      165        174     
 

DTE Energy Co.,

         
 

1.05%, 6/1/25

      370        367     
 

Duke Energy Corp.,

         
 

0.90%, 9/15/25

      500        496     
 

4.20%, 6/15/49

      185        211     
 

Entergy Texas, Inc.,

         
 

1.75%, 3/15/31

      145        137     
 

Eversource Energy,

         
 

1.65%, 8/15/30

      335        318     
 

Exelon Corp.,

         
 

5.63%, 6/15/35

      380        492     
 

NextEra Energy Capital Holdings, Inc.,

         
 

3.50%, 4/1/29

      50        55     
 

2.25%, 6/1/30

      310        312     
 

NiSource, Inc.,

         
 

3.60%, 5/1/30

      200        219     
 

Pacific Gas and Electric Co.,

         
 

4.55%, 7/1/30

      235        254     
 

Public Service Enterprise Group, Inc.,

         
 

0.80%, 8/15/25

      370        364     
 

San Diego Gas & Electric Co.,

         
 

1.70%, 10/1/30

      200        192     
 

Southern (The) Co.,

         
 

3.70%, 4/30/30

      310        340     
 

Southern California Gas Co.,

         
 

2.60%, 6/15/26

      200        211     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 35.0%    continued

 

   Utilities – 3.2%    continued

 

 

Southern Co. Gas Capital Corp.,

         
 

1.75%, 1/15/31

      $360        $343     
 

Xcel Energy, Inc.,

         
 

2.60%, 12/1/29

      230        238     
 

 

  
          6,719     
 

 

  
   Wireless Telecommunications Services – 1.7%

 

 

AT&T, Inc.,

         
 

2.55%, 12/1/33

      332        327     
 

6.55%, 6/15/34

      560        755     
 

T-Mobile U.S.A., Inc.,

         
 

3.50%, 4/15/25

      490        528     
 

3.40%, 10/15/52 (1)

     320        312     
 

3.60%, 11/15/60

      225        221     
 

Verizon Communications, Inc.,

         
 

2.10%, 3/22/28

      180        183     
 

1.75%, 1/20/31

      295        280     
 

2.55%, 3/21/31

      215        218     
 

4.40%, 11/1/34

      305        361     
 

3.40%, 3/22/41

      360        376     
 

 

  
          3,561     

 

  
     Total Corporate Bonds         

 

  
     (Cost $71,848)         73,066     
          
   FOREIGN ISSUER BONDS – 13.1%

 

   Banks – 2.3%

 

 

Australia & New Zealand Banking Group Ltd.,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.29%),
2.95%, 7/22/30 (1) (2)

      645        670     
 

BPCE S.A.,

         
 

3.50%, 10/23/27 (1)

     185        200     
 

(Variable, U.S. SOFR + 1.31%),
2.28%, 1/20/32 (1) (2)

      335        325     
 

Deutsche Bank A.G.,

         
 

(Variable, U.S. SOFR + 1.72%),
3.04%, 5/28/32 (2)

     367        372     
 

Intesa Sanpaolo S.p.A.,

         
 

3.88%, 1/12/28 (1)

     210        225     
 

Lloyds Banking Group PLC,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%),
2.44%, 2/5/26 (2)

     190        197     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    145    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CORE BOND FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 13.1%    continued

 

   Banks – 2.3%    continued

 

 

National Australia Bank Ltd.,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.88%),
3.93%, 8/2/34 (1) (2)

      $255        $274     
 

Nationwide Building Society,

         
 

1.00%, 8/28/25 (1)

     520        517     
 

Santander UK Group Holdings PLC,

         
 

(Variable, U.S. SOFR + 0.99%),
1.67%, 6/14/27 (2)

     453        451     
 

UniCredit S.p.A.,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.55%),
3.13%, 6/3/32 (1) (2)

      519        526     
 

Westpac Banking Corp.,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.35%),
2.89%, 2/4/30 (2)

     495        513     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.00%),
4.11%, 7/24/34 (2)

     270        293     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.75%),
2.67%, 11/15/35 (2)

     250        245     
 

 

  
          4,808     
 

 

  
   Biotechnology – 0.3%

 

 

Royalty Pharma PLC,

         
 

1.75%, 9/2/27

      205        204     
 

3.30%, 9/2/40

      90        90     
 

3.55%, 9/2/50

      250        245     
 

 

  
          539     
 

 

  
   Casinos & Gaming – 0.1%

 

 

Sands China Ltd.,

         
 

2.85%, 3/8/29(1)

      312        301     
 

 

  
   Chemicals – 0.1%

 

 

Nutrien Ltd.,

         
 

4.00%, 12/15/26

      100        112     
 

 

  
   Commercial Finance – 0.5%

 

 

AerCap Ireland Capital DAC/AerCap

         
 

Global Aviation Trust,

         
 

1.75%, 1/30/26

      205        203     
 

4.63%, 10/15/27

      185        207     
 

Aircastle Ltd.,

         
 

4.25%, 6/15/26

      215        235     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   FOREIGN ISSUER BONDS - 13.1%    continued

 

   Commercial Finance – 0.5%    continued

 

 

Avolon Holdings Funding Ltd.,

         
 

3.25%, 2/15/27 (1)

     $295        $304     
 

 

  
          949     
 

 

  
   Communications Equipment – 0.2%

 

 

Xiaomi Best Time International Ltd.,

         
 

4.10%, 7/14/51(1)

     518        525     
 

 

  
   Design, Manufacturing & Distribution – 0.4%

 

 

Flex Ltd.,

         
 

4.75%, 6/15/25

      375        416     
 

4.88%, 6/15/29

      300        345     
 

 

  
          761     
 

 

  
   Diversified Banks – 2.9%

 

 

Barclays PLC,

         
 

(Variable, U.S. SOFR + 2.71%),
2.85%, 5/7/26 (2)

     400        420     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.90%),
2.65%, 6/24/31 (2)

     400        403     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.90%),
3.56%, 9/23/35 (2)

     502        521     
 

BNP Paribas S.A.,

         
 

(Variable, U.S. SOFR + 1.22%),
2.16%, 9/15/29 (1) (2)

      200        198     
 

(Variable, U.S. SOFR + 1.51%),
3.05%, 1/13/31 (1) (2)

      150        157     
 

Credit Agricole S.A.,

         
 

3.25%, 1/14/30 (1)

     250        262     
 

2.81%, 1/11/41 (1)

     311        297     
 

HSBC Holdings PLC,

         
 

4.30%, 3/8/26

      600        668     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.22%),
4.00%, 3/9/26 (2) (3)

      165        165     
 

Mitsubishi UFJ Financial Group, Inc.,

         
 

3.85%, 3/1/26

      400        442     
 

Natwest Group PLC,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.55%),
3.07%, 5/22/28 (2)

     500        531     
 

Societe Generale S.A.,

         
 

2.63%, 10/16/24 (1)

     500        520     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.30%),
2.89%, 6/9/32 (1) (2)

      310        312     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    146    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   FOREIGN ISSUER BONDS - 13.1%    continued

 

   Diversified Banks – 2.9%    continued

 

 

3.63%, 3/1/41 (1)

     $250        $255     
 

Standard Chartered PLC,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%),
1.46%, 1/14/27 (1) (2)

      165        162     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.30%),
3.27%, 2/18/36 (1) (2)

      307        305     
 

Sumitomo Mitsui Financial Group, Inc.,

         
 

2.13%, 7/8/30

      400        394     
 

 

  
          6,012     
 

 

  
   Electrical Equipment Manufacturing – 0.3%

 

 

Johnson Controls International PLC,

         
 

5.13%, 9/14/45

      34        44     
 

Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A.,

         
 

2.00%, 9/16/31

      300        292     
 

Siemens Financieringsmaatschappij N.V.,

         
 

1.20%, 3/11/26 (1)

     365        364     
 

 

  
          700     
 

 

  
   Exploration & Production – 0.2%

 

 

Canadian Natural Resources Ltd.,

         
 

2.95%, 7/15/30

      200        207     
 

Santos Finance Ltd.,

         
 

3.65%, 4/29/31 (1)

     210        214     
 

 

  
          421     
 

 

  
   Financial Services – 1.3%

 

 

Credit Suisse Group A.G.,

         
 

(Variable, U.S. SOFR + 2.04%),
2.19%, 6/5/26 (1) (2)

      565        576     
 

(Variable, U.S. SOFR + 3.73%),
4.19%, 4/1/31 (1) (2)

      235        263     
 

(Variable, U.S. SOFR + 1.73%),
3.09%, 5/14/32 (1) (2)

      312        319     
 

LSEGA Financing PLC,

         
 

1.38%, 4/6/26 (1)

     370        369     
 

2.00%, 4/6/28 (1)

     185        186     
 

Nomura Holdings, Inc.,

         
 

2.61%, 7/14/31

      456        454     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   FOREIGN ISSUER BONDS - 13.1%    continued

 

   Financial Services – 1.3%    continued

 

 

UBS Group A.G.,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%),
2.10%, 2/11/32 (1) (2)

      $625        $608     
 

 

  
          2,775     
 

 

  
   Food & Beverage – 0.2%

 

 

Coca-Cola Europacific Partners PLC,

         
 

1.50%, 1/15/27 (1)

     161        160     
 

Coca-Cola Femsa S.A.B. de C.V.,

         
 

1.85%, 9/1/32

      205        194     
 

 

  
          354     
 

 

  
   Forest & Paper Products Manufacturing – 0.2%

 

 

Suzano Austria GmbH,

         
 

3.13%, 1/15/32

      423        409     
 

 

  
   Hardware – 0.1%

 

 

Lenovo Group Ltd.,

         
 

3.42%, 11/2/30(1)

     105        109     
 

 

  
   Integrated Oils – 0.4%

 

 

Cenovus Energy, Inc.,

         
 

6.75%, 11/15/39

      275        374     
 

5.40%, 6/15/47

      200        246     
 

Qatar Petroleum,

         
 

3.13%, 7/12/41 (1)

     31        31     
 

TotalEnergies Capital International S.A.,

         
 

2.83%, 1/10/30

      200        213     
 

 

  
          864     
 

 

  
   Internet Media – 0.6%

 

 

Baidu, Inc.,

         
 

1.72%, 4/9/26

      400        401     
 

Prosus N.V.,

         
 

3.83%, 2/8/51 (1)

     180        164     
 

Tencent Holdings Ltd.,

         
 

2.99%, 1/19/23 (1)

     305        313     
 

2.88%, 4/22/31 (1)

     324        330     
 

 

  
          1,208     
 

 

  
   Life Insurance – 0.2%

 

 

Athene Holding Ltd.,

         
 

3.50%, 1/15/31

      310        332     
 

 

  
   Medical Equipment & Devices Manufacturing – 0.1%

 

 

Smith & Nephew PLC,

         
 

2.03%, 10/14/30

      285        278     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    147    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CORE BOND FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 13.1%    continued

 

   Metals & Mining – 0.3%

 

 

Barrick PD Australia Finance Pty. Ltd.,

         
 

5.95%, 10/15/39

      $50        $69     
 

Teck Resources Ltd.,

         
 

6.25%, 7/15/41

      300        400     
 

Vale Overseas Ltd.,

         
 

3.75%, 7/8/30

      100        104     
 

 

  
          573     
 

 

  
   Oil & Gas Services & Equipment – 0.0%

 

 

Schlumberger Investment S.A.,

         
 

2.65%, 6/26/30

      100        103     
 

 

  
   Pharmaceuticals – 0.1%

 

 

GlaxoSmithKline Capital PLC,

         
 

3.00%, 6/1/24

      190        202     
 

Shire Acquisitions Investments Ireland DAC,

         
 

3.20%, 9/23/26

      105        113     
 

 

  
          315     
 

 

  
   Pipeline – 0.0%

 

 

Enbridge, Inc.,

         
 

1.60%, 10/4/26

      64        64     
 

 

  
   Retail - Consumer Discretionary – 0.1%

 

 

Alibaba Group Holding Ltd.,

         
 

2.70%, 2/9/41

      280        257     
 

 

  
   Retail - Consumer Staples – 0.3%

 

 

Viterra Finance B.V.,

         
 

2.00%, 4/21/26(1)

     555        559     
 

 

  
   Semiconductors – 0.3%

 

 

Broadcom Corp./Broadcom Cayman Finance Ltd.,

         
 

3.88%, 1/15/27

      505        555     
 

NXP B.V./NXP Funding LLC/NXP U.S.A., Inc.,

         
 

2.70%, 5/1/25 (1)

     95        99     
 

 

  
          654     
 

 

  
   Sovereigns – 0.9%

 

 

Colombia Government International

         
 

Bond,

         
 

3.00%, 1/30/30

      250        236     
 

Indonesia Government International

         
 

Bond,

         
 

3.85%, 10/15/30

      200        223     
 

Israel Government International Bond,

         
 

2.75%, 7/3/30

      200        213     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 13.1%    continued

 

   Sovereigns – 0.9%    continued

 

 

Mexico Government International Bond,

         
 

3.25%, 4/16/30

      $250        $256     
 

4.50%, 1/31/50

      250        256     
 

Panama Government International Bond,

         
 

4.50%, 4/16/50

      200        218     
 

Peruvian Government International Bond,

         
 

2.84%, 6/20/30

      150        151     
 

Philippine Government International Bond,

         
 

3.75%, 1/14/29

      250        278     
 

Uruguay Government International Bond,

         
 

5.10%, 6/18/50

      100        127     
 

 

  
          1,958     
 

 

  
   Wireless Telecommunications Services – 0.4%

 

 

Orange S.A.,

         
 

5.38%, 1/13/42

      100        134     
 

Rogers Communications, Inc.,

         
 

2.90%, 11/15/26

      200        212     
 

Vodafone Group PLC,

         
 

4.38%, 5/30/28

      200        230     
 

4.25%, 9/17/50

      200        230     
 

 

  
          806     
 

 

  
   Wireline Telecommunications Services – 0.3%

 

 

British Telecommunications PLC,

         
 

5.13%, 12/4/28

      330        386     
 

Telefonica Emisiones S.A.,

         
 

4.10%, 3/8/27

      300        337     
 

 

  
          723     

 

  
   Total Foreign Issuer Bonds         

 

  
   (Cost $27,459)         27,469     
          
   U.S. GOVERNMENT AGENCIES – 17.2% (4)

 

     Fannie Mae – 12.5%         
 

Pool #535714,

         
 

7.50%, 1/1/31

      3        4     
 

Pool #555599,

         
 

7.00%, 4/1/33

      9        10     
 

Pool #555691,

         
 

5.00%, 7/1/33

      219        250     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    148    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   U.S. GOVERNMENT AGENCIES - 17.2% (4)    continued

 

   Fannie Mae – 12.5%    continued

 

 

Pool #712130,

         
 

7.00%, 6/1/33

      $4        $5     
 

Pool #889641,

         
 

5.50%, 8/1/37

      165        191     
 

Pool #995802,

         
 

5.50%, 12/1/35

      168        195     
 

Pool #AB5209,

         
 

3.00%, 5/1/32

      311        332     
 

Pool #AD0248,

         
 

5.50%, 11/1/37

      290        335     
 

Pool #AD0494,

         
 

5.50%, 8/1/37

      173        197     
 

Pool #AD0925,

         
 

5.00%, 4/1/40

      157        179     
 

Pool #AL0065,

         
 

4.50%, 4/1/41

      555        619     
 

Pool #AL5119,

         
 

4.00%, 4/1/34

      185        204     
 

Pool #AL6041,

         
 

4.00%, 8/1/33

      1,041        1,133     
 

Pool #AL7497,

         
 

3.50%, 9/1/40

      307        332     
 

Pool #AL8352,

         
 

3.00%, 10/1/44

      354        377     
 

Pool #AQ5150,

         
 

2.50%, 11/1/42

      851        885     
 

Pool #AS3655,

         
 

4.50%, 10/1/44

      215        237     
 

Pool #AS5722,

         
 

3.50%, 9/1/45

      99        107     
 

Pool #AS6520,

         
 

3.50%, 1/1/46

      343        368     
 

Pool #AS6730,

         
 

3.50%, 2/1/46

      443        475     
 

Pool #AS7088,

         
 

2.50%, 5/1/31

      152        159     
 

Pool #AS7568,

         
 

4.50%, 7/1/46

      662        724     
 

Pool #AS8576,

         
 

4.50%, 12/1/46

      215        236     
 

Pool #AS8984,

         
 

4.50%, 3/1/47

      150        163     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   U.S. GOVERNMENT AGENCIES - 17.2% (4)    continued

 

   Fannie Mae – 12.5%    continued

 

 

Pool #BD7081,

         
 

4.00%, 3/1/47

      $542        $587     
 

Pool #BH6175,

         
 

3.50%, 7/1/47

      105        112     
 

Pool #BJ0686,

         
 

4.00%, 4/1/48

      198        213     
 

Pool #BM1761,

         
 

4.00%, 8/1/44

      176        195     
 

Pool #BM4056,

         
 

4.00%, 3/1/45

      207        228     
 

Pool #BM5168,

         
 

2.50%, 6/1/46

      370        385     
 

Pool #BM5969,

         
 

3.00%, 11/1/46

      1,207        1,287     
 

Pool #BM5984,

         
 

5.00%, 5/1/49

      128        141     
 

Pool #BM5996,

         
 

5.00%, 12/1/48

      87        96     
 

Pool #BP6499,

         
 

3.00%, 7/1/50

      431        453     
 

Pool #BP6675,

         
 

2.50%, 9/1/40

      614        636     
 

Pool #CA6422,

         
 

3.00%, 7/1/50

      569        596     
 

Pool #FM1303,

         
 

3.00%, 1/1/48

      647        694     
 

Pool #FM1472,

         
 

3.50%, 3/1/34

      105        112     
 

Pool #FM1572,

         
 

3.00%, 9/1/48

      166        176     
 

Pool #FM2053,

         
 

3.50%, 8/1/44

      984        1,071     
 

Pool #FM2671,

         
 

4.00%, 1/1/48

      169        184     
 

Pool #FM3173,

         
 

3.50%, 7/1/47

      536        580     
 

Pool #FM3201,

         
 

3.50%, 4/1/34

      256        273     
 

Pool #FM3266,

         
 

3.00%, 4/1/48

      1,089        1,162     
 

Pool #FM3727,

         
 

3.00%, 7/1/50

      466        490     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    149    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CORE BOND FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   U.S. GOVERNMENT AGENCIES - 17.2% (4)    continued

 

   Fannie Mae – 12.5%    continued

 

 

Pool #FM4172,

         
 

3.50%, 12/1/36

      $1,182        $1,262     
 

Pool #FM4491,

         
 

3.50%, 12/1/36

      1,270        1,363     
 

Pool #FM4605,

         
 

3.00%, 8/1/37

      1,198        1,273     
 

Pool #FM5237,

         
 

5.00%, 7/1/47

      237        270     
 

Pool #FM5383,

         
 

4.00%, 6/1/45

      695        765     
 

Pool #MA2232,

         
 

3.50%, 4/1/35

      293        315     
 

Pool #MA2864,

         
 

3.50%, 1/1/47

      445        476     
 

Pool #MA3088,

         
 

4.00%, 8/1/47

      341        368     
 

Pool #MA3183,

         
 

4.00%, 11/1/47

      681        734     
 

Pool #MA3184,

         
 

4.50%, 11/1/47

      650        709     
 

Pool #MA3211,

         
 

4.00%, 12/1/47

      718        774     
 

Pool #MA3448,

         
 

5.00%, 8/1/48

      224        247     
 

Pool #MA4186,

         
 

3.00%, 10/1/35

      200        212     
 

 

  
          26,156     
 

 

  
   Freddie Mac – 2.4%

 

 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K730, Class A2,

         
 

3.59%, 1/25/25

      460        495     
 

Freddie Mac REMICS, Series 3013, Class HZ,

         
 

5.00%, 8/15/35

      316        356     
 

Pool #1B3575,

         
 

(Floating, ICE LIBOR USD 1Y + 1.80%, 1.80% Floor, 11.40%
Cap), 2.05%, 9/1/37(5)

     4        4     
 

Pool #1G2296,

         
 

(Floating, ICE LIBOR USD 1Y + 2.09%, 2.09% Floor, 11.34% Cap),

         
 

2.46%, 11/1/37(5)

     10        10     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   U.S. GOVERNMENT AGENCIES - 17.2% (4)    continued

 

   Freddie Mac – 2.4%    continued

 

 

Pool #RD5026,

         
 

3.00%, 4/1/30

      $114        $120     
 

Pool #SB0084,

         
 

3.00%, 2/1/32

      563        597     
 

Pool #SB0216,

         
 

3.00%, 12/1/32

      147        155     
 

Pool #SB0328,

         
 

3.00%, 6/1/34

      459        484     
 

Pool #SD0033,

         
 

3.00%, 12/1/47

      216        232     
 

Pool #ZK7457,

         
 

3.50%, 2/1/29

      220        235     
 

Pool #ZM4714,

         
 

3.50%, 11/1/47

      698        744     
 

Pool #ZM5332,

         
 

3.00%, 1/1/48

      350        368     
 

Pool #ZS4687,

         
 

2.50%, 11/1/46

      203        210     
 

Pool #ZT1333,

         
 

2.50%, 10/1/31

      916        964     
 

 

  
          4,974     
 

 

  
   Freddie Mac Gold – 0.8%

 

 

Pool #G16396,

         
 

3.50%, 2/1/33

      120        128     
 

Pool #G60948,

         
 

3.00%, 1/1/47

      234        252     
 

Pool #Q15842,

         
 

3.00%, 2/1/43

      441        473     
 

Pool #Q42460,

         
 

4.00%, 6/1/46

      86        94     
 

Pool #Q44452,

         
 

3.00%, 11/1/46

      617        651     
 

Pool #Q63667,

         
 

4.50%, 5/1/49

      159        172     
 

 

  
          1,770     
 

 

  
   Government National Mortgage Association – 0.2%

 

 

Government National Mortgage Association, Series 2017-95,
Class QG,

         
 

2.50%, 8/20/46

      344        360     
 

 

  
   Government National Mortgage Association I – 0.2%

 

 

Pool #604183,

         
 

5.50%, 4/15/33

      2        2     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    150    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   U.S. GOVERNMENT AGENCIES - 17.2% (4)    continued

 

   Government National Mortgage Association I – 0.2%    continued

 

 

Pool #633627,

         
 

5.50%, 9/15/34

      $3        $3     
 

Pool #757013,

         
 

3.50%, 12/15/40

      386        412     
 

 

  
          417     
 

 

  
   Government National Mortgage Association II – 1.1%

 

 

Pool #784801,

         
 

3.50%, 6/20/47

      421        452     
 

Pool #MA0089,

         
 

4.00%, 5/20/42

      600        662     
 

Pool #MA0782,

         
 

3.00%, 2/20/43

      482        511     
 

Pool #MA1287,

         
 

4.50%, 9/20/43

      110        123     
 

Pool #MA1996,

         
 

4.00%, 6/20/44

      111        121     
 

Pool #MA2755,

         
 

4.00%, 4/20/45

      86        93     
 

Pool #MA3666,

         
 

5.00%, 5/20/46

      209        238     
 

 

  
          2,200     

 

  
   Total U.S. Government Agencies

 

 

  
   (Cost $35,352)         35,877     
          

   U.S. GOVERNMENT OBLIGATIONS – 26.9%

 

   U.S. Treasury Bonds – 7.9%

 

 

1.75%, 8/15/41

      6,208        5,934     
 

1.88%, 2/15/51

      2,610        2,489     
 

2.38%, 5/15/51

      2,402        2,563     
 

2.00%, 8/15/51

      5,685        5,585     
 

 

  
          16,571     
 

 

  
   U.S. Treasury Notes – 17.5%

 

 

0.13%, 8/31/23

      27,455        27,382     
 

0.38%, 8/15/24

      4,859        4,842     
 

0.75%, 8/31/26

      3,388        3,352     
 

1.25%, 8/15/31

      1,028        1,003     
 

 

  
          36,579     
 

 

  
   U.S. Treasury Strips – 1.5%

 

 

1.46%, 2/15/51(6)

     5,910        3,171     

 

  
  Total U.S. Government Obligations         

 

  
  (Cost $57,098)         56,321     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   MUNICIPAL BONDS – 0.1%

 

   Florida – 0.1%

 

 

Miami-Dade County Seaport Subordinate Taxable Revenue Refunding Bonds, Series B-3,

         
 

1.86%, 10/1/30

      $100        $100     

 

  
   Total Municipal Bonds

 

 

  
   (Cost $100)         100     
          
         NUMBER
OF SHARES		      VALUE
(000S)		         
   INVESTMENT COMPANIES – 4.5%

 

 

Northern Institutional Funds - U.S. Government Portfolio (Shares),

         
 

0.00%(7) (8)

      9,429,642        $9,430     

 

  
  Total Investment Companies         

 

  
   (Cost $9,430)         9,430     
          

 

  
   Total Investments – 99.3%         

 

  
   (Cost $206,325)         207,526     
 

Other Assets less Liabilities – 0.7%

 

      1,513     

 

  
  NET ASSETS – 100.0%       $ 209,039     

 

(1) 

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

(2) 

Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of September 30, 2021.

(3) 

Perpetual bond. Maturity date represents next call date.

(4)

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(5) 

Variable rate security. Rate as of September 30, 2021 is disclosed.

(6) 

Discount rate at the time of purchase.

(7) 

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(8) 

7-day current yield as of September 30, 2021 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

A.G. - Aktiengesellschaft (German: Stock Corporation)

B.V. - Besloten Vennootschap (Dutch: Private Limited Liability Company)

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    151    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   CORE BOND FUND  continued

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

ICE - Intercontinental Exchange

L.P. - Limited Partnership

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

S.A. - Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. - Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

   SECURITY TYPE(1)    % OF NET ASSETS  

   Asset-backed securities

      2.5 % 

   Corporate bonds

      35.0 % 

   Foreign Issuer Bonds

      13.1 % 

   U.S. Government Agencies

      17.2 % 

   U.S. Government Obligations

      26.9 % 

   Municipal Bonds

      0.1 % 

   Investment Companies

      4.5 % 

 

(1) 

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

   INVESTMENTS    LEVEL 1
(000S)		      LEVEL 2
(000S)		      LEVEL 3
(000S)		      TOTAL
(000S)		  

   Asset-Backed Securities

    $ —        $5,263        $—        $5,263  

   Corporate Bonds(1)

     —        73,066        —        73,066  

   Foreign Issuer Bonds(1)

     —        27,469        —        27,469  

   U.S. Government Agencies(1)

     —        35,877        —        35,877  

   U.S. Government Obligations(1)

     —        56,321        —        56,321  

   Municipal Bonds

      —        100        —        100  

   Investment Companies

      9,430        —        —        9,430  

   Total Investments

    $ 9,430      $ 198,096        $—      $ 207,526  

 

(1) 

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    152    NORTHERN FUNDS SEMIANNUAL REPORT

     SCHEDULE OF INVESTMENTS    

 

   FIXED INCOME FUND

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   ASSET-BAC KED SECURITIES – 2.3%

 

   Commercial Mortgage-Backed Securities – 2.3%

 

 

BANK, Series 2019-BN16, Class A4

         
 

4.01%, 2/15/52

      $3,900        $4,436     
 

Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5

         
 

3.14%, 2/10/48

      5,805        6,161     
 

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-C5, Class A5

         
 

3.69%, 3/15/50

      2,400        2,633     
 

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class A5

         
 

3.64%, 10/15/48

      4,910        5,344     
 

 

  
          18,574     

 

  
     Total Asset-Backed Securities         

 

  
     (Cost $17,386)         18,574     
          
   CORPORATE BONDS – 45.0%

 

   Aerospace & Defense – 1.3%

 

 

Boeing (The) Co.,

         
 

2.20%, 2/4/26

      1,760        1,773     
 

2.95%, 2/1/30

      730        744     
 

5.81%, 5/1/50

      1,180        1,573     
 

3.95%, 8/1/59

      595        611     
 

Howmet Aerospace, Inc.,

         
 

6.88%, 5/1/25

      1,854        2,169     
 

Huntington Ingalls Industries, Inc.,

         
 

2.04%, 8/16/28 (1)

     1,950        1,924     
 

Northrop Grumman Corp.,

         
 

2.93%, 1/15/25

      845        895     
 

Raytheon Technologies Corp.,

         
 

3.65%, 8/16/23

      489        517     
 

Teledyne Technologies, Inc.,

         
 

2.25%, 4/1/28

      350        356     
 

 

  
          10,562     
 

 

  
   Airlines – 0.5%

 

 

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,

         
 

6.50%, 6/20/27 (1)

     1,255        1,365     
 

Southwest Airlines Co.,

         
 

5.13%, 6/15/27

      1,530        1,789     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Airlines – 0.5%    continued

 

 

United Airlines Pass Through Trust, Series 2020-1, Class B,

         
 

4.88%, 1/15/26

      $878        $926     
 

 

  
          4,080     
 

 

  
   Apparel & Textile Products – 0.3%

 

 

VF Corp.,

         
 

2.40%, 4/23/25

      1,750        1,823     
 

2.95%, 4/23/30

      545        574     
 

 

  
          2,397     
 

 

  
   Automobiles Manufacturing – 1.1%

 

 

Ford Motor Co.,

         
 

9.00%, 4/22/25

      2,520        3,030     
 

General Motors Co.,

         
 

6.75%, 4/1/46

      830        1,184     
 

General Motors Financial Co., Inc.,

         
 

2.70%, 8/20/27

      2,235        2,322     
 

Hyundai Capital America,

         
 

2.00%, 6/15/28 (1)

     1,230        1,208     
 

Stellantis Finance U.S., Inc.,

         
 

1.71%, 1/29/27 (1)

     1,172        1,168     
 

 

  
          8,912     
 

 

  
   Banks – 0.5%

 

 

CIT Bank N.A.,

         
 

(Variable, U.S. SOFR + 1.72%),

         
 

2.97%, 9/27/25 (2)

     750        788     
 

PNC Financial Services Group (The), Inc.,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.60%),
3.40%, 9/15/26 (2) (3)

      1,187        1,184     
 

Wells Fargo & Co.,

         
 

3.00%, 10/23/26

      1,000        1,072     
 

(Variable, U.S. SOFR + 2.10%),

         
 

2.39%, 6/2/28 (2)

     960        990     
 

 

  
          4,034     
 

 

  
   Biotechnology – 0.4%

 

 

Amgen, Inc.,

         
 

3.13%, 5/1/25

      1,255        1,340     
 

2.20%, 2/21/27

      1,235        1,278     
 

Gilead Sciences, Inc.,

         
 

2.60%, 10/1/40

      620        590     
 

 

  
          3,208     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    153    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Cable & Satellite – 1.0%

 

 

Charter Communications Operating LLC/Charter Communications Operating Capital,

         
 

5.05%, 3/30/29

      $790        $925     
 

6.38%, 10/23/35

      2,370        3,116     
 

Comcast Corp.,

         
 

1.50%, 2/15/31

      592        562     
 

Cox Communications, Inc.,

         
 

2.95%, 10/1/50 (1)

     845        795     
 

CSC Holdings LLC,

         
 

4.63%, 12/1/30 (1)

     2,580        2,446     
 

 

  
          7,844     
 

 

  
   Casinos & Gaming – 0.4%

 

 

Boyd Gaming Corp.,

         
 

4.75%, 12/1/27

      2,470        2,546     
 

Genting New York LLC/GENNY Capital, Inc.,

         
 

3.30%, 2/15/26 (1)

     650        644     
 

 

  
          3,190     
 

 

  
   Chemicals – 0.7%

 

 

Avery Dennison Corp.,

         
 

2.65%, 4/30/30

      1,105        1,131     
 

Dow Chemical (The) Co.,

         
 

3.63%, 5/15/26

      700        767     
 

LYB International Finance III LLC,

         
 

2.25%, 10/1/30

      300        300     
 

NewMarket Corp.,

         
 

2.70%, 3/18/31

      1,060        1,061     
 

RPM International, Inc.,

         
 

4.55%, 3/1/29

      895        1,023     
 

Sherwin-Williams (The) Co.,

         
 

3.95%, 1/15/26

      800        886     
 

Valvoline, Inc.,

         
 

3.63%, 6/15/31 (1)

     670        662     
 

 

  
          5,830     
 

 

  
   Commercial Finance – 0.5%

 

 

Air Lease Corp.,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.08%),
4.65%, 6/15/26 (2) (3)

      1,305        1,365     
 

1.88%, 8/15/26

      725        723     
 

2.10%, 9/1/28

      980        952     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Commercial Finance – 0.5%    continued

 

 

GATX Corp.,

         
 

4.00%, 6/30/30

      $760        $848     
 

3.10%, 6/1/51

      395        373     
 

 

  
          4,261     
 

 

  
   Communications Equipment – 0.1%

 

 

Motorola Solutions, Inc.,

         
 

2.30%, 11/15/30

      625        614     
 

 

  
   Construction Materials Manufacturing – 0.3%

 

 

Carlisle Cos., Inc.,

         
 

2.75%, 3/1/30

      1,065        1,099     
 

Martin Marietta Materials, Inc.,

         
 

2.50%, 3/15/30

      1,135        1,155     
 

 

  
          2,254     
 

 

  
   Consumer Finance – 1.5%

 

 

Ally Financial, Inc.,

         
 

5.80%, 5/1/25

      1,060        1,219     
 

Fidelity National Information Services, Inc.,

         
 

1.15%, 3/1/26

      1,060        1,051     
 

3.10%, 3/1/41

      195        197     
 

Fiserv, Inc.,

         
 

3.20%, 7/1/26

      1,920        2,073     
 

Global Payments, Inc.,

         
 

1.20%, 3/1/26

      1,005        995     
 

2.90%, 5/15/30

      1,000        1,032     
 

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,

         
 

4.25%, 2/1/27 (1)

     1,950        1,930     
 

Square, Inc.,

         
 

2.75%, 6/1/26 (1)

     640        649     
 

3.50%, 6/1/31 (1)

     640        656     
 

Starwood Property Trust, Inc.,

         
 

3.63%, 7/15/26 (1)

     1,280        1,290     
 

Western Union (The) Co.,

         
 

2.75%, 3/15/31

      1,160        1,162     
 

 

  
          12,254     
 

 

  
   Consumer Services – 0.3%

 

 

Block Financial LLC,

         
 

2.50%, 7/15/28

      1,090        1,105     
 

3.88%, 8/15/30

      1,130        1,229     
 

 

  
          2,334     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    154    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Containers & Packaging – 0.8%

 

 

Berry Global, Inc.,

         
 

1.57%, 1/15/26 (1)

     $415        $415     
 

Flex Acquisition Co., Inc.,

         
 

7.88%, 7/15/26 (1)

     1,830        1,912     
 

Graphic Packaging International LLC,

         
 

1.51%, 4/15/26 (1)

     790        790     
 

Mauser Packaging Solutions Holding Co.,

         
 

7.25%, 4/15/25 (1)

     2,805        2,788     
 

Packaging Corp. of America,

         
 

3.40%, 12/15/27

      585        637     
 

 

  
          6,542     
 

 

  
   Department Stores – 0.2%

 

 

Nordstrom, Inc.,

         
 

4.25%, 8/1/31

      650        658     
 

5.00%, 1/15/44

      790        775     
 

 

  
          1,433     
 

 

  
   Design, Manufacturing & Distribution – 0.2%

 

 

Jabil, Inc.,

         
 

1.70%, 4/15/26

      1,025        1,031     
 

3.60%, 1/15/30

      480        520     
 

 

  
          1,551     
 

 

  
   Diversified Banks – 2.4%

 

 

Bank of America Corp.,

         
 

(Variable, ICE LIBOR USD 3M + 2.93%),
5.88%, 3/15/28 (2) (3)

      910        1,039     
 

(Variable, U.S. SOFR + 2.15%),
2.59%, 4/29/31 (2)

     1,095        1,118     
 

(Variable, U.S. SOFR + 1.22%),
2.65%, 3/11/32 (2)

     1,805        1,838     
 

Citigroup, Inc.,

         
 

(Variable, U.S. SOFR + 0.67%),
0.98%, 5/1/25 (2)

     1,320        1,324     
 

(Variable, ICE LIBOR USD 3M + 1.15%),
3.52%, 10/27/28 (2)

     1,200        1,305     
 

(Variable, U.S. SOFR + 3.91%),
4.41%, 3/31/31 (2)

     1,140        1,316     
 

(Variable, U.S. SOFR + 1.17%),
2.56%, 5/1/32 (2)

     1,080        1,091     
 

JPMorgan Chase & Co.,

         
 

(Variable, U.S. SOFR + 3.38%),
5.00%, 8/1/24 (2) (3)

      2,470        2,578     
 

3.88%, 9/10/24

      1,940        2,109     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
     CORPORATE BONDS - 45.0%    continued

 

   Diversified Banks – 2.4%    continued

 

 

(Variable, U.S. SOFR + 3.13%),
4.60%, 2/1/25 (2) (3)

      $1,770        $1,810     
 

(Variable, U.S. SOFR + 1.85%),
2.08%, 4/22/26 (2)

     1,275        1,311     
 

(Variable, U.S. SOFR + 0.70%),
1.04%, 2/4/27 (2)

     1,200        1,177     
 

(Variable, U.S. SOFR + 1.07%),
1.95%, 2/4/32 (2)

     1,400        1,351     
 

 

  
          19,367     
 

 

  
   Educational Services – 0.1%

 

 

Massachusetts Institute of Technology,

         
 

2.99%, 7/1/50

      200        216     
 

President and Fellows of Harvard College,

         
 

4.88%, 10/15/40

      200        271     
 

 

  
          487     
 

 

  
   Electrical Equipment Manufacturing – 0.6%

 

 

Acuity Brands Lighting, Inc.,

         
 

2.15%, 12/15/30

      1,145        1,118     
 

Hubbell, Inc.,

         
 

2.30%, 3/15/31

      770        773     
 

Keysight Technologies, Inc.,

         
 

4.55%, 10/30/24

      409        452     
 

3.00%, 10/30/29

      690        728     
 

Vontier Corp.,

         
 

1.80%, 4/1/26 (1)

     800        794     
 

2.40%, 4/1/28 (1)

     800        788     
 

 

  
          4,653     
 

 

  
   Entertainment Content – 0.6%

 

 

Discovery Communications LLC,

         
 

3.63%, 5/15/30

      1,000        1,085     
 

ViacomCBS, Inc.,

         
 

4.95%, 5/19/50

      810        1,014     
 

Walt Disney (The) Co.,

         
 

1.75%, 1/13/26

      1,850        1,898     
 

2.20%, 1/13/28

      1,045        1,080     
 

 

  
          5,077     
 

 

  
   Exploration & Production – 1.6%

 

 

ConocoPhillips,

         
 

6.50%, 2/1/39

      350        510     
 

CrownRock L.P./CrownRock Finance, Inc.,

         
 

5.00%, 5/1/29 (1)

     1,290        1,347     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    155    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Exploration & Production – 1.6%    continued

 

 

Diamondback Energy, Inc.,

         
 

3.13%, 3/24/31

      $1,200        $1,246     
 

Hess Corp.,

         
 

7.13%, 3/15/33

      900        1,217     
 

5.60%, 2/15/41

      1,290        1,612     
 

5.80%, 4/1/47

      1,485        1,934     
 

Ovintiv, Inc.,

         
 

6.50%, 8/15/34

      1,235        1,666     
 

SM Energy Co.,

         
 

5.63%, 6/1/25

      1,665        1,675     
 

WPX Energy, Inc.,

         
 

4.50%, 1/15/30

      1,593        1,720     
 

 

  
          12,927     
 

 

  
   Financial Services – 3.2%

 

 

Ares Capital Corp.,

         
 

4.25%, 3/1/25

      925        993     
 

Ares Finance Co. III LLC,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.24%),
4.13%, 6/30/51 (1) (2)

      2,045        2,116     
 

Charles Schwab (The) Corp.,

         
 

(Variable, ICE LIBOR USD 3M + 2.58%),
5.00%, 12/1/27 (2) (3)

      693        737     
 

FMR LLC,

         
 

6.45%, 11/15/39 (1)

     1,265        1,840     
 

FS KKR Capital Corp.,

         
 

4.13%, 2/1/25

      2,620        2,799     
 

Goldman Sachs BDC, Inc.,

         
 

3.75%, 2/10/25

      830        879     
 

Goldman Sachs Group (The), Inc.,

         
 

(Variable, ICE LIBOR USD 3M + 2.87%), 5.00%, 11/10/22 (2) (3)

      1,795        1,813     
 

3.50%, 4/1/25

      1,320        1,419     
 

Icahn Enterprises L.P./Icahn Enterprises

         
 

Finance Corp.,

         
 

4.75%, 9/15/24

      2,000        2,080     
 

5.25%, 5/15/27

      1,465        1,520     
 

Intercontinental Exchange, Inc.,

         
 

2.65%, 9/15/40

      1,235        1,178     
 

Jefferies Group LLC,

         
 

2.75%, 10/15/32

      840        842     
 

Morgan Stanley,

         
 

(Variable, U.S. SOFR + 1.99%),
2.19%, 4/28/26 (2)

     1,160        1,198     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Financial Services – 3.2%    continued

 

 

(Variable, U.S. SOFR + 0.88%),
1.59%, 5/4/27 (2)

     $722        $724     
 

(Variable, U.S. SOFR + 1.03%),
1.79%, 2/13/32 (2)

     1,525        1,452     
 

Nasdaq, Inc.,

         
 

1.65%, 1/15/31

      1,060        999     
 

Oaktree Specialty Lending Corp.,

         
 

2.70%, 1/15/27

      1,180        1,184     
 

Prospect Capital Corp.,

         
 

3.71%, 1/22/26

      1,930        1,988     
 

State Street Corp.,

         
 

(Variable, U.S. SOFR + 2.65%),
3.15%, 3/30/31 (2)

     405        443     
 

 

  
          26,204     
 

 

  
   Food & Beverage – 0.8%

 

 

Anheuser-Busch Cos.

         
 

LLC/Anheuser-Busch InBev

         
 

Worldwide, Inc.,

         
 

3.65%, 2/1/26

      1,075        1,179     
 

Conagra Brands, Inc.,

         
 

1.38%, 11/1/27

      765        745     
 

Flowers Foods, Inc.,

         
 

2.40%, 3/15/31

      385        385     
 

McCormick & Co., Inc.,

         
 

1.85%, 2/15/31

      705        681     
 

NBM U.S. Holdings, Inc.,

         
 

7.00%, 5/14/26

      1,825        1,942     
 

Pernod Ricard International

         
 

Finance LLC,

         
 

1.63%, 4/1/31 (1)

     690        651     
 

Smithfield Foods, Inc.,

         
 

2.63%, 9/13/31 (1)

     1,240        1,206     
 

 

  
          6,789     
 

 

  
   Forest & Paper Products Manufacturing – 0.1%

 

 

Mercer International, Inc.,

         
 

5.13%, 2/1/29

      505        516     
 

 

  
   Funds & Trusts – 0.2%

 

 

Blackstone Private Credit Fund,

         
 

2.63%, 12/15/26(1)

     1,240        1,236     
 

 

  
   Hardware – 1.2%

 

 

Dell International LLC/EMC Corp.,

         
 

5.85%, 7/15/25

      2,435        2,833     
 

8.10%, 7/15/36

      1,315        1,994     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    156    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Hardware – 1.2%    continued

 

 

Hewlett Packard Enterprise Co.,

        
 

4.65%, 10/1/24

      $1,000           $1,105     
 

6.35%, 10/15/45

      1,235       1,658     
 

HP, Inc.,

        
 

2.65%, 6/17/31 (1)

     2,045       2,025     
 

 

  
         9,615     
 

 

  
   Health Care Facilities & Services – 1.5%

 

 

Cardinal Health, Inc.,

        
 

4.90%, 9/15/45

      1,180       1,409     
 

Cigna Corp.,

        
 

1.25%, 3/15/26

      1,050       1,048     
 

2.38%, 3/15/31

      770       777     
 

DaVita, Inc.,

        
 

4.63%, 6/1/30 (1)

     3,000       3,086     
 

Fresenius Medical Care U.S. Finance III, Inc.,

        
 

1.88%, 12/1/26 (1)

     819       823     
 

Laboratory Corp. of America Holdings,

 

   
 

1.55%, 6/1/26

      1,820       1,823     
 

2.70%, 6/1/31

      1,185       1,211     
 

Quest Diagnostics, Inc.,

        
 

2.80%, 6/30/31

      645       673     
 

Universal Health Services, Inc.,

        
 

2.65%, 1/15/32 (1)

     1,250       1,238     
 

 

  
         12,088     
 

 

  
   Home Improvement – 0.0%

 

 

Masco Corp.,

        
 

1.50%, 2/15/28

      350       341     
 

 

  
   Homebuilders – 0.5%

 

 

D.R. Horton, Inc.,

        
 

1.30%, 10/15/26

      718       710     
 

1.40%, 10/15/27

      1,140       1,117     
 

MDC Holdings, Inc.,

        
 

6.00%, 1/15/43

      1,975       2,486     
 

 

  
         4,313     
 

 

  
   Integrated Oils – 0.1%

 

 

BP Capital Markets America, Inc.,

        
 

1.75%, 8/10/30

      470       457     
 

Exxon Mobil Corp.,

        
 

4.23%, 3/19/40

      635       754     
 

 

  
         1,211     
 

 

  

 

         PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Internet Media – 0.1%

 

 

Expedia Group, Inc.,

         
 

2.95%, 3/15/31

      $395        $399     
 

 

  
   Leisure Products Manufacturing – 0.1%

 

 

Brunswick Corp.,

         
 

2.40%, 8/18/31

      1,000        967     
 

 

  
   Life Insurance – 1.5%

 

 

Athene Global Funding,

         
 

2.50%, 3/24/28 (1)

     1,185        1,213     
 

Brighthouse Financial Global Funding,

         
 

1.55%, 5/24/26 (1)

     1,235        1,240     
 

Global Atlantic Fin Co.,

         
 

3.13%, 6/15/31 (1)

     820        829     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.80%),
4.70%, 10/15/51 (1) (2)

      1,291        1,335     
 

Ohio National Financial Services, Inc.,

         
 

5.80%, 1/24/30 (1)

     2,095        2,398     
 

Protective Life Corp.,

         
 

8.45%, 10/15/39

      3,475        5,593     
 

 

  
          12,608     
 

 

  
   Machinery Manufacturing – 0.4%

 

 

CNH Industrial Capital LLC,

         
 

1.88%, 1/15/26

      2,285        2,316     
 

IDEX Corp.,

         
 

3.00%, 5/1/30

      360        380     
 

2.63%, 6/15/31

      360        366     
 

Xylem, Inc.,

         
 

2.25%, 1/30/31

      575        575     
 

 

  
          3,637     
 

 

  
   Managed Care – 0.6%

 

 

Anthem, Inc.,

         
 

3.50%, 8/15/24

      1,500        1,605     
 

2.38%, 1/15/25

      715        745     
 

Centene Corp.,

         
 

4.63%, 12/15/29

      1,870        2,038     
 

UnitedHealth Group, Inc.,

         
 

2.30%, 5/15/31

      618        630     
 

 

  
          5,018     
 

 

  
   Mass Merchants – 0.2%

 

 

Dollar General Corp.,

         
 

3.50%, 4/3/30

      1,765        1,941     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    157    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Medical Equipment & Devices Manufacturing – 0.3%

 

 

Alcon Finance Corp.,

        
 

2.60%, 5/27/30 (1)

     $750           $766     
 

Boston Scientific Corp.,

        
 

1.90%, 6/1/25

      750       769     
 

DENTSPLY SIRONA, Inc.,

        
 

3.25%, 6/1/30

      1,025       1,092     
 

 

  
         2,627     
 

 

  
   Metals & Mining – 0.7%

 

 

Glencore Funding LLC,

        
 

1.63%, 4/27/26 (1)

     1,240       1,234     
 

3.88%, 10/27/27 (1)

     630       687     
 

Kaiser Aluminum Corp.,

        
 

4.63%, 3/1/28 (1)

     1,795       1,853     
 

Novelis Corp.,

        
 

4.75%, 1/30/30 (1)

     1,000       1,053     
 

Southern Copper Corp.,

        
 

6.75%, 4/16/40

      400       557     
 

 

  
         5,384     
 

 

  
   Oil & Gas Services & Equipment – 0.2%

 

 

Halliburton Co.,

        
 

2.92%, 3/1/30

      400       414     
 

5.00%, 11/15/45

      300       359     
 

NOV, Inc.,

        
 

3.60%, 12/1/29

      440       463     
 

 

  
         1,236     
 

 

  
   Pharmaceuticals – 0.1%

 

 

Mylan, Inc.,

        
 

5.20%, 4/15/48

      865       1,065     
 

 

  
   Pipeline – 2.3%

 

 

Boardwalk Pipelines L.P.,

        
 

4.80%, 5/3/29

      965       1,105     
 

Cheniere Energy Partners L.P.,

        
 

4.00%, 3/1/31 (1)

     1,290       1,351     
 

Energy Transfer L.P.,

        
 

4.20%, 9/15/23

      1,005       1,068     
 

3.90%, 7/15/26

      1,685       1,840     
 

EQM Midstream Partners L.P.,

        
 

6.50%, 7/15/48

      2,160       2,457     
 

ITT Holdings LLC,

        
 

6.50%, 8/1/29 (1)

     2,560       2,582     
 

Kinder Morgan, Inc.,

        
 

4.30%, 6/1/25

      600       663     

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Pipeline – 2.3%    continued

 

 

2.00%, 2/15/31

      $1,300           $1,253     
 

MPLX L.P.,

        
 

4.88%, 6/1/25

      1,185       1,324     
 

4.13%, 3/1/27

      700       782     
 

4.50%, 4/15/38

      700       781     
 

ONEOK, Inc.,

        
 

4.00%, 7/13/27

      1,250       1,385     
 

Western Midstream Operating L.P.,

        
 

6.50%, 2/1/50

      1,590       1,871     
 

 

  
         18,462     
 

 

  
   Power Generation – 0.9%

 

 

Calpine Corp.,

        
 

4.50%, 2/15/28 (1)

     2,185       2,229     
 

Liberty Utilities Finance GP 1,

        
 

2.05%, 9/15/30 (1)

     1,070       1,035     
 

NRG Energy, Inc.,

        
 

2.45%, 12/2/27 (1)

     415       421     
 

3.63%, 2/15/31 (1)

     2,025       1,989     
 

Pattern Energy Operations L.P./Pattern Energy Operations, Inc.,

        
 

4.50%, 8/15/28 (1)

     660       688     
 

Terraform Global Operating LLC,

        
 

6.13%, 3/1/26 (1)

     1,035       1,065     
 

 

  
         7,427     
 

 

  
   Property & Casualty Insurance – 0.6%

 

 

Brown & Brown, Inc.,

        
 

2.38%, 3/15/31

      1,155       1,151     
 

Chubb INA Holdings, Inc.,

        
 

3.35%, 5/3/26

      400       436     
 

1.38%, 9/15/30

      150       142     
 

Liberty Mutual Group, Inc.,

        
 

4.30%, 2/1/61 (1)

     1,950       1,853     
 

Marsh & McLennan Cos., Inc.,

        
 

3.75%, 3/14/26

      400       440     
 

4.90%, 3/15/49

      300       404     
 

Progressive (The) Corp.,

        
 

3.20%, 3/26/30

      250       273     
 

Willis North America, Inc.,

        
 

2.95%, 9/15/29

      200       209     
 

 

  
         4,908     
 

 

  
   Publishing & Broadcasting – 0.5%

 

 

Lamar Media Corp.,

        
 

3.63%, 1/15/31

      1,010       1,010     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    158    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Publishing & Broadcasting – 0.5%    continued

 

 

News Corp.,

        
 

3.88%, 5/15/29 (1)

     $880           $904     
 

TEGNA, Inc.,

        
 

5.00%, 9/15/29

      1,850       1,906     
 

 

  
         3,820     
 

 

  
   Railroad – 0.1%

 

 

Union Pacific Corp.,

        
 

2.38%, 5/20/31

      405       415     
 

 

  
   Real Estate – 3.5%

 

 

American Campus Communities Operating Partnership L.P.,

        
 

2.85%, 2/1/30

      1,044       1,072     
 

American Tower Corp.,

        
 

3.13%, 1/15/27

      885       943     
 

AvalonBay Communities, Inc.,

        
 

2.30%, 3/1/30

      250       254     
 

Boston Properties L.P.,

        
 

2.55%, 4/1/32

      1,420       1,418     
 

Brixmor Operating Partnership L.P.,

        
 

4.05%, 7/1/30

      600       670     
 

Crown Castle International Corp.,

        
 

1.05%, 7/15/26

      1,200       1,174     
 

EPR Properties,

        
 

4.50%, 4/1/25

      1,500       1,602     
 

4.50%, 6/1/27

      2,215       2,405     
 

Equinix, Inc.,

        
 

3.20%, 11/18/29

      1,015       1,077     
 

2.50%, 5/15/31

      1,100       1,107     
 

ERP Operating L.P.,

        
 

3.25%, 8/1/27

      80       87     
 

Essex Portfolio L.P.,

        
 

2.65%, 3/15/32

      845       854     
 

Healthcare Realty Trust, Inc.,

        
 

2.40%, 3/15/30

      1,860       1,867     
 

Healthpeak Properties, Inc.,

        
 

3.25%, 7/15/26

      655       711     
 

Iron Mountain, Inc.,

        
 

4.88%, 9/15/27 (1)

     1,765       1,832     
 

iStar, Inc.,

        
 

4.75%, 10/1/24

      1,700       1,798     
 

Kimco Realty Corp.,

        
 

2.70%, 10/1/30

      500       514     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Real Estate – 3.5%    continued

 

 

MPT Operating Partnership L.P./MPT Finance Corp.,

        
 

3.50%, 3/15/31

      $1,940           $1,979     
 

Office Properties Income Trust,

        
 

2.65%, 6/15/26

      1,090       1,100     
 

Realty Income Corp.,

        
 

4.13%, 10/15/26

      500       561     
 

Safehold Operating Partnership L.P.,

        
 

2.80%, 6/15/31

      190       191     
 

SBA Communications Corp.,

        
 

3.13%, 2/1/29 (1)

     1,150       1,111     
 

Simon Property Group L.P.,

        
 

2.65%, 7/15/30

      750       773     
 

STORE Capital Corp.,

        
 

2.75%, 11/18/30

      760       764     
 

Ventas Realty L.P.,

        
 

4.40%, 1/15/29

      1,600       1,829     
 

VEREIT Operating Partnership L.P.,

        
 

3.40%, 1/15/28

      375       405     
 

2.20%, 6/15/28

      770       779     
 

 

  
         28,877     
 

 

  
   Refining & Marketing – 0.5%

 

 

CVR Energy, Inc.,

        
 

5.75%, 2/15/28 (1)

     1,995       1,977     
 

Marathon Petroleum Corp.,

        
 

3.80%, 4/1/28

      785       860     
 

Murphy Oil U.S.A., Inc.,

        
 

4.75%, 9/15/29

      1,000       1,059     
 

Phillips 66,

        
 

2.15%, 12/15/30

      500       488     
 

 

  
         4,384     
 

 

  
   Restaurants – 0.3%

 

 

Golden Nugget, Inc.,

        
 

6.75%, 10/15/24 (1)

     1,920       1,923     
 

Starbucks Corp.,

        
 

2.00%, 3/12/27

      815       836     
 

 

  
         2,759     
 

 

  
  Retail - Consumer Discretionary – 0.7%

 

   
 

Advance Auto Parts, Inc.,

        
 

1.75%, 10/1/27

      860       856     
 

AutoNation, Inc.,

        
 

2.40%, 8/1/31

      730       712     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    159    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Retail - Consumer Discretionary – 0.7%    continued

 

 

Best Buy Co., Inc.,

         
 

1.95%, 10/1/30

      $640        $623     
 

eBay, Inc.,

         
 

3.60%, 6/5/27

      395        437     
 

Genuine Parts Co.,

         
 

1.88%, 11/1/30

      770        736     
 

Ross Stores, Inc.,

         
 

4.60%, 4/15/25

      1,100        1,228     
 

0.88%, 4/15/26

      1,130        1,111     
 

 

  
          5,703     
 

 

  
   Semiconductors – 0.7%

 

 

Broadcom, Inc.,

         
 

3.15%, 11/15/25

      1,270        1,357     
 

4.30%, 11/15/32

      2,060        2,309     
 

3.50%, 2/15/41 (1)

     440        435     
 

Qorvo, Inc.,

         
 

3.38%, 4/1/31 (1)

     1,220        1,286     
 

Skyworks Solutions, Inc.,

         
 

1.80%, 6/1/26

      175        177     
 

3.00%, 6/1/31

      360        368     
 

 

  
          5,932     
 

 

  
   Software & Services – 1.5%

 

 

Citrix Systems, Inc.,

         
 

4.50%, 12/1/27

      660        730     
 

Equifax, Inc.,

         
 

3.10%, 5/15/30

      1,150        1,216     
 

Fortinet, Inc.,

         
 

1.00%, 3/15/26

      360        355     
 

2.20%, 3/15/31

      400        396     
 

Infor, Inc.,

         
 

1.75%, 7/15/25 (1)

     865        876     
 

Leidos, Inc.,

         
 

3.63%, 5/15/25

      430        464     
 

Moody’s Corp.,

         
 

4.25%, 2/1/29

      440        505     
 

Oracle Corp.,

         
 

2.30%, 3/25/28

      975        997     
 

3.65%, 3/25/41

      785        812     
 

3.60%, 4/1/50

      975        976     
 

3.95%, 3/25/51

      1,185        1,250     
 

Roper Technologies, Inc.,

         
 

3.80%, 12/15/26

      456        507     
 

2.00%, 6/30/30

      690        676     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Software & Services – 1.5%    continued

 

 

ServiceNow, Inc.,

         
 

1.40%, 9/1/30

      $380        $356     
 

Vmware, Inc.,

         
 

1.80%, 8/15/28

      720        709     
 

4.70%, 5/15/30

      1,130        1,332     
 

 

  
          12,157     
 

 

  
   Supermarkets & Pharmacies – 0.3%

 

 

7-Eleven, Inc.,

         
 

1.80%, 2/10/31 (1)

     790        752     
 

Walgreens Boots Alliance, Inc.,

         
 

3.20%, 4/15/30

      1,805        1,933     
 

 

  
          2,685     
 

 

  
   Tobacco – 0.8%

 

 

Altria Group, Inc.,

         
 

3.40%, 2/4/41

      1,580        1,496     
 

BAT Capital Corp.,

         
 

4.70%, 4/2/27

      2,045        2,310     
 

Philip Morris International, Inc.,

         
 

1.75%, 11/1/30

      1,020        983     
 

Reynolds American, Inc.,

         
 

5.85%, 8/15/45

      1,172        1,406     
 

 

  
          6,195     
 

 

  
   Transportation & Logistics – 0.5%

 

 

JB Hunt Transport Services, Inc.,

         
 

3.88%, 3/1/26

      1,010        1,118     
 

Penske Truck Leasing Co. L.P./PTL Finance Corp.,

         
 

4.00%, 7/15/25 (1)

     2,090        2,284     
 

Ryder System, Inc.,

         
 

2.90%, 12/1/26

      380        405     
 

 

  
          3,807     
 

 

  
   Travel & Lodging – 0.1%

 

 

Marriott International, Inc.,

         
 

3.13%, 6/15/26

      600        642     
 

 

  
   Utilities – 2.1%

 

 

AES (The) Corp.,

         
 

1.38%, 1/15/26

      1,275        1,258     
 

Avangrid, Inc.,

         
 

3.80%, 6/1/29

      1,060        1,180     
 

Berkshire Hathaway Energy Co.,

         
 

1.65%, 5/15/31

      645        618     
 

2.85%, 5/15/51

      865        827     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    160    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Utilities – 2.1%    continued

 

 

CenterPoint Energy, Inc.,

        
 

2.95%, 3/1/30

      $785         $821     
 

Dominion Energy, Inc.,

        
 

3.07%, 8/15/24

      660       698     
 

DTE Energy Co.,

        
 

1.05%, 6/1/25

      980       972     
 

Entergy Texas, Inc.,

        
 

1.75%, 3/15/31

      537       509     
 

Eversource Energy,

        
 

1.65%, 8/15/30

      500       475     
 

Exelon Corp.,

        
 

5.63%, 6/15/35

      1,480       1,916     
 

NextEra Energy Capital Holdings, Inc.,

        
 

3.50%, 4/1/29

      595       650     
 

2.25%, 6/1/30

      610       613     
 

NiSource, Inc.,

        
 

3.60%, 5/1/30

      500       548     
 

Pacific Gas and Electric Co.,

        
 

4.55%, 7/1/30

      665       719     
 

Public Service Enterprise Group, Inc.,

        
 

0.80%, 8/15/25

      980       964     
 

San Diego Gas & Electric Co.,

        
 

1.70%, 10/1/30

      765       737     
 

Southern (The) Co.,

        
 

3.70%, 4/30/30

      950       1,043     
 

Southern California Gas Co.,

        
 

2.60%, 6/15/26

      650       687     
 

Southern Co. Gas Capital Corp.,

        
 

1.75%, 1/15/31

      1,160       1,104     
 

Xcel Energy, Inc.,

        
 

2.60%, 12/1/29

      410       424     
 

 

  
         16,763     
 

 

  
   Wireless Telecommunications Services – 2.2%

 

 

AT&T, Inc.,

        
 

2.55%, 12/1/33

      1,066       1,049     
 

6.55%, 6/15/34

      2,357       3,177     
 

Sprint Capital Corp.,

        
 

6.88%, 11/15/28

      2,040       2,611     
 

Sprint Corp.,

        
 

7.13%, 6/15/24

      1,705       1,941     
 

T-Mobile U.S.A., Inc.,

        
 

3.50%, 4/15/25

      2,095       2,257     
 

3.40%, 10/15/52 (1)

     1,230       1,199     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   CORPORATE BONDS - 45.0%    continued

 

   Wireless Telecommunications Services – 2.2%    continued

 

 

3.60%, 11/15/60

      $850         $836     
 

Verizon Communications, Inc.,

        
 

2.10%, 3/22/28

      580       589     
 

1.75%, 1/20/31

      1,135       1,079     
 

2.55%, 3/21/31

      710       719     
 

4.40%, 11/1/34

      1,285       1,522     
 

3.40%, 3/22/41

      1,160       1,211     
 

 

  
         18,190     
 

 

  
   Wireline Telecommunications Services – 0.2%

 

 

Level 3 Financing, Inc.,

        
 

4.63%, 9/15/27(1)

     1,850       1,903     

 

  
   Total Corporate Bonds        

 

  
   (Cost $353,809)        366,035     
         
   FOREIGN ISSUER BONDS – 16.4%

 

   Airlines – 0.2%

 

 

Air Canada,

        
 

3.88%, 8/15/26(1)

     1,950       1,968     
 

 

  
   Banks – 3.1%

 

 

Australia & New Zealand Banking Group Ltd.,

        
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.29%),
2.95%, 7/22/30 (1) (2)

      2,200       2,287     
 

BPCE S.A.,

        
 

3.50%, 10/23/27 (1)

     575       620     
 

(Variable, U.S. SOFR + 1.31%),
2.28%, 1/20/32 (1) (2)

      1,275       1,238     
 

Deutsche Bank A.G.,

        
 

(Variable, U.S. SOFR + 2.76%),
3.73%, 1/14/32 (2)

     1,920       1,982     
 

(Variable, U.S. SOFR + 1.72%),
3.04%, 5/28/32 (2)

     1,441       1,462     
 

Intesa Sanpaolo S.p.A.,

        
 

3.88%, 1/12/28 (1)

     810       869     
 

4.20%, 6/1/32 (1)

     3,964       4,064     
 

Lloyds Banking Group PLC,

        
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%),
2.44%, 2/5/26 (2)

     800       830     
 

National Australia Bank Ltd.,

        
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.88%),
3.93%, 8/2/34 (1) (2)

      540       581     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    161    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   FOREIGN ISSUER BONDS - 16.4%    continued

 

   
   Banks – 3.1%    continued

 

     
 

Nationwide Building Society,

        
 

1.00%, 8/28/25 (1)

     $2,200         $2,185     
 

Santander UK Group Holdings PLC,

        
 

(Variable, U.S. SOFR + 0.99%),
1.67%, 6/14/27 (2)

     1,794       1,787     
 

UniCredit S.p.A.,

        
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.55%),
3.13%, 6/3/32 (1) (2)

      2,031       2,058     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.75%),
5.46%, 6/30/35 (1) (2)

      1,940       2,140     
 

Westpac Banking Corp.,

        
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.35%),
2.89%, 2/4/30 (2)

     2,130       2,206     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.00%),
4.11%, 7/24/34 (2)

     270       293     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.75%),
2.67%, 11/15/35 (2)

 

      790       774     
 

 

  
         25,376     
 

 

  
   Biotechnology – 0.2%

 

     
 

Royalty Pharma PLC,

        
 

1.75%, 9/2/27

      345       344     
 

3.30%, 9/2/40

      505       503     
 

3.55%, 9/2/50

      805       791     
 

 

  
         1,638     
 

 

  
   Cable & Satellite – 0.4%

 

     
 

LCPR Senior Secured Financing DAC,

        
 

6.75%, 10/15/27 (1)

     600       636     
 

UPC Holding B.V.,

        
 

5.50%, 1/15/28 (1)

     2,625       2,748     
 

 

  
         3,384     
 

 

  
   Casinos & Gaming – 0.1%

 

     
 

Sands China Ltd.,

        
 

2.85%, 3/8/29(1)

     1,224       1,178     
 

 

  
   Chemicals – 0.0%

 

     
 

Nutrien Ltd.,

        
 

4.00%, 12/15/26

      300       335     
 

 

  

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   FOREIGN ISSUER BONDS - 16.4%    continued

 

   
   Commercial Finance – 0.5%

 

     
 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

        
 

1.75%, 1/30/26

      $760         $752     
 

4.63%, 10/15/27

      1,000       1,115     
 

Aircastle Ltd.,

        
 

4.25%, 6/15/26

      710       776     
 

Avolon Holdings Funding Ltd.,

        
 

3.25%, 2/15/27 (1)

     1,220       1,258     
 

 

  
         3,901     
 

 

  
   Communications Equipment – 0.3%

 

     
 

Xiaomi Best Time International Ltd.,

        
 

4.10%, 7/14/51(1)

     2,041       2,069     
 

 

  
   Design, Manufacturing & Distribution – 0.4%

 

   
 

Flex Ltd.,

        
 

4.75%, 6/15/25

      1,625       1,804     
 

4.88%, 6/15/29

      1,125       1,294     
 

 

  
         3,098     
 

 

  
   Diversified Banks – 3.0%

 

     
 

Barclays PLC,

        
 

(Variable, U.S. SOFR + 2.71%),
2.85%, 5/7/26 (2)

     1,250       1,313     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.41%),
4.38%, 3/15/28 (2) (3)

      1,221       1,220     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.90%),
2.65%, 6/24/31 (2)

     1,250       1,259     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.90%),
3.56%, 9/23/35 (2)

     1,984       2,058     
 

BNP Paribas S.A.,

        
 

(Variable, U.S. SOFR + 1.22%),
2.16%, 9/15/29 (1) (2)

      780       773     
 

(Variable, U.S. SOFR + 1.51%),
3.05%, 1/13/31 (1) (2)

      670       702     
 

Credit Agricole S.A.,

        
 

3.25%, 1/14/30 (1)

     1,000       1,049     
 

2.81%, 1/11/41 (1)

     1,218       1,162     
 

Deutsche Bank A.G.,

        
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.52%),

        
 

6.00%, 10/30/25 (2) (3)

      1,800       1,895     
 

HSBC Holdings PLC,

        
 

4.30%, 3/8/26

      1,500       1,670     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    162    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   FOREIGN ISSUER BONDS - 16.4%    continued

 

   Diversified Banks – 3.0%    continued

 

 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.22%),
4.00%, 3/9/26 (2) (3)

      $545         $546     
 

Mitsubishi UFJ Financial Group, Inc.,

        
 

3.85%, 3/1/26

      1,250       1,380     
 

Natwest Group PLC,

        
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.10%),
4.60%, 6/28/31 (2) (3)

      650       653     
 

Societe Generale S.A.,

        
 

2.63%, 10/16/24 (1)

     1,825       1,899     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.93%),
4.75%, 5/26/26 (1) (2) (3)

      1,200       1,226     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.51%),
5.38%, 11/18/30 (1) (2) (3)

      1,200       1,285     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.30%),
2.89%, 6/9/32 (1) (2)

      1,227       1,234     
 

3.63%, 3/1/41 (1)

     805       820     
 

Standard Chartered PLC,

        
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%),
1.46%, 1/14/27 (1) (2)

      615       605     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.30%),
3.27%, 2/18/36 (1) (2)

      1,225       1,215     
 

Sumitomo Mitsui Financial Group, Inc.,

        
 

2.13%, 7/8/30

      800       788     
 

 

  
         24,752     
 

 

  
   Electrical Equipment Manufacturing – 0.3%

 

 

Johnson Controls International PLC,

        
 

5.13%, 9/14/45

      115       150     
 

Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A.,

        
 

2.00%, 9/16/31

      1,110       1,081     
 

Siemens Financieringsmaatschappij N.V.,

        
 

1.20%, 3/11/26 (1)

     1,160       1,156     
 

 

  
         2,387     
 

 

  
   Exploration & Production – 0.2%

 

 

Canadian Natural Resources Ltd.,

        
 

2.95%, 7/15/30

      700       725     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   FOREIGN ISSUER BONDS - 16.4%    continued

 

   Exploration & Production – 0.2%    continued

 

 

Santos Finance Ltd.,

        
 

3.65%, 4/29/31 (1)

     $830         $845     
 

 

  
         1,570     
 

 

  
   Financial Services – 1.3%

 

 

Credit Suisse Group A.G.,

        
 

(Variable, U.S. SOFR + 2.04%),
2.19%, 6/5/26 (1) (2)

      2,340       2,384     
 

(Variable, U.S. SOFR + 3.73%),
4.19%, 4/1/31 (1) (2)

      965       1,081     
 

(Variable, U.S. SOFR + 1.73%),
3.09%, 5/14/32 (1) (2)

      1,227       1,255     
 

LSEGA Financing PLC,

        
 

1.38%, 4/6/26 (1)

     1,195       1,193     
 

2.00%, 4/6/28 (1)

     597       600     
 

Nomura Holdings, Inc.,

        
 

2.61%, 7/14/31

      1,800       1,793     
 

UBS Group A.G.,

        
 

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%),
2.10%, 2/11/32 (1) (2)

      1,985       1,931     
 

 

  
         10,237     
 

 

  
   Food & Beverage – 0.9%

 

 

Coca-Cola Europacific Partners PLC,

        
 

1.50%, 1/15/27 (1)

     629       624     
 

Coca-Cola Femsa S.A.B. de C.V.,

        
 

1.85%, 9/1/32

      845       800     
 

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

        
 

6.50%, 4/15/29 (1)

     4,000       4,470     
 

5.50%, 1/15/30 (1)

     1,575       1,752     
 

 

  
         7,646     
 

 

  
   Forest & Paper Products Manufacturing – 0.3%

 

 

Suzano Austria GmbH,

        
 

3.13%, 1/15/32

      2,549       2,462     
 

 

  
   Hardware – 0.1%

 

 

Lenovo Group Ltd.,

        
 

3.42%, 11/2/30 (1)

     425       443     
 

Seagate HDD Cayman,

        
 

3.13%, 7/15/29 (1)

     525       508     
 

 

  
         951     
 

 

  
   Integrated Oils – 0.2%

 

 

Cenovus Energy, Inc.,

        
 

6.75%, 11/15/39

      395       537     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    163    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   FOREIGN ISSUER BONDS - 16.4%    continued

 

   Integrated Oils – 0.2%    continued

 

 

5.40%, 6/15/47

      $790         $969     
 

Qatar Petroleum,

        
 

3.13%, 7/12/41 (1)

     123       123     
 

 

  
         1,629     
 

 

  
   Internet Media – 0.5%

 

 

Baidu, Inc.,

        
 

1.72%, 4/9/26

      1,405       1,408     
 

Prosus N.V.,

        
 

3.83%, 2/8/51 (1)

     645       587     
 

Tencent Holdings Ltd.,

        
 

2.99%, 1/19/23 (1)

     925       949     
 

2.88%, 4/22/31 (1)

     1,272       1,298     
 

 

  
         4,242     
 

 

  
   Life Insurance – 0.2%

 

 

Athene Holding Ltd.,

        
 

3.50%, 1/15/31

      1,140       1,221     
 

 

  
   Medical Equipment & Devices Manufacturing – 0.1%

 

 

Smith & Nephew PLC,

        
 

2.03%, 10/14/30

      1,070       1,044     
 

 

  
   Metals & Mining – 0.6%

 

 

Barrick PD Australia Finance Pty. Ltd.,

        
 

5.95%, 10/15/39

      250       343     
 

New Gold, Inc.,

        
 

6.38%, 5/15/25 (1)

     367       378     
 

Teck Resources Ltd.,

        
 

6.25%, 7/15/41

      2,815       3,757     
 

 

  
         4,478     
 

 

  
   Oil & Gas Services & Equipment – 0.1%

 

 

Schlumberger Investment S.A.,

        
 

2.65%, 6/26/30

      400       413     
 

 

  
   Pharmaceuticals – 0.3%

 

 

Bausch Health Cos., Inc.,

        
 

6.13%, 4/15/25 (1)

     1,244       1,270     
 

GlaxoSmithKline Capital PLC,

        
 

3.00%, 6/1/24

      830       880     
 

Shire Acquisitions Investments Ireland DAC,

        
 

3.20%, 9/23/26

      440       474     
 

 

  
         2,624     
 

 

  
   Pipeline – 0.0%

 

 

Enbridge, Inc.,

        
 

1.60%, 10/4/26

      261       262     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   FOREIGN ISSUER BONDS - 16.4%    continued

 

   Property & Casualty Insurance – 0.3%

 

 

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.,

         
 

7.63%, 10/15/25(1) (4)

    $ 2,060      $ 2,187     
 

 

  
   Retail - Consumer Discretionary – 0.1%

 

 

Alibaba Group Holding Ltd.,

         
 

2.70%, 2/9/41

      895        823     
 

 

  
   Retail - Consumer Staples – 0.3%

 

 

Viterra Finance B.V.,

         
 

2.00%, 4/21/26(1)

     2,110        2,125     
 

 

  
   Semiconductors – 0.3%

 

 

Broadcom Corp./Broadcom Cayman Finance Ltd.,

         
 

3.88%, 1/15/27

      1,900        2,088     
 

NXP B.V./NXP Funding LLC/NXP U.S.A., Inc.,

         
 

2.70%, 5/1/25 (1)

     410        428     
 

 

  
          2,516     
 

 

  
   Sovereigns – 0.8%

 

 

Indonesia Government International Bond,

         
 

3.85%, 10/15/30

      800        892     
 

Israel Government International Bond,

         
 

2.75%, 7/3/30

      800        850     
 

Mexico Government International Bond,

         
 

3.25%, 4/16/30

      1,000        1,024     
 

4.50%, 1/31/50

      1,000        1,023     
 

Panama Government International Bond,

         
 

4.50%, 4/16/50

      750        816     
 

Peruvian Government International Bond,

         
 

2.84%, 6/20/30

      600        605     
 

Philippine Government International Bond,

         
 

3.75%, 1/14/29

      750        835     
 

Uruguay Government International Bond,

         
 

5.10%, 6/18/50

      300        381     
 

 

  
          6,426     
 

 

  
   Travel & Lodging – 0.2%

 

 

Carnival Corp.,

         
 

4.00%, 8/1/28(1)

     1,940        1,959     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    164    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   FOREIGN ISSUER BONDS - 16.4%    continued

 

   
   Waste & Environment Services & Equipment – 0.2%

 

   
 

GFL Environmental, Inc.,

        
 

4.00%, 8/1/28(1)

     $1,355           $1,345     
 

 

  
   Wireless Telecommunications Services – 0.6%

 

   
 

Altice France S.A.,

        
 

7.38%, 5/1/26 (1)

     400       415     
 

Connect Finco S.a.r.l./Connect U.S. Finco LLC,

        
 

6.75%, 10/1/26 (1)

     1,685       1,763     
 

Orange S.A.,

        
 

5.38%, 1/13/42

      250       334     
 

Rogers Communications, Inc.,

        
 

2.90%, 11/15/26

      600       637     
 

Vodafone Group PLC,

        
 

4.38%, 5/30/28

      700       804     
 

4.25%, 9/17/50

      600       691     
 

 

  
         4,644     
 

 

  
   Wireline Telecommunications Services – 0.3%

 

   
 

British Telecommunications PLC,

        
 

5.13%, 12/4/28

      1,075       1,257     
 

Telefonica Emisiones S.A.,

        
 

4.10%, 3/8/27

      1,000       1,123     
 

 

  
         2,380     

 

  
   Total Foreign Issuer Bonds        

 

  
   (Cost $131,368)        133,270     
         
   U.S. GOVERNMENT AGENCIES – 17.3% (5)

 

   Fannie Mae – 11.9%

 

   
 

Pool #535714,

        
 

7.50%, 1/1/31

      12       14     
 

Pool #545003,

        
 

8.00%, 5/1/31

      1       1     
 

Pool #545437,

        
 

7.00%, 2/1/32

      26       29     
 

Pool #545556,

        
 

7.00%, 4/1/32

      15       17     
 

Pool #555189,

        
 

7.00%, 12/1/32

      96       110     
 

Pool #581806,

        
 

7.00%, 7/1/31

      40       45     
 

Pool #585617,

        
 

7.00%, 5/1/31(6)

     —       —     
 

Pool #889641,

        
 

5.50%, 8/1/37

      706       817     
         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   U.S. GOVERNMENT AGEN CIES - 17.3% (5)    continued

 

   Fannie Mae – 11.9%    continued

 

   
 

Pool #995802,

        
 

5.50%, 12/1/35

      $722           $836     
 

Pool #AB5209,

        
 

3.00%, 5/1/32

      2,695       2,877     
 

Pool #AB9546,

        
 

3.50%, 6/1/28

      88       95     
 

Pool #AD0248,

        
 

5.50%, 11/1/37

      1,245       1,439     
 

Pool #AD0494,

        
 

5.50%, 8/1/37

      743       846     
 

Pool #AD0925,

        
 

5.00%, 4/1/40

      78       89     
 

Pool #AK9457,

        
 

3.50%, 3/1/32

      143       155     
 

Pool #AL3063,

        
 

3.50%, 1/1/28

      327       351     
 

Pool #AL5119,

        
 

4.00%, 4/1/34

      1,215       1,336     
 

Pool #AL7497,

        
 

3.50%, 9/1/40

      1,494       1,615     
 

Pool #AL8352,

        
 

3.00%, 10/1/44

      2,994       3,192     
 

Pool #AL8876,

        
 

3.00%, 10/1/44

      424       454     
 

Pool #AO2961,

        
 

4.00%, 5/1/42

      231       255     
 

Pool #AQ9360,

        
 

2.50%, 1/1/28

      92       96     
 

Pool #AS1991,

        
 

3.50%, 3/1/29

      413       444     
 

Pool #AS3655,

        
 

4.50%, 10/1/44

      808       890     
 

Pool #AS6520,

        
 

3.50%, 1/1/46

      1,496       1,606     
 

Pool #AS7088,

        
 

2.50%, 5/1/31

      1,780       1,863     
 

Pool #AS7568,

        
 

4.50%, 7/1/46

      1,015       1,111     
 

Pool #AS8576,

        
 

4.50%, 12/1/46

      1,029       1,131     
 

Pool #AS8984,

        
 

4.50%, 3/1/47

      982       1,072     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    165    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   U.S. GOVERNMENT AGENCIES - 17.3% (5)    continued

 

   Fannie Mae – 11.9%    continued

 

 

Pool #BH6175,

        
 

3.50%, 7/1/47

      $570           $609     
 

Pool #BJ0686,

        
 

4.00%, 4/1/48

      792       850     
 

Pool #BJ3524,

        
 

4.00%, 11/1/47

      2,059       2,217     
 

Pool #BM1761,

        
 

4.00%, 8/1/44

      251       278     
 

Pool #BM1762,

        
 

3.00%, 11/1/45

      2,809       2,995     
 

Pool #BM1901,

        
 

3.00%, 6/1/45

      3,156       3,365     
 

Pool #BM4056,

        
 

4.00%, 3/1/45

      704       775     
 

Pool #BM5168,

        
 

2.50%, 6/1/46

      658       685     
 

Pool #BM5969,

        
 

3.00%, 11/1/46

      5,554       5,922     
 

Pool #BM5984,

        
 

5.00%, 5/1/49

      231       254     
 

Pool #BM5996,

        
 

5.00%, 12/1/48

      157       172     
 

Pool #BP6499,

        
 

3.00%, 7/1/50

      2,153       2,265     
 

Pool #BP6675,

        
 

2.50%, 9/1/40

      2,265       2,344     
 

Pool #CA6422,

        
 

3.00%, 7/1/50

      2,306       2,414     
 

Pool #FM1303,

        
 

3.00%, 1/1/48

      2,753       2,957     
 

Pool #FM1438,

        
 

3.00%, 8/1/38

      617       656     
 

Pool #FM1472,

        
 

3.50%, 3/1/34

      82       88     
 

Pool #FM1572,

        
 

3.00%, 9/1/48

      859       910     
 

Pool #FM2671,

        
 

4.00%, 1/1/48

      544       593     
 

Pool #FM3173,

        
 

3.50%, 7/1/47

      2,257       2,442     
 

Pool #FM3201,

        
 

3.50%, 4/1/34

      1,390       1,484     

 

         PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         
   U.S. GOVERNMENT AGENCIES - 17.3% (5)    continued

 

   Fannie Mae – 11.9%    continued

 

 

Pool #FM3266,

        
 

3.00%, 4/1/48

      $3,508           $3,742     
 

Pool #FM3727,

        
 

3.00%, 7/1/50

      2,329       2,449     
 

Pool #FM4172,

        
 

3.50%, 12/1/36

      4,866       5,195     
 

Pool #FM4491,

        
 

3.50%, 12/1/36

      3,793       4,072     
 

Pool #FM4605,

        
 

3.00%, 8/1/37

      2,936       3,122     
 

Pool #FM5383,

        
 

4.00%, 6/1/45

      2,759       3,033     
 

Pool #MA0878,

        
 

4.00%, 10/1/31

      576       626     
 

Pool #MA2522,

        
 

3.50%, 2/1/46

      1,977       2,125     
 

Pool #MA2642,

        
 

3.50%, 6/1/46

      2,328       2,498     
 

Pool #MA2864,

        
 

3.50%, 1/1/47

      1,248       1,336     
 

Pool #MA3004,

        
 

4.00%, 5/1/37

      533       581     
 

Pool #MA3088,

        
 

4.00%, 8/1/47

      1,055       1,138     
 

Pool #MA3183,

        
 

4.00%, 11/1/47

      2,700       2,912     
 

Pool #MA3184,

        
 

4.50%, 11/1/47

      2,156       2,351     
 

Pool #MA3211,

        
 

4.00%, 12/1/47

      2,871       3,097     
 

Pool #MA3448,

        
 

5.00%, 8/1/48

      966       1,064     
 

Pool #MA4186,

        
 

3.00%, 10/1/35

      736       778     
 

 

  
         97,180     
 

 

  
   Freddie Mac – 2.4%

 

 

Freddie Mac Multifamily Structured Pass Through Certificates, Series K730, Class A2,

        
 

3.59%, 1/25/25

      1,790       1,925     
 

Pool #1B3575,

        
 

(Floating, ICE LIBOR USD 1Y + 1.80%, 1.80% Floor, 11.40% Cap), 2.05%, 9/1/37(7)

     51       51     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    166    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   U.S. GOVERNMENT AGENCIES - 17.3% (5)     continued

 

   Freddie Mac – 2.4%    continued

 

 

Pool #1G2296,

         
 

(Floating, ICE LIBOR USD 1Y + 2.09%, 2.09% Floor, 11.34% Cap),
2.46%, 11/1/37(7)

     $103        $104     
 

Pool #RD5026,

         
 

3.00%, 4/1/30

      752        793     
 

Pool #SB0084,

         
 

3.00%, 2/1/32

      2,227        2,362     
 

Pool #SB0216,

         
 

3.00%, 12/1/32

      830        878     
 

Pool #SB0328,

         
 

3.00%, 6/1/34

      1,858        1,964     
 

Pool #SD0033,

         
 

3.00%, 12/1/47

      970        1,042     
 

Pool #ZK7457,

         
 

3.50%, 2/1/29

      2,571        2,752     
 

Pool #ZM4714,

         
 

3.50%, 11/1/47

      2,283        2,431     
 

Pool #ZM5332,

         
 

3.00%, 1/1/48

      841        882     
 

Pool #ZS4687,

         
 

2.50%, 11/1/46

      703        728     
 

Pool #ZT1333,

         
 

2.50%, 10/1/31

      3,313        3,488     
 

 

  
          19,400     
 

 

  
   Freddie Mac Gold – 1.4%

 

 

Pool #A87842,

         
 

4.50%, 8/1/39

      283        318     
 

Pool #C00910,

         
 

7.50%, 1/1/30

      91        106     
 

Pool #G07068,

         
 

5.00%, 7/1/41

      398        455     
 

Pool #G08731,

         
 

2.50%, 11/1/46

      1,500        1,553     
 

Pool #G15612,

         
 

3.50%, 12/1/29

      99        107     
 

Pool #G16396,

         
 

3.50%, 2/1/33

      1,401        1,502     
 

Pool #G18643,

         
 

2.50%, 5/1/32

      123        129     
 

Pool #G60948,

         
 

3.00%, 1/1/47

      413        445     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
   U.S. GOVERNMENT AGENCIES - 17.3% (5)     continued

 

   Freddie Mac Gold – 1.4%    continued

 

 

Pool #G61723,

         
 

3.50%, 1/1/43

      $125        $139     
 

Pool #Q15842,

         
 

3.00%, 2/1/43

      1,893        2,029     
 

Pool #Q42460,

         
 

4.00%, 6/1/46

      346        376     
 

Pool #Q44452,

         
 

3.00%, 11/1/46

      3,064        3,233     
 

Pool #Q63667,

         
 

4.50%, 5/1/49

      527        569     
 

 

  
          10,961     
 

 

  
   Government National Mortgage Association – 0.3%

 

 

Freddie Mac REMICS, Series 3013,

 

   
 

Class HZ,

         
 

5.00%, 8/15/35

      1,078        1,212     
 

Government National Mortgage

 

   
 

Association, Series 2017-95,

 

   
 

Class QG,

         
 

2.50%, 8/20/46

      1,457        1,526     
 

 

  
          2,738     
 

 

  
   Government National Mortgage Association I – 0.2%

 

 

Pool #757013,

         
 

3.50%, 12/15/40

      1,544        1,648     
 

 

  
   Government National Mortgage Association II – 1.1%

 

 

Pool #784801,

         
 

3.50%, 6/20/47

      860        925     
 

Pool #MA0089,

         
 

4.00%, 5/20/42

      1,793        1,977     
 

Pool #MA0782,

         
 

3.00%, 2/20/43

      3,597        3,808     
 

Pool #MA1996,

         
 

4.00%, 6/20/44

      348        380     
 

Pool #MA3666,

         
 

5.00%, 5/20/46

      791        899     
 

Pool #MA4008,

         
 

5.50%, 10/20/46

      118        139     
 

Pool #MA6870,

         
 

5.00%, 9/20/50

      804        875     
 

 

  
          9,003     

 

  
 

   Total U.S. Government Agencies

         

 

  
 

   (Cost $138,826)

         140,930     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    167    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  U.S. GOVERNMENT OBLIGATIONS – 14.9%

 

   
   U.S. Treasury Bonds – 6.3%

 

 

1.75%, 8/15/41

      $11,848        $11,326     
 

1.88%, 2/15/51

      10,215        9,741     
 

2.38%, 5/15/51

      9,281        9,905     
 

2.00%, 8/15/51

      21,176        20,802     
 

 

  
          51,774     
 

 

  
   U.S. Treasury Notes – 7.1%

 

 

0.13%, 8/31/23

      57,744        57,591     
 

 

  
   U.S. Treasury Strips – 1.5%

 

 

1.46%, 2/15/51(8)

     22,296        11,962     

 

  
   Total U.S. Government Obligations         

 

  
   (Cost $123,546)         121,327     
          
  MUNICIPAL BONDS – 0.0%         
   Florida – 0.0%

 

 

Miami-Dade County Seaport

         
 

Subordinate Taxable Revenue

         
 

Refunding Bonds, Series B-3,

         
 

1.86%, 10/1/30

      400        399     
 

 

  
   Total Municipal Bonds         
 

 

  
   (Cost $400)         399     
 

 

  
          
         NUMBER
OF SHARES		      VALUE
(000S)		         
   INVESTMENT COMPANIES – 3.1%

 

 

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(9) (10)

      25,622,804        $25,623     

 

  
   Total Investment Companies         

 

  
   (Cost $25,623)         25,623     
          

 

  
     Total Investments – 99.0%         

 

  
     (Cost $790,958)         806,158     
 

Other Assets less Liabilities – 1.0%

         7,948     

 

  
     NET ASSETS – 100.0%       $ 814,106     

 

(1) 

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

(2) 

Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of September 30, 2021.

(3) 

Perpetual bond. Maturity date represents next call date.

(4) 

Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

(5) 

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(6) 

Principal Amount and Value rounds to less than one thousand. (7) Variable rate security. Rate as of September 30, 2021 is disclosed. (8) Discount rate at the time of purchase.

(9) 

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(10) 

7-day current yield as of September 30, 2021 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

A.G. - Aktiengesellschaft (German: Stock Corporation)

B.V. - Besloten Vennootschap (Dutch: Private Limited Liability Company)

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

ICE - Intercontinental Exchange

L.P. - Limited Partnership

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

S.A. - Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. - Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    168    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

At September 30, 2021, the security types for the Fund were:    

 

   SECURITY TYPE(1)    % OF NET ASSETS  

   Asset-backed securities

      2.3 % 

   Corporate bonds

      45.0 % 

   Foreign Issuer Bonds

      16.4 % 

   U.S. Government Agencies

      17.3 % 

   U.S. Government Obligations

      14.9 % 

   Municipal Bonds

      0.0 % 

   Investment Companies

      3.1 % 

 

(1) 

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

   INVESTMENTS    LEVEL 1
(000S)		      LEVEL 2
(000S)		      LEVEL 3
(000S)		      TOTAL
(000S)		  

   Asset-Backed Securities(1)

   $ —      $ 18,574        $—      $ 18,574  

   Corporate Bonds(1)

     —        366,035        —        366,035  

   Foreign Issuer Bonds(1)

     —        133,270        —        133,270  

   U.S. Government Agencies(1)

     —        140,930        —        140,930  

   U.S. Government Obligations(1)

     —        121,327        —        121,327  

   Municipal Bonds

      —        399        —        399  

   Investment Companies

      25,623        —        —        25,623  

   Total Investments

    $ 25,623      $ 780,535        $—      $ 806,158  

 

(1) 

Classifications as defined in the Schedule of Investments.    

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    169    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   HIGH YIELD FIXED INCOME FUND

 

   

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS – 77. 9%

 

   
  Advertising & Marketing – 0.6%

 

   
 

Advantage Sales & Marketing, Inc.,

         
 

6.50%, 11/15/28 (1)

      $8,000      $ 8,338     
 

Outfront Media Capital LLC/Outfront

         
 

Media Capital Corp.,

         
 

4.25%, 1/15/29 (1)

      4,825        4,783     
 

Terrier Media Buyer, Inc.,

         
 

8.88%, 12/15/27 (1)

      11,350        12,001     
 

 

  
          25,122     
 

 

  
  Aerospace & Defense – 1.2%

 

   
 

Howmet Aerospace, Inc.,

         
 

6.88%, 5/1/25

      5,625        6,581     
 

SSL Robotics LLC,

         
 

9.75%, 12/31/23 (1)

      5,222        5,659     
 

TransDigm, Inc.,

         
 

5.50%, 11/15/27

      11,225        11,534     
 

Triumph Group, Inc.,

         
 

8.88%, 6/1/24 (1)

      4,461        4,907     
 

7.75%, 8/15/25

      16,750        16,570     
 

 

  
          45,251     
 

 

  
  Airlines – 0.9%

 

   
 

American Airlines Group, Inc.,

         
 

3.75%, 3/1/25 (1)

      7,600        6,848     
 

Delta Air Lines, Inc.,

         
 

7.00%, 5/1/25 (1)

      7,950        9,272     
 

Mileage Plus Holdings LLC/Mileage

         
 

Plus Intellectual Property Assets Ltd.,

         
 

6.50%, 6/20/27 (1)

      8,350        9,080     
 

United Airlines, Inc.,

         
 

4.38%, 4/15/26 (1)

      4,775        4,900     
 

4.63%, 4/15/29 (1)

      4,350        4,496     
 

 

  
          34,596     
 

 

  
  Auto Parts Manufacturing – 1.1%

 

   
 

American Axle & Manufacturing, Inc.,

         
 

6.88%, 7/1/28

      6,000        6,398     
 

Dana, Inc.,

         
 

4.25%, 9/1/30

      4,500        4,628     
 

Meritor, Inc.,

         
 

6.25%, 6/1/25 (1)

      7,950        8,357     
 

Real Hero Merger Sub 2, Inc.,

         
 

6.25%, 2/1/29 (1)

      8,750        9,078     
 

Tenneco, Inc.,

         
 

7.88%, 1/15/29 (1)

      2,200        2,456     
 

5.13%, 4/15/29 (1)

      3,575        3,655     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 77.9%    continued

 

   
  Auto Parts Manufacturing – 1.1%    continued

 

   
 

Titan International, Inc.,

         
 

7.00%, 4/30/28 (1)

      $8,075        $8,509     
 

 

  
          43,081     
 

 

  
  Automobiles Manufacturing – 2.2%

 

   
 

Ford Motor Co.,

         
 

8.50%, 4/21/23

      5,600        6,160     
 

9.00%, 4/22/25

      7,575        9,109     
 

9.63%, 4/22/30

      2,825        3,999     
 

Ford Motor Credit Co. LLC,

         
 

5.58%, 3/18/24

      4,628        4,974     
 

3.66%, 9/8/24

      4,275        4,414     
 

4.06%, 11/1/24

      3,800        3,996     
 

5.13%, 6/16/25

      2,000        2,173     
 

4.13%, 8/4/25

      8,200        8,671     
 

4.39%, 1/8/26

      9,725        10,369     
 

4.13%, 8/17/27

      12,000        12,726     
 

5.11%, 5/3/29

      6,318        7,060     
 

General Motors Financial Co., Inc.,

         
 

(Variable, ICE LIBOR USD 3M +

         
 

3.60%), 5.75%, 9/30/27 (2) (3)

      11,975        13,082     
 

 

  
          86,733     
 

 

  
  Biotechnology – 0.2%

 

   
 

HCRX Investments Holdco L.P.,

         
 

4.50%, 8/1/29(1)

      7,275        7,311     
 

 

  
  Cable & Satellite – 3.7%

 

   
 

CCO Holdings LLC/CCO Holdings

         
 

Capital Corp.,

         
 

5.00%, 2/1/28 (1)

      33,387        34,853     
 

4.50%, 5/1/32

      6,100        6,283     
 

4.25%, 1/15/34 (1)

      4,025        3,987     
 

CSC Holdings LLC,

         
 

6.50%, 2/1/29 (1)

      17,100        18,519     
 

5.75%, 1/15/30 (1)

      10,425        10,600     
 

4.63%, 12/1/30 (1)

      6,800        6,446     
 

DIRECTV Holdings LLC/DIRECTV

         
 

Financing Co., Inc.,

         
 

5.88%, 8/15/27 (1)

      11,825        12,342     
 

DISH DBS Corp.,

         
 

7.75%, 7/1/26

      21,917        24,749     
 

GCI LLC,

         
 

4.75%, 10/15/28 (1)

      9,000        9,448     
 

Hughes Satellite Systems Corp.,

         
 

6.63%, 8/1/26

      7,030        7,993     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    170    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 77.9%    continued

 

   
  Cable & Satellite – 3.7%    continued

 

   
 

Midcontinent

         
 

Communications/Midcontinent

         
 

Finance Corp.,

         
 

5.38%, 8/15/27 (1)

      $6,150        $6,399     
 

Radiate Holdco LLC/Radiate Finance,

         
 

Inc.,

         
 

6.50%, 9/15/28 (1)

      3,000        3,059     
 

 

  
          144,678     
 

 

  
  Casinos & Gaming – 2.7%

 

   
 

Affinity Gaming,

         
 

6.88%, 12/15/27 (1)

      6,300        6,626     
 

Boyd Gaming Corp.,

         
 

4.75%, 12/1/27

      8,350        8,606     
 

Caesars Entertainment, Inc.,

         
 

6.25%, 7/1/25 (1)

      7,100        7,475     
 

8.13%, 7/1/27 (1)

      6,975        7,842     
 

4.63%, 10/15/29 (1)

      9,850        9,973     
 

Caesars Resort Collection LLC/CRC

         
 

Finco, Inc.,

         
 

5.75%, 7/1/25 (1)

      8,250        8,697     
 

5.25%, 10/15/25 (1)

      3,236        3,280     
 

Everi Holdings, Inc.,

         
 

5.00%, 7/15/29 (1)

      5,875        6,020     
 

Full House Resorts, Inc.,

         
 

8.25%, 2/15/28 (1)

      4,425        4,757     
 

Midwest Gaming

         
 

Borrower LLC/Midwest Gaming
Finance Corp.,

         
 

4.88%, 5/1/29 (1)

      4,450        4,533     
 

Penn National Gaming, Inc.,

         
 

4.13%, 7/1/29 (1)

      4,500        4,448     
 

Premier Entertainment Sub LLC/Premier

         
 

Entertainment Finance Corp.,

         
 

5.88%, 9/1/31 (1)

      3,250        3,283     
 

Raptor Acquisition Corp./Raptor
Co-Issuer LLC,

         
 

4.88%, 11/1/26 (1)

      4,650        4,749     
 

Scientific Games International, Inc.,

         
 

8.25%, 3/15/26 (1)

      15,060        15,982     
 

Station Casinos LLC,

         
 

4.50%, 2/15/28 (1)

      8,950        9,092     
 

 

  
          105,363     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 77.9%    continued

 

   
  Chemicals – 0.9%

 

   
 

CVR Partners L.P./CVR Nitrogen
Finance Corp.,

         
 

6.13%, 6/15/28 (1)

      $5,125        $5,375     
 

Illuminate Buyer LLC/Illuminate
Holdings IV, Inc.,

         
 

9.00%, 7/1/28 (1)

      6,575        7,249     
 

LSB Industries, Inc.,

         
 

10/15/28 (1) (4)

      5,675        5,724     
 

LSF11 A5 HoldCo LLC,

         
 

10/15/29 (1) (4)

      3,800        3,800     
 

Unifrax Escrow Issuer Corp.,

         
 

5.25%, 9/30/28 (1)

      4,000        4,050     
 

WR Grace Holdings LLC,

         
 

5.63%, 8/15/29 (1)

      8,325        8,575     
 

 

  
          34,773     
 

 

  
  Coal Operations – 0.2%

 

   
 

Alliance Resource Operating Partners
L.P./Alliance Resource Finance Corp.,

         
 

7.50%, 5/1/25(1)

      6,567        6,674     
 

 

  
  Commercial Finance – 1.1%

 

   
 

Burford Capital Global Finance LLC,

         
 

6.25%, 4/15/28 (1)

      9,350        9,909     
 

Fortress Transportation and

         
 

Infrastructure Investors LLC,

         
 

9.75%, 8/1/27 (1)

      8,375        9,485     
 

Jefferies Finance LLC/JFIN Co-Issuer

         
 

Corp.,

         
 

5.00%, 8/15/28 (1)

      11,250        11,405     
 

Midcap Financial Issuer Trust,

         
 

6.50%, 5/1/28 (1)

      5,050        5,275     
 

Voyager Aviation Holdings LLC,

         
 

8.50%, 5/9/26 (1) (5)

      5,679        5,184     
 

 

  
          41,258     
 

 

  
  Communications Equipment – 1.2%

 

   
 

Avaya, Inc.,

         
 

6.13%, 9/15/28 (1)

      5,475        5,757     
 

CommScope, Inc.,

         
 

6.00%, 3/1/26 (1)

      4,050        4,205     
 

7.13%, 7/1/28 (1)

      5,500        5,612     
 

Plantronics, Inc.,

         
 

4.75%, 3/1/29 (1)

      11,500        10,768     
 

Viasat, Inc.,

         
 

5.63%, 4/15/27 (1)

      6,575        6,854     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    171    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD FIXED INCOME FUND  continued

 

   

 

    

 

        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
 

CORPORATE BONDS - 77.9%    continued

 

   
  Communications Equipment – 1.2%    continued

 

   
 

6.50%, 7/15/28 (1)

      $7,775        $8,189     
 

Viavi Solutions, Inc.,

         
 

3.75%, 10/1/29 (1)

      3,925        3,934     
 

 

  
          45,319     
 

 

  
  Construction Materials Manufacturing – 0.4%

 

   
 

Forterra Finance LLC/FRTA Finance Corp.,

         
 

6.50%, 7/15/25 (1)

      4,775        5,109     
 

Standard Industries, Inc.,

         
 

3.38%, 1/15/31 (1)

      5,825        5,544     
 

Summit Materials LLC/Summit Materials Finance Corp.,

         
 

6.50%, 3/15/27 (1)

      6,683        7,009     
 

 

  
          17,662     
 

 

  
  Consumer Finance – 4.0%         
 

Ally Financial, Inc.,

         
 

(Variable, U.S. Treasury Yield Curve Rate
CMT 5Y + 3.87%), 4.70%, 5/15/26 (2) (3)

      5,575        5,803     
 

(Variable, U.S. Treasury Yield Curve Rate
CMT 7Y + 3.48%), 4.70%, 5/15/28 (2) (3)

      2,150        2,247     
 

Credit Acceptance Corp.,

         
 

6.63%, 3/15/26

      8,263        8,635     
 

Curo Group Holdings Corp.,

         
 

7.50%, 8/1/28 (1)

      11,675        11,794     
 

Discover Financial Services,

         
 

(Variable, ICE LIBOR USD 3M + 3.08%),
5.50%, 10/30/27 (2) (3)

      8,825        9,566     
 

Enova International, Inc.,

         
 

8.50%, 9/15/25 (1)

      12,950        13,371     
 

Finance of America Funding LLC,

         
 

7.88%, 11/15/25 (1)

      5,255        5,112     
 

FirstCash, Inc.,

         
 

4.63%, 9/1/28 (1)

      8,400        8,715     
 

Freedom Mortgage Corp.,

         
 

8.13%, 11/15/24 (1)

      10,848        10,997     
 

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,

         
 

4.25%, 2/1/27 (1)

      12,850        12,722     
 

LFS Topco LLC,

         
 

5.88%, 10/15/26 (1)

      7,445        7,668     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 77.9%    continued

 

   
  Consumer Finance – 4.0%    continued         
 

Navient Corp.,

         
 

5.00%, 3/15/27

      $14,100        $14,523     
 

OneMain Finance Corp.,

         
 

6.88%, 3/15/25

      5,175        5,815     
 

5.38%, 11/15/29

      13,225        14,334     
 

4.00%, 9/15/30

      2,900        2,886     
 

Provident Funding Associates L.P./PFG Finance Corp.,

         
 

6.38%, 6/15/25 (1)

      5,197        5,288     
 

Starwood Property Trust, Inc.,

         
 

3.63%, 7/15/26 (1)

      4,450        4,483     
 

United Wholesale Mortgage LLC,

         
 

5.50%, 4/15/29 (1)

      4,900        4,757     
 

World Acceptance Corp.,

         
 

7.00%, 11/1/26 (1)

      7,975        7,864     
 

 

  
          156,580     
 

 

  
  Consumer Products – 0.2%         
 

Edgewell Personal Care Co.,

         
 

5.50%, 6/1/28 (1)

      3,800        4,013     
 

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.,

         
 

5.00%, 12/31/26 (1)

      5,175        5,168     
 

 

  
          9,181     
 

 

  
  Consumer Services – 1.7%         
 

ADT Security (The) Corp.,

         
 

4.13%, 8/1/29 (1)

      4,025        4,000     
 

Allied Universal Holdco LLC/Allied Universal Finance Corp.,

         
 

6.63%, 7/15/26 (1)

      7,275        7,692     
 

6.00%, 6/1/29 (1)

      4,733        4,671     
 

APX Group, Inc.,

         
 

6.75%, 2/15/27 (1)

      8,135        8,642     
 

5.75%, 7/15/29 (1)

      6,525        6,441     
 

CPI Acquisition, Inc.,

         
 

8.63%, 3/15/26 (1)

      7,382        8,009     
 

Prime Security Services Borrower LLC/Prime Finance, Inc.,

         
 

6.25%, 1/15/28 (1)

      16,375        16,928     
 

StoneMor, Inc.,

         
 

8.50%, 5/15/29 (1)

      8,525        8,759     
 

 

  
          65,142     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    172    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 77.9%    continued

 

   
  Containers & Packaging – 0.7%         
 

Flex Acquisition Co., Inc.,

         
 

7.88%, 7/15/26 (1)

      $3,924        $4,101     
 

Graham Packaging Co., Inc.,

         
 

7.13%, 8/15/28 (1)

      4,950        5,256     
 

Mauser Packaging Solutions Holding Co.,

         
 

7.25%, 4/15/25 (1)

      6,192        6,154     
 

Owens-Brockway Glass Container, Inc.,

         
 

6.63%, 5/13/27 (1)

      4,535        4,860     
 

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,

         
 

4.38%, 10/15/28 (1)

      6,475        6,499     
 

 

  
          26,870     
 

 

  
  Department Stores – 0.3%         
 

Macy’s Retail Holdings LLC,

         
 

4.50%, 12/15/34

      5,725        5,631     
 

NMG Holding Co., Inc./Neiman Marcus Group LLC,

         
 

7.13%, 4/1/26 (1)

      4,650        4,935     
 

 

  
          10,566     
 

 

  
  Design, Manufacturing & Distribution – 0.4%

 

      
 

Brightstar Escrow Corp.,

         
 

9.75%, 10/15/25 (1)

      10,200        10,940     
 

Imola Merger Corp.,

         
 

4.75%, 5/15/29 (1)

      5,050        5,224     
 

 

  
          16,164     
 

 

  
  Electrical Equipment Manufacturing – 0.4%

 

      
 

WESCO Distribution, Inc.,

         
 

7.13%, 6/15/25 (1)

      7,475        7,977     
 

7.25%, 6/15/28 (1)

      6,100        6,756     
 

 

  
          14,733     
 

 

  
  Entertainment Content – 1.1%

 

      
 

Allen Media LLC/Allen Media Co-Issuer, Inc.,

         
 

10.50%, 2/15/28 (1)

      22,110        22,707     
 

Diamond Sports Group LLC/Diamond Sports Finance Co.,

         
 

5.38%, 8/15/26 (1)

      9,775        6,452     
 

6.63%, 8/15/27 (1)

      17,925        7,842     
 

Univision Communications, Inc.,

         
 

4.50%, 5/1/29

      5,900        5,996     
 

 

  
          42,997     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 77.9%    continued

 

   
  Entertainment Resources – 0.7%         
 

AMC Entertainment Holdings, Inc.,

         
 

12.00%, 6/15/26 (1) (6)

      $7,850        $7,595     
 

Boyne U.S.A., Inc.,

         
 

4.75%, 5/15/29 (1)

      5,700        5,885     
 

Powdr Corp.,

         
 

6.00%, 8/1/25 (1)

      14,375        15,094     
 

 

  
          28,574     
 

 

  
  Exploration & Production – 5.9%         
 

Antero Resources Corp.,

         
 

8.38%, 7/15/26 (1)

      2,997        3,395     
 

Apache Corp.,

         
 

4.88%, 11/15/27

      6,700        7,307     
 

4.38%, 10/15/28

      9,000        9,731     
 

4.25%, 1/15/30

      5,000        5,388     
 

Berry Petroleum Co. LLC,

         
 

7.00%, 2/15/26 (1)

      14,600        14,869     
 

California Resources Corp.,

         
 

7.13%, 2/1/26 (1)

      6,925        7,308     
 

Colgate Energy Partners III LLC,

         
 

5.88%, 7/1/29 (1)

      4,250        4,282     
 

Comstock Resources, Inc.,

         
 

6.75%, 3/1/29 (1)

      3,750        4,050     
 

Continental Resources, Inc.,

         
 

5.75%, 1/15/31 (1)

      6,425        7,766     
 

CrownRock L.P./CrownRock Finance, Inc.,

         
 

5.00%, 5/1/29 (1)

      4,925        5,142     
 

Endeavor Energy Resources L.P./EER Finance, Inc.,

         
 

6.63%, 7/15/25 (1)

      4,000        4,215     
 

Energy Ventures Gom LLC/EnVen Finance Corp.,

         
 

11.75%, 4/15/26 (1)

      5,800        5,974     
 

EQT Corp.,

         
 

7.50%, 2/1/30

      6,214        7,999     
 

Hilcorp Energy I L.P./Hilcorp Finance Co.,

         
 

6.25%, 11/1/28 (1)

      8,742        9,059     
 

Laredo Petroleum, Inc.,

         
 

9.50%, 1/15/25

      11,240        11,647     
 

Murphy Oil Corp.,

         
 

6.38%, 7/15/28

      5,050        5,340     
 

Northern Oil and Gas, Inc.,

         
 

8.13%, 3/1/28 (1)

      3,000        3,205     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    173    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 77.9%    continued

 

   
  Exploration & Production – 5.9%    continued

 

   
 

Occidental Petroleum Corp.,

         
 

6.95%, 7/1/24

      $5,625        $6,356     
 

3.50%, 6/15/25

      1,628        1,692     
 

8.00%, 7/15/25

      3,950        4,716     
 

5.55%, 3/15/26

      14,050        15,596     
 

3.40%, 4/15/26

      10,420        10,687     
 

3.50%, 8/15/29

      16,375        16,655     
 

6.63%, 9/1/30

      13,375        16,485     
 

6.13%, 1/1/31

      3,750        4,502     
 

Range Resources Corp.,

         
 

8.25%, 1/15/29 (1)

      5,800        6,525     
 

SM Energy Co.,

         
 

5.63%, 6/1/25

      12,210        12,280     
 

Southwestern Energy Co.,

         
 

6.45%, 1/23/25

      12,663        13,943     
 

5.38%, 2/1/29 (1)

      5,650        6,044     
 

 

  
          232,158     
 

 

  
  Financial Services – 1.8%         
 

Advisor Group Holdings, Inc.,

         
 

10.75%, 8/1/27 (1)

      11,875        13,122     
 

Aretec Escrow Issuer, Inc.,

         
 

7.50%, 4/1/29 (1)

      9,450        9,733     
 

Coinbase Global, Inc.,

         
 

3.38%, 10/1/28 (1)

      4,000        3,843     
 

3.63%, 10/1/31 (1)

      5,650        5,371     
 

Jefferson Capital Holdings LLC,

         
 

6.00%, 8/15/26 (1)

      16,700        17,154     
 

Nationstar Mortgage Holdings, Inc.,

         
 

6.00%, 1/15/27 (1)

      5,875        6,150     
 

NFP Corp.,

         
 

6.88%, 8/15/28 (1)

      7,110        7,260     
 

PRA Group, Inc.,

         
 

7.38%, 9/1/25 (1)

      8,325        8,908     
 

 

  
          71,541     
 

 

  
  Food & Beverage – 2.4%         
 

Kraft Heinz Foods Co.,

         
 

4.63%, 1/30/29

      7,175        8,191     
 

5.00%, 7/15/35

      4,075        5,011     
 

5.00%, 6/4/42

      19,005        23,307     
 

5.20%, 7/15/45

      18,400        23,047     
 

4.38%, 6/1/46

      2,350        2,674     
 

NBM U.S. Holdings, Inc.,

         
 

7.00%, 5/14/26

      11,525        12,263     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 77.9%    continued

 

   
  Food & Beverage – 2.4%    continued         
 

Post Holdings, Inc.,

         
 

4.50%, 9/15/31 (1)

      $6,150        $6,077     
 

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed,

         
 

4.63%, 3/1/29 (1)

      8,575        8,639     
 

Triton Water Holdings, Inc.,

         
 

6.25%, 4/1/29 (1)

      4,525        4,598     
 

 

  
          93,807     
 

 

  
  Forest & Paper Products Manufacturing – 0.2%

 

   
 

Schweitzer-Mauduit International, Inc.,

         
 

6.88%, 10/1/26(1)

      9,050        9,413     
 

 

  
  Hardware – 0.5%         
 

NCR Corp.,

         
 

6.13%, 9/1/29 (1)

      14,490        15,722     
 

TTM Technologies, Inc.,

         
 

4.00%, 3/1/29 (1)

      4,400        4,382     
 

 

  
          20,104     
 

 

  
  Health Care Facilities & Services – 3.4%

 

   
 

AdaptHealth LLC,

         
 

6.13%, 8/1/28 (1)

      3,825        4,064     
 

5.13%, 3/1/30 (1)

      6,275        6,278     
 

CHS/Community Health Systems, Inc.,

         
 

6.63%, 2/15/25 (1)

      16,410        17,169     
 

6.88%, 4/15/29 (1)

      4,050        4,059     
 

6.13%, 4/1/30 (1)

      10,450        10,155     
 

DaVita, Inc.,

         
 

4.63%, 6/1/30 (1)

      9,750        10,029     
 

HCA, Inc.,

         
 

5.88%, 2/1/29

      22,830        27,434     
 

Legacy LifePoint Health LLC,

         
 

4.38%, 2/15/27 (1)

      6,425        6,409     
 

MEDNAX, Inc.,

         
 

6.25%, 1/15/27 (1)

      9,815        10,318     
 

Prime Healthcare Services, Inc.,

         
 

7.25%, 11/1/25 (1)

      9,100        9,760     
 

Surgery Center Holdings, Inc.,

         
 

6.75%, 7/1/25 (1)

      4,350        4,426     
 

10.00%, 4/15/27 (1)

      5,350        5,778     
 

Tenet Healthcare Corp.,

         
 

6.13%, 10/1/28 (1)

      15,525        16,309     
 

 

  
          132,188     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    174    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 77.9%    continued

 

   
  Home & Office Products Manufacturing – 0.6%

 

   
 

CD&R Smokey Buyer, Inc.,

         
 

6.75%, 7/15/25 (1)

      $6,560        $6,941     
 

Newell Brands, Inc.,

         
 

5.88%, 4/1/36

      13,750        17,078     
 

 

  
          24,019     
 

 

  
  Home Improvement – 0.7%         
 

Interface, Inc,

         
 

5.50%, 12/1/28 (1)

      5,500        5,775     
 

Patrick Industries, Inc.,

         
 

7.50%, 10/15/27 (1)

      7,025        7,570     
 

4.75%, 5/1/29 (1)

      4,750        4,845     
 

PGT Innovations, Inc.,

         
 

4.38%, 10/1/29 (1)

      10,550        10,629     
 

 

  
       28,819     
 

 

  
  Homebuilders – 0.9%         
 

Beazer Homes U.S.A., Inc.,

         
 

5.88%, 10/15/27

      8,600        9,009     
 

Forestar Group, Inc.,

         
 

5.00%, 3/1/28 (1)

      3,562        3,678     
 

LGI Homes, Inc.,

         
 

4.00%, 7/15/29 (1)

      8,625        8,603     
 

M/I Homes, Inc.,

         
 

3.95%, 2/15/30 (1)

      9,900        9,925     
 

Taylor Morrison Communities, Inc.,

         
 

5.13%, 8/1/30 (1)

      4,425        4,762     
 

 

  
          35,977     
 

 

  
  Industrial Other – 1.2%         
 

Ahern Rentals, Inc.,

         
 

7.38%, 5/15/23 (1)

      10,175        9,717     
 

APi Group DE, Inc.,

         
 

4.13%, 7/15/29 (1)

      3,700        3,626     
 

Brundage-Bone Concrete Pumping Holdings, Inc.,

         
 

6.00%, 2/1/26 (1)

      9,750        10,164     
 

Dycom Industries, Inc.,

         
 

4.50%, 4/15/29 (1)

      3,550        3,565     
 

NESCO Holdings II, Inc.,

         
 

5.50%, 4/15/29 (1)

      5,275        5,471     
 

Resideo Funding, Inc.,

         
 

4.00%, 9/1/29 (1)

      7,885        7,700     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 77.9%    continued

 

   
  Industrial Other – 1.2%    continued         
 

VM Consolidated, Inc.,

         
 

5.50%, 4/15/29 (1)

      $5,925        $6,025     
 

 

  
          46,268     
 

 

  
  Internet Media – 1.0%         
 

Endure Digital, Inc.,

         
 

6.00%, 2/15/29 (1)

      6,225        5,914     
 

GrubHub Holdings, Inc.,

         
 

5.50%, 7/1/27 (1)

      6,850        7,107     
 

Millennium Escrow Corp.,

         
 

6.63%, 8/1/26 (1)

      5,650        5,819     
 

TripAdvisor, Inc.,

         
 

7.00%, 7/15/25 (1)

      9,235        9,789     
 

Uber Technologies, Inc.,

         
 

6.25%, 1/15/28 (1)

      10,075        10,805     
 

 

  
          39,434     
 

 

  
  Investment Companies – 0.6%         
 

Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,

         
 

5.25%, 5/15/27

      14,350        14,888     
 

4.38%, 2/1/29

      7,025        7,016     
 

 

  
          21,904     
 

 

  
  Leisure Products Manufacturing – 0.3%         
 

Mattel, Inc.,

         
 

5.88%, 12/15/27 (1)

      5,650        6,123     
 

Vista Outdoor, Inc.,

         
 

4.50%, 3/15/29 (1)

      6,050        6,135     
 

 

  
          12,258     
 

 

  
  Machinery Manufacturing – 0.3%         
 

Amsted Industries, Inc.,

         
 

5.63%, 7/1/27 (1)

      6,850        7,148     
 

GrafTech Finance, Inc.,

         
 

4.63%, 12/15/28 (1)

      5,600        5,747     
 

 

  
          12,895     
 

 

  
  Manufactured Goods – 0.4%         
 

Anagram International, Inc./Anagram Holdings LLC,

         
 

10.00%, 8/15/26 (1) (6)

      2,327        2,280     
 

FXI Holdings, Inc.,

         
 

12.25%, 11/15/26 (1)

      12,525        14,216     
 

 

  
          16,496     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    175    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 77.9%    continued

 

   
  Medical Equipment & Devices Manufacturing – 0.2%

 

   
 

Mozart Debt Merger Sub, Inc.,

         
 

10/1/29(1) (4)

      $8,250        $8,250     
 

 

  
  Metals & Mining – 1.5%         
 

Allegheny Technologies, Inc.,

         
 

5.13%, 10/1/31

      825        831     
 

Arconic Corp.,

         
 

6.13%, 2/15/28 (1)

      6,050        6,413     
 

Carpenter Technology Corp.,

         
 

6.38%, 7/15/28

      6,575        7,073     
 

Cleveland-Cliffs, Inc.,

         
 

9.88%, 10/17/25 (1)

      3,521        4,040     
 

4.88%, 3/1/31 (1)

      2,800        2,891     
 

Coeur Mining, Inc.,

         
 

5.13%, 2/15/29 (1)

      5,900        5,664     
 

Commercial Metals Co.,

         
 

3.88%, 2/15/31

      4,550        4,575     
 

Joseph T Ryerson & Son, Inc.,

         
 

8.50%, 8/1/28 (1)

      3,546        3,932     
 

Kaiser Aluminum Corp.,

         
 

4.50%, 6/1/31 (1)

      5,100        5,227     
 

Novelis Corp.,

         
 

4.75%, 1/30/30 (1)

      7,150        7,527     
 

TMS International Corp.,

         
 

6.25%, 4/15/29 (1)

      4,100        4,285     
 

United States Steel Corp.,

         
 

6.88%, 3/1/29

      4,150        4,425     
 

 

  
          56,883     
 

 

  
  Oil & Gas Services & Equipment – 0.5%         
 

Oceaneering International, Inc.,

         
 

6.00%, 2/1/28

      9,045        9,186     
 

U.S.A. Compression Partners L.P./U.S.A. Compression Finance Corp.,

         
 

6.88%, 4/1/26

      8,466        8,815     
 

 

  
          18,001     
 

 

  
  Pharmaceuticals – 1.3%         
 

Bausch Health Americas, Inc.,

         
 

8.50%, 1/31/27 (1)

      14,415        15,355     
 

Horizon Therapeutics U.S.A., Inc.,

         
 

5.50%, 8/1/27 (1)

      9,450        10,017     
 

JPR Royalty Sub LLC,

         
 

14.00%, 9/1/20 (1) (5) (7) (8)

      8,000        —     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 77.9%    continued

 

   
  Pharmaceuticals – 1.3%    continued         
 

Lannett Co., Inc.,

         
 

7.75%, 4/15/26 (1)

      $5,825        $5,359     
 

Organon & Co./Organon Foreign Debt Co-Issuer B.V.,

         
 

5.13%, 4/30/31 (1)

      9,225        9,690     
 

Par Pharmaceutical, Inc.,

         
 

7.50%, 4/1/27 (1)

      8,813        8,978     
 

 

  
          49,399     
 

 

  
  Pipeline – 5.4%         
 

Cheniere Energy Partners L.P.,

         
 

3.25%, 1/31/32 (1)

      4,025        4,038     
 

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.,

         
 

5.63%, 5/1/27 (1)

      11,246        11,574     
 

DCP Midstream Operating L.P.,

         
 

5.63%, 7/15/27

      8,708        9,905     
 

5.13%, 5/15/29

      4,550        5,120     
 

Delek Logistics Partners L.P./Delek Logistics Finance Corp.,

         
 

7.13%, 6/1/28 (1)

      3,375        3,596     
 

EnLink Midstream Partners L.P.,

         
 

(Variable, ICE LIBOR USD 3M + 4.11%), 6.00%, 12/15/22 (2) (3)

      16,300        12,492     
 

EQM Midstream Partners L.P.,

         
 

6.00%, 7/1/25 (1)

      9,250        10,140     
 

4.75%, 1/15/31 (1)

      4,975        5,174     
 

Genesis Energy L.P./Genesis Energy Finance Corp.,

         
 

8.00%, 1/15/27

      4,750        4,809     
 

Global Partners L.P./GLP Finance Corp.,

         
 

6.88%, 1/15/29

      5,800        6,020     
 

Harvest Midstream I L.P.,

         
 

7.50%, 9/1/28 (1)

      4,110        4,378     
 

Holly Energy Partners L.P./Holly Energy Finance Corp.,

         
 

5.00%, 2/1/28 (1)

      5,325        5,400     
 

ITT Holdings LLC,

         
 

6.50%, 8/1/29 (1)

      9,300        9,381     
 

Martin Midstream Partners L.P./Martin Midstream Finance Corp.,

         
 

11.50%, 2/28/25 (1)

      6,802        7,057     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    176    NORTHERN FUNDS SEMIANNUAL REPORT

         

 

       

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		       
  CORPORATE BONDS - 77.9%     continued

 

   
 

Pipeline – 5.4%    continued

 

   
 

NGL Energy Operating LLC/NGL Energy Finance Corp.,

         
 

7.50%, 2/1/26 (1)

      $9,175        $9,347     
 

NGL Energy Partners L.P./NGL Energy Finance Corp.,

         
 

7.50%, 11/1/23

      12,882        12,519     
 

7.50%, 4/15/26

      6,625        5,929     
 

NuStar Logistics L.P.,

         
 

6.00%, 6/1/26

      6,580        7,106     
 

PBF Logistics L.P./PBF Logistics Finance Corp.,

         
 

6.88%, 5/15/23

      10,916        10,643     
 

Plains All American Pipeline L.P.,

        
 

(Variable, ICE LIBOR USD 3M +
4.11%), 6.13%, 11/15/22 (2) (3)

      12,100        10,951     
 

Rattler Midstream L.P.,

         
 

5.63%, 7/15/25 (1)

      8,325        8,669     
 

Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,

         
 

6.50%, 7/15/27

      8,025        8,653     
 

4.00%, 1/15/32 (1)

      8,725        9,017     
 

Venture Global Calcasieu Pass LLC,

         
 

4.13%, 8/15/31 (1)

      8,025        8,366     
 

Western Midstream Operating L.P.,

         
 

4.35%, 2/1/25

      6,150        6,490     
 

4.75%, 8/15/28

      11,190        12,200     
 

5.30%, 2/1/30

      3,385        3,741     
 

 

          212,715     
 

 

 

Power Generation – 1.2%

 

   
 

Calpine Corp.,

         
 

5.13%, 3/15/28

      12,662        12,823     
 

5.00%, 2/1/31 (1)

      4,350        4,350     
 

NRG Energy, Inc.,

         
 

5.75%, 1/15/28

      12,045        12,813     
 

Pattern Energy Operations L.P./Pattern Energy Operations, Inc.,

         
 

4.50%, 8/15/28 (1)

      3,125        3,258     
 

Vistra Operations Co. LLC,

         
 

5.63%, 2/15/27 (1)

      8,875        9,186     
 

4.38%, 5/1/29 (1)

      4,500        4,528     
 

 

          46,958     
 

 

 

Property & Casualty Insurance – 0.6%

 

   
 

AmWINS Group, Inc.,

         
 

4.88%, 6/30/29 (1)

      9,700        9,836     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 77.9%     continued

 

   
 

Property & Casualty Insurance – 0.6%     continued

 

   
 

NMI Holdings, Inc.,

         
 

7.38%, 6/1/25 (1)

      $5,200        $5,935     
 

USI, Inc.,

         
 

6.88%, 5/1/25 (1)

      6,254        6,365     
 

 

  
          22,136     
 

 

  
 

Publishing & Broadcasting – 3.1%

 

   
 

Audacy Capital Corp.,

         
 

6.75%, 3/31/29 (1)

      5,700        5,745     
 

Beasley Mezzanine Holdings LLC,

         
 

8.63%, 2/1/26 (1)

      15,100        15,402     
 

Clear Channel Outdoor Holdings, Inc.,

         
 

7.75%, 4/15/28 (1)

      4,800        5,052     
 

7.50%, 6/1/29 (1)

      4,200        4,368     
 

Clear Channel Worldwide Holdings, Inc.,

         
 

5.13%, 8/15/27 (1)

      8,975        9,287     
 

Cumulus Media New Holdings, Inc.,

         
 

6.75%, 7/1/26 (1)

      9,285        9,610     
 

Gray Television, Inc.,

         
 

7.00%, 5/15/27 (1)

      6,450        6,918     
 

iHeartCommunications, Inc.,

         
 

5.25%, 8/15/27 (1)

      5,500        5,715     
 

Mav Acquisition Corp.,

         
 

5.75%, 8/1/28 (1)

      6,150        6,042     
 

Meredith Corp.,

         
 

6.88%, 2/1/26

      8,855        9,143     
 

Nexstar Media, Inc.,

         
 

5.63%, 7/15/27 (1)

      4,950        5,237     
 

Sinclair Television Group, Inc.,

         
 

4.13%, 12/1/30 (1)

      6,475        6,329     
 

TEGNA, Inc.,

         
 

5.00%, 9/15/29

      11,129        11,463     
 

Townsquare Media, Inc.,

         
 

6.88%, 2/1/26 (1)

      9,434        9,897     
 

Urban One, Inc.,

         
 

7.38%, 2/1/28 (1)

      11,425        12,250     
 

 

  
          122,458     
 

 

  
 

Real Estate – 2.3%

 

   
 

American Finance Trust, Inc./American Finance Operating Partner L.P.,

         
 

4.50%, 9/30/28 (1)

      7,425        7,425     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    177    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 77.9%    continued

 

      
  Real Estate – 2.3%    continued

 

   
 

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL,

         
 

4.50%, 4/1/27 (1)

      $8,150        $8,068     
 

Diversified Healthcare Trust,

         
 

4.38%, 3/1/31

      7,247        7,010     
 

HAT Holdings I LLC/HAT Holdings II LLC,

         
 

6.00%, 4/15/25 (1)

      7,425        7,759     
 

Howard Hughes (The) Corp.,

         
 

5.38%, 8/1/28 (1)

      5,500        5,796     
 

IIP Operating Partnership L.P.,

         
 

5.50%, 5/25/26 (1)

      5,525        5,794     
 

Kennedy-Wilson, Inc.,

         
 

5.00%, 3/1/31

      7,700        7,873     
 

MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc.,

         
 

4.63%, 6/15/25 (1)

      4,975        5,360     
 

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,

         
 

4.88%, 5/15/29 (1)

      4,850        4,992     
 

RHP Hotel Properties L.P./RHP Finance
Corp.,

         
 

4.50%, 2/15/29 (1)

      4,275        4,284     
 

Service Properties Trust,

         
 

5.50%, 12/15/27

      8,795        9,373     
 

Uniti Group L.P./Uniti Fiber Holdings,
Inc./CSL Capital LLC,

         
 

7.88%, 2/15/25 (1)

      6,100        6,445     
 

Uniti Group L.P./Uniti Group Finance,
Inc./CSL Capital LLC,

         
 

6.50%, 2/15/29 (1)

      4,700        4,835     
 

XHR L.P.,

         
 

6.38%, 8/15/25 (1)

      4,025        4,270     
 

 

  
          89,284     
 

 

  
  Real Estate Investment Trusts – 0.1%

 

   
 

iStar, Inc.,

         
 

4.75%, 10/1/24

      2,787        2,947     
 

 

  
  Refining & Marketing – 0.6%

 

   
 

CITGO Petroleum Corp.,

         
 

7.00%, 6/15/25 (1)

      8,125        8,308     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 77.9%     continued

 

      
  Refining & Marketing – 0.6%    continued         
 

CVR Energy, Inc.,

         
 

5.75%, 2/15/28 (1)

      $9,040        $8,957     
 

PBF Holding Co. LLC/PBF Finance Corp.,

         
 

6.00%, 2/15/28

      12,125        7,738     
 

 

  
          25,003     
 

 

  
  Renewable Energy – 0.2%         
 

Renewable Energy Group, Inc.,

         
 

5.88%, 6/1/28(1)

      6,500        6,719     
 

 

  
  Restaurants – 1.0%         
 

Carrols Restaurant Group, Inc.,

         
 

5.88%, 7/1/29 (1)

      6,050        5,694     
 

Golden Nugget, Inc.,

         
 

6.75%, 10/15/24 (1)

      16,910        16,932     
 

GPS Hospitality Holding Co. LLC/GPS Finco, Inc.,

         
 

7.00%, 8/15/28 (1)

      8,300        8,238     
 

IRB Holding Corp.,

         
 

6.75%, 2/15/26 (1)

      9,773        10,042     
 

 

  
          40,906     
 

 

  
  Retail - Consumer Discretionary – 3.9%         
 

Academy Ltd.,

         
 

6.00%, 11/15/27 (1)

      4,975        5,373     
 

Ambience Merger Sub, Inc.,

         
 

4.88%, 7/15/28 (1)

      5,725        5,725     
 

Bath & Body Works, Inc.,

         
 

9.38%, 7/1/25 (1)

      1,700        2,157     
 

5.25%, 2/1/28

      3,100        3,419     
 

6.63%, 10/1/30 (1)

      5,125        5,817     
 

6.75%, 7/1/36

      9,925        12,307     
 

Builders FirstSource, Inc.,

         
 

4.25%, 2/1/32 (1)

      3,300        3,374     
 

Carvana Co.,

         
 

5.88%, 10/1/28 (1)

      5,250        5,421     
 

Gap (The), Inc.,

         
 

3.88%, 10/1/31 (1)

      2,400        2,400     
 

Group 1 Automotive, Inc.,

         
 

4.00%, 8/15/28 (1)

      3,175        3,231     
 

Ken Garff Automotive LLC,

         
 

4.88%, 9/15/28 (1)

      5,445        5,595     
 

LBM Acquisition LLC,

         
 

6.25%, 1/15/29 (1)

      5,275        5,272     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    178    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 77.9%    continued

 

  Retail - Consumer Discretionary – 3.9%    continued

 

 

LCM Investments Holdings II LLC,

         
 

4.88%, 5/1/29 (1)

      $4,025        $4,130     
 

Lithia Motors, Inc.,

         
 

4.63%, 12/15/27 (1)

      6,560        6,904     
 

LSF9 Atlantis Holdings LLC/Victra Finance Corp.,

         
 

7.75%, 2/15/26 (1)

      10,775        11,174     
 

Metis Merger Sub LLC,

         
 

6.50%, 5/15/29 (1)

      6,925        6,735     
 

Michaels (The) Cos., Inc.,

         
 

5.25%, 5/1/28 (1)

      4,525        4,667     
 

7.88%, 5/1/29 (1)

      9,525        9,899     
 

Party City Holdings, Inc.,

         
 

(Floating, ICE LIBOR USD 6M + 5.00%),
5.75%, 7/15/25 (1) (9)

      4,088        3,833     
 

PetSmart, Inc./PetSmart Finance Corp.,

         
 

4.75%, 2/15/28 (1)

      1,925        1,978     
 

7.75%, 2/15/29 (1)

      5,075        5,538     
 

Sonic Automotive, Inc.,

         
 

6.13%, 3/15/27

      8,956        9,308     
 

Staples, Inc.,

         
 

7.50%, 4/15/26 (1)

      14,896        15,108     
 

Victoria’s Secret & Co.,

         
 

4.63%, 7/15/29 (1)

      9,325        9,504     
 

White Cap Buyer LLC,

         
 

6.88%, 10/15/28 (1)

      4,825        5,090     
 

 

  
          153,959     
 

 

  
  Software & Services – 2.5%         
 

Acuris Finance U.S., Inc./Acuris Finance S.a.r.l.,

         
 

5.00%, 5/1/28 (1)

      5,900        5,871     
 

Ahead DB Holdings LLC,

         
 

6.63%, 5/1/28 (1)

      2,750        2,771     
 

Austin BidCo, Inc.,

         
 

7.13%, 12/15/28 (1)

      6,450        6,498     
 

Castle U.S. Holding Corp.,

         
 

9.50%, 2/15/28 (1)

      8,280        8,653     
 

Consensus Cloud Solutions, Inc.,

         
 

10/15/26 (1) (4)

      2,350        2,415     
 

10/15/28 (1) (4)

      4,800        4,981     
 

HealthEquity, Inc.,

         
 

10/1/29 (1) (4)

      5,750        5,836     
 

LogMeIn, Inc,

         
 

5.50%, 9/1/27 (1)

      5,950        6,054     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 77.9%    continued

 

   
  Software & Services – 2.5%    continued         
 

MicroStrategy, Inc.,

         
 

6.13%, 6/15/28 (1)

      $6,425        $6,489     
 

Open Text Holdings, Inc.,

         
 

4.13%, 2/15/30 (1)

      5,900        6,062     
 

Rocket Software, Inc.,

         
 

6.50%, 2/15/29 (1)

      13,850        13,712     
 

Sabre GLBL, Inc.,

         
 

9.25%, 4/15/25 (1)

      7,075        8,177     
 

7.38%, 9/1/25 (1)

      5,900        6,288     
 

Unisys Corp.,

         
 

6.88%, 11/1/27 (1)

      6,805        7,434     
 

Vericast Corp.,

         
 

11.00%, 9/15/26 (1)

      4,850        5,093     
 

 

  
          96,334     
 

 

  
  Supermarkets & Pharmacies – 0.3%         
 

Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC,

         
 

7.50%, 3/15/26(1)

      10,100        10,908     
 

 

  
  Technology – 0.6%         
 

Iron Mountain, Inc.,

         
 

4.88%, 9/15/29 (1)

      10,814        11,328     
 

5.25%, 7/15/30 (1)

      9,700        10,294     
 

 

  
          21,622     
 

 

  
  Tobacco – 0.2%         
 

Vector Group Ltd.,

         
 

5.75%, 2/1/29(1)

      8,850        8,850     
 

 

  
  Transportation & Logistics – 1.0%         
 

Allison Transmission, Inc.,

         
 

5.88%, 6/1/29 (1)

      6,275        6,828     
 

Cargo Aircraft Management, Inc.,

         
 

4.75%, 2/1/28 (1)

      14,100        14,579     
 

Western Global Airlines LLC,

         
 

10.38%, 8/15/25 (1)

      13,175        14,756     
 

XPO Logistics, Inc.,

         
 

6.25%, 5/1/25 (1)

      3,725        3,932     
 

 

  
          40,095     
 

 

  
  Travel & Lodging – 0.8%         
 

First Student Bidco, Inc./First Transit Parent, Inc.,

         
 

4.00%, 7/31/29 (1)

      8,125        8,013     
 

Hilton Domestic Operating Co., Inc.,

         
 

5.38%, 5/1/25 (1)

      2,700        2,821     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    179    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

CORPORATE BONDS - 77.9%    continued

 

   
  Travel & Lodging – 0.8%    continued         
 

5.75%, 5/1/28 (1)

      $10,400        $11,201     
 

Travel + Leisure Co.,

         
 

6.63%, 7/31/26 (1)

      6,475        7,374     
 

 

  
          29,409     
 

 

  
  Utilities – 0.4%         
 

Talen Energy Supply LLC,

         
 

6.63%, 1/15/28(1)

      15,375        14,260     
 

 

  
  Waste & Environment Services & Equipment – 0.5%

 

   
 

Covanta Holding Corp.,

         
 

5.00%, 9/1/30

      7,125        7,196     
 

Madison IAQ LLC,

         
 

4.13%, 6/30/28 (1)

      6,150        6,150     
 

5.88%, 6/30/29 (1)

      5,075        5,113     
 

 

  
          18,459     
 

 

  
  Wireless Telecommunications Services – 1.0%

 

   
 

Sprint Capital Corp.,

         
 

6.88%, 11/15/28

      14,853        19,012     
 

8.75%, 3/15/32

      13,200        19,719     
 

 

  
          38,731     
 

 

  
  Wireline Telecommunications Services – 2.6%

 

   
 

Cablevision Lightpath LLC,

         
 

5.63%, 9/15/28 (1)

      4,300        4,316     
 

Cincinnati Bell, Inc.,

         
 

7.00%, 7/15/24 (1)

      9,925        10,101     
 

Consolidated Communications, Inc.,

         
 

6.50%, 10/1/28 (1)

      4,392        4,771     
 

Frontier Communications Holdings LLC,

         
 

5.88%, 10/15/27 (1)

      7,975        8,473     
 

6.75%, 5/1/29 (1)

      5,750        6,059     
 

Level 3 Financing, Inc.,

         
 

4.63%, 9/15/27 (1)

      10,225        10,519     
 

3.75%, 7/15/29 (1)

      5,825        5,630     
 

Lumen Technologies, Inc.,

         
 

5.13%, 12/15/26 (1)

      11,050        11,464     
 

4.50%, 1/15/29 (1)

      9,925        9,617     
 

Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,

         
 

4/30/27 (1) (4)

      6,575        6,575     
 

6.00%, 2/15/28 (1)

      8,000        7,957     
 

Windstream Escrow LLC/Windstream Escrow Finance Corp.,

         
 

7.75%, 8/15/28 (1)

      9,125        9,531     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 77.9%    continued

 

  Wireline Telecommunications Services – 2.6%    continued

 

 

Zayo Group Holdings, Inc.,

         
 

6.13%, 3/1/28 (1)

      $6,150        $6,235     
 

 

  
          101,248     

 

  
  Total Corporate Bonds         

 

  
  (Cost $2,949,987)         3,041,443     
               
  FOREIGN ISSUER BONDS – 19.4%         
  Aerospace & Defense – 1.0%         
 

Bombardier, Inc.,

         
 

7.50%, 12/1/24 (1)

      15,757        16,387     
 

Rolls-Royce PLC,

         
 

5.75%, 10/15/27 (1)

      8,250        9,116     
 

TransDigm UK Holdings PLC,

         
 

6.88%, 5/15/26

      14,650        15,401     
 

 

  
          40,904     
 

 

  
  Airlines – 1.1%         
 

Air Canada,

         
 

3.88%, 8/15/26 (1)

      10,275        10,368     
 

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,

         
 

5.50%, 4/20/26 (1)

      8,150        8,568     
 

5.75%, 4/20/29 (1)

      8,150        8,781     
 

Delta Air Lines, Inc./SkyMiles IP Ltd.,

         
 

4.75%, 10/20/28 (1)

      7,350        8,195     
 

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,

         
 

5.75%, 1/20/26 (1)

      5,925        6,199     
 

 

  
          42,111     
 

 

  
  Auto Parts Manufacturing – 0.3%         
 

IHO Verwaltungs GmbH,

         
 

6.00%, (100% Cash), 5/15/27(1) (6)

      9,400        9,798     
 

 

  
  Banks – 0.1%         
 

ING Groep N.V.,

         
 

(Variable, USD Swap 5Y + 4.45%),

         
 

6.50%, 4/16/25(2) (3)

      3,546        3,913     
 

 

  
  Cable & Satellite – 1.1%         
 

Altice Financing S.A.,

         
 

5.00%, 1/15/28 (1)

      8,850        8,533     
 

5.75%, 8/15/29 (1)

      10,550        10,219     
 

LCPR Senior Secured Financing DAC,

         
 

6.75%, 10/15/27 (1)

      9,065        9,609     
 

VTR Comunicaciones S.p.A.,

         
 

4.38%, 4/15/29 (1)

      3,425        3,528     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    180    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

FOREIGN ISSUER BONDS - 19.4%    continued

 

   
 

Cable & Satellite – 1.1%    continued

 

   
 

Ziggo Bond Co. B.V.,

         
 

6.00%, 1/15/27(1)

      $11,275        $11,656     
 

 

  
          43,545     
 

 

  
 

Casinos & Gaming – 0.9%

         
 

International Game Technology PLC,

         
 

5.25%, 1/15/29(1)

      8,525        9,111     
 

Melco Resorts Finance Ltd.,

         
 

5.63%, 7/17/27(1)

      11,325        11,495     
 

Studio City Finance Ltd.,

         
 

5.00%, 1/15/29(1)

      4,975        4,587     
 

Wynn Macau Ltd.,

         
 

5.50%, 10/1/27(1)

      11,982        11,443     
 

 

  
          36,636     
 

 

  
  Chemicals – 0.3%         
 

Diamond BC B.V.,

         
 

4.63%, 10/1/29(1)

      5,775        5,862     
 

Methanex Corp.,

         
 

5.13%, 10/15/27

      4,375        4,730     
 

SPCM S.A.,

         
 

3.38%, 3/15/30(1)

      1,700        1,699     
 

 

  
          12,291     
 

 

  
 

Commercial Finance – 0.6%

         
 

AerCap Holdings N.V.,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.54%),
5.88%, 10/10/79(2)

      10,375        10,826     
 

VistaJet Malta Finance PLC/XO Management Holding, Inc.,

         
 

10.50%, 6/1/24(1)

      13,425        14,583     
 

 

  
          25,409     
 

 

  
 

Containers & Packaging – 0.2%

         
 

ARD Finance S.A.,

         
 

6.50%, (100% Cash), 6/30/27(1) (6)

      9,175        9,747     
 

 

  
 

Diversified Banks – 1.2%

         
 

Barclays PLC,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.67%),
8.00%, 6/15/24 (2) (3)

      11,075        12,508     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.41%),
4.38%, 3/15/28 (2) (3)

      5,750        5,746     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

FOREIGN ISSUER BONDS - 19.4%    continued

 

 

Diversified Banks – 1.2%    continued

 

 

BNP Paribas S.A.,

         
 

(Variable, USD Swap 5Y + 5.15%), 7.38%, 8/19/25(1) (2) (3)

      $6,450        $7,482     
 

Credit Agricole S.A.,

         
 

(Variable, USD Swap 5Y + 4.90%), 7.88%, 1/23/24(1) (2) (3)

      5,168        5,756     
 

Deutsche Bank A.G.,

         
 

(Variable, USD Swap 5Y + 5.00%), 7.50%, 4/30/25(2) (3)

      6,125        6,734     
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.52%),
6.00%, 10/30/25(2) (3)

      4,950        5,210     
 

Natwest Group PLC,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.10%),
4.60%, 6/28/31(2) (3)

      4,450        4,471     
 

 

  
          47,907     
 

 

  
 

Electrical Equipment Manufacturing – 0.1%

 

 

TK Elevator Holdco GmbH,

         
 

7.63%, 7/15/28(1)

      4,825        5,157     
 

 

  
  Exploration & Production – 0.3%         
 

MEG Energy Corp.,

         
 

5.88%, 2/1/29(1)

      4,475        4,576     
 

Strathcona Resources Ltd.,

         
 

6.88%, 8/1/26(1)

      6,400        6,340     
 

 

  
          10,916     
 

 

  
 

Food & Beverage – 0.8%

 

 

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

         
 

6.50%, 4/15/29(1)

      11,125        12,432     
 

5.50%, 1/15/30(1)

      6,000        6,673     
 

Minerva Luxembourg S.A.,

         
 

4.38%, 3/18/31(1)

      5,200        5,023     
 

Sigma Holdco B.V.,

         
 

7.88%, 5/15/26

      6,630        6,547     
 

 

  
          30,675     
 

 

  
 

Hardware – 0.1%

 

 

Seagate HDD Cayman,

         
 

3.38%, 7/15/31(1)

      2,200        2,145     
 

 

  
 

Homebuilders – 0.2%

 

 

Empire Communities Corp.,

         
 

7.00%, 12/15/25(1)

      6,325        6,610     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    181    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD FIXED INCOME FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

FOREIGN ISSUER BONDS - 19.4%    continued

 

   
  Machinery Manufacturing – 0.2%         
 

Husky III Holding Ltd.,

         
 

13.00%, (100% Cash),

         
 

2/15/25(1) (6)

      $7,140        $7,586     
 

 

  
  Metals & Mining – 1.1%         
 

Constellium S.E.,

         
 

3.75%, 4/15/29 (1)

      4,350        4,237     
 

First Quantum Minerals Ltd.,

         
 

7.25%, 4/1/23 (1)

      6,475        6,589     
 

6.50%, 3/1/24 (1)

      6,250        6,328     
 

FMG Resources Pty. Ltd., Series 2006,

         
 

4.38%, 4/1/31 (1)

      3,750        3,875     
 

New Gold, Inc.,

         
 

6.38%, 5/15/25 (1)

      4,575        4,712     
 

Taseko Mines Ltd.,

         
 

7.00%, 2/15/26 (1)

      5,250        5,322     
 

Vedanta Resources Ltd.,

         
 

6.38%, 7/30/22 (1)

      11,510        11,481     
 

 

  
          42,544     
 

 

  
  Oil & Gas Services & Equipment – 0.6%         
 

Nabors Industries Ltd.,

         
 

7.25%, 1/15/26 (1)

      8,400        8,170     
 

Shelf Drilling Holdings Ltd.,

         
 

8.88%, 11/15/24 (1)

      3,225        3,306     
 

Transocean Pontus Ltd.,

         
 

6.13%, 8/1/25 (1)

      6,146        6,146     
 

Weatherford International Ltd.,

         
 

6.50%, 9/15/28 (1)

      5,675        5,845     
 

 

  
          23,467     
 

 

  
  Pharmaceuticals – 1.6%         
 

Bausch Health Cos., Inc.,

         
 

5.00%, 1/30/28 (1)

      6,500        6,167     
 

4.88%, 6/1/28 (1)

      5,650        5,855     
 

5.25%, 1/30/30 (1)

      13,725        12,799     
 

Cheplapharm Arzneimittel GmbH,

         
 

5.50%, 1/15/28 (1)

      9,075        9,402     
 

Endo Dac/Endo Finance LLC/Endo Finco, Inc.,

         
 

9.50%, 7/31/27 (1)

      8,277        8,295     
 

6.00%, 6/30/28 (1)

      9,705        6,939     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

FOREIGN ISSUER BONDS - 19.4%    continued

 

   
  Pharmaceuticals – 1.6%    continued         
 

Teva Pharmaceutical Finance Netherlands III B.V.,

         
 

7.13%, 1/31/25

      $7,625        $8,340     
 

6.75%, 3/1/28

      4,780        5,461     
 

 

  
          63,258     
 

 

  
  Power Generation – 0.3%         
 

Drax Finco PLC,

         
 

6.63%, 11/1/25(1)

      11,102        11,463     
 

 

  
  Property & Casualty Insurance – 0.6%

 

   
 

Ardonagh Midco 2 PLC,

         
 

11.50%, 1/15/27 (1) (6)

      10,612        11,594     
 

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.,

         
 

7.63%, (100% Cash), 10/15/25 (1) (6)

      9,425        10,008     
 

 

  
          21,602     
 

 

  
  Publishing & Broadcasting – 0.2%

 

   
 

Clear Channel International B.V.,

         
 

6.63%, 8/1/25(1)

      7,075        7,367     
 

 

  
  Refining & Marketing – 0.4%         
 

eG Global Finance PLC,

         
 

6.75%, 2/7/25 (1)

      9,660        9,878     
 

Parkland Corp.,

         
 

4.50%, 10/1/29 (1)

      6,200        6,284     
 

 

  
          16,162     
 

 

  
  Renewable Energy – 0.1%         
 

Atlantica Sustainable Infrastructure PLC,

         
 

4.13%, 6/15/28(1)

      5,125        5,297     
 

 

  
  Restaurants – 0.2%         
 

1011778 B.C. ULC/New Red Finance, Inc.,

         
 

4.00%, 10/15/30(1)

      9,525        9,430     
 

 

  
  Semiconductors – 0.3%         
 

ams A.G.,

         
 

7.00%, 7/31/25(1)

      9,350        10,028     
 

 

  
  Software & Services – 0.2%

 

      
 

ION Trading Technologies S.a.r.l.,

         
 

5.75%, 5/15/28(1)

      6,300        6,424     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    182    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 19.4%    continued

 

   
  Technology – 0.4%

 

   
 

Sixsigma Networks Mexico S.A. de C.V.,

         
 

7.50%, 5/2/25(1)

      $15,525        $15,098     
 

 

  
  Travel & Lodging – 1.8%

 

   
 

Carnival Corp.,

         
 

7.63%, 3/1/26 (1)

      8,975        9,581     
 

5.75%, 3/1/27 (1)

      12,325        12,741     
 

4.00%, 8/1/28 (1)

      3,225        3,257     
 

NCL Corp. Ltd.,

         
 

5.88%, 3/15/26 (1)

      6,400        6,560     
 

NCL Finance Ltd.,

         
 

6.13%, 3/15/28 (1)

      3,850        3,994     
 

Royal Caribbean Cruises Ltd.,

         
 

9.13%, 6/15/23 (1)

      7,250        7,879     
 

4.25%, 7/1/26 (1)

      2,450        2,400     
 

5.50%, 8/31/26 (1)

      7,975        8,198     
 

Viking Cruises Ltd.,

         
 

13.00%, 5/15/25 (1)

      4,865        5,601     
 

5.88%, 9/15/27 (1)

      11,176        10,813     
 

 

  
          71,024     
 

 

  
  Trucking & Leasing – 0.3%

 

   
 

Fly Leasing Ltd.,

         
 

7.00%, 10/15/24(1)

      12,490        12,396     
 

 

  
  Wireless Telecommunications Services – 2.2%

 

   
 

Altice France S.A.,

         
 

7.38%, 5/1/26 (1)

      12        13     
 

5.13%, 7/15/29 (1)

      6,450        6,324     
 

10/15/29 (1) (4)

      12,400        12,275     
 

C&W Senior Financing DAC,

         
 

6.88%, 9/15/27 (1)

      7,676        8,069     
 

Connect Finco S.a.r.l./Connect U.S. Finco LLC,

         
 

6.75%, 10/1/26 (1)

      13,025        13,627     
 

Digicel Group Holdings Ltd.,

         
 

10.00%, 4/1/24 (6)

      12,503        12,503     
 

Telesat Canada/Telesat LLC,

         
 

5.63%, 12/6/26 (1)

      5,725        5,496     
 

6.50%, 10/15/27 (1)

      12,000        10,401     
 

Vmed O2 UK Financing I PLC,

         
 

4.25%, 1/31/31 (1)

      9,200        9,177     
 

4.75%, 7/15/31 (1)

      6,375        6,513     
 

 

  
          84,398     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 19.4%    continued

 

   
  Wireline Telecommunications Services – 0.6%

 

   
 

Altice France Holding S.A.,

         
 

10.50%, 5/15/27 (1)

      $11,675        $12,768     
 

Telecom Italia Capital S.A.,

         
 

6.38%, 11/15/33

      9,451        10,998     
 

 

  
          23,766     

 

  
 

Total Foreign Issuer Bonds

         

 

  
 

(Cost $737,309)

         759,074     
          
  TERM LOANS – 0.5%

 

   
  Pharmaceuticals – 0.5%

 

   
 

Alvogen Pharma U.S., Inc., January 2020 Loan,

         
 

(Floating, ICE LIBOR USD 3M + 5.25%, 1.00% Floor),
6.25%, 12/31/23(9)

      18,795        18,121     

 

  
 

Total Term Loans

         

 

  
 

(Cost $18,754)

         18,121     
          
         NUMBER
OF SHARES		      VALUE
(000S)		         
  COMMON STOCKS – 0.0%

 

   
  Airlines – 0.0%

 

   
 

Voyager Aviation Holdings LLC(5) (8) (10) *

      2,621        $—     

 

  
 

Total Common Stocks

         

 

  
 

(Cost $3)

         —     
          
  PREFERRED STOCKS – 0.1%

 

   
  Banks – 0.0%

 

   
 

GMAC Capital Trust I, (Variable, ICE LIBOR USD 3M + 5.79%), 5.91%(9)

      46,835        1,185     
 

 

  
  Specialized Finance – 0.1%

 

   
 

Cayenne Aviation LLC(5) (10) (11) *

      15,725        1,573     

 

  
 

Total Preferred Stocks

         

 

  
 

(Cost $2,475)

         2,758     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    183    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD FIXED INCOME FUND  continued

 

   

 

    

 

         NUMBER
OF SHARES		     

VALUE

(000S)

        
  INVESTMENT COMPANIES – 2.2%        
 

Northern Institutional Funds - U.S. Government Portfolio (Shares),

        
 

0.00%(12) (13)

      87,392,436        $87,392    

 

  
 

Total Investment Companies

        

 

  
 

(Cost $87,392)

         87,392    
         

 

  
 

Total Investments – 100.1%

        

 

  
 

(Cost $3,795,920)

         3,908,788    
 

Liabilities less Other Assets – (0.1%)

 

      (2,733 )   

 

  
 

NET ASSETS – 100.0%

         $3,906,055    

 

(1) 

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

(2) 

Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of September 30, 2021.

(3) 

Perpetual bond. Maturity date represents next call date.

(4) 

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(5) 

Restricted security that has been deemed illiquid. At September 30, 2021, the value of these restricted illiquid securities amounted to approximately $6,757,000 or 0.2% of net assets. Additional information on these restricted illiquid securities is as follows:

 

  SECURITY    ACQUISITION
AND
ENFORCEABLE
DATE		     
 COST
(000S)		  
 		   
 

Cayenne Aviation LLC

    5/18/21      $1,573     
 

JPR Royalty Sub LLC, 14.00%, 9/1/20

    3/10/11      8,000     
 

Voyager Aviation Holdings LLC,
8.50%, 5/9/26

    5/3/21      5,227     
   

Voyager Aviation Holdings LLC

    5/18/21      3           

 

(6) 

Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

(7) 

Issuer has defaulted on terms of debt obligation. Income is not being accrued.

(8) 

Level 3 asset that is worthless, bankrupt or has been delisted.

(9) 

Variable rate security. Rate as of September 30, 2021 is disclosed.

(10) 

Restricted security.

(11) 

Level 3 asset.

(12) 

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(13) 

7-day current yield as of September 30, 2021 is disclosed.

* 

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

3M - 3 Month

5Y - 5 Year

6M - 6 Month

7Y - 7 Year

A.G. - Aktiengesellschaft (German: Stock Corporation)

B.V. - Besloten Vennootschap (Dutch: Private Limited Liability Company)

CMT - Constant Maturity

ICE - Intercontinental Exchange

L.P. - Limited Partnership

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

REIT - Real Estate Investment Trust

S.A. - Société Anonyme (French: Public Limited Company)

S.E. - Societas Europaea (German: Public Company)

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE(1)    % OF NET ASSETS  

  Corporate bonds

      77.9 % 

  Foreign Issuer Bonds

      19.4 % 

  Term Loans

      0.5 % 

  Preferred stocks

      0.1 % 

  Investment Companies

      2.2 % 

 

(1) 

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    184    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS     
 LEVEL 1
(000S)		  
 		     
 LEVEL 2
(000S)		  
 		     
 LEVEL 3
(000S)		  
 		     
 TOTAL
(000S)		  
 		   
 

Corporate Bonds(1)

      $       —        $3,041,443        $      —        $3,041,443     
 

Foreign Issuer Bonds(1)

      —        759,074        —        759,074     
 

Term Loans

      —        18,121        —        18,121     
 

Preferred Stocks:

               
 

Banks

      —        1,185        —        1,185     
   

Specialized Finance

      —        —        1,573        1,573       
   

Total Preferred Stocks

      —        1,185        1,573        2,758       
   

Investment Companies

      87,392        —        —        87,392       
   

Total Investments

      $87,392        $3,819,823        $1,573        $3,908,788       

 

(1) 

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    185    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD MUNICIPAL FUND

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS – 95.0%

 

  Alabama – 1.1%

 

   
 

Hoover IDB Environmental Improvement Revenue Bonds (AMT), United States Steel Corp.,

         
 

5.75%, 10/1/49

      $1,000        $1,186     
 

Lower Alabama Gas District Gas Project Revenue Bonds, Series A,

         
 

5.00%, 9/1/46

      5,000        7,112     
 

 

  
         

 

 8,298

 

  

 

   
 

 

  
  Arizona – 5.3%

 

   
 

Arizona State IDA Economic Development Revenue Bonds, Legacy Cares, Inc., Project,

         
 

7.75%, 7/1/50

      1,500        1,782     
 

Arizona State IDA Education Revenue Bonds, Academies of Math & Science Project,

         
 

5.63%, 7/1/48(1) (2)

      2,000        2,278     
 

Arizona State IDA Education Revenue Bonds, Candeo Schools, Inc., Project (School District Credit Program),

         
 

4.00%, 7/1/47

      700        772     
 

Arizona State IDA Education Revenue Bonds, Christian University Project,

         
 

5.63%, 10/1/49(1)

     1,300        1,391     
 

Arizona State IDA Education Revenue Bonds, Doral Academy of Nevada - Fire Mesa,

         
 

5.00%, 7/15/49

      1,675        1,879     
 

Arizona State IDA Education Revenue Bonds, Odyssey Preparatory Academy Project,

         
 

4.38%, 7/1/39

      1,000        1,077     
 

5.00%, 7/1/49

      1,000        1,112     
 

Arizona State IDA Education Revenue Bonds, Series A-Social, Macombs Facility Project,

         
 

4.00%, 7/1/61

      1,250        1,362     
 

Arizona State IDA Education Revenue Refunding Bonds, Doral Academy of Northern,

         
 

4.00%, 7/15/51(1)

     500        543     
 

Arizona State IDA Education Revenue Refunding Bonds, Series A, Cadence Campus Project,

         
 

4.00%, 7/15/50

      1,000        1,062     
        

PRINCIPAL
AMOUNT
(000S)

 

     

VALUE
(000S)

 

         
  MUNICIPAL BONDS - 95.0%    continued

 

  Arizona – 5.3%    continued         
 

Arizona State Industrial Development Authority Economic Development Revenue Bonds, Series A, Legacy Cares, Inc., Project,

         
 

5.50%, 7/1/31

      $100        $108     
 

6.00%, 7/1/51

      400        438     
 

Arizona State Industrial Development Authority Education Revenue Bonds, Somerset Academy of Las Vegas-Aliante & Skye Canyon Campus Projects,

         
 

4.00%, 12/15/51

      700        751     
 

Chandler Industrial Development Authority Variable Revenue Bonds (AMT), Intel Corp.,

         
 

5.00%, 6/3/24(3) (4) (5)

      1,000        1,117     
 

Glendale IDA Senior Living Facilities Revenue Bonds, Royal Oaks Inspirata Pointe Project,

         
 

5.00%, 5/15/56

      1,000        1,126     
 

La Paz County IDA Education Facility Lease Revenue Bonds, Charter School Solutions-Harmony Public Schools,

         
 

5.00%, 2/15/36

      1,400        1,567     
 

5.00%, 2/15/46

      3,500        3,868     
 

Maricopa County IDA Education Revenue Bonds, Social Bonds, Arizona Autism Charter,

         
 

7/1/61(1) (6)

      1,250        1,334     
 

Maricopa County IDA Educational Facilities Revenue Bonds, Ottawa University,

         
 

5.50%, 10/1/51

      1,000        1,114     
 

Maricopa County IDA Educational Revenue Bonds, Arizona Autism Chart Schools Project,

         
 

5.00%, 7/1/50

      750        871     
 

Maricopa County Industrial Development Authority Hospital Revenue Bonds, Series A, Honor Health,

         
 

3.00%, 9/1/51

      1,000        1,041     
 

Phoenix Civic Airport Improvement Corp. Junior Lien Airport Revenue Bonds, Airport, Series B (AMT),

         
 

4.00%, 7/1/44

      2,000        2,269     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    186    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

        

PRINCIPAL
AMOUNT
(000S)

 

     

VALUE
(000S)

 

         
  MUNICIPAL BONDS - 95.0%    continued

 

  Arizona – 5.3%    continued         
 

5.00%, 7/1/49

      $1,000        $1,217     
 

Phoenix IDA Education Facility Revenue Refunding Bonds, Great Hearts Academies,

         
 

5.00%, 7/1/46

      2,650        2,908     
 

Phoenix IDA Student Housing Revenue Bonds, Downtown Phoenix Student Housing II LLC,

         
 

5.00%, 7/1/59

      1,000        1,174     
 

Salt Verde Financial Corp. Senior Gas Revenue Bonds,

         
 

5.00%, 12/1/37

      3,000        4,128     
 

Tempe IDA Revenue Bonds, Friendship Village of Tempe Project,

         
 

5.00%, 12/1/50

      1,500        1,677     
 

Tempe Industrial Development Authority Revenue Refunding Bonds, Friendship Village Project,

         
 

12/1/46(6)

     1,000        1,081     
 

 

  
         

 

 41,047

 

  

 

   
 

 

  
  California – 12.8%         
 

Antelope Valley Healthcare District, Revenue Refunding Bonds, Series A,

         
 

5.25%, 3/1/36

      1,020        1,137     
 

California Community Housing Agency Essential Housing Revenue Bonds, Summit at Sausalito Apartments,

         
 

4.00%, 2/1/50(1)

     1,000        1,051     
 

3.00%, 2/1/57(1)

     1,000        942     
 

California Community Housing Agency Essential Housing Revenue Bonds, Verdant at Green Valley Project,

         
 

5.00%, 8/1/49(1)

     2,000        2,240     
 

California Community Housing Agency Essential Housing Senior Revenue Bonds, Glendale Properties,

         
 

4.00%, 2/1/56

      1,000        1,076     
 

California Community Housing Agency Essential Housing Subordinate Revenue Bonds, Series A, Glendale Properties,

         
 

4.00%, 8/1/47

      1,000        1,063     
 

California Community Housing Agency Revenue Bonds, Series A, Annadel Apartments Project,

         
 

5.00%, 4/1/49

      2,000        2,221     
        

PRINCIPAL
AMOUNT
(000S)

 

     

VALUE
(000S)

 

         
 

MUNICIPAL BONDS - 95.0%    continued

 

 

  California – 12.8%    continued         
 

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Merced County Tobacco Funding,

         
 

5.00%, 6/1/50

      $500        $590     
 

California PFA Educational Facilities Revenue Bonds, Crossroads Christian Schools Project,

         
 

5.00%, 1/1/56

      500        517     
 

California PFA Educational Facilities Revenue Bonds, Trinity Classical Academy,

         
 

5.00%, 7/1/54(1)

     1,500        1,558     
 

California Public Finance Authority Senior Living Revenue Bonds, Enso Village Project, Green Bonds,

         
 

5.00%, 11/15/56

      245        279     
 

California School Finance Authority Educational Facilities Revenue Bonds, Series A, Kipp Socal Public School Projects,

         
 

5.00%, 7/1/49

      2,000        2,387     
 

California State Municipal Finance Authority Educational Revenue Bonds, Stream Charter School Project,

         
 

5.00%, 6/15/51

      1,000        1,088     
 

California State Municipal Finance Authority Revenue Bonds, Barlow Respiratory Hospital,

         
 

4.00%, 9/1/50

      2,000        2,265     
 

California State Municipal Finance Authority Revenue Bonds, Series A,

         
 

5.00%, 12/1/54

      500        560     
 

California State Municipal Finance Authority Revenue Bonds, Series A, Baptist University,

         
 

5.00%, 11/1/46

      3,000        3,442     
 

California State Municipal Finance Authority Revenue Refunding Bonds, The Master’s University,

         
 

5.00%, 8/1/48

      510        583     
 

California State Municipal Finance Authority Senior Lien Revenue Bonds (AMT), LINXS APM Project,

         
 

5.00%, 12/31/43

      5,000        5,991     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    187    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD MUNICIPAL FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  California – 12.8%    continued         
 

California State Municipal Finance Authority Special Facility Revenue Bonds (AMT), United Airlines, Inc., Project,

         
 

4.00%, 7/15/29

      $3,000        $3,392     
 

California State Municipal Finance Authority Student Housing Revenue Bonds, Series A, Claremont Collegiate Project,

         
 

5.00%, 7/1/52(1)

     1,000        1,120     
 

California State Pollution Control Financing Authority Solid Waste Disposal Subordinate Green Revenue Bonds (AMT), Calplant I Project,

         
 

7.50%, 12/1/39(7)

     3,000        915     
 

California State Pollution Control Financing Authority Water Furnishing Revenue Refunding Bonds, San Diego County Water Authority,

         
 

5.00%, 11/21/45

      1,000        1,187     
 

California State School Finance Authority Charter Revenue Refunding Bonds, Aspire Public School, Prerefunded,

         
 

5.00%, 8/1/25(8)

     425        498     
 

California State School Finance Authority Charter School Revenue Bonds, Series A, Classical Academies Project,

         
 

5.00%, 10/1/50

      1,000        1,168     
 

California State Various Purpose G.O. Unlimited Bonds,

         
 

4.00%, 10/1/34

      2,500        3,044     
 

CSCDA College Housing Revenue Bonds, NCCD-Hooper Street, LLC-California College,

         
 

5.25%, 7/1/49

      1,700        1,820     
 

CSCDA Community Improvement Authority Essential Housing Revenue Bonds, Altana Glendale Social Bonds,

         
 

4.00%, 10/1/56

      1,000        1,057     
 

CSCDA Community Improvement Authority Essential Housing Revenue Bonds, City of Orange Portfolio,

         
 

4.00%, 3/1/57(1)

     1,500        1,589     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  California – 12.8%    continued         
 

CSCDA Community Improvement Authority Essential Housing Revenue Bonds, Parallel-Anaheim Social Bonds,

         
 

4.00%, 8/1/56

      $1,000        $1,057     
 

CSCDA Community Improvement Authority Essential Housing Revenue Bonds, Renaissance at City Center, Series A,

         
 

5.00%, 7/1/51

      2,250        2,568     
 

CSCDA Community Improvement Authority Essential Housing Revenue Bonds, Series A,

         
 

5.00%, 1/1/54

      1,500        1,713     
 

CSCDA Community Improvement Authority Essential Housing Revenue Bonds, Social Bonds, Series A-2,

         
 

4.00%, 10/1/56

      1,000        1,051     
 

CSCDA Community Improvement Authority Essential Housing Senior Revenue Bonds, Pasadena Project Social Bonds,

         
 

3.00%, 12/1/56

      1,000        941     
 

CSCDA Revenue Bonds, California Baptist University, Prerefunded,

         
 

7.25%, 11/1/21(8)

     2,000        2,011     
 

CSCDA Revenue Refunding Bonds, Series A, California Baptist University,

         
 

5.00%, 11/1/32

      500        596     
 

5.00%, 11/1/41

      1,000        1,168     
 

CSCDA Special Tax Revenue Bonds, Community Facilities District No. 2016-02 Delta Coves,

         
 

4.00%, 9/1/50

      1,000        1,115     
 

CSCDA Special TRB, Improvement Area No. 1,

         
 

4.00%, 9/1/51

      1,000        1,104     
 

CSCDA Statewide Revenue Special Assessment Bonds,

         
 

4.00%, 9/2/50

      500        557     
 

Foothill Eastern Transportation Corridor Agency Toll Road Senior Lien Revenue Bonds, Series A,

         
 

4.00%, 1/15/46

      750        856     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    188    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  California – 12.8%    continued         
 

Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue Refunding Bonds, Series A-1,

         
 

5.00%, 6/1/47

      $5,000        $5,139     
 

Golden State Tobacco Securitization Corp. Tobacco Settlement Taxable Revenue Refunding Bonds,

         
 

1.40%, 6/1/25

      875        878     
 

Metropolitan Water District of Southern California Revenue Bonds, Series A,

         
 

5.00%, 10/1/51

      3,000        3,870     
 

Metropolitan Water District of Southern California Revenue Refunding Bonds, Series C,

         
 

5.00%, 7/1/38

      5,000        6,509     
 

Ontario Special Tax Bonds, Tevelde Facilities,

         
 

4.00%, 9/1/51

      1,000        1,131     
 

River Islands Public Financing Authority Special Tax Bonds, Community Facilities District No. 2021-1,

         
 

4.00%, 9/1/51

      1,000        1,061     
 

River Islands Public Financing Authority Special Tax Refunding Bonds, Phase 2 Public Improvement,

         
 

4.00%, 9/1/51

      1,000        1,094     
 

Roseville Special Tax Bonds, The Ranch At Sierra Vista Community Facilities District No. 1 (Public Facilities),

         
 

4.00%, 9/1/50

      150        166     
 

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),

         
 

5.00%, 5/1/49

      4,000        4,842     
 

San Francisco City & County Community Facilities District 2016-1 Special Tax Bonds, Series 2021,

         
 

4.00%, 9/1/51

      1,000        1,113     
 

San Francisco City & County G.O. Unlimited Bonds, Series 2020, Health and Recovery,

         
 

4.00%, 6/15/46

      5,000        5,819     
 

San Luis Obispo Community Facilities District No. 2019-1 Special Tax Bonds,

         
 

4.00%, 9/1/51

      695        782     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  California – 12.8%    continued         
 

Santa Paula Special Tax Bonds, Harvest Community Facilities District No. 1 Improvement,

         
 

4.00%, 9/1/50

      $1,000        $1,104     
 

Tobacco Securitization Authority of Southern California Tobacco Settlement Revenue Refunding Bonds, San Diego Asset Securities,

         
 

5.00%, 6/1/48

      1,500        1,856     
 

Whittier Union High School District G.O. Unlimited Bonds, Series A,

         
 

3.00%, 8/1/46

      3,855        4,076     
 

 

  
          98,957     
 

 

  
  Colorado – 4.3%         
 

Brighton Crossing Metropolitan District No. 6 G.O. Limited Bonds, Series A,

         
 

5.00%, 12/1/50

      1,000        1,095     
 

Canyon Pines Metropolitan District Special Improvement District No.1 Revenue Special Assessment Bonds,

         
 

3.75%, 12/1/40

      1,000        944     
 

Cascade Ridge Metropolitan District G.O. Limited Bonds,

         
 

5.00%, 12/1/51

      1,205        1,192     
 

Chambers Highpoint Metropolitan District No. 2 G.O. Limited Bonds,

         
 

5.00%, 12/1/51

      500        521     
 

Cielo Metropolitan District G.O. Limited Bonds,

         
 

5.25%, 12/1/50

      1,000        1,043     
 

Clear Creek Transit Metropolitan District No.2 G.O. Limited Bonds, Series A,

         
 

5.00%, 12/1/50

      570        619     
 

Colorado Educational & Cultural Authority Revenue Bonds, Aspen View Academy Project,

         
 

4.00%, 5/1/61

      500        540     
 

Colorado Educational & Cultural Authority Revenue Refunding Bonds, Science Technology English & Math,

         
 

5.00%, 11/1/54

      1,500        1,582     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    189    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD MUNICIPAL FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued         
  Colorado – 4.3%    continued         
 

Colorado Health Facilities Authority Hospital Revenue and Improvement Refunding Bonds, Christian Living Neighborhoods,

         
 

1/1/42(6)

     $1,000        $1,096     
 

Colorado High Performance Transportation Enterprise Revenue Bonds, C-470 Express Lane,

         
 

5.00%, 12/31/56

      2,000        2,255     
 

Colorado Springs Utilities Revenue Refunding Bonds, Series A,

         
 

4.00%, 11/15/50

      2,500        2,930     
 

Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Series A, Commonspirit Health,

         
 

5.00%, 8/1/44

      5,000        6,087     
 

Legato Community Authority Limited Tax Supported Revenue Bonds, Senior Series A-1,

         
 

5.00%, 12/1/51

      750        807     
 

Nine Mile Metropolitan District Revenue Bonds,

         
 

5.13%, 12/1/40

      1,000        1,105     
 

Prairie Center Metropolitan District No. 3 Limited Property Tax Supported Revenue Refunding Bonds, Series A,

         
 

5.00%, 12/15/41

      3,000        3,253     
 

Silver Peaks Metropolitan District No. 3 Senior Lien G.O. Limited Bonds, Series A,

         
 

5.00%, 12/1/50

      500        538     
 

STC Metropolitan District No. 2 Revenue G.O. Limited Refunding Bonds, Series A,

         
 

5.00%, 12/1/38

      1,000        1,093     
 

Transport Metropolitan District No. 3 MDD G.O. Limited Bonds, Series 2021-A-1,

         
 

5.00%, 12/1/51

      1,500        1,661     
 

Westerly Metropolitan District No. 4 Senior G.O. Limited Bonds, Series A,

         
 

5.00%, 12/1/50

      1,000        1,090     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued         
  Colorado – 4.3%    continued         
 

Windler Public Improvement Authority Limited Tax Supported Revenue Bonds, Series A-1,

         
 

4.13%, 12/1/51

      $3,500        $3,461     
 

 

  
          32,912     
 

 

  
  Connecticut – 0.5%         
 

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series A, Mclean Issue,

         
 

5.00%, 1/1/55

      500        552     
 

Hamden Revenue Refunding Bonds, Whitney Center Project,

         
 

5.00%, 1/1/50

      1,000        1,074     
 

Steel Point Infrastructure Improvement District Special Obligation Revenue Tax Allocation Bonds, Steelpointe Harbor Project,

         
 

4/1/51 (6)

     1,200        1,222     
 

West Hartford Connecticut G.O. Unlimited Taxable Bonds, Series B,

         
 

1.40%, 7/1/27

      1,000        1,001     
 

 

  
          3,849     
 

 

  
  District of Columbia – 0.6%         
 

District of Columbia Revenue Bonds,

         
 

5.00%, 7/1/49

      2,550        3,007     
 

District of Columbia Revenue Bonds, Latin American Montessori Bilingual Public Charter School Issue,

         
 

5.00%, 6/1/50

      1,000        1,165     
 

District of Columbia Rocketship DC Obligated Group Revenue Bonds,

         
 

5.00%, 6/1/61

      500        576     
 

 

  
          4,748     
 

 

  
  Florida – 7.3%         
 

Alachua County Health Facilities Authority Revenue Bonds, Shands Teaching Hospital & Clinics,

         
 

4.00%, 12/1/49

      2,000        2,289     
 

Broward County School District G.O. Unlimited Bonds,

         
 

5.00%, 7/1/49

      5,000        6,427     
 

Capital Trust Agency Air Cargo Revenue Refunding Bonds, Series A, Aero Miami FX,

         
 

5.35%, 7/1/29

      2,420        2,429     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    190    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued         
  Florida – 7.3%    continued         
 

Capital Trust Agency Educational Facilities Educational Facilities Revenue Bonds, Liza Jackson Preparatory School,

         
 

5.00%, 8/1/55

      $1,000        $1,177     
 

Capital Trust Agency Educational Facilities Educational Facilities Revenue Bonds, Lutz Preparatory School Inc., Project,

         
 

4.00%, 6/1/51

      400        441     
 

Capital Trust Agency Educational Facilities Educational Facilities Revenue Bonds, Pepin Academies, Inc., Project,

         
 

5.75%, 7/1/55(1)

     1,000        1,086     
 

Capital Trust Agency Educational Facilities Educational Facilities Revenue Bonds, Team Success A School of Excellence,

         
 

5.00%, 6/1/55

      2,000        2,140     
 

Capital Trust Agency Educational Facilities Revenue Bonds, Academir Charter Schools, Inc. Project,

         
 

4.00%, 7/1/51

      750        806     
 

Capital Trust Agency Student Housing Revenue Bonds, University Bridge, LLC Student Housing Project,

         
 

5.25%, 12/1/43

      3,000        3,499     
 

Davie Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project,

         
 

5.00%, 4/1/48

      2,000        2,361     
 

Florida Development Finance Corp. Surface Transportation Facilities Revenue Refunding Bonds (AMT), Virgin Trains U.S.A. Pass,

         
 

6.38%, 1/1/26(3) (4) (5)

      4,000        4,083     
 

Florida State Development Finance Corp. Educational Facilities Revenue Bonds, 2017 Foundation for Global Understanding, Inc. Project,

         
 

7/1/51 (6)

     750        780     
 

Florida State Development Finance Corp. Educational Facility Revenue Bonds, Pepin Academics of Pasco County, Inc., Project,

         
 

5.00%, 1/1/50(1)

     1,000        1,075     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued         
  Florida – 7.3%    continued         
 

Florida State Development Finance Corp. Educational Facility Revenue Refunding Bonds, Renaissance Charter School,

         
 

5.00%, 9/15/50

      $1,500        $1,651     
 

Florida State Development Finance Corp. Senior Living Revenue Refunding Bonds, Glenridge on Palmer Ranch,

         
 

5.00%, 6/1/51

      2,000        2,277     
 

Florida State Development Finance Corp. Solid Waste Disposal Revenue Bonds (AMT), Waste Pro U.S.A., Inc., Project,

         
 

5.00%, 5/1/29

      1,500        1,605     
 

Florida State Development Finance Corp., Revenue Bonds, Educational Facilities River City Science Academy Projects,

         
 

4.00%, 7/1/55

      500        527     
 

Florida State Higher Educational Facilities Financial Authority Revenue Bonds, Ringling College Project,

         
 

5.00%, 3/1/42

      2,000        2,316     
 

Lake County Retirement Facility Revenue Refunding Bonds, Lakeside at Waterman Village Project,

         
 

5.75%, 8/15/55

      1,000        1,127     
 

Miami Beach Health Facilities Authority Mt. Sinai Medical Center of Florida Revenue Bonds,

         
 

4.00%, 11/15/51

      2,000        2,274     
 

Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-1 (AGM Insured) (AMT),

         
 

4.00%, 10/1/45

      1,175        1,356     
 

Ocean Highway & Port Authority Florida Port Facilities Revenue Bonds (AMT), Worldwide Terminals Fenandina Project,

         
 

5.50%, 12/1/49(1)

     1,500        1,520     
 

Palm Beach County Health Facilities Authority Hospital Revenue Bonds, Baptist Health South Florida,

         
 

4.00%, 8/15/49

      1,500        1,703     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    191    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD MUNICIPAL FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued         
  Florida – 7.3%    continued         
 

Palm Beach County Revenue Bonds, Palm Beach Atlantic University,

         
 

5.00%, 4/1/39(1)

     $1,750        $2,006     
 

Palm Beach County Revenue Bonds, Series A, Lynn University Housing Project,

         
 

5.00%, 6/1/57

      1,500        1,764     
 

Pinellas County IDA Revenue Bonds, 2017 Foundation for Global Understanding Project,

         
 

5.00%, 7/1/39

      4,000        4,546     
 

Saint Johns County IDA Senior Living Revenue Refunding Bonds, Series A, Vicar’s Landing Project,

         
 

4.00%, 12/15/50

      500        542     
 

Seminole County IDA Educational Facilities Revenue Bonds, Galileo Schools for Gifted Learning,

         
 

4.00%, 6/15/51(1)

     665        732     
 

Sterling Hill Community Development District Capital Improvement Special Assessment Revenue Bonds, Series B,

         
 

5.50%, 11/1/10(7)

     143        85     
 

Venice Retirement Community Revenue Improvement Bonds, Village on the Isle Project,

         
 

5.00%, 1/1/47

      1,000        1,114     
 

Village Community Development District No. 13 Special Assessment Revenue Bonds,

         
 

3.50%, 5/1/51(1)

     1,000        1,037     
 

 

  
          56,775     
 

 

  
  Georgia – 2.3%         
 

Atlanta Development Authority Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center,

         
 

6.75%, 1/1/35

      3,000        2,260     
 

Burke County Development Authority Variable PCR Refunding Bonds, Georgia Transmission Corp.,

         
 

2.75%, 1/1/52(9)

     1,215        1,214     
 

Gainesville & Hall County Hospital Authority Revenue Anticipation Certificates, Northeast Georgia Health System, Inc. Project,

         
 

4.00%, 2/15/51

      5,000        5,679     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued         
  Georgia – 2.3%    continued         
 

Main Street Natural Gas Inc., Gas Supply Revenue Bonds, Series C,

         
 

4.00%, 12/1/28(3) (4) (5)

      $1,000        $1,181     
 

Main Street Natural Gas, Inc. Gas Supply Revenue Bonds, Series A,

         
 

5.00%, 5/15/49

      4,000        5,823     
 

White County Development Authority Revenue Bonds, Truett McConnell University Project,

         
 

5.25%, 10/1/49

      1,500        1,574     
 

 

  
          17,731     
 

 

  
  Guam – 0.3%         
 

Guam Government Business Privilege Tax Revenue Refunding Bonds, Series F,

         
 

1/1/42(6)

     1,000        1,117     
 

Guam Government Department of Education Revenue Refunding COPS, John F. Kennedy High School Refunding & Energy Efficiency Project,

         
 

5.00%, 2/1/40

      1,000        1,129     
 

 

  
          2,246     
 

 

  
  Illinois – 5.0%         
 

Belleville Tax Increment & Sales Tax Allocation Revenue Refunding Bonds, Carlyle/Green Mount Redevelopment,

         
 

3.75%, 7/1/41

      1,000        1,015     
 

Chicago O’Hare International Airport Revenue Senior Lien General Revenue Bonds, Series B,

         
 

5.00%, 1/1/48

      5,000        6,055     
 

Chicago Waterworks Second Lien Revenue Bonds,

         
 

5.00%, 11/1/29

      2,500        2,978     
 

Illinois Finance Authority Revenue Refunding Bonds, Plymouth Place, Inc.,

         
 

5.00%, 5/15/51

      410        476     
 

5.00%, 5/15/56

      440        508     
 

Illinois State Finance Authority Health Services Facilities Lease Revenue Bonds, University of Illinois Health Services,

         
 

4.00%, 10/1/50

      1,480        1,655     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    192    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued         
  Illinois – 5.0%    continued         
 

Illinois State Finance Authority Revenue Refunding Bonds, Edward-Elmhurst Healthcare,

         
 

5.00%, 1/1/44

      $5,000        $5,932     
 

Illinois State Finance Authority Revenue Refunding Bonds, Friendship Village Schaumburg,

         
 

5.13%, 2/15/45

      1,500        1,081     
 

Illinois State Finance Authority Revenue Refunding Bonds, Illinois Institute of Technology,

         
 

5.00%, 9/1/40

      2,000        2,432     
 

Illinois State Finance Authority Revenue Refunding Bonds, OSF Healthcare System,

         
 

3.00%, 5/15/50

      500        524     
 

Illinois State Finance Authority Revenue Refunding Bonds, Rosalind Franklin University,

         
 

5.00%, 8/1/42

      1,100        1,271     
 

Illinois State Finance Authority Student Housing & Academic Facilities Revenue Bonds, CHF - Chicago, LLC - University of Illinois at Chicago Project,

         
 

5.00%, 2/15/47

      5,000        5,692     
 

Illinois State G.O. Unlimited Bonds,

         
 

5.50%, 5/1/30

      1,000        1,303     
 

Illinois State G.O. Unlimited Refunding Bonds,

         
 

5.00%, 2/1/29

      1,000        1,181     
 

Illinois State Housing Development Authority Revenue Bonds, Series A (FHLMC, FNMA, GNMA Insured),

         
 

4.13%, 10/1/38

      1,055        1,166     
 

Illinois State Toll Highway Authority Revenue Bonds, Series A,

         
 

5.00%, 1/1/44

      3,000        3,687     
 

New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 233, Social Bonds,

         
 

5.00%, 6/15/30

      500        621     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued         
  Illinois – 5.0%    continued         
 

Upper Illinois River Valley Development Authority Revenue Refunding Bonds, Prairie Crossing Charter,

         
 

5.00%, 1/1/45

      $250        $263     
 

5.00%, 1/1/55(1)

      625        654     
 

 

  
          38,494     
 

 

  
  Indiana – 1.7%         
 

Finance Authority Educational Facilities Revenue Bonds, Seven Oaks Classical School Project,

         
 

5.00%, 6/1/51

      520        561     
 

5.00%, 6/1/56

      455        487     
 

Goshen MFH Revenue Bonds, Green Oaks of Goshen Project, Housing Choice Voucher Program (Housing & Urban Development Sector 8 Program),

         
 

5.00%, 8/1/41 (1)

      1,000        990     
 

Housing & Community Development Authority Multifamily Revenue Bonds, Series A, Vita of Marion Project,

         
 

5.25%, 4/1/41

      1,000        1,050     
 

Indiana State Finance Authority Exempt Facilities Revenue Bonds (AMT), Res Polyflow Indiana, Green Bonds,

         
 

7.00%, 3/1/39

      4,000        3,785     
 

Indiana State Finance Authority Revenue Bonds, Kipp Indianapolis Inc., Project,

         
 

5.00%, 7/1/55

      510        569     
 

New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 233, Social Bonds,

         
 

5.00%, 10/1/41

      4,625        5,997     
 

 

  
          13,439     
 

 

  
  Iowa – 0.9%         
 

Iowa State Finance Authority Revenue Bonds, Series A, Lifespace Communities,

         
 

5.00%, 5/15/48

      4,000        4,579     
 

Iowa State Finance Authority Revenue Refunding Bonds, Lifespace Communities Inc.,

         
 

4.00%, 5/15/53

      1,000        1,101     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    193    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD MUNICIPAL FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued         
  Iowa – 0.9%    continued         
 

Iowa State Finance Authority Senior Living Facilities Revenue Refunding Bonds, Sunrise Retirement Community Project,

         
 

5.00%, 9/1/51

      $1,000        $1,062     
 

 

  
          6,742     
 

 

  
  Kansas – 0.3%         
 

Shawnee Education Facilities Revenue Bonds, Maranatha Christian Academy Project, Series A,

         
 

5.00%, 8/1/56(1)

      2,000        2,094     
 

 

  
  Kentucky – 0.9%         
 

Kentucky Public Transportation Infrastructure Authority First Tier Toll Revenue Bonds, Series A, Downtown Crossing Project,

         
 

5.75%, 7/1/49

      2,500        2,732     
 

Kentucky State Economic Development Finance Authority Revenue Bonds, Owensboro Health,

         
 

5.25%, 6/1/50

      2,500        2,791     
 

Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Series A, Owensboro Health, Inc.,

         
 

5.00%, 6/1/45

      1,500        1,739     
 

 

  
          7,262     
 

 

  
  Louisiana – 1.3%         
 

Calcasieu Parish Memorial Hospital Service District Revenue Refunding Bonds, Lake Charles Memorial Hospital Project,

         
 

5.00%, 12/1/34

      2,000        2,404     
 

Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project,

         
 

2.50%, 4/1/36

      2,000        2,030     
 

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic Foundation Project,

         
 

5.00%, 5/15/46

      1,000        1,177     
 

4.00%, 5/15/49

      1,000        1,139     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

   
  Louisiana – 1.3%    continued         
 

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Prerefunded,

         
 

5.00%, 5/15/26(8)

      $50        $60     
 

Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Bonds, Jefferson Parish Gomesa Project,

         
 

4.00%, 11/1/44

      1,000        1,079     
 

Saint James Parish Revenue Bonds, Series 2, Nustar Logistics L.P. Project,

         
 

6.35%, 7/1/40

      1,000        1,320     
 

Saint John The Baptist Parish Variable Revenue Refunding Bonds, Marathon Oil Corp. Project,

         
 

2.38%, 7/1/26(3) (4) (5)

      1,000        1,052     
 

 

  
          10,261     
 

 

  
  Maine – 0.7%         
 

Maine State Health & Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center, Prerefunded,

         
 

5.00%, 7/1/23(8)

      5,000        5,408     
 

 

  
  Maryland – 1.2%         
 

Baltimore Senior Lien Special Obligation Tax Allocation Refunding Bonds, Harbor Point Project,

         
 

3.63%, 6/1/46

      1,750        1,815     
 

Frederick County Subordinate Special Tax Obligation Revenue Bonds, Series C,

         
 

4.00%, 7/1/50

      1,000        1,120     
 

Maryland Economic Development Corp. Senior Student Housing Revenue Bonds, Morgan State University Project,

         
 

5.00%, 7/1/56

      250        302     
 

Maryland Economic Development Corp. Special Obligation Tax Allocation, Port Covington Project,

         
 

4.00%, 9/1/50

      500        562     
 

Maryland State Department of Transportation Baltimore Washington International Revenue Bonds (AMT),

         
 

5.00%, 8/1/46

      1,500        1,880     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    194    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued         
  Maryland – 1.2%    continued         
 

Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Series A, Adventist Healthcare,

         
 

6.25%, 1/1/31

      $1,550        $1,572     
 

6.13%, 1/1/36

      2,000        2,028     
 

Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Adventist Healthcare,

         
 

4.00%, 1/1/38

      300        343     
 

 

  
          9,622     
 

 

  
  Massachusetts – 3.4%         
 

Lowell Massachusetts Collegiate Charter Revenue Bonds,

         
 

5.00%, 6/15/49

      1,250        1,337     
 

Massachusetts State Clean Water Trust Sustainability Revenue Bonds, Series 23B,

         
 

5.00%, 2/1/38

      5,000        6,527     
 

Massachusetts State Development Finance Agency Revenue Bonds, Series A, UMASS Boston Student Housing,

         
 

5.00%, 10/1/41

      5,000        5,603     
 

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Series S, Milford Regional Medical Center,

         
 

5.00%, 7/15/46

      150        180     
 

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Suffolk University,

         
 

5.00%, 7/1/32

      1,000        1,179     
 

Massachusetts State School Building Authority Sales TRB, Series A, Social Bonds,

         
 

3.00%, 8/15/50

      5,000        5,270     
 

Massachusetts State Transportation Fund Revenue Refunding Bonds, Commonwealth Transportation,

         
 

5.00%, 6/1/42

      5,000        6,475     
 

 

  
          26,571     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued         
  Michigan – 4.7%         
 

Detroit G.O. Unlimited Bonds, Series A, Social Bonds,

         
 

5.00%, 4/1/50

      $1,000        $1,204     
 

Grand Rapids Charter Township Revenue Refunding Bonds, Porter Hills Presbyterian,

         
 

5.00%, 5/15/44

      1,000        1,156     
 

Holt Public Schools G.O. Unlimited Bonds, Series I (Q-SBLF Insured),

         
 

2.00%, 5/1/41

      1,285        1,191     
 

Kalamazoo County G.O. Limited Bonds,

         
 

2.13%, 5/1/42

      1,000        945     
 

Michigan Mathematics & Science Initiative Revenue Refunding Bonds,

         
 

4.00%, 1/1/51

      1,000        1,088     
 

Michigan State Finance Authority Ltd. Obligation Revenue Refunding Bonds, Kettering University Project,

         
 

4.00%, 9/1/50

      650        726     
 

Michigan State Finance Authority Revenue Refunding Bonds, Senior Series B-1, Class 2,

         
 

5.00%, 6/1/49

      1,000        1,181     
 

Michigan State Finance Authority Revenue Refunding Bonds, Series A,

         
 

3.00%, 12/1/49

      2,000        2,097     
 

Michigan State Finance Authority Revenue Refunding Bonds, Local Government Loan Program,

         
 

5.00%, 7/1/30

      2,000        2,244     
 

Michigan State Strategic Fund Limited Obligation Variable Revenue Bonds (AMT), Green Bonds, Recycle,

         
 

4.00%, 10/1/26(3) (4) (5)

      500        555     
 

Michigan State Strategic Fund Ltd. Obligation Revenue Bonds (AMT), I-75 Improvement Project,

         
 

5.00%, 6/30/48

      5,000        5,925     
 

Michigan State Strategic Fund Ltd. Obligation Revenue Bonds, Holland Home,

         
 

5.00%, 11/15/42

      2,500        2,804     
 

Michigan State Strategic Fund Ltd. Obligation Taxable Revenue Bonds, Flint Water Advocacy,

         
 

1.88%, 9/1/29

      2,000        1,988     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    195    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD MUNICIPAL FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

MUNICIPAL BONDS - 95.0%    continued

 

      
  Michigan – 4.7%    continued         
 

Michigan State Trunk Line Fund Revenue Bonds,

         
 

4.00%, 11/15/46

      $6,000        $7,029     
 

Tipton Academy Public School Academy Revenue Bonds,

         
 

4.00%, 6/1/51

      1,000        998     
 

Wayne County Airport Authority Revenue Bonds, Series D,

         
 

5.00%, 12/1/45

      4,355        5,070     
 

 

  
          36,201     
 

 

  
  Minnesota – 0.8%         
 

Apple Valley Senior Housing Revenue Bonds, Orchard Path Phase II Project,

         
 

4.00%, 9/1/61

      500        523     
 

Duluth Economic Development Authority Health Care Facilities Revenue Refunding Bonds, St. Luke’s Hospital of Duluth,

         
 

3.00%, 6/15/44

      300        305     
 

Duluth Economic Development Authority Revenue Refunding Bonds, Benedictine Health System,

         
 

4.00%, 7/1/41

      550        591     
 

Minneapolis Charter School Lease Revenue Bonds, Series A, Kipp North Star Project,

         
 

5.75%, 7/1/55

      1,000        1,161     
 

Saint Paul Housing & Redevelopment Authority Charter School Lease Revenue Refunding Bonds, Hmong College Preparatory Academy Project,

         
 

5.00%, 9/1/55

      1,000        1,170     
 

Wayzata Senior Housing Revenue Refunding Bonds, Folkestone Senior Living Community,

         
 

5.00%, 8/1/54

      1,500        1,601     
 

Woodbury Charter School Lease Revenue Bonds, Woodbury Leadership Project,

         
 

4.00%, 7/1/51

      660        711     

 

  
          6,062     

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
 

MUNICIPAL BONDS - 95.0%    continued

 

      
  Mississippi – 0.3%         
 

Mississippi State Business Finance Corp. Revenue Bonds, System Energy Resources, Inc. Project,

         
 

2.38%, 6/1/44

      $1,000        $987     
 

Tunica County Urban Renewal Revenue Refunding Bonds, Utility Districts Project,

         
 

6.00%, 10/1/40

      1,000        1,053     
 

 

  
          2,040     
 

 

  
  Missouri – 1.1%         
 

Cape Girardeau County Industrial Development Authority Health Care Facilities Revenue Bonds, Southeasthealth,

         
 

4.00%, 3/1/46

      650        723     
 

Joplin IDA Sales TRB, 32nd Street Place Community Improvement District,

         
 

4.25%, 11/1/50

      1,000        1,006     
 

Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Bethesda Health Group, Inc.,

         
 

4.00%, 8/1/41

      410        478     
 

Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Wright Memorial Hospital,

         
 

5.00%, 9/1/32

      1,145        1,399     
 

5.00%, 9/1/34

      1,315        1,597     
 

Missouri State Health & Educational Facilities Authority Revenue Refunding Bonds, Series C, Lutheran Senior Services Project,

         
 

4.00%, 2/1/48

      2,000        2,232     
 

Plaza At Noah’s Ark Community Improvement District Tax Increment & Improvement District Revenue Refunding Bonds,

         
 

3.00%, 5/1/30

      500        504     
 

3.13%, 5/1/35

      400        399     
 

 

  
          8,338     
 

 

  
  Nebraska – 0.4%         
 

Central Plains Energy Project Gas Project Revenue Refunding Bonds, Series A, Project No. 3,

         
 

5.00%, 9/1/42

      2,000        2,872     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    196    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  Nevada – 0.2%

 

   
 

Las Vegas Special Improvement District No. 616 and Special Improvement District No. 81 Special Assessment Bonds,

         
 

3.13%, 6/1/51

      $500        $505     
 

Las Vegas Special Improvement District No. 814 Summerlin Village 21 & 24A Special Assessment Bonds,

         
 

4.00%, 6/1/49

      550        591     
 

Las Vegas Special Improvement District No. 815 Special Assessment Bonds,

         
 

5.00%, 12/1/49

      250        290     
 

 

  
         

 

 1,386

 

  

 

   
 

 

  
  New Hampshire – 0.1%         
 

National Finance Authority Revenue Refunding Bonds, Series B (AMT), Green Bonds,

         
 

3.75%, 7/2/40(1) (3) (4) (5)

 

     

 

 600

 

  

 

     

 

 635

 

  

 

   
 

 

  
  New Jersey – 2.6%         
 

New Jersey State EDA Revenue Bonds, Provident Group Rowan Properties LLC,

         
 

5.00%, 1/1/48

      1,000        1,032     
 

New Jersey State EDA Revenue School Facilities Construction Revenue Bonds,

         
 

4.00%, 6/15/49

      2,250        2,554     
 

New Jersey State EDA Special Facility Revenue Bonds (AMT), Continental Airlines, Inc., Project,

         
 

5.63%, 11/15/30

      2,000        2,206     
 

New Jersey State Educational Facilities Authority Revenue Bonds, Series A, Green Bonds,

         
 

3.00%, 7/1/50

      750        770     
 

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series A,

         
 

6/15/42(6)

     1,000        1,136     
 

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series AA,

         
 

4.00%, 6/15/50

      500        572     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  New Jersey – 2.6%    continued

 

   
 

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series AA, Transportation Program,

         
 

5.00%, 6/15/45

      $2,250        $2,557     
 

South Jersey Transportation Authority Transportation System Revenue Bonds, Series A,

         
 

4.00%, 11/1/50

      500        564     
 

Tobacco Settlement Financing Corp. Revenue Refunding Bonds, Series A,

         
 

5.00%, 6/1/46

      7,070        8,371     
 

 

  
         

 

 19,762

 

  

 

   
 

 

  
  New Mexico – 0.7%         
 

Farmington PCR Refunding Bonds, Public Service Company of New Mexico San Juan,

         
 

1.15%, 6/1/24(3) (4) (5)

      1,000        1,011     
 

Los Ranchos de Albuquerque Educational Facilities Revenue Refunding Bonds, Albuquerque Academy Project,

         
 

4.00%, 9/1/40

      1,000        1,140     
 

New Mexico Hospital Equipment Loan Council First Mortgage Revenue Bonds, La Vida Expansion Project,

         
 

5.00%, 7/1/49

      3,000        3,347     
 

 

  
         

 

 5,498

 

  

 

   
 

 

  
  New York – 4.7%         
 

Build NYC Resource Corp. Revenue Bonds, New Dawn Charter Schools Project,

         
 

5.75%, 2/1/49

      1,000        1,084     
 

Dutchess County Local Development Corp. Revenue Refunding Bonds, Series A, Bard College Project,

         
 

5.00%, 7/1/51

      1,000        1,192     
 

Metropolitan Transportation Authority Revenue Bonds, Series C-1, Green Bonds,

         
 

5.00%, 11/15/50

      1,000        1,197     
 

Metropolitan Transportation Authority Revenue Refunding Bonds, Climate Bond Certified,

         
 

4.00%, 11/15/45

      1,000        1,115     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    197    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   HIGH YIELD MUNICIPAL FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  New York – 4.7%    continued

 

 

New York City Housing Development Corp. Multi-Family Housing Revenue Refunding Bonds, Sustainable Development (FHA Insured),

         
 

2.15%, 11/1/36

      $1,000        $981     
 

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series B-1,

         
 

4.00%, 8/1/48

      2,400        2,777     
 

New York G.O. Unlimited Bonds, Series A-1,

         
 

3.00%, 8/1/50

      2,000        2,091     
 

New York State Transportation Development Corp. Special Facilities Revenue Bonds (AMT), Delta Air Lines, Inc., Laguardia Airport Terminals,

         
 

5.00%, 1/1/34

      5,000        5,983     
 

New York State Transportation Development Corp. Special Facilities Revenue Bonds (AMT), LaGuardia Airport Terminal B Redevelopment,

         
 

5.00%, 7/1/46

      5,000        5,546     
 

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds (AMT), John F. Kennedy International Airport,

         
 

5.25%, 8/1/31

      940        1,115     
 

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport,

         
 

4.00%, 12/1/42

      1,250        1,414     
 

New York State Urban Development Corp. Revenue Refunding Bonds, State Personal Income Tax,

         
 

5.00%, 3/15/50

      4,195        5,235     
 

New York Transportation Development Corp. Special Facility Revenue Refunding Bonds (AMT), American Airlines, Inc.,

         
 

3.00%, 8/1/31

      500        535     
 

Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 220 (AMT),

         
 

4.00%, 11/1/59

      1,500        1,708     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  New York – 4.7%    continued

 

 

Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 221 (AMT),

         
 

4.00%, 7/15/60

      $2,000        $2,265     
 

Western Regional Off-Track Betting Corp. Revenue Refunding Bonds,

         
 

4.13%, 12/1/41(1)

     500        493     
 

Yonkers Economic Development Corp. Educational Revenue Bonds, Charter School Educational Excellence Project,

         
 

5.00%, 10/15/49

      1,155        1,325     
 

 

  
          36,056     
 

 

  
  North Carolina – 0.7%

 

 

Charlotte Airport Revenue Refunding Bonds, Series B (AMT),

         
 

3.00%, 7/1/46

      3,000        3,156     
 

North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, Series A, Sharon Towers,

         
 

5.00%, 7/1/49

      600        668     
 

North Carolina Turnpike Authority Triangle Expressway System Revenue BANS,

         
 

5.00%, 1/1/49

      1,500        1,814     
 

 

  
          5,638     
 

 

  
  North Dakota – 0.1%

 

 

Grand Forks Health Care System Revenue Refunding Bonds, Altru Health System,

         
 

4.00%, 12/1/51

      1,000        1,133     
 

 

  
  Ohio – 2.9%

 

 

Buckeye Tobacco Settlement Financing Authority Revenue Refunding Bonds, Series B-2, Senior Class 2,

         
 

5.00%, 6/1/55

      5,000        5,660     
 

Cleveland-Cuyahoga County Port Authority Tax Increment Financing Subordinate Tax Allocation Revenue Refunding Bonds, Flats East Bank Project,

         
 

4.50%, 12/1/55

      1,000        1,059     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    198    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  Ohio – 2.9%    continued

 

 

Franklin County Health Care Facilities Revenue Refunding Bonds, Wesley Communities Obligated Group Project,

         
 

5.25%, 11/15/55

      $1,000        $1,129     
 

Jefferson County Port Authority Economic Development Revenue Bonds (AMT), JSW Steel U.S.A., Ohio Inc., Project,

         
 

3.50%, 12/1/51

      1,000        1,021     
 

Marion County Health Care Facilities Revenue Refunding Bonds, United Church Homes, Inc.,

         
 

5.13%, 12/1/49

      1,000        1,089     
 

Northeast Ohio Medical University General Receipts Revenue Refunding Bonds, Series A,

         
 

3.00%, 12/1/40

      475        487     
 

Ohio State Air Quality Development Authority Exempt Facilities Revenue Bonds (AMT),

         
 

5.00%, 7/1/49(1)

     2,000        2,297     
 

Ohio State Air Quality Development Authority Exempt Facilities Revenue Bonds (AMT), Pratt Paper LLC Project,

         
 

4.50%, 1/15/48

      2,000        2,314     
 

Ohio State Higher Educational Facility Revenue Refunding Bonds, Judson Obligated Group,

         
 

5.00%, 12/1/50

      1,000        1,157     
 

Port of Greater Cincinnati Development Authority Revenue Bonds,

         
 

4.25%, 12/1/50

      2,190        2,214     
 

Toledo-Lucas County Port Authority Facilities Revenue Refunding Bonds, CSX Transportation, Inc., Project,

         
 

6.45%, 12/15/21(10)

     4,000        4,047     
 

 

  
          22,474     
 

 

  
  Oklahoma – 1.9%

 

 

Norman Regional Hospital Authority Revenue Bonds, Norman Regional Hospital Authority,

         
 

4.00%, 9/1/45

      5,000        5,603     
 

Oklahoma Agricultural & Mechanical Colleges University Taxable Revenue Refunding Bonds, Series B,

         
 

1.76%, 9/1/28

      1,325        1,335     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  Oklahoma – 1.9%    continued

 

 

Oklahoma State Development Finance Authority Revenue Refunding Bonds (AMT), Gilcrease Expressway West Project,

         
 

1.63%, 7/6/23

      $5,000        $5,040     
 

Oklahoma State Development Finance Authority Revenue Refunding Bonds, Oklahoma City University Project,

         
 

5.00%, 8/1/49

      2,000        2,348     
 

 

  
          14,326     
 

 

  
  Oregon – 0.8%

 

 

University of Oregon General Revenue Bonds, Series A,

         
 

5.00%, 4/1/50

      5,000        6,249     
 

 

  
  Pennsylvania – 3.6%

 

 

Berks County Municipal Authority University Revenue Bonds, Alvernia University Project,

         
 

5.00%, 10/1/49

      1,000        1,108     
 

Franklin County IDA Revenue Bonds, Menno-Haven, Inc., Project,

         
 

5.00%, 12/1/54

      1,000        1,068     
 

Lancaster County Hospital Authority Revenue Refunding Bonds, Saint Anne’s Retirement Community Inc., Project,

         
 

5.00%, 3/1/40

      500        568     
 

5.00%, 3/1/50

      500        562     
 

Lehigh County Industrial Development Authority Charter School Revenue Bonds, Seven Generations Project,

         
 

4.00%, 5/1/51

      1,000        1,056     
 

Mercer County IDA College Revenue Refunding Bonds, Thiel College Project,

         
 

6.13%, 10/1/50

      995        1,105     
 

Northampton County IDA Revenue Refunding Bonds, Morningstar Senior,

         
 

5.00%, 11/1/49

      1,000        1,128     
 

Pennsylvania State Higher Educational Facilities Authority Revenue Bonds, Shippensburg University, Prerefunded,

         
 

6.25%, 10/1/21(8)

     2,000        2,000     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    199    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

     

 

   HIGH YIELD MUNICIPAL FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  Pennsylvania – 3.6%    continued         
 

Pennsylvania State Turnpike Commission Turnpike Revenue Bonds, Series A-1,

         
 

5.00%, 12/1/46

      $3,000        $3,504     
 

Philadelphia Authority for Industrial Development Charter School Revenue Bonds, Philadelphia Electrical & Technology Charter High School,

         
 

4.00%, 6/1/51

      800        866     
 

4.00%, 6/1/56

      850        916     
 

Philadelphia Authority For Industrial Development Revenue Bonds, Alliance for Progress Charter,

         
 

5.00%, 6/15/39

      920        999     
 

5.00%, 6/15/49

      1,385        1,487     
 

Philadelphia Authority For Industrial Development University of the Arts Revenue Refunding Bonds,

         
 

5.00%, 3/15/45

      3,000        3,256     
 

Philadelphia Authority For Industrial Development University of the Arts Revenue Refunding Bonds, Independence Charter School West Project,

         
 

5.00%, 6/15/50

      1,350        1,465     
 

Philadelphia Water & Wastewater Revenue Bonds, Series A, Prerefunded,

         
 

5.00%, 7/1/24(8)

     4,000        4,509     
 

Westmoreland County IDA Revenue Refunding Bonds, Redstone Presbyterian Senior Care,

         
 

5/15/47(6)

     2,000        2,128     
 

 

  
          27,725     
 

 

  
  Puerto Rico – 0.4%         
 

Puerto Rico Sales Tax Financing Corp., Restructured TRB, Series A-1,

         
 

4.75%, 7/1/53

      3,000        3,357     
 

 

  
  Rhode Island – 1.0%         
 

Tobacco Settlement Financing Corp. Revenue Refunding Bonds, Series A,

         
 

5.00%, 6/1/40

      7,000        7,793     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  South Carolina – 0.8%         
 

Berkeley County Assessment Revenue Special Assessment Bonds, Nexton Improvement District,

         
 

4.38%, 11/1/49

      $1,000        $1,114     
 

Hardeeville Assessment Revenue Special Assessment Bonds,

         
 

4.00%, 5/1/52

      1,000        983     
 

South Carolina EDA Educational Facilities Revenue Refunding Bonds, Green Charter Schools,

         
 

4.00%, 6/1/56(1)

     1,065        1,115     
 

South Carolina State Jobs-EDA Economic Development Revenue Bonds, Hilton Head Christian Academy,

         
 

5.00%, 1/1/55

      1,500        1,566     
 

South Carolina State Jobs-EDA Economic Development Revenue Bonds, Series 2019A, Bishop Gadsden Episcopal Retirement Community,

         
 

5.00%, 4/1/54

      1,000        1,133     
 

 

  
          5,911     
 

 

  
  Tennessee – 0.5%         
 

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, Trevecca Nazarene University Project,

         
 

4.00%, 10/1/51

      1,000        1,087     
 

Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Lipscomb University Project,

         
 

5.00%, 10/1/37

      375        456     
 

4.00%, 10/1/49

      1,000        1,105     
 

Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Trevecca Nazarene University,

         
 

5.00%, 10/1/48

      1,115        1,323     
 

 

  
          3,971     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    200    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  Texas – 6.5%         
 

Arlington Higher Education Finance Corp. Revenue Bonds, Basis Texas Charter Schools, Inc.,

         
 

4.00%, 6/15/50

      $1,000        $1,015     
 

Arlington Higher Education Finance Corp. Revenue Bonds, Newman International Academy,

         
 

5.00%, 8/15/51

      500        537     
 

Arlington Higher Education Finance Corp. Revenue Refunding Bonds, Series A,

         
 

4.00%, 8/15/46

      500        541     
 

Austin Convention Enterprises, Inc., Convention Center Revenue Refunding Bonds, First Tier,

         
 

5.00%, 1/1/34

      1,000        1,116     
 

Baytown Municipal Development District Revenue Bonds, First Line Hotel,

         
 

4.00%, 10/1/50

      1,000        1,086     
 

Baytown Municipal Development District Revenue Bonds, Second Line Hotel,

         
 

5.00%, 10/1/50

      500        540     
 

Board of Managers Joint Guadalupe County-City of Seguin Hospital Mortgage Revenue Refunding Bonds,

         
 

5.00%, 12/1/40

      1,500        1,608     
 

5.00%, 12/1/45

      2,000        2,130     
 

Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Revenue Bonds (AMT), Gladieux Metals Recycling,

         
 

7.00%, 3/1/39

      300        326     
 

Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Subordinate Revenue Bonds (AMT), Gladieux Metals Recycling,

         
 

8.50%, 3/1/39

      2,000        2,030     
 

Central Texas Regional Mobility Authority Revenue Bonds, Series B,

         
 

4.00%, 1/1/51

      650        736     
 

Conroe Local Government Corp. Hotel Revenue Bonds, Conroe Convention Center Hotel,

         
 

4.00%, 10/1/50

      500        542     
 

5.00%, 10/1/50(1)

     1,000        1,080     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

  Texas – 6.5%    continued         
 

Edinburg Economic Development Corp. Sales TRB, Series A,

         
 

3.38%, 8/15/46

      $355        $339     
 

Houston Airport System Revenue Bonds (AMT), United Airlines, Inc. Terminal,

         
 

4.00%, 7/15/41

      1,000        1,064     
 

Houston Higher Education Finance Corp. University Revenue Bonds, Houston Baptist University Project,

         
 

4.00%, 10/1/51

      500        543     
 

Mission Economic Development Corp. Senior Lien Revenue Refunding Bonds (AMT), Natgasoline,

         
 

4.63%, 10/1/31

      2,000        2,103     
 

New Hope Cultural Education Facilities Finance Corp. Retirement Facility Revenue Bonds, Morningside Ministries Project,

         
 

5.00%, 1/1/55

      1,000        1,101     
 

New Hope Cultural Education Facilities Finance Corp. Retirement Facility Revenue Bonds, Presbyterian Village North Project,

         
 

5.25%, 10/1/55

      1,000        1,106     
 

New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue Refunding Bonds, Wichita Falls Retirement Foundation,

         
 

1/1/41(6)

     1,270        1,369     
 

New Hope Cultural Education Facilities Finance Corp. Student Housing Revenue Bonds, CHF-Collegiate Housing San Antonio, Prerefunded,

         
 

5.00%, 4/1/26(8)

     3,000        3,562     
 

New Hope Cultural Education Facilities Finance Corp. Student Housing Revenue Bonds, Series A, Blinn College Project,

         
 

5.00%, 7/1/57

      1,000        1,126     
 

Newark Higher Education Finance Corp. Education Revenue Bonds, Series A, TLC Academy,

         
 

4.00%, 8/15/51

      1,095        1,155     
 

4.00%, 8/15/56

      1,130        1,185     
 

North Texas Tollway Authority Revenue Bonds, Series B,

         
 

3.00%, 1/1/51

      1,825        1,898     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    201    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

     

 

   HIGH YIELD MUNICIPAL FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

      
  Texas – 6.5%    continued         
 

San Antonio Electric & Gas Junior Lien Revenue Bonds, Prerefunded,

         
 

5.00%, 2/1/23(8)

     $2,500        $2,657     
 

Tarrant County Cultural Educational Facilities Finance Corp. Retirement Facilities Revenue Bonds, Series B, Buckner Retirement Services,

         
 

5.00%, 11/15/46

      4,000        4,568     
 

Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds,

         
 

5.00%, 12/15/32

      500        669     
 

Texas State Private Activity Bond Surface Transportation Corp. Revenue Bonds (AMT), Segment 3C Project,

         
 

5.00%, 6/30/58

      1,500        1,793     
 

Texas State Private Activity Bond Surface Transportation Corp. Revenue Refunding Bonds, LBJ Infrastructure Group,

         
 

4.00%, 6/30/40

      500        579     
 

Texas State Private Activity Bond Surface Transportation Corp. Senior Lien Revenue Bonds (AMT), Blueridge Transportation,

         
 

5.00%, 12/31/40

      2,750        3,084     
 

5.00%, 12/31/45

      1,250        1,393     
 

Texas Water Development Board State Revolving Funds Revenue Bonds,

         
 

4.00%, 8/1/37

      5,000        6,049     
       
                  50,630           
  Utah – 1.1%         
 

Black Desert Public Infrastructure District Senior G.O. Limited Bonds, Series A,

         
 

4.00%, 3/1/51

      2,500        2,503     
 

Mida Mountain Village Public Infrastructure District Special Assessment Revenue Bonds,

         
 

4.00%, 8/1/50

      1,000        1,038     
 

Mida Mountain Village Public Infrastructure District Special Assessment Revenue Bonds, Series A,

         
 

5.00%, 8/1/50

      1,000        1,127     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

      
  Utah – 1.1%    continued         
 

Military Installation Development Authority Tax Allocation Revenue Bonds, Series A-1,

         
 

4.00%, 6/1/52

      $1,000        $1,014     
 

Utah Infrastructure Agency Tax-Exempt Telecommunications Revenue Bonds,

         
 

4.00%, 10/15/42

      1,000        1,124     
 

3.00%, 10/15/45

      1,000        1,013     
 

Utah State Charter School Finance Authority Charter School Revenue Bonds, Mountain West Montessori Academy,

         
 

5.00%, 6/15/49

      825        917     
       
                  8,736           
  Vermont – 0.9%         
 

Vermont State EDA Mortgage Revenue Refunding Bonds, Wake Robin Corp. Project,

         
 

5/1/45(6)

     2,545        2,728     
 

Vermont State Educational & Health Buildings Financing Agency Revenue Refunding Bonds, Middlebury College Project,

         
 

4.00%, 11/1/50

      4,000        4,593     
       
                  7,321           
  Virginia – 1.7%         
 

Arlington County G.O. Unlimited Bonds,

         
 

5.00%, 6/15/40

      4,770        6,259     
 

Virginia College Building Authority Educational Facilities Revenue Refunding Bonds, Regent University Project,

         
 

3.00%, 6/1/41

      400        411     
 

Virginia Small Business Financing Authority Private Activity Senior Revenue Bonds (AMT), Transform 66-P3 Project,

         
 

5.00%, 12/31/49

      1,000        1,188     
 

Virginia State College Building Authority Educational Facilities Revenue Bonds, Marymount University Project, Green Bonds,

         
 

5.25%, 7/1/35

      270        294     
 

5.00%, 7/1/45

      2,515        2,690     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    202    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

      
  Virginia – 1.7%    continued         
 

Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), Express Lanes LLC,

         
 

5.00%, 1/1/40

      $1,000        $1,011     
 

Virginia State Small Business Financing Authority Solid Waste Disposal Facilities Revenue Bonds (AMT), Covanta Project,

         
 

5.00%, 7/1/38(3) (4) (5)

      1,000        1,051     
       
                  12,904           
  Washington – 2.7%         
 

Energy Northwest Electric Revenue Refunding Bonds, Columbia Generating Station,

         
 

4.00%, 7/1/42

      3,000        3,579     
 

Tacoma Electric System Revenue Refunding Bonds, Green Bonds,

         
 

4.00%, 1/1/51

      2,000        2,327     
 

Washington State G.O. Unlimited Bonds, Series E,

         
 

5.00%, 6/1/43

      5,550        7,143     
 

Washington State Higher Education Facilities Authority Revenue Bonds, Whitworth University Project,

         
 

4.00%, 10/1/49

      2,250        2,443     
 

Washington State Housing Finance Commission Nonprofit Housing Revenue Refunding Bonds, The Hearthstone Project,

         
 

5.00%, 7/1/48(1)

     525        558     
 

5.00%, 7/1/53(1)

     500        530     
 

Washington State Housing Finance Commission Nonprofit Revenue Bonds, Series A, Spokane International Academy Project,

         
 

5.00%, 7/1/50

      710        793     
 

Washington State Housing Finance Commission Revenue Bonds, Rockwood Retirement Communities Project,

         
 

5.00%, 1/1/55

      2,000        2,146     
 

Washington State Housing Finance Commission Revenue Bonds, Series A, Transforming Age Project,

         
 

5.00%, 1/1/55

      1,000        1,116     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

      
  Washington – 2.7%    continued         
 

Washington State Housing Finance Commission Social Certificate Revenue Bonds, Series A-1,

         
 

3.50%, 12/20/35

      $498        $574     
       
                  21,209           
  West Virginia – 0.6%         
 

West Virginia State EDA Solid Waste Disposal Facilities Variable Revenue Bonds (AMT), Senior-Arch Resources,

         
 

5.00%, 7/1/25(3) (4) (5)

      1,000        1,086     
 

West Virginia State Hospital Finance Authority, Revenue Refunding Bonds, Cabell Huntington Hospital,

         
 

5.00%, 1/1/43

      3,000        3,602     
       
                  4,688           
  Wisconsin – 2.9%         
 

PFA Charter School Revenue Bonds, Freedom Classical Academy, Inc.,

         
 

5.00%, 1/1/56(1)

     1,000        1,066     
 

PFA Charter School Revenue Bonds, Series A, Eno River Project,

         
 

5.00%, 6/15/54(1)

     1,375        1,543     
 

PFA Education Revenue Bonds, North Carolina Leadership Academy,

         
 

5.00%, 6/15/49(1)

     520        560     
 

PFA Educational Facilities Revenue Bonds, Charter Day School, Inc., Project,

         
 

5.00%, 12/1/55

      1,530        1,709     
 

PFA Educational Facilities Revenue Bonds, Series A, Kipp Charlotte, Inc.,

         
 

5.00%, 10/15/50(1)

     1,000        1,096     
 

PFA Healthcare Facilities Revenue Bonds, Appalachian Regional Healthcare System Obligated,

         
 

4.00%, 7/1/46

      1,000        1,139     
 

4.00%, 7/1/51

      875        989     
 

PFA Retirement Facilities First Mortgage Revenue Bonds, Series A,

         
 

5.25%, 3/1/55(1)

     1,000        1,143     
 

PFA Retirement Facilities Revenue Refunding Bonds, Friend’s Homes,

         
 

5.00%, 9/1/54

      1,500        1,698     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    203    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

     

 

   HIGH YIELD MUNICIPAL FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 95.0%    continued

 

      
  Wisconsin – 2.9%    continued         
 

PFA Revenue Refunding Bonds, Ultimate Medical Academy,

         
 

5.00%, 10/1/34

      $1,000        $1,200     
 

PFA Senior Revenue Bonds, Wonderful Foundations Charter School Portfolio Projects,

         
 

5.00%, 1/1/55

      1,500        1,678     
 

PFA Student Housing Revenue Bonds, NC A&T Real Estate Foundation, LLC Project,

         
 

5.00%, 6/1/49

      1,000        1,176     
 

Public Finance Authority Educational Facility Revenue Refunding Bonds, Estancia Valley Classical,

         
 

4.25%, 7/1/51(1)

     1,345        1,329     
 

Public Finance Authority Hospital Revenue Refunding Bonds, Series 2021A, UNC Health Southeastern,

         
 

4.00%, 2/1/51

      2,000        2,253     
 

Public Finance Authority Revenue Bonds, Texas Biomedical Research Institute,

         
 

3.00%, 6/1/48

      1,000        1,010     
 

Public Finance Authority Special Facility Revenue Bonds (AMT), Sky Harbour Capital LLC AV,

         
 

4.25%, 7/1/54

      1,500        1,544     
 

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, St. Camillus Health System,

         
 

5.00%, 11/1/54

      1,000        1,108     
       
                  22,241           
  Wyoming – 0.4%         
 

Campbell County Solid Waste Facilities Revenue Refunding Bonds, Basin Electric Power Cooperative,

         
 

3.63%, 7/15/39

      3,000        3,195     
         
    Total Municipal Bonds                           
  (Cost $707,246)         734,807     
         NUMBER
OF SHARES		      VALUE
(000S)		        
  INVESTMENT COMPANIES – 5.8%

 

     
 

Northern Institutional Funds - U.S. Government Portfolio (Shares),

        
 

0.00%(11) (12)

      44,609,280        $44,609    
         
    Total Investment Companies                          
  (Cost $44,609)         44,609    
         
         
    Total Investments – 100.8%                          
  (Cost $751,855)         779,416    
 

Liabilities less Other Assets – (0.8%)

         (6,425 )   
         
  NET ASSETS – 100.0%       $ 772,991    

 

(1) 

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

(2) 

Restricted security that has been deemed illiquid. At September 30, 2021, the value of this restricted illiquid security amounted to approximately $2,278,000 or 0.3% of net assets. Additional information on this restricted illiquid security is as follows:

 

    SECURITY    ACQUISITION
AND
ENFORCEABLE
DATE		   

COST

(000S)

      
   

Arizona State IDA Education Revenue Bonds, Academies of Math & Science Project, 5.63%, 7/1/48

    11/8/18          $1,993      

 

(3) 

Maturity date represents the puttable date.

(4) 

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

(5) 

Variable rate security. Rate as of September 30, 2021 is disclosed.

(6)

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(7) 

Issuer has defaulted on terms of debt obligation. Income is not being accrued.

(8) 

Maturity date represents the prerefunded date.

(9) 

Security has converted to a fixed rate as of May 3, 2021, and will continue at a fixed rate going forward.

(10) 

Security has converted to a fixed rate as of December 15, 1999, and will continue at a fixed rate going forward.

(11) 

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(12) 

7-day current yield as of September 30, 2021 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BANS - Bond Anticipation Notes

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    204    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

CHF - Collegiate Housing Foundation

COPS - Certificates of Participation

CSCDA - California Statewide Communities Development Authority

EDA - Economic Development Authority

FHA - Federal Housing Administration

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

G.O. - General Obligation

GNMA - Government National Mortgage Association

IDA - Industrial Development Authority

IDB - Industrial Development Board

L.P. - Limited Partnership

LLC - Limited Liability Company

MFH - Multi-Family Housing

NCCD - National Campus and Community Development Corporation

PCR - Pollution Control Revenue

PFA - Public Finance Authority

Q-SBLF - Qualified School Bond Loan Fund

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE(1)      % OF NET ASSETS    
  Municipal Bonds      95.0%  
  Investment Companies      5.8%  

 

(1) 

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS

   

LEVEL 1

(000S)

     

LEVEL 2

(000S)

     

LEVEL 3

(000S)

     

TOTAL

(000S)

  

  Municipal Bonds(1)

   $ —      $ 734,807              $ —      $ 734,807  

  Investment Companies

      44,609        —        —        44,609  
         

  Total Investments

    $ 44,609      $ 734,807              $ —      $ 779,416  

 

(1) 

Classifications as defined in the Schedule of Investments.

 

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    205    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

    INTERMEDIATE TAX-EXEMPT FUND

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS – 0.3%         
  Health Care Facilities & Services – 0.3%         
 

Baylor Scott & White Holdings,

         
 

0.83%, 11/15/25

      $3,000        $2,930     
 

Bon Secours Mercy Health, Inc.,

         
 

3.46%, 6/1/30

      500        546     
 

Seattle Children’s Hospital,

         
 

1.21%, 10/1/27

      5,000        4,863     
 

 

  
          8,339     
 

 

  
  Waste & Environment Services & Equipment – 0.0%

 

   
 

Nature Conservancy (The),

         
 

1.30%, 7/1/28

      1,350        1,311     
         
    Total Corporate Bonds                           
  (Cost $9,850)         9,650     
          
  MUNICIPAL BONDS – 84.0%         
  Alabama – 0.8%         
 

Black Belt Energy Gas District Gas Supply Revenue Refunding Bonds,

         
 

4.00%, 12/1/31(1) (2) (3)

      7,500        9,152     
 

South East Alabama State Gas Supply District Gas Supply Revenue Bonds, Series A, Project No. 2,

         
 

4.00%, 6/1/24(1) (2) (3)

      7,500        8,139     
 

Southeast Energy Authority Revenue Bonds, A Cooperative District Commodity Supply Project No. 2, Series B,

         
 

4.00%, 12/1/31(1) (2) (3)

      5,000        6,057     
 

 

  
          23,348     
 

 

  
  Alaska – 0.6%         
 

Alaska State Housing Finance Corp. Revenue Refunding Bonds, Series A,

         
 

5.00%, 6/1/30

      5,000        6,117     
 

Alaska State Housing Finance Corp. Revenue Refunding Bonds, State Capital Project Bond,

         
 

4.00%, 6/1/36

      5,000        5,413     
 

Anchorage Electric Utility Senior Lien Revenue Refunding Bonds, Series A, Prerefunded,

         
 

5.00%, 12/1/24(4)

     5,000        5,728     
 

 

  
          17,258     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued         
  Arizona – 3.3%         
 

Arizona Board of Regents State University System Revenue Bonds, Series B, Green Bonds,

         
 

5.00%, 7/1/42

      $1,000        $1,180     
 

Arizona IDA Hospital Revenue Bonds, Phoenix Children’s Hospital,

         
 

2/1/32(5)

     1,000        1,328     
 

Arizona State IDA Education Revenue Bonds, Series A-Social, Macombs Facility Project,

         
 

4.00%, 7/1/36

      315        358     
 

4.00%, 7/1/41

      800        896     
 

Arizona State Transportation Board Excise Tax Revenue Refunding Bonds,

         
 

5.00%, 7/1/25

      10,000        11,262     
 

Arizona State Transportation Board Highway Revenue Refunding Bonds,

         
 

5.00%, 7/1/28

      12,000        13,487     
 

Arizona State University Revenue Bonds, Series A, Green Bonds,

         
 

5.00%, 7/1/41

      10,995        13,788     
 

Bullhead City Excise Tax Revenue Bonds, Second Series,

         
 

2.70%, 7/1/51

      2,500        2,429     
 

Chandler Excise TRB,

         
 

5.00%, 7/1/27

      5,000        5,399     
 

Chandler Industrial Development Authority Variable Revenue Bonds (AMT), Intel Corp.,

         
 

5.00%, 6/3/24(1) (2) (3)

      1,000        1,117     
 

La Paz County IDA Education Facility Lease Revenue Bonds, Harmony Public Schools Project,

         
 

4.00%, 2/15/41

      425        474     
 

4.00%, 2/15/46

      335        371     
 

Maricopa County High School District No. 210 Phoenix G.O. Unlimited Bonds, School Improvement Project of 2011 & 2017,

         
 

5.00%, 7/1/35

      1,775        2,151     
 

Maricopa County IDA Educational Facilities Revenue Bonds, Creighton University Project,

         
 

5.00%, 7/1/47

      1,500        1,845     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    206    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

  Arizona – 3.3%    continued

 

 

Maricopa County IDA Revenue Bonds, Series B, Banner Health,

         
 

5.00%, 10/18/22(1) (2) (3)

      $500        $525     
 

Maricopa County IDA Revenue Refunding Bonds, Banner Health Obligation Group,

         
 

4.00%, 1/1/36

      180        202     
 

Maricopa County Special Health Care District G.O. Unlimited Bonds,

         
 

4.00%, 7/1/38

      2,500        2,866     
 

Maricopa County Special Health Care District G.O. Unlimited Bonds, Series D,

         
 

5.00%, 7/1/32

      5,000        6,631     
 

Maricopa County Unified School District No. 69 Paradise Valley School Improvement Project 2015 G.O. Unlimited Bonds, Series C,

         
 

5.00%, 7/1/26

      1,500        1,805     
 

Phoenix Civic Airport Improvement Corp. Junior Lien Airport Revenue Bonds,

         
 

4.00%, 7/1/44

      2,000        2,303     
 

Phoenix Civic Improvement Corp. District Convertible Revenue CABS, Series B, Civic Plaza (NATL Insured),

         
 

5.50%, 7/1/38

      2,500        3,721     
 

Phoenix Civic Improvement Corp. Wastewater System Junior Lien Revenue Refunding Bonds,

         
 

5.00%, 7/1/30

      2,000        2,388     
 

Salt River Project Agricultural Improvement & Power District Electric Revenue Refunding Bonds, Series A,

         
 

5.00%, 12/1/23

      10,000        10,077     
 

Salt River Project Agricultural Improvement & Power District Electric System Revenue Bonds,

         
 

5.00%, 1/1/47

      5,080        6,381     
 

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A,

         
 

5.00%, 12/1/35

      5,000        5,765     
 

 

  
          98,749     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

  California – 9.7%

 

 

Bay Area Toll Authority Toll Bridge Revenue Bonds, Prerefunded,

         
 

5.00%, 4/1/22(4)

     $1,145        $1,173     
 

Burbank Unified School District G.O. Unlimited Convertible CABS, Series A, Prerefunded,

         
 

(Step to 5.00% on 8/1/23), 0.00%, 2/1/25(4) (6)

      3,500        3,702     
 

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,

         
 

4.00%, 8/1/31(1) (2) (3)

      20,000        24,239     
 

California HFA Municipal Certificates Revenue Bonds, Series 2, Class A,

         
 

4.00%, 3/20/33

      1,946        2,293     
 

California HFA Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,

         
 

3.50%, 11/20/35

      3,475        4,031     
 

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-2, Class A Social Certificates (FHLMC Insured),

         
 

3.75%, 3/25/35

      5,000        5,928     
 

California State Department of Water Resources Central Valley Project Revenue Bonds, Series BA, Water System,

         
 

5.00%, 12/1/32

      2,000        2,583     
 

California State Department of Water Resources Central Valley Project Water System Revenue Bonds, Series AM, Prerefunded,

         
 

5.00%, 6/1/23(4)

     1,000        1,080     
 

California State G.O. Unlimited Bonds, Series 2007, Unrefunded Balance,

         
 

5.75%, 5/1/30

      80        80     
 

California State G.O. Unlimited Refunding Bonds,

         
 

5.00%, 11/1/29

      10,000        13,046     
 

5.00%, 11/1/30

      2,500        3,313     
 

California State G.O. Unlimited Various Purpose Refunding Bonds,

         
 

4.00%, 10/1/27

      10,000        11,900     
 

5.00%, 10/1/27

      6,500        8,115     
 

5.00%, 10/1/29

      5,000        6,512     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    207    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

  California – 9.7%    continued

 

 

5.00%, 4/1/30

      $1,500        $1,966     
 

5.00%, 4/1/33

      15,000        19,098     
 

5.00%, 4/1/33

      9,000        10,007     
 

California State Health Facilities Financing Authority Revenue Refunding Bonds, Series A, CommonSpirit Health,

         
 

4.00%, 4/1/36

      2,000        2,361     
 

California State Health Facilities Financing Authority Variable Revenue Refunding Bonds, St. Joseph Health System,

         
 

1.70%, 10/18/22(1) (2) (3)

      2,750        2,792     
 

California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village,

         
 

5.00%, 5/15/36

      6,130        7,517     
 

5.00%, 5/15/37

      3,440        4,208     
 

California State Taxable G.O. Unlimited Bonds,

         
 

3.50%, 4/1/28

      6,750        7,533     
 

California State Various Purpose G.O. Unlimited Bonds,

         
 

5.00%, 10/1/22

      5,000        5,240     
 

2.38%, 10/1/51

      3,000        2,858     
 

Carlsbad Unified School District G.O. Unlimited Convertible CABS, Series C, Election,

         
 

(Step to 6.63% on 8/1/26), 0.00%, 8/1/35(6)

     11,850        14,683     
 

CSCDA Student Housing Revenue Refunding Bonds, CHF-Irvine, LLC,

         
 

5.00%, 5/15/29

      1,250        1,477     
 

CSCDA Taxable Revenue Refunding Bonds, Green Bonds,

         
 

1.46%, 2/1/28

      650        647     
 

Cupertino Union School District Crossover G.O. Unlimited Refunding Bonds, Series A, Prerefunded,

         
 

5.00%, 8/1/23(4)

     435        473     
 

Glendale Electric Works Revenue Bonds,

         
 

5.00%, 2/1/43

      5,000        5,399     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

  California – 9.7%    continued

 

 

Long Beach Harbor Revenue Bonds, Series A,

         
 

5.00%, 5/15/37

      $1,000        $1,263     
 

Los Angeles Community College District G.O. Unlimited Refunding Bonds, Series A, Prerefunded,

         
 

5.00%, 8/1/24(4)

     10,000        11,336     
 

5.00%, 8/1/24(4)

     1,310        1,485     
 

Los Angeles County TRANS,

         
 

4.00%, 6/30/22

      10,000        10,290     
 

Los Angeles Department of Airports Airport Los Angeles International Subordinate Revenue Refunding Bonds (AMT),

         
 

5.00%, 5/15/31

      2,000        2,518     
 

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport,

         
 

5.00%, 5/15/35

      600        707     
 

Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds, Series D (AMT),

         
 

5/15/32(5)

     6,165        8,094     
 

5/15/46(5)

     5,000        5,754     
 

Los Angeles Department of Airports Airport Subordinate Taxable Revenue Refunding Bonds, Subseries E,

         
 

5/15/27(5)

     1,050        1,041     
 

Los Angeles Department of Airports Subordinate Revenue Bonds, Series C (AMT),

         
 

5.00%, 5/15/35

      10,000        12,219     
 

Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B,

         
 

5.00%, 7/1/46

      1,500        1,916     
 

Los Angeles Department of Water & Power System Revenue Bonds, Series D,

         
 

5.00%, 7/1/39

      2,500        2,800     
 

Northern Energy Authority Commodity Supply Revenue Bonds, Series A,

         
 

4.00%, 7/1/24(1) (2) (3)

      7,500        8,157     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    208    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

  California – 9.7%    continued

 

 

Orange County Transportation Authority Revenue BANS, I-405 Improvement Project,

         
 

5.00%, 10/15/24

      $6,600        $7,527     
 

Palomar Community College District G.O. Unlimited Convertible CABS, Election,

         
 

(Step to 6.38% on 8/1/30), 0.00%, 8/1/45(6)

     6,250        6,786     
 

Riverside & Bernardino Counties College District, G.O. Unlimited Bonds, Election of 2004, Series E, Prerefunded,

         
 

0.00%, 2/1/25(4) (7)

      5,855        3,277     
 

Riverside Community College District Taxable G.O. Unlimited Refunding Bonds,

         
 

1.40%, 8/1/27

      1,000        1,004     
 

Riverside Sewer Revenue Refunding Bonds, Series A,

         
 

5.00%, 8/1/37

      3,260        4,053     
 

Sacramento County Airport System Revenue Refunding Bonds, Series C (AMT),

         
 

5.00%, 7/1/35

      6,000        7,318     
 

San Francisco California City & County Airport Commission International Revenue Refunding Bonds, Series H (AMT),

         
 

5.00%, 5/1/27

      5,000        6,108     
 

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),

         
 

5.00%, 5/1/35

      3,500        4,357     
 

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series E (AMT),

         
 

5.00%, 5/1/39

      2,355        2,902     
 

San Francisco City & County Public Utilities Commission Water Revenue Refunding Bonds,

         
 

4.00%, 11/1/33

      2,500        2,774     
 

San Mateo Union High School District G.O. Unlimited Convertible CABS, Election 2010,

         
 

(Step to 6.70% on 9/1/28), 0.00%, 9/1/41(6)

     5,000        5,841     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

  California – 9.7%    continued

 

 

Santa Clara Valley Water District COPS, Series C,

         
 

5.00%, 6/1/24

      $650        $732     
 

 

  
          294,513     
 

 

  
  Colorado – 2.3%

 

 

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding),

         
 

5.25%, 12/1/40

      4,775        5,811     
 

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding), Prerefunded,

         
 

5.25%, 12/1/26(4)

     225        277     
 

Arvada Sales & Use TRB,

         
 

5.00%, 12/1/31

      3,000        3,796     
 

Colorado Springs Utilities Revenue Bonds, Series A-4,

         
 

5.00%, 11/15/43

      6,500        7,977     
 

Colorado State COPS ,Series A,

         
 

4.00%, 12/15/36

      10,000        11,686     
 

Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Adventhealth Obligated Group,

         
 

5.00%, 11/15/37

      1,000        1,270     
 

Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Adventist Health System Sunbelt,

         
 

4.00%, 11/15/41

      1,000        1,110     
 

Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Series A, Commonspirit Health,

         
 

5.00%, 8/1/34

      1,000        1,251     
 

5.00%, 8/1/35

      2,500        3,121     
 

5.00%, 8/1/35

      1,060        1,324     
 

4.00%, 8/1/49

      2,000        2,243     
 

Colorado State School of Mines Institutional Enterprise Revenue Bonds, Series B,

         
 

5.00%, 12/1/42

      1,000        1,224     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    209    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued         
  Colorado – 2.3%    continued         
 

Denver City & County Airport System Subordinate Revenue Bonds, Series B,

         
 

5.25%, 11/15/28

      $1,500        $1,653     
 

5.25%, 11/15/29

      1,740        1,916     
 

Denver City & County Airport System Subordinate Revenue Refunding Bonds (AMT), Series A,

         
 

5.00%, 12/1/43

      3,000        3,629     
 

Denver City & County Airport System Subordinate Revenue Refunding Bonds, Series B,

         
 

5.00%, 12/1/43

      5,000        6,162     
 

Denver City & County Dedicated TRB, Series A-1,

         
 

5.00%, 8/1/48

      2,750        3,202     
 

Denver City & County School District No. 1 G.O. Unlimited Refunding Bonds, Series A (NATL Insured State Aid Withholding),

         
 

5.50%, 12/1/22

      5,000        5,310     
 

La Plata County School District No. 9-R Durango G.O. Unlimited Bonds (State Aid Withholding),

         
 

5.00%, 11/1/29

      2,740        3,575     
 

Regional Transportation District Private Activity Revenue Refunding Bonds, Denver Transit Partners,

         
 

4.00%, 1/15/33

      900        1,079     
 

University of Colorado Enterprise Revenue Bonds, Series A, Prerefunded,

         
 

5.00%, 6/1/23(4)

     1,000        1,079     
 

 

  
          68,695     
 

 

  
  Connecticut – 1.1%

 

 

Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series C-2, Yale University,

         
 

5.00%, 2/1/23(1) (2) (3)

      5,000        5,317     
 

Connecticut State Housing Mortgage Finance Program Authority Revenue Refunding Bonds, Series E-1,

         
 

2.35%, 11/15/40

      2,850        2,839     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued         
  Connecticut – 1.1%    continued         
 

Connecticut State Special Tax Obligation Revenue Bonds, Series A, Transportation Infrastructure,

         
 

5.00%, 9/1/31

      $1,000        $1,128     
 

Connecticut State Special Tax Obligation Revenue Bonds, Series B,

         
 

5.00%, 10/1/31

      5,000        6,292     
 

5.00%, 10/1/35

      5,000        6,247     
 

Connecticut State Special Tax Obligation Transportation Revenue Refunding Bonds, Series B,

         
 

3.00%, 12/1/22

      1,725        1,733     
 

University of Connecticut Revenue Bonds, Series A,

         
 

5.25%, 11/15/47

      8,000        9,799     
 

 

  
          33,355     
 

 

  
  Delaware – 0.1%

 

 

Delaware State G.O. Unlimited Bonds, Series A,

         
 

5.00%, 1/1/29

      2,000        2,570     
 

 

  
  District of Columbia – 1.4%         
 

District of Columbia G.O. Unlimited Bonds, Series C,

         
 

5.00%, 6/1/34

      2,500        2,797     
 

District of Columbia Water & Sewer Authority Public Utility Subordinate Lien Revenue Refunding Bonds, Series C,

         
 

5.00%, 10/1/39

      5,000        5,631     
 

Metropolitan Washington Airports Authority System Revenue Bonds, Series C (AMT),

         
 

5.00%, 10/1/26

      2,000        2,000     
 

Metropolitan Washington Airports Authority System Revenue Refunding Bonds (AMT),

         
 

5.00%, 10/1/26

      2,500        3,009     
 

5.00%, 10/1/30

      2,630        3,221     
 

Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT),

         
 

5.00%, 10/1/28

      3,000        3,264     
 

5.00%, 10/1/28

      2,510        2,624     
 

5.00%, 10/1/29

      5,000        6,397     
 

5.00%, 10/1/30

      2,500        3,230     
 

5.00%, 10/1/46

      3,000        3,772     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    210    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
  MUNICIPAL BONDS - 84.0%     continued         
  District Of Columbia – 1.4%    continued         
 

Washington Metropolitan Area Transit Authority Gross Revenue Bonds,

         
 

5.00%, 7/1/38

      $3,000        $3,614     
 

5.00%, 7/1/43

      2,000        2,389     
 

 

  
          41,948     
 

 

  
  Florida – 4.2%         
 

Broward County Airport System Revenue Bonds (AMT),

         
 

5.00%, 10/1/37

      1,500        1,801     
 

Broward County Airport System Revenue Bonds, Series A (AMT),

         
 

5.00%, 10/1/30

      2,000        2,542     
 

Broward County Airport System Revenue Bonds, Series C, Prerefunded,

         
 

5.25%, 10/1/23(4)

     6,185        6,798     
 

Broward County Airport System Revenue Bonds, Series Q-1, Prerefunded,

         
 

5.00%, 10/1/22(4)

     1,295        1,357     
 

Broward County Port Facilities Revenue Refunding Bonds, Series A (AGM Insured), Unrefunded Balance,

         
 

5.00%, 9/1/24

      330        331     
 

5.00%, 9/1/25

      330        331     
 

Broward County Port Facilities Revenue Refunding Bonds, Series B (AMT), Unrefunded Balance,

         
 

5.00%, 9/1/23

      835        838     
 

Broward County School District G.O. Unlimited Bonds,

         
 

5.00%, 7/1/35

      6,180        7,654     
 

Central Florida Expressway Authority Senior Lien Revenue Refunding Bonds, Series B,

         
 

4.00%, 7/1/35

      6,500        7,367     
 

Davie Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project,

         
 

5.00%, 4/1/48

      2,000        2,361     
 

Florida Municipal Power Agency Revenue Refunding Bonds, Series A, St. Lucie Project,

         
 

10/1/30(5)

     1,100        1,308     

 

        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
  MUNICIPAL BONDS - 84.0%    continued         
  Florida – 4.2%    continued         
 

Florida State Atlantic University Finance Corp. Capital Improvement Revenue Refunding Bonds, Series A,

         
 

5.00%, 7/1/27

      $2,000        $2,453     
 

Florida State Department Transportation G.O. Unlimited Refunding Bonds,

         
 

3.00%, 7/1/30

      5,000        5,071     
 

Florida State Municipal Power Agency Revenue Refunding Bonds, Series A,

         
 

5.00%, 10/1/31

      1,000        1,197     
 

Florida State Ports Financing Commission Revenue Refunding Bonds, Series B (AMT), State Transportation Trust Fund, Prerefunded,

         
 

5.38%, 10/1/22(4)

     3,395        3,395     
 

Florida State Turnpike Authority Revenue Bonds, Series C, Department of Transportation,

         
 

4.50%, 7/1/43

      5,000        5,295     
 

Hillsborough County Aviation Authority Customer Facilities Charge Revenue Bonds, Series A, Tampa International Airport,

         
 

5.00%, 10/1/44

      2,500        2,810     
 

Hillsborough County Aviation Authority Subordinate Revenue Bonds, Series B, Tampa International Airport,

         
 

5.00%, 10/1/44

      4,000        4,510     
 

Hillsborough County IDA Hospital Revenue Bonds, Series A, Tampa General Hospital Project,

         
 

4.00%, 8/1/45

      3,000        3,469     
 

Jacksonville Sales Tax Revenue Refunding Bonds,

         
 

5.00%, 10/1/30

      5,500        5,758     
 

Lee County School Board Refunding COPS,

         
 

5.00%, 8/1/22

      800        832     
 

Miami Beach Health Facilities Authority Mt. Sinai Medical Center of Florida Revenue Bonds,

         
 

4.00%, 11/15/46

      2,000        2,288     
 

Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT),

         
 

5.00%, 10/1/27

      1,320        1,488     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    211    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  Florida – 4.2%    continued         
 

Miami-Dade County Aviation Revenue Refunding Bonds, Series B,

         
 

5.00%, 10/1/37

      $650        $734     
 

Miami-Dade County Aviation Taxable Revenue Refunding Bonds, Series B,

         
 

2.37%, 10/1/23

      2,700        2,797     
 

Miami-Dade County Housing Finance Authority Multifamily Housing Variable Revenue Bonds, Platform 3750 II LLC,

         
 

0.25%, 8/1/23(1) (2) (3)

      2,500        2,501     
 

Miami-Dade County School Board COPS, Series A, Prerefunded,

         
 

5.00%, 5/1/23(4)

     5,000        5,369     
 

Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-1 (AGM Insured) (AMT),

         
 

4.00%, 10/1/45

      2,325        2,683     
 

Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-2 (AGM Insured),

         
 

3.00%, 10/1/50

      6,000        6,235     
 

Miami-Dade County Special Obligation Subordinate Taxable Revenue Refunding Bonds, Series 2,

         
 

1.15%, 10/1/25

      500        500     
 

Miami-Dade County Water & Sewer System Revenue Bonds,

         
 

5.00%, 10/1/32

      1,250        1,661     
 

Miami-Dade County Water & Sewer System Revenue Refunding Bonds, Series B (AGM Insured),

         
 

5.25%, 10/1/22

      2,500        2,626     
 

Orange County HFA Multifamily Variable Revenue Bonds, Dunwoodie Place Apartments,

         
 

0.20%, 9/1/23(1) (2) (3)

      2,200        2,197     
 

Orange County HFA Multifamily Variable Revenue Bonds, Jernigan Gardens Project (HUD Sector 8 Program),

         
 

0.35%, 10/1/22(1) (2) (3)

      5,000        5,001     
 

Orlando Utilities Commission Utility System Revenue Bonds, Series B,

         
 

1.25%, 10/1/28(1) (2) (3)

      1,000        1,001     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

      
  Florida – 4.2%    continued         
 

Palm Beach County Solid Waste Authority Revenue Refunding Bonds, Prerefunded,

         
 

5.00%, 10/1/21(4)

     $80        $80     
 

Palm Beach County Solid Waste Authority Revenue Refunding Bonds, Unrefunded Balance,

         
 

5.00%, 10/1/31

      4,920        4,920     
 

Pasco County School Board COPS, Series A (BAM Insured),

         
 

5.00%, 8/1/43

      5,000        6,049     
 

Reedy Creek Improvement District G.O. Limited Bonds, Series A, Prerefunded,

         
 

5.25%, 6/1/23(4)

     5,000        5,418     
 

5.25%, 6/1/23(4)

     5,000        5,418     
 

 

  
          126,444     
 

 

  
  Georgia – 3.3%         
 

Atlanta Airport Revenue Refunding Bonds, Series B,

         
 

7/1/38(5)

     5,000        5,993     
 

7/1/39(5)

     1,750        2,092     
 

Downtown Savannah Authority Revenue Bonds, Chatham County Judicial Complex,

         
 

5.00%, 6/1/32

      1,250        1,486     
 

Gainesville & Hall County Hospital Authority Revenue Anticipation Certificates, Northeast Georgia Health System, Inc. Project,

         
 

2.50%, 2/15/51

      7,500        7,076     
 

3.00%, 2/15/51

      5,000        5,189     
 

Georgia State G.O. Unlimited Bonds, Series A,

         
 

5.00%, 7/1/31

      10,965        13,811     
 

4.00%, 7/1/36

      5,000        5,883     
 

Georgia State G.O. Unlimited Refunding Bonds, Series A, Bidding Group 1,

         
 

5.00%, 7/1/32

      10,000        13,477     
 

Georgia State G.O. Unlimited Refunding Bonds, Series F,

         
 

5.00%, 1/1/28

      5,745        7,007     
 

Georgia State Housing & Finance Authority Revenue Bonds, Series B,

         
 

3.25%, 12/1/49

      2,500        2,618     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    212    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued         
  Georgia – 3.3%    continued         
 

Gwinnett County School District G.O. Unlimited Bonds,

         
 

5.00%, 2/1/40

      $5,000        $6,255     
 

Main Street Natural Gas, Inc. Gas Supply Revenue Bonds, Series A,

         
 

4.00%, 9/1/23(1) (2) (3)

      14,500        15,411     
 

Main Street Natural Gas, Inc. Gas Supply Revenue Bonds, Subseries C,

         
 

4.00%, 12/1/23(1) (2) (3)

      9,755        10,444     
 

Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle Units 3 & 4 Project,

         
 

5.50%, 7/1/60

      2,500        2,871     
 

 

  
          99,613     
 

 

  
  Hawaii – 1.3%         
 

Hawaii State Airports System Revenue Bonds, Series A (AMT),

         
 

5.00%, 7/1/28

      1,025        1,281     
 

5.00%, 7/1/30

      1,250        1,551     
 

5.00%, 7/1/43

      5,000        6,062     
 

Hawaii State G.O. Unlimited Refunding Bonds, Series EP,

         
 

5.00%, 8/1/26

      10,000        11,283     
 

Honolulu City & County G.O. Unlimited Bonds, Series A,

         
 

5.00%, 10/1/35

      4,825        5,601     
 

Honolulu City & County Wastewater System Revenue Refunding Bonds, Senior Series B, First Bond Resolution,

         
 

5.00%, 7/1/27

      11,755        13,693     
 

 

  
          39,471     
 

 

  
  Illinois – 3.3%         
 

Champaign County Community Unit School District No. 4 G.O. Unlimited Bonds, Series A,

         
 

5.00%, 1/1/32

      2,300        2,837     
 

Chicago Midway Airport Second Lien Revenue Refunding Bonds, Series A (AMT),

         
 

5.50%, 1/1/30

      2,025        2,148     
 

Chicago Midway Airport Second Lien Revenue Refunding Bonds, Series B,

         
 

5.25%, 1/1/34

      2,500        2,646     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued         
  Illinois – 3.3%    continued         
 

Chicago O’Hare International Airport Revenue Refunding Bonds, Series B,

         
 

5.00%, 1/1/29

      $5,000        $5,700     
 

Chicago O’Hare International Airport Senior Lien General Revenue Bonds, Series C (AMT),

         
 

5.25%, 1/1/27

      500        529     
 

Chicago O’Hare International Airport Senior Lien General Revenue Refunding Bonds, Series B (AMT), Prerefunded,

         
 

5.00%, 1/1/22(4)

     5,000        5,058     
 

Chicago O’Hare International Airport Senior Lien Revenue Refunding Bonds, Series A,

         
 

5.00%, 1/1/34

      10,000        12,710     
 

Cook County Sales Tax Revenue Refunding Bonds,

         
 

5.00%, 11/15/33

      5,000        6,131     
 

5.25%, 11/15/35

      5,000        6,208     
 

Cook Kane Lake & Mchenry Counties Community College District No. 512 G.O. Unlimited Bonds,

         
 

4.00%, 12/15/30

      5,000        5,964     
 

Dupage County Forest Preserve District G.O. Unlimited Refunding Bonds,

         
 

5.00%, 1/1/23

      1,000        1,060     
 

Illinois State Finance Authority Academic Facilities Lease Revenue Bonds, University of Illinois at Urbana-Champaign,

         
 

5.00%, 10/1/44

      1,030        1,255     
 

Illinois State Finance Authority Revenue Bonds, Township High School District,

         
 

4.00%, 12/1/32

      1,940        2,334     
 

Illinois State Finance Authority Revenue Refunding Bonds, Edward-Elmhurst Healthcare,

         
 

4.25%, 1/1/44

      5,000        5,674     
 

Illinois State Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical Center,

         
 

5.00%, 11/15/38

      1,955        2,233     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    213    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued         
  Illinois – 3.3%    continued         
 

Illinois State Finance Authority Revenue Refunding Bonds, Series A, University of Chicago,

         
 

5.00%, 10/1/25

      $2,000        $2,354     
 

Illinois State Finance Authority Variable Revenue Bonds, Series B, The Carle Foundation,

         
 

5.00%, 8/15/31(1) (2) (3)

      3,850        5,120     
 

Illinois State Municipal Electric Agency Power Supply Revenue Refunding Bonds, Series A,

         
 

4.00%, 2/1/33

      7,000        7,819     
 

Illinois State Toll Highway Authority Senior Revenue Bonds, Series B,

         
 

5.00%, 1/1/33

      1,720        2,047     
 

5.00%, 1/1/41

      3,000        3,534     
 

Lake Cook Kane & Mchenry County Community Unit School District No. 220 G.O. Unlimited Bonds, Barrington,

         
 

5.00%, 12/1/30

      3,835        5,083     
 

Lake County Community Consolidated School District No. 41 Lake Villa G.O. Unlimited Bonds (BAM Insured),

         
 

4.00%, 11/1/31

      1,000        1,191     
 

Lake County Forest Preservation District G.O. Unlimited Refunding Bonds,

         
 

2.00%, 12/15/31

      4,765        4,921     
 

University of Illinois Revenues Auxiliary Facilities System Revenue Bonds, Series A,

         
 

5.00%, 4/1/33

      1,885        2,079     
 

Will, Grundy, Etc. Counties Community College District No. 525 G.O. Unlimited Refunding Bonds, Alternative Revenue Source, Prerefunded,

         
 

5.25%, 12/1/23(4)

     2,500        2,767     
 

 

  
          99,402     
 

 

  
  Indiana – 1.4%         
 

Carmel Clay School Building Corp. First Mortgage Revenue Bonds (State Intercept Program),

         
 

4.00%, 1/15/30

      2,180        2,659     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued         
  Indiana – 1.4%    continued         
 

Center Grove Multi-Facility School Building Corp. Revenue Bonds, Series C (State Intercept Program),

         
 

5.50%, 7/10/32

      $1,100        $1,485     
 

Indiana Finance Authority Wastewater Utility First Lien Revenue Bonds, Series A, CWA Authority,

         
 

5.25%, 10/1/31

      5,750        5,750     
 

5.25%, 10/1/38

      2,980        2,980     
 

4.25%, 10/1/44

      10,000        10,840     
 

Indiana State Finance Authority Hospital Revenue Refunding Bonds, Series A, University Health Obligated Group,

         
 

5.00%, 12/1/40

      4,000        4,581     
 

Indiana State Health & Educational Facilities Financing Authority Ascension Senior Credit Group Revenue Refunding Bonds,

         
 

4.00%, 11/15/46

      2,500        2,821     
 

Indiana State University Revenue Bonds, Series S, Student Fee,

         
 

4.00%, 10/1/37

      1,855        2,110     
 

Logansport Renovation School Building Corp. First Mortgage Revenue Bonds (State Intercept Program),

         
 

5.00%, 7/15/27

      1,025        1,259     
 

5.00%, 7/15/30

      1,190        1,546     
 

4.00%, 7/15/31

      1,080        1,327     
 

Porter County Jail Building Corp. First Mortgage Revenue Refunding Bonds (AGM Insured),

         
 

5.50%, 1/10/24

      1,135        1,207     
 

Vinton-Tecumseh School Building Corp. Revenue Bonds (State Intercept Program),

         
 

5.00%, 1/15/30

      1,125        1,439     
 

5.00%, 7/15/30

      1,150        1,483     
 

 

  
          41,487     
 

 

  
  Iowa – 0.2%         
 

Cedar Rapids Community School District Infrastructure Sales Services Revenue Refunding Bonds, Series B,

         
 

5.00%, 7/1/22

      1,900        1,967     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    214    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

  Iowa – 0.2%    continued

 

 

Iowa State Finance Authority Revenue Bonds, Series A, Green Bonds,

         
 

5.00%, 8/1/33

      $1,130        $1,480     
 

Pefa Inc., Iowa Gas Project Revenue Bonds,

         
 

5.00%, 9/1/26(1) (2) (3)

      2,500        2,961     
 

 

  
          6,408     
 

 

  
  Kansas – 0.8%

 

 

Johnson County Unified School District No. 512 Shawnee Mission G.O. Unlimited Refunding Bonds, Series A,

         
 

4.00%, 10/1/22

      5,000        5,191     
 

Leawood G.O. Unlimited Temporary Notes,

         
 

1.50%, 9/1/22

      15,000        15,181     
 

Manhattan G.O. Unlimited Temporary Notes, Series 2021-01,

         
 

0.20%, 6/15/24

      5,000        4,979     
 

 

  
          25,351     
 

 

  
  Kentucky – 3.6%

 

 

Carroll County Environmental Facilities Revenue Refunding Bonds (AMT), Kentucky Utilities Company,

         
 

2.00%, 2/1/32

      5,250        5,372     
 

Fayette County School District Finance Corp. Revenue Bonds, Series A (State Intercept Program),

         
 

4.00%, 5/1/38

      5,000        5,588     
 

Jefferson County School District Finance Corp. School Building Revenue Bonds, Series A (State Intercept Program),

         
 

4.00%, 6/1/31

      3,935        4,474     
 

Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Series A, Commonspirit Health,

         
 

5.00%, 8/1/34

      750        938     
 

5.00%, 8/1/35

      550        687     
 

5.00%, 8/1/36

      750        933     
 

Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series C-1, Gas Supply,

         
 

4.00%, 6/1/25(1) (2) (3)

      15,000        16,706     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

  Kentucky – 3.6%    continued

 

 

Kentucky State Public Energy Authority Gas Supply Variable Revenue Bonds, Series C, Gas Supply,

         
 

4.00%, 2/1/28(1) (2) (3)

      $10,000        $11,697     
 

Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply,

         
 

4.00%, 1/1/25(1) (2) (3)

      26,725        29,434     
 

Louisville & Jefferson County Metro Government Pollution Control Revenue Refunding Bonds (AMT), Gas & Electric,

         
 

1.35%, 11/1/27

      2,500        2,508     
 

Louisville & Jefferson County Metro Government Pollution Control Revenue Refunding Bonds, Gas & Electric,

         
 

2.00%, 10/1/33

      15,000        15,023     
 

Louisville & Jefferson County Metropolitan Sewer District & Drain System Revenue Bonds, Series A,

         
 

5.00%, 5/15/34

      3,000        3,015     
 

Louisville & Jefferson County Metropolitan Sewer District & Drain System Revenue Refunding Bonds, Series B,

         
 

5.00%, 5/15/24

      500        560     
 

Louisville & Jefferson County Metropolitan Sewer District & Drainage System Subordinated BANS,

         
 

5.00%, 10/20/21

      10,000        10,026     
 

Trimble County Pollution Control Variable Revenue Refunding Bonds (AMT), Louisville Gas and Electric Co.,

         
 

1.30%, 9/1/27(1) (2) (3)

      1,000        998     
 

 

  
          107,959     
 

 

  
  Louisiana – 1.6%

 

 

East Baton Rouge Parish Sewerage Commission Variable Revenue Refunding Bonds, Series A,

         
 

1.30%, 2/1/28(1) (2) (3)

      2,500        2,535     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    215    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

  Louisiana – 1.6%    continued

 

 

Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project,

         
 

2.50%, 4/1/36

      $7,500        $7,612     
 

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic Foundation Project,

         
 

5.00%, 5/15/28

      400        500     
 

5.00%, 5/15/30

      700        908     
 

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Unrefunded Balance,

         
 

5.00%, 5/15/47

      2,925        3,370     
 

Louisiana Public Facilities Authority Revenue Refunding Bonds, Tulane University of Louisiana,

         
 

5.00%, 4/1/45

      5,000        6,197     
 

Louisiana State G.O. Unlimited Bonds,

         
 

4.00%, 5/1/32

      2,500        2,786     
 

Louisiana State G.O. Unlimited Bonds, Series A, Prerefunded,

         
 

4.00%, 5/15/23(4)

     6,500        6,898     
 

Louisiana State Gas & Fuels Revenue Refunding Bonds, Series A-1,

         
 

4.00%, 5/1/32

      5,000        5,105     
 

Louisiana State Gas & Fuels Tax Second Lien Revenue Refunding Bonds, Series C,

         
 

5.00%, 5/1/45

      4,000        4,833     
 

Louisiana State Highway Improvement Revenue Bonds, Series A, Prerefunded,

         
 

5.00%, 6/15/24(4)

     5,390        6,073     
 

Louisiana State Highway Improvement Revenue Taxable Refunding Bonds, Series A,

         
 

0.90%, 6/15/26

      500        495     
 

Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds, Series A, Woman’s Hospital Foundation Project,

         
 

5.00%, 10/1/30

      1,505        1,829     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

  Louisiana – 1.6%    continued

 

 

Saint John The Baptist Parish Revenue Refunding Bonds, Marathon Oil Corp. Project,

         
 

2.20%, 7/1/26(1) (2) (3)

      $1,000        $1,044     
 

 

  
          50,185     
 

 

  
  Maine – 0.1%

 

 

Maine State Housing Authority Energy Housing & Economic Revenue Fund Revenue Refunding Bonds, Series 1,

         
 

6/15/35(5)

     3,730        4,806     
 

 

  
  Maryland – 2.5%

 

 

Anne Arundel County Consolidated General Improvements G.O. Limited Bonds,

         
 

5.00%, 10/1/31

      1,455        1,890     
 

Howard County G.O. Unlimited Refunding Bonds, Series D,

         
 

5.00%, 2/15/30

      2,500        3,119     
 

5.00%, 2/15/31

      10,000        12,470     
 

Maryland State & Local Facilities Loan G.O. Unlimited Bonds, Series 2,

         
 

5.00%, 8/1/30

      10,000        12,621     
 

Maryland State Department of Transportation Consolidated Revenue Bonds, Series A,

         
 

3.00%, 10/1/31

      10,000        11,186     
 

Maryland State Department of Transportation Consolidated Transportation Revenue Bonds,

         
 

2.50%, 10/1/33

      5,000        5,291     
 

Maryland State Department of Transportation Consolidated Transportation Revenue Bonds, Second Issue,

         
 

5.00%, 10/1/27

      10,000        12,121     
 

Maryland State Forward Delivery G.O. Unlimited Refunding Bonds, Series D,

         
 

8/1/27(5)

     3,000        3,287     
 

Maryland State Second G.O. Unlimited Bonds, Series A-Bid Group 2,

         
 

5.00%, 8/1/33

      5,000        6,704     
 

Saint Mary’s County G.O. Unlimited Bonds,

         
 

5.00%, 8/1/24

      500        566     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    216    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued         
  Maryland – 2.5%    continued         
 

Washington Suburban Sanitary District Consolidated Public Improvement G.O. Unlimited Revenue Bonds, Second Series (County Gtd.),

         
 

5.00%, 6/1/37

      $5,000        $5,959     
 

 

  
          75,214     
 

 

  
  Massachusetts – 2.2%         
 

Bay Transportation Authority Sales Taxable Revenue Refunding Bonds, Subordinate Series A-1,

         
 

5.00%, 7/1/31

      1,000        1,348     
 

Boston G.O. Unlimited Bonds, Series A,

         
 

5.00%, 3/1/36

      1,000        1,258     
 

Boston Water & Sewer Commission Senior Lien General Revenue Refunding Bonds, Series A, Prerefunded,

         
 

3.50%, 11/1/22(4)

      4,030        4,174     
 

Clean Water Trust Revenue Bonds, Series 23A, Green Bond,

         
 

5.00%, 2/1/30

      1,830        2,410     
 

Lincoln School G.O. Unlimited Bonds,

         
 

3.50%, 3/1/44

      2,000        2,236     
 

Massachusetts G.O. Limited Refunding Bonds, Series A (AMBAC Insured),

         
 

5.50%, 8/1/30

      1,200        1,635     
 

Massachusetts State Bay Transportation Authority Sales Tax Revenue Refunding CABS, Series A,

         
 

0.00%, 7/1/29(7)

      3,000        2,644     
 

Massachusetts State Clean Water Trust Sustainability Revenue Bonds, Series 23B,

         
 

5.00%, 2/1/40

      5,000        6,495     
 

Massachusetts State Development Finance Agency Revenue Bonds, Series V,

         
 

5.00%, 7/1/55

      5,500        8,482     
 

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Northeastern University, Series A,

         
 

5.00%, 10/1/32

      1,715        2,241     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued         
  Massachusetts – 2.2%    continued         
 

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Partners Healthcare System,

         
 

5.00%, 7/1/29

      $1,625        $2,015     
 

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Series A-2,

         
 

5.00%, 7/1/39

      1,500        1,889     
 

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Suffolk University,

         
 

5.00%, 7/1/29

      500        625     
 

Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Mass Institute Technology,

         
 

5.50%, 7/1/32

      785        1,115     
 

Massachusetts State School Building Authority Senior Lien Sales TRB, Series B,

         
 

5.00%, 11/15/39

      5,000        5,996     
 

Massachusetts State Special Obligation Dedicated Revenue Refunding Bonds, (NATL Insured),

         
 

5.50%, 1/1/34

      2,500        3,398     
 

Massachusetts State Water Resources Authority General Revenue Bonds, Series B,

         
 

5.00%, 8/1/43

      5,000        6,184     
 

Quincy G.O. Limited BANS,

         
 

1.00%, 6/10/22

      5,000        5,029     
 

University of Massachusetts Building Authority Project Revenue Bonds, Senior-Series 1, Prerefunded,

         
 

4.00%, 11/1/22(4)

      7,500        7,811     
 

 

  
          66,985     
 

 

  
  Michigan – 2.3%         
 

Battle Creek School District G.O. Unlimited Refunding Bonds (Q-SBLF Insured),

         
 

5.00%, 5/1/27

      1,540        1,841     
 

Chippewa Valley Schools G.O. Unlimited Refunding Bonds, Series A, (Q-SBLF Insured),

         
 

5.00%, 5/1/27

      400        473     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    217    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued         
  Michigan – 2.3%    continued         
 

Grosse Pointe Public School System G.O. Unlimited Bonds,

         
 

3.00%, 5/1/34

      $1,815        $2,011     
 

Holt Public Schools G.O. Unlimited Bonds, Series I (Q-SBLF Insured),

         
 

3.00%, 5/1/34

      1,175        1,299     
 

Kalamazoo County G.O. Limited Bonds,

         
 

3.00%, 5/1/33

      2,220        2,477     
 

Mason Public Schools District G.O. Unlimited Bonds (Q-SBLF Insured),

         
 

5.00%, 5/1/22

      1,100        1,130     
 

Michigan State Building Authority Facilities Program Revenue Refunding Bonds, Series I-A,

         
 

5.00%, 10/15/29

      5,000        5,449     
 

Michigan State Building Authority Facilities Program Revenue Refunding Bonds, Series II-A, Prerefunded,

         
 

5.00%, 10/15/21(4)

      10,000        10,015     
 

Michigan State Finance Authority Clean Water State Revolving Fund Subordinate Revenue Refunding Bonds, Prerefunded,

         
 

5.00%, 10/1/22(4)

      3,970        4,162     
 

Michigan State Finance Authority Hospital Revenue Refunding Bonds, Trinity Health Credit Group, Prerefunded,

         
 

5.00%, 12/1/22(4)

      1,000        1,056     
 

Michigan State Finance Authority Variable Revenue Refunding Bonds, Mclaren Healthcare,

         
 

1.20%, 4/13/28(1) (2) (3)

      1,250        1,249     
 

Michigan State G.O. Unlimited Refunding Bonds, Series A, Environmental Program,

         
 

1.00%, 12/1/25

      1,000        1,000     
 

Michigan State Strategic Fund Ltd. Obligation Taxable Revenue Bonds, Flint Water Advocacy,

         
 

1.12%, 9/1/25

      1,900        1,901     
 

Michigan State Trunk Line Fund Revenue Bonds,

         
 

5.00%, 11/15/34

      10,000        13,273     
 

4.00%, 11/15/46

      6,000        7,029     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  Michigan – 2.3%    continued         
 

University of Michigan Taxable Revenue Refunding Bonds, Series B,

         
 

1.37%, 4/1/27

      $1,000        $1,003     
 

Wayne County Airport Authority Revenue Bonds, Series D,

         
 

5.00%, 12/1/34

      3,400        3,984     
 

Wayne County Airport Authority Revenue Bonds, Series D (AGM Insured),

         
 

5.00%, 12/1/32

      9,690        11,389     
 

 

  
          70,741     
 

 

  
  Minnesota – 1.2%         
 

Metropolitan Council Minneapolis-Saint Paul Area G.O. Unlimited GANS, Series C,

         
 

5.00%, 12/1/21

      20,000        20,155     
 

Minnesota State G.O. Unlimited Bonds, Series A,

         
 

5.00%, 8/1/38

      1,500        1,879     
 

Minnesota State G.O. Unlimited Bonds, Series A, Bidding Group 1,

         
 

5.00%, 9/1/30

      8,000        10,629     
 

Minnesota State Municipal Power Agency Electric Revenue Refunding Bonds, Series A,

         
 

5.00%, 10/1/29

      1,000        1,131     
 

Minnesota State Various Purpose G.O. Unlimited Bonds, Prerefunded,

         
 

5.00%, 8/1/22(4)

      245        255     
 

Saint Paul Independent School District No. 625 G.O. Unlimited Refunding Bonds, Series D (School District Credit Program),

         
 

5.00%, 2/1/22

      1,770        1,798     
 

 

  
          35,847     
 

 

  
  Mississippi – 0.2%         
 

Mississippi State Business Finance Corp. Revenue Bonds, System Energy Resources, Inc. Project,

         
 

2.38%, 6/1/44

      1,000        987     
 

Mississippi State G.O. Unlimited Bonds, Series A,

         
 

5.00%, 11/1/32

      3,500        4,228     
 

 

  
          5,215     
 

 

  
          
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    218    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  Missouri – 0.7%         
 

Kansas City IDA Airport Special Obligation Revenue Bonds, Kansas City International Airport Terminal Modernization Project,

         
 

4.00%, 3/1/35

      $2,250        $2,660     
 

Kansas City Sanitation Sewer System Revenue Bonds, Subseries A,

         
 

4.00%, 1/1/42

      3,000        3,476     
 

Metropolitan Saint Louis Sewer District Wastewater System Revenue Refunding & Improvement Bonds, Series A,

         
 

5.00%, 5/1/30

      5,000        6,125     
 

Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Revenue Refunding Bonds, Series B,

         
 

5.00%, 1/1/26

      1,480        1,732     
 

Missouri State Environmental Improvement & Energy Resources Authority Water Pollution State Revolving Funds Revenue Refunding Bonds, Escrowed to Maturity,

         
 

5.00%, 7/1/23

      125        135     
 

Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Series A, Mercy Health,

         
 

5.00%, 6/1/30

      2,500        3,139     
 

Platte County School District No. 3 G.O. Unlimited Bonds,

         
 

5.25%, 3/1/34

      2,710        3,672     
 

Wentzville School District No. R-4 G.O. Unlimited Refunding CABS, Missouri Direct Deposit Program (State Aid Direct Deposit Program),

         
 

0.00%, 3/1/27(7)

      2,100        1,891     
 

 

  
          22,830     
 

 

  
  Nebraska – 0.6%         
 

Lancaster County School District No. 1 G.O. Unlimited Refunding Bonds,

         
 

5.00%, 1/15/27

      3,760        4,379     
 

Omaha Public Power District Electric Revenue Refunding Bonds, Series A,

         
 

4.00%, 2/1/42

      5,000        5,762     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued         
  Nebraska – 0.6%    continued         
 

Omaha Public Power District Electric Revenue Bonds, Series A,

         
 

5.00%, 2/1/30

      $4,740        $6,060     
 

Omaha Public Power District Electric Revenue Bonds, Series B, Prerefunded,

         
 

5.00%, 2/1/22(4)

      3,000        3,047     
 

 

  
          19,248     
 

 

  
  Nevada – 0.8%         
 

Clark County Airport System Subordinate Lien Revenue Refunding Bonds Series A-2,

         
 

4.25%, 7/1/34

      2,500        2,736     
 

Clark County G.O. Limited Bonds (AMBAC Insured),

         
 

3.00%, 11/1/33

      3,415        3,420     
 

Clark County School District Building G.O. Limited Bonds, Series B (AGM, CR Insured),

         
 

5.00%, 6/15/31

      6,000        7,562     
 

Clark County School District G.O. Limited Bonds, Series B (AGM Insured),

         
 

5.00%, 6/15/31

      1,000        1,276     
 

Clark County School District G.O. Limited Bonds, Various Purpose-Medium Term Project,

         
 

3.00%, 6/15/26

      1,265        1,271     
 

Washoe County School District G.O. Limited Bonds, Series C, School Improvement Bonds (AGM Insured),

         
 

3.25%, 10/1/42

      6,500        6,984     
 

 

  
          23,249     
 

 

  
  New Hampshire – 0.1%         
 

Nashua G.O. Unlimited Refunding Bonds,

         
 

4.00%, 9/1/32

      1,895        2,325     
 

 

  
  New Jersey – 1.2%         
 

Bergen County G.O. Unlimited BANS, Series A,

         
 

1.00%, 6/9/22

      10,000        10,061     
 

Clifton Board of Education G.O. Unlimited Bonds (AGM School Board Resource Fund Insured),

         
 

2.00%, 8/15/35

      6,250        6,074     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    219    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  New Jersey – 1.2%    continued         
 

Morris County G.O. Unlimited,

         
 

2.00%, 2/1/32

      $4,360        $4,462     
 

New Jersey State EDA Revenue Refunding Bonds, Series II, School Facilities Construction, Prerefunded,

         
 

5.00%, 3/1/22(4)

      3,290        3,355     
 

New Jersey State EDA Revenue School Facilities Construction Revenue Bonds,

         
 

5.00%, 6/15/28

      1,440        1,795     
 

5.00%, 6/15/34

      500        629     
 

New Jersey State Health Care Facilities Financing Authority Revenue Bonds, RWJ Barnabas Health Obligated Group,

         
 

3.00%, 7/1/51

      5,000        5,187     
 

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program,

         
 

5.00%, 6/15/34

      1,000        1,239     
 

5.25%, 6/15/43

      2,500        3,108     
 

New Jersey State Transportation Trust Fund Authority Revenue Refunding Bonds, Series A, Transportation System,

         
 

5.00%, 12/15/27

      1,500        1,856     
 

 

  
          37,766     
 

 

  
  New Mexico – 0.1%         
 

Central New Mexico Community College G.O. Limited Bonds, Series A,

         
 

4.00%, 8/15/28

      2,100        2,479     
 

 

  
  New York – 14.8%         
 

Long Island Power Authority Electric System Revenue Refunding Bonds, Series A,

         
 

4.00%, 9/1/33

      3,000        3,670     
 

Monroe County Industrial Development Corp. Revenue Refunding Bonds, Series B, University of Rochester Project,

         
 

5.00%, 7/1/26

      2,500        3,011     
 

Nassau County G.O. Limited RANS, Series B,

         
 

2.00%, 1/7/22

      5,000        5,025     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

      
  New York – 14.8%    continued         
 

New York City Housing Development Corp. MFH Adjustable Revenue Bonds, Sustainable Development,

         
 

1.13%, 11/1/24(1) (2) (3)

      $1,000        $1,004     
 

New York City Housing Development Corp. MFH Revenue Bonds, Series B1B,

         
 

3.88%, 11/1/28

      4,060        4,169     
 

New York City Housing Development Corp. MFH Revenue Refunding Bonds, Sustainable Neighborhood Bonds (FNMA Insured),

         
 

2.95%, 2/1/26(1) (2) (3)

      4,000        4,290     
 

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Second General Resolution, Fiscal 2014,

         
 

5.00%, 6/15/46

      5,000        5,367     
 

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Second General Resolution, Series BB,

         
 

5.00%, 6/15/49

      3,865        4,856     
 

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Series AA-1,

         
 

4.00%, 6/15/51

      5,000        5,785     
 

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Series CC-1, Second General Resolution,

         
 

4.00%, 6/15/42

      3,000        3,521     
 

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Second General Resolution,

         
 

3.50%, 6/15/42

      1,000        1,214     
 

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series BB-1,

         
 

3.00%, 6/15/44

      2,200        2,330     
 

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series DD-2 Block 5,

         
 

5.00%, 6/15/40

      5,000        6,116     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    220    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

      
  New York – 14.8%    continued         
 

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series EE,

         
 

5.00%, 6/15/29

      $3,500        $4,129     
 

5.25%, 6/15/36

      2,500        3,072     
 

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series GG,

         
 

5.00%, 6/15/31

      4,765        5,527     
 

5.00%, 6/15/39

      8,000        9,219     
 

New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-3 (State Aid Withholding),

         
 

5.00%, 7/15/43

      3,000        3,684     
 

New York City Transitional Finance Authority Building Aid Revenue Refunding Bonds, Series S-3 Subseries S-3A (State Aid Withholding),

         
 

5.00%, 7/15/36

      5,000        6,216     
 

5.00%, 7/15/37

      10,000        12,417     
 

New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Fiscal 2015,

         
 

5.00%, 8/1/32

      2,500        2,819     
 

New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Subseries E-1,

         
 

5.00%, 2/1/31

      5,000        5,078     
 

New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds, Series B,

         
 

5.00%, 11/1/25

      1,000        1,004     
 

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds,

         
 

5.00%, 8/1/40

      2,000        2,472     
 

5.00%, 8/1/42

      1,500        1,846     
 

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, Unrefunded Balance,

         
 

5.00%, 2/1/30

      5,000        5,078     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

      
  New York – 14.8%    continued         
 

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Refunding Bonds,

         
 

5.00%, 11/1/30

      $2,500        $3,323     
 

New York City Transitional Finance Authority Future Tax Subordinate Revenue Bonds, Series C Subseries C-1,

         
 

4.00%, 5/1/43

      10,000        11,593     
 

4.00%, 5/1/46

      2,500        2,880     
 

New York City Transitional Finance Authority Revenue Refunding Bonds, Series A-1,

         
 

5.00%, 11/1/34

      5,000        6,587     
 

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series 2,

         
 

5.00%, 11/1/21

      10,000        10,037     
 

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series B-1,

         
 

4.00%, 8/1/39

      3,800        4,499     
 

4.00%, 8/1/45

      5,000        5,824     
 

2.50%, 8/1/48

      2,500        2,419     
 

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series C-3,

         
 

5.00%, 5/1/41

      5,000        6,127     
 

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series E-1,

         
 

4.00%, 2/1/43

      2,500        2,901     
 

4.00%, 2/1/46

      2,500        2,880     
 

4.00%, 2/1/49

      12,500        14,361     
 

New York City Transitional Finance Authority Subordinate Taxable Revenue Bonds, Series B-2,

         
 

1.55%, 8/1/28

      5,000        4,899     
 

New York G.O. Unlimited Bonds, Series A-1,

         
 

5.00%, 8/1/34

      4,525        5,904     
 

4.00%, 8/1/42

      6,000        7,002     
 

5.00%, 8/1/47

      5,000        6,281     
 

3.00%, 8/1/50

      3,500        3,660     
 

4.00%, 8/1/50

      5,000        5,747     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    221    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

      
  New York – 14.8%    continued         
 

New York G.O. Unlimited Bonds, Series D, Subseries D1,

         
 

5.00%, 12/1/39

      $10,000        $12,363     
 

New York G.O. Unlimited Bonds, Series E, Unrefunded Balance,

         
 

5.00%, 11/1/25

      5        5     
 

New York G.O. Unlimited Bonds, Series E-1,

         
 

5.25%, 3/1/34

      2,750        3,439     
 

5.00%, 3/1/37

      3,700        4,519     
 

4.00%, 3/1/41

      5,000        5,695     
 

4.00%, 3/1/42

      5,000        5,683     
 

New York G.O. Unlimited Bonds, Series H,

         
 

5.00%, 8/1/30

      5,000        5,426     
 

New York G.O. Unlimited Bonds, Subseries F-1,

         
 

5.00%, 4/1/36

      1,150        1,413     
 

5.00%, 4/1/43

      2,000        2,411     
 

New York G.O. Unlimited Refunding Bonds, Series E,

         
 

5.00%, 8/1/28

      1,045        1,259     
 

New York State Dorm Authority Non State Supported Debt Revenue Bonds, Series A, Columbia University,

         
 

5.00%, 10/1/47

      3,490        5,236     
 

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Financing Program (AGC State Aid Withholding), Unrefunded Balance,

         
 

5.25%, 10/1/23

      170        171     
 

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series A,

         
 

5.00%, 7/1/36

      2,500        3,112     
 

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series C,

         
 

5.00%, 10/1/31

      665        840     
 

5.00%, 10/8/32

      575        724     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

      
  New York – 14.8%    continued         
 

New York State Dormitory Authority Non State Supported Debt Revenue Refunding Bonds, School Districts Financing Program (AGM Insured State Aid Withholding),

         
 

5.00%, 10/1/22

      $1,585        $1,658     
 

New York State Dormitory Authority Non State Supported Debt Revenue Refunding Bonds, Series C, Rockefeller,

         
 

4.00%, 7/1/49

      1,000        1,168     
 

New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series B, Education (AMBAC Insured),

         
 

5.50%, 3/15/30

      7,040        9,539     
 

New York State Dormitory Authority Sales Tax Revenue Refunding Bonds, Series E, Group 3,

         
 

5.00%, 3/15/42

      5,000        6,196     
 

New York State Dormitory Authority Sales TRB, Series A, Group B,

         
 

5.00%, 3/15/28

      1,910        2,309     
 

New York State Dormitory Authority Sales TRB, Series A, Group C,

         
 

5.00%, 3/15/44

      3,755        4,502     
 

New York State Dormitory Authority Sales TRB, Series A, Prerefunded,

         
 

5.00%, 3/15/23(4)

      10,000        10,695     
 

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A,

         
 

5.25%, 3/15/39

      2,000        2,524     
 

4.00%, 3/15/47

      5,000        5,787     
 

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A, Group 5,

         
 

4.00%, 3/15/47

      5,000        5,789     
 

4.00%, 3/15/48

      2,000        2,314     
 

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series E,

         
 

3.25%, 3/15/36

      3,000        3,146     
 

New York State Dormitory Authority State Personal Income Tax Taxable Revenue Refunding Bonds, Series F,

         
 

3.03%, 2/15/33

      2,500        2,695     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    222    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  New York – 14.8%    continued         
 

New York State Dormitory Authority State Personal Income TRB, Series A, Unrefunded Balance,

         
 

5.00%, 2/15/43

      $2,000        $2,372     
 

New York State Dormitory Authority State Personal Income TRB, Series B,

         
 

5.00%, 3/15/33

      1,490        1,522     
 

New York State Dormitory Authority State Supported Debt Department of Health Revenue Refunding Bonds, Series A,

         
 

5.00%, 7/1/23

      645        698     
 

New York State HFA Revenue Bonds, Series F,

         
 

1.10%, 11/1/26

      1,500        1,515     
 

New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series M-2 (SonyMa, FHA Insured),

         
 

0.75%, 11/1/25

      3,000        3,002     
 

New York State Housing Finance Agency Affordable Housing Variable Climate Bond Certified Revenue Bonds (SonyMa Insured),

         
 

0.65%, 11/1/25(1) (2) (3)

      2,500        2,496     
 

New York State Housing Finance Agency Sustainability Revenue Bonds, Series K,

         
 

1.45%, 5/1/23

      5,000        5,014     
 

New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 233, Social Bonds,

         
 

2.05%, 4/1/33

      3,000        2,970     
 

New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A-1, Bid Group 4,

         
 

4.00%, 3/15/52

      2,500        2,863     
 

New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A-1, Group 2,

         
 

4.00%, 3/15/40

      2,500        2,934     
 

New York State Thruway Authority Revenue Bonds, Series N, Group 1,

         
 

5.00%, 1/1/39

      10,000        12,575     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  New York – 14.8%    continued         
 

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds (AMT), Terminal 4 John F. Kennedy International Airport,

         
 

5.00%, 12/1/30

      $350        $445     
 

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport,

         
 

5.00%, 12/1/31

      550        701     
 

New York State Urban Development Corp. General Purpose Personal Income TRB,

         
 

5.00%, 3/15/37

      5,000        6,203     
 

5.00%, 3/15/40

      2,500        3,084     
 

New York State Urban Development Corp. Personal Income TRB, Series A-1,

         
 

5.00%, 3/15/43

      1,500        1,595     
 

New York State Urban Development Corp. Personal Income TRB, Series E,

         
 

5.00%, 3/15/25

      1,550        1,657     
 

New York State Urban Development Corp. Revenue Refunding Bonds, State Personal Income Tax,

         
 

3.00%, 3/15/48

      5,000        5,207     
 

New York State Urban Development Corp. Taxable General Personal Income TRB,

         
 

3.90%, 3/15/33

      5,000        5,569     
 

New York Taxable G.O. Unlimited Refunding Bonds, Series D, Fiscal 2021,

         
 

1.40%, 8/1/27

      5,000        4,980     
 

Oneida County Local Development Corp. Revenue Refunding Bonds, Hamilton College Project,

         
 

5.00%, 7/1/51

      2,000        3,016     
 

Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 185 (AMT),

         
 

5.00%, 9/1/26

      1,130        1,269     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    223    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  New York – 14.8%    continued         
 

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 207 (AMT),

         
 

5.00%, 9/15/28

      $2,000        $2,498     
 

5.00%, 9/15/29

      5,000        6,206     
 

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 277 (AMT),

         
 

2.00%, 10/1/32

      4,975        4,918     
 

Sales Tax Asset Receivable Corp. Revenue Refunding Bonds, Series A, Fiscal 2015,

         
 

5.00%, 10/15/22

      1,000        1,050     
 

Sales Tax Asset Receivable Corp. Revenue Refunding Bonds, Series A, Fiscal 2015, Prerefunded,

         
 

4.00%, 10/15/24(4)

      1,000        1,112     
 

5.00%, 10/15/24(4)

      2,500        2,854     
 

5.00%, 10/15/24(4)

      2,500        2,854     
 

Schalmont Central School District G.O. Unlimited BANS, Series A (State Aid Withholding),

         
 

1.25%, 9/1/22

      5,000        5,047     
 

Triborough Bridge & Tunnel Authority General Variable Revenue Refunding Bonds, Subseries B-4A-R,

         
 

(Floating, U.S. SOFR + 0.38%), 0.41%, 2/1/24(1) (3)

      1,500        1,501     
 

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Revenue Bonds, Series C-3,

         
 

2.50%, 5/15/51

      7,500        7,118     
 

3.00%, 5/15/51

      5,000        5,189     
 

Troy Capital Resource Corp. Revenue Refunding Bonds, Rensselaer Polytechnic Institute Project, Forward Delivery,

         
 

5.00%, 9/1/39

      1,500        1,891     
 

Utility Debt Securitization Authority Restructuring Revenue Refunding Bonds,

         
 

5.00%, 12/15/37

      2,500        2,935     
 

Utility Debt Securitization Authority Revenue Bonds, Restructuring Bonds, Series TE,

         
 

5.00%, 12/15/41

      1,000        1,100     
 

 

  
          448,421     
 

 

  

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  North Carolina – 1.2%         
 

Charlotte COPS, Series B,

         
 

3.00%, 6/1/22

      $7,430        $7,446     
 

Charlotte G.O. Unlimited Refunding Bonds, Series B,

         
 

5.00%, 7/1/27

      3,500        3,789     
 

Charlotte Water & Sewer System Revenue Refunding Bonds,

         
 

5.00%, 7/1/30

      1,000        1,329     
 

5.00%, 7/1/31

      5,000        6,275     
 

4.00%, 7/1/36

      6,790        7,566     
 

Charlotte-Mecklenburg Hospital Authority Health Care System Revenue Refunding Bonds, Series A, Atrium Health,

         
 

5.00%, 1/15/35

      5,000        6,252     
 

Durham Housing Authority MFH Revenue Bonds, JJ Henderson,

         
 

0.30%, 6/1/23(1) (2) (3)

      3,000        2,995     
 

University of North Carolina at Chapel Hill Hospital Revenue Bonds, University of North Carolina Hospital,

         
 

5.00%, 2/1/49

      1,500        2,265     
 

 

  
          37,917     
 

 

  
  Ohio – 0.6%         
 

Akron Income Tax Revenue Refunding Bonds,

         
 

12/1/32(5)

      1,285        1,491     
 

Hamilton County Hospital Facilities Revenue Bonds, Cincinnati Children’s Hospital Project,

         
 

5.00%, 11/15/49

      2,500        3,788     
 

Northeast Ohio Medical University General Receipts Revenue Refunding Bonds, Series A,

         
 

5.00%, 12/1/29

      100        124     
 

4.00%, 12/1/35

      300        344     
 

Ohio State Higher Education G.O. Unlimited Infrastructure Improvement Bonds, Series A,

         
 

4.00%, 2/1/32

      2,500        2,572     
 

Ohio State Higher Educational Facility Revenue Bonds, Denison University Project,

         
 

5.00%, 11/1/39

      1,365        1,689     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    224    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  Ohio – 0.6%    continued         
 

Ohio State Turnpike Commission Revenue Refunding Bonds, Series A,

         
 

5.00%, 2/15/28

      $2,000        $2,438     
 

Ohio State University Revenue Bonds, Series A,

         
 

5.00%, 12/1/39

      5,000        5,651     
 

 

  
          18,097     
 

 

  
  Oregon – 0.3%         
 

Clackamas Community College District G.O. Unlimited Bonds, Series B,

         
 

5.00%, 6/15/36

      1,600        1,942     
 

Medford Hospital Facilities Authority Revenue Refunding Bonds, Series A, Asante Project (AGM Insured),

         
 

2.50%, 8/15/35

      2,500        2,573     
 

Metropolitan Dedicated TRB, Oregon Convention Center Hotel,

         
 

5.00%, 6/15/42

      2,065        2,463     
 

Oregon State Taxable G.O. Unlimited Bonds, Series D, Article XI-Q State Project,

         
 

0.50%, 5/1/22

      685        686     
 

Oregon State Taxable G.O. Unlimited Refunding Bonds, Series G, Higher Education,

         
 

0.80%, 8/1/25

      500        500     
 

 

  
          8,164     
 

 

  
  Pennsylvania – 2.8%         
 

Commonwealth Financing Authority Taxable Revenue Bonds, Series A,

         
 

3.81%, 6/1/41

      2,000        2,297     
 

Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue Bonds,

         
 

5.00%, 6/1/25

      1,000        1,158     
 

5.00%, 6/1/26

      1,500        1,789     
 

5.00%, 6/1/27

      3,000        3,669     
 

5.00%, 6/1/31

      2,000        2,453     
 

Monroe County G.O. Unlimited, Series A,

         
 

4.00%, 7/15/33

      2,720        3,252     
 

Montgomery County G.O. Unlimited Refunding Bonds,

         
 

5.00%, 3/1/22

      915        933     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  Pennsylvania – 2.8%    continued         
 

Neshaminy School District G.O. Limited Bonds, Series B (State Aid Withholding), Prerefunded,

         
 

5.00%, 11/1/23(4)

      $5,000        $5,494     
 

Pennsylvania State G.O. Unlimited Bonds, First Series,

         
 

3.00%, 5/15/34

      5,500        6,121     
 

Pennsylvania State G.O. Unlimited Bonds, Series 1,

         
 

4.00%, 3/15/35

      5,000        5,531     
 

Pennsylvania State G.O. Unlimited Bonds, Series 1, Prerefunded,

         
 

4.00%, 6/1/22(4)

      5,000        5,127     
 

4.00%, 6/1/22(4)

      5,555        5,696     
 

Pennsylvania State Higher Educational Facilities Authority Revenue Bonds, University of Pennsylvania Health System,

         
 

5.00%, 8/15/29

      4,500        5,822     
 

5.00%, 8/15/37

      5,000        6,079     
 

Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds, Series 136, Social Bonds,

         
 

5.00%, 4/1/31

      1,845        2,348     
 

Pennsylvania State Turnpike Commission Oil Franchise Tax Revenue Refunding Bonds, Series A,

         
 

4.00%, 12/1/51

      2,500        2,947     
 

Pennsylvania State Turnpike Commission Revenue Bonds, Series A,

         
 

5.00%, 12/1/38

      5,000        5,672     
 

Pennsylvania State Turnpike Commission Revenue Bonds, Series A-2,

         
 

5.00%, 12/1/37

      11,635        14,498     
 

Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, Series B,

         
 

5.00%, 12/1/32

      1,200        1,586     
 

Pittsburgh Water & Sewer Authority Revenue Refunding Bonds, Series C (AGM Insured),

         
 

(Floating, SIFMA Municipal Swap Index Yield + 0.65%), 0.70%,12/1/23(1) (3)

      3,500        3,528     
 

 

  
          86,000     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    225    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  Rhode Island – 0.2%         
 

Rhode Island Housing & Mortgage Finance Corp. Variable Revenue Bonds, Sustainability Bonds (HUD Sector 8 Program),

         
 

0.45%, 10/1/23(1) (2) (3)

      $1,000        $1,000     
 

Rhode Island State & Providence Plantations G.O. Unlimited Bonds, Series B, Consolidated Capital Development Loan,

         
 

5.00%, 10/15/27

      2,630        2,762     
 

Rhode Island State Housing & Mortgage Finance Corp. Revenue Refunding Bonds, Series 75-A, Social Bonds,

         
 

1.75%, 10/1/31

      2,700        2,662     
 

 

  
          6,424     
 

 

  
  South Carolina – 1.8%         
 

Beaufort-Jasper Water & Sewer Authority South Carolina Waterworks & Sewer System Revenue Bonds, Series A,

         
 

5.00%, 3/1/30

      1,000        1,279     
 

Charleston County Capital Improvement Transportation Sales Tax G.O. Unlimited Bonds (State Aid Withholding), Prerefunded,

         
 

5.00%, 11/1/21(4)

      2,500        2,509     
 

Charleston County School District G.O. Unlimited BANS, Series C, Phase V (SCSDE Insured),

         
 

4.00%, 5/11/22

      4,460        4,566     
 

Patriots Energy Group Financing Agency South Carolina Gas Supply Revenue Bonds, Series A,

         
 

4.00%, 2/1/24(1) (2) (3)

      10,000        10,764     
 

Piedmont Municipal Power Agency Electric Revenue Bonds, Series 2004 (BHAC, CR MBIA Insured),

         
 

5.38%, 1/1/25

      4,815        5,555     
 

Piedmont Municipal Power Agency Electric Revenue Refunding Bonds, Series B,

         
 

1/1/34(5)

      2,500        2,942     
 

SCAGO Educational Facilities Corp. Cherokee School District No. 1 Revenue Refunding Bonds,

         
 

5.00%, 12/1/25

      500        575     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  South Carolina – 1.8%    continued         
 

South Carolina State Transportation Infrastructure Bank Revenue Refunding Bonds, Series A, Prerefunded,

         
 

5.00%, 10/1/21(4)

      $1,270        $1,270     
 

South Carolina Transportation Infrastructure Bank Revenue Refunding Bonds, Series 2003B,

         
 

(Floating, ICE LIBOR USD 1M + 0.45%), 0.51%, 10/1/31(1) (3)

      24,520        24,520     
 

South Carolina Transportation Infrastructure Bank Revenue Refunding Bonds, Series 2003B, Unrefunded Balance,

         
 

(Floating, ICE LIBOR USD 1M + 0.45%), 0.51%, 10/1/31(1) (3)

      245        245     
 

 

  
          54,225     
 

 

  
  Tennessee – 0.9%         
 

Chattanooga Health Educational & Housing Facility Board Revenue Refunding Bonds, Series A, Commonspirit Health,

         
 

4.00%, 8/1/36

      1,000        1,155     
 

4.00%, 8/1/38

      1,000        1,149     
 

Knox County G.O. Unlimited Bonds,

         
 

4.00%, 6/1/28

      1,000        1,121     
 

Memphis Sanitary Sewerage System Revenue Refunding Bonds, Series B,

         
 

5.00%, 10/1/31

      1,000        1,322     
 

Metropolitan Government Nashville & Davidson County G.O. Unlimited & Improvement Bonds,

         
 

5.00%, 7/1/29

      5,000        6,316     
 

Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Lipscomb University Project,

         
 

5.00%, 10/1/38

      1,000        1,213     
 

Tennergy Corp. Gas Revenue Bonds, Series A,

         
 

5.00%, 10/1/24(1) (2) (3)

      10,000        11,271     
 

Tennessee State Energy Acquisition Corp. Gas Revenue Bonds,

         
 

4.00%, 11/1/25(1) (2) (3)

      2,500        2,802     
 

 

  
          26,349     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    226    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  Texas – 3.6%         
 

Austin G.O. Limited Refunding Bonds,

         
 

9/1/29(5)

      $2,060        $2,676     
 

Brownsville Independent School District G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.),

         
 

5.00%, 2/15/22

      100        102     
 

Central Regional Mobility Authority Revenue Refunding Bonds,

         
 

5.00%, 1/1/46

      500        578     
 

Central Regional Mobility Authority Senior Lien Revenue Bonds,

         
 

5.00%, 1/1/43

      1,930        2,301     
 

Central Texas Regional Mobility Authority Revenue Bonds, Series B,

         
 

5.00%, 1/1/38

      800        1,017     
 

5.00%, 1/1/39

      900        1,141     
 

Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Refunding Bonds,

         
 

5.00%, 12/1/32

      10,000        12,923     
 

Fort Bend Independent School District Variable G.O. Unlimited Bonds, Series B (PSF, Gtd.),

         
 

0.88%, 8/1/25(1) (2) (3)

      1,195        1,208     
 

Frisco Improvement G.O. Limited Refunding Bonds,

         
 

5.00%, 2/15/28

      5,755        6,849     
 

Harlandale Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),

         
 

0.75%, 8/15/25(1) (2) (3)

      5,000        5,002     
 

Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center,

         
 

0.90%, 5/15/25(1) (2) (3)

      2,500        2,501     
 

Harris County Cultural Educational Facilities Finance Corp. Revenue Bonds, Series A, Memorial Hermann Health System, Prerefunded,

         
 

5.00%, 12/1/24(4)

      3,500        4,010     
 

Little Elm Independent School District Variable G.O. Unlimited Bonds, School Building (PSF, Gtd.),

         
 

0.68%, 8/15/25(1) (2) (3)

      1,750        1,741     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  Texas – 3.6%    continued         
 

Lower Colorado River Authority Junior Lien Revenue Bonds, Seventh Supplemental Series (AGM Insured), Escrowed to Maturity,

         
 

4.75%, 1/1/28

      $3,815        $4,348     
 

North Texas State Municipal Water District Upper East Fork Wastewater Interceptor Revenue Bonds,

         
 

2.25%, 6/1/46

      1,500        1,421     
 

North Texas Tollway Authority Revenue Refunding Bonds, Series A, First Tier,

         
 

5.00%, 1/1/35

      3,000        4,233     
 

5.00%, 1/1/38

      3,000        3,671     
 

5.00%, 1/1/39

      5,000        6,107     
 

Northside Texas Independent School District G.O. Unlimited Refunding Bonds, Series B (PSF, Gtd.),

         
 

5.00%, 2/15/30

      1,640        2,048     
 

Pasadena Independent School District Variable G.O. Unlimited Bonds, Series B, School Building (PSF, Gtd.),

         
 

1.50%, 8/15/24(1) (2) (3)

      1,500        1,543     
 

San Antonio Education Facilities Corp. Revenue Refunding Bonds, University of the Incarnated Word,

         
 

4.00%, 4/1/41

      1,000        1,137     
 

San Antonio Electric & Gas Junior Lien Variable Revenue Bonds,

         
 

1.75%, 12/1/25(1) (2) (3)

      1,000        1,048     
 

Texas State A&M University Financing System Revenue Bonds, Series D, Prerefunded,

         
 

5.00%, 5/15/23(4)

      5,000        5,386     
 

Texas State A&M University Revenue Refunding Bonds, Series C,

         
 

4.00%, 5/15/31

      1,655        1,869     
 

Texas State G.O. Unlimited Refunding Bonds, Series A, Transportation Commission,

         
 

5.00%, 10/1/23

      70        77     
 

Texas State G.O. Unlimited Refunding Bonds, Series B,

         
 

2.00%, 8/1/35

      1,000        981     
 

Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds,

         
 

5.00%, 12/15/30

      2,750        3,586     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    227    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  Texas – 3.6%    continued         
 

5.00%, 12/15/31

      $2,200        $2,915     
 

Texas State Private Activity Bond Surface Transportation Corp. Revenue Refunding Bonds, LBJ Infrastructure Group,

         
 

4.00%, 12/31/31

      3,000        3,589     
 

Texas State Transportation Commission Mobility Fund G.O. Unlimited Refunding Bonds, Prerefunded,

         
 

4.00%, 4/1/24(4)

      5,000        5,462     
 

5.00%, 4/1/24(4)

      1,500        1,676     
 

Texas State Transportation Commission Mobility Variable G.O. Unlimited Bonds,

         
 

4/1/26(1) (2) (3) (5)

      5,000        4,969     
 

Texas State Water Development Board TRB, Series B,

         
 

2.28%, 10/15/27

      315        330     
 

2.33%, 10/15/28

      295        309     
 

University of Texas Revenue Bonds, Series B,

         
 

5.00%, 8/15/49

      5,000        7,506     
 

University of Texas Revenue Refunding Bonds, Series I,

         
 

5.00%, 8/15/22

      750        782     
 

Wichita Falls Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

         
 

4.00%, 2/1/29

      850        1,027     
 

Wylie Independent School District G.O. Unlimited Bonds, Series B, Collin County (PSF, Gtd.),

         
 

2.25%, 8/15/41(2) (3)

      1,750        1,772     
 

 

  
          109,841     
 

 

  
  Utah – 0.6%         
 

Salt Lake City Airport Revenue Bonds, Series A (AMT),

         
 

4.00%, 7/1/51

      3,500        3,993     
 

Utah State Transit Authority Sales Tax Revenue Refunding Bonds, Series A, Prerefunded,

         
 

5.00%, 6/15/25(4)

      2,000        2,337     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%     continued

 

      
  Utah – 0.6%    continued         
 

Utah State Transit Authority Sales Tax Revenue Refunding Bonds, Series C (AGM Insured),

         
 

5.25%, 6/15/32

      $10,000        $13,486     
 

 

  
          19,816     
 

 

  
  Vermont – 0.0%         
 

Vermont State G.O. Unlimited Bonds, Series B,

         
 

5.00%, 8/15/22

      1,425        1,485     
 

 

  
  Virginia – 2.2%         
 

Fairfax County Public Improvement G.O. Unlimited Bonds, Series A (State Aid Withholding),

         
 

5.00%, 10/1/31

      5,280        6,790     
 

Hampton Roads Sanitation District Wastewater Revenue Refunding Bonds, Series A, Prerefunded,

         
 

5.00%, 7/1/24(4)

      3,465        3,906     
 

Henrico County G.O. Unlimited Bonds (State Aid Withholding),

         
 

5.00%, 8/1/31

      3,550        4,609     
 

Henrico County Water & Sewer System Revenue Bonds,

         
 

4.00%, 5/1/46

      10,000        11,453     
 

Loudoun County Public Improvement G.O. Unlimited Bonds, Series A (State Aid Withholding),

         
 

5.00%, 12/1/22

      1,360        1,371     
 

Norfolk G.O. Unlimited Refunding Bonds, Series A (State Aid Withholding), Prerefunded,

         
 

5.00%, 10/1/22(4)

      1,500        1,572     
 

Roanoke EDA Hospital Revenue Refunding Bonds, Series A, Carilion Clinic Obligated Group,

         
 

5.00%, 7/1/47

      1,500        2,242     
 

Roanoke EDA Hospital Variable Revenue Refunding Bonds, Carilion Clinic Obligated Group,

         
 

5.00%, 7/1/30(1) (2) (3)

      4,425        5,695     
 

Upper Occoquan Sewage Authority Regional Revenue Refunding Bonds, Prerefunded,

         
 

5.00%, 7/1/25(4)

      5,000        5,849     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    228    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued         
  Virginia – 2.2%    continued         
 

Virginia Public Building Authority Public Facilities Taxable Revenue Refunding Bonds, Series B,

         
 

0.99%, 8/1/26

      $635        $632     
 

Virginia State College Building Authority Educational Facilities Revenue Bonds, 21st Century College & Equipment, Prerefunded,

         
 

4.38%, 2/1/23(4)

      2,015        2,126     
 

4.50%, 2/1/23(4)

      5,500        5,813     
 

Virginia State HDA Revenue Bonds, Series D,

         
 

1.60%, 5/1/31

      880        869     
 

1.70%, 5/1/32

      895        887     
 

Virginia State Public School Authority Special Obligation Prince William County Revenue Bonds (State Aid Withholding),

         
 

5.00%, 3/1/30

      5,365        6,739     
 

Virginia State Resources Authority Clean Water State Revolving Fund Subordinate Revenue Refunding Bonds,

         
 

5.50%, 10/1/22

      1,000        1,053     
 

Virginia State Small Business Financing Authority Revenue Bonds (AMT), 95 Express Lanes LLC Project,

         
 

5.00%, 1/1/44

      1,000        1,011     
 

Virginia State Small Business Financing Authority Revenue Refunding Bonds, National Senior Campuses,

         
 

4.00%, 1/1/45

      2,000        2,253     
 

3.38%, 1/1/51

      1,000        1,055     
 

 

  
          65,925     
 

 

  
  Washington – 2.4%         
 

Central Puget Sound Regional Transit Authority Revenue Bonds, Green Bonds, Series S-1,

         
 

5.00%, 11/1/46

      2,500        3,721     
 

Energy Northwest Electric Revenue Refunding Bonds, Columbia Generating Station,

         
 

5.00%, 7/1/22

      5,000        5,180     

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued         
  Washington – 2.4%    continued         
 

King County School District No. 401 Highline G.O. Unlimited Bonds (School Board Guaranty Program),

         
 

5.00%, 12/1/30

      $10,000        $12,099     
 

Port of Seattle Revenue Refunding Bonds, Series A,

         
 

5.00%, 8/1/27

      2,430        2,524     
 

5.00%, 8/1/30

      3,000        3,115     
 

Seattle Drainage & Wastewater System Revenue Refunding Bonds, Series B,

         
 

4.00%, 9/1/44

      2,635        3,157     
 

Seattle Solid Waste Revenue Refunding & Improvement Bonds,

         
 

4.00%, 6/1/31

      1,865        2,116     
 

Washington State G.O. Unlimited Bonds, Series C,

         
 

5.00%, 2/1/32

      10,000        12,378     
 

Washington State G.O. Unlimited Refunding Bonds, Series D,

         
 

4.00%, 7/1/32

      4,740        5,904     
 

Washington State G.O. Unlimited Refunding Bonds, Series R-2013A,

         
 

4.00%, 7/1/28

      5,000        5,135     
 

Washington State G.O. Unlimited Refunding Bonds, Series R-2018C,

         
 

5.00%, 8/1/33

      4,000        4,909     
 

Washington State Health Care Facilities Authority Variable Revenue Refunding Bonds, Providence St. Joseph Health,

         
 

10/1/30(1) (2) (3) (5)

      5,000        6,091     
 

Washington State Housing Finance Commission Social Certificate Revenue Bonds, Series A-1,

         
 

3.50%, 12/20/35

      995        1,149     
 

Washington State Motor Fuel Tax G.O. Unlimited Bonds, Series E,

         
 

5.00%, 2/1/38

      3,000        3,303     
 

Washington State Various Purpose G.O. Unlimited Bonds, Series D,

         
 

2.75%, 2/1/27

      1,160        1,169     
 

 

  
          71,950     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    229    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  MUNICIPAL BONDS - 84.0%    continued

 

      
  West Virginia – 0.1%         
 

West Virginia State University Revenue Bonds, Series A, West Virginia University Projects, Prerefunded,

         
 

5.00%, 10/1/22(4)

      $1,745        $1,829     

 

  
  Wisconsin – 1.5%         
 

PFA Healthcare Facilities Revenue Bonds, Appalachian Regional Healthcare System Obligated,

         
 

5.00%, 7/1/40

      325        408     
 

5.00%, 7/1/41

      375        469     
 

PFA Hospital Revenue Refunding Bonds, Renown Regional Medical Center Project,

         
 

3.00%, 6/1/45

      2,500        2,637     
 

PMA Levy & Aid Anticipation Notes Program Taxable Revenue Notes,

         
 

9/28/22(5)

      5,000        5,080     
 

Public Finance Authority Hospital Taxable Revenue Bonds, Series 2021A, UNC Health Southeastern,

         
 

2.35%, 2/1/29

      2,000        1,972     
 

Wisconsin State Environmental Improvement Fund Revenue Bonds, Series A, Green Bonds,

         
 

5.00%, 6/1/29

      2,500        3,253     
 

Wisconsin State G.O. Unlimited Bonds, Series A,

         
 

5.00%, 5/1/40

      5,000        5,921     
 

Wisconsin State G.O. Unlimited Bonds, Series B,

         
 

4.00%, 5/1/30

      3,250        3,803     
 

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Ascension Health Credit Group,

         
 

4.00%, 11/15/36

      3,000        3,399     
 

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Marquette University,

         
 

5.00%, 10/1/28

      670        795     
 

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Milwaukee Regional Medical Center,

         
 

5.00%, 4/1/36

      3,875        4,799     
 

4.00%, 4/1/39

      5,000        5,767     
        

PRINCIPAL

AMOUNT

(000S)

     

VALUE

(000S)

         
  MUNICIPAL BONDS - 84.0%    continued

 

      
  Wisconsin – 1.5% continued         
 

Wisconsin State Housing & EDA Home Ownership Revenue Refunding Bonds, Series A,

         
 

3.00%, 3/1/39

      $775        $811     
 

Wisconsin State Housing & EDA Revenue Bonds, Series A,

         
 

1.60%, 11/1/22(1) (2) (3)

      4,000        4,004     
 

Wisconsin State Housing & EDA Variable Revenue Refunding Bonds, Series B (HUD Sector 8 Program),

         
 

0.50%, 11/1/24(1) (2) (3)

      2,000        1,998     

 

  
          45,116     

 

  
  Wyoming – 0.0%         
 

Laramie County Hospital Revenue Refunding Bonds, Cheyenne Regional Medical Center,

         
 

4.00%, 5/1/36

      200        239     
 

4.00%, 5/1/38

      425        504     

 

  
          743     

 

  
 

Total Municipal Bonds

         

 

  
 

(Cost $2,458,372)

         2,545,763     
          
        

NUMBER

OF SHARES

      VALUE
(000S)		         
  INVESTMENT COMPANIES – 10.2%

 

   
 

Northern Institutional Funds -
U.S. Government Portfolio (Shares),

         
 

0.00%(8) (9)

      308,628,699        $308,629     

 

  
 

Total Investment Companies

         

 

  
 

(Cost $308,629)

         308,629     
          
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  SHORT-TERM INVESTMENTS – 7.0%

 

      
 

Anchorage G.O. Unlimited TANS,

         
 

1.50%, 12/15/21

      $5,000        $5,014     
 

Baltimore County G.O. Unlimited BANS,

         
 

4.00%, 3/23/22

      10,000        10,186     
 

Black Belt Energy Gas District Alabama Gas Supply Revenue Bonds, Series A,

         
 

4.00%, 7/1/22(1) (2) (3)

      5,000        5,114     
 

Broward County School District TANS,

         
 

2.00%, 6/30/22

      25,000        25,352     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    230    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

        

PRINCIPAL
AMOUNT

(000S)

      VALUE
(000S)		         
  SHORT-TERM INVESTMENTS - 7.0%    continued

 

      
 

California State Educational Facilities Authority Adjustable Revenue Bonds, California Institute of Technology,

         
 

0.05%, 10/8/21(1) (3) (10)

      $1,600        $1,600     
 

California State Educational Facilities Authority Variable Revenue Bonds, Series B, California Institute of Technology,

         
 

0.05%, 10/8/21(1) (3) (10)

      650        650     
 

Charleston County School District G.O. Unlimited BANS, Series A (SCSDE Insured),

         
 

5.00%, 11/16/21

      10,000        10,061     
 

Cobb County School District Short-Term Construction G.O. Limited Notes,

         
 

1.50%, 12/15/21

      3,300        3,309     
 

Cook County Community Consolidated School District No. 34 TRB,

         
 

5.00%, 12/1/21

      1,700        1,713     
 

District of Columbia Housing Finance Agency MFH Revenue Bonds, The Strand Residences Project,

         
 

1.45%, 8/1/22(1) (2) (3)

      2,500        2,524     
 

Fort Bend Independent School District Variable G.O. Unlimited Bonds,
Series A (PSF, Gtd.),

         
 

1.95%, 8/1/22(1) (2) (3)

      2,075        2,103     
 

Goose Creek Consolidated Independent School District Variable G.O. Unlimited Bonds, Series B (PSF, Gtd.),

         
 

0.27%, 10/1/21(1) (2) (3)

      3,600        3,600     
 

Jersey City G.O. Unlimited BANS,
Series A,

         
 

1.50%, 1/12/22

      5,000        5,019     
 

Los Angeles County Schools Pooled Financing Program COPS, Series B-1,

         
 

2.00%, 12/30/21

      12,490        12,548     
 

Los Angeles TRANS,

         
 

4.00%, 6/23/22

      25,000        25,706     
 

Minnesota State G.O. Unlimited Bonds, Series A, Bidding Group 1,

         
 

5.00%, 9/1/22

      2,500        2,611     
 

Montgomery County Variable G.O. Unlimited Bonds, Series E,

         
 

0.08%, 10/1/21(1) (3) (10)

      12,595        12,595     
 

Nassau County G.O. Limited RANS, Series A,

         
 

2.00%, 12/10/21

      10,000        10,036     
        

PRINCIPAL
AMOUNT

(000S)

     

VALUE

(000S)

        
  SHORT-TERM INVESTMENTS - 7.0%    continued

 

     
 

Nassau County G.O. Limited TANS, Series B,

        
 

2.00%, 12/10/21

      $10,000        $10,036    
 

New York City Municipal Water Finance Authority Water & Sewer System Adjustable Revenue Bonds, Subseries A-2,

        
 

0.04%, 10/1/21(1) (3) (10)

      15,320        15,320    
 

Ohio State University Variable Revenue Bonds, Series B-1,

        
 

0.05%, 10/8/21(1) (3) (10)

      1,925        1,925    
 

Ohio State Water Development Authority Water Pollution Control Variable Revenue Bonds, Series A,

        
 

0.04%, 10/8/21(1) (3) (10)

      2,140        2,140    
 

Rochester G.O. Limited BANS,
Series II,

        
 

2.00%, 8/3/22

      5,000        5,078    
 

San Antonio Electric & Gas Variable Revenue Refunding Bonds, Series B,

        
 

2.00%, 12/1/21(1) (2) (3)

      1,500        1,502    
 

San Diego Unified School District TRANS, Series A,

        
 

4.00%, 6/30/22

      10,150        10,443    
 

Texas State Transportation Commission Central Turnpike System Taxable Revenue Refunding Bonds, Series B,

        
 

1.98%, 8/15/22(1) (2) (3)

      750        759    
 

Westchester County G.O. Limited TANS, Series B,

        
 

2.00%, 10/18/21

      25,000        25,022    

 

  
 

Total Short-Term Investments

        

 

  
 

(Cost $211,856)

         211,966    
         

 

  
 

Total Investments – 101.5%

        

 

  
 

(Cost $2,988,707)

         3,076,008    
 

Liabilities less Other Assets – (1.5%)

         (45,957 )   

 

  
 

NET ASSETS – 100.0%

       $ 3,030,051    

 

(1) 

Maturity date represents the puttable date.

(2) 

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

(3) 

Variable rate security. Rate as of September 30, 2021 is disclosed.

(4) 

Maturity date represents the prerefunded date.

(5) 

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(6) 

Step coupon bond. Rate as of September 30, 2021 is disclosed.

(7) 

Zero coupon bond.

(8) 

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(9) 

7-day current yield as of September 30, 2021 is disclosed.

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    231    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   INTERMEDIATE TAX-EXEMPT FUND  continued

 

   

 

    

 

(10) 

Rate is determined by a remarketing agent and, in the agent’s judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1M - 1 Month

AGC - Assured Guaranty Corporation

AGM - Assured Guaranty Municipal Corporation

AMBAC - American Municipal Bond Assurance Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

BANS - Bond Anticipation Notes

BHAC - Berkshire Hathaway Assurance Corporation

CABS - Capital Appreciation Bonds

CHF - Collegiate Housing Foundation

COPS - Certificates of Participation

CR - Custody Receipt

CSCDA - California Statewide Communities Development Authority

CWA - Clean Water Act

EDA - Economic Development Authority

FHA - Federal Housing Administration

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

G.O. - General Obligation

GANS - Grant Anticipation Notes

Gtd. - Guaranteed

HDA - Housing Develoment Authority

HFA - Housing Finance Authority

HUD - Housing and Urban Development

ICE - Intercontinental Exchange

IDA - Industrial Development Authority

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

MBIA - Municipal Bonds Insurance Association

MFH - Multi-Family Housing

NATL - National Public Finance Guarantee Corporation

PFA - Public Finance Authority

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

RANS - Revenue Anticipation Notes

SCSDE - South Carolina State Department of Education

SFM - Single Family Mortgage

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

TANS - Tax Anticipation Notes

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE (1)      % OF NET ASSETS    
  Corporate bonds      0.3%  
  Municipal Bonds      84.0%  
  Investment Companies      10.2%  
  Short-Term Investments      7.0%  

 

  

 

(1) 

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    232    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS    

 LEVEL 1

(000S)

  

 

    

 LEVEL 2

(000S)

  

 

    

 LEVEL 3

(000S)

  

 

    

 TOTAL

(000S)

  

 

  
  Corporate Bonds(1)     $         —       $       9,650       $—       $       9,650    
  Municipal Bonds(1)     —       2,545,763       —       2,545,763    
  Investment Companies     308,629       —       —       308,629    
  Short-Term Investments     —       211,966       —       211,966          
  Total Investments     $308,629       $2,767,379       $—       $3,076,008          
(1) 

Classifications as defined in the Schedule of Investments.

    

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    233    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  CONVERTIBLE BONDS – 0.0%         
  Bermuda – 0.0%         
  Digicel Group Holdings Ltd.,         
   

7.00%, 10/20/21 (2) (3) (4)

      $80        $66           
   

Total Convertible Bonds

                           
 

(Cost $19)

         66     
               
  CORPORATE BONDS – 1.8%         
  United States – 1.8%         
  Citigroup Global Markets Holdings, Inc.,         
 

14.31%, 10/17/23 (EGP)(5)

      12,500        801     
  JPMorgan Chase Bank N.A.,         
 

2.68%, 5/21/30 (CNY)(4)

      9,000        1,360     
 

7.50%, 8/17/32 (IDR)(5) (6)

      4,849,000        363     
 

 

  
                    2,524           
   

Total Corporate Bonds

                           
 

(Cost $2,447)

         2,524     
               
  FOREIGN ISSUER BONDS – 91.0%         
  Angola – 1.1%         
  Angolan Government International Bond,

 

      
 

8.25%, 5/9/28 (4)

      400        416     
 

9.38%, 5/8/48 (4)

      865        895     
 

9.13%, 11/26/49 (4)

      200        204     
 

 

  
          1,515     
 

 

  
  Argentina – 2.0%         
  Argentine Republic Government         
 

International Bond,

         
 

1.00%, 7/9/29

      329        125     
 

(Step to 0.75% on 7/9/23), 0.50%,
7/9/30 (7)

      1,423        522     
 

(Step to 1.50% on 7/9/22), 1.13%,
7/9/35 (7)

      3,148        1,030     
 

(Step to 3.88% on 7/9/22), 2.00%,
1/9/38 (7)

      429        167     
 

(Step to 3.50% on 7/9/22), 2.50%,
7/9/41 (7)

      395        145     
  Provincia de Buenos Aires,         
 

(Step to 5.25% on 9/1/22), 3.90%,
9/1/37 (4) (7)

      488        223     
  YPF S.A.,         
 

(Step to 9.00% on 1/1/23), 4.00%, 2/12/26 (4) (7)

      269        238     
 

(Step to 9.00% on 1/1/23), 2.50%, 6/30/29 (4) (7)

      669        458     
 

 

  
          2,908     
 

 

  
         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Azerbaijan – 0.8%         
  Republic of Azerbaijan International Bond,         
 

3.50%, 9/1/32 (4)

      $612        $626     
  Southern Gas Corridor CJSC,         
 

6.88%, 3/24/26 (4)

      200        236     
  State Oil Co. of the Azerbaijan Republic,         
 

6.95%, 3/18/30 (4)

      200        247     
 

 

  
          1,109     
 

 

  
  Bahrain – 0.5%         
  Bahrain Government International Bond,         
 

5.45%, 9/16/32 (4)

      450        438     
  Oil and Gas Holding (The) Co. BSCC,         
 

8.38%, 11/7/28 (4)

      200        231     
 

 

  
          669     
 

 

  
  Bermuda – 0.5%         
  Digicel Group Holdings Ltd.,         
 

10.00%, 4/1/24 (3)

      374        375     
 

8.00%, 4/1/25 (3) (4)

      268        239     
  Digicel International Finance Ltd./Digicel         
 

international Holdings Ltd.,

         
 

8.75%, 5/25/24 (4)

      31        32     
 

8.00%, 12/31/26 (4)

      65        62     
 

 

  
          708     
 

 

  
  Brazil – 6.1%         
  Banco do Brasil S.A.,         
 

(Variable, U.S. Treasury Yield Curve
Rate CMT 10Y + 4.40%), 6.25%,
4/15/24 (2) (4) (8)

      500        499     
  Brazil Letras do Tesouro Nacional,         
 

0.00%, 7/1/23 (BRL)(9)

      3,020        473     
 

0.00%, 1/1/24 (BRL)(9)

      5,780        857     
  Brazil Notas do Tesouro Nacional, Serie F,         
 

10.00%, 1/1/23 (BRL)

      3,200        592     
 

10.00%, 1/1/25 (BRL)

      7,958        1,455     
 

10.00%, 1/1/27 (BRL)

      6,311        1,134     
 

10.00%, 1/1/29 (BRL)

      5,834        1,029     
 

10.00%, 1/1/31 (BRL)

      1,556        268     
  Brazilian Government International Bond,         
 

8.25%, 1/20/34

      38        50     
 

7.13%, 1/20/37

      103        124     
 

5.00%, 1/27/45

      600        559     
 

5.63%, 2/21/47

      200        200     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    234    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Brazil – 6.1%    continued         
  Oi S.A.,         
 

(100% Cash), 10.00%, 7/27/25 (3) (4)

      $1,615        $1,516     
 

 

  
          8,756     
 

 

  
  Canada – 0.2%         
  First Quantum Minerals Ltd.,         
 

7.50%, 4/1/25 (4)

      290        297     
 

 

  
  Cayman Islands – 0.3%         
  Central China Real Estate Ltd.,         
 

7.75%, 5/24/24 (4)

      400        246     
  Fantasia Holdings Group Co. Ltd.,         
 

12.25%, 10/18/22 (4) (10)

      200        66     
 

10.88%, 1/9/23 (4) (10)

      200        63     
 

 

  
          375     
 

 

  
  Chile – 1.6%         
  Bonos de la Tesoreria de la Republica,         
 

1.90%, 9/1/30 (CLP)

      1        18     
 

2.00%, 3/1/35 (CLP)

      1        53     
  Bonos de la Tesoreria de la Republica en         
 

pesos,

         
 

4.00%, 3/1/23 (CLP)

      240,000        295     
 

4.50%, 3/1/26 (CLP)

      330,000        397     
 

5.00%, 10/1/28 (CLP)

      270,000        324     
 

5.00%, 3/1/35 (CLP)

      245,000        281     
  Chile Government International Bond,         
 

3.10%, 1/22/61

      246        222     
  Corp. Nacional del Cobre de Chile,         
 

5.63%, 10/18/43 (4)

      200        260     
 

4.88%, 11/4/44 (4)

      200        238     
  Empresa Nacional del Petroleo,         
 

4.50%, 9/14/47 (4)

      200        201     
 

 

  
          2,289     
 

 

  
  China – 4.4%         
  CFLD Cayman Investment Ltd.,         
 

9.00%, 7/31/21 (4) (10)

      425        179     
 

6.90%, 1/13/23 (4) (10)

      300        126     
  China Evergrande Group,         
 

8.25%, 3/23/22 (4) (10)

      305        79     
 

11.50%, 1/22/23 (4) (10)

      200        49     
 

7.50%, 6/28/23 (4) (10)

      1,270        305     
 

10.50%, 4/11/24 (4) (10)

      450        108     
 

8.75%, 6/28/25 (4) (10)

      600        144     
  China Government Bond,         
         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  China – 4.4%    continued         
 

2.88%, 11/5/23 (CNY)

      $2,900        $452     
 

3.02%, 10/22/25 (CNY)

      6,210        973     
 

3.27%, 11/19/30 (CNH)

      6,500        1,036     
 

3.72%, 4/12/51 (CNY)

      1,400        229     
  Kaisa Group Holdings Ltd.,         
 

8.50%, 6/30/22 (4)

      415        360     
 

11.95%, 10/22/22 (4)

      200        172     
 

11.50%, 1/30/23 (4)

      200        169     
 

10.88%, 7/23/23 (4)

      200        166     
 

9.38%, 6/30/24 (4)

      465        355     
 

11.70%, 11/11/25 (4)

      200        153     
 

11.65%, 6/1/26 (4)

      201        153     
  Scenery Journey Ltd.,         
 

11.50%, 10/24/22 (4) (10)

      520        95     
 

12.00%, 10/24/23 (4) (10)

      200        35     
  Sinopec Group Overseas Development         
 

2012 Ltd.,

         
 

4.88%, 5/17/42 (4)

      200        248     
  Sunac China Holdings Ltd.,         
 

7.95%, 8/8/22 (4)

      200        183     
 

7.95%, 10/11/23 (4)

      200        168     
  Yuzhou Group Holdings Co. Ltd.,         
 

8.50%, 2/4/23 (4)

      200        171     
 

7.38%, 1/13/26 (4)

      200        133     
 

6.35%, 1/13/27 (4)

      200        129     
 

 

  
          6,370     
 

 

  
  Colombia – 3.4%         
  Colombia Government International Bond,         
 

8.13%, 5/21/24

      103        119     
 

3.88%, 4/25/27

      200        207     
 

4.50%, 3/15/29

      300        316     
 

7.38%, 9/18/37

      100        123     
 

6.13%, 1/18/41

      165        181     
 

5.63%, 2/26/44

      200        209     
 

5.00%, 6/15/45

      450        439     
  Colombian TES,         
 

10.00%, 7/24/24 (COP)

      2,000,000        586     
 

6.25%, 11/26/25 (COP)

      1,354,400        356     
 

5.75%, 11/3/27 (COP)

      1,206,300        298     
 

6.00%, 4/28/28 (COP)

      6,366,100        1,574     
 

7.00%, 3/26/31 (COP)

      416,300        104     
 

7.00%, 6/30/32 (COP)

      703,200        175     
 

7.25%, 10/18/34 (COP)

      131,700        33     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    235    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Colombia – 3.4%    continued         
 

6.25%, 7/9/36 (COP)

      $156,400        $35     
 

7.25%, 10/26/50 (COP)

      140,800        33     
  Empresas Publicas de Medellin ESP,         
 

8.38%, 11/8/27 (COP)(4)

      693,000        172     
 

 

  
          4,960     
 

 

  
  Costa Rica – 0.6%         
  Costa Rica Government International Bond,         
 

6.44%, 11/21/29 (4)

      395        417     
 

6.13%, 2/19/31 (4)

      200        205     
 

5.63%, 4/30/43 (4)

      200        177     
 

 

  
          799     
 

 

  
  Croatia – 0.2%         
  Croatia Government International Bond,         
 

6.00%, 1/26/24 (4)

      200        223     
 

 

  
  Czech Republic – 1.7%         
  Czech Republic Government Bond,         
 

0.45%, 10/25/23 (CZK)(4)

      42,500        1,887     
 

0.95%, 5/15/30 (CZK)(4)

      6,500        272     
 

1.20%, 3/13/31 (CZK)

      3,100        131     
 

2.00%, 10/13/33 (CZK)

      3,250        147     
 

4.20%, 12/4/36 (CZK)(4)

      390        23     
 

 

  
          2,460     
 

 

  
  Dominican Republic – 2.3%         
  Dominican Republic International Bond,         
 

5.50%, 1/27/25 (4)

      550        601     
 

6.88%, 1/29/26 (4)

      230        266     
 

4.88%, 9/23/32 (4)

      530        540     
 

7.45%, 4/30/44 (4)

      190        226     
 

6.85%, 1/27/45 (4)

      800        892     
 

6.50%, 2/15/48 (4)

      200        214     
 

5.88%, 1/30/60 (4)

      566        554     
 

 

  
          3,293     
 

 

  
  Ecuador – 1.7%         
  Ecuador Government International Bond,         
 

(Step to 5.50% on 7/31/22), 5.00%,
7/31/30 (6) (7)

      349        294     
 

0.00%, 7/31/30 (6) (9)

      67        36     
 

(Step to 2.50% on 7/31/22), 1.00%,
7/31/35 (6) (7)

      2,375        1,574     
 

(Step to 1.50% on 7/31/22), 0.50%,
7/31/40 (6) (7)

      828        490     
 

 

  
          2,394     
 

 

  
         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Egypt – 2.6%         
  Egypt Government Bond,         
 

14.05%, 7/21/22 (EGP)

      $704        $45     
 

14.14%, 10/20/22 (EGP)

      431        28     
 

14.31%, 10/13/23 (EGP)

      620        40     
 

14.48%, 4/6/26 (EGP)

      2,840        182     
 

14.56%, 7/6/26 (EGP)

      1,372        88     
  Egypt Government International Bond,         
 

6.59%, 2/21/28 (4)

      300        302     
 

7.60%, 3/1/29 (4)

      425        442     
 

5.88%, 2/16/31 (4)

      200        184     
 

7.63%, 5/29/32 (4)

      200        200     
 

8.50%, 1/31/47 (4)

      600        581     
 

7.90%, 2/21/48 (4)

      700        641     
 

8.70%, 3/1/49 (4)

      200        195     
 

8.88%, 5/29/50 (4)

      400        397     
  Egypt Treasury Bills,         
 

11.95%, 11/30/21 (EGP)(11)

      2,525        158     
 

11.78%, 2/8/22 (EGP)(11)

      1,600        98     
 

11.61%, 5/10/22 (EGP)(11)

      3,125        186     
 

 

  
          3,767     
 

 

  
  El Salvador – 0.5%         
  El Salvador Government International Bond,         
 

8.63%, 2/28/29 (4)

      412        314     
 

8.25%, 4/10/32

      79        59     
 

7.65%, 6/15/35 (4)

      39        28     
 

7.63%, 2/1/41 (4)

      150        105     
 

7.12%, 1/20/50 (4)

      150        103     
 

9.50%, 7/15/52 (4)

      150        117     
 

 

  
          726     
 

 

  
  Gabon – 0.1%         
  Gabon Government International Bond,         
 

6.63%, 2/6/31 (4)

      200        197     
 

 

  
  Ghana – 0.9%         
  Ghana Government International Bond,         
 

10.75%, 10/14/30 (4)

      400        484     
 

8.63%, 4/7/34 (4)

      200        191     
 

7.88%, 2/11/35 (4)

      200        180     
 

8.88%, 5/7/42 (4)

      200        187     
 

8.95%, 3/26/51 (4)

      215        197     
 

 

  
          1,239     
 

 

  
  Guatemala – 0.5%         
  Guatemala Government Bond,         
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    236    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Guatemala – 0.5%    continued         
 

5.38%, 4/24/32 (4)

      $375        $426     
 

6.13%, 6/1/50 (4)

      200        230     
 

 

  
          656     
 

 

  
  Honduras – 0.3%         
  Honduras Government International Bond,         
 

6.25%, 1/19/27 (4)

      150        162     
 

5.63%, 6/24/30 (4)

      300        312     
 

 

  
          474     
 

 

  
  Hungary – 1.7%         
  Hungary Government Bond,         
 

1.50%, 8/24/22 (HUF)

      220,000        710     
 

1.50%, 8/23/23 (HUF)

      118,500        382     
 

2.50%, 10/24/24 (HUF)

      115,000        374     
 

3.00%, 10/27/27 (HUF)

      60,000        196     
 

3.00%, 8/21/30 (HUF)

      114,090        366     
  Hungary Government International Bond,         
 

5.75%, 11/22/23

      248        274     
 

5.38%, 3/25/24

      176        195     
 

 

  
          2,497     
 

 

  
  India – 0.1%         
  Export-Import Bank of India,         
 

4.00%, 1/14/23 (4)

      200        208     
 

 

  
  Indonesia – 7.7%         
  Indonesia Asahan Aluminium Persero PT,         
 

6.76%, 11/15/48 (4)

      200        257     
  Indonesia Government International Bond,         
 

4.75%, 2/11/29

      500        582     
 

8.50%, 10/12/35 (4)

      100        156     
 

6.63%, 2/17/37 (4)

      550        749     
 

7.75%, 1/17/38 (4)

      200        297     
 

5.25%, 1/17/42 (4)

      850        1,032     
 

5.13%, 1/15/45 (4)

      200        242     
 

5.95%, 1/8/46 (4)

      200        270     
 

5.25%, 1/8/47 (4)

      200        249     
  Indonesia Treasury Bond,         
 

6.50%, 6/15/25 (IDR)

      1,793,000        132     
 

8.38%, 9/15/26 (IDR)

      7,471,000        593     
 

7.00%, 5/15/27 (IDR)

      2,449,000        184     
 

6.13%, 5/15/28 (IDR)

      1,732,000        124     
 

9.00%, 3/15/29 (IDR)

      3,155,000        258     
 

8.25%, 5/15/29 (IDR)

      2,589,000        204     
 

10.50%, 8/15/30 (IDR)

      2,813,000        252     
         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Indonesia – 7.7%    continued         
 

7.00%, 9/15/30 (IDR)

      $4,673,000        $343     
 

6.50%, 2/15/31 (IDR)

      7,800,000        552     
 

7.75%, 4/15/31 (IDR)

      1,177,000        90     
 

8.75%, 5/15/31 (IDR)

      11,474,000        940     
 

9.50%, 7/15/31 (IDR)

      13,412,000        1,142     
 

8.38%, 3/15/34 (IDR)

      2,949,000        234     
 

7.50%, 6/15/35 (IDR)

      974,000        72     
 

8.25%, 5/15/36 (IDR)

      14,780,000        1,155     
 

7.50%, 5/15/38 (IDR)

      1,561,000        114     
 

8.38%, 4/15/39 (IDR)

      1,310,000        103     
  Perusahaan Penerbit SBSN Indonesia III,         
 

4.55%, 3/29/26 (4)

      200        226     
 

4.40%, 3/1/28 (4)

      250        284     
  Perusahaan Perseroan Persero PT         
 

Perusahaan Listrik Negara,

         
 

5.50%, 11/22/21 (4)

      200        201     
 

 

  
          11,037     
 

 

  
  Ivory Coast – 0.7%         
  Ivory Coast Government International Bond,         
 

5.88%, 10/17/31 (EUR)(4)

      119        144     
 

4.88%, 1/30/32 (EUR)(4)

      102        115     
 

5.75%, 12/31/32 (4)

      92        93     
 

6.13%, 6/15/33 (4)

      540        572     
 

6.88%, 10/17/40 (EUR)(4)

      125        155     
 

 

  
          1,079     
 

 

  
  Kazakhstan – 0.9%         
  Development Bank of Kazakhstan JSC,         
 

4.13%, 12/10/22 (4)

      200        207     
  Kazakhstan Government International Bond,         
 

8.05%, 5/20/24 (KZT)(4) (12)

      150,000        340     
 

6.50%, 7/21/45 (4)

      400        579     
  KazMunayGas National Co. JSC,         
 

5.38%, 4/24/30 (4)

      200        237     
 

 

  
          1,363     
 

 

  
  Kenya – 0.6%         
  Republic of Kenya Government International         
 

Bond,

         
 

6.88%, 6/24/24 (4)

      550        604     
 

8.00%, 5/22/32 (4)

      200        221     
 

 

  
          825     
 

 

  
  Lebanon – 0.3%         
  Lebanon Government International Bond,         
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    237    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Lebanon – 0.3%    continued         
 

6.38%, 3/9/20 (4) (10)

      $267        $45     
 

5.80%, 4/14/20 (10)

      188        31     
 

6.15%, 6/19/20 (10)

      326        55     
 

8.25%, 4/12/21 (4) (10)

      443        77     
 

6.10%, 10/4/22 (4) (10)

      645        109     
 

6.00%, 1/27/23 (4) (10)

      231        39     
 

6.60%, 11/27/26 (4) (10)

      97        16     
 

6.85%, 3/23/27 (4) (10)

      212        36     
 

7.00%, 3/23/32 (4) (10)

      143        24     
 

7.05%, 11/2/35 (4) (10)

      11        2     
 

7.25%, 3/23/37 (4) (10)

      349        65     
 

 

  
          499     
 

 

  
  Malaysia – 2.8%         
  Malaysia Government Bond,         
 

3.80%, 9/30/22 (MYR)

      5,321        1,297     
 

3.90%, 11/30/26 (MYR)

      2,050        512     
 

3.73%, 6/15/28 (MYR)

      2,400        588     
 

3.89%, 8/15/29 (MYR)

      720        178     
 

3.83%, 7/5/34 (MYR)

      2,879        682     
 

4.25%, 5/31/35 (MYR)

      877        217     
 

4.92%, 7/6/48 (MYR)

      203        54     
  Petronas Capital Ltd.,         
 

4.55%, 4/21/50 (4)

      200        245     
 

3.40%, 4/28/61 (6)

      200        201     
 

 

  
          3,974     
 

 

  
  Mexico – 7.3%         
  Banco Mercantil del Norte S.A.,         
 

(Variable, U.S. Treasury Yield Curve
Rate CMT 10Y + 5.47%), 7.50%,
6/27/29 (2) (4) (8)

      200        223     
  Braskem Idesa S.A.P.I.,         
 

7.45%, 11/15/29 (4)

      230        244     
  Comision Federal de Electricidad,         
 

8.18%, 12/23/27 (MXN)

      2,060        95     
  Mexican Bonos,         
 

8.00%, 12/7/23 (MXN)

      34,230        1,717     
 

10.00%, 12/5/24 (MXN)

      12,900        686     
 

5.75%, 3/5/26 (MXN)

      2,800        130     
 

7.50%, 6/3/27 (MXN)

      20,640        1,017     
 

8.50%, 5/31/29 (MXN)

      12,234        635     
 

7.75%, 5/29/31 (MXN)

      6,000        298     
 

10.00%, 11/20/36 (MXN)

      6,600        388     
 

8.50%, 11/18/38 (MXN)

      7,680        397     
         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%  continued

 

   
  Mexico – 7.3%    continued         
 

7.75%, 11/13/42 (MXN)

      $5,000        $240     
  Mexico Government International Bond,         
 

2.66%, 5/24/31

      453        437     
 

4.75%, 4/27/32

      1,300        1,462     
 

6.05%, 1/11/40

      60        73     
 

4.75%, 3/8/44

      38        40     
 

5.55%, 1/21/45

      114        133     
 

3.77%, 5/24/61

      425        377     
 

3.75%, 4/19/71

      200        173     
 

5.75%, 10/12/10 (13)

      424        482     
  Petroleos Mexicanos,         
 

7.19%, 9/12/24 (MXN)(4)

      3,090        142     
 

6.75%, 9/21/47

      416        363     
 

6.35%, 2/12/48

      160        135     
 

7.69%, 1/23/50

      371        351     
 

6.95%, 1/28/60

      316        276     
 

 

  
          10,514     
 

 

  
  Mongolia – 0.3%         
  Development Bank of Mongolia LLC,         
 

7.25%, 10/23/23 (4)

      200        213     
  Mongolia Government International Bond,         
 

5.63%, 5/1/23 (4)

      200        210     
  Mongolian Mining Corp.,         
 

2.34%, 4/1/22 (2) (3)

      60        26     
 

 

  
          449     
 

 

  
  Morocco – 0.4%         
  Morocco Government International Bond,         
 

4.25%, 12/11/22 (4)

      210        218     
 

2.38%, 12/15/27 (4)

      300        294     
 

 

  
          512     
 

 

  
  Mozambique – 0.3%         
  Mozambique International Bond,         
 

(Step to 9.00% on 9/15/23), 5.00%,
9/15/31 (4) (7)

      500        433     
 

 

  
  Netherlands – 0.6%         
  Metinvest B.V.,         
 

7.65%, 10/1/27 (4)

      200        218     
 

7.75%, 10/17/29 (4)

      200        218     
  Petrobras Global Finance B.V.,         
 

6.90%, 3/19/49

      90        100     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    238    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Netherlands – 0.6%    continued         
 

5.50%, 6/10/51

      $100        $93     
 

6.85%, 6/5/15 (14)

      190        196     
 

 

  
          825     
 

 

  
  Nigeria – 0.6%         
  Nigeria Government International Bond,         
 

6.13%, 9/28/28 (4)

      200        201     
 

7.70%, 2/23/38 (4)

      200        198     
 

7.63%, 11/28/47 (4)

      200        193     
 

8.25%, 9/28/51 (6)

      200        202     
 

 

  
          794     
 

 

  
  Oman – 1.2%         
  Oman Government International Bond,         
 

5.63%, 1/17/28 (4)

      200        209     
 

6.00%, 8/1/29 (4)

      200        211     
 

6.25%, 1/25/31 (4)

      200        214     
 

6.50%, 3/8/47 (4)

      400        389     
 

6.75%, 1/17/48 (4)

      711        706     
 

 

  
          1,729     
 

 

  
  Pakistan – 1.1%         
  Pakistan Government International Bond,         
 

8.25%, 4/15/24 (4)

      200        214     
 

6.88%, 12/5/27 (4)

      281        283     
 

7.38%, 4/8/31 (4)

      340        340     
 

7.38%, 4/8/31 (6)

      250        250     
  Third Pakistan International Sukuk (The) Co.         
 

Ltd.,

         
 

5.50%, 10/13/21 (4)

      300        300     
 

5.63%, 12/5/22 (4)

      200        205     
 

 

  
          1,592     
 

 

  
  Panama – 1.0%         
  Panama Government International Bond,         
 

8.88%, 9/30/27

      449        612     
 

9.38%, 4/1/29

      73        106     
 

3.16%, 1/23/30

      294        303     
 

6.70%, 1/26/36

      138        183     
 

4.30%, 4/29/53

      200        211     
 

 

  
          1,415     
 

 

  
  Papua New Guinea – 0.1%         
  Papua New Guinea Government         
 

International Bond,

         
 

8.38%, 10/4/28 (4)

      200        201     
 

 

  
         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

      
  Paraguay – 0.8%         
  Paraguay Government International Bond,         
 

5.00%, 4/15/26 (4)

      $200        $222     
 

4.95%, 4/28/31 (4)

      399        450     
 

5.60%, 3/13/48 (4)

      200        231     
 

5.40%, 3/30/50 (4)

      200        230     
 

 

  
          1,133     
 

 

  
  Peru – 1.5%         
  Peru Government Bond,         
 

6.15%, 8/12/32 (PEN)

      1,300        305     
 

5.40%, 8/12/34 (PEN)

      565        118     
 

5.35%, 8/12/40 (PEN)

      1,076        207     
  Peru LNG S.r.l.,         
 

5.38%, 3/22/30 (4)

      200        162     
  Peruvian Government International Bond,         
 

7.35%, 7/21/25

      118        143     
 

6.95%, 8/12/31 (PEN)(4)

      1,271        319     
 

8.75%, 11/21/33

      190        293     
 

6.90%, 8/12/37 (PEN)(4)

      167        39     
 

5.63%, 11/18/50

      119        161     
 

2.78%, 12/1/60

      131        110     
 

3.23%, 7/28/21 (15)

      75        62     
  Petroleos del Peru S.A.,         
 

5.63%, 6/19/47 (6)

      200        200     
 

 

  
          2,119     
 

 

  
  Philippines – 0.4%         
  Philippine Government International Bond,         
 

10.63%, 3/16/25

      78        103     
 

9.50%, 2/2/30

      144        223     
 

7.75%, 1/14/31

      100        144     
 

6.38%, 10/23/34

      100        138     
 

 

  
          608     
 

 

  
  Poland – 2.4%         
  Republic of Poland Government Bond,         
 

2.25%, 4/25/22 (PLN)

      1,400        357     
 

2.50%, 1/25/23 (PLN)

      6,000        1,551     
 

2.50%, 7/25/26 (PLN)

      1,550        410     
 

2.50%, 7/25/27 (PLN)

      2,361        624     
 

2.75%, 10/25/29 (PLN)

      1,945        518     
 

 

  
          3,460     
 

 

  
  Qatar – 2.1%         
  Qatar Government International Bond,         
 

3.25%, 6/2/26 (4)

      200        216     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    239    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Qatar – 2.1%    continued         
 

4.50%, 4/23/28 (4)

      $268        $313     
 

4.00%, 3/14/29 (4)

      450        513     
 

3.75%, 4/16/30 (4)

      596        672     
 

5.10%, 4/23/48 (4)

      625        831     
 

4.82%, 3/14/49 (4)

      200        258     
  Qatar Petroleum,         
 

3.13%, 7/12/41 (4)

      200        200     
 

 

  
          3,003     
 

 

  
  Romania – 2.0%         
  Romania Government Bond,         
 

3.40%, 3/8/22 (RON)

      800        188     
 

4.25%, 6/28/23 (RON)

      850        203     
 

5.80%, 7/26/27 (RON)

      3,170        827     
 

4.15%, 10/24/30 (RON)

      990        233     
  Romanian Government International Bond,         
 

6.75%, 2/7/22 (4)

      94        96     
 

4.38%, 8/22/23 (4)

      168        179     
 

3.62%, 5/26/30 (EUR)(4)

      47        62     
 

3.00%, 2/14/31 (4)

      30        31     
 

6.13%, 1/22/44 (4)

      24        31     
 

5.13%, 6/15/48 (4)

      600        712     
 

3.38%, 1/28/50 (EUR)(4)

      121        138     
 

4.00%, 2/14/51 (4)

      206        206     
 

 

  
          2,906     
 

 

  
  Russia – 4.1%         
  Russian Federal Bond - OFZ,         
 

7.75%, 9/16/26 (RUB)

      27,969        395     
 

7.95%, 10/7/26 (RUB)

      41,071        583     
 

8.15%, 2/3/27 (RUB)

      33,765        485     
 

6.00%, 10/6/27 (RUB)

      69,000        897     
 

7.05%, 1/19/28 (RUB)

      15,962        218     
 

6.90%, 5/23/29 (RUB)

      50,511        684     
 

7.65%, 4/10/30 (RUB)

      61,948        878     
 

8.50%, 9/17/31 (RUB)

      23,979        360     
 

7.70%, 3/23/33 (RUB)

      63,231        897     
 

7.25%, 5/10/34 (RUB)

      5,593        76     
  Russian Foreign Bond - Eurobond,         
 

4.38%, 3/21/29 (4)

      200        227     
 

5.25%, 6/23/47 (4)

      200        254     
 

 

  
          5,954     
 

 

  
  Rwanda – 0.1%         
  Rwanda International Government Bond,         
         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Rwanda – 0.1%    continued         
 

5.50%, 8/9/31 (4)

      $200        $209     
 

 

  
  Saudi Arabia – 0.6%         
  Saudi Government International Bond,         
 

5.00%, 4/17/49 (4)

      200        250     
 

5.25%, 1/16/50 (4)

      200        259     
 

3.75%, 1/21/55 (4)

      200        209     
 

3.45%, 2/2/61 (6)

      200        196     
 

 

  
          914     
 

 

  
  South Africa – 5.1%         
  Republic of South Africa Government Bond,

 

      
 

10.50%, 12/21/26 (ZAR)

      5,869        438     
 

8.00%, 1/31/30 (ZAR)

      8,774        542     
 

7.00%, 2/28/31 (ZAR)

      3,155        176     
 

8.25%, 3/31/32 (ZAR)

      44,945        2,672     
 

8.88%, 2/28/35 (ZAR)

      6,562        387     
 

6.25%, 3/31/36 (ZAR)

      2,511        115     
 

8.50%, 1/31/37 (ZAR)

      17,032        949     
 

6.50%, 2/28/41 (ZAR)

      1,752        76     
 

8.75%, 1/31/44 (ZAR)

      1,848        101     
 

8.75%, 2/28/48 (ZAR)

      17,957        983     
  Republic of South Africa Government         
 

International Bond,

         
 

4.30%, 10/12/28

      540        543     
 

5.00%, 10/12/46

      200        177     
 

5.65%, 9/27/47

      200        190     
 

 

  
          7,349     
 

 

  
  Sri Lanka – 0.2%         
  Sri Lanka Government International Bond,         
 

6.75%, 4/18/28 (4)

      200        121     
 

7.85%, 3/14/29 (4)

      200        121     
 

 

  
          242     
 

 

  
  Thailand – 2.2%         
  Thailand Government Bond,         
 

2.40%, 12/17/23 (THB)

      36,000        1,107     
 

2.88%, 12/17/28 (THB)

      2,733        88     
 

3.78%, 6/25/32 (THB)

      15,989        555     
 

3.40%, 6/17/36 (THB)

      8,124        271     
 

3.30%, 6/17/38 (THB)

      30,606        1,007     
 

2.00%, 6/17/42 (THB)

      2,650        71     
 

2.88%, 6/17/46 (THB)

      1,156        36     
 

3.60%, 6/17/67 (THB)

      1,084        37     
 

 

  
          3,172     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    240    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Turkey – 1.8%         
  Turkey Government Bond,         
 

10.70%, 8/17/22 (TRY)

      $2,500        $267     
 

12.60%, 10/1/25 (TRY)

      570        55     
 

10.60%, 2/11/26 (TRY)

      838        74     
 

11.00%, 2/24/27 (TRY)

      2,139        185     
 

11.70%, 11/13/30 (TRY)

      570        47     
  Turkey Government International Bond,         
 

3.25%, 3/23/23

      200        199     
 

5.75%, 3/22/24

      200        205     
 

4.75%, 1/26/26

      226        218     
 

5.13%, 2/17/28

      300        284     
 

5.88%, 6/26/31

      205        192     
 

4.88%, 4/16/43

      545        423     
 

5.75%, 5/11/47

      535        443     
 

 

  
          2,592     
 

 

  
  Ukraine – 2.7%         
  State Agency of Roads of Ukraine,         
 

6.25%, 6/24/28 (4)

      200        198     
  Ukraine Government Bond,         
 

17.25%, 1/5/22 (UAH)

      274        11     
 

17.00%, 5/11/22 (UAH)

      442        17     
 

15.84%, 2/26/25 (UAH)

      1,835        75     
  Ukraine Government International Bond,         
 

7.75%, 9/1/23 (4)

      100        107     
 

15.84%, 2/26/25 (UAH)(4)

      15,200        619     
 

7.75%, 9/1/25 (4)

      165        180     
 

7.75%, 9/1/26 (4)

      250        272     
 

9.75%, 11/1/28 (4)

      200        235     
 

6.88%, 5/21/29 (4)

      700        711     
 

7.38%, 9/25/32 (4)

      1,248        1,281     
 

7.25%, 3/15/33 (4)

      212        215     
 

 

  
          3,921     
 

 

  
  United Arab Emirates – 0.5%         
  Abu Dhabi Government International Bond,         
 

3.13%, 9/30/49 (4)

      200        201     
 

3.88%, 4/16/50 (4)

      200        229     
  Emirate of Dubai Government International         
 

Bonds,

         
 

5.25%, 1/30/43 (4)

      200        229     
 

 

  
          659     
 

 

  
  United Kingdom – 1.0%         
  Standard Chartered Bank,         
 

19.25%, 1/20/27 (GHS)(4) (5)

      2,600        444     
         PRINCIPAL
AMOUNT
(000S)(1)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  United Kingdom – 1.0%    continued         
  Tullow Oil PLC,         
 

10.25%, 5/15/26 (4)

      $200        $209     
  Vedanta Resources Finance II PLC,         
 

13.88%, 1/21/24 (4)

      200        216     
 

8.95%, 3/11/25 (4)

      200        200     
  Vedanta Resources Ltd.,         
 

6.38%, 7/30/22 (4)

      210        209     
 

6.13%, 8/9/24 (4)

      200        179     
 

 

  
          1,457     
 

 

  
  Uruguay – 1.2%         
  Uruguay Government International Bond,         
 

8.50%, 3/15/28 (UYU)(4)

      3,171        77     
 

4.38%, 12/15/28 (UYU)

      601        36     
 

8.25%, 5/21/31 (UYU)

      13,639        323     
 

7.88%, 1/15/33

      51        75     
 

7.63%, 3/21/36

      99        148     
 

3.88%, 7/2/40 (UYU)

      17,091        497     
 

4.13%, 11/20/45

      104        121     
 

5.10%, 6/18/50

      116        147     
 

4.98%, 4/20/55

      192        240     
  Uruguay Monetary Regulation Bill,         
 

6.66%, 10/15/21 (UYU)(11)

      545        13     
 

6.59%, 12/3/21 (UYU)(11)

      366        9     
 

6.76%, 3/2/22 (UYU)(11)

      1,019        23     
 

 

  
          1,709     
 

 

  
  Uzbekistan – 0.8%         
  Republic of Uzbekistan International Bond,         
 

14.50%, 11/25/23 (UZS)(4)

      4,230,000        396     
 

4.75%, 2/20/24 (4)

      511        536     
 

5.38%, 2/20/29 (4)

      200        218     
 

 

  
          1,150     
 

 

  
  Venezuela – 0.5%         
  Petroleos de Venezuela S.A.,         
 

8.50%, 10/27/20 (4) (10) (12)

      1,480        400     
 

9.00%, 11/17/21 (4) (10) (12)

      172        10     
 

12.75%, 2/17/22 (4) (10) (12)

      92        5     
 

5.38%, 4/12/27 (4) (10) (12)

      77        4     
 

9.75%, 5/17/35 (4) (10) (12)

      222        13     
  Venezuela Government International Bond,         
 

7.75%, 10/13/19 (4) (10) (12)

      72        7     
 

12.75%, 8/23/22 (4) (10) (12)

      151        16     
 

9.00%, 5/7/23 (4) (10) (12)

      62        7     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    241    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND  continued

 

   

 

    

 

        

PRINCIPAL

AMOUNT

(000S)(1)

    

VALUE

(000S)

         
  FOREIGN ISSUER BONDS – 91.0%    continued

 

   
  Venezuela – 0.5%     continued         
 

8.25%, 10/13/24 (4) (10) (12)

      $141        $15     
 

11.75%, 10/21/26 (4) (10) (12)

     632        69     
 

9.25%, 9/15/27 (10)

     186        20     
 

9.25%, 5/7/28 (4) (10) (12)

     102        11     
 

11.95%, 8/5/31 (4) (10) (12)

     1,045        112     
 

 

  
          689     
 

 

  
  Vietnam – 0.5%         
 

Viet Nam Debt & Asset Trading Corp.,

 

      
 

1.00%, 10/10/25 (4)

     300        272     
 

Vietnam Government International Bond,

 

 

4.80%, 11/19/24 (4)

     400        443     
 

 

  
          715     
 

 

  
  Zambia – 0.5%         
 

Zambia Government International Bond,

 

      
 

5.38%, 9/20/22 (4) (10)

      785        592     
 

8.97%, 7/30/27 (4) (10)

      200        155     
 

 

  
          747     

 

  
  Total Foreign Issuer Bonds         

 

  
  (Cost $140,640)         130,838     

 

         NUMBER
OF SHARES		      VALUE
(000S)		         
  INVESTMENT COMPANIES – 5.3%         
 

Northern Institutional Funds -

         
 

U.S. Government Portfolio (Shares),

 

      
 

0.00%(16) (17)

      7,629,895        $7,630     

 

  
  Total Investment Companies         

 

  
  (Cost $7,630)         7,630     
          

 

  
  Total Investments – 98.1%         

 

  
  (Cost $150,736)         141,058     
 

Other Assets less Liabilities – 1.9%

         2,687     

 

  
  Net Assets – 100.0%       $ 143,745     

 

(1) 

Principal amount is in USD unless otherwise indicated.

 

(2) 

Perpetual bond. Maturity date represents next call date.

 

(3)

Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

 

(4)

Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

 

(5)

Level 3 asset.

(6) 

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

 

(7) 

Step coupon bond. Rate as of September 30, 2021 is disclosed.

 

(8) 

Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of September 30, 2021.

 

(9) 

Zero coupon bond.

 

(10) 

Issuer has defaulted on terms of debt obligation. Income is not being accrued.

 

(11) 

Discount rate at the time of purchase.

 

(12) 

Restricted security that has been deemed illiquid. At September 30, 2021, the value of these restricted illiquid securities amounted to approximately $1,009,000 or 0.7% of net assets. Additional information on these restricted illiquid securities is as follows:

 

 

SECURITY

     


 ACQUISITION
AND
ENFORCEABLE
DATE
 
 
 		     

 COST

(000S)

  

 

  
 

Kazakhstan Government International Bond,

        
 

8.05%, 5/20/24

      6/25/21        $340    
 

Petroleos de Venezuela S.A.,
5.38%, 4/12/27

      7/19/16-6/14/17        30    
 

Petroleos de Venezuela S.A.,
8.50%, 10/27/20

      4/4/17-11/14/18        1,199    
 

Petroleos de Venezuela S.A.,
9.00%, 11/17/21

      1/19/16-6/14/17        100    
 

Petroleos de Venezuela S.A.,
9.75%, 5/17/35

      6/20/16-6/14/17        105    
 

Petroleos de Venezuela S.A.,
12.75%, 2/17/22

      3/10/16-6/14/17        51    
 

Venezuela Government International
Bond,

 

  
 

7.75%, 10/13/19

      6/14/17-8/11/17        43    
 

Venezuela Government International
Bond,

 

  
 

8.25%, 10/13/24

      6/14/17-8/11/17        63    
 

Venezuela Government International
Bond,

 

  
 

9.00%, 5/7/23

      6/14/17-8/11/17        29    
 

Venezuela Government International
Bond,

 

  
 

9.25%, 5/7/28

      8/11/17-5/15/18        31    
 

Venezuela Government International
Bond,

 

  
 

11.75%, 10/21/26

      3/3/17-11/13/17        333    
 

Venezuela Government International
Bond,

 

  
 

11.95%, 8/5/31

      3/3/17-7/27/18        480    

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    242    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

  SECURITY     


 ACQUISITION
AND
ENFORCEABLE
DATE
 
 
 		     
 COST
(000S)		  
 		  
 

Venezuela Government International
Bond,

 

     
 

12.75%, 8/23/22

      4/29/16-7/27/18        $49    

 

  

 

(13) 

Century bond maturing in 2110.

 

(14) 

Century bond maturing in 2115.

 

(15) 

Century bond maturing in 2121.

 

(16) 

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

 

(17) 

7-day current yield as of September 30, 2021 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

10Y – 10 Year

B.V. – Besloten Vennootschap (Dutch: Private Limited Liability Company)

CETIP – Central of Custody and Financial Settlement of Securities

CFETS – China Foreign Exchange Trade System

CMT – Constant Maturity

LLC – Limited Liability Company

PLC – Public Limited Company

S.A. – Société Anonyme (French: Public Limited Company)

SBSN – Surat Berharga Syariah Negara

USD – United States Dollar

BRL - Brazilian Real

CLP - Chilean Peso

CNH - Chinese Offshore Yuan

CNY - Chinese Yuan Renminbi

COP - Colombian Peso

CZK - Czech Koruna

EGP - Egyptian Pound

EUR - Euro

GHS - Ghanaian Cedi

HUF - Hungarian Forint

IDR - Indonesian Rupiah

KZT - Kazakhstan Tenge

 

    

    

MXN - Mexican Peso

MYR - Malaysian Ringgit

PEN - Peruvian Nuevo Sol

PLN - Polish Zloty

RON - Romanian Leu

RUB - Russian Ruble

THB - Thai Baht

TRY - Turkish Lira

UAH - Ukraine Hryvnia

UYU - Uruguayan Peso

UZS - Uzbekistan Som

ZAR - South African Rand

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had outstanding forward foreign currency exchange contracts as follows:

 

COUNTERPARTY  

 

CONTRACTS
TO
DELIVER
CURRENCY

   AMOUNT
(LOCAL
CURRENCY)
(000S)		    

IN

EXCHANGE

FOR

CURRENCY

   AMOUNT
(LOCAL
CURRENCY)
(000S)		     SETTLEMENT
DATE		     UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)		  
Barclays   Korean Won     478,525     United States
Dollar		     416       10/14/21       $ 12  
Barclays   South African
Rand		     5,664     United States
Dollar		     371       1/12/22       1  
Barclays   United States
Dollar		     79     Indonesian
Rupiah		     1,148,004       10/29/21       1  
Barclays   United States
Dollar		     304     Russian Ruble     23,039       10/29/21       11  
Barclays   United States
Dollar		     542     Russian Ruble     40,654       1/31/22       4  
BNP   Brazilian Real     988     United States
Dollar		     185       10/4/21       4  
BNP   United States
Dollar		     2,121     Chinese
Offshore Yuan		     13,806       11/10/21       13  
BNP   United States
Dollar		     226     Colombian
Peso		     891,095       10/29/21       8  
BNP   United States
Dollar		     775     Russian Ruble     58,227       10/29/21       21  
BNP   United States
Dollar		     40     South African
Rand		     603       10/29/21       — * 
Citibank   Brazilian Real     931     United States
Dollar		     176       10/4/21       5  
Citibank   Chilean Peso     125,659     United States
Dollar		     165       10/29/21       10  
Citibank   Peruvian

Nuevo Sol

  

 

116

 

   United States

Dollar

  

 

29

 

  

 

10/29/21

 

  

 

1

 

JPMorgan Chase   Brazilian Real     5,544     United States
Dollar		     1,023       10/4/21       6  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    243    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   MULTI-MANAGER EMERGING MARKETS DEBT  OPPORTUNITY FUND    continued

 

   

 

    

 

COUNTERPARTY

 

  

 

CONTRACTS

TO

DELIVER
CURRENCY

 

   

AMOUNT
(LOCAL

CURRENCY)

(000S)

 

     

IN

EXCHANGE

FOR

CURRENCY

 

     

AMOUNT
(LOCAL
CURRENCY)
(000S)

 

     

SETTLEMENT
DATE

 

     

UNREALIZED
APPRECIATION

(DEPRECIATION)
(000S)

 

  
JPMorgan Chase   Brazilian Real      3,782       
 United States
Dollar		  
 		      705        11/3/21      $ 14  
JPMorgan Chase   Euro      561       
 United States
Dollar		  
 		      663        10/13/21        13  
JPMorgan Chase   Indonesian Rupiah      306,720       
 United States
Dollar		  
 		      21        1/12/22        — * 
JPMorgan Chase   South African Rand      6,041       
 United States
Dollar		  
 		      415        10/29/21        15  
JPMorgan Chase   United States Dollar      70       
 Colombian
Peso		  
 		      267,890        10/29/21        — * 
Merrill Lynch   United States Dollar      738        Russian Ruble        54,459        11/30/21        3  
Morgan Stanley   Mexican Peso      9,902       
 United States
Dollar		  
 		      490        10/29/21        12  
Morgan Stanley   Polish Zloty      394       
 United States
Dollar		  
 		      100        1/31/22        1  
Morgan Stanley   United States Dollar      28       
 Chinese
Offshore Yuan		  
 		      182        11/10/21        — * 
Morgan Stanley   United States Dollar      267       
 Indonesian
Rupiah		  
 		      3,876,090        10/29/21        3  
Santander   Mexican Peso      16,986       
 United States
Dollar		  
 		      845        10/29/21        26  
Standard Chartered Bank   Brazilian Real      1,652       
 United States
Dollar		  
 		      314        10/4/21        11  
Standard Chartered Bank   United States Dollar      30       
 Indonesian
Rupiah		  
 		      433,950        10/29/21        — * 
             

Subtotal Appreciation

 

                                             

 

 195

 

  

 

Barclays   Chinese Offshore Yuan      2,818       
 United States
Dollar		  
 		      431        11/10/21        (5 ) 
Barclays   United States Dollar      402        Czech Koruna        8,749        11/30/21        (3 ) 
Barclays   United States Dollar      598        Mexican Peso        12,218        10/29/21        (9 ) 
Barclays   United States Dollar      346        Thai Baht        11,413        10/29/21        (9 ) 
Barclays   United States Dollar      64        Turkish Lira        555        10/28/21        (3 ) 
BNP   Chinese Offshore Yuan      4,640       
 United States
Dollar		  
 		      709        11/10/21        (8 ) 
BNP   United States Dollar      182        Brazilian Real        988        10/4/21        — * 
BNP   United States Dollar      132        Brazilian Real        723        11/3/21        — * 
BNP   United States Dollar      392        Czech Koruna        8,560        10/29/21        (1 ) 
BNP   United States Dollar      143        Czech Koruna        3,084        11/30/21        (3 ) 
BNP   United States Dollar      593       
 Hungarian
Forint		  
 		      176,568        10/29/21        (24 ) 
BNP   United States Dollar      479       
 Hungarian
Forint		  
 		      142,159        1/31/22        (23 ) 
BNP   United States Dollar      127        Korean Won        149,895        10/14/21        — * 
BNP   United States Dollar      171        Mexican Peso        3,424        10/29/21        (6 ) 
BNP   United States Dollar      587        Polish Zloty        2,316        1/31/22        (5 ) 
COUNTERPARTY

 

  

 

CONTRACTS

TO

DELIVER
CURRENCY

 

   

AMOUNT
(LOCAL

CURRENCY)

(000S)

 

     

IN

EXCHANGE

FOR

CURRENCY

 

   

AMOUNT
(LOCAL
CURRENCY)
(000S)

 

     

SETTLEMENT
DATE

 

     

UNREALIZED
APPRECIATION

(DEPRECIATION)
(000S)

 

  
BNP   United States Dollar      113      Romanian Leu      477        10/29/21      $ (2 ) 
BNP   United States Dollar      88      South African
Rand		      1,260        10/29/21        (4 ) 
Citibank   Colombian Peso      1,306,017      United States
Dollar		      338        10/29/21        (4 ) 
Citibank   Russian Ruble      13,172      United States
Dollar		      180        10/29/21        — * 
Citibank   United States Dollar      171      Brazilian Real      931        10/4/21        — * 
Citibank   United States Dollar      401      Czech Koruna      8,712        1/31/22        (5 ) 
JPMorgan Chase   Indonesian Rupiah      306,720      United States
Dollar		      21        10/12/21        — * 
JPMorgan Chase   United States Dollar      1,036      Brazilian Real      5,544        10/4/21        (19 ) 
JPMorgan Chase   United States Dollar      394      Czech Koruna      8,560        10/29/21        (3 ) 
JPMorgan Chase   United States Dollar      21      Indonesian
Rupiah		      306,720        10/12/21        — * 
JPMorgan Chase   United States Dollar      293      Korean Won      330,417        10/14/21        (14 ) 
JPMorgan Chase   United States Dollar      219      Mexican Peso      4,393        10/29/21        (7 ) 
JPMorgan Chase   United States Dollar      186      Polish Zloty      722        10/29/21        (5 ) 
JPMorgan Chase   United States Dollar      589      Polish Zloty      2,316        1/31/22        (8 ) 
JPMorgan Chase   United States Dollar      14      Romanian Leu      57        10/29/21        — * 
Merrill Lynch   United States Dollar      198      Mexican Peso      3,992        10/29/21        (5 ) 
Merrill Lynch   United States Dollar      93      Peruvian
Nuevo Sol		      369        10/29/21        (3 ) 
Merrill Lynch   United States Dollar      220      Romanian Leu      927        11/29/21        (4 ) 
Merrill Lynch   United States Dollar      62      Turkish Lira      555        11/30/21        (1 ) 
Morgan Stanley   Chinese Offshore Yuan      549      United States
Dollar		      84        11/10/21        (1 ) 
Morgan Stanley   United States Dollar      355      Chilean Peso      279,563        10/29/21        (11 ) 
Morgan Stanley   United States Dollar      560      Polish Zloty      2,187        10/29/21        (10 ) 
Morgan Stanley   United States Dollar      303      Russian Ruble      22,131        10/29/21        (1 ) 
Morgan Stanley   United States Dollar      483      Thai Baht      16,098        11/30/21        (7 ) 
Morgan Stanley   United States Dollar      70      Thai Baht      2,323        1/31/22        (1 ) 
Morgan Stanley   United States Dollar      48      Turkish Lira      419        10/28/21        (1 ) 
Santander   Colombian Peso      787,713      United States
Dollar		      205        10/29/21        (1 ) 
Santander   United States Dollar      244      Mexican Peso      4,875        10/29/21        (9 ) 
Santander   United States Dollar      235      Peruvian
Nuevo Sol		      960        10/29/21        (3 ) 
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    244    NORTHERN FUNDS SEMIANNUAL REPORT

 

   

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

COUNTERPARTY

 

  

 

CONTRACTS

TO

DELIVER
CURRENCY

 

   

 

AMOUNT
(LOCAL

CURRENCY)

(000S)

 

     

 

IN

EXCHANGE
FOR
CURRENCY

 

   

 

AMOUNT
(LOCAL
CURRENCY)
(000S)

 

     

SETTLEMENT
DATE

 

   

 

UNREALIZED
APPRECIATION

(DEPRECIATION)
(000S)

 

  
Standard Chartered Bank  

Indonesian

Rupiah

      2,880,283      United States
Dollar		      197      10/29/21    $ (3 ) 
Standard Chartered Bank   United States Dollar      304      Brazilian Real      1,652      10/4/21      (1 ) 
Standard Chartered Bank   United States Dollar      114      Malaysian
Ringgit		      478      10/29/21      — * 
COUNTERPARTY

 

  

 

CONTRACTS

TO

DELIVER
CURRENCY

 

   

 

AMOUNT
(LOCAL

CURRENCY)

(000S)

 

   

IN

EXCHANGE

FOR

CURRENCY

 

   

AMOUNT
(LOCAL
CURRENCY)
(000S)

 

   

SETTLEMENT
DATE

 

   

UNREALIZED
APPRECIATION

(DEPRECIATION)
(000S)

 

Standard Chartered Bank  

United States

Dollar

    58    Philippine Peso    2,909    10/29/21    $    (1)
             
Subtotal Depreciation                              (233)
Total                            $  (38)

 

*  Amount rounds to less than one thousand.

 

 

As of September 30, 2021, the Fund had the following bilateral interest rate swap agreements outstanding:

 

  COUNTERPARTY

 

   

PAY RATE

INDEX/

PAY RATE

 

   

RECEIVE RATE/
RECEIVE RATE
INDEX

 

    

NOTIONAL
AMOUNT

 

     

NOTIONAL
CURRENCY

 

   

EXPIRATION
DATE

 

     

VALUE
(000S)

 

     

 

PREMIUMS
PAID/
(RECEIVED)
(000S)

 

   

 

UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)

 

  

  BNP

    Kuala Lumpur Interbank Offered Rate 3 Month(1)      3.94 %(1)      2,500,000      MYR      4/20/22        $9      $—      $9  

  Total

                                                        $9  

(1)  Payment frequency is quarterly.

As of September 30, 2021, the Fund had the following centrally cleared interest rate swap agreements outstanding:

 

PAY RATE INDEX/

PAY RATE

 

   

RECEIVE RATE/
RECEIVE RATE INDEX

 

    

NOTIONAL
AMOUNT

 

     

NOTIONAL
CURRENCY

 

     

EXPIRATION
DATE

 

     

VALUE
(000S)

 

    

PREMIUMS PAID/
(RECEIVED)
(000S)

 

     

 

UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)(1)

 

  

 

  CFETS China Fixing Repo

                     

  Rates 7 Day(2)

     2.65%(2)       4,500,000        CNY        12/16/25        $5       $—      $ 5    

  CFETS China Fixing Repo

                     

  Rates 7 Day(2)

 

     

 

 2.66%(2)

 

  

 

    

 

 1,260,000

 

  

 

     

 

 CNY

 

  

 

     

 

 12/17/25

 

  

 

     

 

 2

 

  

 

    

 

 —

 

  

 

     

 

 2

 

  

 

  
                 

  Subtotal Appreciation

 

                                                         

 

 7

 

  

 

        

  Brazil CETIP InterBank

                     

  Deposit Rate(3)

     6.68%(3)       7,216,791        BRL        1/2/25        (100 )      —        (100 )   

  Brazil CETIP InterBank

                     

  Deposit Rate(3)

 

     

 

 5.92%(3)

 

  

 

    

 

 3,020,269

 

  

 

     

 

 BRL

 

  

 

      1/2/25        (46 )      —        (46 )   
                 

  Subtotal Depreciation

                                                          (146 )         

  Total

 

                                                        $

 

 (139

 

 ) 

 

        
(1)

Includes cumulative appreciation/depreciation on centrally cleared swap agreements as reported in the Schedule of Investments’ footnotes. Only the current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

 

(2) 

Payment frequency is quarterly.

 

(3) 

Payment Frequency is at maturity.

 

 

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

  CONCENTRATION BY CURRENCY

 

   

 

 

 

 

 

 

% OF NET
ASSETS

 

 

 

 
 

 

  United States Dollar

      55.1 % 

  All other currencies less than 5%

 

     

 

 43.0

 

  

 

   

  Total Investments

 

     

 

 98.1

 

  

 

  Other Assets less Liabilities

 

     

 

 1.9

 

  

 

   

  Net Assets

     

 

 100.0

 

 % 

 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    245    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

     

 

   MULTI-MANAGER EMERGING MARKETS DEBT  OPPORTUNITY FUND    continued

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

  INVESTMENTS

 

  

 

LEVEL 1
(000S)

 

    

LEVEL 2
(000S)

 

    

LEVEL 3
(000S)

 

    

TOTAL

(000S)

 

Convertible Bonds

     $     —       $         66       $     —       $        66  

Corporate Bonds

     —       1,360       1,164       2,524  

Foreign Issuer Bonds:

        

United Kingdom

     —       1,013       444       1,457  

All Other Countries(1)

    —       129,381       —       129,381  

Total Foreign Issuer Bonds

     —       130,394       444       130,838  

Investment Companies

     7,630       —       —       7,630  

Total Investments

     $7,630       $131,820       $1,608       $141,058  

OTHER FINANCIAL

INSTRUMENTS

                                

  Assets

        

Forward Foreign Currency Exchange Contracts

     $   —       $  195       $  —       $  195  

Bilateral Interest Rate Swap Agreements

     —       9       —       9  

Centrally Cleared Interest Rate Swap Agreements

     —       7       —       7  

  Liabilities

        

Forward Foreign Currency Exchange Contracts

     —       (233 )      —       (233 ) 

Centrally Cleared Interest Rate Swap Agreements

 

    

 

 —

 

  

 

    

 

 (146

 

 ) 

 

    

 

 —

 

  

 

    

 

 (146

 

 ) 

 

Total Other Financial

Instruments

     $   —       $  (168 )      $  —       $ (168 ) 

 

(1) 

Classifications as defined in the Schedule of Investments.

    

 

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

    


 

 BALANCE
AS OF
3/31/21

(000S)

 

  
 
 

 

 

    

 

 ACCRUED
DISCOUNTS

(PREMIUMS)

(000S)

 

  
 

 

 

 

    

 

 REALIZED
GAIN

(LOSS)

(000S)

 

  
 

 

 

 

    


 

 CHANGE IN
UNREALIZED
APPRECIATION

(DEPRECIATION)

(000S)

 

  
 
 

 

 

 

    

 

 PURCHASES

(000S)

 

  

 

 

    

 

 SALES

(000S)

 

  

 

 

    

 

 TRANSFERS
INTO

LEVEL 3

(000S)

 

  
 

 

 

 

    


 

 TRANSFERS
OUT OF
LEVEL 3

(000S)

 

  
 
 

 

 

    


 

 BALANCE
AS OF
9/30/21

(000S)

 

  
 
 

 

 

  

 

 

 

 

CHANGE IN
UNREALIZED
APPRECIATION

(DEPRECIATION)

FROM

INVESTMENTS

STILL HELD

AT 9/30/21

(000S)

 

 

 
 
 

 

 

 

 

 

 

 

Corporate Bonds

      $789       $(1 )      $–       $13       $–       $–       $363       $–       $1,164       $28  

Foreign Issuer Bonds

                     

Russia

      218       –       –       –       –       –       –       (218 )      –       –  

United Kingdom

      457       –       –       (13 )      –       –       –       –       444       (13 ) 
                     

Total

 

     

 

 $1,464

 

  

 

    

 

 $(1

 

 ) 

 

    

 

 $–

 

  

 

    

 

 $–

 

  

 

    

 

 $–

 

  

 

    

 

 $–

 

  

 

    

 

 $363

 

  

 

    

 

 $(218

 

 ) 

 

    

 

 $1,608

 

  

 

    

 

 $15

 

  

 

The Fund valued the securities included in the Balance as of 9/30/21 above using prices provided by a third party provider.

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    246    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

   

SCHEDULE OF INVESTMENTS     

 

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

      

PRINCIPAL

AMOUNT

(000S)

      VALUE
(000S)		         
  CONVERTIBLE BONDS – 0.1%         
  Cable & Satellite – 0.1%         
 

DISH Network Corp.,

         
 

3.38%, 8/15/26

      $191        $199     
 

 

  
  Exploration & Production – 0.0%         
 

Gulfport Energy Corp.,

         
 

10.00%, 8/2/21(1) (2) (3) (4) (5)

      —        20     
 

 

  
  Wireless Telecommunications Services – 0.0%

 

   
 

Digicel Group Holdings Ltd.,

         
 

7.00%, 10/21/21(1) (4) (6)

      8        6     

 

  
  Total Convertible Bonds         

 

  
  (Cost $173)         225     
          
  CORPORATE BONDS – 74.5%         
  Advertising & Marketing – 0.1%         
 

Outfront Media Capital LLC/Outfront Media Capital Corp.,

         
 

5.00%, 8/15/27 (1)

     75        77     
 

4.25%, 1/15/29 (1)

     25        25     
 

 

  
          102     
 

 

  
  Aerospace & Defense – 1.3%         
 

Howmet Aerospace, Inc.,

         
 

5.13%, 10/1/24

      50        55     
 

5.90%, 2/1/27

      25        29     
 

5.95%, 2/1/37

      100        125     
 

Spirit AeroSystems, Inc.,

         
 

5.50%, 1/15/25 (1)

     25        26     
 

7.50%, 4/15/25 (1)

     170        180     
 

4.60%, 6/15/28

      25        25     
 

TransDigm, Inc.,

         
 

6.25%, 3/15/26 (1)

     250        261     
 

6.38%, 6/15/26

      295        304     
 

7.50%, 3/15/27

      280        293     
 

5.50%, 11/15/27

      555        570     
 

4.63%, 1/15/29

      25        25     
 

4.88%, 5/1/29

      390        391     
 

Triumph Group, Inc.,

         
 

8.88%, 6/1/24 (1)

     21        23     
 

7.75%, 8/15/25

      25        25     
 

 

  
          2,332     
 

 

  
  Airlines – 0.4%         
 

American Airlines Group, Inc.,

         
 

3.75%, 3/1/25 (1)

     135        121     

 

        

PRINCIPAL

AMOUNT

(000S)

 

     

VALUE
(000S)

 

         
  CORPORATE BONDS - 74.5%     continued         
  Airlines – 0.4%    continued         
 

American Airlines, Inc.,

         
 

11.75%, 7/15/25 (1)

     $75        $93     
 

Delta Air Lines, Inc.,

         
 

3.80%, 4/19/23

      50        52     
 

7.38%, 1/15/26

      25        29     
 

United Airlines Holdings, Inc.,

         
 

4.25%, 10/1/22

      50        51     
 

United Airlines Pass Through Trust, Series 2020-1, Class A,

         
 

5.88%, 10/15/27

      23        26     
 

United Airlines Pass Through Trust, Series 2020-1, Class B,

         
 

4.88%, 1/15/26

      150        158     
 

United Airlines, Inc.,

         
 

4.38%, 4/15/26 (1)

     25        26     
 

4.63%, 4/15/29 (1)

     50        52     
 

 

  
          608     
 

 

  
  Apparel & Textile Products – 0.1%         
 

Crocs, Inc.,

         
 

4.25%, 3/15/29 (1)

     80        82     
 

4.13%, 8/15/31 (1)

     115        116     
 

 

  
          198     
 

 

  
  Auto Parts Manufacturing – 1.6%         
 

Adient U.S. LLC,

         
 

9.00%, 4/15/25 (1)

     75        81     
 

Cooper-Standard Automotive, Inc.,

         
 

13.00%, 6/1/24 (1)

     25        27     
 

5.63%, 11/15/26 (1)

     50        41     
 

Dana, Inc.,

         
 

4.25%, 9/1/30

      25        26     
 

Dealer Tire LLC/DT Issuer LLC,

         
 

8.00%, 2/1/28 (1)

     170        178     
 

Dornoch Debt Merger Sub, Inc.,

         
 

10/15/29 (1) (7)

      580        580     
 

Goodyear Tire & Rubber (The) Co.,

         
 

9.50%, 5/31/25

      150        165     
 

5.00%, 5/31/26

      85        87     
 

5.00%, 7/15/29 (1)

     130        138     
 

5.25%, 4/30/31

      165        177     
 

5.25%, 7/15/31 (1)

     50        53     
 

Real Hero Merger Sub 2, Inc.,

         
 

6.25%, 2/1/29 (1)

     410        425     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    247    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

    MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%     continued

 

  Auto Parts Manufacturing – 1.6%     continued

 

   
 

Tenneco, Inc.,

         
 

5.00%, 7/15/26

      $75        $74     
 

7.88%, 1/15/29 (1)

     75        84     
 

5.13%, 4/15/29 (1)

     50        51     
 

Wheel Pros, Inc.,

         
 

6.50%, 5/15/29 (1)

     535        518     
 

 

  
          2,705     
 

 

  
  Automobiles Manufacturing – 2.5%         
 

Ford Motor Co.,

         
 

8.50%, 4/21/23

      200        220     
 

9.00%, 4/22/25

      265        319     
 

9.63%, 4/22/30

      1,105        1,564     
 

7.45%, 7/16/31

      420        548     
 

4.75%, 1/15/43

      240        252     
 

5.29%, 12/8/46

      180        200     
 

Ford Motor Credit Co. LLC,

         
 

5.13%, 6/16/25

      200        217     
 

4.13%, 8/4/25

      200        212     
 

5.11%, 5/3/29

      605        676     
 

4.00%, 11/13/30

      200        208     
 

 

  
          4,416     
 

 

  
  Biotechnology – 0.0%         
 

HCRX Investments Holdco L.P.,

         
 

4.50%, 8/1/29(1)

     25        25     
 

 

  
  Cable & Satellite – 3.5%         
 

Cable One, Inc.,

         
 

4.00%, 11/15/30 (1)

     25        25     
 

CCO Holdings LLC/CCO Holdings Capital Corp.,

         
 

5.00%, 2/1/28 (1)

     320        334     
 

4.75%, 3/1/30 (1)

     125        131     
 

4.50%, 8/15/30 (1)

     320        330     
 

4.25%, 2/1/31 (1)

     215        219     
 

4.50%, 5/1/32

      310        319     
 

4.50%, 6/1/33 (1)

     100        102     
 

4.25%, 1/15/34 (1)

     150        149     
 

CSC Holdings LLC,

         
 

7.50%, 4/1/28 (1)

     665        719     
 

5.75%, 1/15/30 (1)

     1,155        1,174     
 

4.63%, 12/1/30 (1)

     200        190     
 

4.50%, 11/15/31 (1)

     200        197     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%     continued

 

  Cable & Satellite – 3.5%     continued

 

   
 

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,

         
 

5.88%, 8/15/27 (1)

     $125        $130     
 

DISH DBS Corp.,

         
 

5.88%, 11/15/24

      25        27     
 

7.38%, 7/1/28

      180        191     
 

5.13%, 6/1/29

      215        211     
 

GCI LLC,

         
 

4.75%, 10/15/28 (1)

     25        26     
 

Midcontinent
Communications/Midcontinent
Finance Corp.,

         
 

5.38%, 8/15/27 (1)

     50        52     
 

Radiate Holdco LLC/Radiate Finance, Inc.,

         
 

4.50%, 9/15/26 (1)

     25        26     
 

6.50%, 9/15/28 (1)

     310        316     
 

Sirius XM Radio, Inc.,

         
 

3.13%, 9/1/26 (1)

     75        76     
 

5.00%, 8/1/27 (1)

     165        172     
 

5.50%, 7/1/29 (1)

     338        365     
 

4.13%, 7/1/30 (1)

     372        374     
 

3.88%, 9/1/31 (1)

     255        249     
 

 

  
          6,104     
 

 

  
  Casinos & Gaming – 2.0%         
 

Affinity Gaming,

         
 

6.88%, 12/15/27 (1)

     50        53     
 

Boyd Gaming Corp.,

         
 

8.63%, 6/1/25 (1)

     25        27     
 

4.75%, 6/15/31 (1)

     290        299     
 

Caesars Entertainment, Inc.,

         
 

6.25%, 7/1/25 (1)

     100        105     
 

8.13%, 7/1/27 (1)

     265        298     
 

4.63%, 10/15/29 (1)

     215        218     
 

Caesars Resort Collection LLC/CRC Finco, Inc.,

         
 

5.75%, 7/1/25 (1)

     90        95     
 

5.25%, 10/15/25 (1)

     114        116     
 

Churchill Downs, Inc.,

         
 

5.50%, 4/1/27 (1)

     50        52     
 

4.75%, 1/15/28 (1)

     25        26     
 

Downstream Development Authority of the Quapaw Tribe of Oklahoma,

         
 

10.50%, 2/15/23 (1)

     100        104     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    248    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

   
  Casinos & Gaming – 2.0%    continued         
 

Everi Holdings, Inc.,

         
 

5.00%, 7/15/29 (1)

      $25        $26     
 

Full House Resorts, Inc.,

         
 

8.25%, 2/15/28 (1)

      50        54     
 

Golden Entertainment, Inc.,

         
 

7.63%, 4/15/26 (1)

      125        132     
 

Inn of the Mountain Gods Resort & Casino,

         
 

9.25%, 11/30/23 (4)

      59        57     
 

Jacobs Entertainment, Inc.,

         
 

7.88%, 2/1/24 (1)

      75        77     
 

MGM Resorts International,

         
 

6.00%, 3/15/23

      125        132     
 

5.50%, 4/15/27

      108        117     
 

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,

         
 

4.88%, 5/1/29 (1)

      180        183     
 

Mohegan Gaming & Entertainment,

         
 

7.88%, 10/15/24 (1)

      75        79     
 

8.00%, 2/1/26 (1)

      75        78     
 

Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc.,

         
 

8.50%, 11/15/27 (1)

      25        27     
 

Penn National Gaming, Inc.,

         
 

4.13%, 7/1/29 (1)

      25        25     
 

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,

         
 

5.63%, 9/1/29 (1)

      50        51     
 

5.88%, 9/1/31 (1)

      50        51     
 

Raptor Acquisition Corp./Raptor Co-Issuer LLC,

         
 

4.88%, 11/1/26 (1)

      105        107     
 

Scientific Games International, Inc.,

         
 

8.63%, 7/1/25 (1)

      25        27     
 

8.25%, 3/15/26 (1)

      60        64     
 

7.00%, 5/15/28 (1)

      125        135     
 

7.25%, 11/15/29 (1)

      25        28     
 

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,

         
 

5.50%, 3/1/25 (1)

      616        628     
 

5.25%, 5/15/27 (1)

      50        50     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

   
  Casinos & Gaming – 2.0%    continued         
 

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,

         
 

5.13%, 10/1/29 (1)

      $25        $25     
 

 

  
          3,546     
 

 

  
  Chemicals – 1.5%         
 

Avient Corp.,

         
 

5.75%, 5/15/25 (1)

      50        53     
 

Chemours (The) Co.,

         
 

4.63%, 11/15/29 (1)

      25        24     
 

Cornerstone Chemical Co.,

         
 

6.75%, 8/15/24 (1)

      50        43     
 

CVR Partners L.P./CVR Nitrogen Finance Corp.,

         
 

6.13%, 6/15/28 (1)

      25        26     
 

HB Fuller Co.,

         
 

4.25%, 10/15/28

      130        132     
 

Hexion, Inc.,

         
 

7.88%, 7/15/27 (1)

      170        181     
 

Illuminate Buyer LLC/Illuminate Holdings IV, Inc.,

         
 

9.00%, 7/1/28 (1)

      25        28     
 

Innophos Holdings, Inc.,

         
 

9.38%, 2/15/28 (1)

      50        54     
 

Iris Holdings, Inc.,

         
 

8.75%, 2/15/26 (1) (4)

      25        25     
 

LSB Industries, Inc.,

         
 

10/15/28 (1) (7)

      25        25     
 

LSF11 A5 HoldCo LLC,

         
 

10/15/29 (1) (7)

      25        25     
 

Minerals Technologies, Inc.,

         
 

5.00%, 7/1/28 (1)

      25        26     
 

Olin Corp.,

         
 

9.50%, 6/1/25 (1)

      50        62     
 

5.63%, 8/1/29

      100        110     
 

Olympus Water U.S. Holding Corp.,

         
 

10/1/28 (1) (7)

      200        197     
 

Polar U.S. Borrower LLC/Schenectady International Group, Inc.,

         
 

6.75%, 5/15/26 (1)

      25        25     
 

SCIH Salt Holdings, Inc.,

         
 

4.88%, 5/1/28 (1)

      220        221     
 

6.63%, 5/1/29 (1)

      295        283     
 

TPC Group, Inc.,

         
 

10.50%, 8/1/24 (1)

      50        46     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    249    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Chemicals – 1.5%    continued

 

      
 

Tronox, Inc.,

         
 

6.50%, 5/1/25 (1)

      $50        $53     
 

4.63%, 3/15/29 (1)

      205        204     
 

Unifrax Escrow Issuer Corp.,

         
 

7.50%, 9/30/29 (1)

      25        26     
 

Univar Solutions U.S.A., Inc.,

         
 

5.13%, 12/1/27 (1)

      295        310     
 

WR Grace Holdings LLC,

         
 

4.88%, 6/15/27 (1)

      50        51     
 

5.63%, 8/15/29 (1)

      355        366     
 

 

  
          2,596     
 

 

  
  Coal Operations – 0.0%         
 

Murray Energy Corp.,

         
 

12.00%, 4/15/24(1) (2) (8) (9)

      486        —     
 

 

  
  Commercial Finance – 0.2%         
 

AerCap Global Aviation Trust,

         
 

(Variable, ICE LIBOR USD 3M +
4.30%), 6.50%, 6/15/45 (1) (10)

      169        183     
 

Fortress Transportation and Infrastructure Investors LLC,

         
 

6.50%, 10/1/25 (1)

      50        52     
 

9.75%, 8/1/27 (1)

      50        57     
 

5.50%, 5/1/28 (1)

      50        50     
 

Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.,

         
 

6.38%, 12/15/22 (1)

      50        50     
 

 

  
          392     
 

 

  
  Communications Equipment – 1.4%         
 

CommScope Technologies LLC,

         
 

6.00%, 6/15/25 (1)

      242        245     
 

5.00%, 3/15/27 (1)

      410        390     
 

CommScope, Inc.,

         
 

8.25%, 3/1/27 (1)

      365        382     
 

7.13%, 7/1/28 (1)

      235        240     
 

4.75%, 9/1/29 (1)

      100        100     
 

Viasat, Inc.,

         
 

5.63%, 9/15/25 (1)

      420        425     
 

6.50%, 7/15/28 (1)

      600        632     
 

Viavi Solutions, Inc.,

         
 

3.75%, 10/1/29 (1)

      25        25     
 

 

  
          2,439     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Construction Materials Manufacturing – 0.2%

 

      
 

Advanced Drainage Systems, Inc.,

         
 

5.00%, 9/30/27 (1)

      $25        $26     
 

New Enterprise Stone & Lime Co., Inc.,

         
 

6.25%, 3/15/26 (1)

      25        26     
 

7/15/28 (1) (7)

      160        162     
 

7/15/28 (1) (7)

      75        82     
 

SRM Escrow Issuer LLC,

         
 

6.00%, 11/1/28 (1)

      75        79     
 

Summit Materials LLC/Summit Materials Finance Corp.,

         
 

5.25%, 1/15/29 (1)

      50        52     
 

 

  
          427     
 

 

  
  Consumer Finance – 1.5%         
 

Ally Financial, Inc.,

         
 

(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.87%), 4.70%,
5/15/26 (6) (10)

      50        52     
 

Blackstone Mortgage Trust, Inc.,

         
 

1/15/27 (1) (7)

      50        50     
 

Curo Group Holdings Corp.,

         
 

7.50%, 8/1/28 (1)

      25        25     
 

Enact Holdings, Inc.,

         
 

6.50%, 8/15/25 (1)

      50        55     
 

FirstCash, Inc.,

         
 

4.63%, 9/1/28 (1)

      50        52     
 

Freedom Mortgage Corp.,

         
 

7.63%, 5/1/26 (1)

      50        51     
 

6.63%, 1/15/27 (1)

      50        49     
 

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,

         
 

4.25%, 2/1/27 (1)

      50        49     
 

4.75%, 6/15/29 (1)

      25        25     
 

LFS Topco LLC,

         
 

5.88%, 10/15/26 (1)

      130        134     
 

MGIC Investment Corp.,

         
 

5.25%, 8/15/28

      125        133     
 

MoneyGram International, Inc.,

         
 

5.38%, 8/1/26 (1)

      90        91     
 

Nationstar Mortgage Holdings, Inc.,

         
 

6.00%, 1/15/27 (1)

      25        26     
 

5.50%, 8/15/28 (1)

      75        77     
 

5.13%, 12/15/30 (1)

      25        25     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    250    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Consumer Finance – 1.5%    continued

 

      
 

Navient Corp.,

         
 

6.13%, 3/25/24

      $75        $80     
 

6.75%, 6/25/25

      150        164     
 

6.75%, 6/15/26

      50        55     
 

5.00%, 3/15/27

      25        26     
 

5.63%, 8/1/33

      25        24     
 

OneMain Finance Corp.,

         
 

7.13%, 3/15/26

      235        272     
 

3.50%, 1/15/27

      215        215     
 

6.63%, 1/15/28

      75        86     
 

5.38%, 11/15/29

      120        130     
 

PennyMac Financial Services, Inc.,

         
 

4.25%, 2/15/29 (1)

      50        48     
 

5.75%, 9/15/31 (1)

      25        25     
 

Provident Funding Associates L.P./PFG Finance Corp.,

         
 

6.38%, 6/15/25 (1)

      50        51     
 

Square, Inc.,

         
 

3.50%, 6/1/31 (1)

      150        154     
 

Starwood Property Trust, Inc.,

         
 

3.63%, 7/15/26 (1)

      140        141     
 

United Wholesale Mortgage LLC,

         
 

5.50%, 4/15/29 (1)

      50        49     
 

World Acceptance Corp.,

         
 

7.00%, 11/1/26 (1)

      165        163     
 

 

  
          2,577     
 

 

  
  Consumer Products – 0.4%         
 

Central Garden & Pet Co.,

         
 

4.13%, 10/15/30

      25        26     
 

4.13%, 4/30/31 (1)

      25        25     
 

Edgewell Personal Care Co.,

         
 

5.50%, 6/1/28 (1)

      75        79     
 

4.13%, 4/1/29 (1)

      50        50     
 

Energizer Holdings, Inc.,

         
 

4.75%, 6/15/28 (1)

      90        92     
 

4.38%, 3/31/29 (1)

      90        89     
 

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.,

         
 

5.00%, 12/31/26 (1)

      25        25     
 

7.00%, 12/31/27 (1)

      25        24     
 

Spectrum Brands, Inc.,

         
 

5.75%, 7/15/25

      2        2     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Consumer Products – 0.4%    continued

 

      
 

5.50%, 7/15/30 (1)

      $210        $233     
 

3.88%, 3/15/31 (1)

      25        25     
 

 

  
          670     
 

 

  
  Consumer Services – 2.0%         
 

ADT Security (The) Corp.,

         
 

4.13%, 8/1/29 (1)

      250        248     
 

4.88%, 7/15/32 (1)

      25        25     
 

Allied Universal Holdco LLC/Allied Universal Finance Corp.,

         
 

6.63%, 7/15/26 (1)

      125        132     
 

9.75%, 7/15/27 (1)

      50        54     
 

6.00%, 6/1/29 (1)

      200        197     
 

AMN Healthcare, Inc.,

         
 

4.00%, 4/15/29 (1)

      50        52     
 

APX Group, Inc.,

         
 

6.75%, 2/15/27 (1)

      240        255     
 

5.75%, 7/15/29 (1)

      255        252     
 

Aramark Services, Inc.,

         
 

6.38%, 5/1/25 (1)

      50        53     
 

5.00%, 2/1/28 (1)

      370        380     
 

ASGN, Inc.,

         
 

4.63%, 5/15/28 (1)

      300        310     
 

Carriage Services, Inc.,

         
 

4.25%, 5/15/29 (1)

      535        536     
 

Korn Ferry,

         
 

4.63%, 12/15/27 (1)

      245        254     
 

Prime Security Services Borrower LLC/Prime Finance, Inc.,

         
 

5.25%, 4/15/24 (1)

      25        27     
 

5.75%, 4/15/26 (1)

      155        168     
 

6.25%, 1/15/28 (1)

      375        388     
 

Rent-A-Center, Inc.,

         
 

6.38%, 2/15/29

      25        27     
 

Service Corp. International,

         
 

4.00%, 5/15/31

      50        52     
 

TKC Holdings, Inc.,

         
 

10.50%, 5/15/29 (1)

      25        27     
 

WASH Multifamily Acquisition, Inc.,

         
 

5.75%, 4/15/26 (1)

      25        26     
 

 

  
          3,463     
 

 

  
  Containers & Packaging – 2.1%         
 

Graham Packaging Co., Inc.,

         
 

7.13%, 8/15/28 (1)

      190        202     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    251    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

   
  Containers & Packaging – 2.1%    continued

 

   
 

Greif, Inc.,

         
 

6.50%, 3/1/27 (1)

      $50        $52     
 

Mauser Packaging Solutions Holding Co.,

         
 

7.25%, 4/15/25 (1)

      175        174     
 

Owens-Brockway Glass Container, Inc.,

         
 

6.63%, 5/13/27 (1)

      25        27     
 

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,

         
 

4.38%, 10/15/28 (1)

      195        196     
 

Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Group Issuer LLC,

         
 

4.00%, 10/15/27 (1)

      175        173     
 

Plastipak Holdings, Inc.,

         
 

6.25%, 10/15/25 (1)

      1,100        1,120     
 

Sealed Air Corp.,

         
 

4.00%, 12/1/27 (1)

      25        26     
 

Trident TPI Holdings, Inc.,

         
 

9.25%, 8/1/24 (1)

      725        762     
 

6.63%, 11/1/25 (1)

      865        879     
 

TriMas Corp.,

         
 

4.13%, 4/15/29 (1)

      50        51     
 

 

  
          3,662     
 

 

  
  Department Stores – 0.1%         
 

Macy’s Retail Holdings LLC,

         
 

5.88%, 4/1/29 (1)

      50        54     
 

4.50%, 12/15/34

      50        49     
 

5.13%, 1/15/42

      50        48     
 

 

  
          151     
 

 

  
  Design, Manufacturing & Distribution – 0.5%

 

      
 

Brightstar Escrow Corp.,

         
 

9.75%, 10/15/25 (1)

      25        27     
 

Imola Merger Corp.,

         
 

4.75%, 5/15/29 (1)

      735        760     
 

 

  
          787     
 

 

  
  Distributors - Consumer Discretionary – 0.2%

 

      
 

IAA, Inc.,

         
 

5.50%, 6/15/27 (1)

      50        52     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

   
  Distributors - Consumer Discretionary – 0.2%    continued

 

   
 

KAR Auction Services, Inc.,

         
 

5.13%, 6/1/25 (1)

      $290        $294     
 

 

  
          346     
 

 

  
  Diversified Banks – 0.2%         
 

Bank of America Corp.,

         
 

(Variable, ICE LIBOR USD 3M + 2.93%), 5.88%, 3/15/28 (6) (10)

      50        57     
 

Citigroup, Inc.,

         
 

(Variable, ICE LIBOR USD 3M + 4.07%), 5.95%, 1/30/23 (6) (10)

      50        52     
 

(Variable, U.S. SOFR + 3.23%), 4.70%, 1/30/25 (6) (10)

      75        77     
 

JPMorgan Chase & Co.,

         
 

(Variable, ICE LIBOR USD 3M + 3.30%), 6.00%, 8/1/23 (6) (10)

      125        132     
 

(Variable, U.S. SOFR + 3.13%), 4.60%, 2/1/25 (6) (10)

      25        25     
 

 

  
          343     
 

 

  
  Educational Services – 0.1%         
 

Adtalem Global Education, Inc.,

         
 

5.50%, 3/1/28 (1)

      100        101     
 

Graham Holdings Co.,

         
 

5.75%, 6/1/26 (1)

      25        26     
 

 

  
          127     
 

 

  
  Electrical Equipment Manufacturing – 0.2%

 

      
 

BWX Technologies, Inc.,

         
 

4.13%, 4/15/29 (1)

      25        26     
 

TK Elevator U.S. Newco, Inc.,

         
 

5.25%, 7/15/27 (1)

      280        293     
 

WESCO Distribution, Inc.,

         
 

7.13%, 6/15/25 (1)

      50        53     
 

7.25%, 6/15/28 (1)

      25        28     
 

 

  
          400     
 

 

  
  Entertainment Content – 0.9%         
 

Allen Media LLC/Allen Media Co-Issuer, Inc.,

         
 

10.50%, 2/15/28 (1)

      25        26     
 

AMC Networks, Inc.,

         
 

4.25%, 2/15/29

      215        214     
 

Diamond Sports Group LLC/Diamond Sports Finance Co.,

         
 

5.38%, 8/15/26 (1)

      100        66     
 

6.63%, 8/15/27 (1)

      75        33     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    252    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Entertainment Content – 0.9%    continued         
 

Lions Gate Capital Holdings LLC,

         
 

5.50%, 4/15/29 (1)

      $955        $987     
 

Univision Communications, Inc.,

         
 

5.13%, 2/15/25 (1)

      50        51     
 

9.50%, 5/1/25 (1)

      50        54     
 

6.63%, 6/1/27 (1)

      25        27     
 

4.50%, 5/1/29

      75        76     
 

 

  
          1,534     
 

 

  
  Entertainment Resources – 2.5%         
 

AMC Entertainment Holdings, Inc.,

         
 

10.50%, 4/24/26 (1)

      15        16     
 

12.00%, 6/15/26 (1) (4)

      142        137     
 

Boyne U.S.A., Inc.,

         
 

4.75%, 5/15/29 (1)

      25        26     
 

Carlson Travel, Inc.,

         
 

6.75%, 12/15/25 (2) (11)

      340        303     
 

11.50%, 12/15/26 (2) (11)

      386        127     
 

Cedar Fair L.P.,

         
 

5.25%, 7/15/29

      140        144     
 

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp.,

         
 

5.38%, 6/1/24

      25        25     
 

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp./Millennium Op,

         
 

5.50%, 5/1/25 (1)

      65        68     
 

5.38%, 4/15/27

      125        128     
 

6.50%, 10/1/28

      195        209     
 

Cinemark U.S.A., Inc.,

         
 

5.88%, 3/15/26 (1)

      225        227     
 

5.25%, 7/15/28 (1)

      230        227     
 

Life Time, Inc.,

         
 

5.75%, 1/15/26 (1)

      275        285     
 

8.00%, 4/15/26 (1)

      335        355     
 

Live Nation Entertainment, Inc.,

         
 

5.63%, 3/15/26 (1)

      50        52     
 

6.50%, 5/15/27 (1)

      135        148     
 

4.75%, 10/15/27 (1)

      245        249     
 

3.75%, 1/15/28 (1)

      25        25     
 

SeaWorld Parks & Entertainment, Inc.,

         
 

5.25%, 8/15/29 (1)

      425        435     
 

Six Flags Theme Parks, Inc.,

         
 

7.00%, 7/1/25 (1)

      95        101     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Entertainment Resources – 2.5%    continued

 

      
 

Sterling Entertainment Group LLC,

         
 

10.25%, 1/15/25 (3)

      $1,110        $1,096     
 

 

  
          4,383     
 

 

  
  Exploration & Production – 4.4%         
 

Aethon United BR L.P./Aethon United Finance Corp.,

         
 

8.25%, 2/15/26 (1)

      50        54     
 

Antero Resources Corp.,

         
 

7.63%, 2/1/29 (1)

      25        28     
 

5.38%, 3/1/30 (1)

      150        158     
 

Apache Corp.,

         
 

4.25%, 1/15/30

      50        54     
 

5.10%, 9/1/40

      150        168     
 

4.25%, 1/15/44

      25        25     
 

5.35%, 7/1/49

      25        28     
 

Ascent Resources Utica Holdings LLC/ARU Finance Corp.,

         
 

7.00%, 11/1/26 (1)

      125        129     
 

9.00%, 11/1/27 (1)

      133        182     
 

8.25%, 12/31/28 (1)

      55        60     
 

5.88%, 6/30/29 (1)

      160        163     
 

Callon Petroleum Co.,

         
 

6.13%, 10/1/24

      125        123     
 

8.25%, 7/15/25

      25        24     
 

8.00%, 8/1/28 (1)

      50        49     
 

Centennial Resource Production LLC,

         
 

5.38%, 1/15/26 (1)

      50        49     
 

Chaparral Energy, Inc.,

         
 

9.00%, 2/14/25 (1) (2) (3)

      17        36     
 

Chesapeake Energy Corp.,

         
 

5.88%, 2/1/29 (1)

      25        27     
 

CNX Resources Corp.,

         
 

7.25%, 3/14/27 (1)

      100        106     
 

6.00%, 1/15/29 (1)

      50        53     
 

Colgate Energy Partners III LLC,

         
 

5.88%, 7/1/29 (1)

      135        136     
 

Comstock Resources, Inc.,

         
 

7.50%, 5/15/25 (1)

      18        19     
 

6.75%, 3/1/29 (1)

      211        228     
 

5.88%, 1/15/30 (1)

      315        328     
 

Continental Resources, Inc.,

         
 

4.50%, 4/15/23

      6        6     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    253    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Exploration & Production – 4.4%    continued

 

      
 

CrownRock L.P./CrownRock Finance, Inc.,

         
 

5.63%, 10/15/25 (1)

      $75        $77     
 

5.00%, 5/1/29 (1)

      25        26     
 

Devon Energy Corp.,

         
 

5.88%, 6/15/28 (1)

      15        17     
 

Endeavor Energy Resources L.P./EER Finance, Inc.,

         
 

5.75%, 1/30/28 (1)

      50        53     
 

EQT Corp.,

         
 

6.63%, 2/1/25

      25        29     
 

3.13%, 5/15/26 (1)

      25        26     
 

3.90%, 10/1/27

      75        81     
 

5.00%, 1/15/29

      25        28     
 

7.50%, 2/1/30

      25        32     
 

Gulfport Energy Corp.,

         
 

8.00%, 5/17/26 (1)

      44        48     
 

Hilcorp Energy I L.P./Hilcorp Finance Co.,

         
 

6.25%, 11/1/28 (1)

      95        98     
 

5.75%, 2/1/29 (1)

      132        136     
 

6.00%, 2/1/31 (1)

      140        144     
 

Laredo Petroleum, Inc.,

         
 

9.50%, 1/15/25

      100        104     
 

7.75%, 7/31/29 (1)

      75        75     
 

Magnolia Oil & Gas

         
 

Operating LLC/Magnolia Oil & Gas
Finance Corp.,

         
 

6.00%, 8/1/26 (1)

      75        77     
 

Matador Resources Co.,

         
 

5.88%, 9/15/26

      125        129     
 

Moss Creek Resources Holdings, Inc.,

         
 

7.50%, 1/15/26 (1)

      50        46     
 

10.50%, 5/15/27 (1)

      25        25     
 

Murphy Oil Corp.,

         
 

6.88%, 8/15/24

      17        17     
 

5.75%, 8/15/25

      75        77     
 

6.38%, 7/15/28

      50        53     
 

7.05%, 5/1/29

      25        28     
 

6.38%, 12/1/42

      50        50     
 

Northern Oil and Gas, Inc.,

         
 

8.13%, 3/1/28 (1)

      75        80     
 

Oasis Petroleum, Inc.,

         
 

6.38%, 6/1/26 (1)

      25        26     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Exploration & Production – 4.4%    continued

 

      
 

Occidental Petroleum Corp.,

         
 

8.00%, 7/15/25

      $25        $30     
 

5.88%, 9/1/25

      50        56     
 

5.50%, 12/1/25

      25        28     
 

5.55%, 3/15/26

      150        166     
 

3.40%, 4/15/26

      25        26     
 

3.20%, 8/15/26

      25        26     
 

8.50%, 7/15/27

      50        63     
 

6.38%, 9/1/28

      50        58     
 

8.88%, 7/15/30

      450        611     
 

6.13%, 1/1/31

      125        150     
 

7.50%, 5/1/31

      155        202     
 

6.45%, 9/15/36

      560        705     
 

6.20%, 3/15/40

      100        118     
 

6.60%, 3/15/46

      325        408     
 

4.40%, 8/15/49

      25        25     
 

Ovintiv, Inc.,

         
 

8.13%, 9/15/30

      25        34     
 

Penn Virginia Escrow LLC,

         
 

9.25%, 8/15/26 (1)

      50        51     
 

Range Resources Corp.,

         
 

9.25%, 2/1/26

      50        55     
 

8.25%, 1/15/29 (1)

      50        56     
 

Rockcliff Energy II LLC,

         
 

5.50%, 10/15/29(1)

      125        127     
 

SM Energy Co.,

         
 

5.00%, 1/15/24

      25        25     
 

5.63%, 6/1/25

      85        85     
 

6.63%, 1/15/27

      50        51     
 

6.50%, 7/15/28

      25        26     
 

Southwestern Energy Co.,

         
 

6.45%, 1/23/25

      54        59     
 

5.38%, 2/1/29 (1)

      25        27     
 

5.38%, 3/15/30

      50        54     
 

Talos Production, Inc.,

         
 

12.00%, 1/15/26

      50        54     
 

Tap Rock Resources LLC,

         
 

7.00%, 10/1/26 (1)

      225        230     
 

Vine Energy Holdings LLC,

         
 

6.75%, 4/15/29 (1)

      235        254     
 

 

  
          7,675     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    254    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Financial Services – 1.6%         
 

AG Issuer LLC,

         
 

6.25%, 3/1/28 (1)

      $75        $79     
 

Compass Group Diversified Holdings LLC,

         
 

5.25%, 4/15/29 (1)

      50        52     
 

Goldman Sachs Group (The), Inc.,

         
 

(Variable, U.S. Treasury Yield Curve

  Rate CMT 5Y + 3.22%), 4.95%,
  2/10/25 (6) (10)

      50        53     
 

Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,

         
 

4.75%, 9/15/24

      250        260     
 

6.38%, 12/15/25

      25        26     
 

6.25%, 5/15/26

      100        105     
 

5.25%, 5/15/27

      150        156     
 

4.38%, 2/1/29

      25        25     
 

Jefferson Capital Holdings LLC,

         
 

6.00%, 8/15/26 (1)

      50        51     
 

LPL Holdings, Inc.,

         
 

4.00%, 3/15/29 (1)

      165        169     
 

NFP Corp.,

         
 

8/15/28 (1) (7)

      475        483     
 

6.88%, 8/15/28 (1)

      1,335        1,363     
 

 

  
          2,822     
 

 

  
  Food & Beverage – 1.1%         
 

Darling Ingredients, Inc.,

         
 

5.25%, 4/15/27 (1)

      50        52     
 

Kraft Heinz Foods Co.,

         
 

5.00%, 7/15/35

      50        61     
 

6.88%, 1/26/39

      50        74     
 

7.13%, 8/1/39 (1)

      25        38     
 

5.00%, 6/4/42

      25        31     
 

5.20%, 7/15/45

      50        63     
 

Nathan’s Famous, Inc.,

         
 

6.63%, 11/1/25 (1)

      50        51     
 

Pilgrim’s Pride Corp.,

         
 

4.25%, 4/15/31 (1)

      145        156     
 

3.50%, 3/1/32 (1)

      95        97     
 

Post Holdings, Inc.,

         
 

5.75%, 3/1/27 (1)

      75        78     
 

5.63%, 1/15/28 (1)

      130        136     
 

4.63%, 4/15/30 (1)

      200        201     
 

4.50%, 9/15/31 (1)

      230        227     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Food & Beverage – 1.1%    continued         
 

Primo Water Holdings, Inc.,

         
 

4.38%, 4/30/29 (1)

      $50        $50     
 

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed,

         
 

4.63%, 3/1/29 (1)

      575        579     
 

Triton Water Holdings, Inc.,

         
 

6.25%, 4/1/29 (1)

      50        51     
 

 

  
          1,945     
 

 

  
  Forest & Paper Products Manufacturing – 0.1%

 

      
 

Mercer International, Inc.,

         
 

5.13%, 2/1/29

      145        148     
 

 

  
  Hardware – 0.3%         
 

Diebold Nixdorf, Inc.,

         
 

8.50%, 4/15/24

      25        26     
 

9.38%, 7/15/25 (1)

      25        27     
 

NCR Corp.,

         
 

5.75%, 9/1/27 (1)

      75        79     
 

5.00%, 10/1/28 (1)

      50        51     
 

5.13%, 4/15/29 (1)

      100        103     
 

6.13%, 9/1/29 (1)

      50        54     
 

TTM Technologies, Inc.,

         
 

4.00%, 3/1/29 (1)

      50        50     
 

Xerox Holdings Corp.,

         
 

5.00%, 8/15/25 (1)

      50        53     
 

5.50%, 8/15/28 (1)

      50        52     
 

 

  
          495     
 

 

  
  Health Care Facilities & Services – 5.0%         
 

Acadia Healthcare Co., Inc.,

         
 

5.50%, 7/1/28 (1)

      75        79     
 

5.00%, 4/15/29 (1)

      95        99     
 

AdaptHealth LLC,

         
 

5.13%, 3/1/30 (1)

      25        25     
 

AHP Health Partners, Inc.,

         
 

5.75%, 7/15/29 (1)

      25        25     
 

Air Methods Corp.,

         
 

8.00%, 5/15/25 (1)

      50        48     
 

Cano Health LLC,

         
 

6.25%, 10/1/28 (1)

      50        50     
 

Charles River Laboratories International, Inc.,

         
 

4.00%, 3/15/31 (1)

      25        26     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    255    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Health Care Facilities & Services – 5.0%    continued

 

   
 

CHS/Community Health Systems, Inc.,

         
 

6.63%, 2/15/25 (1)

      $165        $173     
 

8.00%, 3/15/26 (1)

      170        180     
 

5.63%, 3/15/27 (1)

      115        120     
 

8.00%, 12/15/27 (1)

      204        222     
 

6.88%, 4/1/28 (1)

      28        27     
 

6.00%, 1/15/29 (1)

      120        127     
 

6.88%, 4/15/29 (1)

      215        215     
 

6.13%, 4/1/30 (1)

      435        423     
 

4.75%, 2/15/31 (1)

      75        75     
 

DaVita, Inc.,

         
 

4.63%, 6/1/30 (1)

      515        530     
 

3.75%, 2/15/31 (1)

      50        49     
 

Encompass Health Corp.,

         
 

4.75%, 2/1/30

      75        79     
 

Envision Healthcare Corp.,

         
 

8.75%, 10/15/26 (1)

      1,325        1,076     
 

HCA, Inc.,

         
 

5.38%, 9/1/26

      25        29     
 

Legacy LifePoint Health LLC,

         
 

6.75%, 4/15/25 (1)

      80        84     
 

LifePoint Health, Inc.,

         
 

5.38%, 1/15/29 (1)

      25        24     
 

ModivCare Escrow Issuer, Inc.,

         
 

5.00%, 10/1/29 (1)

      25        26     
 

Owens & Minor, Inc.,

         
 

4.50%, 3/31/29 (1)

      50        50     
 

Prime Healthcare Services, Inc.,

         
 

7.25%, 11/1/25 (1)

      75        80     
 

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,

         
 

9.75%, 12/1/26 (1)

      25        26     
 

RP Escrow Issuer LLC,

         
 

5.25%, 12/15/25 (1)

      25        26     
 

Select Medical Corp.,

         
 

6.25%, 8/15/26 (1)

      75        79     
 

Surgery Center Holdings, Inc.,

         
 

6.75%, 7/1/25 (1)

      840        855     
 

10.00%, 4/15/27 (1)

      450        486     
 

Team Health Holdings, Inc.,

         
 

6.38%, 2/1/25 (1)

      795        768     
 

Tenet Healthcare Corp.,

         
 

4.63%, 9/1/24 (1)

      25        26     
 

4.88%, 1/1/26 (1)

      75        78     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Health Care Facilities & Services – 5.0%    continued

 

   
 

6.25%, 2/1/27 (1)

      $100        $104     
 

5.13%, 11/1/27 (1)

      1,120        1,168     
 

6.13%, 10/1/28 (1)

      755        793     
 

4.25%, 6/1/29 (1)

      50        51     
 

6.88%, 11/15/31

      25        29     
 

U.S. Acute Care Solutions LLC,

         
 

6.38%, 3/1/26 (1)

      75        79     
 

Vizient, Inc.,

         
 

6.25%, 5/15/27 (1)

      170        178     
 

 

  
          8,687     
 

 

  
  Home & Office Products Manufacturing – 0.1%

 

      
 

Newell Brands, Inc.,

         
 

4.70%, 4/1/26

      75        83     
 

5.88%, 4/1/36

      50        62     
 

6.00%, 4/1/46

      25        32     
 

Scotts Miracle-Gro (The) Co.,

         
 

4.00%, 4/1/31 (1)

      50        50     
 

Tempur Sealy International, Inc.,

         
 

4.00%, 4/15/29 (1)

      25        26     
 

 

  
          253     
 

 

  
  Home Improvement – 0.5%         
 

Cornerstone Building Brands, Inc.,

         
 

6.13%, 1/15/29 (1)

      320        340     
 

CP Atlas Buyer, Inc.,

         
 

7.00%, 12/1/28 (1)

      50        50     
 

Griffon Corp.,

         
 

5.75%, 3/1/28

      100        105     
 

JELD-WEN, Inc.,

         
 

6.25%, 5/15/25 (1)

      50        53     
 

Patrick Industries, Inc.,

         
 

7.50%, 10/15/27 (1)

      50        54     
 

4.75%, 5/1/29 (1)

      25        26     
 

PGT Innovations, Inc.,

         
 

4.38%, 10/1/29 (1)

      50        50     
 

Victors Merger Corp.,

         
 

6.38%, 5/15/29 (1)

      25        24     
 

Werner FinCo L.P./Werner FinCo, Inc.,

         
 

8.75%, 7/15/25 (1)

      75        78     
 

 

  
          780     
 

 

  
  Homebuilders – 0.7%         
 

Adams Homes, Inc.,

         
 

7.50%, 2/15/25 (1)

      50        52     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    256    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Homebuilders – 0.7%    continued         
 

Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.,

         
 

6.63%, 1/15/28 (1)

      $50        $53     
 

4.63%, 8/1/29 (1)

      25        25     
 

4.63%, 4/1/30 (1)

      25        25     
 

Beazer Homes U.S.A., Inc.,

         
 

6.75%, 3/15/25

      50        51     
 

5.88%, 10/15/27

      75        78     
 

7.25%, 10/15/29

      50        55     
 

Century Communities, Inc.,

         
 

3.88%, 8/15/29 (1)

      25        25     
 

Forestar Group, Inc.,

         
 

3.85%, 5/15/26 (1)

      25        25     
 

5.00%, 3/1/28 (1)

      25        26     
 

KB Home,

         
 

7.63%, 5/15/23

      25        27     
 

6.88%, 6/15/27

      25        30     
 

4.00%, 6/15/31

      25        26     
 

LGI Homes, Inc.,

         
 

4.00%, 7/15/29 (1)

      25        25     
 

Meritage Homes Corp.,

         
 

6.00%, 6/1/25

      75        85     
 

Picasso Finance Sub, Inc.,

         
 

6.13%, 6/15/25 (1)

      19        20     
 

Shea Homes L.P./Shea Homes Funding Corp.,

         
 

4.75%, 2/15/28 (1)

      175        180     
 

4.75%, 4/1/29 (1)

      25        26     
 

STL Holding Co. LLC,

         
 

7.50%, 2/15/26 (1)

      50        53     
 

Taylor Morrison Communities, Inc.,

         
 

5.75%, 1/15/28 (1)

      50        56     
 

Tri Pointe Homes, Inc.,

         
 

5.25%, 6/1/27

      50        54     
 

5.70%, 6/15/28

      25        27     
 

Weekley Homes LLC/Weekley Finance Corp.,

         
 

4.88%, 9/15/28 (1)

      50        52     
 

Williams Scotsman International, Inc.,

         
 

4.63%, 8/15/28 (1)

      50        52     
 

 

  
          1,128     
 

 

  
  Industrial Other – 1.0%         
 

Ahern Rentals, Inc.,

         
 

7.38%, 5/15/23 (1)

      100        95     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Industrial Other – 1.0%    continued         
 

Alta Equipment Group, Inc.,

         
 

5.63%, 4/15/26 (1)

      $25        $26     
 

APi Group DE, Inc.,

         
 

4.13%, 7/15/29 (1)

      50        49     
 

Artera Services LLC,

         
 

9.03%, 12/4/25 (1)

      25        27     
 

BCPE Empire Holdings, Inc.,

         
 

7.63%, 5/1/27 (1)

      405        403     
 

Brand Industrial Services, Inc.,

         
 

8.50%, 7/15/25 (1)

      75        75     
 

H&E Equipment Services, Inc.,

         
 

3.88%, 12/15/28 (1)

      25        25     
 

IEA Energy Services LLC,

         
 

6.63%, 8/15/29 (1)

      320        317     
 

Installed Building Products, Inc.,

         
 

5.75%, 2/1/28 (1)

      25        26     
 

NESCO Holdings II, Inc.,

         
 

5.50%, 4/15/29 (1)

      50        52     
 

Resideo Funding, Inc.,

         
 

4.00%, 9/1/29 (1)

      190        186     
 

TopBuild Corp.,

         
 

2/15/32 (1) (7)

      25        25     
 

United Rentals North America, Inc.,

         
 

3.75%, 1/15/32

      135        136     
 

VM Consolidated, Inc.,

         
 

5.50%, 4/15/29 (1)

      215        219     
 

 

  
          1,661     
 

 

  
  Internet Media – 0.8%         
 

Arches Buyer, Inc.,

         
 

4.25%, 6/1/28 (1)

      25        26     
 

Cars.com, Inc.,

         
 

6.38%, 11/1/28 (1)

      185        195     
 

Endure Digital, Inc.,

         
 

6.00%, 2/15/29 (1)

      435        413     
 

Go Daddy Operating Co. LLC/GD Finance Co., Inc.,

         
 

5.25%, 12/1/27 (1)

      75        78     
 

3.50%, 3/1/29 (1)

      50        50     
 

Match Group Holdings II LLC,

         
 

5.00%, 12/15/27 (1)

      50        52     
 

4.63%, 6/1/28 (1)

      50        52     
 

5.63%, 2/15/29 (1)

      105        113     
 

10/1/31 (1) (7)

      95        94     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    257    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER YIELD OPPORTUNITY  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Internet Media – 0.8%    continued         
 

Millennium Escrow Corp.,

         
 

6.63%, 8/1/26 (1)

      $25        $26     
 

Netflix, Inc.,

         
 

5.50%, 2/15/22

      25        26     
 

6.38%, 5/15/29

      50        63     
 

5.38%, 11/15/29 (1)

      25        30     
 

Uber Technologies, Inc.,

         
 

7.50%, 5/15/25 (1)

      50        53     
 

8.00%, 11/1/26 (1)

      25        27     
 

7.50%, 9/15/27 (1)

      25        27     
 

6.25%, 1/15/28 (1)

      50        54     
 

4.50%, 8/15/29 (1)

      50        50     
 

 

  
          1,429     
 

 

  
  Iron & Steel – 1.5%         
 

Specialty Steel Supply, Inc.,

         
 

11.00%, 11/15/26(2) (3) (11)

      2,670        2,670     
 

 

  
  Leisure Products Manufacturing – 0.1%         
 

MajorDrive Holdings IV LLC,

         
 

6.38%, 6/1/29 (1)

      50        48     
 

Mattel, Inc.,

         
 

3.38%, 4/1/26 (1)

      25        26     
 

Winnebago Industries, Inc.,

         
 

6.25%, 7/15/28 (1)

      75        81     
 

 

  
          155     
 

 

  
  Life Insurance – 0.1%         
 

Genworth Holdings, Inc.,

         
 

4.90%, 8/15/23

      125        128     
 

 

  
  Machinery Manufacturing – 0.8%         
 

GrafTech Finance, Inc.,

         
 

4.63%, 12/15/28 (1)

      25        26     
 

Granite U.S. Holdings Corp.,

         
 

11.00%, 10/1/27 (1)

      25        27     
 

Hillenbrand, Inc.,

         
 

3.75%, 3/1/31

      50        50     
 

JPW Industries Holding Corp.,

         
 

9.00%, 10/1/24 (1)

      860        900     
 

Manitowoc (The) Co., Inc.,

         
 

9.00%, 4/1/26 (1)

      50        53     
 

Terex Corp.,

         
 

5.00%, 5/15/29 (1)

      225        233     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

      
  Machinery Manufacturing – 0.8%    continued

 

      
 

Titan International, Inc.,

         
 

7.00%, 4/30/28 (1)

      $50        $53     
 

 

  
          1,342     
 

 

  
  Managed Care – 0.1%         
 

Centene Corp.,

         
 

4.25%, 12/15/27

      75        78     
 

2.45%, 7/15/28

      25        25     
 

3.00%, 10/15/30

      100        103     
 

Molina Healthcare, Inc.,

         
 

3.88%, 11/15/30 (1)

      25        26     
 

 

  
          232     
 

 

  
  Manufactured Goods – 0.9%         
 

FXI Holdings, Inc.,

         
 

7.88%, 11/1/24 (1)

      125        128     
 

12.25%, 11/15/26 (1)

      48        54     
 

Material Sciences Corp.,

         
 

9.75%, 1/9/24 (3)

      1,263        1,263     
 

Park-Ohio Industries, Inc.,

         
 

6.63%, 4/15/27

      50        50     
 

Roller Bearing Co. of America, Inc.,

         
 

10/15/29 (1) (7)

      90        92     
 

 

  
          1,587     
 

 

  
  Medical Equipment & Devices Manufacturing – 0.4%

 

      
 

Avantor Funding, Inc.,

         
 

4.63%, 7/15/28 (1)

      25        26     
 

Mozart Debt Merger Sub, Inc.,

         
 

4/1/29 (1) (7)

      155        155     
 

10/1/29 (1) (7)

      260        260     
 

Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A.,

         
 

7.38%, 6/1/25 (1)

      30        32     
 

7.25%, 2/1/28 (1)

      198        212     
 

 

  
          685     
 

 

  
  Metals & Mining – 1.8%         
 

Allegheny Technologies, Inc.,

         
 

5.88%, 12/1/27

      50        53     
 

4.88%, 10/1/29

      210        211     
 

5.13%, 10/1/31

      75        76     
 

Arconic Corp.,

         
 

6.00%, 5/15/25 (1)

      25        26     
 

Big River Steel LLC/BRS Finance Corp.,

         
 

6.63%, 1/31/29 (1)

      352        381     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    258    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
  Metals & Mining – 1.8%    continued         
 

Carpenter Technology Corp.,

         
 

6.38%, 7/15/28

      $75        $81     
 

Century Aluminum Co.,

         
 

7.50%, 4/1/28 (1)

     830        880     
 

Cleveland-Cliffs, Inc.,

         
 

9.88%, 10/17/25 (1)

     59        68     
 

6.75%, 3/15/26 (1)

     140        149     
 

5.88%, 6/1/27

      75        78     
 

4.63%, 3/1/29 (1)

     25        25     
 

4.88%, 3/1/31 (1)

     25        26     
 

Coeur Mining, Inc.,

         
 

5.13%, 2/15/29 (1)

     25        24     
 

Compass Minerals International, Inc.,

         
 

6.75%, 12/1/27 (1)

     25        26     
 

Freeport-McMoRan, Inc.,

         
 

4.13%, 3/1/28

      75        78     
 

4.38%, 8/1/28

      25        26     
 

4.25%, 3/1/30

      100        106     
 

4.63%, 8/1/30

      50        54     
 

5.45%, 3/15/43

      50        61     
 

Joseph T Ryerson & Son, Inc.,

         
 

8.50%, 8/1/28 (1)

     384        426     
 

Novelis Corp.,

         
 

3.25%, 11/15/26 (1)

     25        25     
 

TMS International Corp.,

         
 

6.25%, 4/15/29 (1)

     270        282     
 

United States Steel Corp.,

         
 

6.88%, 3/1/29

      50        53     
 

 

  
          3,215     
 

 

  
  Oil & Gas Services & Equipment – 0.5%         
 

Archrock Partners L.P./Archrock Partners Finance Corp.,

         
 

6.25%, 4/1/28 (1)

     75        78     
 

Basic Energy Services, Inc.,

         
 

10.75%, 10/15/23 (1) (8)

      25        3     
 

Bristow Group, Inc.,

         
 

6.88%, 3/1/28 (1)

     75        78     
 

ChampionX Corp.,

         
 

6.38%, 5/1/26

      24        25     
 

Exterran Energy Solutions L.P./EES Finance Corp.,

         
 

8.13%, 5/1/25

      75        71     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
 

Oil & Gas Services & Equipment – 0.5%    continued

 

   
 

Global Marine, Inc.,

         
 

7.00%, 6/1/28

      $25        $17     
 

Nabors Industries, Inc.,

         
 

5.75%, 2/1/25

      75        69     
 

Nine Energy Service, Inc.,

         
 

8.75%, 11/1/23 (1)

     25        12     
 

Solaris Midstream Holdings LLC,

         
 

7.63%, 4/1/26 (1)

     180        193     
 

U.S.A. Compression Partners L.P./U.S.A. Compression Finance Corp.,

         
 

6.88%, 4/1/26

      140        146     
 

6.88%, 9/1/27

      135        143     
 

 

  
          835     
 

 

  
  Pharmaceuticals – 0.3%         
 

Bausch Health Americas, Inc.,

         
 

8.50%, 1/31/27 (1)

     125        133     
 

Organon & Co./Organon Foreign Debt Co-Issuer B.V.,

         
 

5.13%, 4/30/31 (1)

     200        210     
 

P&L Development LLC/PLD Finance Corp.,

         
 

7.75%, 11/15/25 (1)

     75        78     
 

Par Pharmaceutical, Inc.,

         
 

7.50%, 4/1/27 (1)

     111        113     
 

Prestige Brands, Inc.,

         
 

5.13%, 1/15/28 (1)

     25        26     
 

3.75%, 4/1/31 (1)

     25        24     
 

 

  
          584     
 

 

  
  Pipeline – 5.7%         
 

Antero Midstream Partners L.P./Antero Midstream Finance Corp.,

         
 

7.88%, 5/15/26 (1)

     310        339     
 

5.75%, 3/1/27 (1)

     180        186     
 

5.38%, 6/15/29 (1)

     115        118     
 

Blue Racer Midstream LLC/Blue Racer Finance Corp.,

         
 

7.63%, 12/15/25 (1)

     100        108     
 

Buckeye Partners L.P.,

         
 

4.50%, 3/1/28 (1)

     95        96     
 

5.85%, 11/15/43

      155        155     
 

Cheniere Energy Partners L.P.,

         
 

4.50%, 10/1/29

      270        287     
 

4.00%, 3/1/31 (1)

     100        105     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    259    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
  Pipeline – 5.7%    continued         
 

3.25%, 1/31/32 (1)

     $125        $125     
 

Cheniere Energy, Inc.,

         
 

4.63%, 10/15/28

      25        26     
 

CQP Holdco L.P./BIP-V Chinook Holdco LLC,

         
 

5.50%, 6/15/31 (1)

     890        947     
 

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.,

         
 

6.00%, 2/1/29 (1)

     75        78     
 

DCP Midstream Operating L.P.,

         
 

5.13%, 5/15/29

      125        141     
 

(Variable, ICE LIBOR USD 3M + 3.85%), 5.85%, 5/21/43 (1) (10)

      215        200     
 

5.60%, 4/1/44

      125        146     
 

Delek Logistics Partners L.P./Delek Logistics Finance Corp.,

         
 

6.75%, 5/15/25

      25        26     
 

7.13%, 6/1/28 (1)

     50        53     
 

Energy Transfer L.P.,

         
 

(Variable, ICE LIBOR USD 3M + 4.03%), 6.25%, 2/15/23 (6) (10)

      75        67     
 

EnLink Midstream LLC,

         
 

5.63%, 1/15/28 (1)

     25        27     
 

5.38%, 6/1/29

      75        79     
 

EnLink Midstream Partners L.P.,

         
 

4.40%, 4/1/24

      25        26     
 

5.60%, 4/1/44

      75        72     
 

5.05%, 4/1/45

      25        23     
 

5.45%, 6/1/47

      75        72     
 

EQM Midstream Partners L.P.,

         
 

4.75%, 7/15/23

      91        95     
 

4.00%, 8/1/24

      25        26     
 

6.00%, 7/1/25 (1)

     140        153     
 

4.13%, 12/1/26

      140        144     
 

6.50%, 7/1/27 (1)

     300        337     
 

5.50%, 7/15/28

      275        302     
 

4.50%, 1/15/29 (1)

     105        109     
 

4.75%, 1/15/31 (1)

     100        104     
 

Genesis Energy L.P./Genesis Energy Finance Corp.,

         
 

6.50%, 10/1/25

      125        124     
 

6.25%, 5/15/26

      70        69     
 

8.00%, 1/15/27

      75        76     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

   
  Pipeline – 5.7%    continued         
 

7.75%, 2/1/28

      $50        $50     
 

Global Partners L.P./GLP Finance Corp.,

         
 

7.00%, 8/1/27

      95        99     
 

6.88%, 1/15/29

      70        73     
 

Harvest Midstream I L.P.,

         
 

7.50%, 9/1/28 (1)

     750        799     
 

Hess Midstream Operations L.P.,

         
 

5.63%, 2/15/26 (1)

     75        78     
 

5.13%, 6/15/28 (1)

     75        78     
 

Holly Energy Partners L.P./Holly Energy Finance Corp.,

         
 

5.00%, 2/1/28 (1)

     25        25     
 

ITT Holdings LLC,

         
 

6.50%, 8/1/29 (1)

     220        222     
 

New Fortress Energy, Inc.,

         
 

6.75%, 9/15/25 (1)

     275        265     
 

6.50%, 9/30/26 (1)

     535        512     
 

NGL Energy Operating LLC/NGL Energy Finance Corp.,

         
 

7.50%, 2/1/26 (1)

     100        102     
 

NuStar Logistics L.P.,

         
 

6.00%, 6/1/26

      25        27     
 

PBF Logistics L.P./PBF Logistics Finance Corp.,

         
 

6.88%, 5/15/23

      100        97     
 

Plains All American Pipeline L.P.,

         
 

(Variable, ICE LIBOR USD 3M + 4.11%), 6.13%, 11/15/22 (6) (10)

      150        136     
 

Rockies Express Pipeline LLC,

         
 

3.60%, 5/15/25 (1)

     25        26     
 

4.95%, 7/15/29 (1)

     25        26     
 

6.88%, 4/15/40 (1)

     25        28     
 

Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,

         
 

5.50%, 8/15/22

      87        86     
 

5.75%, 4/15/25

      125        114     
 

Summit Midstream Partners L.P.,

         
 

9.50%, 12/15/22 (6)

     63        52     
 

Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,

         
 

7.50%, 10/1/25 (1)

     125        135     
 

6.00%, 3/1/27 (1)

     85        89     
 

5.50%, 1/15/28 (1)

     165        169     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    260    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
  Pipeline – 5.7%    continued         
 

6.00%, 12/31/30 (1)

     $195        $200     
 

6.00%, 9/1/31 (1)

     320        322     
 

Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,

         
 

5.88%, 4/15/26

      50        52     
 

5.00%, 1/15/28

      50        52     
 

5.50%, 3/1/30

      50        55     
 

4.88%, 2/1/31

      75        81     
 

4.00%, 1/15/32 (1)

     50        52     
 

Venture Global Calcasieu Pass LLC,

         
 

3.88%, 8/15/29 (1)

     125        129     
 

4.13%, 8/15/31 (1)

     125        130     
 

Western Midstream Operating L.P.,

         
 

5.30%, 2/1/30

      295        326     
 

5.45%, 4/1/44

      75        86     
 

5.30%, 3/1/48

      150        173     
 

 

  
          9,987     
 

 

  
  Power Generation – 1.5%         
 

Calpine Corp.,

         
 

4.50%, 2/15/28 (1)

     205        209     
 

5.13%, 3/15/28

      140        142     
 

4.63%, 2/1/29 (1)

     423        417     
 

5.00%, 2/1/31 (1)

     494        494     
 

Clearway Energy Operating LLC,

         
 

5.00%, 9/15/26

      100        103     
 

4.75%, 3/15/28 (1)

     25        26     
 

3.75%, 1/15/32 (1)

     25        25     
 

Leeward Renewable Energy Operations LLC,

         
 

4.25%, 7/1/29 (1)

     135        137     
 

NRG Energy, Inc.,

         
 

6.63%, 1/15/27

      36        37     
 

3.63%, 2/15/31 (1)

     280        275     
 

3.88%, 2/15/32 (1)

     165        163     
 

TerraForm Power Operating LLC,

         
 

5.00%, 1/31/28 (1)

     25        27     
 

4.75%, 1/15/30 (1)

     50        52     
 

Vistra Operations Co. LLC,

         
 

5.50%, 9/1/26 (1)

     25        26     
 

5.00%, 7/31/27 (1)

     170        176     
 

4.38%, 5/1/29 (1)

     330        332     
 

 

  
          2,641     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
  Property & Casualty Insurance – 2.4%         
 

Acrisure LLC/Acrisure Finance, Inc.,

         
 

7.00%, 11/15/25 (1)

     $125        $127     
 

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer,

         
 

6.75%, 10/15/27 (1)

     555        574     
 

AmWINS Group, Inc.,

         
 

4.88%, 6/30/29 (1)

     225        228     
 

AssuredPartners, Inc.,

         
 

7.00%, 8/15/25 (1)

     1,165        1,184     
 

5.63%, 1/15/29 (1)

     175        176     
 

BroadStreet Partners, Inc.,

         
 

5.88%, 4/15/29 (1)

     140        139     
 

GTCR AP Finance, Inc.,

         
 

8.00%, 5/15/27 (1)

     305        322     
 

HUB International Ltd.,

         
 

7.00%, 5/1/26 (1)

     1,215        1,256     
 

NMI Holdings, Inc.,

         
 

7.38%, 6/1/25 (1)

     25        29     
 

Radian Group, Inc.,

         
 

4.50%, 10/1/24

      25        27     
 

4.88%, 3/15/27

      75        82     
 

 

  
          4,144     
 

 

  
  Publishing & Broadcasting – 1.4%         
 

Audacy Capital Corp.,

         
 

6.75%, 3/31/29 (1)

     25        25     
 

Clear Channel Outdoor Holdings, Inc.,

         
 

7.75%, 4/15/28 (1)

     265        279     
 

7.50%, 6/1/29 (1)

     420        437     
 

Clear Channel Worldwide Holdings, Inc.,

         
 

5.13%, 8/15/27 (1)

     75        77     
 

Gray Television, Inc.,

         
 

4.75%, 10/15/30 (1)

     150        147     
 

iHeartCommunications, Inc.,

         
 

6.38%, 5/1/26

      27        28     
 

5.25%, 8/15/27 (1)

     50        52     
 

Lamar Media Corp.,

         
 

4.00%, 2/15/30

      75        77     
 

Mav Acquisition Corp.,

         
 

5.75%, 8/1/28 (1)

     160        157     
 

8.00%, 8/1/29 (1)

     205        196     
 

News Corp.,

         
 

3.88%, 5/15/29 (1)

     75        77     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    261    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

    MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
  Publishing & Broadcasting – 1.4%    continued

 

   
 

Nexstar Media, Inc.,

         
 

4.75%, 11/1/28 (1)

     $75        $78     
 

Scripps Escrow II, Inc.,

         
 

5.38%, 1/15/31 (1)

     535        526     
 

Scripps Escrow, Inc.,

         
 

5.88%, 7/15/27 (1)

     25        26     
 

Sinclair Television Group, Inc.,

         
 

5.13%, 2/15/27 (1)

     50        50     
 

5.50%, 3/1/30 (1)

     25        25     
 

4.13%, 12/1/30 (1)

     50        49     
 

TEGNA, Inc.,

         
 

4.63%, 3/15/28

      50        51     
 

5.00%, 9/15/29

      75        77     
 

 

  
          2,434     
 

 

  
  Railroad – 0.1%         
 

Watco Cos. LLC/Watco Finance Corp.,

         
 

6.50%, 6/15/27(1)

     140        150     
 

 

  
  Real Estate – 4.0%         
 

American Finance Trust, Inc./American Finance Operating Partner L.P.,

         
 

4.50%, 9/30/28 (1)

     305        305     
 

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL,

         
 

4.50%, 4/1/27 (1)

     50        50     
 

Cushman & Wakefield U.S. Borrower LLC,

         
 

6.75%, 5/15/28 (1)

     25        27     
 

Diversified Healthcare Trust,

         
 

9.75%, 6/15/25

      25        27     
 

4.38%, 3/1/31

      75        73     
 

EPR Properties,

         
 

4.50%, 6/1/27

      110        119     
 

4.95%, 4/15/28

      120        132     
 

3.75%, 8/15/29

      80        82     
 

Five Point Operating Co. L.P./Five Point Capital Corp.,

         
 

7.88%, 11/15/25 (1)

     50        52     
 

GEO Group (The), Inc.,

         
 

6.00%, 4/15/26

      25        20     
 

Greystar Real Estate Partners LLC,

         
 

5.75%, 12/1/25 (1)

     50        51     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
  Real Estate – 4.0%    continued         
 

HAT Holdings I LLC/HAT Holdings II LLC,

         
 

3.38%, 6/15/26 (1)

     $25        $25     
 

3.75%, 9/15/30 (1)

     25        25     
 

Howard Hughes (The) Corp.,

         
 

5.38%, 8/1/28 (1)

     50        53     
 

4.13%, 2/1/29 (1)

     50        50     
 

Iron Mountain, Inc.,

         
 

4.88%, 9/15/27 (1)

     250        260     
 

5.25%, 3/15/28 (1)

     180        188     
 

5.00%, 7/15/28 (1)

     135        141     
 

4.88%, 9/15/29 (1)

     330        346     
 

5.25%, 7/15/30 (1)

     245        260     
 

4.50%, 2/15/31 (1)

     25        25     
 

5.63%, 7/15/32 (1)

     240        257     
 

Kennedy-Wilson, Inc.,

         
 

4.75%, 2/1/30

      25        25     
 

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,

         
 

7.50%, 6/1/25 (1)

     170        181     
 

5.88%, 10/1/28 (1)

     165        174     
 

4.88%, 5/15/29 (1)

     25        26     
 

Realogy Group LLC/Realogy Co-Issuer Corp.,

         
 

7.63%, 6/15/25 (1)

     250        267     
 

9.38%, 4/1/27 (1)

     390        429     
 

5.75%, 1/15/29 (1)

     529        549     
 

RHP Hotel Properties L.P./RHP Finance Corp.,

         
 

4.75%, 10/15/27

      275        285     
 

4.50%, 2/15/29 (1)

     65        65     
 

RLJ Lodging Trust L.P.,

         
 

3.75%, 7/1/26 (1)

     50        50     
 

4.00%, 9/15/29 (1)

     210        210     
 

Service Properties Trust,

         
 

5.00%, 8/15/22

      25        25     
 

4.65%, 3/15/24

      33        33     
 

4.35%, 10/1/24

      187        189     
 

5.25%, 2/15/26

      50        50     
 

4.75%, 10/1/26

      100        99     
 

4.95%, 2/15/27

      100        100     
 

3.95%, 1/15/28

      25        24     
 

4.95%, 10/1/29

      175        171     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    262    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

   
  Real Estate – 4.0%    continued         
 

4.38%, 2/15/30

      $75        $71     
 

Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC,

         
 

7.13%, 12/15/24 (1)

     180        184     
 

7.88%, 2/15/25 (1)

     240        254     
 

1/15/30 (1) (7)

      25        25     
 

Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC,

         
 

4.75%, 4/15/28 (1)

     50        51     
 

6.50%, 2/15/29 (1)

     535        550     
 

VICI Properties L.P./VICI Note Co., Inc.,

         
 

4.25%, 12/1/26 (1)

     138        144     
 

3.75%, 2/15/27 (1)

     25        26     
 

XHR L.P.,

         
 

6.38%, 8/15/25 (1)

     50        53     
 

4.88%, 6/1/29 (1)

     100        103     
 

 

  
          6,981     
 

 

  
  Refining & Marketing – 0.3%         
 

Citgo Holding, Inc.,

         
 

9.25%, 8/1/24 (1)

     175        176     
 

CITGO Petroleum Corp.,

         
 

7.00%, 6/15/25 (1)

     50        51     
 

6.38%, 6/15/26 (1)

     75        77     
 

Murphy Oil U.S.A., Inc.,

         
 

4.75%, 9/15/29

      50        53     
 

PBF Holding Co. LLC/PBF Finance Corp.,

         
 

9.25%, 5/15/25 (1)

     25        24     
 

6.00%, 2/15/28

      50        32     
 

Sunoco L.P./Sunoco Finance Corp.,

         
 

6.00%, 4/15/27

      75        78     
 

 

  
          491     
 

 

  
  Renewable Energy – 0.1%         
 

Sunnova Energy Corp.,

         
 

5.88%, 9/1/26(1)

     120        122     
 

 

  
  Restaurants – 0.3%         
 

Carrols Restaurant Group, Inc.,

         
 

5.88%, 7/1/29 (1)

     25        24     
 

CEC Entertainment LLC,

         
 

6.75%, 5/1/26 (1)

     25        25     
 

Golden Nugget, Inc.,

         
 

6.75%, 10/15/24 (1)

     275        275     
 

8.75%, 10/1/25 (1)

     50        52     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
  Restaurants – 0.3%    continued         
 

GPS Hospitality Holding Co. LLC/GPS Finco, Inc.,

         
 

7.00%, 8/15/28 (1)

     $75        $74     
 

IRB Holding Corp.,

         
 

7.00%, 6/15/25 (1)

     25        27     
 

Sizzling Platter LLC/Sizzling Platter Finance Corp.,

         
 

8.50%, 11/28/25 (1)

     75        77     
 

 

  
          554     
 

 

  
  Retail - Consumer Discretionary – 3.4%         
 

Abercrombie & Fitch Management Co.,

         
 

8.75%, 7/15/25 (1)

     25        27     
 

Ambience Merger Sub, Inc.,

         
 

7.13%, 7/15/29 (1)

     25        25     
 

Asbury Automotive Group, Inc.,

         
 

4.75%, 3/1/30

      25        26     
 

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,

         
 

4.75%, 4/1/28 (1)

     100        103     
 

5.38%, 3/1/29 (1)

     25        26     
 

Bath & Body Works, Inc.,

         
 

9.38%, 7/1/25 (1)

     15        19     
 

7.50%, 6/15/29

      25        28     
 

6.63%, 10/1/30 (1)

     315        358     
 

6.88%, 11/1/35

      25        31     
 

6.75%, 7/1/36

      100        124     
 

BCPE Ulysses Intermediate, Inc.,

         
 

7.75%, 4/1/27 (1) (4)

      25        25     
 

Beacon Roofing Supply, Inc.,

         
 

4.50%, 11/15/26 (1)

     25        26     
 

4.13%, 5/15/29 (1)

     25        25     
 

Builders FirstSource, Inc.,

         
 

6.75%, 6/1/27 (1)

     101        107     
 

5.00%, 3/1/30 (1)

     25        27     
 

4.25%, 2/1/32 (1)

     380        389     
 

Carvana Co.,

         
 

5.63%, 10/1/25 (1)

     220        227     
 

5.50%, 4/15/27 (1)

     260        265     
 

4.88%, 9/1/29 (1)

     200        198     
 

Foot Locker, Inc.,

         
 

4.00%, 10/1/29 (1)

     115        115     
 

Foundation Building Materials, Inc.,

         
 

6.00%, 3/1/29 (1)

     25        24     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    263    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
  Retail - Consumer Discretionary – 3.4%    continued

 

   
 

Gap (The), Inc.,

         
 

3.63%, 10/1/29 (1)

     $130        $130     
 

3.88%, 10/1/31 (1)

     150        150     
 

GYP Holdings III Corp.,

         
 

4.63%, 5/1/29 (1)

     85        86     
 

Ken Garff Automotive LLC,

         
 

4.88%, 9/15/28 (1)

     25        26     
 

LBM Acquisition LLC,

         
 

6.25%, 1/15/29 (1)

     50        50     
 

LCM Investments Holdings II LLC,

         
 

4.88%, 5/1/29 (1)

     290        298     
 

Lithia Motors, Inc.,

         
 

4.63%, 12/15/27 (1)

     125        132     
 

3.88%, 6/1/29 (1)

     25        26     
 

LSF9 Atlantis Holdings LLC/Victra Finance Corp.,

         
 

7.75%, 2/15/26 (1)

     50        52     
 

Metis Merger Sub LLC,

         
 

6.50%, 5/15/29 (1)

     50        49     
 

Michaels (The) Cos., Inc.,

         
 

5.25%, 5/1/28 (1)

     25        26     
 

7.88%, 5/1/29 (1)

     75        78     
 

Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc.,

         
 

7.88%, 10/1/22 (1)

     115        95     
 

Park River Holdings, Inc.,

         
 

5.63%, 2/1/29 (1)

     25        24     
 

Party City Holdings, Inc.,

         
 

8.75%, 2/15/26 (1)

     50        52     
 

PetSmart, Inc./PetSmart Finance Corp.,

         
 

4.75%, 2/15/28 (1)

     250        257     
 

QVC, Inc.,

         
 

4.75%, 2/15/27

      50        53     
 

Sonic Automotive, Inc.,

         
 

6.13%, 3/15/27

      75        78     
 

Specialty Building Products Holdings LLC/SBP Finance Corp.,

         
 

6.38%, 9/30/26 (1)

     410        430     
 

SRS Distribution, Inc.,

         
 

4.63%, 7/1/28 (1)

     395        403     
 

6.13%, 7/1/29 (1)

     60        62     
 

Staples, Inc.,

         
 

7.50%, 4/15/26 (1)

     50        51     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
    Retail - Consumer Discretionary – 3.4%    continued         
 

10.75%, 4/15/27 (1)

     $100        $97     
 

Victoria’s Secret & Co.,

         
 

4.63%, 7/15/29 (1)

     25        25     
 

White Cap Buyer LLC,

         
 

6.88%, 10/15/28 (1)

     865        913     
 

White Cap Parent LLC,

         
 

8.25%, 3/15/26 (1) (4)

      50        52     
 

 

  
          5,890     
 

 

  
  Retail - Consumer Staples – 0.6%         
 

C&S Group Enterprises LLC,

         
 

5.00%, 12/15/28 (1)

     25        24     
 

Performance Food Group, Inc.,

         
 

6.88%, 5/1/25 (1)

     60        64     
 

5.50%, 10/15/27 (1)

     405        424     
 

4.25%, 8/1/29 (1)

     175        175     
 

U.S. Foods, Inc.,

         
 

4.75%, 2/15/29 (1)

     260        267     
 

United Natural Foods, Inc.,

         
 

6.75%, 10/15/28 (1)

     25        27     
 

 

  
          981     
 

 

  
  Semiconductors – 0.2%         
 

Amkor Technology, Inc.,

         
 

6.63%, 9/15/27 (1)

     50        54     
 

ON Semiconductor Corp.,

         
 

3.88%, 9/1/28 (1)

     180        186     
 

Synaptics, Inc.,

         
 

4.00%, 6/15/29 (1)

     50        51     
 

 

  
          291     
 

 

  
  Software & Services – 2.9%         
 

Ahead DB Holdings LLC,

         
 

6.63%, 5/1/28 (1)

     185        186     
 

Ascend Learning LLC,

         
 

6.88%, 8/1/25 (1)

     50        51     
 

Boxer Parent Co., Inc.,

         
 

7.13%, 10/2/25 (1)

     25        27     
 

9.13%, 3/1/26 (1)

     25        26     
 

Castle U.S. Holding Corp.,

         
 

9.50%, 2/15/28 (1)

     100        104     
 

Clarivate Science Holdings Corp.,

         
 

4.88%, 7/1/29 (1)

     185        185     
 

Exela Intermediate LLC/Exela Finance, Inc.,

         
 

10.00%, 7/15/23 (1)

     75        58     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    264    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
  Software & Services – 2.9%    continued

 

   
 

HealthEquity, Inc.,

         
 

10/1/29 (1) (7)

      $165        $167     
 

J2 Global, Inc.,

         
 

4.63%, 10/15/30 (1)

     345        367     
 

LogMeIn, Inc,

         
 

5.50%, 9/1/27 (1)

     75        76     
 

MicroStrategy, Inc.,

         
 

6.13%, 6/15/28 (1)

     50        50     
 

MPH Acquisition Holdings LLC,

         
 

5.50%, 9/1/28 (1)

     520        519     
 

5.75%, 11/1/28 (1)

     610        575     
 

MSCI, Inc.,

         
 

3.63%, 11/1/31 (1)

     25        26     
 

Nielsen Finance LLC/Nielsen Finance Co.,

         
 

5.63%, 10/1/28 (1)

     270        280     
 

5.88%, 10/1/30 (1)

     475        500     
 

Open Text Holdings, Inc.,

         
 

4.13%, 2/15/30 (1)

     75        77     
 

Playtika Holding Corp.,

         
 

4.25%, 3/15/29 (1)

     560        562     
 

Presidio Holdings, Inc.,

         
 

8.25%, 2/1/28 (1)

     335        361     
 

Rackspace Technology Global, Inc.,

         
 

5.38%, 12/1/28 (1)

     500        491     
 

Rocket Software, Inc.,

         
 

6.50%, 2/15/29 (1)

     25        25     
 

Sabre GLBL, Inc.,

         
 

9.25%, 4/15/25 (1)

     50        58     
 

Science Applications International
Corp.,

         
 

4.88%, 4/1/28 (1)

     50        52     
 

SS&C Technologies, Inc.,

         
 

5.50%, 9/30/27 (1)

     75        79     
 

Twilio, Inc.,

         
 

3.88%, 3/15/31

      25        26     
 

Vericast Corp.,

         
 

11.00%, 9/15/26 (1)

     50        53     
 

Veritas U.S., Inc./Veritas Bermuda Ltd.,

         
 

7.50%, 9/1/25 (1)

     100        104     
 

Verscend Escrow Corp.,

         
 

9.75%, 8/15/26 (1)

     25        26     
 

 

  
          5,111     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
  Supermarkets & Pharmacies – 0.2%         
 

Albertsons Cos., Inc./Safeway,
Inc./New Albertsons
L.P./Albertsons LLC,

         
 

5.75%, 3/15/25

      $5        $5     
 

3.25%, 3/15/26 (1)

     75        76     
 

7.50%, 3/15/26 (1)

     25        27     
 

4.63%, 1/15/27 (1)

     50        53     
 

Ingles Markets, Inc.,

         
 

4.00%, 6/15/31 (1)

     50        51     
 

Rite Aid Corp.,

         
 

7.50%, 7/1/25 (1)

     34        34     
 

8.00%, 11/15/26 (1)

     52        52     
 

SEG Holding LLC/SEG Finance Corp.,

         
 

5.63%, 10/15/28 (1)

     100        104     
 

 

  
          402     
 

 

  
  Tobacco – 0.0%         
 

Turning Point Brands, Inc.,

         
 

5.63%, 2/15/26(1)

     25        26     
 

 

  
  Transportation & Logistics – 0.1%         
 

Cargo Aircraft Management, Inc.,

         
 

4.75%, 2/1/28 (1)

     25        26     
 

Wabash National Corp.,

         
 

10/15/28 (1) (7)

      95        95     
 

Western Global Airlines LLC,

         
 

10.38%, 8/15/25 (1)

     50        56     
 

XPO Logistics, Inc.,

         
 

6.25%, 5/1/25 (1)

     25        26     
 

 

  
          203     
 

 

  
  Travel & Lodging – 0.4%         
 

First Student Bidco, Inc./First Transit Parent, Inc.,

         
 

4.00%, 7/31/29 (1)

     25        25     
 

Hilton Domestic Operating Co., Inc.,

         
 

5.75%, 5/1/28 (1)

     50        54     
 

3.63%, 2/15/32 (1)

     50        49     
 

Hilton Grand Vacations Borrower
Escrow LLC/Hilton Grand Vacations Borrower Escrow,

         
 

5.00%, 6/1/29 (1)

     100        102     
 

4.88%, 7/1/31 (1)

     75        75     
 

Marriott Ownership Resorts, Inc.,

         
 

4.50%, 6/15/29 (1)

     25        25     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    265    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

   
  Travel & Lodging – 0.4%    continued         
 

Travel + Leisure Co.,

         
 

6.63%, 7/31/26 (1)

     $75        $85     
 

4.63%, 3/1/30 (1)

     25        26     
 

Wyndham Hotels & Resorts, Inc.,

         
 

4.38%, 8/15/28 (1)

     220        230     
 

 

  
          671     
 

 

  
  Utilities – 0.5%         
 

AmeriGas Partners L.P./AmeriGas Finance Corp.,

         
 

5.50%, 5/20/25

      25        28     
 

5.75%, 5/20/27

      25        28     
 

Ferrellgas L.P./Ferrellgas Finance Corp.,

         
 

5.38%, 4/1/26 (1)

     75        73     
 

5.88%, 4/1/29 (1)

     75        73     
 

FirstEnergy Corp.,

         
 

5.35%, 7/15/47

      250        305     
 

NextEra Energy Operating Partners L.P.,

         
 

3.88%, 10/15/26 (1)

     50        53     
 

PG&E Corp.,

         
 

5.00%, 7/1/28

      50        51     
 

Suburban Propane Partners L.P./Suburban Energy Finance Corp.,

         
 

5.00%, 6/1/31 (1)

     25        26     
 

Talen Energy Supply LLC,

         
 

10.50%, 1/15/26 (1)

     115        63     
 

7.25%, 5/15/27 (1)

     40        38     
 

6.63%, 1/15/28 (1)

     50        46     
 

7.63%, 6/1/28 (1)

     35        33     
 

 

  
          817     
 

 

  
  Waste & Environment Services & Equipment – 0.2%

 

   
 

Covanta Holding Corp.,

         
 

5.00%, 9/1/30

      50        51     
 

Harsco Corp.,

         
 

5.75%, 7/31/27 (1)

     260        269     
 

Madison IAQ LLC,

         
 

4.13%, 6/30/28 (1)

     25        25     
 

5.88%, 6/30/29 (1)

     50        50     
 

 

  
          395     
 

 

  
  Wireless Telecommunications Services – 0.5%

 

   
 

Hughes Satellite Systems Corp.,

         
 

6.63%, 8/1/26

      50        57     
 

Sprint Capital Corp.,

         
 

6.88%, 11/15/28

      130        166     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued         
  Wireless Telecommunications Services – 0.5%    continued

 

   
 

8.75%, 3/15/32

      $215        $321     
 

Sprint Corp.,

         
 

7.13%, 6/15/24

      50        57     
 

7.63%, 3/1/26

      50        61     
 

T-Mobile U.S.A., Inc.,

         
 

2.63%, 4/15/26

      175        179     
 

2.63%, 2/15/29

      110        111     
 

 

  
          952     
 

 

  
  Wireline Telecommunications Services – 2.1%

 

   
 

Consolidated Communications, Inc.,

         
 

5.00%, 10/1/28 (1)

     130        134     
 

6.50%, 10/1/28 (1)

     145        157     
 

Embarq Corp.,

         
 

8.00%, 6/1/36

      125        134     
 

Frontier Communications Holdings LLC,

         
 

5.88%, 10/15/27 (1)

     185        196     
 

5.00%, 5/1/28 (1)

     180        189     
 

6.75%, 5/1/29 (1)

     95        100     
 

5.88%, 11/1/29

      290        294     
 

GTT Communications, Inc.,

         
 

7.88%, 12/31/24 (2) (11)

      1,650        165     
 

Level 3 Financing, Inc.,

         
 

4.63%, 9/15/27 (1)

     510        525     
 

4.25%, 7/1/28 (1)

     100        101     
 

3.75%, 7/15/29 (1)

     220        213     
 

Lumen Technologies, Inc.,

         
 

7.50%, 4/1/24

      25        28     
 

4.50%, 1/15/29 (1)

     400        387     
 

5.38%, 6/15/29 (1)

     330        337     
 

Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,

         
 

4/30/27 (1) (7)

      140        140     
 

6.00%, 2/15/28 (1)

     150        149     
 

10.75%, 6/1/28 (1)

     90        101     
 

Windstream Escrow LLC/Windstream Escrow Finance Corp.,

         
 

7.75%, 8/15/28 (1)

     50        52     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    266    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  CORPORATE BONDS - 74.5%    continued

 

   
  Wireline Telecommunications Services – 2.1%    continued

 

   
 

Zayo Group Holdings, Inc.,

         
 

4.00%, 3/1/27 (1)

     $50        $50     
 

6.13%, 3/1/28 (1)

     205        208     
 

 

  
          3,660     

 

  
 

Total Corporate Bonds

         

 

  
 

(Cost $126,979)

         129,692     
          
  FOREIGN ISSUER BONDS – 13.6%

 

   
  Aerospace & Defense – 0.1%         
 

Bombardier, Inc.,

         
 

7.50%, 12/1/24 (1)

     75        78     
 

7.50%, 3/15/25 (1)

     25        25     
 

7.88%, 4/15/27 (1)

     75        78     
 

 

  
          181     
 

 

  
  Airlines – 0.4%         
 

Air Canada,

         
 

3.88%, 8/15/26 (1)

     175        177     
 

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,

         
 

5.50%, 4/20/26 (1)

     215        226     
 

5.75%, 4/20/29 (1)

     250        269     
 

Delta Air Lines, Inc./SkyMiles IP Ltd.,

         
 

4.50%, 10/20/25 (1)

     25        27     
 

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,

         
 

5.75%, 1/20/26 (1)

     25        26     
 

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.,

         
 

8.00%, 9/20/25 (1)

     30        33     
 

 

  
          758     
 

 

  
  Auto Parts Manufacturing – 0.0%         
 

Clarios Global L.P.,

         
 

6.75%, 5/15/25 (1)

     46        48     
 

Clarios Global L.P./Clarios
U.S. Finance Co.,

         
 

8.50%, 5/15/27 (1)

     25        27     
 

 

  
          75     
 

 

  
  Automobiles Manufacturing – 0.3%         
 

Jaguar Land Rover Automotive PLC,

         
 

7.75%, 10/15/25 (1)

     200        216     
 

5.50%, 7/15/29 (1)

     330        322     
 

 

  
          538     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 13.6%    continued

 

   
  Cable & Satellite – 0.5%         
 

Altice Financing S.A.,

         
 

5.00%, 1/15/28 (1)

     $200        $193     
 

UPC Broadband Finco B.V.,

         
 

4.88%, 7/15/31 (1)

     200        205     
 

Virgin Media Vendor Financing Notes
IV DAC,

         
 

5.00%, 7/15/28 (1)

     200        206     
 

Ziggo B.V.,

         
 

4.88%, 1/15/30 (1)

     200        206     
 

 

  
          810     
 

 

  
  Casinos & Gaming – 0.3%         
 

Gateway Casinos & Entertainment Ltd.,

         
 

8.25%, 3/1/24 (1)

     75        76     
 

International Game Technology PLC,

         
 

4.13%, 4/15/26 (1)

     400        416     
 

 

  
          492     
 

 

  
  Chemicals – 0.5%         
 

Diamond BC B.V.,

         
 

4.63%, 10/1/29 (1)

     230        233     
 

Methanex Corp.,

         
 

5.13%, 10/15/27

      25        27     
 

NOVA Chemicals Corp.,

         
 

4.88%, 6/1/24 (1)

     80        84     
 

5.25%, 6/1/27 (1)

     293        308     
 

4.25%, 5/15/29 (1)

     25        25     
 

Trinseo Materials Operating S.C.A./Trinseo Materials Finance,
Inc.,

         
 

5.38%, 9/1/25 (1)

     100        102     
 

5.13%, 4/1/29 (1)

     50        50     
 

 

  
          829     
 

 

  
  Commercial Finance – 0.4%         
 

Global Aircraft Leasing Co. Ltd.,

         
 

6.50%, 9/15/24 (1) (4)

      656        644     
 

VistaJet Malta Finance PLC/XO Management Holding, Inc.,

         
 

10.50%, 6/1/24 (1)

     50        54     
 

 

  
          698     
 

 

  
  Construction Materials Manufacturing – 0.2%

 

   
 

Cemex S.A.B. de C.V.,

         
 

5.45%, 11/19/29(1)

     250        271     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    267    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 13.6%    continued

 

   
  Consumer Finance – 0.0%         
 

Paysafe Finance PLC/Paysafe Holdings U.S. Corp.,

         
 

4.00%, 6/15/29(1)

     $50        $48     
 

 

  
  Consumer Services – 0.5%         
 

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco
4 S.a.r.l.,

         
 

4.63%, 6/1/28 (1)

     435        435     
 

Garda World Security Corp.,

         
 

4.63%, 2/15/27 (1)

     115        115     
 

6.00%, 6/1/29 (1)

     285        279     
 

 

  
          829     
 

 

  
  Containers & Packaging – 1.0%         
 

ARD Finance S.A.,

         
 

6.50%, 6/30/27 (1) (4)

      200        212     
 

Ardagh Metal Packaging Finance
U.S.A. LLC/Ardagh Metal Packaging Finance PLC,

         
 

3.25%, 9/1/28 (1)

     210        209     
 

Ardagh Packaging Finance PLC/Ardagh Holdings U.S.A., Inc.,

         
 

5.25%, 8/15/27 (1)

     200        204     
 

Cascades, Inc./Cascades U.S.A., Inc.,

         
 

5.38%, 1/15/28 (1)

     50        53     
 

Intelligent Packaging Holdco Issuer L.P.,

         
 

9.00%, 1/15/26 (1) (4)

      25        26     
 

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC,

         
 

6.00%, 9/15/28 (1)

     725        760     
 

Trivium Packaging Finance B.V.,
8.50%, 8/15/27 (1)

     205        220     
 

 

  
          1,684     
 

 

  
  Diversified Banks – 0.1%         
 

Barclays PLC,

         
 

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.67%), 8.00%, 6/15/24(6) (10)

      200        226     
 

 

  
  Electrical Equipment Manufacturing – 0.1%

 

      
 

Sensata Technologies B.V.,

         
 

4.00%, 4/15/29(1)

     200        204     
 

 

  
  Entertainment Resources – 0.3%         
 

Motion Bondco DAC,

         
 

6.63%, 11/15/27(1)

     440        442     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 13.6%    continued

 

   
  Exploration & Production – 0.4%         
 

Energean Israel Finance Ltd.,

         
 

5.38%, 3/30/28

      $25        $26     
 

5.88%, 3/30/31

      25        26     
 

Leviathan Bond Ltd.,

         
 

6.13%, 6/30/25

      25        27     
 

6.50%, 6/30/27

      25        27     
 

MEG Energy Corp.,

         
 

7.13%, 2/1/27 (1)

     75        79     
 

5.88%, 2/1/29 (1)

     50        51     
 

OGX Austria GmbH,

         
 

8.50%, 6/1/18 (8) (12)

      2,420        —     
 

8.38%, 4/1/22 (1) (2) (8) (12)

      1,800        —     
 

Teine Energy Ltd.,

         
 

6.88%, 4/15/29 (1)

     400        406     
 

 

  
          642     
 

 

  
  Food & Beverage – 0.2%         
 

Cooke Omega Investments, Inc./Alpha VesselCo Holdings, Inc.,

         
 

8.50%, 12/15/22 (1)

     75        76     
 

Herbalife Nutrition Ltd./HLF Financing, Inc.,

         
 

7.88%, 9/1/25 (1)

     75        81     
 

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

         
 

5.50%, 1/15/30 (1)

     125        139     
 

 

  
          296     
 

 

  
  Homebuilders – 0.1%         
 

Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC,

         
 

5.00%, 6/15/29 (1)

     50        51     
 

4.88%, 2/15/30 (1)

     50        51     
 

Empire Communities Corp.,

         
 

7.00%, 12/15/25 (1)

     25        26     
 

Mattamy Group Corp.,

         
 

4.63%, 3/1/30 (1)

     75        77     
 

 

  
          205     
 

 

  
  Iron & Steel – 0.0%         
 

Algoma Steel Parent S.C.A.,

         
 

0.00%, 11/30/47(2) (11) (12)

     49        —     
 

 

  
  Machinery Manufacturing – 0.5%         
 

Husky III Holding Ltd.,

         
 

13.00%, 2/15/25 (1) (4)

      50        53     
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    268    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

        PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 13.6%    continued

 

      
  Machinery Manufacturing – 0.5%    continued        
 

Titan Acquisition Ltd./Titan
Co-Borrower LLC,

        
 

7.75%, 4/15/26 (1)

    $880        $899     
 

 

  
         952     
 

 

  
  Metals & Mining – 1.8%        
 

Alcoa Nederland Holding B.V.,

        
 

6.13%, 5/15/28 (1)

    200        217     
 

Baffinland Iron Mines Corp./Baffinland Iron Mines L.P.,

        
 

8.75%, 7/15/26 (1)

    1,470        1,555     
 

Constellium S.E.,

        
 

5.63%, 6/15/28 (1)

    285        300     
 

3.75%, 4/15/29 (1)

    250        244     
 

First Quantum Minerals Ltd.,

        
 

6.50%, 3/1/24 (1)

    400        405     
 

FMG Resources Pty. Ltd., Series 2006,

        
 

5.13%, 5/15/24 (1)

    60        64     
 

4.38%, 4/1/31 (1)

    100        103     
 

Hudbay Minerals, Inc.,

        
 

4.50%, 4/1/26 (1)

    125        124     
 

6.13%, 4/1/29 (1)

    155        162     
 

IAMGOLD Corp.,

        
 

5.75%, 10/15/28 (1)

    25        25     
 

Mountain Province Diamonds, Inc.,

        
 

8.00%, 12/15/22 (1)

    25        22     
 

Northwest Acquisitions ULC/Dominion Finco, Inc.,

        
 

7.13%, 11/1/22 (1) (2) (8) (9)

     1,905        —     
 

 

  
         3,221     
 

 

  
  Oil & Gas Services & Equipment – 0.4%        
 

Ensign Drilling, Inc.,

        
 

9.25%, 4/15/24 (1)

    75        72     
 

Nabors Industries Ltd.,

        
 

7.50%, 1/15/28 (1)

    50        47     
 

Noble Finance Co.,

        
 

11.00%, 2/15/28 (1) (4)

     1        1     
 

11.00%, 2/15/28 (4)

    10        11     
 

Precision Drilling Corp.,

        
 

7.13%, 1/15/26 (1)

    75        77     
 

6.88%, 1/15/29 (1)

    25        26     
 

Shelf Drilling Holdings Ltd.,

        
 

8.88%, 11/15/24 (1)

    25        26     
 

8.25%, 2/15/25 (1)

    50        39     
        PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 13.6%    continued        
  Oil & Gas Services & Equipment – 0.4%    continued

 

      
 

TechnipFMC PLC,

        
 

6.50%, 2/1/26 (1)

    $120        $129     
 

Transocean Guardian Ltd.,

        
 

5.88%, 1/15/24 (1)

    50        50     
 

Transocean Sentry Ltd.,

        
 

5.38%, 5/15/23 (1)

    46        45     
 

Transocean, Inc.,

        
 

7.25%, 11/1/25 (1)

    50        42     
 

11.50%, 1/30/27 (1)

    39        40     
 

8.00%, 2/1/27 (1)

    25        20     
 

Weatherford International Ltd.,

        
 

11.00%, 12/1/24 (2) (11)

     75        79     
 

 

  
         704     
 

 

  
  Pharmaceuticals – 0.9%        
 

Bausch Health Cos., Inc.,

        
 

6.13%, 4/15/25 (1)

    130        133     
 

9.00%, 12/15/25 (1)

    150        158     
 

7.00%, 1/15/28 (1)

    25        26     
 

5.00%, 1/30/28 (1)

    75        71     
 

5.00%, 2/15/29 (1)

    75        70     
 

7.25%, 5/30/29 (1)

    50        51     
 

5.25%, 1/30/30 (1)

    440        410     
 

Endo Dac/Endo Finance LLC/Endo Finco, Inc.,

        
 

9.50%, 7/31/27 (1)

    50        50     
 

6.00%, 6/30/28 (1)

    116        83     
 

Endo Luxembourg Finance Co. I S.a.r.l./Endo U.S., Inc.,

        
 

6.13%, 4/1/29 (1)

    50        50     
 

Jazz Securities DAC,

        
 

4.38%, 1/15/29 (1)

    200        207     
 

Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,

        
 

5.75%, 8/1/22 (1) (2) (8)

     200        99     
 

10.00%, 4/15/25 (1) (2) (8)

     75        81     
 

 

  
         1,489     
 

 

  
  Refining & Marketing – 0.2%        
 

eG Global Finance PLC,

        
 

6.75%, 2/7/25 (1)

    200        205     
 

Parkland Corp.,

        
 

5.88%, 7/15/27 (1)

    50        53     
 

4.50%, 10/1/29 (1)

    100        101     
 

 

  
         359     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    269    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND   continued

 

   

 

    

 

        PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 13.6%    continued

 

      
  Restaurants – 0.3%        
 

1011778 B.C. ULC/New Red Finance, Inc.,

        
 

4.38%, 1/15/28 (1)

    $25        $25     
 

4.00%, 10/15/30 (1)

    495        490     
 

 

  
         515     
 

 

  
  Semiconductors – 0.1%        
 

ams A.G.,

        
 

7.00%, 7/31/25(1)

    200        214     
 

 

  
  Software & Services – 0.1%        
 

Camelot Finance S.A.,

        
 

4.50%, 11/1/26 (1)

    50        52     
 

Elastic N.V.,

        
 

4.13%, 7/15/29 (1)

    25        25     
 

Nielsen Co. Luxembourg (The) S.a.r.l.,

        
 

5.00%, 2/1/25 (1)

    25        26     
 

Open Text Corp.,

        
 

3.88%, 2/15/28 (1)

    50        51     
 

 

  
         154     
 

 

  
  Transportation & Logistics – 0.0%        
 

Seaspan Corp.,

        
 

5.50%, 8/1/29(1)

    75        77     
 

 

  
  Travel & Lodging – 1.8%        
 

Carnival Corp.,

        
 

10.50%, 2/1/26 (1)

    50        58     
 

7.63%, 3/1/26 (1)

    260        278     
 

5.75%, 3/1/27 (1)

    875        905     
 

9.88%, 8/1/27 (1)

    170        196     
 

6.65%, 1/15/28

     50        53     
 

NCL Corp. Ltd.,

        
 

12.25%, 5/15/24 (1)

    25        30     
 

3.63%, 12/15/24 (1)

    170        162     
 

10.25%, 2/1/26 (1)

    50        57     
 

5.88%, 3/15/26 (1)

    400        410     
 

NCL Finance Ltd.,

        
 

6.13%, 3/15/28 (1)

    60        62     
 

Royal Caribbean Cruises Ltd.,

        
 

5.25%, 11/15/22

     25        26     
 

9.13%, 6/15/23 (1)

    25        27     
 

11.50%, 6/1/25 (1)

    17        19     
 

5.50%, 8/31/26 (1)

    25        26     
 

7.50%, 10/15/27

     70        81     
 

3.70%, 3/15/28

     50        48     
 

5.50%, 4/1/28 (1)

    500        511     
        PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 13.6%    continued

 

      
  Travel & Lodging – 1.8%    continued        
 

Viking Cruises Ltd.,

        
 

6.25%, 5/15/25 (1)

    $75        $75     
 

5.88%, 9/15/27 (1)

    50        48     
 

7.00%, 2/15/29 (1)

    25        25     
 

Viking Ocean Cruises Ship VII Ltd.,

        
 

5.63%, 2/15/29 (1)

    25        25     
 

VOC Escrow Ltd.,

        
 

5.00%, 2/15/28 (1)

    50        49     
 

 

  
         3,171     
 

 

  
  Utilities – 0.0%        
 

Superior Plus L.P./Superior General Partner, Inc.,

        
 

4.50%, 3/15/29(1)

    50        52     
 

 

  
  Waste & Environment Services & Equipment – 0.1%

 

      
 

GFL Environmental, Inc.,

        
 

4.38%, 8/15/29(1)

    100        101     
 

 

  
  Wireless Telecommunications Services – 1.4%

 

      
 

Altice France S.A.,

        
 

8.13%, 2/1/27 (1)

    400        431     
 

5.50%, 1/15/28 (1)

    200        203     
 

5.13%, 7/15/29 (1)

    200        196     
 

Connect Finco S.a.r.l./Connect U.S. Finco LLC,

        
 

6.75%, 10/1/26 (1)

    500        523     
 

Digicel Group Holdings Ltd.,

        
 

10.00%, 4/1/24 (4)

    137        137     
 

8.00%, 4/1/25 (1) (4)

     47        42     
 

Intelsat Jackson Holdings S.A.,

        
 

8.50%, 10/15/24 (1) (8)

     75        43     
 

9.75%, 7/15/25 (1) (8)

     50        27     
 

Intelsat Luxembourg S.A.,

        
 

8.13%, 6/1/23 (8) (9)

     50        —     
 

Telesat Canada/Telesat LLC,

        
 

5.63%, 12/6/26 (1)

    25        24     
 

4.88%, 6/1/27 (1)

    50        46     
 

6.50%, 10/15/27 (1)

    25        22     
 

Vmed O2 UK Financing I PLC,

        
 

4.25%, 1/31/31 (1)

    200        200     
 

4.75%, 7/15/31 (1)

    415        424     
 

Vodafone Group PLC,

        
 

(Variable, USD Swap 5Y + 4.87%),

        
 

7.00%, 4/4/79 (10)

    50        61     
 

 

  
         2,379     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    270    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  FOREIGN ISSUER BONDS - 13.6%    continued

 

      
  Wireline Telecommunications Services – 0.6%

 

   
 

Altice France Holding S.A.,

         
 

6.00%, 2/15/28 (1)

     $865        $831     
 

Telecom Italia Capital S.A.,

         
 

6.38%, 11/15/33

      75        87     
 

6.00%, 9/30/34

      75        84     
 

Telecom Italia S.p.A.,

         
 

5.30%, 5/30/24 (1)

     25        27     
 

 

  
                    1,029           
   

Total Foreign Issuer Bonds

                           
 

(Cost $28,867)

         23,645     
          
  TERM LOANS – 3.4%         
  Airlines – 0.0%         
 

United AirLines, Inc., Class B Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 3.75%, 0.75% Floor), 4.50%, 4/21/28(13)

     25        25     
 

 

  
  Cable & Satellite – 0.0%         
 

DirecTV Financing LLC, Closing Date Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 5.00%, 0.75% Floor), 5.75%, 8/2/27(13)

     25        25     
 

 

  
  Casinos & Gaming – 0.1%         
 

Boyd Gaming Corp., Refinancing Term B Loan,

         
 

(Floating, ICE LIBOR USD 1W + 2.25%), 2.32%, 9/15/23 (13)

     33        33     
 

Golden Nugget Online Gaming, Inc., 2020 Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 12.00%, 1.00% Floor), 13.00%, 10/4/23 (13)

     25        27     
 

Golden Nugget, Inc., Initial B Term Loan,

         
 

(Floating, ICE LIBOR USD 2M + 2.50%, 0.75% Floor), 3.25%, 10/4/23 (13)

     31        31     
 

(Floating, ICE LIBOR USD 3M + 2.50%, 0.75% Floor), 3.25%, 10/4/23 (13)

     37        36     
 

 

  
          127     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  TERM LOANS - 3.4%    continued         
  Chemicals – 0.1%         
 

Consolidated Communications, Inc., Term B-1 Loan,

         
 

(Floating, ICE LIBOR USD 1M + 3.50%, 0.75% Floor), 4.25%, 10/2/27 (13)

     $50        $50     
 

Consolidated Energy Finance S.A., Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 6M + 2.50%), 2.66%, 5/7/25 (13)

     73        71     
 

Solenis Holdings LLC, Initial Dollar Term Loan,

         
 

(Floating, ICE LIBOR USD 1M + 4.00%), 4.08%, 6/26/25 (13)

     2        2     
 

Solenis Holdings LLC, Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 1M + 8.50%), 8.58%, 6/26/26 (13)

     105        105     
 

 

  
          228     
 

 

  
  Construction Materials Manufacturing – 0.1%

 

      
 

U.S. Silica Co., Term Loan,

         
 

(Floating, ICE LIBOR USD 1M + 4.00%, 1.00% Floor), 5.00%, 5/1/25(13)

     165        161     
 

 

  
  Consumer Discretionary Services – 0.0%         
 

Raptor Acquisition Corp., Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 4.00%, 0.75% Floor), 4.75%, 11/1/26(13)

     25        25     
 

 

  
  Consumer Products – 0.1%         
 

Sunshine Luxembourg VII S.a.r.l., Facility B3 Loan,

         
 

(Floating, ICE LIBOR USD 3M + 3.75%, 0.75% Floor), 4.50%, 10/1/26(13)

     106        107     
 

 

  
  Consumer Services – 0.0%         
 

WW International, Inc., Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 1M + 3.50%, 0.50% Floor), 4.00%, 4/13/28(13)

     25        25     
 

 

  
  Containers & Packaging – 0.1%         
 

Flex Acquisition Company, Inc., 2021 Specified Refinancing Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 3.50%, 0.50% Floor), 4.00%,
3/2/28 (13)

     84        83     
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    271    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND    continued

 

   

 

    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  TERM LOANS - 3.4%    continued         
  Containers & Packaging – 0.1%    continued

 

      
 

Mauser Packaging Solutions Holding Co., Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 1M + 3.25%), 3.33%, 4/3/24 (13)

     $21        $21     
 

 

  
          104     
 

 

  
  Distributors - Consumer Discretionary – 0.2%

 

      
 

American Tire Distributors, Inc., Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 6.00%, 1.00% Floor), 7.00%, 9/1/23 (11) (13)

      197        197     
 

(Floating, ICE LIBOR USD 3M + 7.50%, 1.00% Floor), 8.50%, 9/2/24 (11) (13)

      12        12     
 

(Floating, ICE LIBOR USD 1M + 7.50%, 1.00% Floor), 8.50%, 9/2/24 (11) (13)

      116        116     
 

 

  
          325     
 

 

  
  Entertainment Content – 0.0%         
 

Allen Media LLC, Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 5.50%), 5.63%, 2/10/27 (13)

     49        49     
 

Diamond Sports Group LLC, Term Loan,

         
 

(Floating, ICE LIBOR USD 1M + 3.25%), 3.34%, 8/24/26 (13)

     49        30     
 

 

  
          79     
 

 

  
  Entertainment Resources – 0.0%         
 

UFC Holdings LLC, Term B-3 Loan,

         
 

(Floating, ICE LIBOR USD 3M + 2.75%, 0.75% Floor), 3.50%, 4/29/26(13)

     66        66     
 

 

  
  Exploration & Production – 0.1%         
 

Ascent Resources Utica Holdings LLC/Aru Finance Corp., Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 9.00%, 1.00% Floor), 10.00%, 11/1/25(13)

     213        233     
 

 

  
  Health Care Facilities & Services – 0.4%

 

      
 

ADMI Corp., Amendment No. 4 Refinancing Term Loan,

         
 

(Floating, ICE LIBOR USD 1M + 3.13%, 0.50% Floor), 3.63%, 12/23/27 (13)

     74        74     
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  TERM LOANS - 3.4%    continued         
  Health Care Facilities & Services – 0.4%    continued

 

      
 

Gainwell Acquisition Corp., Term B Loan,

         
 

(Floating, ICE LIBOR USD 3M + 4.00%, 0.75% Floor), 4.75%, 10/1/27 (13)

     $343        $343     
 

National Mentor Holdings, Inc.,
Delayed Draw Term Loan,
3/2/28 (13) (14) (15)

      6        6     
 

National Mentor Holdings, Inc., Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 3.75%, 0.75% Floor), 4.50%, 3/2/28 (13)

     3        3     
 

Team Health Holdings, Inc., Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 1M + 2.75%, 1.00% Floor), 3.75%, 2/6/24 (13)

     224        218     
 

 

  
          644     
 

 

  
  Internet Media – 0.0%         
 

Endurance International Group Holdings, Inc., Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 3.50%, 0.75% Floor), 4.25%, 2/10/28(13)

     25        25     
 

 

  
  Medical Equipment & Devices Manufacturing – 0.1%

 

   
 

Mozart Debt Merger Sub Inc., Term Loan,

         
 

9/30/28(13) (15)

      97        97     
 

 

  
  Metals & Mining – 0.4%         
 

RA Acquisition Purchaser LLC, Notes,

         
 

(Floating, ICE LIBOR USD 3M + 10.00%, 1.00% Floor), 11.00%, 5/31/23(3) (11) (13)

      608        608     
 

 

  
  Oil & Gas Services & Equipment – 0.0%         
 

ChampionX Holding, Inc., Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 5.00%, 1.00% Floor), 6.00%, 6/3/27(13)

     70        71     
 

 

  
  Oil, Gas & Coal – 0.0%         
 

Parker Drilling Co., Initial Loan,

         
 

(Floating, ICE LIBOR USD 3M + 11.00% Cash, 2.00% PIK), 13.00%, 3/26/24(4) (13)

      16        15     
 

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    272    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  TERM LOANS - 3.4%    continued         
  Power Generation – 0.1%         
 

Granite Generation LLC, Term Loan,

         
 

(Floating, ICE LIBOR USD 3M +
3.75%, 1.00% Floor), 4.75%,
11/9/26 (13)

     $18        $18     
 

(Floating, ICE LIBOR USD 1M +
3.75%, 1.00% Floor), 4.75%,
11/9/26 (13)

     94        92     
 

 

  
          110     
 

 

  
  Property & Casualty Insurance – 0.6%         
 

Asurion LLC, New B-4 Term Loan,

         
 

1/20/29 (13) (15)

      90        90     
 

(Floating, ICE LIBOR USD 1M + 5.25%), 5.33%, 1/20/29 (13)

     490        487     
 

Asurion LLC, New B-8 Term Loan,

         
 

(Floating, ICE LIBOR USD 1M + 3.25%), 3.33%, 12/23/26 (13)

     448        441     
 

Hub International Ltd., B-3 Incremental Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 3.25%, 0.75% Floor), 4.00%, 4/25/25 (13)

     98        98     
 

 

  
          1,116     
 

 

  
  Publishing & Broadcasting – 0.0%         
 

Clear Channel Outdoor Holdings, Inc., Term B Loan,

         
 

(Floating, ICE LIBOR USD 3M + 3.50%), 3.63%, 8/21/26(13)

     24        24     
 

 

  
  Restaurants – 0.0%         
 

1011778 B.C. Unlimited Liability Co., Term B-4 Loan,

         
 

(Floating, ICE LIBOR USD 1M + 1.75%), 1.84%, 11/19/26(13)

     33        32     
 

 

  
  Retail - Consumer Discretionary – 0.3%         
 

Great Outdoors Group LLC, Term B-1 Loan,

         
 

(Floating, ICE LIBOR USD 3M +
4.25%, 0.75% Floor), 5.00%,
3/6/28 (13)

     456        457     
 

Staples, Inc., 2019 Refinancing New Term B-1 Loan,

         
 

(Floating, ICE LIBOR USD 3M + 5.00%), 5.13%, 4/16/26 (13)

     73        70     
 

 

  
          527     
 

 

  
         PRINCIPAL
AMOUNT
(000S)		      VALUE
(000S)		         
  TERM LOANS - 3.4%    continued         
  Software & Services – 0.4%         
 

athenahealth, Inc., Term B-1 Loan,

         
 

(Floating, ICE LIBOR USD 3M + 4.25%), 4.38%, 2/11/26 (13)

     $169        $169     
 

Ivanti Software, Inc., Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 4.75%, 1.00% Floor), 5.75%, 12/1/27 (13)

     239        239     
 

Redstone Holdco 2 L.P., Initial Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 4.75%, 0.75% Floor), 5.50%, 4/27/28 (13)

     170        167     
 

Verscend Holding Corp., Term B-1 Loan,

         
 

(Floating, ICE LIBOR USD 1M + 4.00%), 4.08%, 8/27/25 (13)

     56        57     
 

 

  
          632     
 

 

  
  Wireless Telecommunications Services – 0.0%

 

   
 

Altice France S.A., Incremental Term Loan,

         
 

(Floating, ICE LIBOR USD 3M + 4.00%), 4.12%, 8/14/26(13)

     46        46     
 

 

  
  Wireline Telecommunications Services – 0.3%

 

   
 

Intrado Corp., Initial Term B Loan,

         
   

(Floating, ICE LIBOR USD 3M + 4.00%, 1.00% Floor), 5.00%, 10/10/24(13)

     453        446           
   

Total Term Loans

                           
 

(Cost $5,878)

         5,923     
          
         NUMBER
OF SHARES		      VALUE
(000S)		         
  COMMON STOCKS – 2.7%         
  Chemicals – 0.1%         
 

Utex Industries, Inc.(3) (11) *

     2,200        $179     
 

 

  
  Construction Materials – 0.0%         
 

Hardwood Holdings LLC(3) (11) *

      187        5     
 

 

  
  Distributors – 0.9%         
 

ATD New Holdings, Inc.(11) *

      22,076        1,512     
 

 

  
  Energy Equipment & Services – 0.0%         
 

Diamond Offshore Drilling, Inc.*

      3,490        20     
 

FTS International, Inc., Class A*

      1,528        38     
 

Noble Finance Co.(2) (11) *

     103        3     
 

Parker Drilling Co.*

      917        3     
 

 

  
          64     
 

 

  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    273    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

         NUMBER
OF SHARES		      VALUE
(000S)		         
  COMMON STOCKS - 2.7%    continued

 

   
  Gas Utilities – 0.0%

 

   
 

Ferrellgas Partners L.P., Class B*

      182        $44     
 

 

  
  Metals & Mining – 1.3%         
 

Algoma Steel Parent GP S.A.(2) (11) (12) *

     4,899        —     
 

Algoma Steel Parent S.C.A.(2) (3) (11) *

      4,899        132     
 

Real Alloy Parent, Inc.(3) (11) *

     48        2,040     
 

 

  
          2,172     
 

 

  
  Oil, Gas & Consumable Fuels – 0.1%

 

   
 

Bruin Blocker LLC(9) *

      9,827        —     
 

Chaparral Energy, Inc.(3) *

      1,057        34     
 

Cloud Peak Energy, Inc.(12) *

      20        —     
 

Gulfport Energy Operating Corp.*

      1,274        104     
 

Superior Energy Services(3) *

      1,213        48     
 

 

  
          186     
 

 

  
  Professional Services – 0.3%

 

   
 

Skillsoft Corp.(11) *

      36,863        430     

 

  
 

Total Common Stocks

         

 

  
 

(Cost $3,452)

         4,592     
          
  MASTER LIMITED PARTNERSHIPS – 0.1%

 

   
  Oil, Gas & Consumable Fuels – 0.1%

 

   
 

Summit Midstream Partners L.P.*

      1,834        65     

 

  
 

Total Master Limited Partnerships

 

   

 

  
 

(Cost $61)

         65     
          
  PREFERRED STOCKS – 0.0%

 

   
  Oil, Gas & Consumable Fuels – 0.0%

 

   
 

Global Partners L.P./MA, 9.50%

      1,375        37     

 

  
 

Total Preferred Stocks

 

   

 

  
 

(Cost $34)

         37     
          
  OTHER – 0.0%

 

   
 

Escrow Appvion, Inc.(11) (12) *

      225,000        —     
 

Escrow Cloud Peak Energy, Inc.(11) (12) *

      250,000        —     
 

Escrow GenOn Energy, Inc.(11) (12) *

      25,000        —     
 

Escrow Gulfport Energy Operating
Corp.(2) (11) *

     150,000        8     
 

Escrow Hercules Offshore, Inc.(11) (12) *

      3,570        —     
 

Escrow Hertz (The) Corp.(12) *

      125,000        —     
 

EscrowWashington Mutual Bank(11) *

      250,000        3     
 

RP Escrow Issuer LLC(2) (11) *

      1,100,000        14     

 

  
 

Total Other

         

 

  
 

(Cost $133)

         25     
         NUMBER
OF WARRANTS		      VALUE
(000S)		         
  WARRANTS – 0.0%

 

   
 

Appvion, Inc. Class A, Exp. 6/13/23, Strike $0.00(2) (11) (12) *

     219        $—     
 

Appvion, Inc. Class B, Exp. 6/13/23, Strike $0.00(2) (11) (12) *

     219        —     
 

California Resources Corp., Exp. 10/27/24, Strike $36.00*

      66        1     
 

Denbury, Inc., Exp. 9/18/25, Strike $32.59*

      1,236        42     
 

iHeartMedia, Inc., Exp. 5/1/39, Strike $0.00*

      419        10     
 

Utex Industries, Inc., Exp. 12/31/49, Strike $0.00(11) (12) *

      5,500        —     

 

  
 

Total Warrants

         

 

  
 

(Cost $18)

         53     
          
         NUMBER
OF SHARES		      VALUE
(000S)		         
  INVESTMENT COMPANIES – 5.0%

 

   
 

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(16) (17)

      8,641,453        $8,641     

 

  
 

Total Investment Companies

         

 

  
 

(Cost $8,641)

         8,641     
          

 

  
 

Total Investments – 99.4%

         

 

  
 

(Cost $174,236)

         172,898     
 

Other Assets less Liabilities – 0.6%

 

      1,123     

 

  
 

NET ASSETS – 100.0%

         $174,021     

 

(1) 

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

(2)

Restricted security that has been deemed illiquid. At September 30, 2021, the value of these restricted illiquid securities amounted to approximately $3,737,000 or 2.1% of net assets. Additional information on these restricted illiquid securities is as follows:

 

  SECURITY    ACQUISITION
AND
ENFORCEABLE
DATE		     
 COST
(000S)		  
 		   
  Algoma Steel Parent GP S.A.    3/31/20      $47     
  Algoma Steel Parent S.C.A.    3/31/20      47     
  Algoma Steel Parent S.C.A.,         
 

0.00%, 11/30/47

    3/31/20      176     
  Appvion, Inc. Class A, Exp. 6/13/23,         
 

Strike $0.00

    8/24/18      —     

 

  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    274    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

  SECURITY    ACQUISITION
AND
ENFORCEABLE
DATE		     
 COST
(000S)		  
 		   
 

Appvion, Inc. Class B, Exp. 6/13/23, Strike $0.00

    8/24/18      $—     
 

Carlson Travel, Inc.,
6.75%, 12/15/25

    1/20/21-3/9/21      312     
 

Carlson Travel, Inc.,
11.50%, 12/15/26

    11/22/19-12/15/20      383     
 

Chaparral Energy, Inc.,
9.00%, 2/14/25

    12/10/20      17     
 

Escrow Gulfport Energy Operating Corp.

    5/18/21      —     
 

GTT Communications, Inc.,
7.88%, 12/31/24

    12/19/18-2/6/20      1,518     
 

Gulfport Energy Corp.,
10.00%, 8/2/21

    6/9/21      3     
 

Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
5.75%, 8/1/22

    7/10/18-2/9/21      104     
 

Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
10.00%, 4/15/25

    10/15/20-10/16/20      82     
 

Murray Energy Corp.,
12.00%, 4/15/24

    7/3/18-4/18/19      397     
 

Noble Finance Co.

    2/2/21      1     
 

Northwest Acquisitions ULC/Dominion Finco, Inc.,
7.13%, 11/1/22

    10/6/17-11/18/19      1,733     
 

OGX Austria GmbH,
8.38%, 4/1/22

    5/30/12-4/18/13      1,497     
 

RP Escrow Issuer LLC

    12/18/20      —     
 

Specialty Steel Supply, Inc.,
11.00%, 11/15/26

    6/2/21      2,670     
 

Weatherford International Ltd.,
11.00%, 12/1/24

    6/8/21-9/10/21      79     

 

  

 

(3) 

Level 3 asset.

(4)

Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

(5)

Principal amount is less than one thousand.

(6)

Perpetual bond. Maturity date represents next call date.

(7)

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(8)

Issuer has defaulted on terms of debt obligation. Income is not being accrued.

(9)

Value rounds to less than one thousand.

(10)

Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of September 30, 2021.

(11)

Restricted security.

(12)

Level 3 asset that is worthless, bankrupt or has been delisted.

(13)

Variable rate security. Rate as of September 30, 2021 is disclosed.

(14) 

Unfunded loan commitment. An unfunded loan commitment is a contractual obligation for future funding at the option of the Borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement. See Note 2.

(15)

Position is unsettled. Contract rate was not determined at September 30, 2021 and does not take effect until settlement date.

(16)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(17)

7-day current yield as of September 30, 2021 is disclosed.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1M - 1 Month

1W - 1 Week

2M - 2 Month

3M - 3 Month

5Y - 5 Year

6M - 6 Month

A.G. - Aktiengesellschaft (German: Stock Corporation)

B.V. - Besloten Vennootschap (Dutch: Private Limited Liability Company)

CMT - Constant Maturity

ICE - Intercontinental Exchange

L.P. - Limited Partnership

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

MSCI - Morgan Stanley Capital International

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PIK - Payment In-Kind

PLC - Public Limited Company

REIT - Real Estate Investment Trust

S.A. - Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. - Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

S.E. - Societas Europaea (German: Public Company)

SOFR - Secured Overnight Financing Rate

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    275    FIXED INCOME AND MONEY MARKET FUNDS

 

     SCHEDULE OF INVESTMENTS

 

     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND  continued

 

   

 

    

 

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

 

CONCENTRATION BY CURRENCY

  

 

 

 

% OF NET
ASSETS

 

 
 

  
  United States Dollar     99.4 %   

 

  
  Total Investments     99.4    

 

  
  Other Assets less Liabilities     0.6    

 

  
  Net Assets     100.0 %   

 

  

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

   

INVESTMENTS

 

  

 

LEVEL 1
(000S)

 

    

 

LEVEL 2
(000S)

 

    

 

LEVEL 3
(000S)

 

    

 

TOTAL

(000S)

 

      
  Convertible Bonds:          
 

Exploration & Production

   $ —     $ —     $ 20     $ 20    
 

All Other Industries(1)

     —       205       —       205    

 

  Total Convertible Bonds     —       205       20       225    

 

  Corporate Bonds:          
 

Entertainment Resources

     —       3,287       1,096       4,383    
 

Exploration & Production

     —       7,639       36       7,675    
 

Iron & Steel

     —       —       2,670       2,670    
 

Manufactured Goods

     —       324       1,263       1,587    
 

All Other Industries(1)

    —       113,377       —       113,377    

 

  Total Corporate Bonds     —       124,627       5,065       129,692    

 

  Foreign Issuer Bonds(1)     —       23,645       —       23,645    
  Term Loans:          
 

Metals & Mining

     —       —       608       608    
 

All Other Industries(1)

    —       5,315       —       5,315    

 

  Total Term Loans     —       5,315       608       5,923    

 

  Common Stocks:          
 

Distributors

     —       1,512       —       1,512    
 

Energy Equipment & Services

     41       23       —       64    
 

Gas Utilities

     —       44       —       44    
 

Oil, Gas & Consumable Fuels

     104       — *      82       186    

 

   

INVESTMENTS

 

  

 

LEVEL 1
(000S)

 

    

 

LEVEL 2
(000S)

 

    

 

LEVEL 3
(000S)

 

    

 

TOTAL
(000S)

 

      
 

Professional Services

   $ 430     $ —     $ —     $ 430    
 

All Other Industries(1)

     —       —       2,356       2,356    

 

  Total Common Stocks     575       1,579       2,438       4,592    

 

  Preferred Stocks     37       —       —       37    
  Master Limited Partnerships     65       —       —       65    
  Other     —       8       17       25    
  Warrants     1       52       —       53    
  Investment Companies     8,641       —       —       8,641    

 

  Total Investments   $ 9,319     $ 155,431     $ 8,148     $ 172,898    

 

 

*

Amounts round to less than a thousand.

(1) 

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    276    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

        BALANCE
AS OF
3/31/21
(000S)		     ACCRUED
DISCOUNTS
(PREMIUMS)
(000S)		     REALIZED
GAIN
(LOSS)
(000S)		     CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)		     PURCHASES
(000S)		     SALES
(000S)		     TRANSFERS
INTO LEVEL 3
(000S)		     TRANSFERS
OUT OF
LEVEL 3
(000S)		     BALANCE
AS OF
9/30/21
(000S)		    

 

CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
FROM
INVESTMENTS
STILL HELD
AT 9/30/21
(000S)

        
  Convertible Bonds                      
 

Exploration & Production

     $–       $–       $–       $17       $3       $–       $–       $–       $20       $17    
  Corporate Bonds                      
 

Entertainment Resources

     1,095       1       –       –       –       –       –       –       1,096       –    
 

Exploration & Production

     16       –       –       21       –       –       –       –       37       21    
 

Iron & Steel

     2,631       –       –       39       2,670       (2,670 )      –       –       2,670       –    
 

Managed Care

     6,166       9       596       (605 )      –       (6,166 )           
 

Manufactured Goods

     1,509       11       5       –       –       (262 )      –       –       1,263       –    
  Term Loans                      
 

Internet Media

     1,319       1       28       12       –       (1,360 )      –       –       –       –    
 

Metals & Mining

     644       –       –       27       –       (63 )      –       –       608       27    
  Common Stocks                      
 

Chemicals

     124       –       –       55       –       –       –       –       179       55    
 

Construction Materials

     –       –       –       (8 )      13       –       –       –       5       (8 )   
 

IT Services

     1,160       –       372       (381 )      –       (1,151 )      –       –       –       –    
 

Metals & Mining

     2,011       –       –       161       –       –       –       –       2,172       161    
 

Oil, Gas & Consumable Fuels

     –       –       –       (27 )      75       –       34       –       82       (98 )   
  Other     16       –       –       2       –       (2 )      –       –       16       2    

 

  
  Total     $16,691       $22       $1,001       $(687 )      $2,761       $(11,674 )      $34       $–       $8,148       $177    

 

  

Securities valued at $242 included in the Balance as of 9/30/21 above were valued using evaluated prices provided by a third party provider. Securities valued at $7,906 included in the Balance as of 9/30/21 above were valued using prices provided by the Fund’s investment adviser’s pricing and valuation committee. Valuation using evaluated prices by a third party provider was also responsible for the security that was transferred into level 3, as noted above.

 

       

 

FAIR VALUE AT
9/30/21

(000S)

     VALUATION
TECHNIQUES		  

UNOBSERVABLE

INPUTS

   RANGE (WEIGHTED
AVERAGE)		    
  Corporate Bonds     $5,065     Market Approach   Yield(1)   2.1% -16.4% (5.1%)  
      Market Approach   Estimated Recovery Value(2)   Not Applicable  
  Term Loans     $608     Market Approach   Yield(1)   3.7% - 6.5% (4.7%)  
  Common Stocks     $2,219     Discounted Cash Flow /Market Approach   Discount Rate / EBITDA Multiple(3)
   10.3% / 5.1x  
  Other     $14     Market Approach   Estimated Recovery Value(2)   Not Applicable  

 

(1) 

The significant unobservable inputs that were used in the fair value measurement are: Yield. Significant decreases (increases) in yield would have resulted in a significantly higher (lower) fair value measurement.

(2) 

The significant unobservable inputs that can be used in the fair value measurement are: Estimated Recovery Value. Significant increases (decreases) in estimated recovery value in isolation would have resulted in a significantly higher (lower) fair value measurement.

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    277    FIXED INCOME AND MONEY MARKET FUNDS

     SCHEDULE OF INVESTMENTS     

 

   MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND    continued

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

 

 

(3) 

The significant unobservable inputs that can be used in the fair value measurement are: Discount Rate and EBITDA Multiple. Significant increases (decreases) in the discount rate in isolation would have resulted in a significantly lower (higher) fair value measurement while an increase (decrease) in EBITDA multiple in isolation would have resulted in a significantly higher (lower) fair value measurement.

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS     278    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

   

SCHEDULE OF INVESTMENTS     

 

 

   SHORT BOND FUND

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

ASSET-BACKED SECURITIES – 14.9%

 

Auto Floor Plan – 0.1%

     

GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A

     

0.69%, 10/15/25(1)

     $500        $501  

Automobile – 2.6%

     

AmeriCredit Automobile Receivables Trust, Series 2021-2, Class A2

     

0.26%, 11/18/24

     1,000        1,000  

CarMax Auto Owner Trust, Series 2020-1, Class A3

     

1.89%, 12/16/24

     550        558  

Enterprise Fleet Financing LLC, Series 2020-1, Class A3

     

1.86%, 12/22/25(1)

     2,250        2,305  

Ford Credit Auto Lease Trust,
Series 2020-A, Class A3

     

1.85%, 3/15/23

     798        801  

GM Financial Automobile Leasing Trust, Series 2020-1, Class A3

     

1.67%, 12/20/22

     340        342  

GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3

     

1.84%, 9/16/24

     636        641  

Hyundai Auto Lease Securitization Trust, Series 2020-A, Class A3

     

1.95%, 7/17/23(1)

     2,129        2,140  

Santander Drive Auto Receivables Trust, Series 2021-2, Class A2

     

0.28%, 4/15/24

     845        846  

Santander Drive Auto Receivables Trust, Series 2021-3, Class A2

     

0.29%, 5/15/24

     2,000        2,000  

Tesla Auto Lease Trust, Series 2021-A, Class A2

     

0.36%, 3/20/25(1)

     971        972  

Volkswagen Auto Loan Enhanced Trust, Series 2020-1, Class A2A

     

0.93%, 12/20/22

     17        17  

World Omni Auto Receivables Trust,
Series 2021-B, Class A2

     

0.20%, 7/15/24

     1,000        1,000  
     
               12,622  
   

PRINCIPAL

AMOUNT

(000S)

    VALUE
(000S)

ASSET-BACKED SECURITIES - 14.9%     continued

 

Commercial Mortgage-Backed Securities – 6.7%

 

Benchmark Mortgage Trust, Series 2019-B12, Class A2

     

3.00%, 8/15/52

     $750        $786  

Citigroup Commercial Mortgage Trust, Series 2016-C1, Class A4

     

3.21%, 5/10/49

     2,250        2,422  

GS Mortgage Securities Trust, Series 2016-GS2, Class A4

     

3.05%, 5/10/49

     4,435        4,735  

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-C28, Class A4

     

3.23%, 10/15/48

     4,090        4,341  

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class A4

     

4.26%, 10/15/46

     575        608  

Wells Fargo Commercial Mortgage Trust, Series 2015-C27, Class A5

     

3.45%, 2/15/48

     4,415        4,739  

Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class A4

     

3.70%, 11/15/48

     4,335        4,725  

Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class A4

     

3.72%, 12/15/48

     5,175        5,650  

Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4

     

3.43%, 3/15/59

     2,270        2,460  

Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class A6

     

3.64%, 1/15/59

     2,225        2,429  
     
               32,895  

Credit Card – 3.8%

     

Capital One Multi-Asset Execution Trust, Series 2019-A1, Class A1

     

2.84%, 12/15/24

     1,005        1,015  

Capital One Multi-Asset Execution Trust, Series 2021-A1, Class A1

     

0.55%, 7/15/26

     5,000        4,991  

Discover Card Execution Note Trust, Series 2019-A1, Class A1

     

3.04%, 7/15/24

     3,700        3,731  

Discover Card Execution Note Trust, Series 2021-A1, Class A1

     

0.58%, 9/15/26

     1,300        1,297  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    279    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT BOND FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

ASSET-BACKED SECURITIES - 14.9%    continued

 

Credit Card – 3.8%    continued

     

Golden Credit Card Trust, Series 2019-2A, Class A

     

(Floating, ICE LIBOR USD 1M + 0.35%, 0.35% Floor), 0.43%, 10/15/23(2)

     $1,000        $1,000  

Master Credit Card Trust II, Series 2020-1A, Class A

     

1.99%, 9/21/24(1)

     2,200        2,254  

Synchrony Card Funding LLC,
Series 2019-A1, Class A

     

2.95%, 3/15/25

     3,210        3,250  

World Financial Network Credit Card Master Trust, Series 2019-C, Class A

     

2.21%, 7/15/26

     1,000        1,019  
     
               18,557  

Other – 1.7%

     

CNH Equipment Trust, Series 2018-A, Class A3

     

3.12%, 7/17/23

     339        341  

CNH Equipment Trust, Series 2019-A, Class A3

     

3.01%, 4/15/24

     1,401        1,419  

CNH Equipment Trust, Series 2019-B, Class A3

     

2.52%, 8/15/24

     1,318        1,334  

John Deere Owner Trust, Series 2019-A, Class A3

     

2.91%, 7/17/23

     752        759  

Verizon Master Trust, Series 2021-1, Class A

     

0.50%, 5/20/27

     2,760        2,754  

Verizon Owner Trust, Series 2020-A, Class A1A

     

1.85%, 7/22/24

     1,550        1,570  
     
               8,177  

Total Asset-Backed Securities

                 

(Cost $72,698)

        72,752  
    

CORPORATE BONDS – 41.1%

     

Aerospace & Defense – 0.5%

     

Boeing (The) Co.,

     

4.51%, 5/1/23

     1,000        1,056  

1.95%, 2/1/24

     1,300        1,330  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Aerospace & Defense – 0.5%     continued

 

Howmet Aerospace, Inc.,

     

5.13%, 10/1/24

     $200        $221  
     
               2,607  

Airlines – 0.6%

     

American Airlines Group, Inc.,

     

3.75%, 3/1/25 (1)

     1,100        991  

Delta Air Lines, Inc.,

     

2.90%, 10/28/24

     480        491  

Southwest Airlines Co.,

     

4.75%, 5/4/23

     1,000        1,065  

United Airlines Pass Through Trust,
Series 2020-1, Class B,

     

4.88%, 1/15/26

     448        473  
     
               3,020  

Apparel & Textile Products – 0.2%

     

VF Corp.,

     

2.05%, 4/23/22

     1,000        1,009  

Automobiles Manufacturing – 4.0%

     

American Honda Finance Corp.,

     

0.88%, 7/7/23

     1,790        1,804  

BMW U.S. Capital LLC,

     

3.80%, 4/6/23 (1)

     800        839  

Daimler Finance North America LLC,

     

2.20%, 10/30/21 (1)

     1,050        1,051  

0.75%, 3/1/24 (1)

     600        601  

Ford Motor Credit Co. LLC,

     

4.25%, 9/20/22

     500        511  

3.38%, 11/13/25

     800        822  

General Motors Co.,

     

5.40%, 10/2/23

     1,000        1,091  

General Motors Financial Co., Inc.,

     

(Floating, U.S. SOFR + 0.76%), 0.81%, 3/8/24 (2)

     2,000        2,019  

3.50%, 11/7/24

     1,050        1,124  

Hyundai Capital America,

     

1.25%, 9/18/23 (1)

     410        414  

0.80%, 1/8/24 (1)

     800        797  

0.88%, 6/14/24 (1)

     700        696  

Nissan Motor Acceptance Co. LLC,

     

(Floating, ICE LIBOR USD 3M + 0.64%), 0.75%, 3/8/24 (1) (2)

     1,300        1,303  

Toyota Motor Credit Corp.,

     

0.45%, 1/11/24

     3,000        2,993  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    280    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Automobiles Manufacturing – 4.0%    continued

 

Volkswagen Group of America Finance LLC,

     

2.90%, 5/13/22 (1)

     $2,050        $2,082  

3.13%, 5/12/23 (1)

     630        654  

0.88%, 11/22/23 (1)

     1,000        1,005  
     
               19,806  

Banks – 1.1%

     

CIT Bank N.A.,

     

(Variable, U.S. SOFR + 1.72%), 2.97%, 9/27/25 (3)

     450        473  

Citizens Financial Group, Inc.,

     

4.30%, 2/11/31

     930        1,008  

Fifth Third Bancorp,

     

2.38%, 1/28/25

     265        276  

KeyBank N.A.,

     

1.25%, 3/10/23

     600        608  

(Variable, U.S. SOFR + 0.34%),

     

0.42%, 1/3/24 (3)

     1,300        1,300  

(Variable, U.S. SOFR + 0.32%),

     

0.43%, 6/14/24 (3)

     1,500        1,499  

Wells Fargo & Co.,
(Variable, U.S. SOFR + 0.51%),

     

0.81%, 5/19/25 (3)

     380        380  
     
               5,544  

Biotechnology – 0.3%

     

Gilead Sciences, Inc.,

     

0.75%, 9/29/23

     1,545        1,545  

Cable & Satellite – 0.1%

     

Cable One, Inc.,

     

4.00%, 11/15/30(1)

     680        677  

Chemicals – 0.7%

     

Avery Dennison Corp.,

     

0.85%, 8/15/24

     730        730  

DuPont de Nemours, Inc.,

     

4.21%, 11/15/23

     890        956  

Eastman Chemical Co.,

     

3.50%, 12/1/21

     1,110        1,116  

Westlake Chemical Corp.,

     

0.88%, 8/15/24

     400        400  
     
               3,202  

Commercial Finance – 0.6%

     

Air Lease Corp.,

     

3.50%, 1/15/22

     986        995  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Commercial Finance – 0.6%    continued

 

0.80%, 8/18/24

     $980        $974  

Aviation Capital Group LLC,

     

1.95%, 1/30/26 (1)

     1,100        1,096  
     
               3,065  

Construction Materials Manufacturing – 0.1%

 

Martin Marietta Materials, Inc.,

     

0.65%, 7/15/23

     470        471  

Consumer Finance – 2.9%

     

Ally Financial, Inc.,

     

3.88%, 5/21/24

     1,000        1,076  

American Express Co.,

     

2.50%, 7/30/24

     1,540        1,619  

Capital One Financial Corp.,

     

3.50%, 6/15/23

     1,000        1,051  

Fidelity National Information Services, Inc.,

     

0.60%, 3/1/24

     340        339  

Fiserv, Inc.,

     

2.75%, 7/1/24

     260        274  

Global Payments, Inc.,

     

2.65%, 2/15/25

     500        523  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,

     

4.25%, 2/1/27 (1)

     1,100        1,089  

OneMain Finance Corp.,

     

3.50%, 1/15/27

     650        650  

PayPal Holdings, Inc.,

     

1.35%, 6/1/23

     1,050        1,067  

2.40%, 10/1/24

     660        694  

Square, Inc.,

     

2.75%, 6/1/26 (1)

     1,850        1,875  

Starwood Property Trust, Inc.,

     

3.63%, 7/15/26 (1)

     500        504  

Synchrony Financial,

     

2.85%, 7/25/22

     230        234  

4.25%, 8/15/24

     1,940        2,096  

United Wholesale Mortgage LLC,

     

5.50%, 4/15/29 (1)

     1,000        971  
     
               14,062  

Consumer Products – 0.2%

     

Unilever Capital Corp.,

     

0.63%, 8/12/24

     800        801  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    281    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT BOND FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Containers & Packaging – 0.3%

     

Graphic Packaging International LLC,

     

4.75%, 7/15/27(1)

     $1,180        $1,277  

Department Stores – 0.2%

     

Nordstrom, Inc.,

     

2.30%, 4/8/24

     1,000        1,000  

Diversified Banks – 2.3%

     

Bank of America Corp.,

     

(Floating, Bloomberg Short-Term Bank Yield Index 3M + 0.43%),

     

0.53%, 5/28/24 (2)

     5,000        5,014  

(Floating, U.S. SOFR + 0.73%),

     

0.78%, 10/24/24 (2)

     1,640        1,656  

(Floating, ICE LIBOR USD 3M +

     

0.76%), 0.88%, 9/15/26 (2)

     895        894  

Citigroup, Inc.,

     

(Floating, ICE LIBOR USD 3M + 0.69%), 0.82%, 10/27/22 (2)

     1,010        1,016  

(Variable, U.S. SOFR + 0.67%), 0.98%, 5/1/25 (3)

     1,200        1,204  

JPMorgan Chase & Co.,
(Floating, U.S. SOFR + 0.58%),

     

0.63%, 6/23/25 (2)

     500        503  

(Variable, U.S. SOFR + 0.70%), 1.04%, 2/4/27 (3)

     760        745  
     
               11,032  

Electrical Equipment Manufacturing – 0.5%

 

Amphenol Corp.,

     

2.05%, 3/1/25

     780        805  

Keysight Technologies, Inc.,

     

4.55%, 10/30/24

     850        940  

Otis Worldwide Corp.,

     

2.06%, 4/5/25

     815        842  
     
               2,587  

Entertainment Content – 0.2%

     

Fox Corp.,

     

3.67%, 1/25/22

     700        707  

Exploration & Production – 0.7%

     

EQT Corp.,

     

6.63%, 2/1/25

     1,100        1,259  

Occidental Petroleum Corp.,

     

2.70%, 2/15/23

     1,070        1,083  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Exploration & Production – 0.7%     continued

 

Pioneer Natural Resources Co.,

     

1.13%, 1/15/26

     $1,160        $1,145  
     
               3,487  

Financial Services – 2.5%

     

Ares Capital Corp.,

     

4.20%, 6/10/24

     950        1,019  

2.15%, 7/15/26

     400        401  

Charles Schwab (The) Corp.,

     

(Floating, U.S. SOFR + 0.50%),

     

0.55%, 3/18/24 (2)

     2,000        2,016  

Coinbase Global, Inc.,

     

3.38%, 10/1/28 (1)

     600        576  

Goldman Sachs Group (The), Inc.,

     

(Floating, ICE LIBOR USD 3M + 1.05%), 1.17%, 6/5/23 (2)

     1,255        1,263  

(Variable, U.S. SOFR + 0.61%),
0.86%, 2/12/26 (3)

     610        604  

Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,

     

4.75%, 9/15/24

     950        988  

Intercontinental Exchange, Inc.,

     

0.70%, 6/15/23

     230        231  

3.45%, 9/21/23

     830        876  

Morgan Stanley,

     

3.70%, 10/23/24

     1,000        1,085  

(Variable, U.S. SOFR + 1.15%), 2.72%, 7/22/25 (3)

     230        241  

Nasdaq, Inc.,

     

0.45%, 12/21/22

     510        510  

National Securities Clearing Corp.,

     

0.40%, 12/7/23 (1)

     2,000        2,001  

TD Ameritrade Holding Corp.,

     

2.95%, 4/1/22

     400        403  
     
               12,214  

Food & Beverage – 1.9%

     

Cargill, Inc.,

     

0.40%, 2/2/24 (1)

     900        898  

Conagra Brands, Inc.,

     

0.50%, 8/11/23

     690        690  

Hershey (The) Co.,

     

0.90%, 6/1/25

     590        590  

Keurig Dr. Pepper, Inc.,

     

0.75%, 3/15/24

     700        701  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    282    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Food & Beverage – 1.9%    continued

     

Lamb Weston Holdings, Inc.,

     

4.88%, 5/15/28 (1)

     $660        $725  

McCormick & Co., Inc.,

     

2.70%, 8/15/22

     1,410        1,436  

0.90%, 2/15/26

     450        442  

Nestle Holdings, Inc.,

     

0.61%, 9/14/24 (1)

     2,300        2,301  

Tyson Foods, Inc.,

     

4.50%, 6/15/22

     1,330        1,355  
     
               9,138  

Forest & Paper Products Manufacturing – 0.5%

 

Georgia-Pacific LLC,

     

0.63%, 5/15/24 (1)

     2,100        2,098  

Mercer International, Inc.,

     

5.13%, 2/1/29

     250        255  
     
               2,353  

Funds & Trusts – 0.2%

     

Blackstone Private Credit Fund,

     

1.75%, 9/15/24(1)

     900        899  

Hardware – 0.4%

     

Dell International LLC/EMC Corp.,

     

5.45%, 6/15/23

     460        493  

Hewlett Packard Enterprise Co.,

     

4.40%, 10/15/22

     555        574  

4.45%, 10/2/23

     1,000        1,071  
     
               2,138  

Health Care Facilities & Services – 0.7%

     

Cigna Corp.,

     

1.25%, 3/15/26

     580        579  

CVS Health Corp.,

     

2.63%, 8/15/24

     1,200        1,260  

HCA, Inc.,

     

4.75%, 5/1/23

     1,150        1,222  

5.00%, 3/15/24

     500        549  
     
               3,610  

Homebuilders – 0.6%

     

D.R. Horton, Inc.,

     

2.50%, 10/15/24

     750        786  

Forestar Group, Inc.,

     

5.00%, 3/1/28 (1)

     1,100        1,136  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Homebuilders – 0.6%    continued

     

Lennar Corp.,

     

4.75%, 11/15/22

     $800        $826  
     
               2,748  

Industrial Other – 0.3%

     

Parker-Hannifin Corp.,

     

2.70%, 6/14/24

     900        945  

WW Grainger, Inc.,

     

1.85%, 2/15/25

     650        670  
     
               1,615  

Internet Media – 0.2%

     

Expedia Group, Inc.,

     

3.60%, 12/15/23

     1,000        1,059  

Life Insurance – 2.7%

     

AIG Global Funding,

     

0.45%, 12/8/23 (1)

     640        640  

Athene Global Funding,

     

3.00%, 7/1/22 (1)

     400        408  

0.95%, 1/8/24 (1)

     1,900        1,909  

Brighthouse Financial Global Funding,

     

0.60%, 6/28/23 (1)

     860        861  

(Floating, U.S. SOFR + 0.76%),
0.81%, 4/12/24 (1) (2)

     400        403  

GA Global Funding Trust,

     

(Floating, U.S. SOFR + 0.50%),
0.55%, 9/13/24 (1)

     2,400        2,410  

Metropolitan Life Global Funding I,

     

0.90%, 6/8/23 (1)

     340        343  

0.40%, 1/7/24 (1)

     1,600        1,592  

Principal Life Global Funding II,

     

0.50%, 1/8/24 (1)

     1,200        1,198  

2.25%, 11/21/24 (1)

     930        968  

Protective Life Global Funding,

     

0.63%, 10/13/23 (1)

     200        201  

0.47%, 1/12/24 (1)

     1,100        1,095  

0.78%, 7/5/24 (1)

     500        500  

Security Benefit Global Funding,

     

1.25%, 5/17/24

     700        705  
     
               13,233  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    283    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT BOND FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Machinery Manufacturing – 0.2%

     

CNH Industrial Capital LLC,

     

1.95%, 7/2/23

     $210        $215  

4.20%, 1/15/24

     730        783  
     
               998  

Managed Care – 0.5%

     

Anthem, Inc.,

     

2.38%, 1/15/25

     1,180        1,229  

UnitedHealth Group, Inc.,

     

2.38%, 8/15/24

     1,170        1,226  
     
               2,455  

Mass Merchants – 0.3%

     

Dollar Tree, Inc.,

     

3.70%, 5/15/23

     1,340        1,405  

Medical Equipment & Devices Manufacturing – 0.2%

 

Alcon Finance Corp.,

     

2.75%, 9/23/26 (1)

     400        422  

Stryker Corp.,

     

0.60%, 12/1/23

     520        520  
     
               942  

Oil & Gas Services & Equipment – 0.1%

     

Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.,

     

2.77%, 12/15/22

     430        442  

Pharmaceuticals – 1.0%

     

GlaxoSmithKline Capital, Inc.,

     

3.38%, 5/15/23

     1,000        1,049  

Horizon Therapeutics U.S.A., Inc.,

     

5.50%, 8/1/27 (1)

     1,000        1,060  

Viatris, Inc.,

     

1.13%, 6/22/22 (1)

     2,600        2,614  
     
               4,723  

Pipeline – 0.4%

     

Energy Transfer L.P./Regency Energy Finance Corp.,

     

5.88%, 3/1/22

     690        696  

ONEOK, Inc.,

     

2.20%, 9/15/25

     500        511  

Plains All American Pipeline L.P.,

     

(Variable, ICE LIBOR USD 3M + 4.11%), 6.13%, 11/15/22 (3) (4)

     525        475  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Pipeline – 0.4%    continued

     

Southern Natural Gas Co. LLC,

     

0.63%, 4/28/23 (1)

     $290        $290  
     
               1,972  

Power Generation – 0.3%

     

Calpine Corp.,

     

4.50%, 2/15/28 (1)

     900        918  

NRG Energy, Inc.,

     

3.75%, 6/15/24 (1)

     300        320  

Terraform Global Operating LLC,

     

6.13%, 3/1/26 (1)

     395        406  
     
               1,644  

Property & Casualty Insurance – 0.4%

     

Allstate (The) Corp.,

     

3.15%, 6/15/23

     1,000        1,047  

Aon Corp.,

     

2.20%, 11/15/22

     1,000        1,020  
     
               2,067  

Publishing & Broadcasting – 0.1%

     

News Corp.,

     

3.88%, 5/15/29(1)

     300        308  

Real Estate – 2.7%

     

American Campus Communities Operating Partnership L.P.,

     

3.75%, 4/15/23

     1,898        1,976  

American Tower Corp.,

     

2.40%, 3/15/25

     945        983  

1.30%, 9/15/25

     940        940  

Boston Properties L.P.,

     

3.85%, 2/1/23

     1,000        1,037  

Corporate Office Properties L.P.,

     

2.25%, 3/15/26

     400        410  

Crown Castle International Corp.,

     

3.15%, 7/15/23

     1,575        1,644  

Equinix, Inc.,

     

2.63%, 11/18/24

     975        1,021  

Healthpeak Properties, Inc.,

     

3.25%, 7/15/26

     1,150        1,248  

Iron Mountain, Inc.,

     

4.88%, 9/15/27 (1)

     480        498  

iStar, Inc.,

     

4.75%, 10/1/24

     540        571  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    284    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Real Estate – 2.7%    continued

     

MPT Operating Partnership L.P./MPT Finance Corp.,

     

4.63%, 8/1/29

     $1,100        $1,180  

Simon Property Group L.P.,

     

2.00%, 9/13/24

     870        900  

Welltower, Inc.,

     

3.63%, 3/15/24

     650        693  
     
               13,101  

Refining & Marketing – 1.3%

     

CVR Energy, Inc.,

     

5.25%, 2/15/25 (1)

     1,100        1,089  

Phillips 66,

     

4.30%, 4/1/22

     891        909  

3.70%, 4/6/23

     300        314  

3.85%, 4/9/25

     1,900        2,071  

Valero Energy Corp.,

     

2.70%, 4/15/23

     390        402  

1.20%, 3/15/24

     1,340        1,355  
     
               6,140  

Retail - Consumer Discretionary – 0.4%

     

Carvana Co.,

     

5.50%, 4/15/27 (1)

     750        766  

eBay, Inc.,

     

1.90%, 3/11/25

     1,300        1,339  
     
               2,105  

Retail - Consumer Staples – 0.3%

     

Bunge Ltd. Finance Corp.,

     

1.63%, 8/17/25

     1,310        1,324  

Semiconductors – 0.8%

     

Analog Devices, Inc.,

     

(Floating, U.S. SOFR + 0.25%), 0.30%, 10/1/24 (2)

     200        200  

Microchip Technology, Inc.,

     

0.98%, 9/1/24 (1)

     920        919  

NVIDIA Corp.,

     

0.58%, 6/14/24

     600        601  

Skyworks Solutions, Inc.,

     

0.90%, 6/1/23

     1,960        1,964  
     
               3,684  

Software & Services – 1.2%

     

Autodesk, Inc.,

     

3.60%, 12/15/22

     1,000        1,029  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Software & Services – 1.2%    continued

 

Oracle Corp.,

     

2.95%, 11/15/24

     $2,000        $2,121  

PTC, Inc.,

     

4.00%, 2/15/28 (1)

     1,190        1,221  

Roper Technologies, Inc.,

     

0.45%, 8/15/22

     120        120  

2.35%, 9/15/24

     470        492  

Vmware, Inc.,

     

0.60%, 8/15/23

     930        931  
     
               5,914  

Supermarkets & Pharmacies – 0.1%

     

7-Eleven, Inc.,

     

0.95%, 2/10/26(1)

     600        589  

Transportation & Logistics – 0.5%

     

Cargo Aircraft Management, Inc.,

     

4.75%, 2/1/28 (1)

     1,200        1,241  

PACCAR Financial Corp.,

     

0.80%, 6/8/23

     120        120  

Ryder System, Inc.,

     

2.88%, 6/1/22

     1,090        1,106  
     
               2,467  

Travel & Lodging – 0.3%

     

Hyatt Hotels Corp.,

     

1.80%, 10/1/24

     1,500        1,503  

Utilities – 3.2%

     

Ameren Corp.,

     

2.50%, 9/15/24

     420        439  

Ameren Illinois Co.,

     

0.38%, 6/15/23

     530        529  

American Electric Power Co., Inc.,

     

3.65%, 12/1/21

     1,115        1,121  

1.00%, 11/1/25

     675        667  

Black Hills Corp.,

     

1.04%, 8/23/24

     1,020        1,020  

CenterPoint Energy, Inc.,

     

(Floating, U.S. SOFR + 0.65%), 0.70%, 5/13/24 (2)

     740        742  

Cleco Power LLC,

     

(Floating, ICE LIBOR USD 3M + 0.50%), 0.62%, 6/15/23 (1) (2)

     700        700  

DTE Energy Co.,

     

1.05%, 6/1/25

     1,660        1,647  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    285    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT BOND FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 41.1%    continued

 

Utilities – 3.2%    continued

     

Duke Energy Corp.,

     

(Floating, U.S. SOFR + 0.25%), 0.30%, 6/10/23 (2)

     $1,400        $1,402  

3.75%, 4/15/24

     1,000        1,067  

Mississippi Power Co.,

     

(Floating, U.S. SOFR + 0.30%), 0.35%, 6/28/24 (2)

     1,000        1,001  

NextEra Energy Capital Holdings, Inc.,

     

0.65%, 3/1/23

     880        883  

OGE Energy Corp.,

     

0.70%, 5/26/23

     700        700  

ONE Gas, Inc.,

     

(Floating, ICE LIBOR USD 3M + 0.61%), 0.72%, 3/11/23 (2)

     732        732  

PPL Electric Utilities Corp.,

     

(Floating, U.S. SOFR + 0.33%),
0.38%, 6/24/24 (2)

     550        551  

WEC Energy Group, Inc.,

     

0.80%, 3/15/24

     810        812  

Xcel Energy, Inc.,

     

0.50%, 10/15/23

     1,740        1,742  
     
               15,755  

Waste & Environment Services & Equipment – 0.6%

 

Republic Services, Inc.,

     

2.50%, 8/15/24

     1,680        1,759  

Stericycle, Inc.,

     

5.38%, 7/15/24 (1)

     630        646  

Waste Management, Inc.,

     

0.75%, 11/15/25

     600        592  
     
               2,997  

Wireless Telecommunications Services – 0.5%

 

T-Mobile U.S.A., Inc.,

     

3.50%, 4/15/25

     1,700        1,832  

Verizon Communications, Inc.,

     

0.85%, 11/20/25

     790        781  
     
               2,613  

Wireline Telecommunications Services – 0.2%

 

Level 3 Financing, Inc.,

     

4.63%, 9/15/27(1)

     1,100        1,132  
     

Total Corporate Bonds

                 
     

(Cost $198,858)

        201,186  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS – 20.6%

 

Airlines – 0.2%

     

Air Canada,

     

3.88%, 8/15/26(1)

     $980        $989  

Banks – 6.6%

     

ANZ New Zealand International Ltd.,

     

3.40%, 3/19/24 (1)

     1,000        1,067  

Bank of New Zealand,

     

2.00%, 2/21/25 (1)

     1,170        1,204  

Banque Federative du Credit Mutuel S.A.,

     

0.65%, 2/27/24 (1)

     800        799  

BPCE S.A.,

     

1.00%, 1/20/26 (1)

     490        482  

Commonwealth Bank of Australia,

     

7/7/25 (1) (2) (5)

     1,000        1,002  

(Floating, U.S. SOFR + 0.52%), 0.57%, 6/15/26 (1)

     2,700        2,715  

Cooperatieve Rabobank U.A.,

     

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%), 1.34%, 6/24/26 (1) (3)

     1,950        1,948  

Deutsche Bank A.G.,

     

(Variable, U.S. SOFR + 1.87%),
2.13%, 11/24/26 (3)

     1,450        1,473  

Federation des Caisses Desjardins du Quebec,

     

(Floating, U.S. SOFR + 0.43%),
0.48%, 5/21/24 (1)

     1,500        1,503  

2.05%, 2/10/25 (1)

     1,500        1,543  

ING Groep N.V.,

     

1.06%, 4/1/27

     1,400        1,414  

Lloyds Banking Group PLC,

     

4.05%, 8/16/23

     500        532  

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%), 2.44%, 2/5/26

     1,110        1,151  

Macquarie Bank Ltd.,

     

2.30%, 1/22/25 (1)

     1,000        1,040  

National Bank of Canada,

     

2.10%, 2/1/23

     1,400        1,431  

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.40%), 0.55%, 11/15/24 (3)

     1,200        1,198  

Nationwide Building Society,

     

0.55%, 1/22/24 (1)

     1,470        1,465  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    286    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 20.6%    continued

 

Banks – 6.6%    continued

     

NatWest Markets PLC,

     

0.80%, 8/12/24 (1)

     $1,400        $1,397  

Nordea Bank Abp,

     

0.63%, 5/24/24 (1)

     1,300        1,298  

Skandinaviska Enskilda Banken AB,

     

0.65%, 9/9/24 (1)

     900        897  

Svenska Handelsbanken AB,

     

0.55%, 6/11/24 (1)

     1,700        1,696  

Westpac Banking Corp.,

     

2.35%, 2/19/25

     1,170        1,224  

(Floating, U.S. SOFR + 0.52%),
0.57%, 6/3/26 (2)

     4,000        4,022  
     
               32,501  

Cable & Satellite – 0.3%

     

Sky Ltd.,

     

3.75%, 9/16/24(1)

     1,490        1,619  

Commercial Finance – 0.7%

     

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

     

1.75%, 1/30/26

     1,100        1,089  

Avolon Holdings Funding Ltd.,

     

2.88%, 2/15/25 (1)

     1,000        1,029  

Fly Leasing Ltd.,

     

7.00%, 10/15/24 (1)

     370        367  

SMBC Aviation Capital Finance DAC,

     

4.13%, 7/15/23 (1)

     900        951  
     
               3,436  

Containers & Packaging – 0.2%

     

Ardagh Packaging Finance PLC/Ardagh Holdings U.S.A., Inc.,

     

5.25%, 8/15/27(1)

     1,000        1,018  

Diversified Banks – 5.0%

     

Bank of Montreal,

     

(Floating, U.S. SOFR + 0.35%), 0.40%, 12/8/23 (2)

     1,050        1,054  

(Floating, U.S. SOFR + 0.62%), 0.67%, 9/15/26 (2)

     2,600        2,610  

Bank of Nova Scotia (The),

     

1.63%, 5/1/23

     1,000        1,020  

4.50%, 12/16/25

     300        337  

Barclays PLC,

     

1.01%, 12/10/24 (3)

     685        688  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 20.6%    continued

 

Diversified Banks – 5.0%    continued

     

BNP Paribas S.A.,

     

2.82%, 11/19/25 (1) (3)

     $1,110        $1,163  

(Variable, U.S. SOFR + 1.00%),
1.32%, 1/13/27 (1) (3)

     500        492  

Credit Agricole S.A.,

     

(Floating, ICE LIBOR USD 3M + 1.02%), 1.15%, 4/24/23 (1) (2)

     1,045        1,059  

3.25%, 10/4/24 (1)

     800        853  

HSBC Holdings PLC,

     

3.26%, 3/13/23

     1,000        1,013  

0.73%, 8/17/24

     1,490        1,491  

1.59%, 5/24/27 (3)

     1,300        1,291  

Macquarie Group Ltd.,

     

(Floating, U.S. SOFR + 0.92%),
0.97%, 9/23/27 (1) (2)

     2,000        2,014  

Mitsubishi UFJ Financial Group, Inc.,

     

2.80%, 7/18/24

     1,000        1,054  

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.55%), 0.95%, 7/19/25 (3)

     1,450        1,452  

Mizuho Financial Group, Inc.,

     

(Floating, ICE LIBOR USD 3M + 0.61%), 0.72%, 9/8/24 (2)

     1,500        1,508  

Natwest Group PLC,

     

1.64%, 6/14/27 (3)

     500        500  

Royal Bank of Canada,

     

1.15%, 6/10/25

     550        551  

(Floating, U.S. SOFR + 0.57%),
0.62%, 4/27/26 (2)

     1,000        1,004  

Societe Generale S.A.,

     

2.63%, 10/16/24 (1)

     1,000        1,040  

Sumitomo Mitsui Financial Group, Inc.,

     

0.51%, 1/12/24

     200        199  

2.45%, 9/27/24

     1,200        1,254  

Toronto-Dominion Bank (The),

     

0.45%, 9/11/23

     800        800  
     
               24,447  

Exploration & Production – 0.5%

     

Canadian Natural Resources Ltd.,

     

2.95%, 1/15/23

     1,000        1,029  

Sinopec Group Overseas Development 2018 Ltd.,

     

2.50%, 11/12/24 (1)

     1,495        1,561  
     
               2,590  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    287    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT BOND FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 20.6%    continued

 

Financial Services – 1.0%

     

LSEGA Financing PLC,

     

0.65%, 4/6/24 (1)

     $900        $898  

Sumitomo Mitsui Trust Bank Ltd.,

     

(Floating, U.S. SOFR + 0.44%), 0.49%, 9/16/24 (1) (2)

     1,900        1,904  

UBS A.G.,

     

0.38%, 6/1/23 (1)

     630        629  

0.70%, 8/9/24 (1)

     400        400  

UBS Group A.G.,

     

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.83%), 1.01%, 7/30/24 (1) (3)

     1,000        1,006  
     
               4,837  

Food & Beverage – 0.2%

     

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

     

5.50%, 1/15/30(1)

     725        806  

Government Agencies – 0.2%

     

Kommunalbanken AS,

     

0.38%, 9/11/25(1)

     1,100        1,080  

Government Development Banks – 0.4%

     

Kreditanstalt fuer Wiederaufbau,

     

0.50%, 9/20/24

     1,860        1,856  

Government Local – 0.2%

     

Japan Finance Organization for Municipalities,

     

1.75%, 9/5/24(1)

     1,020        1,049  

Hardware – 0.2%

     

Seagate HDD Cayman,

     

4.88%, 3/1/24

     600        647  

3.13%, 7/15/29 (1)

     235        227  
     
               874  

Industrial Other – 0.1%

     

Element Fleet Management Corp.,

     

1.60%, 4/6/24(1)

     700        710  

Integrated Oils – 0.4%

     

BP Capital Markets PLC,

     

3.81%, 2/10/24

     1,510        1,621  

Saudi Arabian Oil Co.,

     

1.25%, 11/24/23 (1)

     200        201  
     
               1,822  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 20.6% continued

 

Medical Equipment & Devices Manufacturing – 0.2%

 

DH Europe Finance II S.a.r.l.,

     

2.20%, 11/15/24

     $840        $875  

Metals & Mining – 0.3%

     

FMG Resources Pty. Ltd., Series 2006,

     

5.13%, 5/15/24 (1)

     1,000        1,068  

Glencore Finance Canada Ltd.,

     

4.95%, 11/15/21 (1)

     600        602  
     
               1,670  

Pharmaceuticals – 1.0%

     

AstraZeneca PLC,

     

0.70%, 4/8/26

     3,079        3,014  

Bausch Health Cos., Inc.,

     

6.13%, 4/15/25 (1)

     843        860  

GlaxoSmithKline Capital PLC,

     

0.53%, 10/1/23

     1,000        1,002  
     
               4,876  

Pipeline – 0.1%

     

Enbridge, Inc.,

     

(Floating, U.S. SOFR + 0.40%), 0.45%, 2/17/23 (2)

     160        161  

2.50%, 1/15/25

     510        531  
     
               692  

Power Generation – 0.3%

     

Drax Finco PLC,

     

6.63%, 11/1/25(1)

     1,200        1,239  

Property & Casualty Insurance – 0.2%

     

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.,

     

7.63%, (100% Cash),

     

    10/15/25(1) (6)

     740        786  

Railroad – 0.2%

     

Canadian Pacific Railway Co.,

     

4.50%, 1/15/22

     1,000        1,012  

Software & Services – 0.2%

     

Open Text Corp.,

     

3.88%, 2/15/28(1)

     1,100        1,122  

Supranationals – 0.6%

     

European Investment Bank,

     

0.38%, 7/24/24

     3,000        2,987  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    288    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 20.6%     continued

 

Travel & Lodging – 0.0%

     

Royal Caribbean Cruises Ltd.,

     

5.25%, 11/15/22

     $176        $180  

Wireless Telecommunications Services – 0.6%

 

America Movil S.A.B. de C.V.,

     

3.13%, 7/16/22

     800        817  

Rogers Communications, Inc.,

     

0.73%, 3/22/22

     1,000        1,003  

Vodafone Group PLC,

     

2.95%, 2/19/23

     1,000        1,033  
     
               2,853  

Wireline Telecommunications Services – 0.7%

 

Altice France Holding S.A.,

     

6.00%, 2/15/28 (1)

     1,000        960  

Bell Telephone Co. of Canada or Bell Canada (The),

     

0.75%, 3/17/24

     2,000        2,001  

NTT Finance Corp.,

     

0.58%, 3/1/24 (1)

     200        200  
     
               3,161  
     

Total Foreign Issuer Bonds

                 
     

(Cost $100,402)

        101,087  
    

U.S. GOVERNMENT AGENCIES – 7.5% (7)

 

Fannie Mae – 2.8%

 

Pool #555649,

     

7.50%, 10/1/32

     11        13  

Pool #AD0915,

     

5.50%, 12/1/38

     24        28  

Pool #AI3471,

     

5.00%, 6/1/41

     68        77  

Pool #BA6574,

     

3.00%, 1/1/31

     842        890  

Pool #BC0266,

     

3.50%, 2/1/31

     748        806  

Pool #BC1465,

     

2.50%, 7/1/31

     456        477  

Pool #BE0514,

     

2.50%, 11/1/31

     1,370        1,434  

Pool #BM1239,

     

3.50%, 2/1/32

     821        880  

Pool #BM4485,

     

3.00%, 9/1/30

     1,589        1,675  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 7.5% (7)     continued

 

Fannie Mae – 2.8%     continued

     

Pool #BM5017,

     

3.00%, 3/1/30

     $770        $815  

Pool #BM5525,

     

4.00%, 3/1/31

     283        300  

Pool #BM5708,

     

3.00%, 12/1/29

     131        138  

Pool #FM1773,

     

3.00%, 12/1/31

     747        786  

Pool #FM1849,

     

3.50%, 12/1/33

     734        785  

Pool #FM1852,

     

3.00%, 7/1/33

     900        951  

Pool #FM1897,

     

3.00%, 9/1/32

     742        781  

Pool #FM3308,

     

3.00%, 4/1/32

     2,375        2,499  

Pool #MA3090,

     

3.00%, 8/1/32

     357        378  
     
               13,713  

Freddie Mac – 4.3%

     

Federal Home Loan Mortgage Corp.,

     

0.13%, 7/25/22

     1,000        1,000  

0.25%, 8/24/23

     4,300        4,298  

Freddie Mac REMICS, Series 4835, Class CA,

     

3.50%, 1/15/47

     654        682  

Pool #SB0084,

     

3.00%, 2/1/32

     2,395        2,541  

Pool #SB0093,

     

2.50%, 12/1/31

     4,112        4,301  

Pool #SB0215,

     

3.00%, 2/1/32

     826        871  

Pool #SB0216,

     

3.00%, 12/1/32

     1,408        1,488  

Pool #SB0329,

     

3.00%, 9/1/32

     1,844        1,949  

Pool #ZA2807,

     

2.50%, 2/1/28

     129        135  

Pool #ZK9070,

     

3.00%, 11/1/32

     692        733  

Pool #ZS6689,

     

2.50%, 4/1/28

     404        424  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    289    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT BOND FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 7.5% (7)     continued

 

Freddie Mac – 4.3%     continued

     

Pool #ZS8598,

     

3.00%, 2/1/31

     $973        $1,030  

Pool #ZS8675,

     

2.50%, 11/1/32

     1,448        1,515  
     
               20,967  

Freddie Mac Gold – 0.3%

 

Pool #A92650,

     

5.50%, 6/1/40

     57        66  

Pool #E04360,

     

2.50%, 4/1/28

     465        488  

Pool #G18641,

     

3.00%, 4/1/32

     268        284  

Pool #G18647,

     

3.00%, 6/1/32

     647        683  
     
               1,521  

Freddie Mac Non Gold – 0.0%

 

Pool #1B3617,

     

(Floating, ICE LIBOR USD 1Y + 1.92%, 1.92% Floor, 11.10% Cap), 2.34%, 10/1/37(2)

     75        77  

Government National Mortgage Association – 0.1%

 

Government National Mortgage Association, Series 2017-95, Class QG,

     

2.50%, 8/20/46

     645        676  
     

Total U.S. Government Agencies

                 
     

(Cost $36,441)

        36,954  
    

U.S. GOVERNMENT OBLIGATIONS – 11.6%

 

U.S. Treasury Floating Rate Notes – 3.9%

 

(Floating, U.S. Treasury 3M Bill MMY + 0.11%), 0.15%, 4/30/22(2)

     19,000        19,013  

U.S. Treasury Notes – 7.7%

     

0.13%, 4/30/22

     14,200        14,204  

0.13%, 12/31/22

     6,000        5,998  

1.38%, 2/15/23

     2,700        2,745  

0.13%, 5/15/23

     6,000        5,991  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 11.6%     continued

 

U.S. Treasury Notes – 7.7%    continued

 

0.13%, 10/15/23

     $4,000        $3,986  

0.38%, 4/15/24

     5,000        4,994  
     
               37,918  
     

Total U.S. Government Obligations

                 
     

(Cost $56,908)

        56,931  
    

MUNICIPAL BONDS – 1.4%

 

California – 0.2%

 

California State Taxable G.O. Unlimited Refunding Bonds, Bid Group B,

     

2.50%, 10/1/22

     910        931  

Florida – 0.5%

     

Florida State Board of Administration Finance Corp. Taxable Revenue Bonds, Series A,

     

1.26%, 7/1/25

     1,100        1,112  

Miami-Dade County Aviation Taxable Revenue Refunding Bonds, Series B,

     

1.23%, 10/1/25

     500        501  

Miami-Dade County Taxable Capital Asset Acquisition Special Obligation Revenue Bonds,

     

0.38%, 4/1/23

     1,035        1,035  
     
               2,648  

New York – 0.7%

 

New York State Thruway Authority Taxable Revenue Refunding Bonds, Series M,

     

2.12%, 1/1/24

     640        660  

New York Taxable G.O. Unlimited Refunding Bonds, Series D, Fiscal 2021,

     

0.59%, 8/1/23

     500        502  

Port Authority of New York & New Jersey Consolidated Taxable Revenue Bonds, Series AAA,

     

1.09%, 7/1/23

     2,000        2,026  
     
               3,188  
     

Total Municipal Bonds

                 
     

(Cost $6,690)

        6,767  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    290    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    NUMBER
OF SHARES		    VALUE
(000S)

INVESTMENT COMPANIES – 1.8%

     

FlexShares® Disciplined Duration MBS Index Fund(8)

     202,000        $4,747  

Northern Institutional Funds - U.S. Government Portfolio (Shares),
0.00%(8) (9)

     4,163,029        4,163  
     

Total Investment Companies

                 
     

(Cost $8,823)

        8,910  
    
     

Total Investments – 98.9%

                 
     

(Cost $480,820)

        484,587  

Other Assets less Liabilities – 1.1%

        5,564  
     

NET ASSETS – 100.0%

        $490,151  

 

(1)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

(2)

Variable rate security. Rate as of September 30, 2021 is disclosed.

(3)

Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of September 30, 2021.

(4)

Perpetual bond. Maturity date represents next call date.

(5)

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(6)

Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

(7)

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(8)

Investment in affiliated fund. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds and FlexShares Trust.

(9)

7-day current yield as of September 30, 2021 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1M - 1 Month

1Y - 1 Year

3M - 3 Month

A.G. - Aktiengesellschaft (German: Stock Corporation)

AB - Aktiebolag (Sweden: Corporation)

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

G.O. - General Obligation

ICE - Intercontinental Exchange

 

L.P. - Limited Partnership

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

MBS - Mortgage Backed Securities

MMY - Money Market Yield

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

S.A. - Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. - Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE (1)    % OF NET ASSETS      

  Asset-backed securities

      14.9%  

  Corporate bonds

      41.1%  

  Foreign Issuer Bonds

      20.6%  

  U.S. Government Agencies

      7.5%  

  U.S. Government Obligations

      11.6%  

  Municipal Bonds

      1.4%  

  Investment Companies

      1.8%  

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    291    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT BOND FUND    continued

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

     LEVEL 1   LEVEL 2    LEVEL 3    TOTAL   
  INVESTMENTS    (000S)   (000S)    (000S)    (000S)  

Asset-Backed Securities(1)

      $ —     $ 72,752      $ —      $ 72,752  

Corporate Bonds(1)

        —       201,186        —        201,186  

Foreign Issuer Bonds(1)

        —       101,087        —        101,087  

U.S. Government Agencies(1)

        —       36,954        —        36,954  

U.S. Government Obligations(1)

        —       56,931        —        56,931  

Municipal Bonds(1)

        —       6,767        —        6,767  

Investment Companies

        8,910       —        —        8,910  

Total Investments

      $ 8,910     $ 475,677      $ —      $ 484,587  

 

(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    292    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

    SCHEDULE OF INVESTMENTS     

 

   SHORT-INTERMEDIATE TAX-EXEMPT FUND

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS – 81.2%

     

Alabama – 0.3%

     

Black Belt Energy Gas District Gas Supply Revenue Refunding Bonds,

     

4.00%, 6/1/24

     $400        $437  

4.00%, 6/1/25

     470        527  

Lower Gas District Gas Project Revenue Bonds,

     

4.00%, 12/1/25(1) (2) (3)

     1,500        1,690  
     
               2,654  

Arizona – 0.3%

     

Arizona State IDA Revenue Bonds, Lincoln South Beltway Project,

     

5.00%, 8/1/23

     1,250        1,355  

Arizona State Transportation Board Excise TRB, Maricopa County Regional Area,

     

5.00%, 7/1/22

     500        518  

Bullhead City Excise Tax Revenue Bonds, Second Series,

     

1.15%, 7/1/27

     375        371  

1.30%, 7/1/28

     500        493  
     
               2,737  

Arkansas – 0.1%

     

Bryant School District No. 25

Refunding G.O. Limited Bonds (State Aid Withholding),

     

1.00%, 2/1/25

     1,195        1,210  

California – 6.5%

     

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,

     

4.00%, 2/1/27

     1,125        1,309  

California State Department of Veterans Affairs Home Purchase Taxable Revenue Refunding Bonds, Series A,

     

0.87%, 6/1/25

     1,500        1,501  

California State Department of Water Resources Central Valley Project Water System Revenue Bonds, Series AS, Escrowed to Maturity,

     

5.00%, 12/1/21

     90        91  

California State G.O. Unlimited Refunding Bonds,

     

5.00%, 8/1/26

     2,700        3,267  

5.00%, 12/1/27

     2,750        3,448  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%     continued

 

California – 6.5%     continued

     

5.00%, 11/1/28

     $2,800        $3,578  

California State G.O. Unlimited Refunding Bonds, Bid Group B,

     

5.00%, 11/1/27

     5        6  

California State G.O. Unlimited Various Purpose Refunding Bonds,

     

5.00%, 10/1/27

     8,500        10,612  

5.00%, 4/1/33

     5,000        5,560  

California State Municipal Finance Authority Insured Revenue Bonds, NCROC-Paradise Valley TEMPS 50 (California Mortgage Insured),

     

2.00%, 7/1/24

     1,200        1,201  

Fremont Unified School District G.O. Unlimited TRB, Series B,

     

2.00%, 8/1/27

     1,140        1,179  

Golden State Tobacco Securitization Corp. Tobacco Settlement Taxable Revenue Refunding Bonds,

     

1.40%, 6/1/25

     3,425        3,437  

Local Public Schools Funding Authority School Facilities Improvement District No. 2016-1 G.O. Unlimited Bonds, Series B (AGM Insured),

     

8/1/26(4)

     805        893  

8/1/28(4)

     935        1,124  

Los Angeles County Development Authority Multifamily Housing Variable Revenue Bonds, Sunny Garden Apartments (HUD Sector 8 Program),

     

0.20%, 1/1/23(1) (2) (3)

     3,000        2,997  

Los Angeles County TRANS,

     

4.00%, 6/30/22

     8,200        8,438  

Los Angeles Department of Airports Airport Subordinate Taxable Revenue Refunding Bonds, Subseries E,

     

5/15/27(4)

     1,050        1,041  

Orange County Transportation Authority Revenue BANS, I-405 Improvement Project,

     

5.00%, 10/15/24

     5,000        5,702  

Sacramento City Unified School District G.O. Unlimited Refunding Bonds (AGM Insured),

     

4.00%, 7/1/26

     1,025        1,178  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    293    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT-INTERMEDIATE TAX-EXEMPT FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%     continued

 

California – 6.5%     continued

     

San Francisco Municipal Transportation Agency Taxable Revenue Refunding Bonds, Series A,

     

1.10%, 3/1/27

     $1,600        $1,578  
     
               58,140  

Colorado – 1.0%

     

Adams & Arapahoe Counties Joint School District No. 28J Aurora G.O. Unlimited Refunding Bonds (State Aid Withholding),

     

5.00%, 12/1/24

     1,000        1,055  

Boulder Larimer & Weld Counties St. Vrain Valley School District No. RE-1 G.O. Unlimited Refunding Bonds (State Aid Withholding),

     

4.00%, 12/15/24

     2,025        2,040  

Colorado State Health Facilities Authority Hospital Revenue Bonds, Adventist Health System/Sunbel,

     

5.00%, 11/20/25(1) (2) (3)

     3,000        3,550  

Colorado State Health Facilities Authority Hospital Variable Revenue Refunding Bonds, Adventhealth Obligation,

     

5.00%, 11/19/26(1) (2) (3)

     1,000        1,211  

Weld County School District No. 6
Greeley G.O. Unlimited Bonds (State Aid Withholding),

     

5.00%, 12/1/21

     575        579  
     
               8,435  

Connecticut – 1.0%

     

Connecticut State G.O. Unlimited Bonds, Series C,

     

4.00%, 6/1/27

     1,000        1,181  

Connecticut State G.O. Unlimited Refunding Bonds, Series F,

     

5.00%, 9/15/23

     2,000        2,187  

Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series C-2, Yale University,

     

5.00%, 2/1/23(1) (2) (3)

     5,000        5,317  
     
               8,685  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%     continued

 

Delaware – 0.3%

     

New Castle County Taxable G.O. Unlimited Refunding Bonds, Series B,

     

7/15/25(4)

     $2,825        $2,825  

District of Columbia – 0.2%

     

Washington Convention & Sports Authority Dedicated Tax Revenue Senior Lien Taxable Revenue Refunding Bonds,
Series C,

     

1.19%, 10/1/25

     2,000        2,004  

Florida – 2.1%

     

Broward County Airport System Revenue Refunding Bonds, Series B (AMT),

     

5.00%, 10/1/27

     3,500        4,314  

Cape Coral Water & Sewer Revenue Refunding Bonds (AGM Insured), Prerefunded,

     

5.00%, 10/1/21(5)

     2,055        2,055  

Florida State Board of Education G.O. Unlimited Refunding Bonds, Series A,

     

5.00%, 6/1/23

     475        513  

Florida State Board of Education G.O. Unlimited Refunding Bonds, Series C,

     

5.00%, 6/1/27

     3,115        3,852  

Fort Lauderdale Water & Sewer Revenue Refunding Bonds,

     

5.00%, 9/1/23

     2,305        2,514  

Jacksonville Sales Tax Revenue Refunding Bonds,

     

5.00%, 10/1/27

     2,000        2,095  

Miami-Dade County Housing Finance Authority Multifamily Housing Variable Revenue Bonds, Sunset Bay Apartments,

     

0.25%, 12/1/22(1) (2) (3)

     2,500        2,499  

Sarasota County Infrastructure Sales Surtax Revenue Refunding Bonds,

     

5.00%, 10/1/21

     1,000        1,000  
     
               18,842  

Georgia – 2.6%

     

Atlanta Airport Revenue Refunding Bonds, Series A,

     

5.00%, 7/1/28

     1,000        1,265  

Georgia State G.O. Unlimited Refunding Bonds, Series E,

     

5.00%, 12/1/27

     2,000        2,443  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    294    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%     continued

 

Georgia – 2.6%     continued

     

Georgia State Road & Tollway Authority Federal Highway Reimbursement GARVEE Bonds,

     

5.00%, 6/1/25

     $2,000        $2,330  

5.00%, 6/1/26

     1,230        1,478  

Main Street Natural Gas, Inc. Gas Supply Revenue Bonds, Series A,

     

4.00%, 9/1/23(1) (2) (3)

     5,000        5,314  

Main Street Natural Gas, Inc. Gas Supply Revenue Bonds, Subseries C,

     

4.00%, 12/1/23(1) (2) (3)

     3,400        3,640  

Main Street Natural Gas, Inc. Gas Supply Variable Revenue Bonds, Series B,

     

4.00%, 12/2/24(1) (2) (3)

     5,000        5,510  

Northwest Housing Authority MFH Revenue Bonds, Spring Grove Apartments Project (HUD Sector 8 Program),

     

0.25%, 10/1/23(1) (2) (3)

     1,450        1,447  
     
               23,427  

Hawaii – 3.1%

     

Hawaii State G.O. Unlimited Bonds, Series EH, Unrefunded Balance,

     

5.00%, 8/1/28

     2,000        2,168  

Hawaii State G.O. Unlimited Bonds, Series FT,

     

5.00%, 1/1/28

     2,100        2,628  

Hawaii State G.O. Unlimited Refunding Bonds, Series EF,

     

5.00%, 11/1/21

     5,000        5,018  

Hawaii State Taxable G.O. Unlimited Bonds, Series GE,

     

10/1/25(4)

     3,200        3,203  

Hawaii State Taxable G.O. Unlimited Refunding Bonds, Series GJ,

     

8/1/25(4)

     3,250        3,252  

Honolulu City & County Adjustable G.O. Unlimited Bonds, Honolulu Rail Transit Project,

     

5.00%, 9/1/23(1) (2) (3)

     5,000        5,386  

Honolulu City & County G.O. Unlimited Refunding Bonds, Series F,

     

5.00%, 7/1/26

     725        874  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%     continued

 

Hawaii – 3.1%     continued

     

Honolulu G.O. Unlimited Bonds, Honolulu Rail Transit Project,

     

5.00%, 3/1/27

     $4,400        $5,400  
     
               27,929  

Illinois – 0.3%

     

Champaign Coles Et al. Counties Community College District No. 505 G.O. Unlimited Refunding Bonds, Series B, Parkland College,

     

5.00%, 12/1/24

     1,315        1,494  

Cook County Community College District No. 504 Triton G.O. Unlimited Bonds, Alternative Revenue Source,

     

5.00%, 6/1/22

     1,150        1,185  
     
               2,679  

Indiana – 1.5%

     

Carmel Clay School Building Corp. First Mortgage Revenue Bonds (State Intercept Program),

     

4.00%, 7/15/25

     1,825        2,056  

Carmel in Local Public Improvement Bond Bank Revenue Bonds, Series A,

     

4.00%, 7/15/28

     900        1,071  

Finance Wastewater Utilities Revenue Refunding Bonds, First Lien CWA Authority, Project S,

     

5.00%, 10/1/25

     2,500        2,943  

5.00%, 10/1/27

     1,200        1,492  

Indiana Finance Authority Water Utility Second Lien Revenue Bonds, Citizens Energy Group,

     

2.95%, 10/1/22

     1,750        1,787  

Indiana State Finance Authority Health System Revenue Refunding Bonds, Indiana University Health,

     

5.00%, 12/1/22

     4,000        4,224  
     
               13,573  

Iowa – 0.8%

     

Ankeny Community School District G.O. Unlimited Refunding Bonds, Series A,

     

5.00%, 6/1/25

     1,815        2,099  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    295    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT-INTERMEDIATE TAX-EXEMPT FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%     continued

 

Iowa – 0.8%     continued

     

University of Iowa Facilities Corp.
Revenue Refunding Bonds,

     

5.00%, 6/1/22

     $2,240        $2,311  

5.00%, 6/1/23

     2,470        2,665  
     
               7,075  

Kansas – 2.2%

     

Leawood G.O. Unlimited Temporary Notes,

     

1.50%, 9/1/22

     8,625        8,728  

Manhattan G.O. Unlimited Bonds, Series 01,

     

1.88%, 6/15/23

     1,375        1,377  

Manhattan G.O. Unlimited Temporary Notes, Series 2020-03,

     

0.75%, 6/15/24

     6,635        6,637  

Scott County Unified School District No. 466 G.O. Unlimited Bonds, Series A, Prerefunded,

     

5.00%, 9/1/25(5)

     1,000        1,175  

Wichita G.O. Unlimited Bonds, Series 811,

     

3.00%, 6/1/27

     1,185        1,233  
     
               19,150  

Kentucky – 1.2%

     

Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply,

     

4.00%, 1/1/25(1) (2) (3)

     8,725        9,610  

Louisville & Jefferson County Metro Government G.O. Unlimited Bonds, Series A,

     

5.00%, 10/1/27

     1,050        1,308  
     
               10,918  

Louisiana – 1.6%

     

Lafayette Parish G.O. Unlimited Refunding Bonds,

     

5.00%, 3/1/24

     500        555  

Lafayette Public Power Authority Electric Revenue Bonds,

     

5.00%, 11/1/26

     1,900        1,995  

Louisiana Public Facilities Authority Revenue Refunding Bonds, Tulane University of Louisiana,

     

5.00%, 4/1/26

     1,550        1,843  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%     continued

 

Louisiana – 1.6%     continued

     

Louisiana State Gas & Fuels Revenue Refunding Bonds, Series A-1,

     

4.00%, 5/1/29

     $6,810        $6,951  

Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Bonds, LCTCS Act 360 Project (BAM Insured),

     

5.00%, 10/1/25

     2,495        2,917  
     
               14,261  

Maine – 0.1%

     

Maine Health & Higher Educational Facilities Authority Taxable Revenue Refunding Bonds, Series B (AGM Insured State Intercept),

     

1.30%, 7/1/26

     1,000        999  

Maryland – 1.1%

     

Maryland State Department of Transportation Consolidated Revenue Refunding Bonds, Series B,

     

5.00%, 12/1/27

     5,000        6,257  

Maryland State G.O. Unlimited Bonds, First Series,

     

5.00%, 6/1/26

     3,000        3,366  
     
               9,623  

Massachusetts – 4.1%

     

Concord G.O. Limited Refunding Bonds, Municipal Purpose Loan,

     

4.00%, 9/15/23

     500        537  

Massachusetts State Clean Water Trust Revenue Bonds, Series 22, Green Bonds,

     

5.00%, 8/1/27

     2,000        2,491  

Massachusetts State Department of Transportation Metropolitan Highway System Variable Revenue Refunding Bonds, Subordinate Contracts,

     

5.00%, 1/1/23(1) (2) (3)

     10,000        10,583  

Massachusetts State G.O. Limited bonds, Series A, Prerefunded,

     

4.50%, 12/1/21(5)

     2,000        2,014  

Massachusetts State G.O. Limited Refunding Bonds, Series E,

     

3.00%, 12/1/27

     1,190        1,348  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    296    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%     continued

 

Massachusetts – 4.1%     continued

     

Massachusetts State HFA Sustainability Revenue Bonds, Series A-2 (HUD Sector 8 Program),

     

0.45%, 12/1/24

     $725        $724  

Massachusetts State School Building Authority Sales Tax Revenue Refunding Bonds, Senior Series A, Prerefunded,

     

5.00%, 8/15/22(5)

     10,000        10,420  

Massachusetts State School Building Authority Senior Sales Tax Revenue Refunding Bonds, Series A,

     

5.00%, 8/15/23

     1,575        1,641  

Massachusetts State Variable G.O. Limited Refunding Bonds, Series A,

     

5.00%, 6/1/23(1) (2) (3)

     5,000        5,396  

Wellesley G.O. Unlimited Refunding Bonds,

     

5.00%, 4/1/25

     1,215        1,410  
     
               36,564  

Michigan – 1.8%

     

Grand Valley State University Revenue Bonds,

     

5.00%, 12/1/24

     750        855  

Michigan State Finance Authority Adjustable Revenue Refunding Bonds, Trinity Health,

     

5.00%, 2/1/25(1) (2) (3)

     3,000        3,443  

Michigan State Finance Authority Revenue Refunding Bonds, Ascension Health Credit Group,

     

4.00%, 7/1/24(1) (2) (3)

     5,000        5,499  

Michigan State Finance Authority Revenue Refunding Bonds, Trinity Health Corp.,

     

5.00%, 12/1/22

     2,000        2,112  

Michigan State Strategic Fund Ltd. Obligation Taxable Revenue Bonds, Flint Water Advocacy,

     

1.12%, 9/1/25

     1,900        1,901  

Romeo Community School District G.O. Unlimited Bonds, Series II (Q-SBLF Insured),

     

2.00%, 5/1/22

     2,025        2,046  
     
               15,856  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%     continued

 

Minnesota – 4.1%

     

Lakeville Independent School District No. 194 G.O. Unlimited Bonds, Series A (School District Credit Program),

     

3.00%, 2/1/26

     $450        $496  

3.00%, 2/1/27

     1,410        1,573  

Metropolitan Council Minneapolis-Saint Paul Area G.O. Unlimited GANS, Series C,

     

5.00%, 12/1/21

     11,625        11,715  

Metropolitan Council Minneapolis-Saint Paul Metropolitan Area G.O. Unlimited GANS, Series C,

     

5.00%, 12/1/27

     5,000        6,262  

5.00%, 12/1/28

     1,500        1,924  

Minnesota State G.O. Unlimited Bonds, Series A, Bidding Group 1,

     

5.00%, 9/1/27

     10,100        12,589  

Minnesota State Trunk Highway G.O. Unlimited Bonds, Series B, Escrowed to Maturity,

     

5.00%, 10/1/21

     2,030        2,030  
     
               36,589  

Missouri – 1.3%

     

Columbia School District G.O. Unlimited Refunding Bonds,

     

5.00%, 3/1/26

     2,825        3,255  

Curators of the University of Missouri System Facilities Revenue Refunding Bonds, Series A,

     

5.00%, 11/1/26

     2,320        2,644  

Fort Zumwalt School District G.O. Unlimited Refunding Bonds (State Aid Direct Deposit Program),

     

4.00%, 3/1/24

     1,480        1,610  

Lees Summit Moser G.O. Unlimited Bonds, Series A,

     

3.00%, 4/1/28

     2,925        2,954  

Saint Charles School District G.O. Unlimited Bonds (State Aid Direct Deposit Program),

     

4.00%, 3/1/25

     1,050        1,177  
     
               11,640  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    297    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT-INTERMEDIATE TAX-EXEMPT FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%     continued

 

Nevada – 1.5%

     

Clark County School District G.O. Limited Bonds, Series A,

     

5.00%, 6/15/26

     $5,000        $5,984  

Clark County School District G.O. Limited Bonds, Series A (AGM Insured),

     

3.00%, 6/15/22

     550        561  

5.00%, 6/15/27

     1,000        1,230  

Nevada State System of Higher Education University Revenue Bonds, Series B,

     

5.00%, 7/1/26

     5,000        5,397  
     
               13,172  

New Jersey – 2.8%

     

Clifton Board of Education G.O. Unlimited Bonds (AGM School Board Resource Fund Insured),

     

2.00%, 8/15/22

     1,227        1,245  

2.00%, 8/15/24

     4,250        4,424  

2.00%, 8/15/26

     5,500        5,757  

Mercer County G.O. Unlimited Refunding Bonds,

     

2.00%, 2/15/23

     3,490        3,572  

New Jersey State G.O. Unlimited Bonds, Covid-19 Go Emergency Bonds,

     

5.00%, 6/1/27

     2,750        3,373  

New Jersey State Turnpike Authority Revenue Taxable Refunding Bonds, Series B,

     

0.90%, 1/1/25

     1,000        1,001  

Passaic County G.O. Unlimited Bonds, Series A & C,

     

2.00%, 11/1/26

     1,380        1,459  

Union County G.O. Unlimited Bonds,

     

2.00%, 3/1/27

     1,875        2,000  

Union County G.O. Unlimited Refunding Bonds,

     

2.00%, 1/15/23

     385        394  

Washington Township Gloucester County G.O. Unlimited Bonds,

     

2.00%, 5/15/26

     1,405        1,487  
     
               24,712  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%     continued

 

New York – 12.1%

     

Brighton Central School District G.O. Unlimited Bonds (State Aid Withholding),

     

2.00%, 6/15/25

     $1,440        $1,517  

2.00%, 6/15/26

     1,520        1,613  

2.00%, 6/15/27

     1,330        1,417  

City of Fargo North Dakota G.O. Limited Refunding Bonds, Series A,

     

2.00%, 4/1/27

     1,000        1,059  

Commack Union Free School District G.O. Unlimited Bonds, Series A (State Aid Withholding),

     

1.00%, 6/15/25

     1,400        1,416  

Dutchess County New York Public Improvement G.O. Limited Bonds, Series B,

     

2.00%, 4/1/26

     1,175        1,240  

Erie County Industrial Development Agency School Facility Revenue Refunding Bonds, School District & Buffalo City Project (State Aid Withholding),

     

5.00%, 5/1/28

     1,000        1,264  

Metropolitan Transportation Authority Revenue BANS, Series B-1,

     

5.00%, 5/15/22

     1,610        1,656  

Metropolitan Transportation Authority Revenue Bonds, Series D, Prerefunded,

     

5.00%, 11/15/21(5)

     2,500        2,514  

New York City Housing Development Corp. MFH Revenue Bonds, Series L, Sustainable Neighborhood Bonds,

     

2.75%, 12/29/23(1) (2) (3)

     3,000        3,084  

New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Subseries E-1,

     

5.00%, 2/1/26

     2,000        2,031  

New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds,

     

5.00%, 11/1/27

     1,000        1,248  

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds,

     

5.00%, 8/1/23

     1,000        1,087  

5.00%, 2/1/29

     3,295        3,648  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    298    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 81.2%    continued

 

New York – 12.1%    continued

     

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, Series A,

     

5.00%, 11/1/23

     $960        $963  

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Refunding Bonds, Series B,

     

5.00%, 11/1/26

     5,925        6,230  

5.00%, 11/1/27

     5,150        5,415  

New York City Transitional Finance Authority Revenue Future Tax Secured Subordinate Revenue Bonds, Series G,

     

5.00%, 11/1/25

     3,620        3,890  

New York City Transitional Finance Authority Subordinate Taxable Revenue Bonds, Series B-2,

     

1.36%, 8/1/27

     2,650        2,601  

New York City Transitional Finance Authority Subordinate Taxable Revenue Refunding Bonds, Series A-2,

     

0.84%, 11/1/25

     5,000        4,952  

New York G.O. Limited Bonds, Series F-4, Fiscal 2015,

     

5.00%, 12/1/25(1) (2) (3)

     3,750        4,342  

New York G.O. Unlimited Bonds, Series H,

     

5.00%, 8/1/22

     1,260        1,310  

New York G.O. Unlimited Bonds,
Series J-10, Fiscal 2008,

     

5.00%, 8/1/26

     605        731  

New York G.O. Unlimited Bonds, Series J-5, Fiscal 2008,

     

5.00%, 8/1/28

     1,000        1,267  

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series 2020, School Districts Financing Program (AGM Insured),

     

5.00%, 10/1/22

     1,500        1,572  

New York State Dormitory Authority State Personal Income Tax General Purpose Revenue Bonds, Series D, Unrefunded Balance,

     

5.00%, 2/15/27

     1,225        1,247  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 81.2%    continued

 

New York – 12.1%    continued

     

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A,

     

5.00%, 3/15/24

     $645        $719  

5.00%, 3/15/29

     2,600        3,351  

New York State Dormitory Authority State Personal Income Taxable Revenue Bonds,

     

1.54%, 3/15/27

     5,750        5,774  

New York State Dormitory Authority State Supported Debt Third General Resolution Revenue Bonds, State University,

     

5.00%, 5/15/26

     2,840        2,924  

New York State HFA Revenue Bonds,
Series E, Sustainability Bonds,

     

1.10%, 5/1/26

     2,500        2,514  

New York State HFA Revenue Bonds,
Series F,

     

1.10%, 11/1/26

     1,350        1,364  

New York State Housing Finance Agency Affordable Housing Revenue Bonds,
Series E (SonyMA Insured),

     

2.10%, 5/1/23

     2,000        2,002  

2.13%, 11/1/23

     1,000        1,010  

New York State Housing Finance Agency Affordable Housing Revenue Bonds,
Series J,

     

2.50%, 5/1/22

     875        876  

New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series M-2 (SonyMa, FHA Insured),

     

0.75%, 11/1/25

     4,000        4,003  

New York State Liberty Development Corp. Revenue Refunding Bonds, Four World Trade, Green Bonds,

     

1.20%, 11/15/28

     2,000        1,973  

New York State Urban Development Corp. Personal Income TRB, Series E,

     

5.00%, 3/15/28

     2,175        2,322  

5.00%, 3/15/29

     2,675        2,856  

South Glens Falls Central School District G.O. Unlimited Bonds, Series A (State Aid Withholding),

     

2.00%, 7/15/27

     2,655        2,805  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    299    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT-INTERMEDIATE TAX-EXEMPT FUND    continued

 

   

 

    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 81.2%    continued

 

New York – 12.1%    continued

     

Triborough Bridge & Tunnel Authority General Revenue Refunding Bonds, Series B,

     

5.00%, 11/15/25

     $7,500        $7,894  

Uniondale Union Free School District G.O. Unlimited Bonds (State Aid Withholding),

     

5.00%, 5/1/23

     1,675        1,801  

5.00%, 5/1/24

     1,955        2,190  

Utility Debt Securitization Authority Revenue Refunding Restructuring Bonds, Series A,

     

5.00%, 12/15/27

     1,450        1,720  
     
               107,412  

North Carolina – 0.8%

     

Forsyth County G.O. Unlimited Refunding Bonds,

     

3.00%, 4/1/28

     2,870        3,272  

North Carolina State G.O. Unlimited Bonds, Series A, Public Improvement Connect NC,

     

5.00%, 6/1/27

     2,000        2,477  

Wake County G.O. Unlimited Refunding Bonds, Series A,

     

5.00%, 4/1/22

     1,500        1,536  
     
               7,285  

North Dakota – 0.0%

     

City of Fargo North Dakota G.O. Unlimited Refunding Bonds, Series A,

     

3.00%, 5/1/25

     220        235  

Ohio – 2.9%

     

Akron Income Tax Revenue Refunding Bonds,

     

12/1/26(4)

     1,120        1,272  

Cuyahoga County Sales Tax Revenue Refunding Bonds,

     

5.00%, 12/1/21

     1,115        1,124  

Ohio State Common Schools G.O. Unlimited Bonds, Series B, Prerefunded,

     

5.00%, 6/15/22(5)

     2,205        2,280  

Ohio State Conservation Projects G.O. Unlimited Bonds, Series A,

     

4.00%, 3/1/28

     2,460        2,945  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 81.2%    continued

 

Ohio – 2.9%    continued

     

Ohio State G.O. Unlimited Bonds, Series A,

     

5.00%, 6/15/26

     $3,500        $3,736  

Ohio State Higher Education G.O. Unlimited Bonds, Series A,

     

5.00%, 5/1/22

     1,500        1,542  

Ohio State Highway Capital Improvements G.O. Unlimited Bonds, Series S,

     

5.00%, 5/1/28

     5,085        6,075  

Ohio State Infrastructure Improvement G.O. Limited Bonds, Series A,

     

3.00%, 9/1/27

     3,000        3,160  

University of Cincinnati Revenue Bonds, Series A, Prerefunded,

     

5.00%, 6/1/23(5)

     3,280        3,541  
     
               25,675  

Oklahoma – 1.2%

     

Oklahoma County Finance Authority Educational Facilities Lease Revenue Bonds, Midwest City-Del City Public School,

     

5.00%, 10/1/25

     1,000        1,167  

Oklahoma County Independent School District No. 89 G.O. Unlimited Bonds, Series A,

     

1.00%, 7/1/24

     2,000        2,036  

Tulsa County Independent School District No. 1 G.O. Unlimited Bonds, Series B,

     

0.15%, 9/1/23

     7,825        7,791  
     
               10,994  

Oregon – 0.3%

     

Oregon State G.O. Unlimited Bonds, Series L, Escrowed to Maturity,

     

5.00%, 11/1/21

     905        908  

Portland Water System Second Lien Revenue Refunding Bonds,

     

5.00%, 10/1/27

     1,640        1,752  
     
               2,660  

Pennsylvania – 1.2%

     

Delaware Valley Regional Financial Authority Revenue Bonds, Series A,

     

2.00%, 10/1/29

     2,275        2,379  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    300    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 81.2%    continued

 

Pennsylvania – 1.2%    continued

     

Easton Area School District Refunding G.O. Limited Bonds, Series A (State Aid Withholding),

     

4.00%, 4/1/26

     $1,600        $1,841  

Pennsylvania State G.O. Unlimited Bonds, Series 1, Prerefunded,

     

4.00%, 6/1/22(5)

     1,000        1,025  

5.00%, 4/1/23(5)

     1,000        1,071  

Pennsylvania State Turnpike Commission Subordinate Revenue Bonds, Series A, Motor License Fund-Enhanced, Prerefunded,

     

5.00%, 12/1/22(5)

     2,435        2,570  

Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, Series B,

     

5.00%, 12/1/25

     1,700        2,006  
     
               10,892  

South Carolina – 0.2%

     

County Square Redevelopment Corp. Installment Purchase Revenue BANS, Greenville County Project,

     

2.00%, 3/3/22

     2,000        2,016  

Tennessee – 1.7%

     

Hardin County G.O. Unlimited Refunding Bonds (AGM Insured),

     

5.00%, 6/1/24

     540        607  

Knox County G.O. Unlimited Bonds,
Series A,

     

5.00%, 8/1/27

     2,170        2,691  

Metropolitan Government of Nashville & Davidson County, G.O. Unlimited Refunding Bonds, Prerefunded,

     

5.00%, 7/1/23(5)

     6,055        6,560  

Tennergy Corp. Gas Revenue Bonds, Series A,

     

5.00%, 10/1/24(1) (2) (3)

     4,500        5,072  
     
               14,930  

Texas – 5.6%

     

Beaumont Independent School District G.O. Unlimited Refunding Bonds
(PSF, Gtd.),

     

5.00%, 2/15/23

     1,150        1,224  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 81.2%    continued

 

Texas – 5.6%    continued

     

Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Refunding Bonds, Prerefunded,

     

5.00%, 12/1/22(5)

     $750        $792  

Dallas-Fort Worth International Airport Revenue Refunding Bonds, Series A,

     

5.00%, 11/1/26

     1,500        1,822  

Ector County Independent School District G.O. Unlimited Bonds, School Building (PSF, Gtd.), Prerefunded,

     

5.00%, 8/15/23(5)

     615        669  

El Paso Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),

     

5.00%, 8/15/23

     1,000        1,089  

5.00%, 8/15/27

     1,000        1,242  

Fort Bend Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),

     

5.00%, 8/15/27

     2,685        2,793  

Fort Bend Independent School District Variable G.O. Unlimited Bonds, Series B (PSF, Gtd.),

     

0.88%, 8/1/25(1) (2) (3)

     1,195        1,208  

Goose Creek Consolidated Independent School District Variable G.O. Unlimited Bonds, Series B (PSF, Gtd.),

     

10/3/22(4)

     2,000        1,999  

Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center,

     

0.90%, 5/15/25(1) (2) (3)

     2,000        2,001  

Houston Utility System First Lien Revenue Refunding Bonds, Series B,

     

5.00%, 11/15/21

     4,165        4,188  

Laredo Certificates Obligation G.O. Limited Bonds,

     

5.00%, 2/15/23

     500        532  

Laredo Public Property Finance Contractual Obligation G.O. Limited Bonds,

     

5.00%, 2/15/27

     800        975  

Leander G.O. Limited Refunding Bonds,

     

5.00%, 8/15/22

     500        520  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    301    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT-INTERMEDIATE TAX-EXEMPT FUND    continued

 

   

 

    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 81.2%    continued

 

Texas – 5.6%    continued

     

Leander Independent School District G.O. Unlimited Bonds, Series A, School Building (PSF, Gtd.),

     

5.00%, 8/15/23

     $1,000        $1,088  

Leander Independent School District G.O. Unlimited Bonds, Series C (PSF, Gtd.),

     

5.00%, 8/15/28

     750        953  

Lewisville Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

     

5.00%, 8/15/23

     1,330        1,449  

McAllen Independent School District G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.),

     

4.00%, 2/15/26

     1,000        1,148  

Midway Independent School District G.O. Unlimited Refunding Bonds
(PSF, Gtd.),

     

5.00%, 8/1/26

     1,500        1,806  

4.00%, 8/1/27

     1,425        1,677  

North Central Texas State Housing Finance Corp. Variable Revenue Bonds, Bluebonnet Ridge Apartment,

     

0.38%, 8/1/24(1) (2) (3)

     1,750        1,746  

Northside Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),

     

1.60%, 8/1/24(1) (2) (3)

     1,480        1,526  

Pecos Barstow Toyah Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

     

5.00%, 2/15/27

     1,000        1,224  

San Antonio Electric & Gas Junior Lien Variable Revenue Bonds,

     

1.13%, 12/1/26(1) (2) (3)

     3,500        3,546  

San Antonio Electric & Gas Revenue Refunding Bonds,

     

5.00%, 2/1/25

     645        671  

Southwest Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

     

5.00%, 2/1/28

     915        1,144  

Texas State G.O. Unlimited Refunding Bonds, Series B,

     

4.00%, 8/1/26

     2,355        2,662  

4.00%, 8/1/27

     2,135        2,409  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%    continued

 

Texas – 5.6%    continued

     

Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds,

     

5.00%, 12/15/26

     $1,400        $1,688  

Texas State Municipal Power Agency Revenue Refunding Bonds
(AGM Insured),

     

3.00%, 9/1/28

     900        984  

Travis County Certificates Obligation G.O. Limited Bonds,

     

2.00%, 3/1/23

     2,075        2,128  

1.00%, 3/1/24

     800        813  

West Harris County Regional Water Authority System Revenue Refunding Bonds, Series A,

     

5.00%, 12/15/21

     500        505  
     
               50,221  

Utah – 1.0%

     

Davis County School District G.O. Unlimited Refunding Bonds, Utah School Bond Guaranty (School Board Guaranty Program),

     

3.00%, 6/1/28

     4,095        4,368  

Utah County Hospital Revenue Bonds, Series B, IHC Health Services, Inc.,

     

5.00%, 8/1/24(1) (2) (3)

     3,850        4,347  
     
               8,715  

Virginia – 2.6%

     

Arlington County G.O. Unlimited Bonds,

     

5.00%, 6/15/27

     4,555        5,650  

Fairfax County IDA Health Care Revenue Refunding Bonds, Inova Health System,

     

5.00%, 5/15/23(1) (2) (3)

     9,125        9,814  

Hampton Roads Transportation Accountability Commission Senior Lien Revenue BANS,

     

5.00%, 7/1/26

     5,000        6,028  

Virginia State Resources Authority Infrastructure Revenue Refunding Bonds, Virginia Pooled Financing Program (State Intercept Program),

     

5.00%, 11/1/22

     1,110        1,168  
     
               22,660  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    302    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 81.2%    continued

 

Washington – 6.1%

     

Franklin County School District No. 1
Pasco G.O. Unlimited Bonds (School Board Guaranty Program),

     

4.00%, 12/1/28

     $1,500        $1,587  

Franklin County School District No. 1
Pasco G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

     

5.00%, 12/1/26

     1,340        1,535  

King County Lake Washington School District No. 414 G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

     

4.00%, 12/1/28

     3,000        3,636  

King County School District No. 411 Issaquah G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

     

5.00%, 12/1/24

     1,045        1,102  

Pierce County Bethel School District No. 403 G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

     

4.00%, 12/1/21

     850        855  

4.00%, 12/1/22

     800        836  

4.00%, 12/1/27

     1,250        1,491  

Pierce County School District No. 320 G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

     

4.00%, 12/1/28

     650        723  

Pierce County School District No. 83 University Place G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

     

5.00%, 12/1/26

     3,205        3,671  

Seattle G.O. Limited Refunding Bonds, Series A,

     

4.00%, 4/1/27

     2,775        3,188  

Snohomish County School District No. 15 Edmonds G.O. Unlimited Bonds (School Board Guaranty Program),

     

5.00%, 12/1/21

     750        756  

Snohomish County School District No. 201 G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

     

5.00%, 12/1/23

     1,200        1,209  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 81.2%    continued

 

Washington – 6.1%    continued

     

Spokane County School District No. 81 Spokane G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

     

4.00%, 12/1/28

     $2,200        $2,668  

Thurston & Pierce Counties Community Schools G.O. Unlimited Bonds (School Board Guaranty Program),

     

5.00%, 12/1/23

     685        754  

Walla Walla County School District No. 250 College Place G.O. Unlimited Bonds (School Board Guaranty Program),

     

4.25%, 12/1/28

     2,445        2,508  

Washington State G.O. Unlimited Bonds, Series 2017-A,

     

5.00%, 8/1/29

     2,400        2,890  

Washington State G.O. Unlimited Bonds, Series E,

     

5.00%, 6/1/27

     5,855        7,253  

Washington State G.O. Unlimited Refunding Bonds, Motor Vehicle Fuel Tax,

     

5.00%, 7/1/25

     1,000        1,036  

5.00%, 7/1/26

     5,000        5,176  

Washington State G.O. Unlimited Refunding Bonds, Series R-2013A,

     

5.00%, 7/1/24

     750        777  

Washington State Motor Vehicle Fuel Tax G.O. Unlimited Bonds, Series E,

     

5.00%, 2/1/22

     775        787  

Washington State Various Purpose G.O. Unlimited Refunding Bonds,
Series R-2012C,

     

4.00%, 7/1/28

     7,495        7,698  

Washington State Various Purpose G.O. Unlimited Refunding Bonds, Series R-C,

     

4.00%, 7/1/27

     1,840        1,952  
     
               54,088  

West Virginia – 0.3%

     

West Virginia State University Revenue Bonds, Series B, Virginia University Projects, Prerefunded,

     

4.75%, 10/1/21(5)

     2,595        2,595  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    303    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT-INTERMEDIATE TAX-EXEMPT FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 81.2%    continued

 

Wisconsin – 3.3%

     

Gateway Technical College District G.O. Unlimited Promissory Notes, Series A-20,

     

3.00%, 4/1/26

     $825        $910  

Janesville G.O. Unlimited Promissory Notes, Series A,

     

2.00%, 2/1/22

     455        458  

Wisconsin State G.O. Unlimited Refunding Bonds,

     

5.00%, 11/1/21

     1,000        1,004  

Wisconsin State G.O. Unlimited Refunding Bonds, Series 2021-2,

     

5.00%, 5/1/27

     5,000        6,166  

Wisconsin State G.O. Unlimited Refunding Bonds, Series 3, Prerefunded,

     

5.00%, 11/1/22(5)

     3,925        4,130  

Wisconsin State G.O. Unlimited Refunding Bonds, Series 4,

     

5.00%, 5/1/26

     645        736  

Wisconsin State Housing & EDA Revenue Bonds, Series A,

     

1.60%, 11/1/22(1) (2) (3)

     1,000        1,001  

Wisconsin State Housing & EDA Variable Revenue Refunding Bonds, Series B (HUD Sector 8 Program),

     

0.40%, 11/1/23(1) (2) (3)

     2,010        2,010  

Wisconsin State Transportation Revenue Bonds, Series A,

     

5.00%, 7/1/28

     4,000        4,827  

Wisconsin State Transportation Revenue Refunding Bonds, Series 1, Prerefunded,

     

5.00%, 7/1/23(5)

     7,505        8,131  
     
               29,373  
     

Total Municipal Bonds

                 

(Cost $717,449)

        723,450  
    
   

NUMBER

OF SHARES

    VALUE
(000S)

INVESTMENT COMPANIES – 11.3%

 

Northern Institutional Funds -
U.S. Government Portfolio (Shares), 0.00%(6) (7)

     100,802,086        $100,802  
     

Total Investment Companies

                 

(Cost $100,802)

        100,802  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

SHORT-TERM INVESTMENTS – 10.4%

 

Colorado Education Loan Program TRANS, Series A,

     

4.00%, 6/29/22

     $15,000        $15,433  

Colorado Education Loan Program TRANS, Series A,

     

2.00%, 6/29/22

     5,000        5,070  

Connecticut State Health & Educational Facilities Authority Revenue Bonds,
Series U-1, Yale University Issue,

     

2.00%, 2/8/22(1) (2) (3)

     7,075        7,120  

Cypress-Fairbanks Independent School District G.O. Unlimited Bonds, Series B-1 (PSF, Gtd.),

     

1.25%, 8/15/22(1) (2) (3)

     4,250        4,287  

Goose Creek Consolidated Independent School District G.O. Unlimited Bonds, Series B (PSF, Gtd.),

     

0.45%, 8/15/22(1) (2) (3)

     4,000        4,009  

Indiana State Finance Authority Hospital Revenue Bonds, Indiana University Health Obligated Group, Prerefunded,

     

1.65%, 1/1/22(2) (3) (5)

     6,000        6,021  

King County Variable G.O. Limited Refunding Bonds, Series A,

     

0.10%, 10/1/21(1) (3) (8)

     9,950        9,950  

Michigan State Finance Authority Revenue Notes, Series A-1 (State Aid Withholding),

     

3.00%, 7/20/22

     3,500        3,580  

New York City Housing Development Corp. Multi-Family Housing Variable Revenue Notes, Series H,

     

0.12%, 3/15/22(1) (2) (3)

     1,000        1,000  

New York State HFA Variable Revenue Refunding Bonds, Affordable Housing (SonyMA Insured),

     

1.88%, 11/1/21(1) (2) (3)

     90        90  

North East Independent School District Variable G.O. Unlimited Bonds, Series B (PSF, Gtd.),

     

0.25%, 8/1/22(1) (2) (3)

     3,500        3,500  

Ohio State University Variable Revenue Bonds, Series B-1,

     

0.05%, 10/8/21(1) (3) (8)

     5,325        5,325  

Ohio State Variable G.O. Unlimited Bonds, Series B, Common Schools,

     

0.05%, 10/8/21(1) (3) (8)

     8,460        8,460  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    304    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		   

VALUE

(000S)

SHORT-TERM INVESTMENTS - 10.4%    continued

 

Palacios Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

     

4.00%, 2/15/22

     $1,000        $1,014  

San Antonio Electric & Gas Variable Revenue Refunding Bonds, Series B,

     

2.00%, 12/1/21(1) (2) (3)

     2,000        2,003  

South Carolina Association of Governmental Organizations COPS, Series B (SCSDE Insured),

     

3.00%, 3/1/22

     15,000        15,181  

Texas State Variable G.O. Unlimited Refunding Bonds, Water Financial Assistance,

     

1.85%, 8/1/22(1) (2) (3)

     485        485  
     

Total Short-Term Investments

                 

(Cost $92,426)

        92,528  

    

     
     

Total Investments – 102.9%

                 

(Cost $910,677)

        916,780  

Liabilities less Other Assets – (2.9%)

        (26,117 ) 
     

NET ASSETS – 100.0%

        $890,663  

 

(1)

Maturity date represents the puttable date.

(2)

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

(3)

Variable rate security. Rate as of September 30, 2021 is disclosed.

(4)

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(5)

Maturity date represents the prerefunded date.

(6)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(7)

7-day current yield as of September 30, 2021 is disclosed.

(8)

Rate is determined by a remarketing agent and, in the agent’s judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

BANS - Bond Anticipation Notes

COPS - Certificates of Participation

CWA - Clean Water Act

EDA - Economic Development Authority

FHA - Federal Housing Administration

G.O. - General Obligation

GANS - Grant Anticipation Notes

GARVEE - Grant Anticipation Revenue Vehicle

Gtd. - Guaranteed

HFA - Housing Finance Authority

HUD - Housing and Urban Development

IDA - Industrial Development Authority

LCTCS - Louisiana Community and Technical College System

MFH - Multi-Family Housing

NCROC - Northern California Retired Officers Community

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

SCSDE - South Carolina State Department of Education

SonyMA - State of New York Mortgage Agency

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE(1)    % OF NET ASSETS    

  Municipal Bonds

    81.2%

  Investment Companies

    11.3%

  Short-Term Investments

    10.4%

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    305    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT-INTERMEDIATE TAX-EXEMPT FUND    continued

 

  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   

LEVEL 1

(000S)

     

LEVEL 2

(000S)

     

LEVEL 3

(000S)

     

TOTAL

(000S)

  

  Municipal Bonds(1)

    $ —      $ 723,450        $—      $ 723,450    

  Investment Companies

      100,802        —        —        100,802    

  Short-Term Investments

      —        92,528        —        92,528    

  Total Investments

    $ 100,802      $ 815,978        $—      $ 916,780    

 

(1)

Classifications as defined in the Schedule of Investments.

                

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    306    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

   

SCHEDULE OF INVESTMENTS     

 

 

 

   SHORT-INTERMEDIATE U.S. GOVERNMENT FUND

 

  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES – 6.5% (1)

 

Fannie Mae – 3.9%

     

Pool #555649,

     

7.50%, 10/1/32

     $22        $24  

Pool #BH9277,

     

3.50%, 2/1/48

     186        198  

Pool #BM1239,

     

3.50%, 2/1/32

     153        165  

Pool #BM5017,

     

3.00%, 3/1/30

     175        185  

Pool #FM1472,

     

3.50%, 3/1/34

     210        225  

Pool #FM1842,

     

3.50%, 6/1/34

     115        123  

Pool #FM1849,

     

3.50%, 12/1/33

     459        490  

Pool #FM1852,

     

3.00%, 7/1/33

     205        216  

Pool #FM1897,

     

3.00%, 9/1/32

     553        582  

Pool #FM3308,

     

3.00%, 4/1/32

     175        184  

Pool #MA3027,

     

4.00%, 6/1/47

     57        61  
     
               2,453  

Freddie Mac – 1.3%

     

Pool #SB0084,

     

3.00%, 2/1/32

     342        363  

Pool #SB0215,

     

3.00%, 2/1/32

     188        199  

Pool #SB0216,

     

3.00%, 12/1/32

     206        217  

Pool #ZS7735,

     

2.00%, 1/1/32

     4        4  
     
               783  

Freddie Mac Gold – 0.9%

     

Pool #C91831,

     

3.00%, 6/1/35

     148        158  

Pool #C91868,

     

3.50%, 4/1/36

     162        175  

Pool #D99701,

     

3.00%, 11/1/32

     231        246  
     
               579  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 6.5% (1)    continued

 

Government National Mortgage Association – 0.3%

 

Government National Mortgage Association, Series 2017-95, Class QG,

     

2.50%, 8/20/46

     $165        $172  

Government National Mortgage Association I – 0.1%

 

Pool #676682,

     

4.50%, 6/15/25

     37        38  

Pool #782618,

     

4.50%, 4/15/24

     12        13  

Pool #783245,

     

5.00%, 9/15/24

     13        14  

Pool #783489,

     

5.00%, 6/15/25

     5        5  
     
               70  

Total U.S. Government Agencies

                 

(Cost $3,950)

        4,057  

    

     

U.S. GOVERNMENT OBLIGATIONS – 89.3%

     

U.S. Treasury Notes – 89.3%

     

0.25%, 4/15/23

     1,155        1,156  

1.63%, 5/31/23

     3,274        3,350  

0.13%, 8/31/23

     6,816        6,798  

0.13%, 9/15/23

     4,116        4,103  

2.88%, 10/31/23

     1,100        1,159  

2.88%, 11/30/23

     1,655        1,746  

2.50%, 1/31/24

     1,575        1,653  

0.38%, 4/15/24

     1,020        1,019  

2.00%, 4/30/24

     1,480        1,540  

0.25%, 5/15/24

     2,371        2,360  

1.75%, 7/31/24

     1,390        1,440  

0.38%, 8/15/24

     8,918        8,886  

1.88%, 8/31/24

     1,350        1,404  

2.13%, 9/30/24

     1,355        1,420  

2.25%, 11/15/24

     1,275        1,342  

2.50%, 1/31/25

     1,205        1,280  

2.75%, 2/28/25

     1,175        1,259  

2.88%, 4/30/25

     725        781  

2.88%, 5/31/25

     1,105        1,192  

0.25%, 7/31/25

     1,140        1,118  

2.13%, 5/31/26

     1,311        1,383  

0.88%, 6/30/26

     2,453        2,444  

1.88%, 6/30/26

     1,298        1,354  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    307    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   SHORT-INTERMEDIATE U.S. GOVERNMENT FUND  continued

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 89.3%    continued

 

U.S. Treasury Notes – 89.3%    continued

 

1.88%, 7/31/26

     $1,277        $1,332  

0.75%, 8/31/26

     4,068        4,024  
     
               55,543  
     

Total U.S. Government Obligations

                 

(Cost $55,796)

        55,543  
    
   

NUMBER

OF SHARES

    VALUE
(000S)

INVESTMENT COMPANIES – 0.1%

     

Northern Institutional Funds -
U.S. Government Portfolio (Shares),

     

0.00%(2) (3)

     58,295        $58  
     

Total Investment Companies

                 
     

(Cost $58)

        58  
    
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.8%

     

U.S. Treasury Bill,

     

0.05%, 12/30/21(4) (5)

     $500        $500  
     

Total Short-Term Investments

                 

(Cost $500)

        500  
    
     

Total Investments – 96.7%

                 

(Cost $60,304)

        60,158  

Other Assets less Liabilities – 3.3%

              2,033  

NET ASSETS – 100.0%

        $62,191  

 

(1)

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(2)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(3)

7-day current yield as of September 30, 2021 is disclosed.

(4)

Discount rate at the time of purchase.

(5)

Security pledged related to the Fund’s investment in futures contracts during the period. As of September 30, 2021, the Fund did not hold any open futures contracts.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE(1)    % OF NET ASSETS   

  U.S. Government Agencies

    6.5%

  U.S. Government Obligations

    89.3%

  Investment Companies

    0.1%

  Short-Term Investments

    0.8%

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   LEVEL 1
(000S)		     LEVEL 2
(000S)		     LEVEL 3
(000S)		     TOTAL
(000S)		  

  U.S. Government Agencies(1)

     $—     $ 4,057       $—     $ 4,057     

  U.S. Government Obligations(1)

     —       55,543       —       55,543     

  Investment Companies

     58       —       —       58     

  Short-Term Investments

     —       500       —       500     
         

  Total Investments

     $58     $ 60,100       $—     $ 60,158     

 

(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    308    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

    SCHEDULE OF INVESTMENTS  

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND

 

  

 

SEPTEMBER 30, 2021 (UNAUDITED)  

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS – 18.1%

     

Aerospace & Defense – 0.6%

     

Boeing (The) Co.,

     

1.43%, 2/4/24

     $22,190        $22,223  

Huntington Ingalls Industries, Inc.,

     

0.67%, 8/16/23 (1)

     5,000        4,999  
     
               27,222  

Airlines – 0.1%

     

Southwest Airlines Co.,

     

4.75%, 5/4/23

     5,000        5,323  

Automobiles Manufacturing – 2.7%

     

American Honda Finance Corp.,

     

1.95%, 5/20/22

     5,000        5,055  

BMW U.S. Capital LLC,

     

3.80%, 4/6/23 (1)

     8,900        9,336  

General Motors Financial Co., Inc.,

     

1.70%, 8/18/23

     14,110        14,377  

1.05%, 3/8/24

     7,000        7,030  

Hyundai Capital America,

     

1.25%, 9/18/23 (1)

     20,000        20,173  

0.88%, 6/14/24 (1)

     8,100        8,057  

Nissan Motor Acceptance Co. LLC,

     

1.13%, 9/16/24 (1)

     4,500        4,492  

Toyota Motor Credit Corp.,

     

1.15%, 5/26/22

     16,000        16,100  

(Floating, U.S. SOFR + 0.29%),
0.34%, 9/13/24 (2)

     10,200        10,213  

Volkswagen Group of America Finance LLC,

     

0.75%, 11/23/22 (1)

     10,000        10,029  

3.13%, 5/12/23 (1)

     11,850        12,311  
     
               117,173  

Banks – 2.3%

     

Capital One N.A.,

     

2.15%, 9/6/22

     12,500        12,706  

KeyBank N.A.,

     

(Floating, U.S. SOFR + 0.34%),
0.39%, 1/3/24 (2)

     5,000        5,009  

M&T Bank Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.68%), 0.81%, 7/26/23 (2)

     12,708        12,825  

Synchrony Bank,

     

3.00%, 6/15/22

     7,500        7,623  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 18.1%    continued

     

Banks – 2.3%    continued

     

Truist Bank,

     

(Floating, U.S. SOFR + 0.20%),
0.25%, 1/17/24 (2)

     $20,800        $20,821  

Truist Financial Corp.,

     

(Floating, U.S. SOFR + 0.40%),
0.45%, 6/9/25 (2)

     15,000        15,059  

U.S. Bank N.A.,

     

1.80%, 1/21/22

     10,000        10,034  

2.65%, 5/23/22

     15,000        15,206  
     
               99,283  

Biotechnology – 0.3%

     

Gilead Sciences, Inc.,

     

(Floating, ICE LIBOR USD 3M + 0.52%), 0.65%, 9/29/23(2)

     10,900        10,900  

Chemicals – 0.1%

     

Avery Dennison Corp.,

     

0.85%, 8/15/24

     4,840        4,841  

Commercial Finance – 0.7%

     

Air Lease Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.35%), 0.47%, 12/15/22 (2)

     20,000        20,037  

0.80%, 8/18/24

     10,000        9,940  
     
               29,977  

Construction Materials Manufacturing – 0.1%

     

Martin Marietta Materials, Inc.,

     

0.65%, 7/15/23

     5,860        5,871  

Consumer Finance – 0.5%

     

American Express Co.,

     

3.70%, 11/5/21

     11,413        11,414  

Capital One Financial Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.72%), 0.85%, 1/30/23 (2)

     5,000        5,040  

PayPal Holdings, Inc.,

     

2.20%, 9/26/22

     5,000        5,096  
     
               21,550  

Diversified Banks – 0.9%

     

Bank of America Corp.,

     

(Variable, U.S. SOFR + 0.41%),
0.52%, 6/14/24 (3)

     7,170        7,167  

Citigroup, Inc.,

     

(Variable, U.S. SOFR + 0.87%),
2.31%, 11/4/22 (3)

     10,000        10,015  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    309    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 18.1%    continued

     

Diversified Banks – 0.9%    continued

     

(Floating, U.S. SOFR + 0.67%),
0.72%, 5/1/25 (2)

     $4,700        $4,741  

JPMorgan Chase & Co.,

     

(Floating, U.S. SOFR + 0.77%),
0.82%, 9/22/27 (2)

     16,400        16,541  
     
               38,464  

Electrical Equipment Manufacturing – 0.1%

     

Otis Worldwide Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.45%), 0.58%, 4/5/23(2)

     2,400        2,400  

Entertainment Content – 0.1%

     

Fox Corp.,

     

3.67%, 1/25/22

     2,900        2,930  

Financial Services – 1.4%

     

Bank of New York Mellon (The) Corp.,

     

1.85%, 1/27/23

     10,000        10,191  

Goldman Sachs Group (The), Inc.,

     

(Floating, U.S. SOFR + 0.54%),
0.59%, 11/17/23 (2)

     20,100        20,171  

(Variable, U.S. SOFR + 0.51%),
0.66%, 9/10/24 (3)

     5,000        5,001  

Morgan Stanley,

     

(Variable, U.S. SOFR + 0.47%),
0.56%, 11/10/23 (3)

     5,000        5,006  

(Variable, U.S. SOFR + 0.46%),
0.53%, 1/25/24 (3)

     15,000        15,011  

Nasdaq, Inc.,

     

0.45%, 12/21/22

     6,000        6,000  
     
               61,380  

Food & Beverage – 0.2%

     

Conagra Brands, Inc.,

     

0.50%, 8/11/23

     5,760        5,760  

Mondelez International, Inc.,

     

0.63%, 7/1/22

     5,000        5,014  
     
               10,774  

Integrated Oils – 0.3%

     

BP Capital Markets America, Inc.,

     

2.94%, 4/6/23

     3,400        3,528  

Exxon Mobil Corp.,

     

1.57%, 4/15/23

     10,000        10,194  
     
               13,722  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 18.1%    continued

     

Life Insurance – 2.5%

     

Athene Global Funding,

     

1.20%, 10/13/23 (1)

     $15,000        $15,191  

0.95%, 1/8/24 (1)

     30,700        30,848  

Metropolitan Life Global Funding I,

     

(Floating, U.S. SOFR + 0.30%),
0.35%, 9/27/24 (1) (2)

     18,800        18,816  

New York Life Global Funding,

     

(Floating, U.S. SOFR + 0.48%),
0.53%, 6/9/26 (1) (2)

     20,000        20,091  

Principal Life Global Funding II,

     

(Floating, U.S. SOFR + 0.38%),
0.43%, 8/23/24 (1) (2)

     12,000        12,045  

Security Benefit Global Funding,

     

1.25%, 5/17/24

     9,300        9,363  
     
               106,354  

Machinery Manufacturing – 1.4%

     

Caterpillar Financial Services Corp.,

     

0.95%, 5/13/22

     5,000        5,024  

(Floating, U.S. SOFR + 0.25%),
0.30%, 5/17/24 (2)

     20,000        20,054  

(Floating, U.S. SOFR + 0.27%),
0.32%, 9/13/24 (2)

     15,700        15,747  

CNH Industrial Capital LLC,

     

1.95%, 7/2/23

     7,900        8,075  

John Deere Capital Corp.,

     

(Floating, U.S. SOFR + 0.12%),
0.17%, 7/10/23 (2)

     13,500        13,523  
     
               62,423  

Managed Care – 0.1%

     

Humana, Inc.,

     

0.65%, 8/3/23

     5,000        5,003  

Pharmaceuticals – 0.1%

     

Bristol-Myers Squibb Co.,

     

0.54%, 11/13/23

     5,000        5,001  

Real Estate – 0.1%

     

Public Storage,

     

(Floating, U.S. SOFR + 0.47%),
0.52%, 4/23/24(2)

     5,000        5,008  

Refining & Marketing – 0.2%

     

Phillips 66,

     

3.70%, 4/6/23

     5,500        5,761  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    310    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 18.1%    continued

     

Refining & Marketing – 0.2%    continued

 

Valero Energy Corp.,

     

2.70%, 4/15/23

     $4,920        $5,079  
     
               10,840  

Restaurants – 0.1%

     

Starbucks Corp.,

     

1.30%, 5/7/22

     3,330        3,350  

Semiconductors – 0.1%

     

Analog Devices, Inc.,

     

(Floating, U.S. SOFR + 0.25%),
0.30%, 10/1/24(2)

     5,080        5,092  

Software & Services – 0.2%

     

salesforce.com, Inc.,

     

0.63%, 7/15/24

     5,540        5,550  

Vmware, Inc.,

     

1.00%, 8/15/24

     2,000        2,007  
     
               7,557  

Supermarkets & Pharmacies – 0.2%

     

7-Eleven, Inc.,

     

0.80%, 2/10/24(1)

     7,100        7,096  

Tobacco – 0.1%

     

Philip Morris International, Inc.,

     

1.13%, 5/1/23

     4,540        4,598  

Utilities – 1.6%

     

American Electric Power Co., Inc.,

     

(Floating, ICE LIBOR USD 3M + 0.48%), 0.61%, 11/1/23 (2)

     13,400        13,409  

Black Hills Corp.,

     

1.04%, 8/23/24

     10,700        10,701  

CenterPoint Energy, Inc.,

     

(Floating, U.S. SOFR + 0.65%),
0.70%, 5/13/24 (2)

     5,910        5,922  

Duke Energy Corp.,

     

(Floating, U.S. SOFR + 0.25%),
0.30%, 6/10/23 (2)

     9,200        9,212  

Florida Power & Light Co.,

     

(Floating, U.S. SOFR + 0.25%),
0.30%, 5/10/23 (2)

     10,000        10,001  

NextEra Energy Capital Holdings, Inc.,

     

2.90%, 4/1/22

     5,000        5,066  

0.65%, 3/1/23

     7,750        7,776  

Southern (The) Co.,

     

0.60%, 2/26/24

     3,000        2,994  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 18.1%    continued

     

Utilities – 1.6% continued

     

WEC Energy Group, Inc.,

     

0.80%, 3/15/24

     $5,000        $5,015  
     
               70,096  

Wireless Telecommunications Services – 1.0%

 

   

AT&T, Inc.,

     

0.90%, 3/25/24

     30,000        30,047  

Verizon Communications, Inc.,

     

0.75%, 3/22/24

     11,750        11,795  
     
               41,842  

Total Corporate Bonds

     
     

(Cost $781,144)

        786,070  
          

FOREIGN ISSUER BONDS – 9.8%

     

Banks – 5.0%

     

ANZ New Zealand International Ltd.,

     

1.90%, 2/13/23 (1)

     10,000        10,213  

Banque Federative du Credit Mutuel S.A.,

     

(Floating, U.S. SOFR + 0.41%),
0.46%, 2/4/25 (1) (2)

     43,000        43,029  

Barclays Bank PLC,

     

1.70%, 5/12/22

     13,600        13,707  

Commonwealth Bank of Australia,

     

7/7/25 (1) (2) (4)

     26,300        26,340  

Credit Suisse A.G.,

     

2.80%, 4/8/22

     3,400        3,446  

Deutsche Bank A.G.,

     

0.90%, 5/28/24

     5,000        4,995  

ING Groep N.V.,

     

(Floating, ICE LIBOR USD 3M + 1.15%), 1.28%, 3/29/22 (2)

     10,030        10,087  

(Floating, ICE LIBOR USD 3M + 1.00%), 1.13%, 10/2/23 (2)

     5,900        5,988  

1.06%, 4/1/27 (2)

     33,800        34,148  

Lloyds Banking Group PLC,

     

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.10%), 1.33%, 6/15/23 (3)

     5,500        5,535  

National Australia Bank Ltd.,

     

1.88%, 12/13/22

     5,000        5,097  

NatWest Markets PLC,

     

(Floating, U.S. SOFR + 0.53%),
0.58%, 8/12/24 (1) (2)

     12,500        12,571  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    311    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 9.8%    continued

 

Banks – 5.0%    continued

     

(Floating, U.S. SOFR + 0.76%),
0.81%, 9/29/26 (1) (2)

     $32,800        $32,874  

Nordea Bank Abp,

     

(Floating, ICE LIBOR USD 3M + 0.94%), 1.06%, 8/30/23 (1) (2)

     5,800        5,882  
     
               213,912  

Diversified Banks – 4.5%

     

Banco Santander S.A.,

     

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.45%), 0.70%, 6/30/24 (3)

     10,000        10,018  

Bank of Montreal,

     

(Floating, U.S. SOFR + 0.35%),
0.40%, 12/8/23 (2)

     5,000        5,017  

(Floating, U.S. SOFR + 0.62%),
0.67%, 9/15/26 (2)

     34,600        34,731  

Bank of Nova Scotia (The),

     

(Floating, U.S. SOFR + 0.55%),
0.60%, 9/15/23 (2)

     25,000        25,169  

(Floating, U.S. SOFR + 0.38%),
0.43%, 7/31/24 (2)

     10,000        10,025  

(Floating, U.S. SOFR + 0.61%),
0.66%, 9/15/26 (2)

     24,770        24,844  

Canadian Imperial Bank of Commerce,

     

0.45%, 6/22/23

     5,000        5,000  

(Floating, U.S. SOFR + 0.40%),
0.45%, 12/14/23 (2)

     5,000        5,012  

HSBC Holdings PLC,

     

0.73%, 8/17/24 (3)

     10,000        10,007  

Mitsubishi UFJ Financial Group, Inc.,

     

2.62%, 7/18/22

     14,000        14,258  

Royal Bank of Canada,

     

1.95%, 1/17/23

     15,000        15,316  

1.60%, 4/17/23

     10,000        10,193  

Toronto-Dominion Bank (The),

     

(Floating, U.S. SOFR + 0.35%),
0.40%, 9/10/24 (2)

     25,000        25,089  
     
               194,679  

Food & Beverage – 0.2%

     

Mondelez International Holdings Netherlands B.V.,

     

2.13%, 9/19/22(1)

     9,000        9,163  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 9.8%    continued

 

Pipeline – 0.1%

     

Enbridge, Inc.,

     

0.55%, 10/4/23

     $6,060        $6,062  
     

Total Foreign Issuer Bonds

                 
     

(Cost $421,036)

        423,816  
          

MUNICIPAL BONDS – 63.0%

     

Alabama – 2.2%

     

Black Belt Energy Gas District Alabama Gas Prepay Revenue Bonds,
Series-B-2,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.62%), 0.67%, 12/1/23(2) (5)

     60,000        60,212  

Mobile IDB Pollution Control Variable Revenue Bonds, Alabama Power Barry Plant,

     

2.90%, 12/12/23(2) (5) (6)

     1,000        1,052  

Montgomery G.O. Unlimited Refunding Bonds, Series B, Warrants,

     

3.00%, 12/1/22

     1,400        1,445  

South East Alabama State Gas Supply District Gas Supply Revenue Bonds, Series C, SIFMA Index-Project No. 1,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.65%), 0.70%, 4/1/24(2) (5)

     26,000        26,128  

Southeast Energy Authority Revenue Bonds, A Cooperative District Commodity Supply Project No. 1,
Series A,

     

4.00%, 10/1/22

     355        368  

4.00%, 10/1/23

     425        455  

University of Alabama University General Revenue Refunding Bonds, Series A,

     

5.00%, 7/1/22

     5,760        5,965  
     
               95,625  

Alaska – 0.1%

     

Alaska State International Airports Revenue Refunding Bonds, Series C (AMT),

     

5.00%, 10/1/22

     500        524  

5.00%, 10/1/23

     1,525        1,668  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    312    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%    continued

     

Alaska – 0.1%    continued

     

Alaska State Municipal Bond Bank Authority Revenue Refunding Bonds, Series One,

     

5.00%, 12/1/23

     $1,495        $1,646  

Northern Tobacco Securitization Corp. Settlement Revenue Refunding Senior Bonds, Series A, Class 1,

     

4.00%, 6/1/23

     500        529  

5.00%, 6/1/24

     580        647  
     
               5,014  

Arizona – 0.2%

     

Maricopa County IDA Variable Revenue Refunding Bonds, Series B, Banner Health,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.57%), 0.62%, 10/18/24(2) (5)

     8,040        8,085  

California – 6.7%

     

Bay Area Toll Authority Toll Bridge Variable Revenue Refunding Bonds, San Francisco Bay Area,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.45%), 0.50%, 4/1/26(2) (5)

     8,750        8,848  

California State Department of Water Resources Central Valley Project Water System Variable Revenue Bonds, Series AT,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.37%), 0.42%, 12/1/22(2) (5)

     25,230        25,270  

California State G.O. Unlimited Bonds,

     

2.00%, 11/1/22

     7,000        7,139  

California State G.O. Unlimited Floating Rate Bonds, Series B,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.38%), 0.43%, 12/1/22(2) (5)

     20,000        20,005  

California State G.O. Unlimited Refunding Bonds,

     

5.00%, 9/1/23

     8,000        8,733  

5.00%, 12/1/23

     9,000        9,932  

California State Index Floating Rate G.O. Unlimited Bonds, Series E,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.43%), 0.48%, 12/1/23(2) (5)

     30,000        30,065  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%    continued

     

California – 6.7%    continued

     

California State Infrastructure & Economic Development Bank Sustainability Variable Revenue Refunding Bonds, California Academy of Sciences,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.35%), 0.40%, 8/1/24(2) (5)

     $12,000        $12,043  

California State Municipal Finance Authority Solid Waste Disposal Variable Revenue Bonds (AMT), Waste Management,

     

0.70%, 12/1/23(2) (5) (6)

     20,000        20,116  

California State Municipal Finance Authority Student Housing Revenue Bonds, Orchard Park Student Housing Project, Green Bonds (BAM Insured),

     

5.00%, 5/15/24

     500        558  

California State Various Purpose G.O. Unlimited Bonds,

     

5.00%, 10/1/22

     17,500        18,341  

5.00%, 10/1/23

     7,500        8,216  

5.00%, 10/1/24

     4,500        5,138  

Los Angeles Municipal Improvement Corp. Lease Revenue Bonds, Series A, Capital Equipment,

     

5.00%, 11/1/21

     2,195        2,203  

Los Angeles Unified School District G.O. Unlimited Bonds, Series RYQ,

     

5.00%, 7/1/22

     15,000        15,539  

Metropolitan Water District of Southern California Variable Subordinate Revenue Bonds, Series C,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 0.19%, 5/21/24(2) (5)

     7,000        7,001  

Metropolitan Water District of Southern California Variable Subordinate Revenue Refunding Bonds, Series E,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 0.19%, 5/21/24(2) (5)

     5,000        5,001  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    313    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND  continued

 

   

 

    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 63.0%    continued

 

California – 6.7%    continued

 

Metropolitan Water District of Southern California Variable Subordinate Revenue Refunding Bonds, Series D,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 0.19%, 5/21/24(2) (5)

     $3,880        $3,881  

Orange County Transportation Authority Revenue BANS, I-405 Improvement Project,

     

5.00%, 10/15/24

     33,000        37,637  

Sacramento City Unified School District G.O. Unlimited Refunding Bonds (AGM Insured),

     

4.00%, 7/1/22

     675        694  

4.00%, 7/1/24

     1,000        1,096  

Sacramento Municipal Utility District Adjustable Subordinate Revenue Bonds, Series A,

     

5.00%, 10/17/23(2) (5) (6)

     1,950        2,089  

San Diego County Regional Transportation Commission Sales Tax Subordinate Revenue Refunding Bonds, Series A,

     

3.00%, 10/1/22

     7,500        7,710  

5.00%, 10/1/22

     30,950        32,431  

Southern California Public Power Authority Revenue Refunding Bonds, Green Bond, Milford Wind Corridor Phase II Project,

     

5.00%, 7/1/23

     1,105        1,196  
     
               290,882  

Colorado – 0.8%

     

Colorado State COPS, Series A,

     

5.00%, 12/15/21

     2,000        2,019  

5.00%, 9/1/22

     2,000        2,088  

5.00%, 12/15/22

     2,250        2,380  

5.00%, 9/1/23

     1,000        1,091  

Denver City & County G.O. Unlimited Bonds, Series C,

     

5.00%, 8/1/22

     20,000        20,801  

E-470 Public Highway Authority Variable Revenue Refunding Bonds, Series B,

     

(Floating, U.S. SOFR + 0.35%), 0.38%, 9/1/24(2) (5)

     5,880        5,886  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Colorado – 0.8%    continued

 

El Paso County School District No. 49 Falcon COPS,

     

5.00%, 12/15/22

     $200        $211  

5.00%, 12/15/23

     225        248  
     
               34,724  

Connecticut – 2.0%

     

Connecticut State Forward Delivery G.O. Unlimited, Social Bonds,

     

5.00%, 7/15/23

     4,500        4,884  

5.00%, 7/15/24

     6,525        7,377  

Connecticut State G.O. Unlimited Bonds, Series 2021 A,

     

3.00%, 1/15/22

     2,500        2,520  

3.00%, 1/15/23

     2,750        2,850  

Connecticut State G.O. Unlimited Bonds, Series C,

     

3.00%, 6/1/22

     1,000        1,019  

Connecticut State G.O. Unlimited Refunding Bonds, Series B,

     

5.00%, 1/15/22

     5,000        5,069  

Connecticut State G.O. Unlimited, Series B, Social Bonds,

     

4.00%, 6/1/24

     2,350        2,582  

Connecticut State Health & Educational Facilities Authority Revenue Bonds,
Series 2014A,

     

1.10%, 2/7/23(2) (5) (6)

     10,000        10,113  

Connecticut State Health & Educational Facilities Authority Variable Revenue Bonds, Series 2010A, Yale University,

     

0.25%, 2/9/24(2) (5) (6)

     8,750        8,729  

Connecticut State Health & Educational Facilities Authority Variable Revenue Bonds, Series X-2, Yale University,

     

0.25%, 2/9/24(2) (5) (6)

     10,000        9,971  

Connecticut State Health & Educational Facilities Authority Variable Revenue Refunding Bonds, Series 2015-A,

     

0.38%, 7/12/24(2) (5) (6)

     13,690        13,673  

Connecticut State HFA Housing Finance Mortgage Program Revenue Bonds,
Series E-E2 (HUD Sector 8 Program),

     

1.40%, 11/15/21

     2,525        2,528  

1.40%, 5/15/22

     1,685        1,695  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    314    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Connecticut – 2.0%    continued

 

New Canaan Housing Authority MFH Revenue Bonds,

     

0.44%, 3/1/23(2) (5) (6)

     $12,500        $12,513  
     
               85,523  

Delaware – 0.9%

     

Delaware State G.O. Unlimited Bonds,

     

5.00%, 2/1/22

     10,000        10,159  

Delaware State G.O. Unlimited Bonds, Series A,

     

5.00%, 1/1/22

     13,000        13,153  

5.00%, 1/1/23

     15,000        15,898  

University of Delaware Revenue Bonds,

     

5.00%, 11/1/21

     1,600        1,606  
     
               40,816  

District of Columbia – 1.1%

     

District of Columbia Housing Finance Agency MFH Variable Revenue Bonds, 218 Vine Street Apartments Project,

     

0.30%, 7/1/23(2) (5) (6)

     5,000        5,008  

District of Columbia Income Tax Secured Revenue Bonds, Series C,

     

5.00%, 5/1/23

     1,250        1,345  

District of Columbia Income Tax Secured Revenue Refunding Bonds, Series C,

     

5.00%, 10/1/21

     21,000        21,000  

5.00%, 10/1/22

     13,195        13,829  

District of Columbia Revenue Bonds, Federal Highway Grant Anticipation,

     

5.00%, 12/1/21

     2,000        2,015  

5.00%, 12/1/22

     4,230        4,461  
     
               47,658  

Florida – 2.1%

     

Alachua County Facilities School Board COPS,

     

5.00%, 7/1/22

     1,350        1,398  

Citizens Property Insurance Corp. Senior Secured Revenue Bonds, Series A-1,

     

5.00%, 6/1/22

     9,160        9,449  

Florida State Board of Education G.O. Unlimited Refunding Bonds, Series A,

     

5.00%, 6/1/22

     2,000        2,064  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Florida – 2.1%    continued

 

Florida State Board of Education G.O. Unlimited Refunding Bonds, Series C,

     

5.00%, 6/1/23

     $20,965        $22,635  

Florida State Board of Education Public Education Capital Outlay G.O. Unlimited Refunding Bonds, Series A,

     

5.00%, 6/1/22

     1,480        1,527  

Florida State Board of Education Public Education Capital Outlay G.O. Unlimited Refunding Bonds, Series D,

     

5.00%, 6/1/22

     4,385        4,525  

Florida State Housing Finance Corp.
Revenue Bonds, Series 1 (GNMA, FNMA, FHLMC Insured),

     

1.35%, 1/1/22

     780        782  

Florida State Turnpike Authority Turnpike Revenue Bonds, Series B,

     

5.00%, 7/1/22

     3,000        3,108  

Florida State Turnpike Authority Turnpike Revenue Refunding Bonds, Series A,

     

5.00%, 7/1/22

     5,680        5,884  

Hillsborough County G.O. Unlimited Refunding Bonds, Environmental Lands Acquisition & Protection Program,

     

5.00%, 7/1/22

     1,000        1,036  

Jacksonville Special Revenue Refunding Bonds, Series A,

     

5.00%, 10/1/22

     3,570        3,740  

Jacksonville Special Revenue Refunding Bonds, Series B,

     

5.00%, 10/1/22

     2,225        2,331  

Lee County Airport Revenue Refunding Bonds, Series A (AMT),

     

5.00%, 10/1/23

     2,250        2,458  

Miami-Dade County Aviation Revenue Refunding Bonds, Series A,

     

5.00%, 10/1/23

     2,500        2,735  

Miami-Dade County IDA Solid Waste Disposal Revenue Bonds (AMT), Waste Management Inc., Florida Project,

     

0.40%, 8/1/23(7)

     2,500        2,499  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    315    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND  continued

 

   

 

    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Florida – 2.1%    continued

 

Miami-Dade County IDA Solid Waste Disposal Variable Revenue Bonds (AMT), Waste Management Inc., Florida Project,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.38%), 0.43%, 7/1/24(2) (5)

     $10,000        $10,033  

Orange County Water & Wastewater Revenue Bonds,

     

5.00%, 10/1/22

     4,605        4,826  

5.00%, 10/1/23

     4,840        5,301  

Polk County School District Sales TRB,

     

5.00%, 10/1/21

     1,750        1,750  

Volusia County School Board COPS,

     

5.00%, 8/1/22

     2,905        3,020  
     
               91,101  

Georgia – 2.0%

     

Atlanta Urban Residential Finance Authority MFH Revenue Bonds, London Townhomes,

     

0.44%, 3/1/23(2) (5) (6)

     10,000        10,012  

Brookhaven Development Authority Revenue Bonds, Children’s Healthcare of Atlanta,

     

5.00%, 7/1/22

     1,000        1,036  

Cobb County Water & Sewerage Revenue Refunding Bonds,

     

5.00%, 7/1/22

     2,000        2,072  

Gainesville & Hall County Hospital Authority Revenue Refunding Bonds, Northeast Georgia Health System, Inc., Project,

     

5.00%, 2/15/22

     3,000        3,052  

5.00%, 2/15/23

     3,750        3,993  

Georgia State G.O. Unlimited Bonds, Series A-Group 1,

     

5.00%, 8/1/22

     15,000        15,601  

5.00%, 8/1/23

     25,000        27,192  

Georgia State Road & Tollway Authority Federal Highway Reimbursement GARVEE Bonds,

     

5.00%, 6/1/22

     1,500        1,548  

5.00%, 6/1/23

     1,000        1,079  

Georgia State Road & Tollway Authority GARVEE Bonds,

     

5.00%, 6/1/22

     3,000        3,095  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Georgia – 2.0%    continued

 

5.00%, 6/1/23

     $2,000        $2,158  

Henry County Water Authority Water & Sewerage Revenue Refunding Bonds,

     

4.00%, 2/1/23

     650        683  

Main Street Natural Gas Inc., Gas Supply Revenue Bonds, Series C,

     

4.00%, 12/1/22

     400        417  

4.00%, 12/1/23

     750        809  

Main Street Natural Gas, Inc. Gas Supply Revenue Bonds, Subseries C,

     

4.00%, 12/1/23(2) (5) (6)

     2,500        2,676  

Municipal Electric Authority of Georgia Subordinated Revenue Refunding Bonds, Project One,

     

5.00%, 1/1/22

     2,500        2,529  

5.00%, 1/1/23

     3,940        4,168  

Private Colleges & Universities Authority Revenue Refunding Bonds, Series A, Emory University,

     

5.00%, 9/1/22

     3,000        3,132  
     
               85,252  

Hawaii – 0.1%

     

Hawaii State G.O. Unlimited Refunding Bonds, Series EY,

     

5.00%, 10/1/23

     5,000        5,475  

Illinois – 0.3%

     

Chicago O’Hare International Airport Senior Lien General Revenue Refunding Bonds, Series B (AMT), Prerefunded,

     

5.00%, 1/1/22(8)

     5,000        5,058  

Chicago Transit Authority Capital Grant Receipts Revenue Refunding Bonds, Section 5307,

     

5.00%, 6/1/23

     550        592  

5.00%, 6/1/24

     475        531  

Elgin Corporate Purpose G.O. Unlimited Refunding Bonds, Series A,

     

5.00%, 12/15/23

     1,000        1,102  

Illinois State Finance Authority Green Revenue Bonds,

     

5.00%, 1/1/22

     1,000        1,012  

5.00%, 7/1/22

     750        777  

5.00%, 1/1/23

     1,285        1,362  

5.00%, 7/1/23

     1,305        1,414  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    316    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Illinois – 0.3%    continued

 

Illinois State Finance Authority Revenue Refunding Bonds, Edward-Elmhurst Healthcare,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.75%), 0.80%, 7/1/23(2) (5)

     $1,535        $1,536  
     
               13,384  

Indiana – 0.1%

     

Indianapolis Local Public Improvement Bond Bank Revenue Refunding Bonds, Series A,

     

5.00%, 6/1/22

     1,300        1,340  

5.00%, 6/1/23

     1,400        1,507  

Ivy Technology Community College Revenue Refunding Bonds, Series W, Student Fee,

     

5.00%, 7/1/22

     600        621  

Whitley County Consolidated Schools G.O. Limited Bonds (State Intercept Program),

     

2.50%, 1/1/23

     1,055        1,081  
     
               4,549  

Iowa – 0.1%

     

Ames G.O. Unlimited Refunding Bonds, Series A,

     

5.00%, 6/1/24

     1,840        2,068  

Kansas – 0.8%

     

Johnson County Unified School District No. 229 G.O. Unlimited Bonds, Series A,

     

3.00%, 10/1/21

     13,560        13,560  

Topeka Utility Revenue Refunding Bonds, Series A (BAM Insured),

     

4.00%, 8/1/23

     7,900        8,441  

4.00%, 8/1/24

     2,305        2,544  

Wichita City G.O. Unlimited Temporary Notes, Series 306,

     

10/15/22(4)

     8,690        9,024  
     
               33,569  

Kentucky – 0.5%

     

Asset/Liability Commission General Revenue Refunding Bonds, Series A,

     

5.00%, 11/1/22

     4,500        4,734  

5.00%, 11/1/23

     4,350        4,767  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Kentucky – 0.5%    continued

 

Kentucky Rural Water Finance Corp.
Public Projects Construction Revenue Notes,

     

0.43%, 12/1/21

     $6,500        $6,500  

Kentucky State Housing Corp.
Multifamily Variable Revenue Bonds, Cambridge Square Project,

     

0.30%, 2/1/24(2) (5) (6)

     4,000        3,995  
     
               19,996  

Louisiana – 0.6%

     

Louisiana Stadium & Exposition District Revenue BANS,

     

4.00%, 7/3/23

     1,500        1,575  

Louisiana State G.O. Unlimited Bonds, Series A,

     

5.00%, 3/1/22

     5,000        5,099  

Louisiana State G.O. Unlimited Bonds,
Series D,

     

5.00%, 9/1/22

     6,000        6,264  

Louisiana State G.O. Unlimited Refunding Bonds, Series C,

     

5.00%, 8/1/23

     5,000        5,437  

Louisiana State GARVEE Bonds,

     

5.00%, 9/1/23

     4,600        5,018  

Louisiana State Housing Corp. MFH Revenue Bonds, Stone Vista Apartments Project,

     

0.32%, 12/1/22(2) (5) (6)

     3,725        3,723  
     
               27,116  

Maine – 0.0%

     

Portland G.O. Unlimited Refunding Bonds,

     

4.00%, 4/1/24

     700        764  

South Portland G.O. Limited Refunding Bonds,

     

4.00%, 7/15/24

     900        992  
     
               1,756  

Maryland – 1.6%

     

Anne Arundel County Consolidated General Improvements G.O. Limited Bonds,

     

5.00%, 4/1/22

     2,000        2,048  

Anne Arundel County G.O. Limited Bonds,

     

5.00%, 10/1/21

     5,000        5,000  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    317    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND  continued

 

   

 

    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Maryland – 1.6%    continued

 

Anne Arundel County G.O. Limited Bonds, Consolidated Water and Sewer,

     

5.00%, 10/1/22

     $2,470        $2,588  

Baltimore County Consolidated Public Improvement G.O. Unlimited Bonds,

     

5.00%, 3/1/22

     4,500        4,590  

Howard County Maryland G.O. Unlimited Bonds, Consolidated Public Improvement Project,

     

5.00%, 8/15/23

     3,155        3,437  

Maryland Department of Transportation Consolidated Transportation Revenue Bonds, Second Issue,

     

5.00%, 6/1/23

     1,000        1,080  

Maryland State Community Development Administration Department Housing & Community Development Revenue Bonds, Series B,

     

0.25%, 9/1/23

     445        444  

0.35%, 3/1/24

     500        498  

0.40%, 9/1/24

     1,100        1,096  

Maryland State Department of Transportation Consolidated Transportation Revenue Bonds,

     

5.00%, 10/1/22

     5,500        5,766  

5.00%, 10/1/23

     16,800        18,401  

Maryland Transportation Authority Revenue Refunding Bonds, Series A, Transportation Facilities Project,

     

5.00%, 7/1/23

     1,000        1,083  

Montgomery County G.O. Unlimited Refunding Bonds, Series A, Consolidated Public Improvement Project,

     

5.00%, 8/1/23

     5,000        5,436  

5.00%, 8/1/24

     5,000        5,663  

Washington Suburban Sanitary District Revenue Refunding Bonds (County Gtd.),

     

5.00%, 6/1/22

     9,365        9,664  
     
               66,794  

Massachusetts – 0.2%

     

Boston G.O. Unlimited Bonds, Series A,

     

5.00%, 3/1/22

     3,455        3,524  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Massachusetts – 0.2%    continued

 

Massachusetts State Consolidated Loans G.O. Limited Bonds, Series E,

     

5.00%, 11/1/22

     $1,775        $1,867  

Worcester G.O. Limited Bonds, Series A,

     

4.00%, 2/1/23

     3,955        4,151  
     
               9,542  

Michigan – 1.0%

     

Michigan State Strategic Fund Exempt Facilities Adjustable Revenue Bonds (AMT), Waste Management Inc., Project,

     

0.58%, 8/1/24(2) (5) (6)

     3,000        2,986  

Michigan State Trunk Line Fund Revenue Bonds,

     

5.00%, 11/15/22

     2,200        2,319  

5.00%, 11/15/23

     4,455        4,904  

Michigan State Trunk Line Revenue Refunding Bonds, Series A,

     

5.00%, 11/15/22

     1,250        1,317  

Romulus Community School G.O. Unlimited Refunding Bonds , Series A (Q-SBLF Insured),

     

4.00%, 5/1/24

     1,270        1,384  

Traverse City Area Public Schools G.O. Unlimited Bonds, Series II,

     

3.00%, 5/1/23

     4,425        4,617  

3.00%, 5/1/24

     3,375        3,597  

University of Michigan General Revenue Refunding Bonds, University Revenues SIFMA,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.27%), 0.29%, 4/1/22(2) (5)

     16,345        16,347  

West Bloomfield School District Building and Site G.O. Unlimited Bonds (AGM Insured),

     

3.00%, 5/1/22

     3,100        3,149  

3.00%, 5/1/23

     1,000        1,042  
     
               41,662  

Minnesota – 2.0%

     

Hennepin County G.O. Unlimited Bonds, Series B,

     

5.00%, 12/15/21

     6,350        6,411  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    318    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Minnesota – 2.0%    continued

 

Metropolitan Council Minneapolis-Saint Paul Area G.O. Unlimited GANS, Series C,

     

0.38%, 12/1/22

     $25,000        $25,009  

0.45%, 12/1/23

     8,160        8,163  

Minneapolis G.O. Unlimited Refunding Bonds,

     

3.00%, 12/1/21

     4,000        4,018  

3.00%, 12/1/22

     11,695        12,080  

Minnesota Housing Finance Agency Residential Housing Variable Revenue Refunding Bonds (GNMA, FNMA, FHLMC Insured),

     

(Floating, SIFMA Municipal Swap Index Yield + 0.55%), 0.60%, 12/12/23(2) (5)

     5,400        5,427  

Minnesota State G.O. Unlimited Bonds, Series A,

     

5.00%, 8/1/22

     8,000        8,322  

Minnesota State G.O. Unlimited Bonds, Series E,

     

2.00%, 8/1/23

     11,500        11,880  

Minnesota State Rural Water Finance Authority Public Projects Construction Notes Revenue Bonds,

     

0.25%, 8/1/22

     2,750        2,750  

Mounds View Independent School District No. 621 G.O. Limited Refunding Bonds, Series A (Minnesota School District Credit Program),

     

5.00%, 2/1/22

     4,295        4,363  
     
               88,423  

Missouri – 0.3%

     

Missouri State Board of Public Buildings Special Obligation Revenue Refunding Bonds, Series B,

     

5.00%, 10/1/22

     4,000        4,192  

Missouri State Highways & Transit Commission State Road Federal Reimbursement GARVEE Refunding Bonds, Series S,

     

5.00%, 5/1/22

     9,000        9,251  
     
               13,443  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Nebraska – 0.6%

 

Central Plains Energy Project Gas Project Revenue Bonds, Project No. 4,

     

5.00%, 1/1/24(2) (5) (6)

     $3,000        $3,277  

Douglas County School District No. 1 G.O. Unlimited Refunding Bonds, Series B,

     

5.00%, 12/15/21

     7,000        7,067  

Nebraska State Investment Finance Authority Single Family Housing Revenue Bonds, Series C,

     

2.05%, 3/1/22

     1,450        1,459  

Nebraska State Public Power District Revenue Refunding Bonds, Series C,

     

1/1/23(4)

     1,500        1,588  

Omaha Various Purpose G.O. Unlimited Refunding Bonds, Series A,

     

4.00%, 4/15/22

     1,100        1,123  

University of Nebraska Facilities Corp. Revenue Refunding Bonds, Series B,

     

4.00%, 10/1/22

     9,500        9,862  
     
               24,376  

Nevada – 0.7%

     

Clark County Airport Subordinate Revenue Refunding Bonds, Series B (AMT),

     

5.00%, 7/1/23

     2,400        2,594  

5.00%, 7/1/24

     2,000        2,245  

Clark County School District G.O. Limited Bonds, Series A,

     

5.00%, 6/15/23

     3,300        3,568  

5.00%, 6/15/24

     6,935        7,797  

Las Vegas Valley Water District G.O. Limited Bonds, Series A,

     

5.00%, 6/1/22

     6,200        6,398  

Nevada State G.O. Limited Refunding Capital Improvement Bonds,

     

5.00%, 5/1/22

     7,050        7,247  

Washoe County School District G.O. Limited Refunding Bonds, Series B,

     

5.00%, 4/1/22

     1,000        1,024  
     
               30,873  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    319    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND  continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%    continued

 

New Hampshire – 0.0%

 

Manchester Public Improvement G.O. Unlimited Bonds, Series A,

     

4.00%, 6/15/23

     $1,000        $1,064  

New Jersey – 1.8%

     

Clifton General Improvement G.O. Unlimited Refunding Bonds (BAM Insured),

     

2.00%, 8/15/22

     1,000        1,015  

2.00%, 8/15/23

     750        773  

3.00%, 8/15/24

     500        536  

Essex County G.O. Unlimited Bonds,
Series A and C,

     

2.00%, 8/15/24

     2,280        2,387  

Fair Lawn G.O. Unlimited Bonds,

     

2.00%, 9/1/23

     2,020        2,089  

2.00%, 9/1/24

     1,980        2,077  

Gloucester County Improvement Authority Revenue Bonds, Rowan University Student Center Project,

     

0.60%, 3/1/24

     2,400        2,401  

Hudson County G.O. Unlimited Bonds,

     

2.00%, 11/15/21

     6,000        6,013  

Hudson County Improvement Authority Secured Lease Revenue Bonds, Hudson County Courthouse Project,

     

4.00%, 10/1/23

     1,000        1,073  

Monmouth County Improvement Authority Governmental Pooled Loan Revenue Bonds, Series C (County Gtd.),

     

5.00%, 12/1/21

     1,000        1,008  

Monmouth County Improvement Authority Revenue Bonds, Series B (County Gtd.),

     

5.00%, 12/1/21

     2,775        2,796  

New Jersey State Economic Development Authority Revenue Refunding Bonds, Series GGG, School Facilities Construction,

     

5.25%, 9/1/24

     7,600        8,597  

New Jersey State Economic Development Authority Self Designated Revenue Social Bonds,

     

5.00%, 6/15/22

     200        207  

5.00%, 6/15/23

     270        291  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%    continued

 

New Jersey – 1.8%    continued

 

New Jersey State Educational Facilities Authority Revenue Bonds, Series B,

     

5.00%, 3/1/24

     $5,000        $5,572  

New Jersey State G.O. Unlimited Bonds,

     

2.00%, 6/1/22

     10,000        10,118  

2.00%, 6/1/23

     16,295        16,751  

New Jersey State G.O. Unlimited Bonds, Covid-19 Go Emergency Bonds,

     

4.00%, 6/1/23

     10,000        10,610  

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series AA, Transportation Program,

     

5.00%, 6/15/22

     1,000        1,033  

River Vale Township School District G.O. Unlimited Bonds (School Board Resource Fund Insured),

     

1.00%, 6/15/23

     1,625        1,644  

1.00%, 6/15/24

     1,130        1,149  

Waldwick New Jersey District G.O. Unlimited Bonds (School Board Resource Fund Insured),

     

1.00%, 7/15/23

     970        981  

1.00%, 7/15/24

     595        604  
     
               79,725  

New Mexico – 0.9%

     

Albuquerque G.O. Unlimited Bonds, Series A,

     

5.00%, 7/1/22

     6,035        6,253  

Albuquerque G.O. Unlimited Refunding Bonds, Series D,

     

5.00%, 7/1/22

     12,500        12,950  

Farmington Pollution Control Variable Revenue Refunding Bonds, Public Service Company of New Mexico San Juan,

     

1.10%, 6/1/23(2) (5) (6)

     9,000        9,067  

New Mexico Mortgage Finance Authority SFM Program Revenue Bonds, Series A
(GNMA, FNMA, FHLMC Insured),

     

0.20%, 1/1/23

     505        504  

0.25%, 7/1/23

     555        554  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    320    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%    continued

 

New Mexico – 0.9%     continued

 

New Mexico State G.O. Unlimited Bonds,

     

5.00%, 3/1/22

     $11,000        $11,219  
     
               40,547  

New York – 6.0%

     

Erie County Industrial Development Agency School Facility Revenue Refunding Bonds, School District & Buffalo City Project (State Aid Withholding),

     

5.00%, 5/1/24

     2,350        2,632  

Kingston City School District G.O. Unlimited BANS (State Aid Withholding),

     

2.00%, 11/12/21

     22,700        22,746  

Metropolitan Transportation Authority Dedicated Tax Fund Revenue BANS, Series A,

     

5.00%, 3/1/22

     30,000        30,582  

Metropolitan Transportation Authority Revenue Bonds, Subseries D-2,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.45%), 0.50%, 11/15/22(2) (5)

     20,275        20,313  

Metropolitan Transportation Authority Revenue Refunding Bonds, Green Bonds, Series C-1,

     

5.00%, 11/15/23

     3,000        3,279  

Metropolitan Transportation Authority Variable Revenue Bonds, Series A-2,

     

5.00%, 11/15/22(2) (5) (6)

     1,000        1,050  

Metropolitan Transportation Authority Variable Revenue Bonds, Subseries D-1,

     

(Floating, U.S. SOFR + 0.33%),
0.36%, 4/1/24(2) (5)

     5,000        4,981  

Metropolitan Transportation Authority Variable Revenue Refunding Bonds, Subseries G-1,

     

(Floating, U.S. SOFR + 0.43%),
0.46%, 11/1/26(2)

     2,000        1,997  

Monroe County Industrial Development Corp. Revenue Bonds, University of Rochester Project,

     

5.00%, 7/1/22

     2,000        2,072  

5.00%, 7/1/23

     1,000        1,084  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%    continued

 

New York – 6.0%     continued

 

New York City Housing Development Corp. MFH Sustainability Revenue Bonds,
Series C-3-A,

     

0.20%, 5/1/22

     $2,000        $2,000  

New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Subseries D,

     

5.00%, 11/1/23

     8,000        8,791  

New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds,

     

5.00%, 11/1/22

     10,500        11,048  

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Refunding Bonds,

     

5.00%, 11/1/23

     4,500        4,945  

New York City Transitional Finance Authority Revenue Refunding Bonds, Series A-1,

     

5.00%, 11/1/23

     14,570        16,011  

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series E-1,

     

5.00%, 2/1/23

     1,000        1,064  

New York G.O. Limited, Series F-1,

     

5.00%, 3/1/23

     1,500        1,602  

New York G.O. Unlimited Refunding Bonds, Series J,

     

5.00%, 8/1/22

     17,000        17,679  

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series H (State Aid Withholding),

     

4.00%, 10/1/22

     1,000        1,038  

New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series A, Group 1,

     

5.00%, 3/15/22

     10,000        10,218  

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A, Group 1,

     

5.00%, 3/15/23

     42,780        45,752  

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series D,

     

4.00%, 2/15/22

     4,000        4,057  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    321    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND  continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

New York – 6.0%     continued

 

New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 235 (AMT), Social Bonds,

     

0.40%, 4/1/23

     $480        $480  

0.55%, 10/1/23

     760        759  

0.65%, 4/1/24

     710        709  

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds (AMT), Terminal 4 John F. Kennedy International Airport,

     

5.00%, 12/1/22

     250        263  

5.00%, 12/1/23

     1,000        1,091  

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport,

     

5.00%, 12/1/22

     850        894  

5.00%, 12/1/23

     1,000        1,093  

New York State Urban Development Corp. Revenue Refunding Bonds, State Personal Income Tax,

     

5.00%, 3/15/22

     3,000        3,065  

5.00%, 3/15/23

     4,000        4,279  

Port Authority of New York & New Jersey Consolidated Taxable Revenue Bonds, Series AAA,

     

1.09%, 7/1/23

     20,000        20,257  

Triborough Bridge & Tunnel Authority General Variable Revenue Refunding Bonds, Subseries B-4A-R,

     

(Floating, U.S. SOFR + 0.38%), 0.41%, 2/1/24(2) (5)

     4,000        4,002  

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Revenue Bonds, Series C-1A,

     

5.00%, 5/15/23

     3,000        3,232  

Westchester County Industrial Development Agency MFH Revenue Bonds, EG Mt. Vernon Preservation, L.P. (FNMA Insured),

     

0.30%, 12/1/22(2) (5) (6)

     5,000        5,001  
     
               260,066  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

North Carolina – 3.0%

 

Cary G.O. Unlimited Bonds,
5.00%, 9/1/23

     $4,750        $5,185  

Charlotte Airport Revenue Refunding Bonds, Series A,

     

5.00%, 7/1/24

     4,000        4,505  

Charlotte-Mecklenburg Hospital Authority Health Care System Variable Revenue Bonds, Series D, Atrium Health,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.60%), 0.65%, 12/1/23(2) (5)

     42,000        42,142  

Forsyth County Public Improvement G.O. Unlimited Bonds, Series B,

     

5.00%, 3/1/22

     1,000        1,020  

North Carolina State Capital Facilities Finance Agency Educational Facilities Taxable Revenue Bonds, Series B, Campbell University,

     

0.88%, 10/1/22

     700        700  

1.05%, 10/1/23

     950        949  

North Carolina State Eastern Municipal Power Agency System Revenue Refunding Bonds, Series B (NATL, IBC Insured), Escrowed to Maturity,

     

6.00%, 1/1/22

     5,000        5,071  

North Carolina State G.O. Unlimited Bonds, Series A,

     

5.00%, 6/1/23

     9,900        10,690  

North Carolina State G.O. Unlimited Bonds, Series A, Connect NC Bonds,

     

5.00%, 6/1/22

     3,955        4,082  

North Carolina State GARVEE Bonds,

     

5.00%, 3/1/22

     7,010        7,149  

North Carolina Turnpike Authority Triangle Expressway System Revenue BANS,

     

5.00%, 2/1/24

     30,340        33,430  

Wake County G.O. Unlimited Refunding Bonds,

     

5.00%, 4/1/24

     12,000        13,419  
     
               128,342  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    322    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

North Dakota – 0.3%

 

Cass County Joint Water Resource District G.O. Unlimited Bonds, Series A,

     

0.48%, 5/1/24

     $12,990        $13,007  

University of North Dakota COPS,
Series A (AGM Insured),

     

5.00%, 6/1/24

     1,000        1,123  
     
               14,130  

Ohio – 2.0%

     

American Municipal Power-Ohio, Inc., Revenue Refunding Bonds,
Series A,

     

5.00%, 2/15/22

     6,000        6,105  

Cincinnati G.O. Unlimited Refunding Bonds,

     

5.00%, 12/1/21

     2,285        2,303  

5.00%, 12/1/22

     1,000        1,056  

Columbus G.O. Unlimited Bonds,
Series A,

     

5.00%, 4/1/23

     5,000        5,359  

Franklin County Hospital Facilities Variable Revenue Bonds, Series B,
OhioHealth Corp.,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.43%), 0.48%, 11/15/21(2) (5)

     10,000        10,001  

Gahanna-Jefferson City School District COPS, School Facilities Project
(BAM Insured),

     

2.00%, 12/1/22

     655        669  

2.00%, 12/1/23

     360        373  

Hamilton County Health Care Facilities Revenue Bonds, Christ Hospital Project, Prerefunded,

     

5.50%, 6/1/22(8)

     6,000        6,210  

Ohio State Common Schools G.O. Unlimited Bonds, Series A,

     

5.00%, 6/15/23

     700        757  

Ohio State Common Schools G.O. Unlimited Refunding Bonds, Series A,

     

5.00%, 9/15/23

     1,000        1,093  

Ohio State Hospital Variable Revenue Bonds, Cleveland Clinic Health,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.40%), 0.45%, 6/1/23(2) (5)

     35,000        35,036  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

Ohio – 2.0%    continued

 

Ohio State Major New Infrastructure Project Revenue Bonds, Series 2019-1,

     

4.00%, 12/15/21

     $2,000        $2,015  

5.00%, 12/15/22

     2,000        2,115  

Ohio State Water Development Authority Water PCR Bonds, Series B,

     

5.00%, 6/1/22

     2,750        2,838  

5.00%, 12/1/22

     6,000        6,335  

5.00%, 6/1/23

     5,300        5,722  
     
               87,987  

Oklahoma – 0.4%

     

Oklahoma County Independent School District No. 12 G.O. Unlimited Bonds, Edmond School District,

     

1.25%, 6/1/24

     13,000        13,288  

Oklahoma Municipal Power Authority Power Supply System Revenue Bonds, Series A (AGM Insured),

     

5.00%, 1/1/24

     1,815        2,004  
     
               15,292  

Oregon – 0.2%

     

Oregon State Health & Science University Revenue Refunding Bonds, Series A,

     

5.00%, 7/1/22

     850        880  

Oregon State Housing & Community Services Department Housing Development Variable Revenue Bonds, Baldwin Apartments Project,

     

0.25%, 9/1/23(2) (5) (6)

     8,630        8,617  
     
               9,497  

Pennsylvania – 3.7%

     

Allegheny County Port Authority Revenue Refunding Bonds, Special Revenue Transportation Bonds,

     

5.00%, 3/1/22

     6,685        6,815  

5.00%, 3/1/23

     9,000        9,597  

Delaware County G.O. Unlimited Refunding Bonds,

     

5.00%, 10/1/21

     1,000        1,000  

Geisinger Authority Health System Revenue Refunding Bonds,

     

5.00%, 4/1/22

     3,500        3,583  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    323    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

Pennsylvania – 3.7%     continued

     

Pennsylvania State Economic Development Financing Authority Solid Waste Disposal Revenue Bonds, Series A (AMT), Waste Management, Inc. Project,

     

0.58%, 8/1/24(2) (5) (6)

     $5,500        $5,474  

Pennsylvania State Economic Development Financing Authority Solid Waste Disposal Revenue Bonds, Series A (Waste Management, Inc., Project,

     

2.15%, 11/1/21(7)

     2,250        2,253  

Pennsylvania State Economic Development Financing Authority Solid Waste Disposal Variable Revenue Bonds (AMT), Waste Management, Inc. Project,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.40%), 0.45%, 6/3/24(2) (5)

     7,500        7,526  

Pennsylvania State G.O. Unlimited Bonds, First Series 2020,

     

5.00%, 5/1/22

     6,000        6,168  

Pennsylvania State G.O. Unlimited Bonds, Series D-2,

     

5.00%, 8/15/22

     1,500        1,563  

Pennsylvania State Housing Finance Agency SFM Floating Revenue Bonds, Series 127 C,

     

(Floating, ICE LIBOR USD 1M + 0.57%), 0.63%, 10/1/23(2) (5)

     7,000        7,025  

Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds, Series 136, Social Bonds,

     

0.16%, 4/1/23

     750        749  

0.18%, 10/1/23

     750        748  

5.00%, 4/1/24

     750        836  

Pennsylvania State Housing Finance Agency SFM Variable Revenue Bonds, Series 126B,

     

(Floating, ICE LIBOR USD 1M + 0.60%), 0.66%, 6/1/23(2) (5)

     26,250        26,323  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

Pennsylvania – 3.7%     continued

     

Pennsylvania State Turnpike Commission Turnpike Variable Revenue Refunding Bonds, Series A-1,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.60%), 0.65%, 12/1/23(2)

     $15,000        $15,106  

Philadelphia Airport Revenue Refunding Bonds (AMT), Private Activity,

     

5.00%, 7/1/24

     1,200        1,346  

Philadelphia G.O. Unlimited Bonds, Series A,

     

5.00%, 5/1/23

     5,145        5,534  

Philadelphia State G.O. Unlimited Refunding Bonds,

     

5.00%, 8/1/23

     750        815  

Pittsburgh & Allegheny County Sports & Exhibition Authority Sale Revenue Refunding Bonds, (AGM Insured),

     

4.00%, 2/1/22

     1,200        1,215  

4.00%, 2/1/23

     1,775        1,860  

Pittsburgh Water & Sewer Authority Revenue Refunding Bonds, Series C (AGM Insured),

     

(Floating, SIFMA Municipal Swap Index Yield + 0.65%), 0.70%, 12/1/23(2) (5)

     5,000        5,040  

University of Pittsburgh of the Commonwealth System of Higher Education Variable Revenue Bonds, Pitt Asset Notes,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.36%), 0.41%, 2/15/24(2)

     48,000        48,201  
     
               158,777  

Rhode Island – 0.1%

     

Rhode Island State & Providence Plantations G.O. Unlimited Bonds, Series C,

     

4.00%, 1/15/22

     2,000        2,022  

Rhode Island State & Providence Plantations G.O. Unlimited Refunding Bonds, Series E,

     

4.00%, 1/15/22

     1,000        1,011  
     
               3,033  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    324    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

South Carolina – 0.1%

     

Beaufort County School District G.O. Unlimited Bonds, Series A (SCSDE Insured),

     

5.00%, 3/1/23

     $1,950        $2,081  

Tennessee – 0.9%

     

Bedford County G.O. Unlimited Refunding Bonds,

     

5.00%, 6/1/23

     1,135        1,224  

Chattanooga Health Educational & Housing Facility Board Multifamily Housing Variable Revenue Bonds, Battery Heights Apartments Project,

     

0.20%, 8/1/23(2) (5) (6)

     2,000        1,996  

Memphis G.O. Unlimited Refunding Bonds,

     

5.00%, 5/1/22

     22,000        22,608  

Memphis Health Educational & Housing Facility Board MFH Variable Revenue Bonds, Memphis Towers Apartments Project,

     

0.25%, 12/1/22(2) (5) (6)

     6,250        6,256  

Memphis Sanitary Sewerage System Revenue Refunding Bonds, Series B,

     

5.00%, 10/1/22

     1,435        1,504  

5.00%, 10/1/23

     1,100        1,205  

Morristown G.O. Unlimited Refunding Bonds, Series A,

     

2.00%, 3/1/23

     1,130        1,157  

2.00%, 3/1/24

     2,350        2,440  

Tennergy Corp. Gas Revenue Bonds, Series A,

     

4.00%, 3/1/23

     375        394  

4.00%, 3/1/24

     350        380  
     
               39,164  

Texas – 7.5%

     

Alamo Community College District G.O. Limited Bonds, Maintenance Tax Notes,

     

4.00%, 2/15/22

     4,250        4,309  

Arlington Higher Education Finance Corp. Revenue Bonds, Series A, Harmony Public Schools (PSF, Gtd.),

     

4.00%, 2/15/24

     105        114  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

Texas – 7.5%     continued

     

Austin Community College District G.O. Limited Bonds, Maintenance Tax Notes,

     

5.00%, 8/1/23

     $2,000        $2,174  

Austin G.O. Limited Refunding & Improvement Bonds,

     

5.00%, 9/1/22

     2,005        2,093  

5.00%, 9/1/23

     1,000        1,091  

Austin Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

     

5.00%, 8/1/24

     1,750        1,980  

Bexar County G.O. Limited Refunding Bonds,

     

5.00%, 6/15/22

     800        827  

Cameron County Housing Finance Corp. Multifamily Housing Variable Revenue Bonds, Sunfield Country Apartments,

     

0.28%, 8/1/23(2) (5) (6)

     6,000        5,992  

Carrollton-Farmers Branch Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

     

2.00%, 2/15/24

     910        948  

Clear Creek Independent School District Variable G.O. Unlimited Bonds (PSF, Gtd.),

     

0.50%, 8/15/23(2) (5) (6)

     5,000        4,995  

0.28%, 8/15/24(2) (5) (6)

     4,000        3,985  

Clifton Higher Education Finance Corp. Education Revenue Bonds, Idea Public Schools (PSF, Gtd.),

     

5.00%, 8/15/22

     1,715        1,786  

Cypress-Fairbanks Independent School District Variable G.O. Unlimited Bonds, Series B-1 (PSF, Gtd.),

     

0.28%, 8/15/24(2) (5) (6)

     9,240        9,201  

Cypress-Fairbanks Independent School District Variable G.O. Unlimited Bonds, Series B-2 (PSF, Gtd.),

     

0.28%, 8/15/24(2) (5) (6)

     10,700        10,655  

Dallas G.O. Limited Bonds, Equipment Acquisition Contract,

     

5.00%, 2/15/22

     2,460        2,503  

Dallas G.O. Limited Refunding Bonds, Series A,

     

5.00%, 2/15/22

     12,550        12,772  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    325    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

Texas – 7.5%     continued

     

Dickinson Independent School District Variable G.O. Unlimited Refunding Bonds (PSF, Gtd.),

     

0.25%, 8/1/23(2) (5) (6) (9) (10)

     $6,940        $6,923  

El Paso Independent School District Adjustable G.O. Unlimited Bonds, Maintenance Tax Notes,

     

2.00%, 8/1/23(2) (5) (6)

     3,600        3,708  

Fort Bend County Certificates of Obligation G.O. Limited Bonds,

     

5.00%, 3/1/22

     875        892  

Fort Worth G.O. Limited Bonds,

     

4.00%, 3/1/23

     2,000        2,107  

Fort Worth G.O. Limited Refunding Bonds,

     

4.00%, 3/1/23

     9,175        9,667  

Fort Worth Independent School District G.O. Unlimited Bonds, Series A (PSF, Gtd.),

     

5.00%, 2/15/24

     1,000        1,111  

Fort Worth Water & Sewer System Revenue Refunding Bonds, Series A,

     

5.00%, 2/15/23

     5,755        6,133  

Goose Creek Consolidated Independent School District Variable G.O. Unlimited Bonds, Series B (PSF, Gtd.),

     

10/3/22(2) (4) (5) (6)

     7,650        7,645  

Harris County Cultural Educational Facilities Finance Corp. Variable Revenue Refunding Bonds, Memorial Hermann,

     

5.00%, 12/1/22(2) (5) (6)

     2,500        2,636  

Harris County G.O. Limited Refunding Bonds, Series A,

     

5.00%, 10/1/23

     8,060        8,825  

Harris County Hospital District Certificates of Obligation G.O. Limited Bonds,

     

5.00%, 2/15/23

     1,000        1,065  

Harris County Metropolitan Transit Authority Sales & Use Tax Contractual Obligations Revenue Bonds,

     

5.00%, 11/1/22

     1,000        1,052  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

Texas – 7.5%     continued

     

Houston Community College G.O. Limited Refunding Bonds, Series A,

     

3.00%, 2/15/22

     $3,000        $3,031  

4.00%, 2/15/23

     2,840        2,985  

Houston G.O. Limited Bonds, Series A,

     

5.00%, 3/1/23

     5,000        5,339  

Houston Hotel Occupancy Tax & Special Revenue Refunding Bonds, Convention and Entertainment Facilities Department,

     

4.00%, 9/1/22

     175        181  

4.00%, 9/1/23

     185        198  

Houston Independent School District Public Facilities Corp. Lease Revenue Refunding Bonds,

     

5.00%, 9/15/22

     1,500        1,569  

Houston Independent School District Variable G.O. Limited Bonds, Series A-2 (PSF, Gtd.),

     

2.25%, 6/1/22(2) (5) (6)

     14,000        14,182  

Humble Independent School District G.O. Unlimited Refunding Bonds, Series B
(PSF, Gtd.),

     

5.00%, 2/15/22

     4,060        4,132  

Irving G.O. Limited Refunding Bonds,

     

5.50%, 8/15/23

     1,000        1,098  

Love Field Airport Modernization Corp., General Airport Revenue Refunding Bonds (AMT),

     

5.00%, 11/1/22

     1,000        1,050  

5.00%, 11/1/23

     1,650        1,806  

Lower Colorado River Authority Transmission Contract Revenue Bonds, LCRA Transmission Services,

     

5.00%, 5/15/22

     1,000        1,030  

5.00%, 5/15/23

     1,000        1,077  

Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services,

     

5.00%, 5/15/22

     1,000        1,030  

Lubbock Electric Light & Power System Revenue Bonds,

     

5.00%, 4/15/23

     1,375        1,475  

5.00%, 4/15/24

     875        978  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    326    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

Texas – 7.5%     continued

     

Matagorda County Navigation District No. 1 Variable Revenue Bonds (AMT), Central Power & Light Company Project,

     

0.90%, 9/1/23(2) (5) (6)

     $4,250        $4,261  

North Texas Tollway Authority Revenue Bonds, Escrowed to Maturity,

     

5.00%, 1/1/22

     815        824  

North Texas Tollway Authority Revenue Bonds, Unrefunded Balance,

     

5.00%, 1/1/22

     1,035        1,047  

Odessa Housing Finance Corp. MFH Variable Revenue Bonds, Vera in Odessa Apartments (FHA Insured),

     

0.35%, 3/1/23(2) (5) (6)

     16,000        16,011  

Plano City G.O. Limited Refunding Bonds,

     

3.00%, 9/1/22

     1,065        1,092  

San Antonio Electric & Gas Revenue Refunding Bonds,

     

5.00%, 2/1/23

     5,300        5,638  

San Antonio G.O. Limited Bonds,

     

5.00%, 8/1/23

     3,445        3,746  

San Antonio Tax Notes G.O. Limited Bonds,

     

5.00%, 8/1/23

     11,490        12,495  

Sherman Independent School District Variable G.O. Unlimited Bonds, School Building, Unrefunded Balance (PSF, Gtd.),

     

2.00%, 8/1/23(2) (5) (6)

     11,445        11,764  

Tarrant Regional Water District Water Revenue Refunding & Improvement Bonds, Prerefunded,

     

5.00%, 3/1/22(8)

     21,040        21,458  

Texas State Department of Multi-family Housing & Community Affairs Variable Revenue Bonds, Corona Del Valle (Housing & Urban Development Sector 8 Program),

     

0.37%, 8/1/23(2) (5) (6)

     3,000        2,998  

Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds,

     

5.00%, 12/15/22

     2,000        2,110  

5.00%, 12/15/23

     2,000        2,198  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

Texas – 7.5%     continued

     

Texas State Municipal Power Agency Revenue Refunding Bonds (AGM Insured),

     

3.00%, 9/1/22

     $650        $666  

3.00%, 9/1/23

     750        789  

Texas State PFA G.O. Unlimited Refunding Bonds, Series A,

     

5.00%, 10/1/21

     5,000        5,000  

Texas State Transportation Commission Highway Improvement G.O. Unlimited, Prerefunded,

     

5.00%, 4/1/22(8)

     22,000        22,526  

Texas State Water Development Board Revenue Bonds,

     

5.00%, 10/15/21

     1,875        1,878  

5.00%, 4/15/22

     1,450        1,487  

5.00%, 10/15/22

     2,700        2,834  

Texas State Water Development Board Revenue Bonds, Master Trust,

     

3.00%, 10/15/22

     2,000        2,058  

4.00%, 4/15/23

     985        1,042  

4.00%, 10/15/23

     2,000        2,154  

Tomball Independent School District Variable G.O. Unlimited Bonds, School Building, Series B-2 (PSF, Gtd.),

     

0.26%, 8/15/24(2) (5) (6)

     4,700        4,679  

Travis County Housing Finance Corp. Revenue Bonds, Enclave on Ross Apartments,

     

0.23%, 2/1/24(2) (5) (6)

     8,250        8,229  

Travis County Housing Finance Corp. Variable Revenue Bonds, Cascades at Onion Creek Apartments,

     

0.35%, 2/1/23(2) (5) (6)

     22,000        22,005  

University of North Texas Revenue Refunding Bonds, Series A,

     

5.00%, 4/15/22

     2,500        2,564  

5.00%, 4/15/23

     1,850        1,983  

Waco G.O. Limited Refunding Bonds,

     

5.00%, 2/1/22

     2,000        2,032  
     
               325,918  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    327    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

Utah – 0.7%

     

Alpine School District G.O. Unlimited Bonds, Series B (School Board Guaranty Program),

     

5.00%, 3/15/22

     $12,825        $13,106  

Canyons School District Local Building Authority Revenue Bonds,

     

5.00%, 6/15/23

     2,865        3,098  

Salt Lake City Airport Revenue Bonds, Series A (AMT),

     

5.00%, 7/1/24

     1,000        1,122  

Salt Lake County G.O. Unlimited Bonds,

     

5.00%, 12/15/21

     3,350        3,382  

5.00%, 12/15/22

     3,975        4,206  

Utah State G.O. Unlimited Bonds, Series B,

     

5.00%, 7/1/22

     3,500        3,626  
     
               28,540  

Virginia – 3.6%

     

Arlington County G.O. Unlimited Bonds,

     

5.00%, 6/15/22

     4,595        4,751  

Arlington County G.O. Unlimited Refunding Bonds, Series A (State Aid Withholding),

     

5.00%, 8/1/22

     6,690        6,958  

5.00%, 8/1/23

     5,735        6,238  

Fairfax County G.O. Unlimited Refunding Bonds, Series A (State Aid Withholding),

     

4.00%, 10/1/21

     18,880        18,880  

4.00%, 10/1/22

     10,000        10,381  

Hampton Roads Transportation Accountability Commission Revenue BANS, Series A,

     

5.00%, 7/1/22

     41,800        43,294  

Harrisonburg G.O. Unlimited Refunding Bonds, Series A (State Aid Withholding),

     

5.00%, 7/15/23

     3,360        3,646  

King George County IDA Waste Management Inc., King George Land Revenue Bonds (AMT),

     

2.50%, 6/1/23(2) (6)

     2,000        2,068  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%     continued

 

Virginia – 3.6%     continued

     

Loudoun County G.O. Unlimited Bonds, Series A (State Aid Withholding),

     

5.00%, 12/1/21

     $9,000        $9,070  

Virginia State College Building Authority Educational Facilities Revenue Bonds, 21st Century College & Equipment,

     

5.00%, 2/1/22

     2,000        2,032  

5.00%, 2/1/23

     2,000        2,128  

Virginia State College Building Authority Educational Facilities Revenue Refunding Bonds, 21st Century College Program,

     

5.00%, 2/1/22

     5,690        5,780  

Virginia State G.O. Unlimited Refunding Bonds, Series B, Escrowed to Maturity,

     

5.00%, 6/1/22

     1,315        1,357  

Virginia State G.O. Unlimited Refunding Bonds, Series B, Unrefunded Balance,

     

5.00%, 6/1/22

     5,710        5,892  

Virginia State Public Building Authority Public Facilities Revenue Bonds, Series A,

     

5.00%, 8/1/22

     2,000        2,080  

Virginia State Public Building Authority Public Facilities Revenue Refunding Bonds, Series B,

     

5.00%, 8/1/22

     4,000        4,160  

Virginia State Public School Authority School Financing Revenue Refunding Bonds,

     

5.00%, 8/1/22

     9,000        9,360  

Virginia State Public School Authority School Technology & Security Notes Revenue Bonds, Series VIII,

     

5.00%, 4/15/23

     5,970        6,409  

Virginia State Public School Authority Special Obligation Prince Revenue Bonds (State Aid Withholding),

     

4.00%, 10/1/21

     5,330        5,330  

4.00%, 10/1/22

     5,275        5,476  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    328    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Virginia – 3.6%    continued

 

Virginia State Resources Authority Infrastructure Subordinate Revenue Refunding Bonds, Virginia Pooled Financing (Moral Obligation Insured),

     

5.00%, 11/1/23

     $1,000        $1,098  

Virginia State Small Business Financing Authority Revenue Refunding Bonds, National Senior Campuses,

     

5.00%, 1/1/22

     500        506  

5.00%, 1/1/23

     500        528  
     
               157,422  

Washington – 2.6%

     

Central Puget Sound Regional Transit Authority Variable Sales & Use TRB, Series S-2A, Green Bonds,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.30%),
0.35%, 11/1/21(2) (5)

     10,000        10,000  

Central Puget Sound Regional Transit Authority Variable Sales & Use TRB, Series S-2B, Green Bonds,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.45%), 0.50%, 11/1/23(2) (5)

     12,500        12,537  

Port of Seattle First Lien Revenue Refunding Bonds (AMT), Private Activity,

     

5.00%, 9/1/23

     2,000        2,179  

Seattle Municipal Light & Power Improvement Revenue Bonds,

     

5.00%, 4/1/22

     3,420        3,501  

Seattle Municipal Light & Power Improvement Revenue Refunding & Improvement Bonds, Series B,

     

5.00%, 2/1/22

     11,400        11,580  

Seattle Municipal Light & Power Variable Revenue Refunding Bonds, Series B,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.25%), 0.30%, 11/1/26(2) (5)

     7,520        7,520  

Washington Federal Highway Grant Anticipation Revenue Bonds, Senior 520 Corridor Program,

     

5.00%, 9/1/23

     3,000        3,272  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Washington – 2.6%    continued

     

Washington State G.O. Unlimited Refunding Bonds, Series R-2020A,

     

5.00%, 1/1/22

     $3,500        $3,541  

Washington State G.O. Unlimited Refunding Bonds, Series R-2020B,

     

5.00%, 1/1/22

     2,750        2,783  

Washington State G.O. Unlimited Refunding Bonds, Series R-2020C,

     

5.00%, 7/1/22

     3,465        3,590  

Washington State G.O. Unlimited Refunding Bonds, Series R-2020D,

     

5.00%, 7/1/22

     10,405        10,781  

Washington State G.O. Unlimited Refunding Bonds, Series R-2021B,

     

5.00%, 1/1/22

     21,735        21,992  

Washington State G.O. Unlimited Refunding Bonds, Series R-2021C,

     

5.00%, 8/1/23

     15,500        16,862  
     
               110,138  

Wisconsin – 2.2%

     

Madison G.O. Unlimited Promissory Notes, Series A,

     

10/1/22(4)

     8,130        8,271  

10/1/23(4)

     8,130        8,408  

Madison G.O. Unlimited Refunding Promissory Notes, Series A,

     

4.00%, 10/1/22

     4,895        5,081  

4.00%, 10/1/23

     7,100        7,631  

Milwaukee Area Technical College District G.O. Unlimited Bonds, Series C,

     

2.00%, 6/1/23

     2,475        2,548  

2.00%, 6/1/24

     2,580        2,694  

Milwaukee G.O. Unlimited Promissory Notes, Series N3,

     

5.00%, 4/1/24

     12,515        13,912  

Milwaukee G.O. Unlimited Promissory Refunding Notes, Series N4,

     

5.00%, 4/1/23

     1,725        1,847  

PFA Hospital Revenue Refunding Bonds, Renown Regional Medical Center Project,

     

5.00%, 6/1/22

     275        284  

5.00%, 6/1/23

     345        372  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    329    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 63.0%    continued

 

Wisconsin – 2.2%    continued

     

Wisconsin G.O. Unlimited Refunding Bonds, Series 2,

     

5.00%, 11/1/23

     $1,100        $1,209  

Wisconsin State Environmental Improvement Fund Revenue Bonds, Series A, Green Bonds,

     

5.00%, 6/1/23

     4,350        4,698  

5.00%, 6/1/24

     4,570        5,147  

Wisconsin State G.O. Unlimited Bonds, Series B,

     

5.00%, 5/1/22

     13,180        13,550  

5.00%, 5/1/23

     4,720        5,078  

Wisconsin State G.O. Unlimited Refunding Bonds, Series 2,

     

5.00%, 11/1/21

     6,210        6,233  

Wisconsin State Health & Educational Facilities Authority Variable Revenue Refunding Bonds, Advocate Aurora Health,

     

(Floating, SIFMA Municipal Swap Index Yield + 0.65%), 0.70%, 7/31/24(2) (5)

     5,000        5,047  

Wisconsin State Housing & EDA Home Ownership Revenue Bonds, Social Bonds, Series A,

     

0.30%, 3/1/23

     1,600        1,598  

0.35%, 9/1/23

     1,295        1,294  

0.45%, 3/1/24

     525        524  
     
               95,426  
     

Total Municipal Bonds

                 
     

(Cost $2,720,368)

        2,724,855  
    
    NUMBER
OF SHARES		    VALUE
(000S)

INVESTMENT COMPANIES – 3.5%

 

Northern Institutional Funds -
U.S. Government Portfolio (Shares),

     

0.00%(11) (12)

     151,338,272        $151,338  
     

Total Investment Companies

                 
     

(Cost $151,338)

        151,338  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

SHORT-TERM INVESTMENTS – 7.7%

 

Alaska State International Airports Revenue Refunding Bonds, Series C (AMT),

     

5.00%, 10/1/21

     $450        $450  

Alvin Independent School District Variable G.O. Unlimited Bonds, Series B
(PSF, Gtd.),

     

1.25%, 8/15/22(2) (5) (6)

     7,500        7,564  

Asset/Liability Commission General Revenue Refunding Bonds, Series A,

     

4.00%, 11/1/21

     3,500        3,510  

Bedford County G.O. Unlimited Refunding Bonds,

     

5.00%, 6/1/22

     795        820  

Black Belt Energy Gas District Alabama Gas Supply Revenue Bonds, Series A,

     

4.00%, 7/1/22(2) (5) (6)

     11,125        11,379  

Clark County School District G.O. Limited Bonds, Series A,

     

5.00%, 6/15/22

     3,440        3,556  

Clear Creek Independent School District G.O. Unlimited Bonds, Series B
(PSF, Gtd.),

     

1.35%, 8/15/22(2) (5) (6)

     14,000        14,118  

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series U-2, Yale University Issue,

     

2.00%, 2/8/22(2) (5) (6)

     10,000        10,063  

Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series A-1, Yale University,

     

1.45%, 7/1/22(2) (5) (6)

     21,000        21,198  

Contra Costa County Schools Pooled Cross Fiscal Year 2020-21 TRANS, Series A,

     

2.00%, 12/1/21

     1,650        1,654  

Cypress-Fairbanks Independent School District G.O. Unlimited Bonds, Series B-1 (PSF, Gtd.),

     

1.25%, 8/15/22(2) (5) (6)

     4,500        4,539  

District of Columbia Housing Finance Agency MFH Revenue Bonds, The Strand Residences Project,

     

1.45%, 8/1/22(2) (5) (6)

     1,500        1,514  

El Paso County School District No. 49 Falcon COPS,

     

5.00%, 12/15/21

     250        252  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    330    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT

(000S)

    VALUE
(000S)

SHORT-TERM INVESTMENTS - 7.7%    continued

 

Gahanna-Jefferson City School District COPS, School Facilities Project (BAM Insured),

     

2.00%, 12/1/21

     $715        $717  

Gilbert G.O. Unlimited Refunding Bonds,

     

5.00%, 7/1/22

     12,500        12,951  

Hawaii State G.O. Unlimited Bonds, Series GA,

     

5.00%, 10/1/21

     11,500        11,500  

Humboldt County PCR Variable Revenue Refunding Bonds, Sierra Pacific Power Company,

     

1.85%, 4/15/22(2) (5) (6)

     10,000        10,081  

Illinois Development Finance Authority Solid Waste Disposal Revenue Bonds (AMT), Waste Management, Inc., Project,

     

0.55%, 11/1/21(2) (5) (6)

     6,000        6,002  

Illinois State Housing Development Authority MFH Revenue Bonds, Heather Ridge,

     

1.90%, 10/1/21(2) (5) (6)

     4,500        4,500  

Illinois State Housing Development Authority MFH Variable Revenue Bonds, Northpoint Illinois Preservation,

     

0.33%, 8/1/22(2) (5) (6)

     10,000        10,007  

Indiana State Finance Authority Hospital Revenue Bonds, Indiana University Health Obligated Group, Prerefunded,

     

1.65%, 1/1/22(2) (6) (8)

     5,000        5,018  

Los Angeles County Schools Pooled Financing Program TRANS,

     

2.00%, 12/30/21

     21,000        21,098  

Louisa IDA Variable PCR Bonds, Virginia Electric,

     

1.80%, 4/1/22(2) (5) (6)

     3,750        3,778  

Louisiana State Gas & Fuels Second Lien Variable Revenue Refunding Bonds, Series D,

     

0.55%, 5/1/22(2) (5) (6)

     20,000        20,005  

Lubbock Electric Light & Power System Revenue Bonds,

     

5.00%, 4/15/22

     1,750        1,795  

Massachusetts State HFA Variable Revenue Bonds, Chestnut Park Project,

     

2.40%, 12/1/21(2) (5) (6)

     3,000        3,011  
   

PRINCIPAL

AMOUNT

(000S)

    VALUE
(000S)

SHORT-TERM INVESTMENTS - 7.7%    continued

 

Memphis Health Educational & Housing Facility Board MFH Variable Revenue Bonds, Burkle & Main Apartment,

     

1.40%, 5/1/22(2) (5) (6)

     $2,500        $2,517  

Miami-Dade County IDA Solid Waste Disposal Variable Revenue Bonds (AMT), Waste Management,

     

0.55%, 11/1/21(2) (5) (6)

     2,750        2,751  

Miami-Dade County IDA Solid Waste Disposal Variable Revenue Bonds, Waste Management,

     

0.45%, 11/1/21(2) (5) (6)

     5,100        5,101  

Milwaukee Area Technical College District G.O. Unlimited Bonds, Series C,

     

2.00%, 12/1/21

     7,485        7,507  

Minnesota State G.O. Unlimited Bonds, Series A, Bidding Group 1,

     

5.00%, 9/1/22

     8,085        8,443  

Montgomery G.O. Unlimited Refunding Bonds, Series B, Warrants,

     

3.00%, 12/1/21

     1,800        1,808  

New London City G.O. Unlimited BANS,

     

2.00%, 3/17/22

     12,600        12,706  

New York City Housing Development Corp. MFH Revenue Bonds, Series G, Sustainable Neighborhood Bonds,

     

2.00%, 12/31/21(2) (5) (6)

     375        377  

New York City Housing Development Corp. MFH Variable Revenue Bonds, Series C-2, Sustainable Development Bonds,

     

0.23%, 4/29/22(2) (5) (6)

     2,500        2,499  

New York City Housing Development Corp. Multi-Family Housing Variable Revenue Notes, Series H,

     

0.12%, 3/15/22(2) (5) (6)

     8,780        8,777  

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport,

     

5.00%, 12/1/21

     1,100        1,108  

North Carolina State Capital Facilities Finance Agency Educational Facilities Taxable Revenue Bonds, Series B, Campbell University,

     

0.71%, 10/1/21

     700        700  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    331    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

   

PRINCIPAL

AMOUNT

(000S)

    VALUE
(000S)

SHORT-TERM INVESTMENTS - 7.7%    continued

 

Northern Tobacco Securitization Corp. Settlement Revenue Refunding Senior Bonds, Series A, Class 1,

     

3.00%, 6/1/22

     $600        $610  

Nuveen AMT-Free Quality Municipal Income Fund Tax Exempt Preferreds,

     

0.25%, 10/8/21(2) (5) (13)

     15,000        15,000  

Ohio State HFA MFH Revenue Bonds, Series A (GNMA, FHA Insured),

     

0.40%, 9/1/22(2) (5) (6)

     3,970        3,972  

Oregon Business Development Commission Economic Development Revenue Bonds (AMT),

     

5.00%, 3/1/22(2) (5) (6)

     43,400        44,206  

Pennsylvania State Economic Development Financing Authority Solid Waste Disposal Revenue Bonds, Waste Management Project,

     

2.80%, 12/1/21(2) (5) (6)

     2,500        2,510  

Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds,

     

5.00%, 12/15/21

     2,000        2,018  

Texas State PFA G.O. Unlimited Bonds, Series A,

     

4.00%, 10/1/21

     6,000        6,000  

Texas State Transportation Commission State Highway Fund Revenue Refunding Bonds, First Tier, Series B,

     

4.00%, 10/1/21(2) (5) (6)

     3,035        3,035  

Topeka Utility Revenue Refunding Bonds, Series A (BAM Insured),

     

4.00%, 8/1/22

     7,795        8,041  

Traverse City Area Public Schools G.O. Unlimited Bonds, Series II,

     

3.00%, 5/1/22

     2,075        2,108  
     

Total Short-Term Investments

                 
     

(Cost $331,914)

        332,874  

    

     
     

Total Investments – 102.1%

                 
     

(Cost $4,405,800)

        4,418,953  

Liabilities less Other Assets – (2.1%)

 

      (92,284 ) 
     

NET ASSETS – 100.0%

        $4,326,669  

 

(1)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

(2)

Variable rate security. Rate as of September 30, 2021 is disclosed.

(3)

Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of September 30, 2021.

(4)

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(5)

Maturity date represents the puttable date.

(6)

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

(7)

Security has converted to a fixed rate as of May 1, 2019, and will continue at a fixed rate going forward.

(8)

Maturity date represents the prerefunded date.

(9)

Variable rate security. Rate as of September 30, 2021 is disclosed.

(10)

Variable rate is calculated based on the issuer’s annual income.

(11)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(12)

7-day current yield as of September 30, 2021 is disclosed.

(13)

Rate is determined by a remarketing agent and, in the agent’s judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1M - 1 Month

1Y - 1 Year

3M - 3 Month

A.G. - Aktiengesellschaft (German: Stock Corporation)

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

B.V. - Besloten Vennootschap (Dutch: Private Limited Liability Company)

BAM - Build America Mutual

BANS - Bond Anticipation Notes

CMT - Constant Maturity

COPS - Certificates of Participation

EDA - Economic Development Authority

FHA - Federal Housing Administration

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

G.O. - General Obligation

GANS - Grant Anticipation Notes

GARVEE - Grant Anticipation Revenue Vehicle

GNMA - Government National Mortgage Association

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    332    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

Gtd. - Guaranteed

HFA - Housing Finance Authority

HUD - Housing and Urban Development

IBC - Insured Bond Certificates

ICE - Intercontinental Exchange

IDA - Industrial Development Authority

IDB - Industrial Development Board

L.P. - Limited Partnership

LCRA - Lower Colorado River Authority

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

MFH - Multi-Family Housing

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

NATL - National Public Finance Guarantee Corporation

PCR - Pollution Control Revenue

PFA - Public Finance Authority

PLC - Public Limited Company

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

S.A. - Société Anonyme (French: Public Limited Company)

SCSDE - South Carolina State Department of Education

SFM - Single Family Mortgage

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

 

  SECURITY TYPE(1)

 

   

% OF NET ASSETS

 

  

  Corporate bonds

      18.1 % 

  Foreign Issuer Bonds

      9.8 % 

  Municipal Bonds

      63.0 % 

  Investment Companies

      3.5 % 

  Short-Term Investments

      7.7 % 

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS  

 

LEVEL 1
(000S)

     LEVEL 2
(000S)		      LEVEL 3
(000S)		      TOTAL
(000S)		  

  Corporate Bonds(1)

   $ —     $ 786,070        $—      $ 786,070    

  Foreign Issuer Bonds(1)

     —       423,816        —        423,816    

  Municipal Bonds(1)

     —       2,724,855        —        2,724,855    

  Investment Companies

     151,338       —        —        151,338    

  Short-Term Investments

     —       332,874        —        332,874    

  Total Investments

   $ 151,338     $ 4,267,615        $—      $ 4,418,953    

 

(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    333    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS – 82.2%

 

Alabama – 0.8%

     

Birmingham G.O. Unlimited Convertible CABS, Series A, Prerefunded,

     

5.00%, 3/1/27(1)

     $815        $869  

Birmingham G.O. Unlimited Convertible CABS, Series A, Unrefunded Balance,

     

5.00%, 3/1/27

     185        197  

Black Belt Energy Gas District Alabama Gas Prepay Revenue Bonds,
Series A-1, Project No. 5,

     

4.00%, 10/1/26(2) (3) (4)

     2,500        2,872  

Black Belt Energy Gas District Gas Supply Revenue Refunding Bonds,

     

4.00%, 12/1/31(2) (3) (4)

     5,000        6,101  

City of Madison Board of Education Special Tax School Warrants,

     

4.00%, 2/1/44

     4,540        5,207  
     
               15,246  

Arizona – 2.5%

     

Arizona Board of Regents State University System Revenue Bonds, Series B, Green Bonds,

     

5.00%, 7/1/42

     2,000        2,361  

Arizona Board of Regents State University System Revenue Refunding Bonds, Series B,

     

5.00%, 7/1/43

     2,000        2,388  

Arizona IDA Hospital Revenue Bonds, Phoenix Children’s Hospital,

     

4.00%, 2/1/50

     2,000        2,300  

Arizona State IDA Education Revenue Bonds, Series A-Social, Macombs Facility Project,

     

4.00%, 7/1/61

     1,250        1,362  

Arizona State IDA Lease Revenue Bonds, Series A,

     

3.00%, 9/1/50

     1,600        1,668  

Arizona State Transportation Board Highway Revenue Refunding Bonds,

     

5.00%, 7/1/30

     1,485        1,773  

Arizona State University Revenue Bonds, Series A, Green Bonds,

     

5.00%, 7/1/43

     1,000        1,249  

Bullhead City Excise Tax Revenue Bonds, Second Series,

     

2.70%, 7/1/51

     2,500        2,429  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%     continued

 

Arizona – 2.5%     continued

     

La Paz County IDA Education Facility Lease Revenue Bonds, Harmony Public Schools Project,

     

4.00%, 2/15/51

     $580        $641  

Maricopa County IDA Educational Facilities Revenue Bonds, Creighton University Project,

     

4.00%, 7/1/50

     5,000        5,718  

Phoenix Civic Airport Improvement Corp. Junior Lien Airport Revenue Bonds,

     

4.00%, 7/1/44

     5,000        5,758  

Phoenix Civic Improvement Corp. District Convertible Revenue CABS, Series B, Civic Plaza (NATL Insured),

     

5.50%, 7/1/38

     2,500        3,721  

Phoenix Civic Improvement Corp. Water System Junior Lien Revenue Bonds, Series A, Prerefunded,

     

5.00%, 7/1/24(1)

     5,000        5,644  

Pima County IDA Revenue Refunding Bonds, Tucson Medical Center,

     

3.00%, 4/1/51

     1,000        1,042  

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds,

     

5.00%, 1/1/39

     4,000        4,864  

Scottsdale Taxable G.O. Unlimited Refunding Bonds,

     

1.34%, 7/1/30

     1,470        1,427  

Student & Academic Services LLC Lease Revenue Bonds, Northern Arizona Capital Facilities (BAM Insured),

     

5.00%, 6/1/44

     2,000        2,197  

Yavapai County IDA Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical,

     

3.13%, 8/1/43

     1,000        1,052  
     
               47,594  

California – 8.2%

     

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,

     

4.00%, 8/1/31(2) (3) (4)

     20,000        24,239  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    334    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%     continued

 

California – 8.2%     continued

     

California HFA Municipal Certificates Revenue Bonds, Series 2, Class A,

     

4.00%, 3/20/33

     $973        $1,147  

California HFA Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,

     

3.50%, 11/20/35

     3,475        4,030  

California School Finance Authority Educational Facilities Revenue Bonds, Series A,

     

4.00%, 7/1/55

     1,075        1,200  

California State Educational Facilities Authority Revenue Bonds, Series A, University of San Francisco,

     

5.25%, 10/1/55

     2,000        3,190  

California State G.O. Unlimited Bonds, Series 2007, Unrefunded Balance,

     

5.75%, 5/1/30

     75        75  

California State G.O. Unlimited Refunding Bonds,

     

5.00%, 8/1/26

     700        847  

5.00%, 11/1/30

     1,350        1,789  

California State G.O. Unlimited Various Purpose Refunding Bonds,

     

4.00%, 10/1/27

     5,000        5,950  

5.00%, 4/1/38

     5,000        5,538  

California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Los Angeles Museum of Art Project,

     

1.20%, 6/1/28(2) (3) (4)

     5,000        5,015  

California State Municipal Finance Authority Revenue Bonds, Humangood, California Obligated Group,

     

3.00%, 10/1/46

     1,000        1,034  

California State Municipal Finance Authority Student Housing Revenue Bonds,
CHF-Davis I, LLC -West Village,

     

5.00%, 5/15/43

     2,000        2,417  

California State Municipal Finance Authority Student Housing Revenue Bonds, Orchard Park Student Housing Project, Green Bonds (BAM Insured),

     

3.00%, 5/15/54

     1,000        1,037  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%     continued

 

California – 8.2%     continued

     

California State Public Works Board Lease Revenue Refunding Bonds, Various Capital Projects,

     

5.00%, 11/1/23

     $1,000        $1,099  

California State Various Purpose G.O. Unlimited Bonds,

     

5.25%, 10/1/39

     5,000        5,977  

2.38%, 10/1/51

     4,000        3,811  

Carlsbad Unified School District G.O. Unlimited Convertible CABS, Series B, Election,

     

6.00%, 5/1/34

     2,500        2,861  

Central Unified School District G.O. Unlimited Bonds, Series B, Election of 2016,

     

5.00%, 8/1/43

     1,000        1,175  

Chino Valley Unified School District G.O. Limited Bonds, Series B,

     

4.00%, 8/1/45

     500        584  

Coachella Valley Water District Revenue COPS, Series A, Oasis Project,

     

5.00%, 8/1/51

     1,100        1,389  

CSCDA Student Housing Revenue Refunding Bonds, CHF-Irvine, LLC,

     

5.00%, 5/15/32

     1,000        1,174  

Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds, Series D (AMT),

     

5/15/51(5)

     10,000        11,445  

Los Angeles Department of Airports Airport Subordinated Revenue Refunding Bonds,

     

5.00%, 5/15/36

     2,745        3,463  

5.00%, 5/15/43

     5,000        6,220  

Los Angeles Department of Airports Revenue Refunding Bonds, Series B (AMT),

     

5.00%, 5/15/34

     3,000        3,710  

Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B,

     

5.00%, 7/1/46

     445        568  

Los Angeles Department of Water & Power System Revenue Bonds, Series C,

     

5.00%, 7/1/39

     1,000        1,265  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    335    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%     continued

 

California – 8.2%     continued

     

Los Angeles Department of Water & Power System Revenue Refunding Bonds, Series A,

     

5.00%, 7/1/31

     $1,445        $1,652  

Los Angeles Department of Water & Power System Revenue Refunding Bonds, Series D,

     

5.00%, 7/1/43

     5,000        6,159  

Los Angeles Department of Water & Power Waterworks Revenue Bonds, Series A,

     

5.00%, 7/1/39

     2,070        2,535  

Metropolitan Water District of Southern California Revenue Bonds, Series A,

     

5.00%, 10/1/46

     2,500        3,239  

Moreno Valley Unified School District G.O. Unlimited, Series C (BAM Insured),

     

3.00%, 8/1/50

     2,000        2,124  

Morgan Hill Redevelopment Agency Successor Agency Taxable Allocation Refunding Bonds,

     

1.81%, 9/1/30

     2,000        1,982  

Natomas Unified School District G.O. Unlimited Bonds, Series A (AGM Insured),

     

4.00%, 8/1/49

     1,000        1,120  

Newport Mesa Unified School District G.O. Unlimited Refunding CABS Bonds,

     

0.00%, 8/1/41(6)

     2,000        1,049  

Northern Energy Authority Commodity Supply Revenue Bonds, Series A,

     

4.00%, 7/1/24(2) (3) (4)

     2,500        2,719  

Oakland Unified School District Alameda County G.O. Unlimited Refunding Bonds (AGM Insured),

     

5.00%, 8/1/28

     1,000        1,166  

Palomar Community College District G.O. Unlimited Convertible CABS, Election,

     

(Step to 6.38% on 8/1/30),
0.29%, 8/1/45(7) (8)

     3,750        4,072  

Porterville Water COPS, Water System Financing Project (AGM Insured),

     

4.00%, 8/15/50

     1,000        1,155  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%     continued

 

California – 8.2%     continued

     

Riverside Community College District Taxable G.O. Unlimited Refunding Bonds,

     

1.40%, 8/1/27

     $725        $727  

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),

     

5.00%, 5/1/42

     1,500        1,790  

San Francisco City & County Airports Commission International Airport Revenue Refunding Bonds,

     

5.00%, 5/1/36

     3,300        4,143  

San Francisco City & County Public Utilities Commission Water Revenue Bonds, Series B, Regional Water,

     

5.00%, 11/1/50

     5,000        6,089  

San Jose Unified School District Santa Clara County Taxable G.O. Unlimited Refunding Bonds,

     

1.22%, 8/1/28

     1,000        983  

San Juan Unified School District G.O. Unlimited Bonds, Series N, Election of 2012,

     

4.00%, 8/1/29

     2,000        2,292  

Santa Monica Community College District Taxable G.O. Unlimited Refunding Bonds,

     

1.70%, 8/1/30

     1,000        992  

1.85%, 8/1/31

     400        399  

Sequoia Union High School District Taxable G.O. Unlimited Refunding Bonds,

     

2.61%, 7/1/35

     1,000        1,031  

Solano County Community College G.O. Unlimited Bonds, Series A, District Election of 2012,

     

(Step to 5.13% on 8/1/23),
1.42%, 8/1/41(7) (8)

     3,200        3,732  

University of California Revenue Refunding Bonds, Series Q, Limited Project,

     

5.00%, 5/15/46

     4,000        5,090  

Vacaville Unified School District G.O. Unlimited Series D,

     

4.00%, 8/1/45

     500        581  
     
               159,070  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    336    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%     continued

 

Colorado – 3.3%

     

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding),

     

5.25%, 12/1/40

     $4,775        $5,810  

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding), Prerefunded,

     

5.25%, 12/1/26(1)

     225        277  

Arapahoe County School District No. 6 Littleton G.O. Unlimited Bonds, Series A (State Aid Withholding),

     

5.50%, 12/1/43

     5,000        6,468  

Aurora Water Revenue Refunding Bonds, Green Bonds, Prerefunded,

     

5.00%, 8/1/26(1)

     4,000        4,844  

Colorado State COPS ,Series A,

     

4.00%, 12/15/37

     10,000        11,656  

Colorado State Educational & Cultural Facilities Authority Revenue Bonds, Series A, University of Denver Project,

     

5.00%, 3/1/40

     2,500        2,997  

Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Adventist Health System Sunbelt,

     

4.00%, 11/15/41

     1,000        1,109  

Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Series A, Commonspirit Health,

     

4.00%, 8/1/49

     3,680        4,127  

Colorado State School of Mines Institutional Enterprise Revenue Bonds, Series B,

     

5.00%, 12/1/42

     3,400        4,163  

Denver City & County Airport System Subordinate Revenue Refunding Bonds (AMT), Series A,

     

5.00%, 12/1/43

     2,000        2,420  

Denver City & County Dedicated Tax Revenue CABS, Series A-2,

     

0.00%, 8/1/37(6)

     2,750        1,627  

0.00%, 8/1/39(6)

     2,805        1,513  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%     continued

 

Colorado – 3.3%     continued

     

Denver City & County Dedicated Tax Revenue Refunding & Improvement Bonds, Series A,

     

5.00%, 8/1/42

     $1,500        $1,759  

El Paso County School District No. 12 Cheyenne Mountain G.O. Unlimited Bonds (State Aid Withholding), Prerefunded,

     

5.25%, 9/15/24(1)

     5,000        5,726  

Jefferson County School District No. R-001 G.O. Unlimited Bonds (State Aid Withholding),

     

5.00%, 12/15/37

     5,000        6,264  

Regional Transportation District Private Activity Revenue Refunding Bonds, Denver Transit Partners,

     

4.00%, 7/15/39

     800        1,024  

Windy Gap Firming Project Water Activity Enterprise Revenue Bonds,

     

5.00%, 7/15/46

     2,000        2,560  
     
               64,344  

Connecticut – 0.6%

     

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series K, Sacred Heart University,

     

4.00%, 7/1/45

     1,500        1,702  

Connecticut State Special Tax Obligation Revenue Bonds, Series A, Transportation Infrastructure,

     

5.00%, 8/1/34

     3,000        3,475  

Connecticut State Special Tax Obligation Revenue Bonds, Series B,

     

5.00%, 10/1/31

     2,500        3,146  

University of Connecticut Revenue Bonds, Series A,

     

5.25%, 11/15/47

     3,000        3,675  
     
               11,998  

District of Columbia – 1.6%

     

District of Columbia G.O. Unlimited Bonds, Series A,

     

5.00%, 6/1/43

     5,000        6,128  

District of Columbia G.O. Unlimited Bonds, Series C,

     

5.00%, 6/1/38

     1,000        1,115  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    337    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%     continued

 

District Of Columbia – 1.6%     continued

     

District of Columbia Water & Sewer Authority Public Utility Subordinate Revenue Bonds, Series A, Green Bonds,

     

5.00%, 10/1/45

     $2,500        $2,889  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding Bonds, Series A, Dulles Metrorail & Capital Improvement,

     

5.00%, 10/1/44

     2,000        2,455  

Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT),

     

5.00%, 10/1/28

     5,000        5,228  

5.00%, 10/1/43

     4,000        4,924  

5.00%, 10/1/46

     2,000        2,515  

Washington Metropolitan Area Transit Authority Gross Revenue Bonds,

     

5.00%, 7/1/38

     1,800        2,168  

5.00%, 7/1/43

     3,000        3,583  
     
               31,005  

Florida – 5.4%

     

Broward County Airport System Revenue Bonds (AMT),

     

5.00%, 10/1/42

     2,500        2,989  

Broward County Airport System Revenue Bonds, Series C, Prerefunded,

     

5.25%, 10/1/23(1)

     5,000        5,495  

Broward County Port Facilities Revenue Refunding Bonds, Series A (AGM Insured), Unrefunded Balance,

     

5.00%, 9/1/24

     410        411  

5.00%, 9/1/25

     330        331  

Broward County Port Facilities Revenue Refunding Bonds, Series B (AMT), Unrefunded Balance,

     

5.00%, 9/1/23

     820        823  

Central Florida Expressway Authority Senior Lien Revenue Bonds, Series B,

     

5.00%, 7/1/44

     2,500        3,086  

Davie Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project,

     

5.00%, 4/1/48

     2,000        2,361  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%     continued

 

Florida – 5.4%     continued

     

Florida State Board of Education Public Education Capital Outlay G.O. Unlimited Refunding Bonds, Series A,

     

5.00%, 6/1/28

     $1,000        $1,264  

Florida State Department Transportation G.O. Unlimited Refunding Bonds,

     

3.00%, 7/1/30

     2,500        2,536  

Florida State Development Finance Corp. Educational Facility Revenue Bonds, Mater Academy Project, Series A,

     

5.00%, 6/15/50

     2,000        2,273  

Florida State Higher Educational Facilities Financial Authority Revenue Bonds, Florida Institute of Technology,

     

4.00%, 10/1/44

     1,750        1,907  

Florida State Higher Educational Facilities Financial Authority Revenue Bonds, Ringling College Project,

     

5.00%, 3/1/49

     3,000        3,526  

Florida State Turnpike Authority Revenue Bonds, Series C, Department of Transportation,

     

4.50%, 7/1/43

     3,000        3,177  

Gainesville Utilities System Revenue Bonds, Green Bonds, Series A-1,

     

5.00%, 10/1/46

     1,500        1,930  

Greater Orlando Aviation Authority Airport Facilities Priority Subordinated Revenue Bonds, Series A (AMT),

     

5.00%, 10/1/42

     1,965        2,349  

Hillsborough County Aviation Authority Customer Facilities Charge Revenue Bonds, Series A, Tampa International Airport,

     

5.00%, 10/1/44

     2,500        2,811  

Hillsborough County IDA Hospital Revenue Bonds, Series A, Tampa General Hospital Project,

     

3.50%, 8/1/55

     1,150        1,234  

Miami Beach Health Facilities Authority Mt. Sinai Medical Center of Florida Revenue Bonds,

     

3.00%, 11/15/51

     3,500        3,566  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    338    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Florida – 5.4%    continued

 

4.00%, 11/15/51

     $2,000        $2,274  

Miami-Dade County Aviation Revenue Refunding Bonds,

     

5.00%, 10/1/41

     450        534  

Miami-Dade County Aviation Revenue Refunding Bonds (AMT),

     

5.00%, 10/1/27

     2,000        2,255  

Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT),

     

5.00%, 10/1/38

     5,000        5,772  

Miami-Dade County Aviation Taxable Revenue Refunding Bonds, Series B,

     

2.37%, 10/1/23

     2,000        2,072  

Miami-Dade County Expressway Authority Toll System Revenue Bonds, Series A,

     

5.00%, 7/1/39

     4,025        4,477  

Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-2
(AGM Insured),

     

3.00%, 10/1/50

     10,500        10,911  

Miami-Dade County Special Obligation Subordinate Taxable Revenue Refunding Bonds, Series 2,

     

2.14%, 10/1/30

     750        744  

Miami-Dade County Transit System Sales Surtax Revenue Bonds, Prerefunded,

     

5.00%, 7/1/22(1)

     10,000        10,361  

Orange County HFA Multifamily Variable Revenue Bonds, Jernigan Gardens Project (HUD Sector 8 Program),

     

0.35%, 10/1/22(2) (3) (4)

     5,000        5,001  

Palm Beach County Solid Waste Authority Revenue Refunding Bonds, Prerefunded,

     

5.00%, 10/1/21(1)

     75        75  

Palm Beach County Solid Waste Authority Revenue Refunding Bonds, Unrefunded Balance,

     

5.00%, 10/1/31

     4,925        4,925  

Pasco County School Board COPS, Series A (BAM Insured),

     

5.00%, 8/1/43

     3,000        3,630  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Florida – 5.4%    continued

     

Tampa Bay Water Regional Water Supply Authority Utility System Revenue Bonds,

     

5.00%, 10/1/38

     $5,000        $5,447  

Tampa Bay Water Regional Water Supply Authority Utility System Revenue Refunding Bonds, Series A,

     

5.00%, 10/1/36

     1,750        2,095  

Tampa-Hillsborough County Expressway Authority Taxable Revenue Refunding Bonds, Series B (BAM Insured),

     

2.64%, 7/1/36

     1,000        1,013  

2.69%, 7/1/37

     1,470        1,487  
     
               105,142  

Georgia – 2.0%

     

Burke County Development Authority Variable PCR Refunding Bonds, Georgia Transmission Corp.,

     

2.75%, 1/1/52(9)

     2,200        2,199  

Gainesville & Hall County Hospital Authority Revenue Anticipation Certificates, Northeast Georgia Health System, Inc. Project,

     

2.50%, 2/15/51

     2,500        2,359  

3.00%, 2/15/51

     5,000        5,189  

4.00%, 2/15/51

     5,000        5,679  

Georgia Road & Tollway Authority Taxable Revenue Refunding Bonds (State Gtd.),

     

1.90%, 7/15/34

     2,000        1,988  

Georgia State G.O. Unlimited Bonds,
Series A-Tranche 2,

     

5.00%, 7/1/31

     2,000        2,581  

Georgia State Housing & Finance Authority Revenue Bonds, Series B,

     

3.25%, 12/1/49

     5,000        5,237  

Gwinnett County School District G.O. Unlimited Bonds,

     

5.00%, 2/1/40

     5,000        6,255  

Main Street Natural Gas, Inc. Gas Supply Revenue Bonds, Series A,

     

5.00%, 5/15/43

     500        599  

5.00%, 5/15/49

     1,000        1,456  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    339    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND    continued

 

   

 

    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Georgia – 2.0%    continued

     

Main Street Natural Gas,Inc.Gas Supply Revenue Bonds, Subseries C,

     

4.00%, 12/1/23(2) (3) (4)

     $1,650        $1,766  

Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle
Units 3 & 4 Project,

     

5.50%, 7/1/60

     2,500        2,871  
     
               38,179  

Hawaii – 0.5%

     

Hawaii State Airports System Revenue Bonds, Series A (AMT),

     

5.00%, 7/1/48

     4,000        4,834  

Honolulu City & County G.O. Unlimited Bonds, Series A,

     

5.00%, 9/1/43

     2,000        2,457  

Honolulu City & County Wastewater System Taxable Revenue Refunding Bonds, Series A,

     

1.00%, 7/1/27

     1,265        1,238  

1.47%, 7/1/30

     1,500        1,454  
     
               9,983  

Idaho – 0.2%

     

Idaho State Health Facilities Authority Hospital Revenue Bonds, Trinity Health Credit Group,

     

4.00%, 12/1/43

     2,000        2,296  

University of Idaho Revenue Refunding Bonds, Series A (AGM Insured),

     

5.00%, 4/1/40

     1,285        1,656  
     
               3,952  

Illinois – 4.1%

     

Chicago Midway Airport Second Lien Revenue Refunding Bonds, Series B,

     

5.25%, 1/1/34

     2,500        2,646  

Chicago O’Hare International Airport Revenue Refunding Bonds, Series A, Passenger Facilities Charge,

     

5.00%, 1/1/23

     2,000        2,028  

Chicago O’Hare International Airport Senior Lien General Revenue Bonds, Series D,

     

5.00%, 1/1/39

     1,015        1,071  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Illinois – 4.1%    continued

     

Chicago O’Hare International Airport Senior Lien General Revenue Refunding Bonds, Series B,

     

5.00%, 1/1/41

     $3,100        $3,606  

Cook County Sales Tax Revenue Refunding Bonds,

     

4.00%, 11/15/38

     5,000        5,631  

Du Page County Revenue Refunding Bonds, Morton Abroretum Project,

     

3.00%, 5/15/47

     1,500        1,531  

Illinois Housing Development Authority Multifamily Revenue Bonds, Series C (FHA Insured),

     

2.75%, 7/1/51

     5,000        4,957  

Illinois State Educational Facilities Authority Revenue Bonds, Field Museum of Natural History,

     

3.90%, 11/1/36

     1,740        1,988  

Illinois State Finance Authority Academic Facilities Lease Revenue Bonds, University of Illinois at Urbana-Champaign,

     

5.00%, 10/1/49

     1,250        1,514  

Illinois State Finance Authority Revenue Bonds, Northwestern University,

     

5.00%, 12/1/28

     1,500        1,915  

Illinois State Finance Authority Revenue Bonds, Township High School District,

     

4.00%, 12/1/37

     5,745        6,801  

Illinois State Finance Authority Revenue Refunding Bonds, Edward-Elmhurst Healthcare,

     

4.25%, 1/1/44

     5,000        5,674  

5.00%, 1/1/44

     2,500        2,966  

Illinois State Finance Authority Revenue Refunding Bonds, Northshore University Health System,

     

3.25%, 8/15/49

     2,500        2,707  

Illinois State Finance Authority Revenue Refunding Bonds, OSF Healthcare System,

     

3.00%, 5/15/50

     2,500        2,619  

4.00%, 5/15/50

     3,150        3,587  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    340    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Illinois – 4.1%    continued

     

Illinois State Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical Center,

     

5.00%, 11/15/38

     $1,500        $1,713  

Illinois State Finance Authority Revenue Refunding Bonds, Series A, University of Chicago,

     

5.00%, 10/1/33

     2,250        3,141  

Illinois State Municipal Electric Agency Power Supply Revenue Refunding Bonds, Series A,

     

4.00%, 2/1/33

     4,750        5,306  

Illinois State Toll Highway Authority Senior Revenue Bonds, Series B,

     

5.00%, 1/1/41

     2,000        2,356  

Lake Cook Kane & Mchenry County Community Unit School District No. 220 G.O. Unlimited Bonds, Barrington,

     

3.00%, 12/1/33

     2,500        2,784  

Regional Transportation Authority Revenue Bonds, Series A (AGM Insured),

     

5.75%, 6/1/34

     3,400        4,656  

Schaumburg G.O. Unlimited Refunding Bonds, Series A,

     

4.00%, 12/1/41

     5,000        5,241  

Will, Grundy, Etc. Counties Community College District No. 525 G.O. Unlimited Refunding Bonds, Alternative Revenue Source, Prerefunded,

     

5.25%, 12/1/23(1)

     2,500        2,767  
     
               79,205  

Indiana – 0.8%

     

Indiana Finance Authority Environmental Facilities Variable Revenue Refunding Bonds (AMT), Indianapolis Power & Light Co. Project,

     

0.95%, 4/1/26(2) (3) (4)

     1,500        1,478  

Indiana Finance Authority Environmental Facilities Variable Revenue Refunding Bonds, Indianapolis Power & Light Co. Project,

     

0.75%, 4/1/26(2) (3) (4)

     1,125        1,114  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Indiana – 0.8%    continued

     

Indiana Finance Authority Wastewater Utility First Lien Revenue Bonds, Series A, CWA Authority,

     

5.25%, 10/1/38

     $3,150        $3,150  

4.25%, 10/1/44

     3,000        3,252  

Indiana State Health & Educational Facilities Financing Authority Ascension Senior Credit Group Revenue Refunding Bonds,

     

4.00%, 11/15/46

     2,900        3,272  

Indianapolis Local Public Improvement Bond Bank Revenue Bonds, Indianapolis Airport Authority Project,

     

5.00%, 1/1/44

     2,000        2,470  
     
               14,736  

Iowa – 0.2%

     

Pefa Inc., Iowa Gas Project Revenue Bonds,

     

5.00%, 9/1/26(2) (3) (4)

     2,500        2,961  

Kansas – 0.4%

     

Johnson County Unified School District No. 512 Shawnee Mission G.O. Unlimited Refunding Bonds, Series A,

     

4.00%, 10/1/22

     2,000        2,077  

Manhattan G.O. Unlimited Temporary Notes, Series 2021-01,

     

0.20%, 6/15/24

     5,000        4,979  
     
               7,056  

Kentucky – 2.4%

     

Carroll County Environmental Facilities Revenue Bonds (AMT), Kentucky Utilities Co. Project,

     

1.75%, 9/1/26(2) (3) (4)

     1,500        1,509  

Carroll County Environmental Facilities Revenue Refunding Bonds (AMT), Kentucky Utilities Company,

     

2.13%, 10/1/34

     5,200        5,318  

Fayette County School District Finance Corp. Revenue Bonds, Series A
(State Intercept Program),

     

4.00%, 5/1/38

     5,000        5,588  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    341    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND    continued

 

   

 

    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Kentucky – 2.4%    continued

     

Kentucky Bond Development Corp. Educational Facilities Revenue Refunding Bonds, Transylvania University Project,

     

4.00%, 3/1/49

     $330        $371  

Kentucky State Public Energy Authority Gas Supply Variable Revenue Bonds, Series C, Gas Supply,

     

4.00%, 2/1/28(2) (3) (4)

     10,000        11,696  

Louisville & Jefferson County Metro Government Pollution Control Revenue Refunding Bonds, Gas & Electric,

     

2.00%, 10/1/33

     10,000        10,015  

Louisville & Jefferson County Metropolitan Sewer District & Drain System Revenue Bonds, Series A,

     

5.00%, 5/15/34

     2,000        2,010  

Louisville & Jefferson County Metropolitan Sewer District & Drainage System Subordinated BANS,

     

5.00%, 10/20/21

     10,000        10,026  
     
               46,533  

Louisiana – 2.3%

     

Lafayette Parish School Board Sales TRB, Prerefunded,

     

5.00%, 4/1/27(1)

     2,165        2,666  

Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project,

     

2.50%, 4/1/36

     7,250        7,358  

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Unrefunded Balance,

     

5.00%, 5/15/47

     2,000        2,304  

Louisiana Public Facilities Authority Revenue Refunding Bonds, Tulane University of Louisiana,

     

5.00%, 4/1/45

     5,000        6,197  

Louisiana State G.O. Unlimited Bonds,

     

4.00%, 5/1/32

     2,500        2,786  

Louisiana State Gas & Fuels First Lien Revenue Refunding Bonds, Series A,

     

4.50%, 5/1/39

     2,500        2,793  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Louisiana – 2.3%    continued

     

4.00%, 5/1/41

     $5,000        $5,446  

Louisiana State Gas & Fuels Revenue Refunding Bonds, Series A-1,

     

4.00%, 5/1/32

     5,000        5,105  

Louisiana State Gas & Fuels Tax Second Lien Revenue Refunding Bonds, Series C,

     

5.00%, 5/1/45

     1,000        1,208  

Louisiana State Highway Improvement Revenue Taxable Refunding Bonds, Series A,

     

1.54%, 6/15/29

     1,880        1,865  

Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds, Series A, Woman’s Hospital Foundation Project,

     

5.00%, 10/1/31

     1,510        1,829  

Shreveport Water & Sewer Revenue Bonds, Series B (BAM Insured),

     

5.00%, 12/1/41

     5,000        5,909  
     
               45,466  

Maine – 0.1%

     

Maine Health & Higher Educational Facilities Authority Taxable Revenue Refunding Bonds, Series B (AGM Insured State Intercept),

     

2.09%, 7/1/29

     1,000        1,007  

Maryland – 0.6%

     

Howard County G.O. Unlimited Bonds, Series A,

     

5.00%, 2/15/30

     1,000        1,214  

Maryland State Department of Transportation Baltimore Washington International Revenue Bonds (AMT),

     

5.00%, 8/1/46

     3,000        3,760  

Maryland State Department of Transportation Consolidated Transportation Revenue Bonds,

     

2.50%, 10/1/33

     1,850        1,958  

Maryland State G.O. Unlimited Bonds, Group 2, State and Local Facilities,

     

5.00%, 8/1/35

     2,965        3,861  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    342    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Maryland – 0.6%    continued

     

Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Lifebridge Health,

     

5.00%, 7/1/44

     $1,100        $1,299  
     
               12,092  

Massachusetts – 3.8%

     

Lincoln School G.O. Unlimited Bonds,

     

3.50%, 3/1/44

     3,810        4,260  

Massachusetts Bay Transportation Authority Assessment Revenue Refunding Bonds, Series A,

     

5.00%, 7/1/41

     2,800        2,895  

Massachusetts State Bay Transportation Authority Sales Tax Revenue Refunding CABS, Series A,

     

0.00%, 7/1/29(6)

     2,500        2,203  

Massachusetts State Bay Transportation Authority Sales TRB, Senior Series B,

     

5.25%, 7/1/33

     1,900        2,591  

Massachusetts State College Building Authority, Revenue Bonds, Series B, Green Bonds (State Intercept Program), Prerefunded,

     

5.00%, 5/1/24(1)

     1,000        1,120  

Massachusetts State Development Finance Agency Revenue Bonds, Series V,

     

5.00%, 7/1/55

     5,500        8,482  

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Series A, Harvard University,

     

5.00%, 7/15/40

     1,000        1,428  

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Suffolk University,

     

5.00%, 7/1/36

     445        540  

5.00%, 7/1/38

     340        411  

Massachusetts State HFA Sustainability Revenue Bonds, Series A-1
(FHA Insured),

     

3.00%, 12/1/50

     500        516  

Massachusetts State Housing Finance Agency Revenue Bonds, Series H,

     

4.40%, 12/1/46

     1,000        1,085  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Massachusetts – 3.8%    continued

     

Massachusetts State Port Authority Revenue Bonds, Series A,

     

5.00%, 7/1/40

     $2,725        $3,143  

Massachusetts State Port Authority Revenue Bonds, Series C (AMT),

     

5.00%, 7/1/44

     2,000        2,432  

Massachusetts State School Building Authority Sales Subordinate TRB,
Series A,

     

5.25%, 2/15/48

     5,000        6,199  

Massachusetts State School Building Authority Sales TRB, Senior Series A, Prerefunded,

     

5.00%, 5/15/23(1)

     2,370        2,553  

Massachusetts State School Building Authority Senior Lien Sales TRB, Series A, Prerefunded,

     

5.00%, 5/15/23(1)

     3,015        3,248  

Massachusetts State School Building Authority Senior Lien Sales TRB, Series B,

     

5.00%, 11/15/36

     1,500        1,799  

5.00%, 11/15/39

     2,500        2,998  

Massachusetts State School Building Authority Subordinated Sales TRB,
Series A,

     

5.00%, 2/15/44

     4,000        4,964  

Massachusetts State Special Obligation Dedicated Revenue Refunding Bonds, (NATL Insured),

     

5.50%, 1/1/34

     2,500        3,398  

Massachusetts State Transportation Fund Rail Enhancement & Accelerated Revenue Bonds,

     

5.00%, 6/1/42

     7,820        9,525  

Massachusetts State Water Resources Authority General Revenue Bonds, Series B,

     

5.00%, 8/1/43

     1,455        1,800  

Quincy G.O. Limited BANS,

     

1.00%, 6/10/22

     5,000        5,030  
     
               72,620  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    343    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND    continued

 

   

 

    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Michigan – 2.2%

     

Detroit City School District G.O. Unlimited Refunding Bonds, Series A (Q-SBLF Insured),

     

5.00%, 5/1/32

     $1,000        $1,302  

5.00%, 5/1/33

     1,000        1,297  

Grand Rapids Public Schools Building & Site G.O. Unlimited Refunding Bonds (AGM Insured),

     

5.00%, 5/1/25

     1,000        1,156  

Michigan State Building Authority Facilities Program Revenue Refunding Bonds, Series I,

     

5.00%, 4/15/38

     2,000        2,329  

Michigan State Building Authority Facilities Program Revenue Refunding Bonds, Series I-A, Prerefunded,

     

5.50%, 10/15/21(1)

     3,565        3,571  

Michigan State Building Authority Facilities Program Revenue Refunding Bonds, Series II-A, Prerefunded,

     

5.38%, 10/15/21(1)

     5,000        5,008  

Michigan State Finance Authority Revenue Refunding Bonds, Series H-1, Partially Prerefunded,

     

5.00%, 10/1/39

     5,000        5,609  

Michigan State Trunk Line Fund Revenue Bonds,

     

5.00%, 11/15/33

     2,500        3,330  

4.00%, 11/15/46

     10,000        11,716  

Michigan State University Revenue Bonds, Series B, Board of Trustees,

     

5.00%, 2/15/44

     2,000        2,452  

Wayne County Airport Authority Revenue Bonds, Series D,

     

5.00%, 12/1/45

     2,000        2,328  

Wayne County Airport Authority Revenue Refunding Bonds, Series G,

     

5.00%, 12/1/34

     2,625        3,078  
     
               43,176  

Minnesota – 1.6%

     

Metropolitan Council Minneapolis-Saint Paul Area G.O. Unlimited GANS, Series C,

     

5.00%, 12/1/21

     20,000        20,155  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Minnesota – 1.6%    continued

     

Minneapolis Special School District No. 1 G.O. Unlimited Bonds, Series B, Long-Term Facilities Maintenance (School District Credit Program),

     

5.00%, 2/1/28

     $275        $334  

Minnesota State G.O. Unlimited Bonds, Series A, Bidding Group 1,

     

5.00%, 9/1/30

     8,000        10,630  
     
               31,119  

Mississippi – 0.1%

     

Mississippi State Business Finance Corp. Revenue Bonds, System Energy Resources, Inc. Project,

     

2.38%, 6/1/44

     1,000        988  

Missouri – 0.6%

     

Metropolitan Saint Louis Sewer District Wastewater System Revenue Refunding & Improvement Bonds, Series B,

     

5.00%, 5/1/33

     1,000        1,150  

5.00%, 5/1/45

     3,395        3,849  

Metropolitan Saint Louis Sewer District Wastewater System Revenue Refunding & Improvement Bonds, Series B, Prerefunded,

     

5.00%, 5/1/25(1)

     1,605        1,860  

Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds, Series A, Saint Louis University,

     

5.00%, 10/1/38

     2,500        2,895  

Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Series A, St. Luke’s Health System,

     

5.00%, 11/15/43

     1,280        1,545  

Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, St. Luke’s Health System,

     

4.00%, 11/15/50

     1,000        1,144  
     
               12,443  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    344    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Montana – 0.0%

     

Montana Board of Housing Single Family Program Revenue Refunding Bonds, Series A (FHA Insured HUD VA),

     

3.90%, 12/1/48

     $80        $86  

Nebraska – 1.2%

     

Douglas County Hospital Authority No. 2 Health Facilities Revenue Bonds, Children’s Hospital Obligated Group,

     

5.00%, 11/15/36

     1,000        1,184  

5.00%, 11/15/37

     1,000        1,182  

Nebraska State Public Power District Revenue Refunding Bonds, Series D,

     

1/1/44(5)

     1,625        1,894  

Omaha Public Power District Electric Revenue Refunding Bonds, Series A,

     

4.00%, 2/1/42

     5,000        5,762  

5.00%, 2/1/42

     4,250        5,161  

Omaha Public Power District Electric Revenue Bonds, Series B,

     

4.00%, 2/1/46

     5,000        5,044  

Omaha Public Power District Electric Revenue Bonds, Series B, Prerefunded,

     

5.00%, 2/1/22(1)

     2,210        2,245  
     
               22,472  

Nevada – 0.4%

     

Clark County Airport System Subordinate Lien Revenue Refunding Bonds
Series A-2,

     

4.25%, 7/1/36

     5,000        5,472  

Clark County School District Building G.O. Limited Bonds, Series A,

     

4.00%, 6/15/36

     2,000        2,294  
     
               7,766  

New Jersey – 0.8%

     

New Jersey State EDA Revenue Bonds, Transit Transportation Project,

     

5.00%, 11/1/34

     2,000        2,508  

New Jersey State EDA Revenue School Facilities Construction Revenue Bonds,

     

5.00%, 6/15/34

     500        629  

4.00%, 6/15/44

     2,250        2,570  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

New Jersey – 0.8%    continued

     

New Jersey State Health Care Facilities Financing Authority Revenue Bonds, RWJ Barnabas Health Obligated Group,

     

2.63%, 7/1/51

     $5,000        $4,831  

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program,

     

5.25%, 6/15/43

     4,500        5,595  
     
               16,133  

New York – 17.3%

     

Long Island Power Authority Electric System Revenue Refunding Bonds, Series A,

     

4.00%, 9/1/33

     3,000        3,670  

Nassau County G.O. Limited RANS, Series B,

     

2.00%, 1/7/22

     5,000        5,025  

New York City Housing Development Corp. MFH Revenue Bonds, Sustainable Neighborhood Bonds,

     

3.00%, 11/1/39

     1,750        1,811  

New York City Housing Development Corp. MFH Revenue Refunding Bonds, Sustainable Neighborhood Bonds,

     

3.00%, 11/1/44

     2,000        2,042  

New York City Housing Development Corp. Multi-Family Housing Revenue Refunding Bonds, Sustainable Development
(FHA Insured),

     

2.15%, 11/1/36

     900        883  

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Second General Resolution,

     

5.00%, 6/15/50

     1,500        1,896  

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Second General Resolution, Fiscal 2014,

     

5.00%, 6/15/46

     2,000        2,147  

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Series AA-1,

     

5.00%, 6/15/48

     10,000        12,612  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    345    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

New York – 17.3%    continued

     

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Series BB, Second Generation, Fiscal 2013,

     

5.00%, 6/15/47

     $2,500        $2,642  

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Second General Resolution,

     

5.00%, 6/15/40

     5,000        6,225  

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series BB-1,

     

3.00%, 6/15/44

     2,200        2,330  

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series EE,

     

5.25%, 6/15/36

     2,000        2,457  

5.00%, 6/15/39

     1,800        2,173  

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series GG,

     

5.00%, 6/15/39

     2,000        2,305  

New York City Municipal Water Finance Authority Water & Sewer System Subordinate Revenue Refunding Bonds, Subseries FF-2,

     

5.00%, 6/15/40

     3,500        4,409  

New York City Transitional Finance Authority Building Aid Fiscal 2015 Revenue Bonds, Series S (State Aid Withholding),

     

5.00%, 7/15/36

     1,500        1,742  

New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-3 (State Aid Withholding),

     

5.00%, 7/15/43

     3,000        3,684  

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds,

     

5.00%, 8/1/40

     250        309  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

New York – 17.3%    continued

     

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, Fiscal 2017,

     

5.00%, 2/1/40

     $7,485        $8,963  

5.00%, 2/1/43

     8,310        9,907  

New York City Transitional Finance Authority Future Tax Subordinate Revenue Bonds,

     

3.00%, 5/1/48

     4,750        4,989  

New York City Transitional Finance Authority Future Tax Subordinate Revenue Bonds, Series C Subseries C-1,

     

4.00%, 5/1/46

     2,500        2,880  

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series A-3,

     

3.00%, 5/1/45

     5,000        5,249  

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series B-1,

     

2.50%, 8/1/48

     2,500        2,419  

3.00%, 8/1/48

     2,000        2,103  

4.00%, 8/1/48

     3,450        3,993  

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series C-3,

     

5.00%, 5/1/41

     5,000        6,127  

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series E-1,

     

4.00%, 2/1/43

     7,895        9,162  

4.00%, 2/1/46

     8,950        10,311  

New York City Transitional Finance Authority Subordinate Revenue Bonds,
Subseries B-1,

     

5.00%, 11/1/34

     500        586  

New York G.O. Unlimited Bonds, Series A-1,

     

4.00%, 8/1/42

     4,000        4,668  

5.00%, 8/1/47

     8,500        10,677  

3.00%, 8/1/50

     2,400        2,510  

4.00%, 8/1/50

     5,000        5,747  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    346    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

New York – 17.3%    continued

     

New York G.O. Unlimited Bonds, Series E-1,

     

4.00%, 3/1/42

     $2,500        $2,841  

New York G.O. Unlimited Bonds, Series F-1, Unrefunded Balance,

     

5.00%, 3/1/37

     80        85  

New York G.O. Unlimited Bonds, Series I, Subseries 1-I,

     

5.00%, 3/1/28

     1,510        1,674  

New York G.O. Unlimited Bonds,
Subseries A-1,

     

4.75%, 8/1/38

     3,500        3,760  

New York G.O. Unlimited Bonds,
Subseries F-1,

     

5.00%, 4/1/43

     2,000        2,411  

New York G.O. Unlimited Refunding Bonds, Series F-1, Prerefunded,

     

5.00%, 3/1/23(1)

     4,920        5,253  

New York State Dorm Authority Non State Supported Debt Revenue Bonds,
Series A, Columbia University,

     

5.00%, 10/1/47

     2,000        3,001  

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Financing Program (AGC State Aid Withholding), Unrefunded Balance,

     

5.25%, 10/1/23

     165        166  

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series 2020, School Districts Financing Program (AGM Insured),

     

5.00%, 10/1/33

     1,000        1,252  

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series A,

     

5.00%, 7/1/36

     2,500        3,112  

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series A-2, Columbia University,

     

5.00%, 10/1/46

     500        746  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

New York – 17.3%    continued

     

New York State Dormitory Authority Non State Supported Debt Revenue Refunding Bonds, Series B, Columbia University,

     

5.00%, 10/1/38

     $4,500        $5,580  

New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series B,

     

5.00%, 2/15/37

     2,530        3,084  

New York State Dormitory Authority Revenues Non State Supported Debt Revenue Bonds, Series A, Columbia University,

     

5.00%, 10/1/50

     4,000        6,115  

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A,

     

5.00%, 3/15/33

     2,000        2,409  

5.25%, 3/15/38

     5,000        6,323  

5.25%, 3/15/39

     2,500        3,155  

4.00%, 3/15/47

     15,000        17,360  

5.00%, 3/15/49

     5,000        6,279  

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A, Group 5,

     

4.00%, 3/15/47

     5,000        5,789  

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series E,

     

3.25%, 3/15/36

     2,035        2,134  

New York State Dormitory Authority State Personal Income TRB, Series A, Unrefunded Balance,

     

5.00%, 2/15/43

     2,000        2,372  

New York State Environmental Facilities Corp. Clean & Drinking Water Revenue Bonds, Municipal Water Revolving Funds,

     

5.00%, 6/15/42

     4,000        4,840  

New York State Environmental Facilities Corp. Clean & Drinking Water Revolving Funds Pooled Financing Program Revenue Bonds, Series B, Escrowed to Maturity,

     

5.50%, 4/15/35

     5,000        7,094  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    347    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

New York – 17.3%    continued

     

New York State Environmental Facilities Corp. Revenue Bonds, Series C, Green Bonds,

     

5.00%, 8/15/37

     $1,200        $1,469  

New York State Environmental Facilities Corp. State Clean Water & Drinking Water Subordinated Revenue Refunding SRF Bonds,

     

4.00%, 6/15/46

     5,000        5,544  

New York State Housing Finance Agency Affordable Housing Revenue Bonds, Series E (SonyMA, FNMA Insured),

     

4.15%, 11/1/47

     1,000        1,071  

New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 233, Social Bonds,

     

2.05%, 4/1/33

     1,555        1,539  

New York State Power Authority Revenue Refunding Bonds, Series A,

     

4.00%, 11/15/45

     3,000        3,503  

New York State Thruway Authority General Revenue Junior Indebtedness Obligations Subordinate Revenue Bonds, Series B,

     

4.00%, 1/1/45

     2,000        2,284  

New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A-1, Bid Group 4,

     

4.00%, 3/15/52

     2,500        2,863  

New York State Thruway Authority Revenue Bonds, Series J,

     

5.00%, 1/1/27

     50        55  

New York State Thruway Authority Revenue Bonds, Series N, Group 1,

     

5.00%, 1/1/39

     10,000        12,575  

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport,

     

5.00%, 12/1/31

     550        701  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

New York – 17.3%    continued

     

New York State Urban Development Corp. Personal Income TRB, Series A-1,

     

5.00%, 3/15/43

     $3,000        $3,189  

New York State Urban Development Corp. Taxable General Personal Income TRB,

     

3.90%, 3/15/33

     5,000        5,569  

New York Taxable G.O. Unlimited Refunding Bonds, Series D, Fiscal 2021,

     

1.82%, 8/1/30

     2,000        1,963  

Oneida County Local Development Corp. Revenue Refunding Bonds, Hamilton College Project,

     

5.00%, 7/1/51

     3,000        4,523  

Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 217,

     

5.00%, 11/1/44

     2,000        2,500  

Port Authority of New York & New Jersey Consolidated Revenue Refunding Bonds, Series 186 (AMT),

     

5.00%, 10/15/44

     3,000        3,326  

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 207 (AMT),

     

5.00%, 9/15/28

     1,000        1,249  

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 277 (AMT),

     

3.00%, 10/1/28

     5,000        5,590  

2.00%, 10/1/31

     4,000        3,991  

Sales Tax Asset Receivable Corp. Revenue Refunding Bonds, Series A, Fiscal 2015, Prerefunded,

     

5.00%, 10/15/24(1)

     500        571  

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Revenue Bonds, Series C-3,

     

2.50%, 5/15/51

     7,500        7,118  

3.00%, 5/15/51

     5,000        5,189  

Troy Capital Resource Corp. Revenue Refunding Bonds, Rensselaer Polytechnic Institute Project, Forward Delivery,

     

4.00%, 9/1/40

     1,250        1,459  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    348    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

New York – 17.3%    continued

     

Utility Debt Securitization Authority Restructuring Revenue Refunding Bonds,

     

5.00%, 12/15/37

     $2,500        $2,935  

Utility Debt Securitization Authority Revenue Bonds, Restructuring Bonds,

     

5.00%, 12/15/39

     2,500        3,082  

5.00%, 12/15/40

     1,000        1,231  

Utility Debt Securitization Authority Revenue Bonds, Restructuring Bonds, Series TE,

     

5.00%, 12/15/41

     3,500        3,850  

Westchester County G.O. Limited Bonds, Series A,

     

4.00%, 12/1/29

     625        728  
     
               335,155  

North Carolina – 0.9%

     

Charlotte Airport Revenue Bonds (AMT), Charlotte Douglas International,

     

4.00%, 7/1/39

     1,255        1,445  

Charlotte COPS, Series B,

     

3.00%, 6/1/22

     725        727  

Charlotte Refunding COPS, Convention Facility Project,

     

4.00%, 6/1/49

     3,000        3,474  

North Carolina Capital Facilities Finance Agency Educational Revenue Bonds, Wake Forest University,

     

5.00%, 1/1/48

     1,000        1,192  

North Carolina State Eastern Municipal Power Agency System Revenue Refunding Bonds, Series B (NATL, IBC Insured), Escrowed to Maturity,

     

6.00%, 1/1/22

     6,015        6,100  

North Carolina State Housing Finance Agency Home Ownership Revenue Bonds, Series 44,

     

3.00%, 7/1/46

     995        1,027  

North Carolina State Turnpike Authority Senior Lien Revenue Bonds, Triangle Expressway (AGM Insured),

     

5.00%, 1/1/49

     500        619  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

North Carolina – 0.9%    continued

     

University of North Carolina at Chapel Hill Hospital Revenue Bonds, University of North Carolina Hospital,

     

5.00%, 2/1/49

     $1,000        $1,510  

Western Carolina University Revenue Bonds, Series B,

     

4.00%, 4/1/45

     1,000        1,145  
     
               17,239  

North Dakota – 0.1%

     

Grand Forks Health Care System Revenue Refunding Bonds, Altru Health System (AGM Insured),

     

3.00%, 12/1/46

     1,500        1,531  

Ohio – 1.1%

     

Akron Income Tax Revenue Refunding Bonds,

     

12/1/33(5)

     1,325        1,533  

Hamilton County Hospital Facilities Revenue Bonds, Cincinnati Children’s Hospital Project,

     

5.00%, 11/15/49

     3,500        5,303  

Northeast Ohio Medical University General Receipts Revenue Refunding Bonds, Series A,

     

4.00%, 12/1/45

     225        251  

Ohio State Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System,

     

4.00%, 1/1/36

     1,000        1,154  

Ohio Turnpike & Infrastructure Commission Senior Lien Revenue Bonds, Series A, Prerefunded,

     

5.00%, 2/15/23(1)

     10,000        10,646  

Washington Local School District Lucas County G.O. Unlimited Bonds, Series A (School District Credit Program),

     

3.13%, 12/1/51

     2,000        2,080  
     
               20,967  

Oklahoma – 0.1%

     

Oklahoma State Turnpike Authority Second Senior Revenue Bonds, Series C,

     

4.00%, 1/1/42

     2,000        2,276  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    349    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Oregon – 1.1%

     

Clackamas County School District No. 12 North Clackamas G.O. Unlimited CABS, Series A, (School Board Guaranty Program),

     

0.00%, 6/15/38(6)

     $7,500        $4,172  

Clackamas County School District No. 62C Oregon City G.O. Unlimited CABS,
Series A (School Board Guaranty Program),

     

0.00%, 6/15/37(6)

     1,000        612  

Medford Hospital Facilities Authority Revenue Refunding Bonds, Series A, Asante Project (AGM Insured),

     

4.00%, 8/15/45

     1,000        1,162  

Oregon State Department of Transportation Highway User Tax Revenue Refunding Bonds, Series A, Prerefunded,

     

5.00%, 11/15/24(1)

     1,100        1,260  

Oregon State G.O. Unlimited Bonds, Article XI-M and XI-N Seismic Grant Program,

     

5.00%, 6/1/30

     1,005        1,325  

Oregon State Health & Science University Revenue Refunding Bonds, Series A,

     

4.00%, 7/1/44

     1,000        1,151  

Oregon State Health & Science University Revenue Refunding Bonds, Series B,

     

5.00%, 7/1/38

     2,035        2,404  

Port of Portland International Airport Revenue Bonds,

     

5.00%, 7/1/49

     2,010        2,480  

Salem Hospital Facility Authority Revenue Refunding Bonds, Multi Model Salem Health Projects,

     

5.00%, 5/15/44

     3,500        4,303  

Washington Multnomah & Yamhill Counties Hillsboro School District No. 1J G.O. Unlimited Bonds (School Board Guaranty Program),

     

5.00%, 6/15/35

     2,000        2,435  
     
               21,304  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Pennsylvania – 2.2%

     

Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue Bonds (AGM Insured),

     

4.00%, 6/1/39

     $5,000        $5,672  

Delaware County Regional Water Quality Control Authority Sewer Revenue Bonds,

     

5.00%, 5/1/32

     820        947  

5.00%, 5/1/35

     865        996  

Franklin County G.O. Unlimited Refunding Bonds,

     

4.00%, 11/1/33

     1,075        1,234  

Manheim Central School District G.O. Limited Bonds, Series B (State Aid Withholding),

     

4.00%, 5/1/40

     1,000        1,151  

Monroe County G.O. Unlimited, Series A,

     

4.00%, 7/15/33

     2,000        2,391  

Pennsylvania State G.O. Unlimited Bonds, First Series,

     

3.00%, 5/15/34

     2,000        2,226  

Pennsylvania State G.O. Unlimited Bonds, Series 1,

     

4.00%, 3/15/35

     2,500        2,765  

Pennsylvania State Higher Educational Facilities Authority Revenue Bonds, University of Pennsylvania Health System,

     

5.00%, 8/15/49

     5,000        6,179  

Pennsylvania State Housing Finance Agency SFM Social Revenue Bonds, Series 135A,

     

2.50%, 10/1/50

     6,000        5,874  

Pennsylvania State Turnpike Commission Oil Franchise Tax Revenue Refunding Bonds, Series A,

     

4.00%, 12/1/51

     2,500        2,947  

Pennsylvania State Turnpike Commission Oil Franchise Tax Subordinate Revenue Bonds, Series B,

     

5.00%, 12/1/43

     2,500        3,053  

Pennsylvania State Turnpike Commission Revenue Bonds, Series A-2,

     

5.00%, 12/1/48

     2,000        2,457  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    350    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Pennsylvania – 2.2%    continued

     

Pennsylvania State Turnpike Commission Turnpike Revenue Bonds, Series B,

     

5.00%, 12/1/40

     $1,525        $1,768  

Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, Series B,

     

5.00%, 12/1/46

     1,700        2,156  

Springfield School District Delaware County G.O. Unlimited Bonds (State Aid Withholding),

     

4.00%, 3/1/43

     1,500        1,746  
     
               43,562  

Rhode Island – 0.4%

     

Rhode Island Infrastructure Bank Municipal Road & Bridge Revolving Fund Revenue Bonds, Series A,

     

5.00%, 10/1/29

     1,430        1,829  

Rhode Island Turnpike & Bridge Authority Motor Fuel TRB, Series A,

     

4.00%, 10/1/44

     5,265        6,024  
     
               7,853  

South Carolina – 2.0%

     

Charleston County School District G.O. Unlimited BANS, Series C, Phase V (SCSDE Insured),

     

4.00%, 5/11/22

     10,000        10,237  

Patriots Energy Group Financing Agency South Carolina Gas Supply Revenue Bonds, Series A,

     

4.00%, 2/1/24(2) (3) (4)

     2,000        2,153  

Patriots Energy Group Gas System Revenue Refunding Bonds, Series A,

     

4.00%, 6/1/51

     2,500        2,856  

Piedmont Municipal Power Agency Electric Revenue Bonds, Series 2004 (BHAC, CR MBIA Insured),

     

5.38%, 1/1/25

     5,750        6,634  

Piedmont Municipal Power Agency Electric Revenue Refunding Bonds, Series B,

     

1/1/34(5)

     2,500        2,942  

South Carolina State Jobs-EDA Hospital Facilities Revenue Refunding Bonds, Bon Secours Mercy Health,

     

4.00%, 12/1/44

     2,000        2,315  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

South Carolina – 2.0%    continued

     

South Carolina Transportation Infrastructure Bank Revenue Refunding Bonds,
Series 2003B,

     

(Floating, ICE LIBOR USD 1M + 0.45%), 0.51%, 10/1/31(2) (4)

     $9,630        $9,630  

South Carolina Transportation Infrastructure Bank Revenue Refunding Bonds, Series 2003B, Unrefunded Balance,

     

(Floating, ICE LIBOR USD 1M + 0.45%), 0.51%, 10/1/31(2) (4)

     270        270  

University of South Carolina Higher Education Revenue Bonds, Series A, Campus Village Project,

     

5.00%, 5/1/46

     2,000        2,543  
     
               39,580  

Tennessee – 0.7%

     

Metropolitan Government Nashville & Davidson County Electric Revenue Bonds, Series A,

     

5.00%, 5/15/46

     2,485        3,192  

Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Lipscomb University Project,

     

5.25%, 10/1/58

     1,500        1,804  

Metropolitan Nashville Airport Authority Subordinate Revenue Bonds, Series B (AMT),

     

4.00%, 7/1/49

     2,000        2,259  

Tennergy Corp. Gas Revenue Bonds,
Series A,

     

4.00%, 9/1/28(2) (3) (4)

     5,000        5,896  

Tennessee Housing Development Agency Residential Financing Program Revenue Bonds, Series 1B,

     

3.38%, 7/1/38

     95        98  

Tennessee Housing Development Agency Residential Financing Program Revenue Bonds, Series 2B,

     

3.95%, 1/1/38

     150        157  
     
               13,406  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    351    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Texas – 3.4%

     

Austin Electric Utility System Revenue Refunding Bonds, Series A,

     

5.00%, 11/15/28

     $500        $586  

Austin G.O. Limited Refunding Bonds,

     

9/1/29(5)

     1,750        2,273  

Central Regional Mobility Authority Revenue Refunding Bonds,

     

5.00%, 1/1/46

     750        866  

Central Texas Regional Mobility Authority Revenue Bonds, Series B,

     

4.00%, 1/1/51

     650        736  

Dallas Area Rapid Transit Sales Tax Revenue Refunding Bonds, Series A,

     

5.00%, 12/1/31

     3,425        4,036  

Fort Bend County Toll Road Senior Lien Revenue Bonds (BAM Insured),

     

3.00%, 3/1/51

     1,500        1,580  

Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center,

     

0.90%, 5/15/25(2) (3) (4)

     2,500        2,501  

Houston Airport System Subordinate Revenue Bonds, Series A (AMT),

     

4.00%, 7/1/47

     2,000        2,263  

Lower Colorado River Authority Revenue Refunding Bonds,

     

5.00%, 5/15/39

     2,500        2,673  

Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services,

     

5.00%, 5/15/46

     2,500        3,102  

North Texas State Municipal Water District Upper East Fork Wastewater Interceptor Revenue Bonds,

     

2.25%, 6/1/46

     1,000        948  

North Texas Tollway Authority Revenue Refunding Bonds,

     

4.25%, 1/1/49

     1,500        1,707  

North Texas Tollway Authority Revenue Refunding Bonds, Series A, First Tier,

     

5.00%, 1/1/39

     2,500        3,054  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Texas – 3.4%    continued

     

Northside Texas Independent School District Building G.O. Unlimited Bonds, Series A (PSF, Gtd.), Prerefunded,

     

4.00%, 6/1/22(1)

     $4,390        $4,502  

Plano City Waterworks and Sewer System Revenue Bonds,

     

5.00%, 5/1/29

     1,155        1,486  

San Antonio Education Facilities Corp. Revenue Refunding Bonds, University of the Incarnated Word,

     

4.00%, 4/1/51

     500        559  

Texas State Department of Housing & Community Affairs Revenue Bonds, Series A (GNMA Insured),

     

3.38%, 9/1/39

     2,730        2,921  

Texas State G.O. Unlimited Refunding Bonds, Series A, Transportation Commission, Prerefunded,

     

5.00%, 10/1/24(1)

     5,000        5,698  

Texas State Private Activity Bond Surface Transportation Corp. Revenue Refunding Bonds, LBJ Infrastructure Group,

     

4.00%, 6/30/40

     1,000        1,157  

Texas State Transportation Commission Mobility Variable G.O. Unlimited Bonds,

     

4/1/26(2) (3) (4) (5)

     5,000        4,969  

Texas State Water Development Board TRB, Series B,

     

3.03%, 10/15/39

     750        778  

University of Texas Permanent University Fund Revenue Bonds, Series B,

     

4.00%, 7/1/41

     5,000        5,588  

University of Texas University Revenue Refunding Bonds, Series A,

     

3.50%, 8/15/50

     1,850        2,202  

5.00%, 8/15/50

     4,000        6,044  

West Harris County Regional Water Authority System Revenue Refunding Bonds
(BAM Insured),

     

12/15/51(5)

     3,000        3,481  
     
               65,710  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    352    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Utah – 0.8%

     

Davis County School District G.O. Unlimited Bonds, Utah School Bond Guaranty Program (School Board Guaranty Program),

     

3.00%, 6/1/30

     $3,330        $3,569  

Park City Sales TRB,

     

4.00%, 12/15/31

     2,200        2,618  

Provo G.O. Unlimited Refunding Bonds,

     

5.00%, 1/1/26

     500        593  

Salt Lake City Airport Revenue Bonds, Series A (AMT),

     

5.00%, 7/1/42

     3,000        3,568  

4.00%, 7/1/51

     5,000        5,704  
     
               16,052  

Virginia – 1.4%

     

Arlington County IDA Revenue Refunding Bonds, Virginia Hospital Center,

     

4.00%, 7/1/45

     2,000        2,319  

Fairfax County Sewer Revenue Bonds, Series A,

     

5.00%, 7/15/46

     2,415        3,151  

Loudoun County G.O. Unlimited Bonds, Series A (State Aid Withholding),

     

5.00%, 12/1/29

     5,000        6,557  

Norfolk G.O. Unlimited Bonds, Series A, Prerefunded,

     

5.00%, 10/1/26(1)

     500        609  

Norfolk G.O. Unlimited Refunding Bonds, Series A (State Aid Withholding), Prerefunded,

     

5.00%, 10/1/22(1)

     500        524  

Roanoke EDA Hospital Revenue Refunding Bonds, Series A, Carilion Clinic Obligated Group,

     

5.00%, 7/1/47

     2,000        2,989  

Virginia State College Building Authority Educational Facilities Revenue Bonds, 21st Century College & Equipment, Prerefunded,

     

4.50%, 2/1/23(1)

     5,000        5,284  

Virginia State Commonwealth Transportation Board Revenue Bonds, Capital Projects,

     

4.00%, 5/15/37

     2,000        2,044  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Virginia – 1.4%    continued

     

Virginia State Small Business Financing Authority Revenue Refunding Bonds, National Senior Campuses,

     

3.38%, 1/1/51

     $3,000        $3,165  
     
               26,642  

Washington – 2.1%

     

Central Puget Sound Regional Transit Authority Revenue Bonds, Green Bonds, Series S-1,

     

5.00%, 11/1/46

     2,500        3,721  

Central Puget Sound Regional Transit Authority Sales & Use Tax Revenue Refunding & Improvement Bonds,
Series S-1, Green Bonds,

     

5.00%, 11/1/50

     5,000        5,759  

Energy Northwest Electric Revenue Refunding Bonds, Columbia Generating Station,

     

5.00%, 7/1/22

     3,250        3,367  

North Bend Water & Sewer Revenue Refunding Bonds,

     

4.00%, 8/1/51

     1,000        1,183  

Snohomish County Public Utility District No. 1 Electric System Revenue Bonds,

     

5.00%, 12/1/40

     560        652  

Washington State G.O. Unlimited Bonds, Series B,

     

5.00%, 2/1/37

     5,000        5,705  

Washington State G.O. Unlimited Bonds, Series C,

     

5.00%, 2/1/32

     2,230        2,760  

Washington State Health Care Facilities Authority Revenue Refunding Bonds, Providence Health & Services,

     

5.00%, 10/1/38

     5,000        5,624  

Washington State Health Care Facilities Authority Variable Revenue Refunding Bonds, Providence St. Joseph Health,

     

10/1/30(2) (3) (4) (5)

     5,000        6,091  

Washington State Housing Finance Commission Social Certificate Revenue Bonds, Series A-1,

     

3.50%, 12/20/35

     995        1,149  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    353    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Washington – 2.1%    continued

     

Washington State Motor Fuel Tax G.O. Unlimited Bonds, Series E,

     

5.00%, 2/1/38

     $2,000        $2,202  

Washington State University Revenue Refunding Bonds,

     

5.00%, 4/1/40

     1,320        1,493  

Washington State Various Purpose G.O. Unlimited Bonds, Series A,

     

5.00%, 8/1/39

     1,500        1,855  
     
               41,561  

West Virginia – 0.3%

     

Marshall University Revenue Refunding Bonds, Series A (AGM Insured),

     

4.00%, 5/1/50

     5,000        5,715  

Wisconsin – 1.6%

     

PFA Healthcare Facilities Revenue Bonds, Appalachian Regional Healthcare System Obligated,

     

4.00%, 7/1/46

     750        854  

PFA Hospital Revenue Refunding Bonds, Renown Regional Medical Center Project,

     

3.00%, 6/1/45

     2,500        2,637  

PMA Levy & Aid Anticipation Notes Program Taxable Revenue Notes,

     

9/28/22(5)

     5,000        5,081  

Public Finance Authority Hospital Taxable Revenue Bonds, Series 2021A, UNC Health Southeastern,

     

2.35%, 2/1/29

     1,140        1,124  

Public Finance Authority Revenue Bonds, Texas Biomedical Research Institute,

     

3.00%, 6/1/48

     2,000        2,020  

University Hospitals & Clinics Authority Revenue Refunding Bonds, Series A,

     

4.25%, 4/1/48

     4,000        4,601  

Wisconsin State Environmental Improvement Fund Revenue Bonds, Series A, Green Bonds,

     

5.00%, 6/1/29

     3,325        4,326  

Wisconsin State G.O. Unlimited Bonds, Series A,

     

5.00%, 5/1/40

     3,000        3,553  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 82.2%    continued

 

Wisconsin – 1.6%    continued

     

Wisconsin State Health & Educational Facilities Authority Revenue Bonds, Children’s Hospital of Wisconsin,

     

3.00%, 8/15/50

     $1,000        $1,050  

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Marquette University,

     

5.00%, 10/1/35

     1,025        1,197  

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Milwaukee Regional Medical Center,

     

4.13%, 4/1/46

     1,500        1,593  

Wisconsin State Housing & EDA Revenue Bonds, Series A,

     

4.45%, 5/1/57

     2,305        2,572  
     
               30,608  

Total Municipal Bonds

     
     

(Cost $1,545,008)

        1,591,533  
          
   

NUMBER

OF SHARES

    VALUE
(000S)

INVESTMENT COMPANIES – 10.7%

     

Northern Institutional Funds - U.S. Government Portfolio (Shares),

     

0.00%(10) (11)

     206,260,608        $206,261  
     

Total Investment Companies

                 
     

(Cost $206,261)

        206,261  
          
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

SHORT-TERM INVESTMENTS – 8.2%

     

Anchorage G.O. Unlimited TANS,

     

1.50%, 12/15/21

     $2,250        $2,256  

Baltimore County G.O. Unlimited BANS,

     

4.00%, 3/23/22

     9,000        9,167  

Broward County School District TANS,

     

2.00%, 6/30/22

     25,000        25,352  

Charleston County School District G.O. Unlimited BANS, Series A (SCSDE Insured),

     

5.00%, 11/16/21

     10,000        10,061  

Colorado Education Loan Program TRANS, Series A,

     

4.00%, 6/29/22

     5,000        5,145  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    354    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

SHORT-TERM INVESTMENTS - 8.2%    continued

 

Colorado Education Loan Program TRANS, Series A,

     

3.50%, 6/29/22

     $5,000        $5,126  

Hennepin County Variable G.O. Unlimited Refunding Bonds, Series B,

     

0.05%, 10/8/21(2) (4) (12)

     4,535        4,535  

Jersey City G.O. Unlimited BANS, Series A,

     

1.50%, 1/12/22

     5,000        5,019  

Los Angeles County Schools Pooled Financing Program COPS,
Series B-1,

     

2.00%, 12/30/21

     10,000        10,047  

Los Angeles TRANS,

     

4.00%, 6/23/22

     25,000        25,706  

Minnesota State G.O. Unlimited Bonds, Series A, Bidding Group 1,

     

5.00%, 9/1/22

     3,285        3,430  

Nassau County G.O. Limited RANS, Series A,

     

2.00%, 12/10/21

     10,000        10,036  

New York City Transitional Finance Authority Future Tax Secured Adjustable Subordinate Revenue Bonds,

     

0.09%, 10/1/21(2) (4) (12)

     4,500        4,500  

San Diego Unified School District TRANS, Series A,

     

4.00%, 6/30/22

     10,100        10,391  

Utah County Hospital Revenue Bonds, Series C, IHC Health Services, Inc.,

     

0.05%, 10/1/21(2) (4) (12)

     3,210        3,210  

Westchester County G.O. Limited TANS, Series B,

     

2.00%, 10/18/21

     25,000        25,022  
     

Total Short-Term Investments

     
     

(Cost $159,014)

        159,003  
          
     

Total Investments – 101.1%

                 
     

(Cost $1,910,283)

        1,956,797  

Liabilities less Other Assets – (1.1%)

 

      (21,449 ) 
     

NET ASSETS – 100.0%

        $1,935,348  

 

(1)

Maturity date represents the prerefunded date.

(2)

Maturity date represents the puttable date.

(3)

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

(4)

Variable rate security. Rate as of September 30, 2021 is disclosed.

(5)

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(6)

Zero coupon bond.

(7)

Discount rate at the time of purchase.

(8)

Step coupon bond. Rate as of September 30, 2021 is disclosed.

(9)

Security has converted to a fixed rate as of May 3, 2021, and will continue at a fixed rate going forward.

(10)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(11)

7-day current yield as of September 30, 2021 is disclosed.

(12)

Rate is determined by a remarketing agent and, in the agent’s judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1M - 1 Month

AGC - Assured Guaranty Corporation

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

BANS - Bond Anticipation Notes

BHAC - Berkshire Hathaway Assurance Corporation

CABS - Capital Appreciation Bonds

CHF - Collegiate Housing Foundation

COPS - Certificates of Participation

CR - Custody Receipt

CSCDA - California Statewide Communities Development Authority

CWA - Clean Water Act

EDA - Economic Development Authority

FHA - Federal Housing Administration

FNMA - Federal National Mortgage Association

G.O. - General Obligation

GANS - Grant Anticipation Notes

GNMA - Government National Mortgage Association

Gtd. - Guaranteed

HFA - Housing Finance Authority

HUD - Housing and Urban Development

IBC - Insured Bond Certificates

ICE - Intercontinental Exchange

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    355    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   TAX-EXEMPT FUND    continued

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

IDA - Industrial Development Authority

LCRA - Lower Colorado River Authority

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

MBIA - Municipal Bonds Insurance Association

MFH - Multi-Family Housing

NATL - National Public Finance Guarantee Corporation

PCR - Pollution Control Revenue

PFA - Public Finance Authority

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

RANS - Revenue Anticipation Notes

SCSDE - South Carolina State Department of Education

SFM - Single Family Mortgage

SonyMA - State of New York Mortgage Agency

SRF - Special Revenue Fund

TANS - Tax Anticipation Notes

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

USD - United States Dollar

VA - Veterans Affairs

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

    SECURITY TYPE(1)   

 

% OF NET ASSETS

  

Municipal Bonds

      82.2 % 

Investment Companies

      10.7 % 

Short-Term Investments

      8.2 % 

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest

rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

    LEVEL 1    LEVEL 2    LEVEL 3    TOTAL
    INVESTMENTS   (000S)    (000S)    (000S)    (000S)

Municipal Bonds(1)

   $ —      $ 1,591,533        $—      $ 1,591,533  

Investment Companies

     206,261        —        —        206,261  

Short-Term Investments

     —        159,003        —        159,003  
         

Total Investments

   $ 206,261      $ 1,750,536        $—      $ 1,956,797  

 

(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    356    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

    SCHEDULE OF INVESTMENTS     

 

   ULTRA-SHORT FIXED INCOME FUND

 

  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

ASSET-BACKED SECURITIES – 7.0%

 

Auto Floor Plan – 0.4%

     

Ford Credit Floorplan Master Owner Trust, Series 2019-1, Class A

     

2.84%, 3/15/24

     $4,300        $4,350  

Nissan Master Owner Trust Receivables, Series 2019-B, Class A

     

(Floating, ICE LIBOR USD 1M + 0.43%), 0.51%, 11/15/23(1)

     9,100        9,104  
     
               13,454  

Automobile – 2.6%

     

AmeriCredit Automobile Receivables Trust, Series 2020-2, Class A2A

     

0.60%, 12/18/23

     1,104        1,105  

AmeriCredit Automobile Receivables Trust, Series 2020-3, Class A2

     

0.42%, 3/18/24

     7,186        7,190  

AmeriCredit Automobile Receivables Trust, Series 2021-1, Class A2

     

0.28%, 6/18/24

     6,038        6,039  

AmeriCredit Automobile Receivables Trust, Series 2021-2, Class A2

     

0.26%, 11/18/24

     7,900        7,902  

BMW Vehicle Lease Trust, Series 2021-2, Class A2

     

0.19%, 11/27/23

     3,000        3,000  

CarMax Auto Owner Trust, Series
2020-3, Class A2A

     

0.49%, 6/15/23

     2,518        2,519  

Chesapeake Funding II LLC, Series
2019-1A, Class A1

     

2.94%, 4/15/31(2)

     2,056        2,082  

Ford Credit Auto Owner Trust, Series
2020-C, Class A2

     

0.25%, 9/15/23

     4,374        4,375  

GM Financial Automobile Leasing Trust, Series 2020-1, Class A3

     

1.67%, 12/20/22

     1,969        1,977  

GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A2A

     

1.50%, 3/16/23

     11        11  

Santander Drive Auto Receivables Trust, Series 2020-4, Class A2

     

0.42%, 9/15/23

     2,635        2,635  

Santander Drive Auto Receivables Trust, Series 2021-1, Class A2

     

0.29%, 11/15/23

     4,228        4,227  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

ASSET-BACKED SECURITIES - 7.0%    continued

 

Automobile – 2.6%    continued

     

Santander Drive Auto Receivables Trust, Series 2021-2, Class A2

     

0.28%, 4/15/24

     $3,382        $3,383  

Santander Drive Auto Receivables Trust, Series 2021-3, Class A2

     

0.29%, 5/15/24

     14,000        14,003  

Santander Retail Auto Lease Trust,
Series 2021-B, Class A2

     

0.31%, 1/22/24(2)

     14,500        14,495  

Tesla Auto Lease Trust, Series 2020-A,
Class A2

     

0.55%, 5/22/23(2)

     1,043        1,044  

Tesla Auto Lease Trust, Series 2021-A,
Class A2

     

0.36%, 3/20/25(2)

     13,695        13,703  

Volkswagen Auto Loan Enhanced Trust, Series 2020-1, Class A2A

     

0.93%, 12/20/22

     125        125  

World Omni Auto Receivables Trust,
Series 2021-B, Class A2

     

0.20%, 7/15/24

     5,000        5,000  

World Omni Automobile Lease Securitization Trust, Series 2020-B, Class A2

     

0.32%, 9/15/23

     3,974        3,976  
     
               98,791  

Credit Card – 3.2%

     

American Express Credit Account Master Trust, Series 2017-5, Class A

     

(Floating, ICE LIBOR USD 1M + 0.38%), 0.46%, 2/18/25(1)

     2,000        2,005  

BA Credit Card Trust, Series 2021-A1,
Class A1

     

0.44%, 9/15/26

     4,500        4,489  

Barclays Dryrock Issuance Trust, Series 2019-1, Class A

     

1.96%, 5/15/25

     3,500        3,549  

Capital One Multi-Asset Execution Trust, Series 2021-A1, Class A1

     

0.55%, 7/15/26

     34,140        34,082  

Discover Card Execution Note Trust, Series 2019-A3, Class A

     

1.89%, 10/15/24

     15,000        15,264  

Discover Card Execution Note Trust, Series 2021-A1, Class A1

     

0.58%, 9/15/26

     14,400        14,366  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    357    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

ASSET-BACKED SECURITIES - 7.0%    continued

 

Credit Card – 3.2%    continued

     

Golden Credit Card Trust, Series 2019-2A, Class A

     

(Floating, ICE LIBOR USD 1M + 0.35%, 0.35% Floor), 0.43%, 10/15/23(1)

     $17,000        $17,002  

Synchrony Card Funding LLC, Series 2019-A1, Class A

     

2.95%, 3/15/25

     11,500        11,643  

World Financial Network Credit Card Master Trust, Series 2019-A, Class A

     

3.14%, 12/15/25

     12,745        12,885  

World Financial Network Credit Card Master Trust, Series 2019-B, Class A

     

2.49%, 4/15/26

     4,000        4,066  

World Financial Network Credit Card Master Trust, Series 2019-C, Class A

     

2.21%, 7/15/26

     6,000        6,113  
     
               125,464  

Other – 0.8%

     

HPEFS Equipment Trust, Series 2019-1A, Class A3

     

2.21%, 9/20/29(2)

     225        225  

John Deere Owner Trust, Series 2020-B, Class A2

     

0.41%, 3/15/23

     1,325        1,326  

Verizon Master Trust, Series 2021-1, Class A

     

0.50%, 5/20/27

     20,640        20,598  

Verizon Owner Trust, Series 2019-A,
Class A1A

     

2.93%, 9/20/23

     1,902        1,919  

Verizon Owner Trust, Series 2020-A,
Class A1A

     

1.85%, 7/22/24

     8,500        8,612  
     
               32,680  

Total Asset-Backed Securities

     
     

(Cost $268,990)

        270,389  
          

CORPORATE BONDS – 46.5%

     

Aerospace & Defense – 0.4%

     

Boeing (The) Co.,

     

2.35%, 10/30/21

     499        499  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 46.5%    continued

 

Aerospace & Defense – 0.4%    continued

     

1.17%, 2/4/23

     $4,400        $4,410  

1.95%, 2/1/24

     9,958        10,191  
     
               15,100  

Airlines – 0.5%

     

Southwest Airlines Co.,

     

4.75%, 5/4/23

     16,650        17,725  

Apparel & Textile Products – 0.2%

     

VF Corp.,

     

2.05%, 4/23/22

     7,425        7,495  

Automobiles Manufacturing – 5.6%

     

American Honda Finance Corp.,

     

0.88%, 7/7/23

     27,590        27,806  

(Floating, ICE LIBOR USD 3M + 0.42%), 0.53%, 9/8/23 (1)

     5,582        5,618  

(Floating, ICE LIBOR USD 3M + 0.28%), 0.40%, 1/12/24 (1)

     6,000        6,016  

BMW U.S. Capital LLC,

     

3.80%, 4/6/23 (2)

     6,700        7,028  

(Floating, U.S. SOFR + 0.53%),
0.58%, 4/1/24 (1) (2)

     14,200        14,350  

(Floating, U.S. SOFR + 0.38%),
0.43%, 8/12/24 (1) (2)

     30,200        30,355  

Daimler Finance North America LLC,

     

(Floating, ICE LIBOR USD 3M + 0.90%), 1.02%, 2/15/22 (1) (2)

     2,602        2,610  

0.75%, 3/1/24 (2)

     13,450        13,475  

General Motors Financial Co., Inc.,

     

3.70%, 5/9/23

     620        647  

1.70%, 8/18/23

     3,160        3,220  

(Floating, U.S. SOFR + 0.76%),
0.81%, 3/8/24 (1)

     7,400        7,471  

3.50%, 11/7/24

     4,000        4,281  

Hyundai Capital America,

     

2.38%, 2/10/23 (2)

     4,565        4,665  

1.25%, 9/18/23 (2)

     18,180        18,337  

0.80%, 1/8/24 (2)

     9,400        9,359  

0.88%, 6/14/24 (2)

     9,900        9,848  

Nissan Motor Acceptance Co. LLC,

     

(Floating, ICE LIBOR USD 3M + 0.89%), 1.02%, 1/13/22 (1) (2)

     3,519        3,525  

1.13%, 9/16/24 (2)

     4,200        4,192  

Toyota Motor Credit Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.69%), 0.81%, 1/11/22 (1)

     400        401  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    358    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

CORPORATE BONDS - 46.5%    continued

 

Automobiles Manufacturing – 5.6%    continued

 

2.90%, 3/30/23

     $1,000        $1,038  

Volkswagen Group of America Finance LLC,

     

2.90%, 5/13/22 (2)

     10,000        10,156  

0.75%, 11/23/22 (2)

     13,700        13,740  

3.13%, 5/12/23 (2)

     17,270        17,942  
     
               216,080  

Banks – 2.3%

     

Capital One N.A.,

     

2.15%, 9/6/22

     2,500        2,541  

Citizens Bank N.A.,

     

3.25%, 2/14/22

     1,150        1,160  

KeyBank N.A.,

     

2.40%, 6/9/22

     5,941        6,028  

(Floating, U.S. SOFR + 0.34%),
0.39%, 1/3/24 (1)

     17,650        17,680  

(Variable, U.S. SOFR + 0.32%),
0.43%, 6/14/24 (3)

     11,500        11,494  

PNC Bank N.A.,

     

(Floating, ICE LIBOR USD 3M + 0.50%), 0.63%, 7/27/22 (1)

     3,470        3,483  

(Floating, ICE LIBOR USD 3M + 0.43%), 0.55%, 12/9/22 (1)

     7,500        7,506  

Truist Financial Corp.,

     

(Floating, U.S. SOFR + 0.40%),
0.45%, 6/9/25 (1)

     40,000        40,158  
     
               90,050  

Biotechnology – 0.5%

     

Gilead Sciences, Inc.,

     

0.75%, 9/29/23

     8,105        8,105  

Roche Holdings, Inc.,

     

(Floating, U.S. SOFR + 0.24%),
0.29%, 3/5/24 (1) (2)

     10,800        10,826  
     
               18,931  

Cable & Satellite – 0.3%

     

Charter Communications Operating LLC/Charter Communications Operating Capital,

     

(Floating, ICE LIBOR USD 3M + 1.65%), 1.78%, 2/1/24 (1)

     9,100        9,358  

Comcast Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.63%), 0.76%, 4/15/24 (1)

     1,300        1,316  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

CORPORATE BONDS - 46.5%    continued

 

Cable & Satellite – 0.3%    continued

     

Cox Communications, Inc.,

     

2.95%, 6/30/23 (2)

     $2,755        $2,852  
     
               13,526  

Chemicals – 0.9%

     

Avery Dennison Corp.,

     

0.85%, 8/15/24

     11,590        11,593  

LYB International Finance III LLC,

     

(Floating, ICE LIBOR USD 3M + 1.00%), 1.13%, 10/1/23 (1)

     19,660        19,672  

Westlake Chemical Corp.,

     

0.88%, 8/15/24

     3,700        3,705  
     
               34,970  

Commercial Finance – 0.8%

     

Air Lease Corp.,

     

3.50%, 1/15/22

     4,222        4,259  

(Floating, ICE LIBOR USD 3M + 0.35%), 0.47%, 12/15/22 (1)

     5,000        5,009  

2.25%, 1/15/23

     4,300        4,394  

3.88%, 7/3/23

     800        841  

0.70%, 2/15/24

     7,765        7,716  

0.80%, 8/18/24

     10,100        10,039  
     
               32,258  

Construction Materials Manufacturing – 0.2%

 

Martin Marietta Materials, Inc.,

     

0.65%, 7/15/23

     8,790        8,807  

Consumer Finance – 2.0%

     

Capital One Bank U.S.A. N.A.,

     

(Variable, U.S. SOFR + 0.62%),
2.01%, 1/27/23 (3)

     12,480        12,543  

3.38%, 2/15/23

     5,000        5,200  

Capital One Financial Corp.,

     

3.50%, 6/15/23

     4,600        4,834  

Fidelity National Information Services, Inc.,

     

0.60%, 3/1/24

     17,300        17,274  

PayPal Holdings, Inc.,

     

1.35%, 6/1/23

     16,520        16,795  

Synchrony Financial,

     

4.25%, 8/15/24

     18,560        20,056  
     
               76,702  

Consumer Products – 0.3%

     

Clorox (The) Co.,

     

3.80%, 11/15/21

     1,500        1,506  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    359    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

CORPORATE BONDS - 46.5%    continued

 

Consumer Products – 0.3%    continued

     

Unilever Capital Corp.,

     

0.63%, 8/12/24

     $10,465        $10,481  
     
               11,987  

Diversified Banks – 4.2%

     

Bank of America Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.79%), 0.91%, 3/5/24 (1)

     14,140        14,265  

(Floating, Bloomberg Short-Term Bank Yield Index 3M + 0.43%),
0.53%, 5/28/24 (1)

     40,000        40,112  

(Floating, U.S. SOFR + 0.73%),
0.78%, 10/24/24 (1)

     14,790        14,933  

Citigroup, Inc.,

     

(Variable, ICE LIBOR USD 3M + 0.72%), 3.14%, 1/24/23 (3)

     2,825        2,849  

(Floating, ICE LIBOR USD 3M + 1.10%), 1.22%, 5/17/24 (1)

     110        112  

(Floating, U.S. SOFR + 0.67%),
0.72%, 5/1/25 (1)

     14,100        14,224  

JPMorgan Chase & Co.,

     

3.25%, 9/23/22

     2,561        2,636  

(Variable, ICE LIBOR USD 3M + 0.70%), 3.21%, 4/1/23 (3)

     8,300        8,416  

(Variable, ICE LIBOR USD 3M + 0.94%), 2.78%, 4/25/23 (3)

     1,000        1,013  

(Floating, ICE LIBOR USD 3M + 0.89%), 1.03%, 7/23/24 (1)

     31,330        31,727  

(Floating, ICE LIBOR USD 3M + 0.85%), 0.97%, 1/10/25 (1)

     1,305        1,321  

(Variable, U.S. SOFR + 0.49%),
0.77%, 8/9/25 (3)

     9,000        8,963  

(Floating, U.S. SOFR + 0.77%),
0.82%, 9/22/27 (1)

     21,100        21,280  
     
               161,851  

Electrical Equipment Manufacturing – 0.2%

     

Otis Worldwide Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.45%), 0.58%, 4/5/23(1)

     6,200        6,201  

Entertainment Content – 0.1%

     

Walt Disney (The) Co.,

     

1.65%, 9/1/22

     2,300        2,330  

2.35%, 12/1/22

     38        39  
     
               2,369  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

CORPORATE BONDS - 46.5%    continued

 

Financial Services – 3.8%

     

Ameriprise Financial, Inc.,

     

3.00%, 3/22/22

     $2,680        $2,714  

Ares Capital Corp.,

     

3.50%, 2/10/23

     500        517  

Charles Schwab (The) Corp.,

     

(Floating, U.S. SOFR + 0.50%),
0.55%, 3/18/24 (1)

     13,860        13,970  

0.75%, 3/18/24

     6,680        6,712  

Goldman Sachs Group (The), Inc.,

     

(Floating, ICE LIBOR USD 3M + 0.75%), 0.88%, 2/23/23 (1)

     7,160        7,216  

(Floating, ICE LIBOR USD 3M + 1.00%), 1.13%, 7/24/23 (1)

     2,000        2,014  

(Floating, U.S. SOFR + 0.54%),
0.59%, 11/17/23 (1)

     1,852        1,858  

(Floating, U.S. SOFR + 0.58%),
0.63%, 3/8/24 (1)

     20,700        20,754  

(Floating, U.S. SOFR + 0.81%),
0.86%, 3/9/27 (1)

     30,000        30,043  

Intercontinental Exchange, Inc.,

     

0.70%, 6/15/23

     7,665        7,698  

Morgan Stanley,

     

2.75%, 5/19/22

     1,250        1,270  

3.13%, 1/23/23

     1,800        1,863  

(Variable, U.S. SOFR + 0.62%),
0.73%, 4/5/24 (3)

     19,600        19,665  

National Securities Clearing Corp.,

     

0.40%, 12/7/23 (2)

     29,000        29,015  

State Street Corp.,

     

(Variable, ICE LIBOR USD 3M + 0.64%), 2.65%, 5/15/23 (3)

     825        837  

TD Ameritrade Holding Corp.,

     

2.95%, 4/1/22

     63        64  
     
               146,210  

Food & Beverage – 1.9%

     

Cargill, Inc.,

     

1.38%, 7/23/23 (2)

     500        509  

0.40%, 2/2/24 (2)

     26,500        26,437  

General Mills, Inc.,

     

(Floating, ICE LIBOR USD 3M + 1.01%), 1.14%, 10/17/23 (1)

     670        682  

Keurig Dr. Pepper, Inc.,

     

0.75%, 3/15/24

     16,700        16,713  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    360    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

CORPORATE BONDS - 46.5%    continued

 

Food & Beverage – 1.9%    continued

     

Nestle Holdings, Inc.,

     

0.61%, 9/14/24 (2)

     $29,700        $29,709  
     
               74,050  

Hardware – 0.7%

     

Dell International LLC/EMC Corp.,

     

5.45%, 6/15/23

     18,500        19,842  

Hewlett Packard Enterprise Co.,

     

2.25%, 4/1/23

     2,600        2,664  

4.45%, 10/2/23

     5,601        5,999  
     
               28,505  

Health Care Facilities & Services – 0.3%

     

Cigna Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.89%), 1.02%, 7/15/23 (1)

     5,300        5,365  

CVS Health Corp.,

     

3.70%, 3/9/23

     253        264  

HCA, Inc.,

     

5.00%, 3/15/24

     4,100        4,500  
     
               10,129  

Homebuilders – 0.1%

     

D.R. Horton, Inc.,

     

4.38%, 9/15/22

     2,000        2,053  

Lennar Corp.,

     

4.88%, 12/15/23

     2,850        3,075  
     
               5,128  

Industrial Other – 0.2%

     

3M Co.,

     

2.00%, 6/26/22

     715        725  

General Electric Co.,

     

3.15%, 9/7/22

     7,200        7,388  

Honeywell International, Inc.,

     

1.85%, 11/1/21

     300        300  
     
               8,413  

Integrated Oils – 0.9%

     

BP Capital Markets America, Inc.,

     

2.94%, 4/6/23

     2,200        2,283  

Chevron Corp.,

     

1.14%, 5/11/23

     8,262        8,371  

Chevron U.S.A., Inc.,

     

(Floating, ICE LIBOR USD 3M + 0.20%), 0.33%, 8/11/23 (1)

     21,867        21,938  
   

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

CORPORATE BONDS - 46.5%    continued

 

Integrated Oils – 0.9%    continued

     

Exxon Mobil Corp.,

     

1.90%, 8/16/22

     $400        $406  

1.57%, 4/15/23

     55        56  
     
               33,054  

Life Insurance – 7.2%

     

AIG Global Funding,

     

0.45%, 12/8/23 (2)

     25,230        25,225  

Athene Global Funding,

     

1.20%, 10/13/23 (2)

     21,900        22,179  

(Floating, ICE LIBOR USD 3M + 0.73%), 0.86%, 1/8/24 (1) (2)

     35,000        35,228  

Brighthouse Financial Global Funding,

     

0.60%, 6/28/23 (2)

     13,940        13,950  

(Floating, U.S. SOFR + 0.76%),
0.81%, 4/12/24 (1) (2)

     4,300        4,330  

GA Global Funding Trust,

     

(Floating, U.S. SOFR + 0.50%),
0.55%, 9/13/24 (1) (2)

     20,000        20,080  

MassMutual Global Funding II,

     

(Floating, ICE LIBOR USD 3M + 0.15%), 0.29%, 1/7/22 (1) (2)

     2,286        2,287  

0.85%, 6/9/23 (2)

     11,000        11,094  

Metropolitan Life Global Funding I,

     

1.95%, 1/13/23 (2)

     1,000        1,020  

0.90%, 6/8/23 (2)

     9,900        9,996  

(Floating, U.S. SOFR + 0.32%),
0.37%, 1/7/24 (1) (2)

     25,700        25,780  

New York Life Global Funding,

     

(Floating, U.S. SOFR + 0.36%),
0.41%, 10/21/23 (1) (2)

     35,000        35,167  

Northwestern Mutual Global Funding,

     

(Floating, U.S. SOFR + 0.33%),
0.38%, 3/25/24 (1) (2)

     22,100        22,150  

Principal Life Global Funding II,

     

(Floating, U.S. SOFR + 0.45%),
0.50%, 4/12/24 (1) (2)

     7,000        7,025  

Protective Life Global Funding,

     

0.63%, 10/13/23 (2)

     20,800        20,864  

0.78%, 7/5/24 (2)

     13,300        13,306  

Security Benefit Global Funding,

     

1.25%, 5/17/24

     9,300        9,362  
     
               279,043  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    361    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 46.5%    continued

 

Machinery Manufacturing – 0.4%

     

Caterpillar Financial Services Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.51%), 0.63%, 5/15/23 (1)

     $1,300        $1,309  

CNH Industrial Capital LLC,

     

3.88%, 10/15/21

     3,438        3,442  

1.95%, 7/2/23

     7,850        8,024  

John Deere Capital Corp.,

     

3.20%, 1/10/22

     1,690        1,704  
     
               14,479  

Managed Care – 0.6%

     

Humana, Inc.,

     

0.65%, 8/3/23

     4,275        4,278  

UnitedHealth Group, Inc.,

     

0.55%, 5/15/24

     17,000        17,001  
     
               21,279  

Mass Merchants – 0.0%

     

Dollar Tree, Inc.,

     

3.70%, 5/15/23

     270        283  

Medical Equipment & Devices Manufacturing – 0.2%

 

Abbott Laboratories,

     

2.55%, 3/15/22

     500        506  

3.40%, 11/30/23

     3,236        3,440  

Stryker Corp.,

     

0.60%, 12/1/23

     4,660        4,660  
     
               8,606  

Metals & Mining – 0.2%

     

Glencore Funding LLC,

     

4.13%, 3/12/24(2)

     7,000        7,499  

Pharmaceuticals – 0.5%

     

AbbVie, Inc.,

     

2.30%, 11/21/22

     10,000        10,206  

Bristol-Myers Squibb Co.,

     

0.54%, 11/13/23

     8,500        8,502  
     
               18,708  

Pipeline – 0.1%

     

Southern Natural Gas Co. LLC,

     

0.63%, 4/28/23(2)

     3,580        3,578  

Property & Casualty Insurance – 0.2%

     

Allstate (The) Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.63%), 0.76%, 3/29/23 (1)

     2,880        2,902  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 46.5%    continued

 

Property & Casualty Insurance – 0.2%    continued

 

Aon Corp.,

     

2.20%, 11/15/22

     $5,540        $5,653  
     
               8,555  

Real Estate – 0.5%

     

American Campus Communities Operating Partnership L.P.,

     

3.75%, 4/15/23

     17,930        18,665  

Refining & Marketing – 1.2%

     

Marathon Petroleum Corp.,

     

4.50%, 5/1/23

     12,268        12,965  

Phillips 66,

     

4.30%, 4/1/22

     4,335        4,422  

3.70%, 4/6/23

     4,000        4,190  

(Floating, ICE LIBOR USD 3M + 0.62%), 0.74%, 2/15/24 (1)

     26,300        26,314  
     
               47,891  

Retail - Consumer Discretionary – 0.1%

     

Advance Auto Parts, Inc.,

     

4.50%, 12/1/23

     750        801  

AutoZone, Inc.,

     

3.70%, 4/15/22

     1,200        1,212  

eBay, Inc.,

     

2.75%, 1/30/23

     2,900        2,984  
     
               4,997  

Semiconductors – 0.9%

     

Analog Devices, Inc.,

     

(Floating, U.S. SOFR + 0.25%),
0.30%, 10/1/24 (1)

     8,320        8,340  

NVIDIA Corp.,

     

0.31%, 6/15/23

     24,520        24,524  
     
               32,864  

Software & Services – 0.6%

     

Autodesk, Inc.,

     

3.60%, 12/15/22

     1,031        1,061  

Equifax, Inc.,

     

3.95%, 6/15/23

     2,100        2,214  

International Business Machines Corp.,

     

1.88%, 8/1/22

     449        455  

Oracle Corp.,

     

2.40%, 9/15/23

     19,990        20,682  
     
               24,412  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    362    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL

AMOUNT
(000S)

    VALUE
(000S)

CORPORATE BONDS - 46.5%    continued

 

Supermarkets & Pharmacies – 0.5%

     

7-Eleven, Inc.,

     

0.80%, 2/10/24(2)

     $18,000        $17,991  

Tobacco – 0.0%

     

Philip Morris International, Inc.,

     

2.38%, 8/17/22

     1,000        1,017  

Transportation & Logistics – 0.4%

     

PACCAR Financial Corp.,

     

2.00%, 9/26/22

     3,260        3,320  

2.65%, 4/6/23

     4,000        4,132  

0.35%, 8/11/23

     7,090        7,087  

Ryder System, Inc.,

     

2.88%, 6/1/22

     279        283  

United Parcel Service, Inc.,

     

2.20%, 9/1/24

     500        522  
     
               15,344  

Utilities – 5.4%

     

Ameren Illinois Co.,

     

0.38%, 6/15/23

     11,000        10,980  

American Electric Power Co., Inc.,

     

(Floating, ICE LIBOR USD 3M + 0.48%), 0.61%, 11/1/23 (1)

     15,000        15,010  

Black Hills Corp.,

     

1.04%, 8/23/24

     10,180        10,181  

CenterPoint Energy Resources Corp.,

     

0.70%, 3/2/23

     9,910        9,910  

CenterPoint Energy, Inc.,

     

3.85%, 2/1/24

     1,500        1,596  

(Floating, U.S. SOFR + 0.65%),
0.70%, 5/13/24 (1)

     6,080        6,092  

Cleco Power LLC,

     

(Floating, ICE LIBOR USD 3M + 0.50%), 0.62%, 6/15/23 (1) (2)

     9,300        9,301  

Consolidated Edison, Inc.,

     

0.65%, 12/1/23

     29,100        29,069  

Consumers Energy Co.,

     

0.35%, 6/1/23

     5,320        5,317  

Dominion Energy, Inc.,

     

(Floating, ICE LIBOR USD 3M + 0.53%), 0.65%, 9/15/23 (1)

     16,600        16,604  

DTE Energy Co.,

     

2.25%, 11/1/22

     4,200        4,284  

Entergy Louisiana LLC,

     

0.62%, 11/17/23

     11,400        11,402  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CORPORATE BONDS - 46.5%    continued

 

Utilities – 5.4%    continued

     

Eversource Energy,

     

(Floating, U.S. SOFR + 0.25%),
0.30%, 8/15/23 (1)

     $9,400        $9,396  

Mississippi Power Co.,

     

(Floating, U.S. SOFR + 0.30%),
0.35%, 6/28/24 (1)

     8,000        8,007  

NextEra Energy Capital Holdings, Inc.,

     

2.90%, 4/1/22

     4,000        4,053  

OGE Energy Corp.,

     

0.70%, 5/26/23

     5,780        5,780  

Ohio Power Co.,

     

5.38%, 10/1/21

     1,000        1,000  

ONE Gas, Inc.,

     

(Floating, ICE LIBOR USD 3M + 0.61%), 0.72%, 3/11/23 (1)

     13,863        13,864  

PPL Electric Utilities Corp.,

     

(Floating, ICE LIBOR USD 3M + 0.25%), 0.38%, 9/28/23 (1)

     6,150        6,150  

(Floating, U.S. SOFR + 0.33%),
0.38%, 6/24/24 (1)

     10,140        10,150  

Southern (The) Co.,

     

0.60%, 2/26/24

     11,580        11,556  

Virginia Electric and Power Co.,

     

2.95%, 1/15/22

     2,400        2,403  

WEC Energy Group, Inc.,

     

0.80%, 3/15/24

     6,420        6,440  
     
               208,545  

Wireless Telecommunications Services – 1.1%

 

AT&T, Inc.,

     

(Floating, U.S. SOFR + 0.64%), 0.69%, 3/25/24 (1)

     9,730        9,748  

(Floating, ICE LIBOR USD 3M + 1.18%), 1.29%, 6/12/24 (1)

     5,000        5,122  

Verizon Communications, Inc.,

     

(Floating, U.S. SOFR + 0.79%),
0.84%, 3/20/26 (1)

     27,000        27,457  
     
               42,327  
     

Total Corporate Bonds

                 

(Cost $1,789,981)

        1,795,624  

    

     

FOREIGN ISSUER BONDS – 36.0%

     

Auto Parts Manufacturing – 0.0%

     

Toyota Industries Corp.,

     

3.11%, 3/12/22(2)

     1,900        1,920  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    363    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 36.0%    continued

 

Automobiles Manufacturing – 0.3%

     

Nissan Motor Co. Ltd.,

     

3.04%, 9/15/23(2)

     $10,000        $10,403  

Banks – 16.2%

     

ANZ New Zealand International Ltd.,

     

1.90%, 2/13/23 (2)

     11,500        11,745  

3.40%, 3/19/24 (2)

     7,000        7,467  

Australia & New Zealand Banking Group Ltd.,

     

2.55%, 11/23/21

     1,219        1,223  

2.63%, 5/19/22

     10        10  

(Floating, ICE LIBOR USD 3M + 0.58%), 0.71%, 11/9/22 (1) (2)

     2,193        2,207  

Banque Federative du Credit Mutuel S.A.,

     

2.13%, 11/21/22 (2)

     17,495        17,853  

(Floating, ICE LIBOR USD 3M + 0.96%), 1.09%, 7/20/23 (1) (2)

     7,050        7,156  

(Floating, U.S. SOFR + 0.41%),
0.46%, 2/4/25 (1) (2)

     35,000        35,024  

Barclays Bank PLC,

     

1.70%, 5/12/22

     5,510        5,553  

Commonwealth Bank of Australia,

     

7/7/25 (1) (2) (4)

     22,800        22,834  

(Floating, U.S. SOFR + 0.52%),
0.57%, 6/15/26 (1) (2)

     29,500        29,667  

Cooperatieve Rabobank U.A.,

     

3.88%, 2/8/22

     1,000        1,013  

(Floating, ICE LIBOR USD 3M + 0.48%), 0.60%, 1/10/23 (1)

     3,000        3,016  

(Floating, U.S. SOFR + 0.30%),
0.35%, 1/12/24 (1)

     14,700        14,741  

Credit Suisse A.G.,

     

(Floating, U.S. SOFR + 0.45%),

     

0.50%, 2/4/22 (1)

     10,650        10,663  

0.50%, 2/2/24

     11,850        11,807  

DBS Group Holdings Ltd.,

     

2.85%, 4/16/22 (2)

     7,600        7,699  

Deutsche Bank A.G.,

     

4.25%, 10/14/21

     10,270        10,281  

5.00%, 2/14/22

     700        711  

(Variable, U.S. SOFR + 2.16%),
2.22%, 9/18/24 (3)

     10,013        10,263  

DNB Bank ASA,

     

(Floating, ICE LIBOR USD 3M + 0.62%), 0.74%, 12/2/22 (1) (2)

     6,600        6,638  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 36.0%    continued

 

Banks – 16.2%    continued

     

2.15%, 12/2/22 (2)

     $8,035        $8,219  

Federation des Caisses Desjardins du Quebec,

     

(Floating, U.S. SOFR + 0.43%),
0.48%, 5/21/24 (1) (2)

     27,400        27,458  

ING Groep N.V.,

     

1.06%, 4/1/27 (1)

     27,000        27,278  

Lloyds Banking Group PLC,

     

3.00%, 1/11/22

     400        403  

(Variable, ICE LIBOR USD 3M + 1.25%), 2.86%, 3/17/23 (3)

     18,900        19,110  

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.10%), 1.33%, 6/15/23 (3)

     4,100        4,126  

4.05%, 8/16/23

     7,000        7,453  

Macquarie Bank Ltd.,

     

2.10%, 10/17/22 (2)

     6,000        6,115  

0.44%, 12/16/22 (2)

     18,500        18,526  

(Floating, U.S. SOFR + 0.30%),
0.35%, 4/6/23 (1) (2)

     25,000        24,981  

National Australia Bank Ltd.,

     

3.70%, 11/4/21

     3,560        3,570  

(Floating, ICE LIBOR USD 3M + 0.89%), 1.01%, 1/10/22 (1) (2)

     2,914        2,921  

2.80%, 1/10/22

     3,531        3,556  

National Bank of Canada,

     

2.10%, 2/1/23

     500        511  

0.75%, 8/6/24

     42,500        42,387  

Nationwide Building Society,

     

0.55%, 1/22/24 (2)

     14,000        13,952  

NatWest Markets PLC,

     

(Floating, U.S. SOFR + 0.53%),
0.58%, 8/12/24 (1) (2)

     10,700        10,761  

(Floating, U.S. SOFR + 0.76%),
0.81%, 9/29/26 (1) (2)

     32,900        32,975  

Nordea Bank Abp,

     

1.00%, 6/9/23 (2)

     13,685        13,834  

(Floating, ICE LIBOR USD 3M +

     

0.94%), 1.06%, 8/30/23 (1) (2)

     200        203  

3.75%, 8/30/23 (2)

     5,000        5,307  

0.63%, 5/24/24 (2)

     27,900        27,854  

Santander UK PLC,

     

(Floating, ICE LIBOR USD 3M + 0.66%), 0.78%, 11/15/21 (1)

     3,000        3,002  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    364    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 36.0%    continued

 

Banks – 16.2%    continued

     

Skandinaviska Enskilda Banken AB,

     

2.20%, 12/12/22 (2)

     $5,400        $5,522  

(Floating, ICE LIBOR USD 3M + 0.32%), 0.44%, 9/1/23 (1) (2)

     18,600        18,661  

0.65%, 9/9/24 (2)

     9,900        9,862  

Svenska Handelsbanken AB,

     

0.63%, 6/30/23 (2)

     10,600        10,651  

0.55%, 6/11/24 (2)

     22,200        22,145  

Swedbank AB,

     

1.30%, 6/2/23 (2)

     5,480        5,557  

0.60%, 9/25/23 (2)

     19,500        19,530  

Westpac Banking Corp.,

     

2.80%, 1/11/22

     935        942  

(Floating, ICE LIBOR USD 3M + 0.39%), 0.52%, 1/13/23 (1)

     7,643        7,678  

2.00%, 1/13/23

     2,690        2,748  
     
               625,369  

Cable & Satellite – 0.0%

     

Sky Ltd.,

     

3.75%, 9/16/24(2)

     1,000        1,087  

Central Bank – 0.1%

     

Bank of England Euro Note,

     

0.50%, 4/28/23(2)

     4,700        4,717  

Commercial Finance – 0.3%

     

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

     

3.30%, 1/23/23

     1,665        1,716  

3.15%, 2/15/24

     5,000        5,214  

SMBC Aviation Capital Finance DAC,

     

4.13%, 7/15/23 (2)

     5,927        6,262  
     
               13,192  

Diversified Banks – 11.8%

     

Bank of Montreal,

     

0.63%, 7/9/24

     4,605        4,595  

(Floating, U.S. SOFR + 0.62%),
0.67%, 9/15/26 (1)

     25,800        25,898  

Bank of Nova Scotia (The),

     

(Floating, ICE LIBOR USD 3M + 0.64%), 0.76%, 3/7/22 (1)

     1,923        1,928  

1.95%, 2/1/23

     4,000        4,085  

1.63%, 5/1/23

     7,040        7,184  

(Floating, U.S. SOFR + 0.38%),
0.43%, 7/31/24 (1)

     20,000        20,050  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 36.0%    continued

 

Diversified Banks – 11.8%    continued

     

(Floating, U.S. SOFR + 0.55%),
0.60%, 3/2/26 (1)

     $40,000        $40,080  

Barclays PLC,

     

3.68%, 1/10/23

     500        504  

BNP Paribas S.A.,

     

2.95%, 5/23/22 (2)

     5,100        5,187  

3.50%, 3/1/23 (2)

     4,910        5,118  

3.80%, 1/10/24 (2)

     1,100        1,173  

Canadian Imperial Bank of Commerce,

     

(Floating, U.S. SOFR + 0.80%),
0.85%, 3/17/23 (1)

     19,500        19,673  

0.45%, 6/22/23

     7,750        7,750  

(Floating, ICE LIBOR USD 3M + 0.66%), 0.77%, 9/13/23 (1)

     8,800        8,907  

3.50%, 9/13/23

     1,250        1,325  

Credit Agricole S.A.,

     

3.75%, 4/24/23 (2)

     19,710        20,731  

3.25%, 10/4/24 (2)

     5,000        5,333  

HSBC Holdings PLC,

     

3.26%, 3/13/23 (3)

     7,900        8,000  

0.73%, 8/17/24 (3)

     14,930        14,940  

(Floating, ICE LIBOR USD 3M + 1.38%), 1.49%, 9/12/26 (1)

     22,816        23,554  

Macquarie Group Ltd.,

     

(Variable, ICE LIBOR USD 3M + 1.02%), 3.19%, 11/28/23 (2) (3)

     2,646        2,724  

(Floating, U.S. SOFR + 0.92%),
0.97%, 9/23/27 (1) (2)

     13,000        13,089  

Mitsubishi UFJ Financial Group, Inc.,

     

3.22%, 3/7/22

     5,170        5,236  

2.62%, 7/18/22

     27,730        28,241  

3.46%, 3/2/23

     7,514        7,839  

Mizuho Financial Group, Inc.,

     

(Floating, ICE LIBOR USD 3M + 0.84%), 0.97%, 7/16/23 (1)

     2,100        2,111  

(Floating, ICE LIBOR USD 3M + 0.85%), 0.96%, 9/13/23 (1)

     7,800        7,849  

(Floating, ICE LIBOR USD 3M + 0.61%), 0.72%, 9/8/24 (1)

     20,100        20,207  

Royal Bank of Canada,

     

(Floating, ICE LIBOR USD 3M + 0.36%), 0.49%, 1/17/23 (1)

     2,500        2,511  

(Floating, U.S. SOFR + 0.45%),
0.50%, 10/26/23 (1)

     10,000        10,057  

0.43%, 1/19/24

     6,300        6,274  

 

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    365    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 36.0%    continued

 

Diversified Banks – 11.8%    continued

     

(Floating, U.S. SOFR + 0.57%), 0.62%, 4/27/26 (1)

     $35,900        $36,044  

Societe Generale S.A.,

     

2.63%, 10/16/24 (2)

     14,505        15,091  

Sumitomo Mitsui Financial Group, Inc.,

     

(Floating, ICE LIBOR USD 3M + 1.14%),1.27%, 10/19/21 (1)

     716        716  

2.78%, 10/18/22

     2,261        2,320  

0.51%, 1/12/24

     2,500        2,492  

Toronto-Dominion Bank (The),

     

(Floating, U.S. SOFR + 0.24%),
0.29%, 1/6/23 (1)

     10,000        10,019  

0.45%, 9/11/23

     6,000        6,001  

(Floating, U.S. SOFR + 0.36%),
0.41%, 3/4/24 (1)

     20,000        20,062  

(Floating, U.S. SOFR + 0.59%),
0.64%, 9/10/26 (1)

     30,000        30,133  
     
               455,031  

Electrical Equipment Manufacturing – 0.8%

 

Siemens Financieringsmaatschappij N.V.,

     

(Floating, U.S. SOFR + 0.43%),

     

0.48%, 3/11/24(1) (2)

     30,750        31,010  

Financial Services – 3.1%

     

Credit Suisse Group A.G.,

     

(Variable, ICE LIBOR USD 3M + 1.20%), 3.00%, 12/14/23 (2) (3)

     10,000        10,270  

LSEGA Financing PLC,

     

0.65%, 4/6/24 (2)

     21,900        21,846  

Sumitomo Mitsui Trust Bank Ltd.,

     

0.80%, 9/12/23 (2)

     13,000        13,079  

0.85%, 3/25/24 (2)

     7,200        7,217  

(Floating, U.S. SOFR + 0.44%),
0.49%, 9/16/24 (1) (2)

     12,400        12,429  

UBS A.G.,

     

0.38%, 6/1/23 (2)

     5,040        5,034  

(Floating, U.S. SOFR + 0.36%),
0.41%, 2/9/24 (1) (2)

     9,000        9,032  

0.45%, 2/9/24 (2)

     11,450        11,397  

0.70%, 8/9/24 (2)

     9,700        9,688  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 36.0%    continued

 

Financial Services – 3.1%    continued

     

UBS Group A.G.,

     

3.49%, 5/23/23 (2)

     $7,776        $7,926  

(Variable, ICE LIBOR USD 3M + 0.95%), 2.86%, 8/15/23 (2) (3)

     10,000        10,211  
     
               118,129  

Food & Beverage – 0.5%

     

Coca-Cola Europacific Partners PLC,

     

0.50%, 5/5/23(2)

     20,000        19,979  

Government Development Banks – 0.7%

     

BNG Bank N.V.,

     

0.75%, 4/17/23 (2)

     9,200        9,267  

Japan Bank for International Cooperation,

     

1.63%, 10/17/22

     4,400        4,462  

1.75%, 1/23/23

     6,400        6,520  

Svensk Exportkredit AB,

     

0.75%, 4/6/23

     6,300        6,342  
     
               26,591  

Government Regional – 0.1%

     

Kommuninvest I Sverige AB,

     

0.50%, 2/2/22(2)

     2,800        2,803  

Industrial Other – 0.1%

     

Element Fleet Management Corp.,

     

1.60%, 4/6/24(2)

     5,800        5,883  

Integrated Oils – 0.2%

     

Saudi Arabian Oil Co.,

     

1.25%, 11/24/23 (2)

     8,196        8,249  

Shell International Finance B.V.,

     

0.38%, 9/15/23

     1,050        1,051  
     
               9,300  

Medical Equipment & Devices Manufacturing – 0.1%

 

DH Europe Finance II S.a.r.l.,

     

2.05%, 11/15/22

     2,400        2,446  

Pharmaceuticals – 0.4%

     

GlaxoSmithKline Capital PLC,

     

0.53%, 10/1/23

     4,445        4,452  

Shire Acquisitions Investments Ireland DAC,

     

2.88%, 9/23/23

     10,021        10,447  
     
               14,899  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    366    NORTHERN FUNDS SEMIANNUAL REPORT

 

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

FOREIGN ISSUER BONDS - 36.0%    continued

 

Pipeline – 0.1%

     

Enbridge, Inc.,

     

(Floating, U.S. SOFR + 0.40%), 0.45%, 2/17/23(1)

     $2,730        $2,738  

Sovereigns – 0.2%

     

Denmark Government International Bond,

     

0.13%, 10/27/22(2)

     8,000        7,992  

Supranationals – 0.2%

     

Nordic Investment Bank,

     

0.38%, 5/19/23

     6,500        6,511  

Wireless Telecommunications Services – 0.2%

 

America Movil S.A.B. de C.V.,

     

3.13%, 7/16/22

     1,300        1,328  

Rogers Communications, Inc.,

     

0.73%, 3/22/22 (1)

     1,500        1,504  

4.10%, 10/1/23

     4,900        5,197  
     
               8,029  

Wireline Telecommunications Services – 0.6%

 

Bell Telephone Co. of Canada or Bell Canada (The),

     

0.75%, 3/17/24

     15,800        15,805  

NTT Finance Corp.,

     

0.58%, 3/1/24 (2)

     5,800        5,792  
     
               21,597  

Total Foreign Issuer Bonds

                 

(Cost $1,385,762)

        1,389,626  

    

 

U.S. GOVERNMENT AGENCIES – 2.4% (5)

 

Fannie Mae – 0.7%

     

2.25%, 4/12/22

     3,705        3,747  

2.38%, 1/19/23

     5,000        5,141  

0.25%, 5/22/23

     10,000        10,004  

Pool #FM3019,

     

3.50%, 2/1/35

     3,802        4,077  

Pool #MA3932,

     

3.50%, 2/1/35

     3,365        3,593  
     
               26,562  

Federal Farm Credit Bank – 0.5%

     

0.25%, 5/6/22

     10,000        10,011  

0.25%, 2/26/24

     9,150        9,126  
     
               19,137  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 2.4% (5)    continued

 

Freddie Mac – 1.2%

     

Federal Home Loan Mortgage Corp.,

     

0.13%, 7/25/22

     $10,530        $10,534  

0.38%, 4/20/23

     20,000        20,056  

0.38%, 5/5/23

     10,240        10,260  

Pool #ZS8641,

     

2.50%, 2/1/32

     4,967        5,199  
     
               46,049  

Government National Mortgage Association – 0.0%

 

Government National Mortgage Association, Series 2013-149, Class MA,

     

2.50%, 5/20/40

     3,117        3,192  
     

Total U.S. Government Agencies

                 

(Cost $94,657)

        94,940  
    

U.S. GOVERNMENT OBLIGATIONS – 4.4%

 

U.S. Treasury Floating Rate Notes – 0.8%

 

(Floating, U.S. Treasury 3M Bill MMY + 0.06%), 0.09%, 7/31/22(1)

     29,000        29,013  

U.S. Treasury Notes – 3.6%

     

2.63%, 12/15/21

     9,000        9,048  

1.38%, 1/31/22

     9,585        9,627  

2.13%, 5/15/22

     10,000        10,128  

1.75%, 7/15/22

     5,000        5,065  

1.88%, 8/31/22

     18,000        18,295  

1.63%, 11/15/22

     7,000        7,118  

1.63%, 12/15/22

     50,000        50,897  

0.13%, 1/31/23

     1,870        1,869  

1.38%, 2/15/23

     7,300        7,421  

0.13%, 1/15/24

     20,000        19,893  
     
               139,361  

Total U.S. Government Obligations

                 
     

(Cost $167,056)

        168,374  
    

MUNICIPAL BONDS – 0.7%

     

California – 0.1%

     

California State Earthquake Authority Taxable Revenue Bonds, Series B,

     

1.33%, 7/1/22

     3,000        3,022  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    367    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   ULTRA-SHORT FIXED INCOME FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL BONDS - 0.7%    continued

 

Florida – 0.2%

     

Miami-Dade County Taxable Capital Asset Acquisition Special Obligation Revenue Bonds,

     

0.38%, 4/1/23

     $7,830        $7,830  

New York – 0.4%

     

New York State Transportation Development Corp. Special Facilities Taxable Revenue Refunding Bonds , Terminal 4 John F. Kennedy International Airport,

     

1.61%, 12/1/22

     1,000        1,011  

New York Taxable G.O. Unlimited Refunding Bonds, Series D, Fiscal 2021,

     

0.43%, 8/1/22

     1,680        1,683  

New York Taxable G.O. Unlimited Refunding Bonds, Series E, Fiscal 2021,

     

0.59%, 8/1/23

     4,000        4,016  

Port Authority of New York & New Jersey Consolidated Taxable Revenue Bonds, Series AAA,

     

1.09%, 7/1/23

     10,000        10,129  
     
       16,839  
     

Total Municipal Bonds

                 
     

(Cost $27,495)

        27,691  
    
   

NUMBER

OF SHARES

   

VALUE

(000S)

INVESTMENT COMPANIES – 4.1%

 

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(6) (7)

     158,038,841        $158,039  
     

Total Investment Companies

     
     

(Cost $158,039)

        158,039  
    
     

Total Investments – 101.1%

     
     

(Cost $3,891,980)

        3,904,683  

Liabilities less Other Assets – (1.1%)

 

      (41,706 ) 
     

NET ASSETS – 100.0%

        $3,862,977  

 

(1)

Variable rate security. Rate as of September 30, 2021 is disclosed.

(2)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

 

(3)

Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of September 30, 2021.

(4)

When-Issued Security. Coupon rate is not in effect at September 30, 2021.

(5)

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(6)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(7)

7-day current yield as of September 30, 2021 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1M - 1 Month

1Y - 1 Year

3M - 3 Month

A.G. - Aktiengesellschaft (German: Stock Corporation)

AB - Aktiebolag (Sweden: Corporation)

ASA - Aksjeselskap (Norway: Stock Company)

B.V. - Besloten Vennootschap (Dutch: Private Limited Liability Company)

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

G.O. - General Obligation

ICE - Intercontinental Exchange

L.P. - Limited Partnership

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

MMY - Money Market Yield

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

S.A. - Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. - Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    368    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE(1)    % OF NET ASSETS  

  Asset-backed securities

      7.0 % 

  Corporate bonds

      46.5 % 

  Foreign Issuer Bonds

      36.0 % 

  U.S. Government Agencies

      2.4 % 

  U.S. Government Obligations

      4.4 % 

  Municipal Bonds

      0.7 % 

  Investment Companies

      4.1 % 

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   LEVEL 1
(000S)		   LEVEL 2
(000S)		   LEVEL 3
(000S)		    

TOTAL

(000S)

  

  Asset-Backed Securities(1)

     $      —       $    270,389       $—       $    270,389    

  Corporate Bonds(1)

     —       1,795,624       —       1,795,624    

  Foreign Issuer Bonds(1)

     —       1,389,626       —       1,389,626    

  U.S. Government Agencies(1)

     —       94,940       —       94,940    

  U.S. Government Obligations(1)

     —       168,374       —       168,374    

  Municipal Bonds(1)

     —       27,691       —       27,691    

  Investment Companies

     158,039       —       —       158,039    
         

  Total Investments

     $158,039       $3,746,644       $—       $3,904,683    
(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    369    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   U.S. GOVERNMENT FUND

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES – 6.2% (1)

 

Fannie Mae – 3.5%

     

Pool #555649,

     

7.50%, 10/1/32

     $22        $25  

Pool #BH9277,

     

3.50%, 2/1/48

     182        194  

Pool #BM1239,

     

3.50%, 2/1/32

     97        104  

Pool #BM5017,

     

3.00%, 3/1/30

     103        109  

Pool #FM1472,

     

3.50%, 3/1/34

     123        131  

Pool #FM1842,

     

3.50%, 6/1/34

     68        72  

Pool #FM1849,

     

3.50%, 12/1/33

     275        294  

Pool #FM1852,

     

3.00%, 7/1/33

     121        128  

Pool #FM1897,

     

3.00%, 9/1/32

     347        365  

Pool #FM3308,

     

3.00%, 4/1/32

     103        108  
     
               1,530  

Freddie Mac – 1.2%

     

Pool #SB0084,

     

3.00%, 2/1/32

     228        242  

Pool #SB0215,

     

3.00%, 2/1/32

     111        117  

Pool #SB0216,

     

3.00%, 12/1/32

     132        140  

Pool #ZS7735,

     

2.00%, 1/1/32

     2        2  
     
               501  

Freddie Mac Gold – 1.0%

     

Pool #C91831,

     

3.00%, 6/1/35

     110        118  

Pool #C91868,

     

3.50%, 4/1/36

     122        131  

Pool #D99701,

     

3.00%, 11/1/32

     173        184  
     
               433  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 6.2% (1)     continued

 

Government National Mortgage Association - 0.3%

 

Government National Mortgage Association, Series 2017-95,
Class QG,

     

2.50%, 8/20/46

     $124        $130  

Government National Mortgage Association I – 0.2%

 

Pool #676682,

     

4.50%, 6/15/25

     37        38  

Pool #782618,

     

4.50%, 4/15/24

     12        13  

Pool #783245,

     

5.00%, 9/15/24

     13        14  

Pool #783489,

     

5.00%, 6/15/25

     5        5  
     
               70  
     

Total U.S. Government Agencies

                 
     

(Cost $2,593)

        2,664  

 

U.S. GOVERNMENT OBLIGATIONS – 91.6%

 

U.S. Treasury Inflation Indexed Notes – 0.0%

 

0.50%, 4/15/24

     5        6  

0.13%, 7/15/30

     5        6  
     
               12  

U.S. Treasury Notes – 91.6%

     

0.25%, 4/15/23

     615        615  

1.63%, 5/31/23

     855        875  

0.13%, 8/31/23

     4,460        4,448  

0.13%, 9/15/23

     1,331        1,327  

2.88%, 10/31/23

     720        758  

2.88%, 11/30/23

     705        744  

2.50%, 1/31/24

     670        703  

1.75%, 7/31/24

     740        767  

0.38%, 8/15/24

     5,629        5,609  

1.88%, 8/31/24

     720        749  

2.13%, 9/30/24

     700        733  

2.25%, 11/15/24

     675        710  

2.50%, 1/31/25

     640        680  

2.75%, 2/28/25

     750        804  

2.88%, 4/30/25

     840        905  

2.88%, 5/31/25

     825        890  

0.25%, 7/31/25

     850        834  

0.75%, 8/31/26

     7,344        7,265  

1.13%, 2/29/28

     3,185        3,165  

2.88%, 8/15/28

     1,261        1,393  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    370    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

   

PRINCIPAL
AMOUNT

(000S)

   

VALUE

(000S)

U.S. GOVERNMENT OBLIGATIONS - 91.6%     continued

 

U.S. Treasury Notes – 91.6%    continued

 

3.13%, 11/15/28

     $1,208        $1,357  

2.63%, 2/15/29

     1,191        1,299  

1.75%, 11/15/29

     414        425  

1.25%, 8/15/31

     2,593        2,530  
     
               39,585  
     

Total U.S. Government Obligations

     
     

(Cost $39,819)

        39,597  
    
    NUMBER
OF SHARES		   

VALUE

(000S)

INVESTMENT COMPANIES – 0.1%

 

Northern Institutional Funds - U.S. Government Portfolio (Shares),
0.00%(2) (3)

     59,855        $60  
     

Total Investment Companies

     
     

(Cost $60)

        60  
    
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

SHORT-TERM INVESTMENTS – 1.2%

 

U.S. Treasury Bill,

     

0.04%, 12/30/21(4) (5)

     $500        $500  
     

Total Short-Term Investments

                 
     

(Cost $500)

        500  

    

     
     

Total Investments – 99.1%

                 
     

(Cost $42,972)

        42,821  

Other Assets less Liabilities – 0.9%

        398  
     

NET ASSETS – 100.0%

        $43,219  

 

(1)

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(2)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(3)

7-day current yield as of September 30, 2021 is disclosed.

(4)

Discount rate at the time of purchase.

(5)

Security pledged related to the Fund’s investment in futures contracts during the period. As of September 30, 2021, the Fund did not hold any open futures contracts.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

SECURITY TYPE(1)

      % OF NET ASSETS  

  U.S. Government Agencies

      6.2 % 

  U.S. Government Obligations

      91.6 % 

  Investment Companies

      0.1 % 

  Short-Term Investments

      1.2 % 

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   LEVEL 1
(000S)		     LEVEL 2
(000S)		   LEVEL 3
(000S)		     TOTAL
(000S)

  U.S. Government Agencies(1)

     $—       $2,664       $—       $2,664    

  U.S. Government Obligations(1)

     —       39,597       —       39,597    

  Investment Companies

     60       —       —       60    

  Short-Term Investments

     —       500       —       500    
         

  Total Investments

     $60       $42,761       $—       $42,821    

 

(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    371    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   U.S. GOVERNMENT MONEY MARKET FUND

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES – 22.0% (1)

 

Federal Farm Credit Bank – 3.6%

 

FFCB Discount Notes,

     

0.05%, 10/1/21(2)

     $4,305        $4,304  

0.12%, 10/14/21(2)

     7,500        7,500  

0.10%, 1/7/22(2)

     30,000        29,992  

FFCB Notes,

     

(Floating, U.S. SOFR + 0.06%),

     

0.11%, 10/1/21(3)

     20,000        20,000  

(Floating, U.S. SOFR + 0.06%),

     

0.11%, 10/1/21(3)

     50,000        50,000  

(Floating, U.S. SOFR + 0.06%),

     

0.11%, 10/1/21(3)

     24,000        24,000  

(Floating, U.S. SOFR + 0.06%),

     

0.11%, 10/1/21(3)

     40,000        40,000  

(Floating, U.S. SOFR + 0.08%),

     

0.13%, 10/1/21(3)

     16,345        16,345  

(Floating, U.S. SOFR + 0.08%),

     

0.13%, 10/1/21(3)

     30,000        30,000  

(Floating, U.S. Federal Funds
+ 0.05%), 0.13%, 10/1/21(3)

     15,000        14,998  

(Floating, U.S. Federal Funds
+ 0.06%), 0.14%, 10/1/21(3)

     25,000        24,998  

(Floating, U.S. Federal Funds
+ 0.07%), 0.15%, 10/1/21(3)

     55,000        54,998  

(Floating, U.S. SOFR + 0.15%),

     

0.20%, 10/1/21(3)

     30,000        30,000  

(Floating, U.S. SOFR + 0.18%),

     

0.23%, 10/1/21(3)

     15,000        15,000  

(Floating, U.S. SOFR + 0.19%),

     

0.24%, 10/1/21(3)

     35,000        35,000  

(Floating, U.S. SOFR + 0.20%),

     

0.25%, 10/1/21(3)

     80,000        80,000  

(Floating, U.S. Federal Funds
+ 0.22%), 0.30%, 10/1/21(3)

     25,000        25,000  

(Floating, U.S. SOFR + 0.32%),

     

0.37%, 10/1/21(3)

     60,000        60,000  

(Floating, U.S. SOFR + 0.35%),

     

0.40%, 10/1/21(3)

     40,000        40,000  

(Floating, U.S. Federal Funds
+ 0.40%), 0.48%, 10/1/21(3)

     15,000        15,000  
     
               617,135  

Federal Home Loan Bank – 14.1%

 

FHLB Bonds,

     

0.05%, 12/1/21

     150,000        149,999  

0.05%, 12/7/21

     225,000        224,999  

0.05%, 12/17/21

     135,000        134,998  

0.05%, 2/5/22

     225,000        224,998  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 22.0% (1)     continued

 

Federal Home Loan Bank – 14.1%     continued

 

0.05%, 2/19/22

     $165,000        $164,998  

0.05%, 3/1/22

     100,000        99,999  

0.05%, 3/26/22

     220,000        219,997  

0.06%, 3/30/22

     15,000        15,000  

0.05%, 4/2/22

     95,000        94,999  

0.05%, 4/8/22

     225,000        224,996  

0.05%, 4/13/22

     225,000        224,996  

FHLB Discount Notes,

     

0.05%, 12/11/21(2)

     200,000        199,981  

0.05%, 3/23/22(2)

     75,000        74,982  

FHLB Notes,

     

(Floating, U.S. SOFR + 0.08%), 0.13%, 10/1/21(3)

     45,000        45,000  

(Floating, U.S. SOFR + 0.08%), 0.13%, 10/1/21(3)

     50,000        50,000  

(Floating, U.S. SOFR + 0.09%), 0.14%, 10/1/21(3)

     125,000        125,000  

(Floating, U.S. SOFR + 0.16%), 0.21%, 10/1/21(3)

     65,000        65,000  

0.05%, 10/4/21(3) (4)

     75,000        75,000  
     
               2,414,942  

Federal Home Loan Mortgage Corporation – 0.8%

 

FHLMC Notes,

     

(Floating, U.S. SOFR + 0.10%), 0.15%, 10/1/21(3)

     45,000        45,000  

(Floating, U.S. SOFR + 0.14%), 0.19%, 10/1/21(3)

     90,000        90,000  
     
               135,000  

Federal National Mortgage Association – 3.5%

 

FNMA Notes,

     

(Floating, U.S. SOFR + 0.19%), 0.24%, 10/1/21(3)

     175,000        175,000  

(Floating, U.S. SOFR + 0.19%), 0.24%, 10/1/21(3)

     75,000        75,000  

(Floating, U.S. SOFR + 0.23%), 0.28%, 10/1/21(3)

     50,000        50,009  

(Floating, U.S. SOFR + 0.31%), 0.36%, 10/1/21(3)

     75,000        75,000  

(Floating, U.S. SOFR + 0.32%), 0.37%, 10/1/21(3)

     75,000        75,000  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    372    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 22.0% (1)      continued

 

Federal National Mortgage Association – 3.5%    continued

 

(Floating, U.S. SOFR + 0.35%), 0.40%, 10/1/21(3)

     $75,000        $75,000  

(Floating, U.S. SOFR + 0.39%), 0.44%, 10/1/21(3)

     85,000        85,000  
     
       610,009  
     

Total U.S. Government Agencies

                 
     

(Cost $3,777,086)

        3,777,086  

    

     

U.S. GOVERNMENT OBLIGATIONS – 29.7%

 

U.S. Treasury Bills – 8.7%

 

U.S. Treasury Bill

     

0.05%, 1/28/22(2)

     140,000        139,977  

U.S. Treasury Bills,

     

0.04%, 12/3/21(2)

     175,000        174,980  

0.11%, 12/3/21(2)

     70,000        69,992  

0.12%, 12/3/21(2)

     50,000        49,994  

0.05%, 1/21/22(2)

     65,000        64,989  

0.05%, 2/4/22(2)

     245,000        244,955  

0.06%, 2/4/22(2)

     10,000        9,998  

0.05%, 2/18/22(2)

     330,000        329,936  

0.06%, 2/18/22(2)

     20,000        19,996  

0.05%, 2/25/22(2)

     110,000        109,977  

0.06%, 2/25/22(2)

     20,000        19,996  

0.05%, 3/4/22(2)

     75,000        74,983  

0.06%, 3/4/22(2)

     85,000        84,981  

0.05%, 3/25/22(2)

     20,000        19,995  

0.06%, 3/25/22(2)

     80,000        79,978  
     
               1,494,727  

U.S. Treasury Floating Rate Notes – 6.1%

 

(Floating, U.S. Treasury 3M Bill MMY + 0.03%), 0.06%, 10/1/21(3)

     240,540        240,552  

(Floating, U.S. Treasury 3M Bill MMY + 0.03%), 0.07%, 10/1/21(3)

     235,000        235,010  

(Floating, U.S. Treasury 3M Bill MMY + 0.06%), 0.09%, 10/1/21(3)

     444,955        445,099  

(Floating, U.S. Treasury 3M Bill MMY + 0.11%), 0.15%, 10/1/21(3)

     112,675        112,740  
     
               1,033,401  

U.S. Treasury Notes – 14.9%

 

2.00%, 11/16/21

     25,000        25,058  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 29.7%     continued

 

U.S. Treasury Notes – 14.9%     continued

 

2.88%, 11/16/21

     $107,080        $107,444  

1.50%, 12/1/21

     95,000        95,215  

1.75%, 12/1/21

     205,000        205,555  

1.88%, 12/1/21

     60,000        60,173  

2.50%, 1/16/22

     60,000        60,424  

1.38%, 2/1/22

     35,000        35,148  

1.50%, 2/1/22

     75,000        75,349  

1.88%, 2/1/22

     180,000        181,067  

2.50%, 2/16/22

     60,000        60,542  

1.75%, 3/1/22

     95,145        95,812  

1.88%, 3/1/22

     10,180        10,256  

0.38%, 4/1/22

     70,000        70,103  

1.75%, 4/1/22

     70,000        70,575  

1.88%, 4/1/22

     50,000        50,445  

0.13%, 5/1/22

     35,000        35,013  

1.75%, 5/1/22

     105,000        106,033  

1.88%, 5/1/22

     100,000        101,053  

1.75%, 5/16/22

     174,810        176,646  

1.75%, 6/1/22

     41,510        41,975  

1.88%, 6/1/22

     488,210        494,079  

1.75%, 6/16/22

     20,000        20,237  

0.13%, 7/1/22

     30,000        30,005  

2.13%, 7/1/22

     310,000        314,750  

1.75%, 7/16/22

     35,000        35,454  
     
       2,558,411  
     

Total U.S. Government Obligations

                 

(Cost $5,086,539)

        5,086,539  

    

     
     

Investments, at Amortized Cost

     
     

($8,863,625)

        8,863,625  

 

REPURCHASE AGREEMENTS – 47.6% (5)

 

BNY Mellon Capital Markets LLC, dated 9/30/21, repurchase price $550,001,

     

0.06%, 10/1/21

     550,000        550,000  

Citigroup Global Markets, Inc., dated 9/30/21, repurchase price $114,500,

     

0.06%, 10/1/21

     114,500        114,500  

Federal Reserve Bank of New York, dated 9/30/21, repurchase price $5,875,008,

     

0.05%, 10/1/21

     5,875,000        5,875,000  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    373    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   U.S. GOVERNMENT MONEY MARKET FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

REPURCHASE AGREEMENTS - 47.6% (5)     continued

 

JPMorgan Securities LLC, dated 9/30/21, repurchase price $150,009,

     

0.07%, 1/3/22

     $150,000        $150,000  

NatWest Markets PLC, dated 9/28/21, repurchase price $1,250,013,

     

0.06%, 10/6/21

     1,250,000        1,250,000  

Nomura Securities International, Inc., dated 9/30/21, repurchase price $70,000,

     

0.05%, 10/1/21

     70,000        70,000  

Royal Bank of Canada, New York Branch, dated 9/30/21, repurchase price $150,009,

     

0.06%, 10/7/21

     150,000        150,000  
     
               8,159,500  
     

Total Repurchase Agreements

                 
     

(Cost $8,159,500)

        8,159,500  

    

     
     

Total Investments – 99.3%

                 
     

(Cost $17,023,125)

        17,023,125  

Other Assets less Liabilities – 0.7%

 

      127,073  
     

NET ASSETS – 100.0%

        $17,150,198  

 

(1)

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(2)

Discount rate at the time of purchase.

(3)

Variable rate security. Rate as of September 30, 2021 is disclosed. Maturity date represents the next interest reset date. The security’s legal final maturity date is longer than the reset date. Securities with longer maturity dates have a greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.

(4)

Rate is determined by a remarketing agent and, in the agent’s judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount.

(5)

The nature and terms of the collateral received for the repurchase agreements are as follows:

  NAME  

FAIR

VALUE

(000S)

   

COUPON

RATES

  

MATURITY

DATES

  FHLB

       $100,669        0.00%—3.38%       10/6/21—6/8/29    

  FHLMC

       $16,912        0.25%—4.50%       3/1/23—9/1/51    

  FNMA

       $29,805        0.25%—6.50%       8/26/22—2/1/51    

  GNMA

       $270,861        2.25%—6.00%       9/20/31—9/20/51    

  U.S. Treasury Bills

       $242,233        0.00%       10/5/21—5/19/22    

  U.S. Treasury Bonds

       $196,687        0.00%—7.63%       11/15/22—8/15/51    

  U.S. Treasury Notes

       $7,350,788        0.08%—3.13%       10/31/21—8/15/31    

 

Total

    

 

 

 

$8,207,955

 

                     

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

3M – 3 Month

FFCB – Federal Farm Credit Bank

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

LLC – Limited Liability Company

MMY – Money Market Yield

PLC – Public Limited Company

SOFR – Secured Overnight Financing Rate

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE(1)    %OF NET ASSETS  

  U.S. Government Agencies

      22.0 % 

  U.S. Government Obligations

      29.7 % 

  Repurchase Agreements

      47.6 % 

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    374    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments, which are carried at amortized cost, or at cost for repurchase agreements, which approximates fair value, by the above fair value hierarchy as of September 30, 2021:

 

    LEVEL 1
(000S)		    LEVEL 2
(000S)		    LEVEL 3
(000S)		    TOTAL
(000S)

Investments held by
U.S. Government Money Market Fund(1)

     $—        $17,023,125        $—        $17,023,125  
(1)

Classifications as defined in the Schedule of Investments.

    

 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    375    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   U.S. GOVERNMENT MONEY MARKET FUND

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES – 21.3% (1)

 

Federal Farm Credit Bank – 6.1%

     

FFCB Discount Notes,

     

0.05%, 10/1/21(2)

     $930        $930  

0.12%, 10/14/21(2)

     3,000        3,000  

0.10%, 1/7/22(2)

     10,000        9,997  

FFCB Notes,

     

(Floating, U.S. SOFR + 0.06%),
0.11%, 10/1/21(3)

     5,000        5,000  

(Floating, U.S. SOFR + 0.06%),
0.11%, 10/1/21(3)

     10,000        10,000  

(Floating, U.S. SOFR + 0.06%),
0.11%, 10/1/21(3)

     5,000        5,000  

(Floating, U.S. SOFR + 0.06%),
0.11%, 10/1/21(3)

     10,000        10,000  

(Floating, U.S. SOFR + 0.08%),
0.13%, 10/1/21(3)

     10,000        10,000  

(Floating, U.S. SOFR + 0.08%),
0.13%, 10/1/21(3)

     3,410        3,410  

(Floating, U.S. SOFR + 0.08%),
0.13%, 10/1/21(3)

     5,000        5,000  

(Floating, U.S. Federal Funds + 0.05%), 0.13%, 10/1/21(3)

     5,000        4,999  

(Floating, U.S. SOFR + 0.09%),
0.14%, 10/1/21(3)

     5,000        5,000  

(Floating, U.S. Federal Funds + 0.06%), 0.14%, 10/1/21(3)

     5,000        5,000  

(Floating, U.S. Federal Funds + 0.07%), 0.15%, 10/1/21(3)

     10,000        10,000  

(Floating, U.S. SOFR + 0.15%),
0.20%, 10/1/21(3)

     5,000        5,000  

(Floating, U.S. SOFR + 0.18%),
0.23%, 10/1/21(3)

     3,000        3,000  

(Floating, U.S. SOFR + 0.18%),
0.23%, 10/1/21(3)

     25,000        24,999  

(Floating, U.S. SOFR + 0.19%),
0.24%, 10/1/21(3)

     6,000        6,000  

(Floating, U.S. SOFR + 0.20%),
0.25%, 10/1/21(3)

     16,000        16,000  

(Floating, U.S. Federal Funds + 0.22%), 0.30%, 10/1/21(3)

     5,000        5,000  

(Floating, U.S. SOFR + 0.32%),
0.37%, 10/1/21(3)

     10,000        10,000  

(Floating, U.S. SOFR + 0.35%),
0.40%, 10/1/21(3)

     40,000        40,000  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 21.3% (1)    continued

 

Federal Farm Credit Bank – 6.1%    continued

 

(Floating, U.S. SOFR + 0.38%), 0.43%, 10/1/21(3)

     $20,000        $20,000  

(Floating, U.S. Federal Funds + 0.40%), 0.48%, 10/1/21(3)

     5,000        5,000  
     
               222,335  

Federal Home Loan Bank – 15.2%

     

FHLB Bonds,

     

0.05%, 12/1/21

     30,000        30,000  

0.05%, 12/7/21

     45,000        45,000  

0.05%, 12/17/21

     30,000        29,999  

0.05%, 1/29/22

     50,000        50,000  

0.05%, 2/19/22

     35,000        35,000  

0.05%, 3/1/22

     25,000        25,000  

0.05%, 3/26/22

     45,000        44,999  

0.06%, 3/30/22

     5,000        5,000  

0.05%, 4/2/22

     20,000        20,000  

0.05%, 4/8/22

     45,000        44,999  

0.05%, 4/13/22

     45,000        44,999  

FHLB Discount Notes,

     

0.05%, 12/11/21(2)

     40,000        39,996  

0.05%, 3/23/22(2)

     15,000        14,996  

FHLB Notes,

     

(Floating, U.S. SOFR + 0.08%),
0.13%, 10/1/21(3)

     10,000        10,000  

(Floating, U.S. SOFR + 0.08%),
0.13%, 10/1/21(3)

     11,000        11,000  

(Floating, U.S. SOFR + 0.09%),
0.14%, 10/1/21(3)

     25,000        25,000  

(Floating, U.S. SOFR + 0.16%),
0.21%, 10/1/21(3)

     15,000        15,000  

(Floating, U.S. SOFR + 0.17%),
0.22%, 10/1/21(3)

     30,000        30,000  

(Floating, U.S. SOFR + 0.19%),
0.24%, 10/1/21(3)

     25,000        25,000  

0.05%, 10/4/21(3) (4)

     15,000        15,000  
     
               560,988  
     

Total U.S. Government Agencies

                 

(Cost $783,323)

        783,323  

    

     

U.S. GOVERNMENT OBLIGATIONS – 30.1%

 

   

U.S. Treasury Bills – 7.7%

     

U.S. Treasury Bill

     

0.05%, 1/28/22(2)

     35,000        34,994  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    376    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 30.1%     continued

 

U.S. Treasury Bills – 7.7%     continued

  

U.S. Treasury Bills,

  

0.04%, 12/3/21(2)

     $25,000        $24,997  

0.11%, 12/3/21(2)

     15,000        14,998  

0.12%, 12/3/21(2)

     10,000        9,999  

0.05%, 1/21/22(2)

     10,000        9,998  

0.05%, 2/4/22(2)

     55,000        54,990  

0.06%, 2/4/22(2)

     2,000        2,000  

0.05%, 2/18/22(2)

     45,000        44,991  

0.06%, 2/18/22(2)

     5,000        4,999  

0.05%, 2/25/22(2)

     25,000        24,995  

0.06%, 2/25/22(2)

     5,000        4,999  

0.05%, 3/4/22(2)

     15,000        14,996  

0.06%, 3/4/22(2)

     10,000        9,998  

0.05%, 3/25/22(2)

     5,000        4,999  

0.06%, 3/25/22(2)

     20,000        19,994  
     
               281,947  

U.S. Treasury Floating Rate Notes – 7.0%

 

   

(Floating, U.S. Treasury 3M Bill MMY + 0.03%),
0.06%, 10/1/21(3)

     48,170        48,172  

(Floating, U.S. Treasury 3M Bill MMY + 0.03%),
0.07%, 10/1/21(3)

     45,000        45,002  

(Floating, U.S. Treasury 3M Bill MMY + 0.06%),
0.09%, 10/1/21(3)

     115,625        115,662  

(Floating, U.S. Treasury 3M Bill MMY + 0.11%),
0.15%, 10/1/21(3)

     35,590        35,610  

(Floating, U.S. Treasury 3M Bill MMY + 0.15%),
0.19%, 10/1/21(3)

     15,000        14,999  
     
               259,445  

U.S. Treasury Notes – 15.4%

     

2.00%, 11/16/21

     5,000        5,012  

2.88%, 11/16/21

     24,370        24,453  

1.50%, 12/1/21

     20,000        20,045  

1.75%, 12/1/21

     55,000        55,149  

1.88%, 12/1/21

     10,000        10,029  

2.50%, 1/16/22

     10,000        10,071  

1.38%, 2/1/22

     10,000        10,042  

1.50%, 2/1/22

     15,000        15,070  

1.88%, 2/1/22

     40,000        40,237  

2.50%, 2/16/22

     10,000        10,090  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 30.1%     continued

 

U.S. Treasury Notes – 15.4%     continued

 

1.75%, 3/1/22

     $22,770        $22,930  

1.88%, 3/1/22

     2,165        2,181  

0.38%, 4/1/22

     20,000        20,029  

1.75%, 4/1/22

     15,000        15,124  

1.88%, 4/1/22

     10,000        10,089  

0.13%, 5/1/22

     5,000        5,002  

1.75%, 5/1/22

     20,000        20,197  

1.88%, 5/1/22

     25,000        25,263  

1.75%, 5/16/22

     40,640        41,067  

1.75%, 6/1/22

     8,870        8,969  

1.88%, 6/1/22

     107,095        108,383  

1.75%, 6/16/22

     5,000        5,059  

0.13%, 7/1/22

     5,000        5,001  

2.13%, 7/1/22

     70,000        71,072  

1.75%, 7/16/22

     5,000        5,065  
     
               565,629  
     

Total U.S. Government Obligations

                 

(Cost $1,107,021)

        1,107,021  
    
     

Investments, at Amortized Cost

                 

($1,890,344)

        1,890,344  
    

REPURCHASE AGREEMENTS – 48.5% (5)

 

   

Bank of America N.A., dated 9/30/21, repurchase price $315,000,

     

0.06%, 10/1/21

     315,000        315,000  

Barclays Capital, Inc., dated 9/30/21, repurchase price $100,004,

     

0.06%, 10/7/21

     100,000        100,000  

Barclays Capital, Inc., dated 9/30/21, repurchase price $405,001,

     

0.05%, 10/1/21

     405,000        405,000  

Barclays Capital, Inc., dated 9/30/21, repurchase price $50,002,

     

0.06%, 10/7/21

     50,000        50,000  

Citigroup Global Markets, Inc., dated 9/30/21, repurchase price $56,300,

     

0.06%, 10/1/21

     56,300        56,300  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    377    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   U.S. GOVERNMENT SELECT MONEY MARKET FUND  continued

 

  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

REPURCHASE AGREEMENTS - 48.5% (5)     continued

 

Federal Reserve Bank of New York, dated 9/30/21, repurchase price $810,001,

     

0.05%, 10/1/21

     $810,000        $810,000  

HSBC Securities (USA), Inc., dated 9/30/21, repurchase price $50,000,

     

0.05%, 10/1/21

     50,000        50,000  
     
               1,786,300  
     

Total Repurchase Agreements

                 

(Cost $1,786,300)

        1,786,300  
    
     

Total Investments – 99.9%

                 

(Cost $3,676,644)

        3,676,644  

Other Assets less Liabilities – 0.1%

 

      4,645  
     

NET ASSETS – 100.0%

        $3,681,289  

 

(1)

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

(2)

Discount rate at the time of purchase.

(3)

Variable rate security. Rate as of September 30, 2021 is disclosed. Maturity date represents the next interest reset date. The security’s legal final maturity date is longer than the reset date. Securities with longer maturity dates have a greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.

(4)

Rate is determined by a remarketing agent and, in the agent’s judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount.

(5)

The nature and terms of the collateral received for the repurchase agreements are as follows:

 

  NAME  

FAIR  

VALUE  
(000S)  

    COUPON
RATES		  

MATURITY

DATES

  GNMA

     $954,090        2.00%–4.50%       7/20/50–9/20/51      

  U.S. Treasury Bills

     $7,059         0.00%       10/21/21–12/2/21      

  U.S. Treasury Bonds

     $8,328        0.25%–2.00%       2/15/50–8/15/51      

  U.S. Treasury Notes

     $845,614        0.13%–2.75%       6/15/22–5/15/29      
       

Total

     $1,815,091                   

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

3M – 3 Month

FFCB – Federal Farm Credit Bank

FHLB – Federal Home Loan Bank

GNMA – Government National Mortgage Association

MMY – Money Market Yield

SOFR – Secured Overnight Financing Rate

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE(1)   % OF NET ASSETS    

  U.S. Government Agencies

   21.3%

  U.S. Government Obligations

   30.1%

  Repurchase Agreements

   48.5%

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments, which are carried at amortized cost, or at cost for repurchase agreements, which approximates fair value, by the above fair value hierarchy as of September 30, 2021:

 

    LEVEL 1
(000S)		    LEVEL 2
(000S)		    LEVEL 3
(000S)		    TOTAL
(000S)

Investments held by

           

U.S. Government Select Money Market Fund(1)

     $—        $3,676,644        $—        $3,676,644  
(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    378    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

   

SCHEDULE OF INVESTMENTS     

 

 

   U.S. TREASURY INDEX FUND

 

  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS – 99.5%

 

U.S. Treasury Bonds – 21.4%

 

6.00%, 2/15/26

     $10        $12  

6.50%, 11/15/26

     75        96  

6.38%, 8/15/27

     65        84  

6.13%, 11/15/27

     75        97  

5.50%, 8/15/28

     50        64  

5.25%, 11/15/28

     100        127  

6.13%, 8/15/29

     50        68  

6.25%, 5/15/30

     75        105  

5.38%, 2/15/31

     100        135  

4.50%, 2/15/36

     110        150  

4.75%, 2/15/37

     25        35  

5.00%, 5/15/37

     50        72  

4.38%, 2/15/38

     50        68  

4.50%, 5/15/38

     95        132  

3.50%, 2/15/39

     100        125  

4.25%, 5/15/39

     100        136  

4.50%, 8/15/39

     100        140  

4.38%, 11/15/39

     100        139  

4.63%, 2/15/40

     100        143  

1.13%, 5/15/40

     450        389  

4.38%, 5/15/40

     115        160  

1.13%, 8/15/40

     550        473  

3.88%, 8/15/40

     150        197  

1.38%, 11/15/40

     525        472  

4.25%, 11/15/40

     100        137  

1.88%, 2/15/41

     750        734  

4.75%, 2/15/41

     145        212  

2.25%, 5/15/41

     710        738  

4.38%, 5/15/41

     140        196  

1.75%, 8/15/41

     200        191  

3.75%, 8/15/41

     150        194  

3.13%, 11/15/41

     145        173  

3.13%, 2/15/42

     100        119  

3.00%, 5/15/42

     155        181  

2.75%, 8/15/42

     130        146  

2.75%, 11/15/42

     265        298  

3.13%, 2/15/43

     205        244  

2.88%, 5/15/43

     225        258  

3.63%, 8/15/43

     250        321  

3.75%, 11/15/43

     230        301  

3.63%, 2/15/44

     150        193  

3.38%, 5/15/44

     250        311  

3.13%, 8/15/44

     325        389  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 99.5%    continued

 

U.S. Treasury Bonds – 21.4%    continued

 

3.00%, 11/15/44

     $255        $299  

2.50%, 2/15/45

     350        378  

3.00%, 5/15/45

     175        206  

2.88%, 8/15/45

     275        317  

3.00%, 11/15/45

     80        94  

2.50%, 2/15/46

     300        324  

2.50%, 5/15/46

     250        271  

2.25%, 8/15/46

     325        336  

2.88%, 11/15/46

     100        116  

3.00%, 2/15/47

     300        356  

3.00%, 5/15/47

     150        178  

2.75%, 8/15/47

     300        341  

2.75%, 11/15/47

     350        398  

3.00%, 2/15/48

     390        464  

3.13%, 5/15/48

     325        395  

3.00%, 8/15/48

     400        477  

3.38%, 11/15/48

     400        510  

3.00%, 2/15/49

     450        538  

2.88%, 5/15/49

     500        585  

2.25%, 8/15/49

     500        518  

2.38%, 11/15/49

     425        452  

2.00%, 2/15/50

     415        408  

1.25%, 5/15/50

     650        532  

1.38%, 8/15/50

     700        591  

1.63%, 11/15/50

     650        584  

1.88%, 2/15/51

     725        691  

2.38%, 5/15/51

     800        854  

2.00%, 8/15/51

     275        270  
     
               20,438  

U.S. Treasury Notes – 78.1%

     

1.38%, 10/15/22

     250        253  

0.13%, 10/31/22

     400        400  

1.88%, 10/31/22

     225        229  

2.00%, 10/31/22

     200        204  

1.63%, 11/15/22

     555        564  

0.13%, 11/30/22

     500        500  

2.00%, 11/30/22

     450        460  

1.63%, 12/15/22

     300        305  

0.13%, 12/31/22

     500        500  

2.13%, 12/31/22

     375        384  

1.50%, 1/15/23

     400        407  

0.13%, 1/31/23

     150        150  

1.75%, 1/31/23

     275        281  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    379    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   U.S. TREASURY INDEX FUND    continued

 

   

 

    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 99.5%    continued

 

U.S. Treasury Notes – 78.1%    continued

 

2.38%, 1/31/23

     $250        $257  

1.38%, 2/15/23

     300        305  

2.00%, 2/15/23

     325        333  

0.13%, 2/28/23

     500        500  

1.50%, 2/28/23

     250        255  

2.63%, 2/28/23

     200        207  

0.50%, 3/15/23

     400        402  

0.13%, 3/31/23

     450        450  

1.50%, 3/31/23

     200        204  

2.50%, 3/31/23

     350        362  

0.25%, 4/15/23

     385        385  

0.13%, 4/30/23

     600        599  

1.63%, 4/30/23

     175        179  

2.75%, 4/30/23

     250        260  

0.13%, 5/15/23

     400        399  

1.75%, 5/15/23

     525        538  

0.13%, 5/31/23

     500        499  

1.63%, 5/31/23

     200        205  

2.75%, 5/31/23

     250        261  

0.25%, 6/15/23

     285        285  

1.38%, 6/30/23

     250        255  

2.63%, 6/30/23

     225        234  

0.13%, 7/15/23

     390        389  

0.13%, 7/31/23

     500        499  

1.25%, 7/31/23

     325        331  

2.75%, 7/31/23

     225        235  

0.13%, 8/15/23

     350        349  

2.50%, 8/15/23

     300        313  

0.13%, 8/31/23

     250        249  

1.38%, 8/31/23

     250        255  

2.75%, 8/31/23

     200        209  

0.13%, 9/15/23

     330        329  

0.25%, 9/30/23

     500        500  

1.38%, 9/30/23

     250        255  

2.88%, 9/30/23

     130        137  

0.13%, 10/15/23

     435        433  

1.63%, 10/31/23

     300        308  

2.88%, 10/31/23

     350        369  

0.25%, 11/15/23

     550        549  

2.75%, 11/15/23

     600        631  

2.13%, 11/30/23

     300        312  

2.88%, 11/30/23

     250        264  

0.13%, 12/15/23

     450        448  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 99.5%    continued

 

U.S. Treasury Notes – 78.1%    continued

 

2.25%, 12/31/23

     $250        $261  

2.63%, 12/31/23

     300        315  

0.13%, 1/15/24

     500        497  

2.25%, 1/31/24

     300        313  

2.50%, 1/31/24

     250        262  

0.13%, 2/15/24

     600        597  

2.75%, 2/15/24

     450        475  

2.13%, 2/29/24

     200        208  

2.38%, 2/29/24

     300        314  

0.25%, 3/15/24

     550        548  

2.13%, 3/31/24

     600        626  

0.38%, 4/15/24

     600        599  

2.00%, 4/30/24

     250        260  

2.25%, 4/30/24

     300        314  

0.25%, 5/15/24

     750        746  

2.50%, 5/15/24

     575        606  

2.00%, 5/31/24

     300        312  

1.75%, 6/30/24

     275        285  

2.00%, 6/30/24

     300        313  

0.38%, 7/15/24

     600        598  

1.75%, 7/31/24

     250        259  

2.13%, 7/31/24

     250        262  

0.38%, 8/15/24

     100        100  

2.38%, 8/15/24

     525        553  

1.25%, 8/31/24

     200        204  

1.88%, 8/31/24

     250        260  

0.38%, 9/15/24

     250        249  

1.50%, 9/30/24

     200        206  

2.13%, 9/30/24

     300        314  

1.50%, 10/31/24

     300        309  

2.25%, 10/31/24

     300        316  

2.25%, 11/15/24

     550        579  

1.50%, 11/30/24

     300        309  

2.13%, 11/30/24

     200        210  

1.75%, 12/31/24

     400        415  

2.25%, 12/31/24

     250        263  

1.38%, 1/31/25

     350        359  

2.50%, 1/31/25

     200        213  

2.00%, 2/15/25

     625        654  

1.13%, 2/28/25

     350        356  

2.75%, 2/28/25

     215        230  

0.50%, 3/31/25

     400        398  

2.63%, 3/31/25

     150        160  
 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    380    NORTHERN FUNDS SEMIANNUAL REPORT

 

        

     

 

    

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 99.5%    continued

 

U.S. Treasury Notes – 78.1%    continued

 

0.38%, 4/30/25

     $450        $445  

2.88%, 4/30/25

     300        323  

2.13%, 5/15/25

     550        578  

0.25%, 5/31/25

     300        295  

2.88%, 5/31/25

     325        350  

0.25%, 6/30/25

     400        393  

2.75%, 6/30/25

     250        269  

0.25%, 7/31/25

     550        539  

2.88%, 7/31/25

     225        243  

2.00%, 8/15/25

     550        576  

0.25%, 8/31/25

     500        490  

2.75%, 8/31/25

     300        323  

0.25%, 9/30/25

     500        489  

3.00%, 9/30/25

     300        326  

0.25%, 10/31/25

     500        489  

3.00%, 10/31/25

     200        218  

2.25%, 11/15/25

     645        682  

0.38%, 11/30/25

     555        544  

2.88%, 11/30/25

     300        325  

0.38%, 12/31/25

     400        392  

2.63%, 12/31/25

     300        322  

0.38%, 1/31/26

     350        342  

2.63%, 1/31/26

     150        161  

1.63%, 2/15/26

     550        567  

0.50%, 2/28/26

     500        492  

2.50%, 2/28/26

     350        375  

0.75%, 3/31/26

     500        496  

2.25%, 3/31/26

     250        265  

0.75%, 4/30/26

     600        595  

2.38%, 4/30/26

     225        240  

1.63%, 5/15/26

     550        567  

0.75%, 5/31/26

     650        645  

2.13%, 5/31/26

     175        185  

0.88%, 6/30/26

     500        498  

1.88%, 6/30/26

     325        339  

0.63%, 7/31/26

     550        541  

1.88%, 7/31/26

     300        313  

1.50%, 8/15/26

     520        533  

0.75%, 8/31/26

     150        148  

1.38%, 8/31/26

     200        204  

0.88%, 9/30/26

     450        448  

1.63%, 9/30/26

     150        155  

1.63%, 10/31/26

     200        206  
    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 99.5%    continued

 

U.S. Treasury Notes – 78.1%    continued

 

2.00%, 11/15/26

     $500        $525  

1.63%, 11/30/26

     250        258  

1.75%, 12/31/26

     200        207  

1.50%, 1/31/27

     225        230  

2.25%, 2/15/27

     410        436  

1.13%, 2/28/27

     200        201  

0.63%, 3/31/27

     180        176  

0.50%, 4/30/27

     275        266  

2.38%, 5/15/27

     500        535  

0.50%, 5/31/27

     250        242  

0.50%, 6/30/27

     450        434  

0.38%, 7/31/27

     500        479  

2.25%, 8/15/27

     500        531  

0.50%, 8/31/27

     350        337  

0.38%, 9/30/27

     500        477  

0.50%, 10/31/27

     550        528  

2.25%, 11/15/27

     450        478  

0.63%, 11/30/27

     550        531  

0.63%, 12/31/27

     450        434  

0.75%, 1/31/28

     500        486  

2.75%, 2/15/28

     550        602  

1.13%, 2/29/28

     650        646  

1.25%, 3/31/28

     650        650  

1.25%, 4/30/28

     600        600  

2.88%, 5/15/28

     625        689  

1.25%, 5/31/28

     650        649  

1.25%, 6/30/28

     600        599  

1.00%, 7/31/28

     600        588  

2.88%, 8/15/28

     590        652  

1.13%, 8/31/28

     200        198  

1.25%, 9/30/28

     450        448  

3.13%, 11/15/28

     575        646  

2.63%, 2/15/29

     600        654  

2.38%, 5/15/29

     500        537  

1.63%, 8/15/29

     450        458  

1.75%, 11/15/29

     375        385  

1.50%, 2/15/30

     525        528  

0.63%, 5/15/30

     800        747  

0.63%, 8/15/30

     1,000        930  

0.88%, 11/15/30

     1,125        1,068  

1.13%, 2/15/31

     1,150        1,114  
 

 

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    381    FIXED INCOME AND MONEY MARKET FUNDS

 

    SCHEDULE OF INVESTMENTS

 

     

 

   U.S. TREASURY INDEX FUND    continued

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 99.5%    continued

 

U.S. Treasury Notes – 78.1%    continued

 

1.63%, 5/15/31

     $1,100        $1,113  

1.25%, 8/15/31

     500        488  
     
               74,708  
     

Total U.S. Government Obligations

                 
     

(Cost $93,134)

        95,146  
    
    NUMBER
OF SHARES		    VALUE
(000S)

INVESTMENT COMPANIES – 0.8%

     

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(1) (2)

     767,280        $767  
     

Total Investment Companies

                 
     

(Cost $767)

        767  
    
     

Total Investments – 100.3%

                 
     

(Cost $93,901)

        95,913  

Liabilities less Other Assets – (0.3%)

        (318 ) 
     

NET ASSETS – 100.0%

        $95,595  

 

(1)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(2)

7-day current yield as of September 30, 2021 is disclosed.

Percentages shown are based on Net Assets.

At September 30, 2021, the security types for the Fund were:

 

SECURITY TYPE(1)

     % OF NET ASSETS      

    U.S. Government Obligations

     99.5%  

    Investment Companies

     0.8%  

 

  

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

INVESTMENTS

    
 LEVEL 1
(000S)		  
 		     
 LEVEL 2
(000S)		  
 		     
 LEVEL 3
(000S)		  
 		     
 TOTAL
(000S)		  
 

  U.S. Government Obligations(1)

     $  —        $95,146        $—        $95,146  

  Investment Companies

     767        —        —        767  
         

  Total Investments

     $767        $95,146        $—        $95,913  
(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS    382    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    

   NOTES TO THE FINANCIAL STATEMENTS

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

1. ORGANIZATION

Northern Funds (the “Trust”) is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust offers 41 funds as of September 30, 2021, each with its own investment objective (e.g., long-term capital appreciation, total return or income consistent with preservation of capital). The Arizona Tax-Exempt, Bond Index, California Intermediate Tax-Exempt, California Tax-Exempt, Core Bond, Fixed Income, High Yield Fixed Income, High Yield Municipal, Intermediate Tax-Exempt, Multi-Manager Emerging Markets Debt Opportunity, Multi-Manager High Yield Opportunity, Short Bond, Short-Intermediate Tax-Exempt, Short-Intermediate U.S. Government, Tax-Advantaged Ultra-Short Fixed Income, Tax-Exempt, Ultra-Short Fixed Income, U.S. Government, U.S. Government Money Market, U.S. Government Select Money Market and U.S. Treasury Index Funds (each a “Fund” and collectively, the “Funds”) are separate, diversified investment portfolios of the Trust, except for the Arizona Tax-Exempt, California Intermediate Tax-Exempt and California Tax-Exempt Funds, which are non-diversified portfolios. Non-diversified portfolios may invest a relatively high percentage of their net assets in obligations of a limited number of issuers. Each of the Funds is presented herein.

Northern Trust Investments, Inc. (“NTI”), an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser and administrator for the Funds. The Northern Trust Company (“Northern Trust”), an affiliate of NTI, serves as transfer agent, custodian and sub-administrator to the Funds. Northern Funds Distributors, LLC, not an affiliate of NTI, is the Trust’s distributor.

The U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund seek to qualify as government money market funds in accordance with criteria established by the U.S. Securities and Exchange Commission (“SEC”).

2. SIGNIFICANT ACCOUNTING POLICIES

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services-Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

The net asset value (“NAV”) of each class is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), generally 3:00 P.M. Central Time, on each day the NYSE is open for trading.

A) VALUATION OF SECURITIES AND DERIVATIVE CONTRACTS Securities for the Funds other than the U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund are valued at their fair value. Securities traded on United States (“U.S.”) securities exchanges or in the NASDAQ National Market System are principally valued at the regular trading session closing price (generally, 3:00 P.M. Central Time) on the exchange or market in which such securities are principally traded. If any such security is not traded on a valuation date, it is valued at the most recent quoted bid price. Over-the-counter securities not reported in the NASDAQ National Market System are also generally valued at the most recent quoted bid price. Fixed income securities and term loans, however, may be valued on the basis of evaluated prices provided by the Funds’ approved independent third-party pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities’ prices, yields, maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific securities.

The investments held by U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund are valued at amortized cost, which approximates fair value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to effective maturity.

The values of securities of foreign issuers are generally based upon market quotations, which depending upon local convention or regulation, may be the last sale price, the last bid price or the mean between the last bid and asked price as of, in each case, the close of the appropriate exchange or other designated time. Foreign fixed income securities, however, may, like domestic fixed income securities, be valued based on evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities.

Shares of open-end investment companies, other than exchange traded funds, are valued at their NAV. Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. Exchange-traded financial futures and options are valued at the settlement price as established by the exchange on which they are traded. Centrally cleared and bilateral swap agreements are generally valued using an independent pricing service. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. Short-term investments with a

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    383    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   NOTES TO THE FINANCIAL STATEMENTS    continued

 

   

 

    

 

maturity of 60 days or less are valued at their amortized cost, which NTI, as authorized by the Trust’s Board of Trustees (the “Board”), has determined approximates fair value.

Any securities for which market quotations are not readily available or are believed to be incorrect are valued at fair value as determined in good faith by NTI under the supervision of the Board. The Trust, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of fair values normally used by a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and U.S. GAAP. This may occur particularly with respect to certain foreign securities held by a Fund, in which case the Trust may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of those securities as of the time the Fund’s NAV is calculated.

The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

B) CREDIT ENHANCEMENTS Certain investments owned by the Funds are covered by insurance issued by private insurers, are backed by an escrow or trust containing U.S. government securities or U.S. government agency securities, or are otherwise supported by letters of credit, standby purchase agreements or other liquidity facilities. Such enhancements may ensure the timely payment of the security’s principal and interest or may shorten the security’s maturity. However, such enhancements do not guarantee the market value of the securities or the value of a Fund’s shares. Additionally, there is no guarantee that an insurer will meet its obligations. For example, exposure to securities involving sub-prime mortgages may cause a municipal bond insurer’s rating to be downgraded or may cause the bond insurer to become insolvent, which may affect the prices and liquidity of municipal obligations insured by the insurer.

C) FUTURES CONTRACTS Certain Funds invest in long or short exchange-traded futures contracts for hedging purposes, to increase total return (i.e., for speculative purposes) or to maintain liquidity to meet potential shareholder redemptions, to invest cash balances or dividends or to minimize trading costs. The Multi-Manager Emerging Markets Debt Opportunity Fund may also use these investments for non-hedging purposes in order to seek exposure to certain countries or currencies. When used as a hedge, a Fund may sell a futures contract in order to offset a decrease in the fair value of its portfolio securities that might otherwise result from a market decline. A Fund may do so either to hedge the value of its portfolio securities as a whole, or to protect against declines occurring prior to sales of securities in the value of the securities to be sold. Conversely, a Fund may purchase a futures contract as a hedge in anticipation of purchases of securities. In addition, a Fund may utilize futures contracts in

anticipation of changes in the composition of its portfolio holdings. A Fund bears the market risk arising from changes in the value of these financial instruments. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Futures are marked-to-market each day with the change in value reflected in the unrealized gains or losses. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts in Net realized gains (losses) on futures contracts, and any unrealized gains or losses on open futures contracts in Net change in unrealized appreciation (depreciation) on futures contracts.

The contract positions and investment strategies utilized during the six months ended September 30, 2021, were as follows:

 

   

 

CONTRACT

POSITION

 

   

 

INVESTMENT    

STRATEGY    

 

     

  Short-Intermediate U.S. Government

   Long    Hedging/Liquidity    

  U.S. Government

 

   Long    Hedging/Liquidity    

At September 30, 2021, the aggregate market value of assets pledged related to each Fund’s investment in futures contracts for the Short-Intermediate U.S Government and U.S. Government Funds was approximately $500,000 and $500,000, respectively. Further information on the impact of these positions, if any, on the Funds’ financial statements can be found in Note 10.

D) FOREIGN CURRENCY TRANSLATION Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot rates on the NYSE at generally 3:00 P.M. Central Time. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot rates on the NYSE at generally 3:00 P.M. Central Time. The gains or losses, if any, on investments from the original purchase date to subsequent sales trade date resulting from changes in foreign exchange rates are included in the Statements of Operations in Net realized gains (losses) on investments and Net change in unrealized appreciation (depreciation) on investments. The gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies and between the trade and settlement dates on investment transactions are included in Net realized gains (losses) on foreign currency transactions and Net change in unrealized appreciation (depreciation) on foreign currency translations in the Statements of Operations.

E) FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS Certain Funds may enter into forward foreign currency exchange contracts for hedging and/or speculative purposes. The objective of a Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund’s foreign currency

 

 

   FIXED INCOME AND MONEY MARKET FUNDS    384    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

denominated securities will decline in value due to changes in foreign currency exchange rates. All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. A Fund records realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Gains or losses are recorded for financial statement purposes as unrealized until the settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign currency exchange contracts in the Statements of Operations.

Forward foreign currency exchange contracts are privately negotiated transactions, and can have substantial price volatility. As a result, these contracts offer less protection against default by the other party than is available for instruments traded on an exchange. When used for hedging purposes, forward foreign currency exchange contracts tend to limit any potential gain that may be realized if the value of the Fund’s foreign holdings increase because of currency fluctuations. When used for speculative purposes, the contracts may result in additional losses that are not otherwise related to the changes in value of the securities held by a Fund. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. A Fund bears the market risk from changes in foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity. Further information on the impact of these positions on the Funds’ financial statements can be found in Note 10. With respect to forward foreign currency exchange transactions that were outstanding as of September 30, 2021 for the Multi-Manager Emerging Markets Debt Opportunity Fund, approximately $210,000 was pledged by the Fund and is included in Due from broker on the Statements of Assets and Liabilities.

F) CREDIT DEFAULT SWAP AGREEMENTS The Multi-Manager Emerging Markets Debt Opportunity Fund may invest in credit default swap agreements for hedging purposes or to gain exposure to certain countries or currencies. The Fund enters into credit default swap agreements either as a buyer or seller of protection. The buyer of protection in a swap agreement is the party that makes a periodic stream of payments to the counterparty based on the fixed rate of the agreement to the party that is the seller of protection. In exchange for the fixed rate payments received, the seller of protection agrees to provide credit protection to the

buyer in the form of payment should a credit default event on the referenced obligation occur. In the event of a credit default event, as defined under the terms of each particular swap agreement, if the Fund is the seller of protection, the Fund will either a) pay to the buyer of protection an amount equal to the notional amount of the swap agreement and take delivery of the referenced obligation or underlying securities comprising the referenced index or b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is the buyer of protection and a credit default event should occur, the Fund will either a) receive from the seller of protection in the swap agreement an amount equal to the notional amount of the swap agreement and deliver the referenced obligation or underlying securities comprising the referenced index or b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a credit default event should occur, the maximum potential amount of future payments the seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the swap.

The implied credit spreads are disclosed in the Schedule of Investments for those agreements for which the Fund is the protection seller, if any, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for each swap. The wider the credit spread, the greater the likelihood or risk of default or other credit event occurring for the referenced entity. Events or circumstances that would require the seller to perform under the derivative agreement are credit events as defined under the terms of that particular swap agreement, such as bankruptcy, cross acceleration, failure to pay, repudiation and restructuring.

The resulting values for credit default agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit default agreement should the notional amount of the swap agreement be closed/sold as of the period end. When compared to the notional amount of the swap, decreasing market values for credit default swaps sold and, conversely, increasing market values for credit default swaps purchased, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

When entering into a credit default swap agreement as a buyer of protection, the Fund may pay an upfront premium to enter into the agreement. When selling protection, the Fund may receive this upfront premium paid from the buyer. During the term of the credit default swap agreement, the discounted value of the estimated stream of fixed rate payments from buyer to seller yet to be made is recorded as unrealized gain or loss on credit default

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    385    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   NOTES TO THE FINANCIAL STATEMENTS    continued

 

   

 

    

 

swap agreements, with any interest payments already having been made being recognized as realized gain or loss on credit default swap agreements. This treatment will occur until the credit default swap is sold or reaches its expiration. Any upfront payments made or received upon entering into a credit default swap agreement are treated as part of the cost and are reflected as part of the unrealized appreciation (depreciation) on valuation. Upon termination of the swap agreement, the amount included in the cost is reversed and becomes part of the realized gain (loss) on credit default swap agreements. Unrealized appreciation (depreciation) on credit default swap agreements, if any, is included in the Statements of Assets and Liabilities of the Multi-Manager Emerging Markets Debt Opportunity Fund, with corresponding changes in unrealized appreciation (depreciation) included in the Statements of Operations.

Counterparty credit risk may arise as a result of the failure of the swap counterparty to comply with the terms of the swap agreement. Additionally, risks may arise with respect to the underlying issuer of the referenced security. Therefore, the sub-adviser considers the creditworthiness of each underlying issuer of the referenced security in addition to the creditworthiness of the counterparty. In addition, the sub-advisers of the Multi-Manager Emerging Markets Debt Opportunity Fund may use different counterparties to minimize credit risk and limit the exposure to any individual counterparty. As stipulated in each swap agreement, collateral may be posted between the Fund and its counterparties to mitigate credit risk. No credit default swap agreements were held during the six months ended September 30, 2021.

G) INTEREST RATE SWAP AGREEMENTS The Multi-Manager Emerging Markets Debt Opportunity Fund may invest in interest rate swap agreements for hedging purposes or to gain exposure to certain countries or currencies. An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals at agreed upon fixed rates or at rates based upon, or calculated by, reference to changes in specified prices or interest rates for a specified notional amount.

Interest payments earned or charged under the terms of the interest rate swap agreements are recorded as realized gain (loss) on interest rate swap agreements. The swap interest receivable or payable as of September 30, 2021, if any, is included as unrealized appreciation (depreciation) on bilateral interest rate swap agreements on the Statements of Assets and Liabilities. Unrealized appreciation (depreciation) on bilateral interest rate swap agreements and variation margin on centrally cleared interest rate swap agreements, if any, is included in the Statements of Assets and Liabilities of the Multi-Manager Emerging Markets Debt Opportunity Fund, with corresponding changes in unrealized appreciation (depreciation) included in the Statements of Operations.

Risks may arise as a result of the failure of the counterparty to the interest rate swap agreement to comply with the terms of the agreement. The loss incurred by the failure of the counterparty is generally limited to the swap interest payment to be received by the Fund and/or the termination value at the end of the agreement. Therefore, the sub-adviser considers the creditworthiness of each counterparty to a swap agreement in evaluating potential credit risk. The sub-adviser may use different counterparties to minimize credit risk and limit the exposure to any individual counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying counterparties used to minimize credit risk and limit the exposure to any individual counterparty. As stipulated in each interest rate swap agreement, collateral may be posted between the Fund and its counterparties to mitigate credit risk.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as “variation margin,” are made or received by the Fund based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Fund’s counterparty credit risk is reduced as the CCP stands between the Fund and the counterparty.

For bilateral interest rate swap transactions that were outstanding as of September 30, 2021, no collateral had been posted by either the Multi-Manager Emerging Markets Debt Opportunity Fund or any counterparty. For centrally cleared interest rate swap transactions that were outstanding as of September 30, 2021, the fair value of cash pledged to cover margin requirements for open positions for the Multi-Manager Emerging Markets Debt Opportunity Fund was approximately $251,000. Such amount is included in Due from broker on the Statements of Assets and Liabilities. The fair value of foreign currencies received as collateral for open positions for the Multi-Manager Emerging Markets Debt Opportunity Fund was approximately $146,000. Such amount is included in Due to broker on the Statements of Assets and Liabilities. During the six months ended September 30, 2021, the Multi-Manager Emerging Markets Debt Opportunity Fund entered into bilateral and centrally cleared interest rate swap agreements to gain country exposure. Further information on the impact of these positions on the Fund’s financial statements can be found in Note 10.

 

 

   FIXED INCOME AND MONEY MARKET FUNDS    386    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

 

H) CURRENCY SWAP AGREEMENTS The Multi-Manager Emerging Markets Debt Opportunity Fund may enter into currency swap agreements to manage its exposure to currency risk. Currency swaps usually involve the delivery of the entire principal amount of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. To the extent that the amount payable by a Fund under a swap is covered by segregated cash or liquid assets, the Funds, NTI and the Funds’ sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) believe that transactions do not constitute senior securities under the 1940 Act and, accordingly, will not treat them as being subject to a Fund’s borrowing restrictions.

A Fund will not enter into a currency swap unless the unsecured commercial paper, senior debt or the claims-paying ability of the other party thereto is rated either A or A-1 or better by S&P Global’s Rating Services or Fitch Ratings, or A or Prime-1 or better by Moody’s Investor Services, Inc. or a comparable rating from another organization that is recognized as a nationally recognized statistical rating organization or, if unrated by such rating organization, is determined to be of comparable quality by NTI or the Sub-Advisers. If there is a default by the other party to such transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction. The use of currency swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If NTI or the Sub-Advisers are incorrect in their forecasts of currency exchange rates, the investment performance of a Fund would be less favorable than it would have been if this investment technique were not used.

Interest payments earned or charged under the terms of the currency swap agreements are recorded as realized gain (loss) on currency swap agreements. The swap interest receivable or payable as of September 30, 2021, if any, is included as unrealized gains and losses on currency swap agreements on the Statements of Assets and Liabilities of the Multi-Manager Emerging Markets Debt Opportunity Fund. Unrealized appreciation (depreciation) on currency swap agreements, if any, are included in the Statements of Assets and Liabilities of the Multi-Manager Emerging Markets Debt Opportunity Fund, with corresponding changes in unrealized appreciation (depreciation) included in the Statements of Operations. No currency swap agreements were held during the six months ended September 30, 2021.

I) WHEN-ISSUED/DELAYED DELIVERY SECURITIES Certain Funds purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into the commitment to purchase a security, the transaction is recorded and the value of the commitment is reflected in the NAV. The value of the commitment may vary with market fluctuations. No interest accrues to a Fund until settlement takes place. At the time a Fund enters into this type of transaction, it is required to segregate collateral of cash or liquid assets having

a fair value at least equal to the amount of the commitment. The Funds identify securities as segregated with a value that meets or exceeds the value of the commitments. When-issued securities at September 30, 2021, if any, are noted in each Fund’s Schedule of Investments and in aggregate as Payable for when-issued securities, in each Fund’s Statement of Assets and Liabilities.

On January 6, 2014, certain Funds entered into Master Securities Forward Transaction Agreements (“MSFTA”) with certain counterparties, pursuant to which each party has agreed to pledge cash and/or securities as collateral to secure the repayment of its obligations to the other party under the MSFTA. No collateral has been pledged to or received by the Funds as of September 30, 2021.

J) MORTGAGE DOLLAR ROLLS Certain Funds enter into mortgage “dollar rolls” in which a Fund sells securities for delivery in the future (generally within 30 days) and simultaneously contracts with the same counterparty to repurchase other mortgage securities on a specified future date. During the roll period, a Fund loses the right to receive principal and interest paid on the securities sold. However, a Fund would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase.

For financial reporting and tax purposes, the Funds treat mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale.

K) TERM LOANS The High Yield Municipal, High Yield Fixed Income and Multi-Manager High Yield Opportunity Funds may purchase assignments of, and participations in, term loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, the Fund succeeds to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender. The Fund may also enter into lending arrangements involving unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Funds to supply additional cash to the borrower on demand. Unfunded loan commitments, if any, represent a future obligation, in full, and are recorded as a liability on the Statements of Assets and Liabilities at fair value.

The High Yield Municipal Fund may purchase the securities of distressed companies, including companies engaged in restructurings or bankruptcy proceedings. Investments in distressed companies may include senior obligations of an issuer

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    387    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   NOTES TO THE FINANCIAL STATEMENTS    continued

 

   

 

    

 

issued in connection with a restructuring under Chapter 11 of the U.S. Bankruptcy Code (commonly known as “debtor-in-possession” or “DIP” financings). Debtor-in-possession financings generally allow the issuer to continue its operations while reorganizing. Such financings constitute senior liens on unencumbered collateral (i.e., collateral not subject to other creditors’ claims). There is risk that the issuer under a debtor-in-possession financing will not emerge from Chapter 11 and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Fund’s only recourse would be against the collateral securing the debtor-in-possession financing.

L) REPURCHASE AGREEMENTS The U.S. Government Money Market Fund and U.S. Government Select Money Market Fund may enter into repurchase agreements under the terms of a master repurchase agreement by which the Funds purchase securities for cash from a seller and agree to resell those securities to the same seller at a specific price within a specified time or with an indefinite life and liquidity feature, which allows the Funds to resell the securities quarterly. The interest rate on such repurchase agreements resets daily. During the term of a repurchase agreement, the fair value of the underlying collateral, including accrued interest, is required to equal or exceed the fair value of the repurchase agreement. The underlying collateral for tri-party repurchase agreements is held in accounts for Northern Trust, as agent of the Funds, at The Bank of New York Mellon, State Street Bank and Trust Company or JPMorgan Chase which, in turn, holds securities through the book-entry system at the Federal Reserve Bank of New York. The underlying collateral for other repurchase agreements is held in a customer-only account for Northern Trust, as custodian for the Funds, at the Federal Reserve Bank of Chicago. The Funds are subject to credit risk on

 

repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of collateral by the Funds may be delayed or limited. The U.S. Government Money Market Fund and U.S. Government Select Money Market Fund have entered into such repurchase agreements at September 30, 2021, as reflected in their accompanying Schedules of Investments.

Pursuant to exemptive relief granted by the SEC, U.S. Government Money Market Fund and certain other money market portfolios advised by NTI and Northern Trust may enter into joint repurchase agreements with non-affiliated counterparties through a master repurchase agreement. NTI administers and manages these joint repurchase agreements in accordance with and as part of its duties under its management agreements with the Funds and does not collect any additional fees from the Funds for such services. The U.S. Government Money Market entered into such joint repurchase agreements during the period. There were no outstanding joint repurchase agreements at September 30, 2021.

The Funds may enter into transactions subject to enforceable netting arrangements (“Netting Arrangements”) under a repurchase agreement. Generally, Netting Arrangements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty. As of September 30, 2021, the Funds have not invested in any portfolio securities other than the repurchase agreements described below, with gross exposures on the Statements of Assets and Liabilities, that could be netted subject to Netting Arrangements.

 

The following table presents the repurchase agreements, which are subject to Netting Arrangements, as well as the collateral delivered related to those repurchase agreements.

 

                GROSS AMOUNTS NOT OFFSET IN THE    
STATEMENTS OF ASSETS AND  LIABILITIES    
    Amounts in thousands           COUNTERPARTY   

GROSS AMOUNTS OF ASSETS

    PRESENTED IN STATEMENTS OF    

ASSETS AND LIABILITIES

  

FINANCIAL

INSTRUMENTS

  

NET

    AMOUNT    

  U.S. Government Money Market

   BNY Mellon      $   550,000               $   (550,000)           $–
  Citigroup      114,500       (114,500)           –
  Federal Reserve Bank of New York      5,875,000       (5,875,000)       –
  JPMorgan      150,000       (150,000)       –
  NatWest      1,250,000       (1,250,000)       –
  Nomura Securities      70,000       (70,000)       –
  Royal Bank of Canada      150,000       (150,000)       –
 

 

    Total      $8,159,500       $(8,159,500)     $–

  U.S. Government Select Money Market

   Bank of America      $   315,000       $   (315,000)     $–
  Barclays Capital      555,000       (555,000)       –
    Citigroup      56,300       (56,300)       –

 

      FIXED INCOME AND MONEY MARKET FUNDS    388    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

 

                 GROSS AMOUNTS NOT OFFSET IN THE    
STATEMENTS OF ASSETS AND  LIABILITIES    
   Amounts in thousands            COUNTERPARTY   

GROSS AMOUNTS OF ASSETS

    PRESENTED IN STATEMENTS OF    

ASSETS AND LIABILITIES

  

FINANCIAL

INSTRUMENTS

  

NET

    AMOUNT    

   Federal Reserve Bank of New York      $   810,000           $   (810,000)           $–
   HSBC Securities      50,000       (50,000)       –
  

 

     Total      $1,786,300       $(1,786,300)     $–

Additional information about netting arrangements under the Netting Arrangements can be found in Note 10.

 

M) INVESTMENT TRANSACTIONS AND INCOME Investment transactions are recorded as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method. The interest rates reflected in the Schedules of Investments represent the stated coupon rate, annualized yield on date of purchase for discount notes, the current reset rate for floating rate securities, the 7-day yield for money market funds or, for interest-only or principal-only securities, the current effective yield. Cost of investments includes amortization of premiums and accretion of discounts, if any. Dividend income is recognized on the ex-dividend date. The Funds’ income may be subject to certain state and local taxes and, depending on an individual shareholder’s tax status, the federal alternative minimum tax.

N) EXPENSES Each Fund is charged for those expenses that are directly attributable to that Fund. Expenses incurred which do not specifically relate to an individual fund generally are allocated among all funds in the Trust in proportion to each Fund’s relative net assets. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Expenses are recognized on an accrual basis.

O) REDEMPTION FEES The High Yield Fixed Income, Multi-Manager Emerging Markets Debt Opportunity and Multi-Manager High Yield Opportunity Funds each charge a 2 percent redemption fee on the redemption of shares (including by exchange) held for 30 days or less. For the purpose of applying the fee, the Funds use a first-in, first-out (“FIFO”) method so that shares held longest are treated as being redeemed first and shares held shortest are treated as being redeemed last. The redemption fee is paid to the Fund from which the redemption is made and is intended to offset the trading, market impact and other costs associated with short-term money movements in and out of the Fund. The redemption fee may be collected by deduction from the redemption proceeds or, if assessed after the redemption transaction, through a separate billing. The Funds are authorized to waive the redemption fee for certain types of redemptions as described in the Funds’ prospectus.

Redemption fees for the six months ended September 30, 2021, were as follows:

 

  Amounts in thousands   REDEMPTION FEES  

  High Yield Fixed Income

    –*

 

*

Amounts round to less than $1,000.

Redemption fees for the fiscal year ended March 31, 2021, were as follows:

 

  Amounts in thousands   REDEMPTION FEES  
  High Yield Fixed Income    $32,000
  Multi-Manager Emerging Markets Debt Opportunity    $6,000
  Multi-Manager High Yield Opportunity    –*

 

*

Amounts round to less than $1,000.

The amounts described above are included in Payments for Shares Redeemed in Note 8—Capital Share Transactions. The impact from redemption fees paid to each Fund was less than $0.001 per share for both fiscal periods. There were no redemption fees for the six months ended September 30, 2021, for the Multi-Manager Emerging Markets Debt Opportunity and Multi-Manager High Yield Opportunity Funds.

P) DISTRIBUTIONS TO SHAREHOLDERS Distributions of dividends from net investment income, if any, are declared and paid as follows:

 

    

DECLARATION

FREQUENCY

   

PAYMENT  

FREQUENCY  

  Arizona Tax-Exempt

   Daily    Monthly

  Bond Index

   Daily    Monthly

  California Intermediate Tax-Exempt

   Daily    Monthly

  California Tax-Exempt

   Daily    Monthly

  Core Bond

   Daily    Monthly

  Fixed Income

   Daily    Monthly

  High Yield Fixed Income

   Daily    Monthly

  High Yield Municipal

   Daily    Monthly

  Intermediate Tax-Exempt

   Daily    Monthly
 

 

NORTHERN FUNDS SEMIANNUAL REPORT    389    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   NOTES TO THE FINANCIAL STATEMENTS    continued

 

   

 

    

 

    

DECLARATION

FREQUENCY

   

PAYMENT  

FREQUENCY  

  Multi-Manager Emerging Markets Debt Opportunity

   Quarterly    Quarterly

  Multi-Manager High Yield Opportunity

   Monthly    Monthly

  Short Bond

   Daily    Monthly

  Short-Intermediate Tax-Exempt

   Daily    Monthly

  Short-Intermediate U.S. Government

   Daily    Monthly

  Tax-Advantaged Ultra-Short Fixed Income

   Daily    Monthly

  Tax-Exempt

   Daily    Monthly

  Ultra-Short Fixed Income

   Daily    Monthly

  U.S. Government

   Daily    Monthly

  U.S. Government Money Market

   Daily    Monthly

  U.S. Government Select Money Market

   Daily    Monthly

  U.S. Treasury Index

   Daily    Monthly

Distributions of net realized capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts to reflect differences between financial reporting and federal income tax basis distributions. The reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications relate to net operating losses, Section 988 currency gains and losses, deferral of certain realized losses, expired capital loss carryforwards and paydowns. These reclassifications have no impact on the net assets or the NAVs per share of the Funds.

At March 31, 2021, the following reclassifications were recorded:

 

      Amounts in thousands  

UNDISTRIBUTED

NET INVESTMENT

INCOME (LOSS)

  

ACCUMULATED

UNDISTRIBUTED

NET REALIZED

GAINS (LOSSES)

  

CAPITAL  

STOCK  

 

  Bond Index

     $ 9,276       $(9,276 )      $  –      

  

  

  Core Bond

     1,081       (984 )      (97 ) 
 

  Fixed Income

     4,092       (4,092 )      –  
 

  High Yield Fixed Income

     6,014           (6,014 )      –  
 

  Multi-Manager Emerging Markets Debt Opportunity

     (4,408 )      4,408           –  
 

  Multi-Manager High Yield Opportunity

     206       (213 )      7  
 

  Short Bond

     466       (428 )      (38 ) 
 

  Short-Intermediate Tax-Exempt

     20       (20 )      –  
  Amounts in thousands  

UNDISTRIBUTED

NET INVESTMENT

INCOME (LOSS)

  

ACCUMULATED

UNDISTRIBUTED

NET REALIZED

GAINS (LOSSES)

  

CAPITAL

STOCK

  Short-Intermediate U.S. Government

     $ 77     $ (77 )     $   –

  Ultra-Short Fixed Income

       381       (381 )       –

  U.S. Government

       33       (33 )       –

  U.S. Government Money Market

       403       (403 )       –

  U.S. Government Select Money Market

       34       (34 )       –

Q) FEDERAL INCOME TAXES No provision for federal income taxes has been made since each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute, each year, substantially all of its taxable income, tax-exempt income and capital gains to its shareholders.

For the period from November 1, 2020 through March 31, 2021, the following Funds incurred net capital losses and/or late year ordinary losses for which each Fund intends to treat as having been incurred in the following fiscal year:

 

  Amounts in thousands     

  Core Bond

     $959  

  Fixed Income

     648  

  Tax-Exempt

     1,833  

  U.S. Government

     736  

During the fiscal year ended March 31, 2021, the Fixed Income, Short Bond, Short-Intermediate U.S. Government and U.S. Treasury Index Funds utilized approximately $5,602,000, $1,931,000, $284,000 and $486,000, respectively, in capital loss carryforwards.

Capital losses incurred that will be carried forward indefinitely are as follows:

 

  Amounts in thousands  

SHORT-TERM

CAPITAL LOSS

CARRYFORWARD

  

LONG-TERM

CAPITAL LOSS

  CARRYFOWARD  

  Arizona Tax-Exempt

       $    1,241       $        –

  California Intermediate Tax-Exempt

       –       581

  High Yield Fixed Income

       138,040       438,090

  High Yield Municipal

       6,209       –

  Multi-Manager Emerging Markets Debt Opportunity

       –       8,925

  Multi-Manager High Yield Opportunity

       479       49,372

  Short Bond

       2,249       8,364

  Short-Intermediate U.S. Government

       2,536       1,318
 

 

     FIXED INCOME AND MONEY MARKET FUNDS    390    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

At March 31, 2021, the tax components of undistributed net investment income, undistributed realized gains and unrealized gains (losses) were as follows:

 

        UNDISTRIBUTED    
       Amounts in thousands   TAX-EXEMPT
INCOME		   ORDINARY
INCOME*		   LONG-TERM
CAPITAL GAINS		   UNREALIZED  
GAINS (LOSSES)  
 

Arizona Tax-Exempt

     $ 62     $ –     $ –     $ 5,590     
    

Bond Index

       –       1,235       7,320       82,200
 

California Intermediate Tax-Exempt

       199       –       –       21,917
 

California Tax-Exempt

       91       –       466       10,773
 

Core Bond

       –       –       –       (2,014 )
 

Fixed Income

       –       181       –       2,703
 

High Yield Fixed Income

       –       11,727       –       98,177
 

High Yield Municipal

       447       1       –       23,836
 

Intermediate Tax-Exempt

       810       2,264       3,308       98,086
 

Multi-Manager Emerging Markets Debt Opportunity

       –       1,015       –       (9,344 )
 

Multi-Manager High Yield Opportunity

       –       633       –       (1,400 )
 

Short Bond

       –       –       –       4,659
 

Short-Intermediate Tax-Exempt

       –       2,487       1,945       11,263
 

Short-Intermediate U.S. Government

       –       5       –       (128 )
 

Tax-Advantaged Ultra-Short Fixed Income

       200       2,701       207       19,665
 

Tax-Exempt

       486       7,193       –       49,843
 

Ultra-Short Fixed Income

       –       3,229       3,330       13,972
 

U.S. Government

       –       76       23       (411 )
 

U.S. Government Money Market

       –       396       –       –
 

U.S. Government Select Money Market

       –       33       –       –
 

U.S. Treasury Index

       –       26       708       744

 

  *

Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax character of distributions paid during the fiscal year ended March 31, 2021, was as follows:

 

    DISTRIBUTIONS FROM
   Amounts in thousands   TAX-EXEMPT
INCOME		   ORDINARY
INCOME*		   LONG-TERM
CAPITAL GAINS  

   Arizona Tax-Exempt

     $   3,451     $     4     $      –   
    DISTRIBUTIONS FROM
    Amounts in thousands   TAX-EXEMPT
INCOME		   ORDINARY
INCOME*		   LONG-TERM  
CAPITAL GAINS  

Bond Index

     $ –     $ 73,167     $ 30,647

California Intermediate Tax-Exempt

       11,203       32       938

California Tax-Exempt

       5,103       130       969

Core Bond

       –       7,794       340

Fixed Income

       –       25,535       –

High Yield Fixed Income

       –       192,141       –

High Yield Municipal

       19,440       36       –

Intermediate Tax-Exempt

       56,719       15,544       4,842

Multi-Manager Emerging Markets Debt Opportunity

       –       1,403       –

Multi-Manager High Yield Opportunity

       –       12,426       –

Short Bond

       –       7,226       –

Short-Intermediate Tax-Exempt

       10,076       7,781       6,733

Short-Intermediate U.S. Government

       –       99       –

Tax-Advantaged Ultra-Short Fixed Income

       23,446       14,043       2,593   

Tax-Exempt

       39,127       2,788       5,325

Ultra-Short Fixed Income

       –       34,578       2,534

U.S. Government

       –       1,632       –

U.S. Government Money Market

       –       13,555       –

U.S. Government Select Money Market

       –       2,890       –

U.S. Treasury Index

       –       1,641       –

 

*

Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax character of distributions paid during the fiscal year ended March 31, 2020, was as follows:

 

    DISTRIBUTIONS FROM
    Amounts in thousands   TAX-EXEMPT
INCOME		   ORDINARY
INCOME*		   LONG-TERM
CAPITAL GAINS  

Arizona Tax-Exempt

     $3,232       $ 121       $ –  

Bond Index

     –       89,033       2,541  

California Intermediate Tax-Exempt

     12,372       337       94  

California Tax-Exempt

     5,094       262       1,200  

Core Bond

     –       5,492       –  

Fixed Income

     –       24,458       –  

High Yield Fixed Income

     –       234,921       –  

High Yield Municipal

     19,706       286       –  

Intermediate Tax-Exempt

     63,369       13,844       642      

Multi-Manager Emerging Markets Debt Opportunity

     –       4,297       –  

Multi-Manager High Yield Opportunity

     –       20,934       –  
 

 

NORTHERN FUNDS SEMIANNUAL REPORT    391    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   NOTES TO THE FINANCIAL STATEMENTS    continued

 

   

 

    

 

    Amounts in thousands

   DISTRIBUTIONS FROM
  

 

TAX-EXEMPT

INCOME

  

ORDINARY

INCOME*

  

LONG-TERM

CAPITAL GAINS  

Short Bond

      $ —           $ 9,601           $ —      

Short-Intermediate Tax-Exempt

      15,358       4,657       665  

Short-Intermediate U.S. Government

      —       863       —  

Tax-Advantaged Ultra-Short Fixed Income

      42,812       19,399       80  

Tax-Exempt

      36,760       6,670       —  

Ultra-Short Fixed Income

      —       56,840       —  

U.S. Government

      —       543       —  

U.S. Government Money Market

      —       292,087       —  

U.S. Government Select Money Market

      —       54,461       —  

U.S. Treasury Index

      —       1,863       —  

 

  *

Ordinary income includes taxable market discount income and short-term capital gains, if any.

As of March 31, 2021, no Fund had uncertain tax positions that would require financial statement recognition or disclosure. The Funds’ federal tax returns remain subject to examination by the Internal Revenue Service for the three years after they are filed. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Funds will be recorded as Interest expense and Other expenses, respectively, on the Statements of Operations.

R) OTHER RISKS Certain Funds may invest in emerging market securities. Additional risks are involved when a Fund invests its assets in countries with emerging economies or securities markets. These countries generally are located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Political and economic structures in many of these countries may lack the social, political and economic stability characteristics of more developed countries. In general, the securities markets of these countries are less liquid, subject to greater price volatility and have smaller market capitalizations. As a result, the risks presented by investments in these countries are heightened.

3. SERVICE PLAN

The Trust has adopted a Service Plan pursuant to which the Trust may enter into agreements with Northern Trust, its affiliates or other institutions (together “Service Organizations”) under which the Service Organizations agree to provide certain administrative support services and, in some cases, personal and account maintenance services for their customers, who are beneficial owners of shares of the Funds. As compensation for services provided pursuant to the Service Plan, the Service Organizations receive a fee at an annual rate of up to 0.15 percent of the average daily net assets of the Funds beneficially owned by their

customers. There were no shareholder servicing fees paid by the Funds to Northern Trust or its affiliates during the six months ended September 30, 2021.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the six months ended September 30, 2021.

4. BANK BORROWINGS

The Trust and Northern Institutional Funds, a registered investment company also advised by NTI, jointly entered into a $250,000,000 senior unsecured revolving credit facility on November 16, 2020, which is administered by Citibank, N.A., for liquidity and other purposes (the “Credit Facility”). The interest rate charged under the Credit Facility is equal to the sum of (i) the Federal Funds Rate plus (ii) if the one month London Interbank Offered Rate (“LIBOR”) on the date of borrowing exceeded such Federal Funds Rate, the amount by which it so exceeded, plus (iii) 1.25 percent. In addition, there is an annual commitment fee of 0.15 percent on the unused portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statements of Operations.

During the six months ended September 30, 2021, the following Fund had borrowings with the average loan amounts and weighted average interest rates as disclosed below:

 

    Amounts in thousands   DOLLAR
AMOUNT		    RATE

    Multi-Manager High Yield Opportunity

     $4,300        1.35 % 

No other Fund had any borrowings or incurred any interest expenses during the six months ended September 30, 2021. There were no outstanding loan amounts at September 30, 2021.

5. MANAGEMENT AND OTHER AGREEMENTS

As compensation for advisory services, administration services and the assumption of related expenses, NTI is entitled to a management fee, computed daily and payable monthly, at annual rates set forth in the table below (expressed as a percentage of each Fund’s respective average daily net assets).

NTI has contractually agreed to reimburse a portion of the operating expenses of each Fund (other than certain excepted expenses, i.e., acquired fund fees and expenses, the compensation paid to each independent Trustee of the Trust, expenses of third-party consultants engaged by the Board, membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum, expenses in connection with the negotiation and renewal of the revolving credit facility, extraordinary expenses and interest) as shown on the accompanying Statements of Operations, to the extent the total annual fund operating expenses of the Funds exceed the expense limitations set forth below. NTI has also contractually agreed to reimburse acquired fund fees and

 

 

FIXED INCOME AND MONEY MARKET FUNDS    392    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

 

expenses related to investments in non-money market mutual funds or exchange traded funds managed by NTI for the Short Bond Fund. The total annual fund operating expenses after expense reimbursement for each Fund may be higher than the contractual limitation as a result of certain excepted expenses that are not reimbursed. The amount of the reimbursement is included in Less expenses reimbursed by investment adviser as a reduction to Total Expenses in the Statements of Operations. The contractual expense reimbursement receivables at September 30, 2021 were approximately $25,000 and $7,000 for the U.S. Government Money Market and U.S. Government Select Money Market Funds, respectively, and are shown as part of Receivable from investment adviser in the Statements of Assets and Liabilities.

At September 30, 2021, the annual management fees and contractual expense limitations for the Funds were based on the following annual rates as set forth in the table below.

 

     CONTRACTUAL
     

ANNUAL

MANAGEMENT FEES

   EXPENSE
LIMITATIONS  

  Bond Index

      0.13 %    0.15%

  U.S. Government Money Market

      0.33 %    0.35%

  U.S. Government Select Money Market

      0.33 %    0.35%

  U.S. Treasury Index

      0.13 %    0.15%
                 
   

CONTRACTUAL ANNUAL

MANAGEMENT FEES

   CONTRACTUAL  
EXPENSE
LIMITATIONS  
    

 

FIRST
$1.5 BILLION

  

 

NEXT
$1 BILLION

  

 

OVER

$2.5 BILLION

  Arizona Tax-Exempt

   0.43%   0.417%   0.404%   0.45%

  California Intermediate Tax-Exempt

   0.43%   0.417%   0.404%   0.45%

  California Tax-Exempt

   0.43%   0.417%   0.404%   0.45%

  Core Bond

   0.38%   0.369%   0.358%   0.40%

  Fixed Income

   0.43%   0.417%   0.404%   0.45%

  High Yield Fixed Income

   0.79%   0.766%   0.743%   0.78%

  High Yield Municipal

   0.77%   0.747%   0.725%   0.60%

  Intermediate Tax-Exempt

   0.43%   0.417%   0.404%   0.45%

  Multi-Manager Emerging Markets Debt Opportunity

   0.85%   0.825%     0.80%   0.93%

  Multi-Manager High Yield Opportunity

   0.83%   0.805%   0.781%   0.85%

  Short Bond

   0.38%   0.369%   0.358%   0.40%
   

CONTRACTUAL ANNUAL

MANAGEMENT FEES

  

CONTRACTUAL  
EXPENSE
LIMITATIONS  

    

 

FIRST
$1.5 BILLION

  

 

NEXT
$1 BILLION

  

 

OVER
$2.5 BILLION

  Short-Intermediate Tax-Exempt

   0.43%   0.417%   0.404%   0.45%

  Short-Intermediate U.S. Government

   0.38%   0.369%   0.358%   0.40%

  Tax-Advantaged Ultra-Short Fixed Income

   0.23%   0.223%   0.216%   0.25%

  Tax-Exempt

   0.43%   0.417%   0.404%   0.45%

  Ultra-Short Fixed Income

   0.23%   0.223%   0.216%   0.25%

  U.S. Government

   0.38%   0.369%   0.358%   0.40%

The contractual reimbursement arrangements described above are expected to continue until at least July 31, 2022. The contractual reimbursement arrangements will continue automatically for periods of one-year (each such one-year period, a “Renewal Year”). The arrangements may be terminated, as to any succeeding Renewal Year, by NTI or a Fund upon 60 days’ written notice prior to the end of the current Renewal Year. The Board may terminate the contractual arrangements at any time with respect to a Fund if it determines that it is in the best interest of the Fund and its shareholders.

NTI may reimburse additional expenses or waive all or a portion of the management fees for the Funds. From time to time, including to avoid a negative yield for the U.S. Government Money Market and U.S. Government Select Money Market Funds. Any such additional expense reimbursement or waiver would be voluntary and could be implemented, increased or decreased or discontinued at any time. There is no guarantee that a Fund will be able to avoid a negative yield. During the six months ended September 30, 2021, NTI reimbursed additional expenses in order to avoid a negative yield for the U.S. Government Money Market and U.S. Government Select Money Market Funds. The amounts voluntarily reimbursed by NTI are shown as Less expenses voluntarily reimbursed by investment adviser in the Statements of Operations. The voluntary expense reimbursement receivables at September 30, 2021 were approximately $793,000 and $169,000 for the U.S. Government Money Market and U.S. Government Select Money Market Funds, respectively, and are shown as part of Receivable from investment adviser in the Statements of Assets and Liabilities. Any such reimbursement or waiver is paid monthly to the Funds by NTI.

In addition, during the six months ended September 30, 2021, NTI reimbursed certain additional expenses that may be excepted expenses.

Pursuant to the Management Agreement with the Trust, NTI is responsible for performing and overseeing investment management services to the Funds.

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    393    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   NOTES TO THE FINANCIAL STATEMENTS    continued

 

   

 

    

 

The Multi-Manager Emerging Markets Debt Opportunity and Multi-Manager High Yield Opportunity Funds are managed by NTI and one or more investment sub-advisers unaffiliated with NTI (each a “Sub-Adviser” and together, the “Sub-Advisers”). In addition to selecting the overall investment strategies of the Funds, NTI oversees and monitors the selection and performance of any investment sub-advisers to the Funds (collectively, the Sub-Advisers) and allocates resources among the Sub-Advisers. The Sub-Advisers manage each sub-advised Fund’s investment portfolio pursuant to Sub-Advisory Agreements with NTI.

As of September 30, 2021, Ashmore Investment Management Limited and Global Evolution USA, LLC are the Sub-Advisers for the Multi-Manager Emerging Markets Debt Opportunity Fund.

As of September 30, 2021, DDJ Capital Management, LLC, Neuberger Berman Investment Advisers LLC and Nomura Corporate Research and Asset Management Inc. are the Sub-Advisers for Multi-Manager High Yield Opportunity Fund.

NTI is responsible for payment of sub-advisory fees to the Sub-Advisers.

As compensation for services rendered as transfer agent, including the assumption by Northern Trust of the expenses related thereto, Northern Trust receives a fee, computed daily and payable monthly, at an annual rate of 0.0385 percent of the average daily net assets of each Fund except for U.S. Government Money Market and U.S. Select Government Money Market Funds which is computed daily and payable monthly, at an annual rate of 0.019 percent of the average daily net assets of each Fund.

NTI has entered into a sub-administration agreement with Northern Trust, pursuant to which Northern Trust performs certain administrative services for the Funds. NTI pays Northern Trust for its sub-administration services out of NTI’s management fees. Northern Trust also performs certain administrative services for certain Sub-Advisers pursuant to separate agreements with such Sub-Advisers.

For compensation as custodian, Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board. The Funds have entered into an expense offset arrangement with the custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Funds’ custodian expenses, unless such uninvested cash balances receive a separate type of return.

Northern Funds Distributors, LLC, the distributor for the Funds, received no compensation from the Funds under its distribution agreement. However, it received compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.

Certain officers of the Trust are also officers of Northern Trust and NTI. All officers serve without compensation from the Funds. The Trust provided a deferred compensation plan for its Trustees

who are not officers of Northern Trust or NTI. Prior to August 22, 2013, under the deferred compensation plan, Trustees may have elected to defer all or a portion of their compensation. Effective August 22, 2013, the Trustees may no longer defer their compensation. Any amounts deferred and invested under the plan shall remain invested pursuant to the terms of the plan. Each Trustee’s account shall be deemed to be invested in shares of the U.S. Government Portfolio of Northern Institutional Funds and/or the Global Tactical Asset Allocation Fund of the Trust and/or at the discretion of the Trust, another money market fund selected by the Trust that complies with the provisions of Rule 2a-7 under the 1940 Act or one or more short-term fixed income instruments selected by the Trust that are “eligible securities” as defined by that rule. The net investment income, gains and losses achieved by such deemed investment shall be credited to the Trustee’s account as provided in the plan.

6. RELATED PARTY TRANSACTIONS

Each Fund, excluding the U.S. Government Money Market and U.S. Government Select Money Market Funds, may invest its uninvested cash in a money market fund advised by NTI or its affiliates. Accordingly, each Fund bears indirectly a proportionate share of that money market fund’s operating expenses. These operating expenses include the management, transfer agent and custody fees that the money market fund pays to NTI or its affiliates. At September 30, 2021, the uninvested cash of the Funds is invested in the Northern Institutional Funds U.S. Government Portfolio (the “Portfolio”). The total annual portfolio operating expenses after expense reimbursement (other than certain excepted expenses as described in the fees and expenses table of the Portfolio’s prospectus) on any assets invested in the Portfolio is 0.25%. For the six months ended September 30, 2021, NTI reimbursed each Fund for a portion of the management fees attributable to and payable by the Funds for advisory services on any assets invested in an affiliated money market fund. This reimbursement is included in Less expenses reimbursed by the investment adviser as a reduction to Total Expenses in the Statements of Operations. This reimbursement’s impact on each Fund’s net expense and net investment income ratios is included in each Fund’s Financial Highlights.

The Funds are permitted to purchase and sell securities from or to certain affiliated funds or portfolios under specified conditions outlined in Rule 17a-7 Procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price as defined in the Rule 17a-7 Procedures. For the six months ended September 30, 2021, the following Fund engaged in purchases and/or sales of securities from an affiliated entity:

 

 

FIXED INCOME AND MONEY MARKET FUNDS    394    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

 

    Amount in thousands   PURCHASES    SALES  

Multi-Manager Emerging Markets Debt Opportunity

   $470    $—

During the six months ended September 30, 2021, the Fixed Income Fund, High Yield Fixed Income Fund, Multi-Manager Emerging Markets Debt Opportunity Fund and Multi-Manager High Yield Opportunity Fund received reimbursements from Northern Trust of approximately $1,000, $1,000, $4,000 and $1,000 in connection with errors. These reimbursements are included in Net investment income in the Statements of Operations and Statements of Changes in Net Assets and in Net investment income in the Financial Highlights. These cash contributions represents less than $0.01 per share for each of the Funds.

During the fiscal year ended March 31, 2021, the Multi-Manager Emerging Markets Debt Opportunity Fund received reimbursements from Northern Trust of approximately $114,000 in connection with errors. These reimbursements are included in Net investment income and Net realized gains on investments in the Statements of Operations and Statements of Changes in Net Assets and in Net investment income and Net realized and unrealized gain in the Financial Highlights. These cash contributions represent less than $0.01 per share and had no effect on the Fund’s total return.

Certain uninvested cash balances of U.S. Government Money Market Fund and U.S. Government Select Money Market Fund may receive a return from Northern Trust based on a market return it receives less an administrative fee. These amounts, if any, are shown on the Funds’ Statements of Operations as Income from affiliates.

Certain uninvested foreign currency balances of the Funds may pay/receive a return to/from Northern Trust based on a market return it pays/receives less an administrative fee. For the six months ended September 30, 2021, the Multi-Manager Emerging Markets Debt Opportunity Fund paid Northern Trust approximately $1,000. This amount is included in Interest income on the Fund’s Statements of Operations.

7. INVESTMENT TRANSACTIONS

For the six months ended September 30, 2021, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:

 

    PURCHASES   SALES
  Amounts in
  thousands		  

U.S.

GOVERNMENT

   OTHER    

U.S.

GOVERNMENT

   OTHER  

Arizona Tax-Exempt

       $ —         $ 22,254         $ —         $ 29,012  

Bond Index

     669,488       62,706       767,688       126,484  

California Intermediate Tax-Exempt

     —       70,924       —       38,559  
    PURCHASES   SALES

  Amounts in

  thousands

  

U.S.

GOVERNMENT

   OTHER    

U.S.

GOVERNMENT

   OTHER  

California Tax-Exempt

       $ —         $ 35,949         $ —         $ 32,009  

Core Bond

     191,208       30,690       217,703       33,643  

Fixed Income

     525,231       144,408       550,816       126,453  

High Yield Fixed Income

     —       1,146,141       —       591,611  

High Yield Municipal

     —       240,184       —       64,228  

Intermediate Tax-Exempt

     —       1,190,726       —       1,277,485  

Multi-Manager Emerging Markets Debt Opportunity

     —       29,625       —       33,083  

Multi-Manager High Yield Opportunity

     —       67,163       —       72,101  

Short Bond

     14,044       146,963       50,613       64,224  

Short-Intermediate Tax-Exempt

     —       348,922       —       368,506  

Short-Intermediate U.S. Government

     62,281       —       62,273       —  

Tax-Advantaged Ultra-Short Fixed Income

     —       1,409,576       28,225       1,527,200  

Tax-Exempt

     —       776,145       —       930,217  

Ultra-Short Fixed Income

     23,789       1,224,140       4,224       1,157,811  

U.S. Government

     55,449       —       60,406       —  

U.S. Treasury Index

     16,111       —       22,485       —  

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain foreign currency contracts, the deferral of post-October currency and capital losses for tax purposes, and the timing of income recognition on investments in real estate investment trusts and passive foreign investment companies.

At September 30, 2021, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:

 

    Amounts in

    thousands

  UNREALIZED
APPRECIATION		   UNREALIZED
DEPRECIATION		   NET
APPRECIATION
(DEPRECIATION)		  

COST

BASIS OF
INVESTMENTS

Arizona Tax-Exempt

     $ 5,836     $ (787 )     $ 5,049     $ 163,594

Bond Index

       129,261       (24,075 )       105,186       3,076,013
 

 

NORTHERN FUNDS SEMIANNUAL REPORT    395    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   NOTES TO THE FINANCIAL STATEMENTS    continued

 

   

 

    

 

    Amounts in
    thousands		   UNREALIZED
APPRECIATION		   UNREALIZED
DEPRECIATION		   NET
APPRECIATION
(DEPRECIATION)		  

COST

BASIS OF
INVESTMENTS  

California Intermediate Tax-Exempt

     $ 21,739     $ (1,377 )     $ 20,362     $ 528,447

California Tax-Exempt

       11,111       (657 )       10,454       210,106

Core Bond

       3,019       (1,876 )       1,143       206,383

Fixed Income

       21,058       (6,069 )       14,989       791,169

High Yield Fixed Income

       165,309       (57,360 )       107,949       3,800,839

High Yield Municipal

       34,626       (7,128 )       27,498       751,918

Intermediate Tax-Exempt

       99,981       (13,330 )       86,651       2,989,357

Multi-Manager Emerging Markets Debt Opportunity

       4,142       (14,373 )       (10,231 )       151,121

Multi-Manager High Yield Opportunity

       7,943       (9,778 )       (1,835 )       174,733

Short Bond

       4,755       (988 )       3,767       480,820

    Amounts in

    thousands

   UNREALIZED
APPRECIATION		   UNREALIZED
DEPRECIATION		   NET
APPRECIATION
(DEPRECIATION)		  

COST

BASIS OF
INVESTMENTS  

Short-Intermediate Tax-Exempt

     $ 8,854     $ (2,753 )     $ 6,101     $ 910,679   

Short-Intermediate U.S. Government

       108       (255 )       (147 )       60,305

Tax-Advantaged Ultra-Short Fixed Income

       14,668       (1,515 )       13,153       4,405,800

Tax-Exempt

       57,766       (11,462 )       46,304       1,910,493

Ultra-Short Fixed Income

       14,565       (1,864 )       12,701       3,891,982

U.S. Government

       84       (248 )       (164 )       42,985

U.S. Government Money Market

       —       —       —       17,023,125

U.S. Government Select Money Market

       —       —       —       3,676,644

U.S. Treasury Index

       2,857       (1,069 )       1,788       94,125
 

8. CAPITAL SHARE TRANSACTIONS

Transactions in Shares class for the six months ended September 30, 2021, were as follows:

 

    Amounts in thousands   

SHARES

SOLD

    

PROCEEDS
FROM

SHARES SOLD

   SHARES FROM
REINVESTED
DIVIDENDS		  

REINVESTMENTS
OF

DIVIDENDS

   SHARES
REDEEMED		   PAYMENTS
FOR SHARES
REDEEMED		   NET
INCREASE
(DECREASE)
IN SHARES		  

NET

INCREASE

(DECREASE)
IN NET ASSETS  

Arizona Tax-Exempt

      1,548       $ 16,941       87             $     953             (1,591)        $ (17,427)       44        $ 467      

Bond Index

      18,933       206,236       593       6,466       (34,850)       (380,117)       (15,324)       (167,415 ) 

California Intermediate Tax-Exempt

      5,922       65,335       82       907       (4,440)       (48,964)       1,564        17,278  

California Tax-Exempt

      1,516       18,097       62       734       (1,182)       (14,072)       396        4,759  

Core Bond

      1,375       14,581       46       485       (5,915)       (62,170)       (4,494)        (47,104 ) 

Fixed Income

      4,433       47,082       214       2,279       (6,698)       (71,203)       (2,051)       (21,842 ) 

High Yield Fixed Income

      114,366       782,017       1,527       10,428       (34,797)       (237,790)       81,096        554,655  

High Yield Municipal

      23,164       212,520       116       1,063       (5,171)       (47,320)       18,109        166,263  

Intermediate Tax-Exempt

      18,649       203,639       178       1,945       (22,618)       (247,148)       (3,791)       (41,564 ) 

Multi-Manager Emerging Markets Debt Opportunity

      855       7,835       405       3,674       (1,146)       (10,597)       114        912  

Multi-Manager High Yield Opportunity

      2,476       23,629       147       1,393       (2,927)       (27,834)       (304)       (2,812 ) 

Short Bond

      5,630       107,422       53       1,019       (2,873)       (54,834)       2,810        53,607  

Short-Intermediate Tax-Exempt

      5,721       59,819       51       529       (8,198)       (85,697)       (2,426)       (25,349 ) 

Short-Intermediate U.S. Government

      922       9,267       1       9       (1,077)       (10,803)       (154)       (1,527 ) 

Tax-Advantaged Ultra-Short Fixed Income

      112,139       1,144,979       170       1,740       (164,085)       (1,675,549)       (51,776)       (528,830 ) 

Tax-Exempt

      12,423       137,650       200       2,218       (20,540)       (227,527)       (7,917)       (87,659 ) 

Ultra-Short Fixed Income

      93,237       962,357       554       5,720       (77,206)       (796,854)       16,585        171,223  

U.S. Government

      503       4,916       4       40       (1,560)       (15,267)       (1,053)       (10,311 ) 

U.S. Government Money Market

      32,627,703 *      32,627,703 *        71       71       (32,996,030)       (32,996,030 )      (368,256)       (368,256 ) 

 

FIXED INCOME AND MONEY MARKET FUNDS    396    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    Amounts in thousands   SHARES
SOLD		   PROCEEDS
FROM
SHARES SOLD		   SHARES FROM
REINVESTED
DIVIDENDS		  

REINVESTMENTS
OF

DIVIDENDS

   SHARES
REDEEMED		   PAYMENTS
FOR SHARES
REDEEMED		   NET
INCREASE
(DECREASE)
IN SHARES		  

NET

INCREASE
(DECREASE)
IN NET ASSETS    

U.S. Government Select Money Market

       5,804,793     $ 5,804,793       850     $ 850       (6,035,623 )     $ (6,035,623 )        (229,980 )     $ (229,980 )       

U.S. Treasury Index

       795       18,028       29       666       (1,088 )       (24,635 )        (264 )       (5,941 )

 

  *

Number includes assets of approximately $153,535,000 received in connection with fund reorganization. The number of shares issued by the Fund in exchange for such assets was approximately 153,489,000. For further information on the reorganization see Note 15.

Transactions in Shares class for the fiscal year ended March 31, 2021, were as follows:

 

    Amounts in thousands   SHARES
SOLD		   PROCEEDS
FROM
SHARES SOLD		   SHARES FROM
REINVESTED
DIVIDENDS		  

REINVESTMENTS
OF

DIVIDENDS

   SHARES
REDEEMED		  

PAYMENTS

FOR SHARES
REDEEMED

   NET
INCREASE
(DECREASE)
IN SHARES		  

NET

INCREASE
(DECREASE)
IN NET ASSETS    

Arizona Tax-Exempt

       4,674     $ 51,159       153     $     1,666       (1,901 )     $     (20,667 )        2,926     $     32,158       

Bond Index

       98,630       1,105,705       3,735       41,729       (65,425 )       (730,097 )       36,940       417,337

California Intermediate Tax-Exempt

       10,252       112,491       211       2,314       (7,637 )       (83,298 )       2,826       31,507

California Tax-Exempt

       3,523       41,711       213       2,540       (1,845 )       (21,825 )       1,891       22,426

Core Bond

       11,396       123,991       466       5,041       (6,200 )       (66,983 )       5,662       62,049

Fixed Income

       22,711       242,001       838       8,999       (27,566 )       (292,918 )       (4,017 )       (41,918 )

High Yield Fixed Income

       160,320       998,486       3,225       20,621       (238,172 )       (1,494,121 )       (74,627 )       (475,014 )

High Yield Municipal

       25,762       223,988       247       2,137       (20,408 )       (173,294 )       5,601       52,831

Intermediate Tax-Exempt

       64,440       701,449       1,867       20,443       (65,257 )       (709,242 )       1,050       12,650

Multi-Manager Emerging Markets Debt Opportunity

       3,969       34,263       145       1,337       (5,254 )       (47,386 )       (1,140 )       (11,786 )

Multi-Manager High Yield Opportunity

       8,450       72,243       389       3,454       (17,165 )       (147,093 )       (8,326 )       (71,396 )

Short Bond

       7,368       140,429       124       2,357       (4,554 )       (86,867 )       2,938       55,919

Short-Intermediate Tax-Exempt

       19,629       207,317       1,317       13,820       (18,037 )       (189,500 )       2,909       31,637

Short-Intermediate U.S. Government

       3,475       35,048       3       26       (2,921 )       (29,462 )       557       5,612

Tax-Advantaged Ultra-Short Fixed Income

       401,410       4,103,483       1,182       12,074       (295,311 )       (3,018,461 )       107,281       1,097,096

Tax-Exempt

       61,337       673,302       1,024       11,314       (30,538 )       (333,650 )       31,823       350,966

Ultra-Short Fixed Income

       285,775       2,952,047       1,980       20,448       (146,785 )       (1,515,280 )       140,970       1,457,215

U.S. Government

       2,977       30,248       141       1,394       (1,496 )       (15,098 )       1,622       16,544

U.S. Government Money Market

       73,747,179       73,747,179       1,462       1,462       (72,817,246 )       (72,817,246 )       931,395       931,395

U.S. Government Select Money Market

       13,724,719       13,724,719       367       367       (13,416,295 )       (13,416,295 )       308,791       308,791

U.S. Treasury Index

       2,178       51,508       69       1,625       (2,079 )       (48,628 )       168       4,505

9. INVESTMENTS IN AFFILIATES

Transactions in affiliated investments for the six months ended September 30, 2021, were as follows:

 

    Amounts in thousands
    except shares		   AFFILIATE   VALUE, BEGINNING
OF PERIOD		   PURCHASES   SALES
PROCEEDS		  

NET CHANGE

IN UNREALIZED
APPRECIATION
  (DEPRECIATION)  

   NET
REALIZED
GAINS
(LOSSES)		   DIVIDEND
INCOME		    VALUE, END 
OF PERIOD		    SHARES, END     
OF PERIOD    

Arizona Tax-Exempt

   Northern Institutional Funds - U.S. Government Portfolio (Shares)     $ 8,422     $ 35,078     $ 37,355     $ –     $ –     $ 2     $ 6,145       6,144,548     

Bond Index

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       80,397       276,422       265,263       –       –       5       91,556       91,556,093

 

NORTHERN FUNDS SEMIANNUAL REPORT    397    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   NOTES TO THE FINANCIAL STATEMENTS    continued

 

   

 

    

 

    Amounts in thousands
    except shares		   AFFILIATE   VALUE, BEGINNING
OF PERIOD		   PURCHASES   SALES
PROCEEDS		  

NET CHANGE

IN UNREALIZED
APPRECIATION
(DEPRECIATION)

   NET
REALIZED
GAINS
(LOSSES)		   DIVIDEND
INCOME		   VALUE, END
OF PERIOD		   SHARES, END  
OF PERIOD

California Intermediate Tax-Exempt

   Northern Institutional Funds - U.S. Government Portfolio (Shares)     $ 31,807     $ 88,053     $ 106,249     $ –     $   –     $ 5     $ 13,611       13,610,986     

California Tax-Exempt

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       14,669       39,923       47,442       –       –       3       7,150       7,150,219

Core Bond

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       30,263       113,114       133,947       –       –       3       9,430       9,429,642

Fixed Income

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       36,173       284,290       294,840       –       –       8       25,623       25,622,804

High Yield Fixed Income

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       46,727       901,760       861,095       –       –       16       87,392       87,392,436

High Yield Municipal

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       45,175       154,886       155,452       –       –       11       44,609       44,609,280

Intermediate Tax-Exempt

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       246,853       752,795       691,019       –       –       28       308,629       308,628,699

Multi-Manager Emerging Markets Debt Opportunity

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       5,681       49,319       47,370       –       –       1       7,630       7,629,895

Multi-Manager High Yield Opportunity

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       8,003       73,882       73,244       –       –       1       8,641       8,641,453

Short Bond

   FlexShares® Disciplined Duration MBS Index Fund       4,824       –       –       (77 )       –       54       4,747       202,000
  Northern Institutional Funds - U.S. Government Portfolio (Shares)       13,255       128,774       137,866       –       –       1       4,163       4,163,029
  Total     $ 18,079     $     128,774     $     137,866     $ (77 )     $ –     $ 55     $ 8,910       4,365,029

Short-Intermediate Tax-Exempt

   Northern Institutional Funds - U.S. Government Portfolio (Shares)     $ 81,465     $ 325,510     $ 306,173     $ –     $ –     $ 12     $ 100,802       100,802,086

Short-Intermediate U.S. Government

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       49       48,464       48,455       –       –       –       58       58,295

 

  FIXED INCOME AND MONEY MARKET FUNDS    398    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    

    Amounts in thousands

    except shares

  AFFILIATE   VALUE, BEGINNING
OF PERIOD		   PURCHASES   SALES
PROCEEDS		  

NET CHANGE

IN UNREALIZED

APPRECIATION
(DEPRECIATION)

   NET
REALIZED
GAINS
(LOSSES)		   DIVIDEND
INCOME		  

VALUE, END

OF PERIOD

  

SHARES, END

OF PERIOD

   

  

Tax-Advantaged Ultra-Short Fixed Income

   Northern Institutional Funds - U.S. Government Portfolio (Shares)     $ 327,433     $ 1,633,692     $ 1,809,787     $   –     $   –     $ 30     $ 151,338       151,338,272     
 

Tax-Exempt

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       147,184       608,701       549,624       –       –       13       206,261       206,260,608
 

Ultra-Short Fixed Income

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       131,487       1,190,418       1,163,866       –       –       17       158,039       158,038,841
 

U.S. Government

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       2,020       44,643       46,603       –       –       1       60       59,855
 

U.S. Treasury Index

   Northern Institutional Funds - U.S. Government Portfolio (Shares)       839       18,969       19,041       –       –       – *       767       767,280

 

  *

Amount rounds to less than one thousand.

10. DERIVATIVE INSTRUMENTS

Information concerning the types of derivatives in which the Funds invest, the objectives for using them and their related risks can be found in Note 2.

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of September 30, 2021:

 

          ASSETS           LIABILITIES        
  Amounts in thousands    CONTRACT TYPE    STATEMENTS OF
ASSETS LOCATION		    VALUE     STATEMENTS OF
LIABILITIES LOCATION		    VALUE  

Multi-Manager Emerging Markets Debt Opportunity

    Foreign exchange contracts    Unrealized appreciation on forward foreign currency exchange contracts    $ 195     Unrealized depreciation on forward foreign currency exchange contracts    $ (233 ) 
   Interest rate contracts    Net Assets - Net unrealized appreciation      7 **    Net Assets - Net unrealized depreciation      (146 )** 
     Interest rate contracts    Unrealized appreciation on bilateral interest rate swap agreements      9     Unrealized depreciation on bilateral interest rate swap agreements      –  

 

  **

Includes cumulative appreciation/depreciation on centrally cleared swap agreements as reported in the Schedule of Investments’ footnotes. Only the current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

The Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements (“netting agreements”). Generally, netting agreements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. In the event of default where the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the defaulting party, realization of collateral by the Funds may be delayed or limited. In addition, the netting agreements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

 

NORTHERN FUNDS SEMIANNUAL REPORT    399    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   NOTES TO THE FINANCIAL STATEMENTS    continued

 

   

 

    

 

As of September 30, 2021, gross amounts of assets and liabilities for forward foreign exchange contracts and swap agreements not offset in the Statements of Assets and Liabilities, related collateral and net amounts after taking into account netting agreements, by counterparty, are as follows:

 

       

GROSS AMOUNTS NOT OFFSET IN THE

    STATEMENTS OF ASSETS AND LIABILITIES    

    Amounts in thousands COUNTERPARTY

GROSS AMOUNTS OF ASSETS  

PRESENTED IN STATEMENTS OF  

ASSETS AND LIABILITIES  

 FINANCIAL
INSTRUMENTS		 CASH
COLLATERAL
RECEIVED		 NET    
AMOUNT    

     

 

  Multi-Manager Emerging Markets
Debt Opportunity

 Barclays   $ 29   $  (29)     $ –   $ –
BNP   55     (55)     –     –  
Citibank   16     (9)     –     7  
JPMorgan Chase   48     (48)     –     –  
Merrill Lynch   3     (3)     –     –  
Morgan Stanley   16     (16)     –     –  
Santander   26     (13)     –     13  
Standard Chartered Bank   11     (5)     –     6  
Total   $204     $(178)     $ –     $ 26  
       

GROSS AMOUNTS NOT OFFSET IN THE

    STATEMENTS OF ASSETS AND LIABILITIES    

    Amounts in thousands COUNTERPARTY

GROSS AMOUNTS OF LIABILITIES

PRESENTED IN STATEMENTS OF

ASSETS AND LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

PLEDGED

 NET    
AMOUNT    

 

  Multi-Manager Emerging Markets
Debt Opportunity

 Barclays   $(29)     $ 29   $ –   $   –
BNP   (76)     55     –     (21)  
Citibank   (9)     9     –     –  
JPMorgan Chase   (56)     48     8     –  
Merrill Lynch   (13)     3     10     –  
Morgan Stanley   (32)     16     –     (16)  
Santander   (13)     13     –     –  
Standard Chartered Bank       (5)     5     –     –  
Total   $(233)     $178     $18     $(37)  

The following tables set forth, by primary risk exposure, the Funds’ realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended September 30, 2021:

 

              AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS      
  Amounts in thousands    CONTRACT TYPE    STATEMENTS OF OPERATIONS LOCATION    VALUE    

  Multi-Manager Emerging Markets
Debt Opportunity

    Foreign exchange contracts    Net realized gains (losses) on forward foreign currency exchange contracts      $(281 ) 
   Interest rate contracts    Net realized gains (losses) on interest rate swap agreements      (4 ) 

  Short-Intermediate U.S. Government

    Interest rate contracts    Net realized gains (losses) on futures contracts      (6 ) 

    U.S. Government

    Interest rate contracts    Net realized gains (losses) on futures contracts      (8 ) 
              CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON    
DERIVATIVE CONTRACTS		  
  Amounts in thousands    CONTRACT TYPE    STATEMENTS OF OPERATIONS LOCATION    VALUE    

  Multi-Manager Emerging Markets
Debt Opportunity

    Foreign exchange contracts    Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts      $400  
     Interest rate contracts    Net change in unrealized appreciation (depreciation) on interest rate swap agreements      (64 ) 

 

      FIXED INCOME AND MONEY MARKET FUNDS    400    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

 

                     

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON

DERIVATIVE CONTRACTS

  Amounts in thousands    CONTRACT TYPE          STATEMENTS OF OPERATIONS LOCATION    VALUE    

  Short-Intermediate U.S. Government

    Interest rate contracts       Net change in unrealized appreciation (depreciation) on futures contracts    $ (6)    

  U.S. Government

    Interest rate contracts         Net change in unrealized appreciation (depreciation) on futures contracts    29     

Volume of derivative activity for the six months ended September 30, 2021*:

 

     FOREIGN EXCHANGE
CONTRACTS		     

EQUITY

CONTRACTS

      INTEREST RATE
CONTRACTS		  
     

NUMBER

OF

TRADES

     

AVERAGE

NOTIONAL

AMOUNT**

     

NUMBER

OF

TRADES

     

AVERAGE

NOTIONAL

AMOUNT**

     

NUMBER

OF

TRADES

     

AVERAGE

NOTIONAL

AMOUNT**  

  Multi-Manager Emerging Markets Debt Opportunity

      610      $ 176,797        –        $–        –        $  –  

  Short-Intermediate U.S. Government

      –        –        –        –        2        399      

  U.S. Government

      –        –        –        –        2        1,115  

 

  *

Activity for the period is measured by number of trades during the period and average notional amount for futures interest rate contracts.

 

  **

Amounts in thousands.

 

11. INDEMNIFICATIONS AND WARRANTIES

In the ordinary course of their business, the Funds may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Funds. The maximum exposure to the Funds under these provisions is unknown, as this would involve future claims that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote.

12. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The new guidance is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022, and the adoption of ASU 2020-04 is elective. Management does not believe this update has a material impact on the Funds’ financial statements and disclosures.

In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The effective date for compliance with Rule 2a-5 is September 8, 2022. Management is evaluating the impact of the adoption of Rule 2a-5 on the financial statements.

13. LIBOR TRANSITION

Certain of the Funds’ investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor compel banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. The FCA and ICE Benchmark Administrator have since announced that most LIBOR settings will no longer be published after December 31, 2021 and a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing the Secured Overnight Financing Rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    401    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   NOTES TO THE FINANCIAL STATEMENTS     continued

 

   

 

    

 

with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.

14. CORONAVIRUS (COVID-19) PANDEMIC

An outbreak of respiratory disease caused by a novel coronavirus was first detected in December 2019 and has spread internationally. The outbreak and efforts to contain its spread have resulted in closing borders and quarantines, restricting international and domestic travel, enhanced health screenings, cancelations, disrupted supply chains and customer activity, responses by businesses (including changes to operations and reducing staff), and have produced general concern and uncertainty. The impact of the coronavirus pandemic, and other epidemics and pandemics that may arise in the future could adversely affect national and global economies, individual companies and the market in general in a manner and for a period of time that cannot be foreseen at the present time and may adversely affect the value, volatility and liquidity of dividend and interest paying securities. In the event of a pandemic or an outbreak, there can be no assurance that the Funds and their service providers will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons, and could otherwise disrupt the ability of the Funds’ service providers to perform essential services. Certain economic and market conditions arising out of a pandemic or outbreak could result in a Fund’s inability to achieve its investment objectives, cause the postponement of reconstitution or rebalance dates for benchmark indices, adversely affect the prices and liquidity of the securities and other

instruments in which a Fund invests, negatively impact a Fund’s performance, and cause losses on your investment in a Fund. Management is monitoring the development of the pandemic, which was ongoing as of the date of the financial statements, and is evaluating its impact on the financial position and operating results of the Funds.

15. REORGANIZATION

At a meeting held on December 10, 2020, the Board of the Trust approved a Plan of Reorganization (the “Plan”) providing for the reorganization of Money Market Fund of Northern Funds (the “Acquired Fund”) into the U.S. Government Money Market Fund of Northern Funds (the “Acquiring Fund”). After considering the recommendation of NTI, the Board concluded that the reorganization would be in the best interests of each Fund and their shareholders and shareholders’ interests will not be diluted as a result of the reorganization. The reorganization was not effected on a tax-free basis for federal income tax purposes and is not expected to result in the recognition of capital gains or losses by shareholders of the Acquired Fund. At the time of the reorganization, each Fund offered and redeemed shares at $1.00 per share by valuing its portfolio investments at amortized cost. Pursuant to the Plan, all of the assets of the Acquired Fund were transferred to the Acquiring Fund, as shown in the table below, in exchange for shares of the Acquiring Fund of equal aggregate value and the Acquiring Fund’s assumption of all of the current and future liabilities of the Acquired Fund. Immediately following the reorganization, holders of shares of the Acquired Fund held shares of the Acquiring Fund having aggregate net asset value equal to the aggregate net asset value of the shares held in the Acquired Fund immediately prior to the reorganization. The reorganization was completed on April 9, 2021, following the approval of the reorganization by shareholders of the Money Market Fund.

 
     ACQUIRED FUND    ACQUIRING FUND
  Amounts in thousands, except Exchange Ratio   MONEY MARKET U.S. GOVERNMENT MONEY MARKET

  Exchange Ratio

       1.000        N/A

  Shares before the Reorganization

       153,489        17,706,675

  Net Assets before the Reorganization

       153,535        17,707,020

  Aggregated Net Assets immediately after the Reorganization

       –        17,860,555

Assuming the reorganization had been completed on April 1, 2021, the beginning of the annual reporting period of the Acquiring Fund, the Acquiring Fund’s pro forma results of operations for the six months ended September 30, 2021 are as follows:

 

  Amounts in thousands   NET INVESTMENT
INCOME		   NET REALIZED GAINS
ON INVESTMENTS		    NET INCREASE
IN NET ASSETS
RESULTING FROM    
OPERATIONS

 U.S. Government Money Market

       $606       $44        $650

 

      FIXED INCOME AND MONEY MARKET FUNDS    402    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

 

Because the combined investment funds have been managed as a single integrated fund since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund’s Statement of Operations since April 9, 2021.

 

16. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.

            

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    403    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

  FUND EXPENSES

 

   

 

    

 

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, if any, including redemption fees on exchanges and redemptions; and (2) ongoing costs, including management fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, April 1, 2021 through September 30, 2021.

ACTUAL EXPENSES

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled Expenses Paid 4/1/2021 - 9/30/2021 to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the tables below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5 percent per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5 percent hypothetical example with the 5 percent hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees or other costs such as advisory fees related to affiliated money market fund investments, but shareholders of other funds may incur such costs. For example, the information does not reflect redemption fees (See page 389), if any, in the High Yield Fixed Income, Multi-Manager Emerging Markets Debt Opportunity and Multi-Manager High Yield Opportunity Funds. If these fees were included, your costs would have been higher. The information also does not reflect reimbursements of advisory fees incurred in connection with the investment of uninvested cash in affiliated money market funds (See page 394), which may result in different expense ratios in the Financial Highlights.

Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

ARIZONA TAX-EXEMPT

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.46 %       $1,000.00        $1,007.40    $2.31

Hypothetical (5% return before expenses)

       0.46 %       $1,000.00        $1,022.76    $2.33

 

BOND INDEX

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.15 %       $1,000.00        $1,018.80    $0.76

Hypothetical (5% return before expenses)

       0.15 %       $1,000.00        $1,024.32    $0.76

 

CALIFORNIA INTERMEDIATE TAX-EXEMPT

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.45 %       $1,000.00        $1,007.80    $2.26

Hypothetical (5% return before expenses)

       0.45 %       $1,000.00        $1,022.81    $2.28

 

CALIFORNIA TAX-EXEMPT

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.46 %       $1,000.00        $1,010.40    $2.32

Hypothetical (5% return before expenses)

       0.46 %       $1,000.00        $1,022.76    $2.33

 

*

Expenses are calculated using the Funds’ annualized expense ratios, which represent ongoing expenses as a percentage of net assets for the six months ended September 30, 2021. Expenses are equal to the Funds’ annualized expense ratio for the period April 1, 2021 through September 30, 2021, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 

 

   FIXED INCOME AND MONEY MARKET FUNDS    404    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

 

CORE BOND

 

  SHARES  

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

   

ENDING

ACCOUNT

VALUE

9/30/2021

   

EXPENSES

PAID*

4/1/2021-

9/30/2021

Actual

       0.41 %       $1,000.00        $1,022.40        $2.08

Hypothetical (5% return before expenses)

       0.41 %       $1,000.00        $1,023.01        $2.08
FIXED INCOME

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		   

ENDING
ACCOUNT

VALUE

9/30/2021

    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.45 %       $1,000.00        $1,028.40        $2.29

Hypothetical (5% return before expenses)

       0.45 %       $1,000.00        $1,022.81        $2.28
HIGH YIELD FIXED INCOME

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.78 %       $1,000.00        $1,033.70        $3.98

Hypothetical (5% return before expenses)

       0.78 %       $1,000.00        $1,021.16        $3.95
HIGH YIELD MUNICIPAL

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.60 %       $1,000.00        $1,031.30        $3.06

Hypothetical (5% return before expenses)

       0.60 %       $1,000.00        $1,022.06        $3.04
INTERMEDIATE TAX-EXEMPT

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES    
PAID*
4/1/2021-
9/30/2021

Actual

       0.45 %       $1,000.00        $1,007.60        $2.26

Hypothetical (5% return before expenses)

       0.45 %       $1,000.00        $1,022.81        $2.28
MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.94 %       $1,000.00        $1,011.40        $4.74

Hypothetical (5% return before expenses)

       0.94 %       $1,000.00        $1,020.36        $4.76
MULTI-MANAGER HIGH YIELD OPPORTUNITY

 

  SHARES   EXPENSE
RATIO		  

BEGINNING
ACCOUNT

VALUE

4/1/2021

    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.86 %       $1,000.00        $1,040.50        $4.40

Hypothetical (5% return before expenses)

       0.86 %       $1,000.00        $1,020.76        $4.36
SHORT BOND

 

  SHARES   EXPENSE
RATIO		  

BEGINNING
ACCOUNT

VALUE

4/1/2021

    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.40 %       $1,000.00        $1,005.00        $2.01

Hypothetical (5% return before expenses)

       0.40 %       $1,000.00        $1,023.06        $2.03
SHORT-INTERMEDIATE TAX-EXEMPT

 

  SHARES   EXPENSE
RATIO		  

BEGINNING
ACCOUNT

VALUE

4/1/2021

    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.45 %       $1,000.00        $1,002.30        $2.26

Hypothetical (5% return before expenses)

       0.45 %       $1,000.00        $1,022.81        $2.28
SHORT-INTERMEDIATE U.S. GOVERNMENT

 

  SHARES   EXPENSE
RATIO		  

BEGINNING
ACCOUNT

VALUE

4/1/2021

    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES    
PAID*
4/1/2021-
9/30/2021

Actual

       0.42 %       $1,000.00        $   999.70        $2.11

Hypothetical (5% return before expenses)

       0.42 %       $1,000.00        $1,022.96        $2.13
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME

 

  SHARES   EXPENSE
RATIO		  

BEGINNING
ACCOUNT

VALUE

4/1/2021

    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.25 %       $1,000.00        $1,001.50        $1.25

Hypothetical (5% return before expenses)

       0.25 %       $1,000.00        $1,023.82        $1.27

 

*

Expenses are calculated using the Funds’ annualized expense ratios, which represent ongoing expenses as a percentage of net assets for the six months ended September 30, 2021. Expenses are equal to the Funds’ annualized expense ratio for the period April 1, 2021 through September 30, 2021, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    405    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FUND EXPENSES    (continued)

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

TAX-EXEMPT

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.45 %       $1,000.00        $1,011.10        $2.27

Hypothetical (5% return before expenses)

       0.45 %       $1,000.00        $1,022.81        $2.28
ULTRA-SHORT FIXED INCOME

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.25 %       $1,000.00        $1,003.90        $1.26

Hypothetical (5% return before expenses)

       0.25 %       $1,000.00        $1,023.82        $1.27
U.S. GOVERNMENT

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.43 %       $1,000.00        $1,004.70        $2.16

Hypothetical (5% return before expenses)

       0.43 %       $1,000.00        $1,022.91        $2.18
U.S. GOVERNMENT MONEY MARKET

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES    
PAID*
4/1/2021-
9/30/2021

Actual

       0.07 %       $1,000.00        $1,000.00        $0.35

Hypothetical (5% return before expenses)

       0.07 %       $1,000.00        $1,024.72        $0.36
U.S. GOVERNMENT SELECT MONEY MARKET

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.07 %       $1,000.00        $1,002.40        $0.35

Hypothetical (5% return before expenses)

       0.07 %       $1,000.00        $1,024.72        $0.36
U.S. TREASURY INDEX

 

  SHARES   EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		    EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

       0.16 %       $1,000.00        $1,018.60        $0.81

Hypothetical (5% return before expenses)

       0.16 %       $1,000.00        $1,024.27        $0.81

 

 

*

Expenses are calculated using the Funds’ annualized expense ratios, which represent ongoing expenses as a percentage of net assets for the six months ended September 30, 2021. Expenses are equal to the Funds’ annualized expense ratio for the period April 1, 2021 through September 30, 2021, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 

 

    FIXED INCOME AND MONEY MARKET FUNDS    406    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    

  APPROVAL OF MANAGEMENT AGREEMENT AND

  SUB-ADVISORY AGREEMENT

 

   

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

All Funds except Multi-Manager High Yield Opportunity and Multi-Manager Emerging Markets Debt Opportunity Funds

The Board of Trustees (the “Board” or the “Trustees”) of Northern Funds (the “Trust”) oversees the management of the Trust, including review of the investment performance and expenses of the Arizona Tax-Exempt, Bond Index, California Intermediate Tax-Exempt, California Tax-Exempt, Core Bond, Fixed Income, High Yield Fixed Income, High Yield Municipal, Intermediate Tax-Exempt, Short Bond, Short-Intermediate Tax-Exempt, Short-Intermediate U.S. Government, Tax-Advantaged Ultra-Short Fixed Income, Tax-Exempt, Ultra-Short Fixed Income, U.S. Government, U.S. Government Money Market, U.S. Government Select Money Market and U.S. Treasury Index Funds (each a “Fund” and collectively, the “Funds”) at regularly scheduled meetings held during the Funds’ fiscal year. In addition, the Trustees determine annually whether to approve and continue the management agreement (the “Management Agreement”) between the Trust, on behalf of the Funds, and Northern Trust Investments, Inc. (“Northern”).

The Management Agreement was re-approved with respect to the Funds by the Board, including all of the Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of any party thereto (the “Independent Trustees”) voting separately, at the annual contract renewal meeting held on May 19-20, 2021 (the “Annual Contract Meeting”).

In advance of, and at, the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Management Agreement and Northern and its affiliates. This information included written materials and verbal presentations at a Board meeting held on February 10-11, 2021 and a Board meeting held on April 8, 2021 (the “February and April Board Meetings”). At the Annual Contract Meeting, the Trustees considered these reports and presentations and discussed the information that had been provided. Throughout the process, the Trustees also asked questions of and requested additional information from management. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law. They also met in executive sessions at the Annual Contract Meeting, and each of the other Board meetings, with their independent legal counsel without employees of Northern present.

In evaluating the Management Agreement, the Trustees reviewed the Funds’ Management Agreement. They discussed with counsel Northern’s reports, presentations and other information that had been provided to them at the February and April Board meetings and at this meeting, as well as their interactions with Northern throughout the year and in past years at various meetings. The

Trustees noted that the evaluation process with respect to Northern and the Management Agreement was an on-going one throughout the year.

The materials reviewed by the Trustees included, without limitation: (i) information on the investment performance of the Funds in comparison to other mutual funds and performance benchmarks; (ii) compliance reports; (iii) information about Northern’s and its affiliates’ risk management processes, stress testing, credit research, business continuity and cyber-security programs; (iv) fees charged to and expenses borne by the Funds; (v) Northern’s profitability and costs and compensation paid to affiliates of Northern; (vi) the qualifications of Northern and its affiliates to provide services to the Funds; (vii) information regarding purchases and redemptions of the Funds’ shares; (viii) policies adopted by Northern regarding brokerage, including soft dollars, trade allocations and other matters; and (ix) the nature of the Funds’ shareholders. The Trustees also considered the nature, quality and extent of non-advisory services provided to the Funds by Northern and its affiliates.

More specifically, the Trustees reviewed, among other things, information relating to: (i) the terms of the Management Agreement; (ii) the Funds’ investment performance over different time periods in comparison to the investment performance of mutual fund peer groups and categories selected by Broadridge, an independent third-party provider of mutual fund data; (iii) the contractual and actual management fees and total expenses (after expense reimbursements and fee waivers) of the Funds in comparison to those borne by mutual fund peer expense groups and categories selected by Broadridge; (iv) the management fees charged to the Funds compared to the management fees charged by Northern to its other comparable institutional accounts; (v) Northern’s staffing for the Funds and the experience of the portfolio managers, credit research and other personnel; (vi) Northern’s financial resources and its ability to attract and retain portfolio management talent; (vii) Northern’s investments in technology to benefit the Funds; (viii) the fees paid by the Funds to Northern and its affiliates for services, and the expenses incurred by them in connection with the provision of those services; and (ix) the benefits received by Northern and its affiliates from their service relationships with the Funds. The Trustees were provided with a description of the methodology Broadridge used to determine the similarity of the Funds with the funds included in their respective peer expense groups and peer expense and performance universes. The Trustees also considered the Funds’ relationships to other mutual funds and exchange-traded funds advised and offered by Northern and other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry). In evaluating the Management Agreement for each of the Funds, the Trustees gave weight to various factors including those discussed below, but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors.

 

 

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    FIXED INCOME AND MONEY MARKET FUNDS

     

  APPROVAL OF MANAGEMENT AGREEMENT AND

  SUB-ADVISORY AGREEMENTS    (continued)

   

 

    

 

Nature, Extent and Quality of Services

The Trustees considered, as part of their review, the nature, extent and quality of the services provided by Northern. In this regard, they considered both the investment advisory services, and separately the administrative and other non-advisory services that are provided to the Funds by Northern and its affiliates. These services include acting as the Funds’ administrator and sub-administrator, custodian and transfer agent and providing other services necessary for the operation of the Funds and the Trust. The Trustees understood that the Management Agreement encompassed both the advisory and administrative functions being rendered by Northern and its affiliates. They considered the quality of Northern’s communications with and services to shareholders, as well as the expenditures made by Northern and its affiliates to improve the quality and scope of their services to the Funds. The Trustees considered the strength of Northern’s and its affiliates’ risk management processes, including with respect to the Funds’ regular reporting on stress testing with respect to the money market and fixed income Funds. The Trustees also reviewed the compliance and administrative services provided to the Funds by Northern and its affiliates, including its oversight of the Funds’ day-to-day operations and fund accounting. The Trustees also noted that on a regular basis they received and reviewed information from the Chief Compliance Officer (“CCO”) regarding the Funds’ compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act. They also considered the quality of Northern’s compliance oversight program with respect to all of the Funds’ service providers and the continued involvement of Northern’s internal audit group in reviewing operations that support the Funds, as well as Northern’s responses to any compliance or operational issue raised during the year. The Trustees also took into account that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, including maintaining and monitoring its own and the Funds’ compliance programs, had expanded over time as a result of regulatory, market and other developments. In this regard, the Trustees also noted Northern’s initiatives undertaken in the past few years with respect to the Funds’ and their shareholders, including to address additional regulatory and reporting requirements. The Trustees took into account that each of the U.S. Government Money Market and U.S. Government Select Money Market Funds had maintained a stable net asset value.

The Trustees also considered the qualifications, background and responsibilities of Northern’s senior management and investment personnel. They also noted Northern’s recruitment and retention plans for attracting high quality investment professionals, as well as its portfolio management compensation structure and the consistency of investment approach with respect to the Funds. The Trustees also considered Northern’s and its affiliates’ strong financial position and stability. The Trustees concluded that

Northern was able to commit, and had committed, substantial financial and other resources to the operations of the Funds and was able to continue to provide quality services to the Funds.

Performance

The Trustees considered the investment performance of each of the Funds, including whether it had operated within its respective investment objectives, as well as its compliance with its investment restrictions. The Trustees also took into account the low interest rate environment in which the money market Funds had been and were operating and any actions taken by Northern with respect to the money market Funds to prevent negative yields this year and in past years. For Funds that had been in existence for the applicable periods, the Trustees received information on the Funds’ investment performance for one, two, three, four, five and ten years, as well as performance for the most recent quarter and year-to-date. They compared the investment performance of the Funds to the performance of other registered funds and to rankings issued by Broadridge for certain time periods. The Funds were ranked by Broadridge in quintiles, ranging from first to fifth, where first is the most desirable quintile position and fifth is the least desirable. The Trustees also reviewed the Funds’ investment performance relative to their respective performance benchmarks.

The Trustees noted that the performance of each of the Funds was in the first, second or third quintiles relative to its respective Broadridge peer performance universe for the one-, three-and five-year periods ended January 31, 2021, with the exception of:

 

  ◾   the Bond Index Fund, Core Bond Fund, and U.S. Government Fund, which were each in the fifth quintile for the one-year period and the fourth quintile for the three- and five-year periods;

 

  ◾   the Arizona Tax-Exempt Fund, which was in the fourth quintile for the one-year period;

 

  ◾   the High Yield Municipal Fund and the Short-Intermediate Tax-Exempt Fund, which were each in the fourth quintile for the five-year period;

 

  ◾   the Tax-Advantaged Ultra-Short Fixed Income Fund, which was in the fourth quintile for the three-and five-year periods; and

 

  ◾   the U.S. Treasury Index Fund, which was in the fifth quintile for the one-and three-year periods and in the fourth quintile for the five-year period.

They also considered that the U.S. Government Money Market and U.S. Government Select Money Market Funds outperformed their respective benchmarks for the one-, three-and five-year periods ended January 31, 2021, and all of the other non-index Funds underperformed against their respective benchmarks for those time periods, except:

 

  ◾   the Short-Intermediate Tax-Exempt Fund, which outperformed its benchmark for the one- and three-year periods;
 

 

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SEPTEMBER 30, 2021 (UNAUDITED)    

 

  ◾   the Fixed Income Fund, which outperformed its benchmark for the one- and five-year periods; and

 

  ◾   the Ultra-Short Fixed Income Fund, Tax-Advantaged Ultra-Short Fixed Income Fund and Short Bond Fund, which outperformed their respective benchmarks for the one-, three-and five - year periods.

 

  ◾   The Trustees took into account the portfolio managers’ discussions for the reasons for tracking differences of the index Funds and considered that each of them was appropriately tracking its respective index.

They also considered that none of the Funds were in the least desirable less return, more expenses portion of the Broadridge three-year performance and expenses comparison, due to underperformance relative to its peer expense group for the three-year period.

The Trustees took into account senior management’s and portfolio managers’ discussion of the Funds’ performance and explanations for differences in investment parameters of certain Funds and their peers. They also considered the Funds’ investment performance relative to the investor base that the Funds are intended to serve. The Trustees noted the potential impact on performance of the relative risk parameters of the different Funds. Specifically, they took into consideration that Northern’s more risk averse investment strategies may cause certain fixed income Funds to underperform against their peers during certain market environments. In addition, the Trustees reviewed the consistency of Northern’s investment approach for the Funds and processes to address performance issues, if any. The Trustees expected and believed also that Northern was appropriately monitoring underperforming Funds. They noted the quarterly in-depth performance reviews had assisted them in that regard.

The Trustees concluded, based on the information received, that Northern was devoting appropriate resources to improving the Funds’ performance and monitoring any underperformance.

Fee Rates, Costs of Services and Profitability

The Trustees also evaluated the Funds’ contractual management fee rates and net (after expense reimbursements) management fee rates; the Funds’ total operating expense ratios; Northern’s contractual commitments to continue expense reimbursements for at least one year with respect to the Funds; and whether a consistent methodology was in place for determining the fees and expenses of the Funds. They also noted that Northern had waived expenses for each of the money market Funds in the past year to avoid negative yield. In addition, the Trustees considered actions taken by Northern in past years to reduce Fund expenses, such as other voluntary expense reimbursements , service provider and management fee reductions and reductions in the contractual expense limitations with respect to certain Funds. The Trustees also considered that, for those Funds that were sweeping uninvested cash into a Northern-affiliated money market

Portfolio, Northern was in each case rebating back to the investing Fund all of the advisory fees received by Northern, if any, of the applicable money market Portfolio.

The Trustees reviewed information on the fee rates paid by the Funds under the Management Agreement and the Funds’ total operating expense ratios compared to similar information for mutual funds advised by unaffiliated investment management firms, as prepared by Broadridge. The Broadridge report compared the expenses of each Fund against its respective Broadridge peer expense group and expense universe. In comparing the Funds’ contractual and actual management fees to those of comparable funds, the Trustees noted that the Funds’ management fees include both advisory and administrative costs. Among other data, the Trustees noted:

 

  ◾   With respect to the fixed income Funds, contractual management fees were equal to or lower than the Funds’ respective peer expense group median contractual management fees and actual management fees were equal to or lower than the Funds’ respective peer expense group and peer universe median actual management fees, respectively, with the exception of the High Yield Fixed Income Fund, High Yield Municipal Fund and Intermediate Tax-Exempt Fund, whose contractual and actual management fees were higher than their respective peer expense group and expense universe median contractual and actual management fees, respectively; the Core Bond Fund, whose actual management fee was higher than its peer expense group median; the Bond Index Fund, whose contractual management fee was higher than its peer expense group median and actual management fee was higher than its peer expense universe median; the Fixed Income Fund and the Short Bond Fund, whose actual management fees were higher than their respective peer expense universe medians; and the Short-Intermediate Tax-Exempt Fund, whose contractual management fee was higher than its peer expense group median and actual management fee was higher than its peer expense universe median All of the fixed income Funds’ actual expenses, after reimbursement and fee waivers, were in the first or second quintile of their respective peer expense group and expense universe, with the exception of the Bond Index Fund, which was in the third quintile of its peer expense universe, High Yield Fixed Income Fund, which was in the third quintile of its peer expense group, and the High Yield Municipal Fund, which was in the third quintile of its peer expense group and expense universe.

 

  ◾   With respect to the U.S. Government Money Market and U.S. Government Select Money Market Funds, contractual management fees were higher than the Funds’ respective peer expense group median contractual management fees, and actual management fees were higher than the Funds’ respective peer expense group and peer expense universe median actual management fees, respectively. Each money market Fund’s actual expenses, after reimbursement and fee waivers, were in the second and third quintile of their respective peer expense group and expense universe, respectively.
 

 

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    FIXED INCOME AND MONEY MARKET FUNDS

     

  APPROVAL OF MANAGEMENT AGREEMENT AND

  SUB-ADVISORY AGREEMENTS    (continued)

 

   

 

    

 

The Trustees took into account Northern’s discussion of the Funds’ expenses, and that Northern had reimbursed expenses and/or waived fees for most of the Funds. They also reviewed information comparing the Funds’ fee rates to the fee rates charged by Northern to similarly managed, private institutional accounts, if any. They noted that there were not applicable comparisons for every Fund. For Funds where there were applicable comparisons, the Trustees considered the difference in, and level of complexity of, services provided by Northern with regard to the private institutional accounts, as well as regulatory, operational and compliance differences, board and committee support provided by Northern to the Funds and other differences. The Trustees considered the fee comparisons in light of the differences in management of these different kinds of accounts. These comparisons assisted the Trustees in evaluating the reasonableness of the management fees paid by the Funds.

In addition, the Trustees considered the amount of assets in the Funds; the information provided by Northern relating to the costs of the services provided by it and its affiliates; and the profits realized by them through their relationship on a Fund-by-Fund basis and on an overall Trust basis and both before and after distribution and certain non-distribution costs. The Trustees considered Northern’s assumptions and methodology for allocating costs to each Fund, recognizing that cost allocation methodologies are inherently subjective and not audited.

The Trustees also determined that the management fees charged under the Management Agreement were based on services provided that were in addition to, rather than duplicative of, services provided under the management agreement of any affiliated funds in which the Funds invested in the prior year.

The Trustees also discussed information provided by Broadridge with respect to Northern’s profitability compared to other publicly traded advisers. They considered that comparisons of advisory agreement profitability across fund families are difficult because of numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees also considered Northern’s expense reimbursements during the year. They also took into account the nature of the Funds and the high quality of the services provided by Northern. The Trustees understood that Northern should be entitled to earn a reasonable level of profit in exchange for the level of services it provides to the Funds. The Trustees concluded that Northern’s profitability was not unreasonable based on the services and benefits provided and the costs assumed by Northern and its affiliates. They also noted that Northern appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Funds.

Economies of Scale

The Trustees considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflected these economies of scale for the benefit of shareholders.

They took into account management’s discussion of the Funds’ management fee structure and considered Northern’s view that the Funds were sharing in economies of scale through the level at which the Funds’ management fees are set and through Northern’s contractual expense reimbursements that limit the expenses for the Funds to specific levels. The Trustees considered that the Fixed Income Funds (other than Bond Index Fund and U.S. Treasury Index Fund) had breakpoints, thus ensuring that as these Funds grew, shareholders would receive reduced fee rates. Materials provided to the Trustees indicated that five fixed income Funds had the specified asset levels as of January 31, 2021, at which one or more breakpoints on their management fees were triggered. The Trustees agreed that breakpoints were not necessary with respect to the money market Funds at this time based on the level of management fees and contractual expense reimbursements. With respect to the money market Funds, the Trustees also considered the voluntary fee waivers and expense reimbursements made by Northern to the Funds to prevent negative yield this year and in past years. The Trustees determined, on the basis of the foregoing, that the Funds’ current management fee structures were reasonable.

Other Benefits to Northern

The Trustees also reviewed other benefits accruing to Northern and its affiliates as a result of their relationship with the Funds. Those benefits included fees received by the affiliates for transfer agency, custodial and sub-administrative functions. The Trustees also considered that many of the Funds’ shareholders had other client relationships with Northern’s affiliates. In addition, the Trustees considered that the scale of the Funds provided opportunities to Northern to obtain securities trading advantages for its other advisory clients and that Northern and its affiliates benefit from their ability to leverage resources over a larger asset base.

After deliberation, the Trustees concluded with respect to each of the Funds that the management fee paid by each of the Funds was reasonable in light of the services provided by Northern, its costs, the Funds’ asset levels and other factors including those discussed above and that renewal of the Management Agreement should be approved.

Multi-Manager High Yield Opportunity and Multi-Manager Emerging Markets Debt Opportunity

The Board of the Trust oversees the management of the Trust, including review of the investment performance and expenses of the Multi-Manager High Yield Opportunity and Multi-Manager Emerging Markets Debt Opportunity Funds (each a “Multi-Manager Fund” and collectively, the Multi-Manager Funds”) at regularly scheduled meetings held during the Multi-Manager Funds’ fiscal year. In addition, the Trustees determine annually whether to approve and continue (i) the management agreement (the “Multi-Manager Management Agreement”) between the Trust, on behalf of the Multi-Manager

 

 

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SEPTEMBER 30, 2021 (UNAUDITED)    

 

Funds, and Northern; and (ii) the sub-advisory agreements (“Sub-Advisory Agreements”) between Northern and each sub-adviser to the Multi-Manager Funds.

The Management and Sub-Advisory Agreements were re-approved with respect to the Multi-Manager Funds by the Board, including all of the Independent Trustees voting separately, at the Annual Contract Meeting.

In advance of, and at, the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Multi-Manager Management Agreement and Northern and its affiliates, and information relating to the Sub-Advisory Agreements each Sub-Advisor and their affiliates. This information included written materials and verbal presentations at the February and April Board Meetings. At the Annual Contract Meeting, the Trustees considered these reports and presentations and discussed the information that had been provided. Throughout the process, the Trustees also asked questions of and requested additional information from management. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law. They also met in executive sessions at the Annual Contract Meeting, and each of the other Board meetings, with their independent legal counsel without employees of Northern present.

Management Agreement

In evaluating the Multi-Manager Management Agreement, the Trustees discussed with counsel Northern’s reports, presentations and other information that had been provided to them at the February and April Board meetings and at this meeting, as well as their interactions with Northern throughout the year and in past years at various meetings. The Trustees noted that their evaluation process with respect to Northern and the Multi-Manager Management Agreement was on-going throughout the year.

The materials reviewed by the Trustees included, without limitation: (i) information on the investment performance of the Multi-Manager Funds in comparison to other mutual funds and performance benchmarks; (ii) compliance reports; (iii) information about Northern’s and its affiliates’ risk management processes and credit research, stress testing, business continuity and cyber-security programs; (iv) fees charged to and expenses borne by the Multi-Manager Funds; (v) Northern’s profitability and costs and compensation paid to affiliates of Northern; (vi) the qualifications of Northern and its affiliates to provide services to the Multi-Manager Funds; (vii) information regarding purchases and redemptions of the Multi-Manager Funds’ shares; (viii) policies adopted by Northern regarding brokerage, including soft dollars, trade allocations and other matters; and (ix) the nature of

the shareholders in the Multi-Manager Funds. The Trustees also considered the nature, quality and extent of non-advisory services provided to the Multi-Manager Funds by Northern and its affiliates.

More specifically, the Trustees reviewed, among other things, information relating to: (i) the terms of the Multi- Manager Management Agreement and the multi-manager exemptive order; (ii) the Multi-Manager Funds’ investment performance over different time periods in comparison to the investment performance of mutual fund peer groups and categories selected by Broadridge, an independent third-party provider of mutual fund data; (iii) the contractual and actual management fees and total expenses (after expense reimbursements and fee waivers) of the Multi-Manager Funds in comparison to those borne by mutual fund peer expense groups and categories selected by Broadridge; (iv) the management fees charged to the Multi-Manager Funds compared to the management fees charged by Northern to its other comparable institutional accounts; (v) Northern’s staffing for the Multi-Manager Funds and the experience of the portfolio managers and other personnel; (vi) Northern’s financial resources and its ability to attract and retain portfolio management talent; (vii) Northern’s investments in technology to benefit the Multi-Manager Funds; (viii) the fees paid by the Multi-Manager Funds to Northern and its affiliates for services, and the expenses incurred by them in connection with the provision of those services; and (ix) the benefits received by Northern and its affiliates from their service relationships with the Multi-Manager Funds. The Trustees were provided with a description of the methodology Broadridge used to determine the similarity of the Multi-Manager Funds with the funds included in their respective peer expense groups and peer expense and performance universes. The Trustees also took into account factors such as conditions and trends prevailing generally in the economy, the securities markets, and the industry. In evaluating the Multi-Manager Management Agreement for each of the Multi-Manager Funds, the Trustees gave weight to various factors including those discussed below, but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors.

Nature, Extent and Quality of Services

The Trustees considered, as part of their review, the nature, extent and quality of the services provided by Northern to the Multi-Manager Funds. In this regard, they considered both the investment advisory services, and separately the administrative and other non-advisory services that are provided to the Multi-Manager Funds by Northern and its affiliates. These services include acting as the Multi-Manager Funds’ administrator and sub-administrator, custodian and transfer agent and providing other services necessary for the operation of the Multi-Manager Funds and the Trust. The Trustees understood that the Multi-Manager Management Agreement encompassed both the advisory and administrative functions being rendered by Northern and its affiliates.

 

 

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  FIXED INCOME AND MONEY MARKET FUNDS

     

  APPROVAL OF MANAGEMENT AGREEMENT AND

  SUB-ADVISORY AGREEMENTS    (continued)

   

 

    

 

The Trustees considered, in evaluating whether to approve the Multi-Manager Management Agreement, that Northern engaged sub-advisers, subject to the Trustees’ approval, to manage the assets of the Multi-Manager Funds. They considered that Northern provided overall general investment management services to the Multi-Manager Funds, including managing the day-to-day operations of the Multi-Manager Funds, and also had the ultimate responsibility to oversee the sub-advisers, and to recommend their hiring, termination and replacement, subject to the Trustees’ approval. The Trustees discussed that Northern was also responsible for, among other things: (i) selecting each Multi-Manager Fund’s investment strategies; (ii) allocating and reallocating assets among the sub-advisers consistent with each Multi-Manager Fund’s investment objective and strategies; (iii) monitoring and evaluating each sub-adviser’s performance; (iv) compensating the sub-advisers; and (v) overseeing the sub-advisers’ compliance programs and compliance with the applicable Multi-Manager Fund’s investment objectives, policies and restrictions. The Trustees noted that Northern also managed the cash portion of each Multi-Manager Fund, in addition to providing the foregoing services.

In addition, the Trustees considered that Northern selects the sub-advisers to manage the Multi-Manager Funds on the basis of both qualitative and quantitative analyses that assess a number of factors. They noted that Northern allocates a portion of the assets of each Multi-Manager Fund to a sub-adviser selected through this process on the basis of a particular strategy assigned to it. Therefore, the Trustees considered that the sub-advisers are chosen not only based on their performance but for their anticipated investment synergy with the other sub-advisers managing assets of the same Multi-Manager Fund. The Trustees also considered that the prospectuses for the Multi-Manager Funds disclose Northern’s role in selecting the sub-advisers and that shareholders may consider this factor in determining whether to invest in a Multi-Manager Fund. The Trustees also considered that at the time of the meeting, Northern supervised a significant number of sub-advisers. The Trustees also took into account Northern’s expertise in managing multi-manager strategies and its investments in the multi-manager business.

The Trustees considered the quality of Northern’s communications with and services to shareholders, as well as the expenditures made by Northern and its affiliates to improve the quality and scope of their services to the Multi-Manager Funds. The Trustees believed that Northern had made significant commitments to address regulatory compliance requirements applicable to the Multi-Manager Funds. In this regard, they noted that Northern’s staff conducted thorough operational and compliance due diligence on prospective and existing sub-advisers and monitored the sub-advisers on a continuing basis throughout the year. They also took into account information regarding the effectiveness and resources of the compliance and due diligence teams.

The Trustees considered the strength of Northern’s and its affiliates’ risk management processes, including with respect to the fixed income Multi-Manager Funds’ regular reporting on stress testing. The Trustees also reviewed the compliance and administrative services provided to the Multi- Manager Funds by Northern and its affiliates, including its oversight of the Multi-Manager Funds’ day-to-day operations and fund accounting. The Trustees also noted that on a regular basis they received and reviewed information from the CCO regarding the Multi-Manager Funds’ compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act. They also considered the quality of Northern’s compliance oversight program with respect to all of the Multi-Manager Funds’ service providers and the continued involvement of Northern’s internal audit group in reviewing operations that support the Multi-Manager Funds, as well as Northern’s responses to any compliance or operational issue raised during the year. The Trustees also took into account that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, including maintaining and monitoring its own and the Multi-Manager Funds’ compliance programs, had expanded over time as a result of regulatory, market and other developments. In this regard, the Trustees also noted Northern’s initiatives undertaken in the past few years with respect to the Multi-Manager Funds and their shareholders, including to address additional regulatory and reporting requirements.

The Trustees also considered the qualifications, background and responsibilities of Northern’s senior management and investment personnel. They also noted Northern’s recruitment and retention plans for attracting high quality investment professionals, as well as its portfolio management compensation structure and the consistency of investment approach with respect to the Multi-Manager Funds. The Trustees also considered Northern’s and its affiliates’ strong financial position and stability. The Trustees concluded that Northern was able to commit, and had committed, substantial financial and other resources to the operations of the Multi-Manager Funds and was able to continue to provide quality services to the Multi-Manager Funds.

Performance

The Trustees considered the investment performance of each of the Multi-Manager Funds, including whether it had operated within its respective investment objectives, as well as its compliance with its investment restrictions. For Multi-Manager Funds that had been in existence for the applicable periods, the Trustees received information on the Multi-Manager Funds’ investment performance for one, two, three, four, five and ten years, as well as performance for the most recent quarter and year-to-date. The Trustees compared the investment performance of the Multi-Manager Funds to the performance of other registered funds and to rankings issued by Broadridge. The Multi-Manager Funds were ranked by Broadridge in quintiles, ranging from first to fifth, where first is the most desirable quintile

 

 

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SEPTEMBER 30, 2021 (UNAUDITED)    

 

 

position and fifth is the least desirable. The Trustees also reviewed the Multi-Manager Funds’ investment performance relative to their performance benchmarks.

The Trustees noted that the Multi-Manager Emerging Markets Debt Opportunity Fund had performance in the fifth quintile for the one-, three- and five-year periods and the Multi-Manager High Yield Opportunity Fund had performance in the fourth quintile for the three-year period.

They also considered the performance of the Multi-Manager Funds against their respective benchmarks for the one-, three- and five-year periods ended January 31, 2021, including that the Multi-Manager High Yield Opportunity Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods, and Multi-Manager Emerging Markets Debt Opportunity Fund underperformed its benchmark for the one-, three- and five-year periods.

They took into account that the Multi-Manager Emerging Markets Debt Opportunity Fund and Multi-Manager High Yield Opportunity Fund appeared in the least desirable less return, more expenses portion of the Broadridge three-year performance and expense comparison, due to underperformance relative to its peer expense group for the three-year period.

The Trustees also took into account senior management’s and the portfolio managers’ discussion of the Multi-Manager Funds’ performance and explanations for differences in investment parameters of certain Multi-Manager Funds and their peers. They also considered Northern’s continual monitoring of sub-advisers and their performance during the year, which included due diligence meetings. The Trustees expected and believed also that Northern was appropriately monitoring underperforming sub-advisers and Multi-Manager Funds. They noted the in-depth performance reviews had assisted them in evaluating performance issues with respect to any Multi-Manager Funds that were underperforming.

The Trustees concluded, based on the information received, that Northern was devoting appropriate resources to improving the Multi-Manager Funds’ performance and monitoring any underperformance.

Fee Rates, Costs of Services and Profitability

The Trustees also evaluated: the Multi-Manager Funds’ contractual and actual management (after expense reimbursements) fee rates; the Multi-Manager Funds’ total operating expense ratios; Northern’s contractual commitments to continue expense reimbursements for at least one year with respect to the Multi-Manager Funds; and whether a consistent methodology was in place for determining the fees and expenses of the Multi-Manager Funds. The Trustees also considered actions taken by Northern to reduce Fund expenses, such as service provider

and management fee reductions on several of the Multi-Manager Funds over recent years. The Trustees also considered that, for those Multi-Manager Funds that were sweeping uninvested cash into an Northern- affiliated money market Portfolio, Northern was in each case rebating back to the investing Multi-Manager Fund all of the advisory fees that were received by Northern from the applicable money market Portfolio.

The Trustees reviewed information on the fee rates paid by the Multi-Manager Funds under the Multi-Manager Management Agreement and the Multi-Manager Funds’ total operating expense ratios compared to similar information for mutual funds advised by unaffiliated investment management firms, as prepared by Broadridge. The Broadridge report compared the expenses of each Multi-Manager Funds against its respective Broadridge peer expense group and expense universe. In comparing the Multi-Manager Funds’ contractual and actual management fees to those of comparable funds, the Trustees noted that the Multi-Manager Funds’ management fees include both advisory and administrative costs.

Among other data, the Trustees noted that for all of the Multi-Manager Funds the contractual management fees were higher than their respective Broadridge peer expense group median contractual management fees, and actual management fees were higher than their respective Broadridge peer expense group and expense universe median actual management fees, respectively. They also noted that the actual expenses after reimbursement for the Multi-Manager Emerging Markets Debt Opportunity Fund was in the third quintile of its peer expense group and expense universe, and the Multi-Manager High Yield Opportunity Fund was in the third quintile of its peer expense group and fourth quintile of its peer expense universe.

The Trustees received information describing the Multi-Manager Funds’ advisory fee structure and the amount retained by Northern after payment of the sub-advisory fees and the services provided by Northern under the Multi-Manager Management Agreement and in overseeing the sub-advisers. The Trustees also took into account that each of the Multi-Manager Funds utilized multiple sub-advisers.

They also reviewed information comparing the Multi-Manager Funds’ fee rates to the fee rates charged by Northern to other similarly managed, private institutional accounts, if any. They noted that there were not applicable comparisons for every Multi-Manager Fund. For Multi-Manager Funds with applicable comparisons, the Trustees considered the difference in, and level of complexity of, services provided by Northern with regard to the private institutional accounts, as well as regulatory, operational and compliance differences, board and committee support provided by Northern to the Multi-Manager Funds and other differences. The Trustees considered the fee comparisons in light of the differences in management of these different kinds of

 

 

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    FIXED INCOME AND MONEY MARKET FUNDS

     

   APPROVAL OF MANAGEMENT AGREEMENT AND

   SUB-ADVISORY AGREEMENTS    (continued)

   

 

    

 

accounts. These comparisons assisted the Trustees in evaluating the reasonableness of the management fees paid by the Multi-Manager Funds.

In addition, the Trustees considered the amount of assets in each Multi-Manager Fund; the information provided by Northern relating to the costs of the services provided by it and its affiliates; and the profits realized by them through their relationship on a Fund-by-Fund basis and on an overall basis and both before and after distribution and certain non-distribution costs. It was noted that Northern had presented profitability information to the Trustees quarterly on a Fund-by-Fund basis as well as reports showing the expected impact on profitability by the addition of proposed sub-advisers, as required by the Multi-Manager Funds’ exemptive order. The Trustees considered Northern’s assumptions and methodology for allocating costs to each Multi-Manager Fund, recognizing that cost allocation methodologies are inherently subjective and not audited.

The Trustees also discussed information provided by Broadridge with respect to Northern’s profitability compared to other publicly traded advisers. They considered that comparisons of advisory agreement profitability across fund families are difficult because of numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees also considered Northern’s expense reimbursements during the year. They also took into account the nature of the Multi-Manager Funds and the high quality of the services provided by Northern. The Trustees understood that Northern should be entitled to earn a reasonable level of profit in exchange for the level of services it provides to the Multi-Manager Funds. The Trustees concluded that Northern’s profitability was not unreasonable based on the services and benefits provided and the costs assumed by Northern and its affiliates. They also noted that Northern appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Multi-Manager Funds.

Economies of Scale

The Trustees considered the extent to which economies of scale would be realized as the Multi-Manager Funds grow and whether fee levels reflected these economies of scale for the benefit of shareholders. The Trustees noted that the management fee for all of the Multi-Manager Funds have breakpoints, thus ensuring that as a Multi-Manager Fund’s assets grew, its shareholders would receive reduced fee rates. They took into account management’s discussion of the Multi-Manager Funds’ fee structure and considered Northern’s view that the Multi-Manager Funds were sharing in economies of scale through the level at which the Funds’ management fees are set and through Northern’s contractual expense reimbursements that limit the expenses for the Funds to specific levels.

The Trustees determined, on the basis of the foregoing, that the Multi-Manager Funds current management fee structures were reasonable.

Other Benefits to Northern

The Trustees also reviewed other benefits accruing to Northern and its affiliates as a result of their relationship with the Funds. Those benefits included fees received by the affiliates for transfer agency, custodial and sub-administrative functions. The Trustees also considered that many of the Multi-Manager Funds’ shareholders had other client relationships with Northern’s affiliates. In addition, the Trustees considered that the scale of some of the Funds provided opportunities to Northern to obtain securities trading advantages for its other advisory clients and that Northern and its affiliates benefit from their ability to leverage resources over a larger asset base. The Trustees also took into account the benefits from many of the sub-advisory fee structures where the fee is based on all assets managed by the sub-adviser for the Funds and Northern’s other clients.

After deliberation, the Trustees concluded with respect to each of the Multi-Manager Funds that the management fee paid by each of the Funds was reasonable in light of the services provided by Northern, its costs and the Multi-Manager Funds’ asset levels, and other factors including those discussed above and that renewal of the Multi-Manager Management Agreement should be approved.

Sub-Advisory Agreements

The Trustees next considered the Sub-Advisory Agreements for the Multi-Manager Funds. The Trustees reviewed and discussed information and written materials from Northern and the sub-advisers regarding: (i) the nature and quality of the investment advisory services to be provided by the sub-advisers, including the experience and qualifications of the personnel providing such services; (ii) each sub-adviser’s financial condition, history of operations and ownership structure; (iii) the sub-advisers’ brokerage and soft dollar practices; (iv) the sub-advisers’ investment strategies and styles of investing; (v) the performance history of the sub-advisers with respect to the applicable Multi-Manager Fund; (vi) information with respect to each sub-adviser’s risk management and cybersecurity programs and each sub-adviser’s compliance policies and procedures (including their codes of ethics) and the CCO’s evaluations of such policies and procedures, as well as the sub-adviser’s regulatory history; (vii) the sub-advisers’ conflicts of interest in managing the Multi-Manager Funds, including each sub-adviser’s other financial or business relationships with Northern or its affiliates; and (viii) the terms of the existing sub-advisory agreements. The Trustees also reviewed and discussed Northern’s strategy for allocating assets among the various sub-advisers, as well as the current allocations of assets among the various sub-advisers.

 

 

    FIXED INCOME AND MONEY MARKET FUNDS    414    NORTHERN FUNDS SEMIANNUAL REPORT

     FIXED INCOME AND MONEY MARKET FUNDS    
  

 

SEPTEMBER 30, 2021 (UNAUDITED)    

 

 

In evaluating the sub-advisory agreements, the Trustees gave weight to various factors but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors. However, the Trustees relied upon the recommendations and performance evaluations of Northern with respect to each of the sub-advisers.

Nature, Extent and Quality of Services

The Trustees considered the information and evaluations provided by Northern with respect to each sub-adviser’s operations, qualifications and experience in managing the type of strategies for which the sub-adviser was engaged in connection with a Multi-Manager Fund. The Trustees also placed emphasis on the CCO’s compliance program and the compliance monitoring schedule for each sub-adviser. The Trustees concluded that each sub-adviser had provided, and/or was able to provide, quality services to the Multi-Manager Funds.

Fees, Expenses and Performance

With respect to the sub-advisory fees, the Trustees considered that the sub-advisers were each paid by Northern out of its advisory fees and not by the Multi-Manager Funds. The Trustees also believed, based on Northern’s representations, that each sub-advisory agreement had been negotiated at arm’s-length among Northern and each sub-adviser and considered the reductions in certain of the sub-advisory fees in the past few years. In addition, the Trustees reviewed and compared each sub-adviser’s fees paid by Northern out of its advisory fees and fees paid to the sub-adviser by its other institutional accounts with similar strategies, if any. Finally, the Trustees also considered Northern’s representations that the fees to be paid to the sub-advisers were reasonable in light of the existing and anticipated quality of the services to be performed by them.

While the Trustees considered Northern’s profitability with respect to each Multi-Manager Fund, they did not consider the sub-advisers’ projected profitability as they did not consider it to be particularly relevant because Northern paid the sub-advisers out of its advisory fees. The Trustees considered that Northern had an incentive to negotiate the lowest possible sub-advisory fees.

The Trustees considered and evaluated the performance information presented with respect to each sub-adviser and Northern’s evaluation of each sub-adviser’s performance. This information was compared to performance information with respect to each Fund’s applicable performance benchmark. It was noted that each sub-adviser had a different style, and that these styles would underperform in various markets. The Trustees concluded, based upon the information provided, that most of the sub-advisers’ performance records were generally satisfactory and where there had been sub-adviser underperformance in the past, Northern had acted quickly to make changes to improve Fund performance, including by replacing sub-advisers.

Economies of Scale

The Trustees considered information prepared by Northern that showed that the levels of aggregate sub-advisory fee rates generally decreased as the Multi-Manager Funds’ assets increased, as most of the sub-advisers had breakpoints incorporated into their sub-advisory fee structures. However, the Trustees generally considered economies of scale with respect to the Multi-Manager Funds primarily at the management fee level given that Northern pays the sub-advisers out of its own management fees.

Other Benefits

The Trustees considered other benefits derived or to be derived by certain of the sub-advisers as a result of their relationship with the Multi-Manager Funds. These benefits included, in certain cases, research and other benefits in connection with brokerage commissions paid by the Multi-Manager Funds. The Trustees noted that they had received regular reports from the Trust’s CCO with respect to the quality of each sub-adviser’s trade execution on behalf of the Funds and soft dollar usage. The Trustees also considered the other relationships that certain of the sub-advisers had with Northern, including sub-advisory and/ or custodial relationships.

Based on the Trustees’ deliberations and the recommendations by Northern, the Trustees concluded that the fees paid to the sub-advisers on a Fund-by-Fund basis were reasonable in light of the services provided by each of them and that the sub-advisory agreements with respect to the Multi-Manager Funds should be reapproved for an additional one-year period.

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    415    FIXED INCOME AND MONEY MARKET FUNDS

 

    FIXED INCOME AND MONEY MARKET FUNDS

     

 

   FOR MORE INFORMATION

 

   

 

    

 

PORTFOLIO HOLDINGS

Each of the Funds, except the U.S. Government Money Market and U.S. Government Select Money Market Funds, files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s web site at sec.gov.

The U.S. Government Money Market and U.S. Government Select Money Market Funds file detailed month-end portfolio holdings information on Form N-MFP with the U.S. Securities and Exchange Commission (“SEC”) each month and posts a complete schedule of portfolio holdings on its website (northerntrust.com/) as of the last business day of each month for the previous six months. The U.S. Government Money Market and U.S. Government Select Money Market Funds’ Forms N-MFP are available electronically on the SEC’s website (sec.gov).

PROXY VOTING

Northern Funds’ Proxy Voting Policies and Procedures and each Fund’s portfolio securities voting record for the 12-month period ended June 30 are available upon request and without charge by visiting Northern Funds’ web site at northerntrust.com/funds or the SEC’s web site at sec.gov or by calling the Northern Funds Center at 800-595-9111.

 

 

    FIXED INCOME AND MONEY MARKET FUNDS    416    NORTHERN FUNDS SEMIANNUAL REPORT

LOGO

 

 

    EQUITY FUNDS

 

    

    TABLE OF CONTENTS

 

 

2   STATEMENTS OF ASSETS AND LIABILITIES   
6   STATEMENTS OF OPERATIONS   
10   STATEMENTS OF CHANGES IN NET ASSETS   
16   FINANCIAL HIGHLIGHTS   
39   SCHEDULES OF INVESTMENTS   
39  

ACTIVE M EMERGING MARKETS EQUITY FUND (Ticker Symbol: NMMEX)

   
44  

ACTIVE M INTERNATIONAL EQUITY FUND (Ticker Symbol: NMIEX)

   
52  

EMERGING MARKETS EQUITY INDEX FUND (Ticker Symbol: NOEMX)

   
76  

GLOBAL REAL ESTATE INDEX FUND (Ticker Symbol: NGREX)

   
87  

GLOBAL SUSTAINABILITY INDEX FUND (Ticker Symbols: Class I: NSRIX, Class K: NSRKX)

   
99  

GLOBAL TACTICAL ASSET ALLOCATION FUND (Ticker Symbol: BBALX)

   
101  

INCOME EQUITY FUND (Ticker Symbol: NOIEX)

   
105  

INTERNATIONAL EQUITY FUND (Ticker Symbol: NOIGX)

   
110  

INTERNATIONAL EQUITY INDEX FUND (Ticker Symbol: NOINX)

   
124  

LARGE CAP CORE FUND (Ticker Symbol: NOLCX)

   
129  

LARGE CAP VALUE FUND (Ticker Symbol: NOLVX)

   
133  

MID CAP INDEX FUND (Ticker Symbol: NOMIX)

   
140  

MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (Ticker Symbol: NMFIX)

   
143  

MULTI-MANAGER GLOBAL REAL ESTATE FUND (Ticker Symbol: NMMGX)

   
146  

NORTHERN ENGAGE360TM FUND (Ticker Symbol: NENGX)

   
154  

SMALL CAP CORE FUND (Ticker Symbols: Class I: NSGRX, Class K: NSCKX)

   
177  

SMALL CAP INDEX FUND (Ticker Symbol: NSIDX)

   
204  

SMALL CAP VALUE FUND (Ticker Symbol: NOSGX)

   
214  

STOCK INDEX FUND (Ticker Symbol: NOSIX)

   
223  

U.S. QUALITY ESG FUND (Ticker Symbols: Class I: NUEIX, Class K: NUESK)

   
228   NOTES TO THE FINANCIAL STATEMENTS   
252   FUND EXPENSES   
255   APPROVAL OF MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENTS   
264   FOR MORE INFORMATION   

 

 

       This report has been prepared for the general information of Northern Funds shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Northern Funds summary prospectus or prospectus, which contains more complete information about a fund’s investment objectives, risks, fees and expenses. Investors are reminded to read a summary prospectus or prospectus carefully before investing or sending money.    
   

 

 

Northern Funds are distributed by Northern Funds Distributors, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101, not affiliated with Northern Trust. NOT FDIC INSURED

  
   

 

May lose value / No bank guarantee

  

 

 

NORTHERN FUNDS SEMIANNUAL REPORT        
  1 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

    STATEMENTS OF ASSETS AND LIABILITIES

 

 

      Amounts in thousands, except per share data   

ACTIVE M

  EMERGING MARKETS  

EQUITY FUND

  

ACTIVE M

  INTERNATIONAL  

EQUITY FUND

  

  EMERGING MARKETS  

EQUITY

INDEX FUND

  

GLOBAL REAL

  ESTATE INDEX  

FUND

ASSETS:

               

Investments, at value

      $376,805             $677,987             $2,221,518             $1,465,585    

Investments in affiliates, at value

      18,442       12,176       45,594       14,387  

Cash held at broker (restricted $4,069, $966, $818, $108, and $0, respectively)

      —       —       4,641       966  

Foreign currencies held at broker, at value (restricted $117, $486, $149 and $ 4,579, respectively)

      —       —       —       227  

Foreign currencies, at value

      1,872       2,347       16,800       2,910  

Dividend income receivable

      805       1,385       3,518       4,982  

Receivable for foreign tax reclaims

      38       1,978       98       957  

Receivable for securities sold

      751       3,191       —       383  

Receivable for variation margin on futures contracts

      107       3       546       35  

Receivable for fund shares sold

      39       100       1,127       406  

Receivable from investment adviser

      12       7       17       —  

Unrealized appreciation on forward foreign currency exchange contracts

      —       —       118       48  

Prepaid and other assets

      306       15       20       11  

Total Assets

      399,177       699,189       2,293,997       1,490,897  

LIABILITIES:

               

Unrealized depreciation on forward foreign currency exchange contracts

      —       —       —       12  

Payable for securities purchased

      2,444       2,542       1,537       128  

Payable for variation margin on futures contracts

      —       34       —       213  

Payable for fund shares redeemed

      165       1,251       1,224       1,051  

Due to broker (Note 2)

      —       —       20       —  

Payable to affiliates:

               

Management fees

      71       96       80       100  

Custody fees

      40       21       29       35  

Shareholder servicing fees

      27       1       261       29  

Transfer agent fees

      13       23       75       50  

Accrued Trustee fees

      2       2       8       6  

Outstanding options written, at value (premiums received $(14))

      —       —       —       —  

Deferred foreign capital gains tax payable

      1,537       —       13,211       384  

Accrued other liabilities

      144       43       115       50  

Total Liabilities

      4,443       4,013       16,560       2,058  

Net Assets

      $394,734       $695,176       $2,277,437       $1,488,839  

ANALYSIS OF NET ASSETS:

               

Capital stock

      $258,606       $479,790       $1,822,884       $1,227,228  

Distributable earnings (loss)

      136,128       215,386       454,553       261,611  

Net Assets

      $394,734       $695,176       $2,277,437       $1,488,839  

Net Assets:

               

Shares

      $394,734       $695,176       $2,277,437       $1,488,839  

Class K

      —       —       —       —  

Class I

      —       —       —       —  

Total Shares Outstanding ($.001 par value, unlimited authorization):

               

Shares

      18,491       51,242       166,801       132,437  

Class K

      —       —       —       —  

Class I

      —       —       —       —  

Net Asset Value, Redemption and Offering Price Per Share:

               

Shares

      $ 21.35       $ 13.57       $ 13.65       $11.24  

Class K

      —       —       —       —  

Class I

      —       —       —       —  

Investments, at cost

      $316,439       $512,871       $1,458,526       $981,564  

Investments in affiliates, at cost

      18,442       12,176       45,594       14,387  

Foreign currencies held at broker, at cost

      —       —       —       230  

Foreign currencies, at cost

      1,872       2,401       16,908       2,931  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    2 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

GLOBAL

  SUSTAINABILITY  

INDEX FUND

  

GLOBAL TACTICAL

  ASSET ALLOCATION  

FUND

  

  INCOME  

EQUITY

FUND

  

  INTERNATIONAL  

EQUITY

FUND

  

  INTERNATIONAL  
EQUITY

INDEX FUND

  

  LARGE CAP  

CORE

FUND

         
  $1,130,579            $18,175             $160,075         $108,191            $5,446,382            $283,016   
  28,338       102,643       1,178       351       20,028       1,685  
         
  818       —       —       108       498       —  
         
  1,923       —       —       149       5,358       —  
  3,590       —       —       1,046       15,159       —  
  1,407       —       191       389       13,728       141  
  836       —       —       540       13,946       —  
  1       —       —       —       6       —  
  16       —       —       4       133       —  
  89,106       —       109       55       1,775       316  
  —       3       4       3       —       5  
  15       —       —       —       198       —  
  18       12       4       4       13       4  
  1,256,647       120,833       161,561       110,840       5,517,224       285,167  
         
  64       —       —       —       586       —  
  14,509       —       —       —       1,693       —  
  194       —       16       12       175       23  
  85,772       13       9       —       731       92  
  —       —       —       —       —       —  
         
  35       5       26       9       167       21  
  71       —       —       15       26       9  
  114       2       13       1       2       3  
  38       4       5       4       184       9  
  3       4       4       9       16       16  
  —       —       5       —       —       —  
  —       —       —       —       —       —  
  45       18       31       44       94       27  
  100,845       46       109       94       3,674       200  
  $1,155,802       $120,787       $161,452       $110,746       $5,513,550       $284,967  
         
  $720,405       $101,752       $ 92,806       $138,658       $4,243,095       $153,483  
  435,397       19,035       68,646       (27,912 )      1,270,455       131,484  
  $1,155,802       $120,787       $161,452       $110,746       $5,513,550       $284,967  
         
  —       120,787       161,452       110,746       5,513,550       284,967  
  681,028       —       —       —       —       —  
  474,774       —       —       —       —       —  
         
  —       8,534       10,202       11,034       380,083       10,386  
  33,752       —       —       —       —       —  
  23,540       —       —       —       —       —  
         
  —       14.15       15.83       10.04       14.51       27.44  
  20.18       —       —       —       —       —  
  20.17       —       —       —       —       —  
  $748,997       $ 18,048       $110,538       $ 95,336       $3,497,068       $180,608  
  28,103       86,594       1,178       351       20,028       1,685  
  1,970       —       —       152       5,470       —  
  3,612       —       —       1,055       15,280       —  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  3 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

STATEMENTS OF ASSETS AND LIABILITIES     continued

 

      Amounts in thousands, except per share data   

  LARGE CAP  

VALUE

FUND

  

  MID CAP  

INDEX

FUND

  

MULTI-MANAGER

GLOBAL LISTED

  INFRASTRUCTURE FUND  

  

MULTI-MANAGER

  GLOBAL REAL ESTATE  

FUND

ASSETS:

               

Investments, at value

      $65,128          $2,456,282         $1,046,689             $193,535         

Investments in affiliates, at value

      319       27,896       26,666       9,027  

Foreign currencies, at value

      —       —       1,654       —  

Dividend income receivable

      51       2,778       1,157       626  

Receivable for foreign tax reclaims

      —       —       1,319       48  

Receivable for securities sold

      —       —       5,053       1,924  

Receivable for variation margin on futures contracts

      —       13       —       —  

Receivable for fund shares sold

      75       1,030       39       13  

Receivable from investment adviser

      3       16       —       3  

Unrealized appreciation on forward foreign currency exchange contracts

      —       —       —       —  

Prepaid and other assets

      10       8       14       17  

Total Assets

      65,586       2,488,023       1,082,591       205,193  

LIABILITIES:

               

Unrealized depreciation on forward foreign currency exchange contracts

      —       —       —       —  

Payable for securities purchased

      —       1,346       4,153       2,169  

Payable for variation margin on futures contracts

      5       578       122       —  

Payable for fund shares redeemed

      20       451       277       —  

Payable to affiliates:

               

Management fees

      6       54       162       30  

Custody fees

      2       4       12       14  

Shareholder servicing fees

      —       3       5       —  

Transfer agent fees

      2       83       37       7  

Accrued Trustee fees

      7       6       3       2  

Accrued other liabilities

      29       32       20       24  

Total Liabilities

      71       2,557       4,791       2,246  

Net Assets

      $65,515       $2,485,466       $1,077,800       $202,947  

ANALYSIS OF NET ASSETS:

               

Capital stock

      $53,484       $1,384,900       $ 938,448       $165,508  

Distributable earnings (loss)

      12,031       1,100,566       139,352       37,439  

Net Assets

      $65,515       $2,485,466       $1,077,800       $202,947  

Net Assets:

               

Shares

      $65,515       $2,485,466       $1,077,800       $202,947  

Class K

      —       —       —       —  

Class I

      —       —       —       —  

Total Shares Outstanding ($.001 par value, unlimited authorization):

               

Shares

      3,053       102,838       82,349       16,184  

Class K

      —       —       —       —  

Class I

      —       —       —       —  

Net Asset Value, Redemption and Offering Price Per Share:

               

Shares

      $ 21.46       $ 24.17       $ 13.09       $ 12.54  

Class K

      —       —       —       —  

Class I

      —       —       —       —  

Investments, at cost

      $58,341       $1,570,494       $ 955,877       $155,518  

Investments in affiliates, at cost

      319       27,896       26,666       9,027  

Foreign currencies, at cost

      —       —       1,662       —  

 

   (1) 

Per share amounts may not recalculate due to rounding of net assets and shares outstanding.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    4 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    NORTHERN    

    ENGAGE360TM    

    FUND    

  

  SMALL CAP    

  CORE    

  FUND    

  

    SMALL CAP    

    INDEX    

    FUND    

  

    SMALL CAP    
    VALUE    

    FUND    

  

    STOCK    

    INDEX    

    FUND    

  

    U.S. QUALITY    

    ESG    

    FUND    

         
  $340,027           $518,603       $1,560,026       $2,598,705        $11,802,696       $413,935  
  10,555       19,679       11,541       41,982       70,388       2,965  
  3,755       —       —       —       —       —  
  580       406       1,164       3,350       7,257       221  
  357       —       —       —       —       —  
  481       903       14,978       —       —       —  
  7       —       1       —       2       —  
  —       142       1,469       787       3,838       316  
  4       5       9       63       56       4  
  91       —       —       —       —       —  
  22       24       32       31       44       25  
  355,879       539,762       1,589,220       2,644,918       11,884,281       417,466  
         
  91       —       —       —       —       —  
  761       428       137       —       —       —  
  57       201       298       485       1,026       31  
  —       84       117       4,915       1,154       900  
  41       42       35       418       160       26  
  13       6       —       6       5       1  
  —       58       12       435       12       —  
  12       18       52       86       396       13  
  1       4       7       12       27       —  
  18       57       21       79       80       50  
  994       898       679       6,436       2,860       1,021  
  $354,885       $538,864       $1,588,541       $2,638,482       $11,881,421       $416,445  
         
  $243,378       $254,978       $ 837,378       $1,469,048       $ 3,530,698       $321,192  
  111,507       283,886       751,163       1,169,434       8,350,723       95,253  
  $354,885       $538,864       $1,588,541       $2,638,482       $11,881,421       $416,445  
         
  354,885       —       1,588,541       2,638,482       11,881,421       —  
  —       293,195       —       —       —       415,874  
  —       245,669       —       —       —       571  
         
  25,034       —       92,445       113,444       246,530       —  
  —       8,872       —       —       —       23,665  
  —       7,442       —       —       —       32  
         
  14.18       —       17.18       23.26       48.19       —  
  —       33.05       —       —       —       17.57  
  —       33.01       —       —       —       17.57 (1)  
  $258,229       $308,448       $ 954,742       $1,821,330       $3,644,936       $341,267  
  10,555       19,679       11,541       41,982       66,600       2,965  
  3,794       —           —       —       —       —  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  5 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

STATEMENTS OF OPERATIONS

 

    Amounts in thousands  

  ACTIVE M    

  EMERGING MARKETS    

  EQUITY FUND    

  

  ACTIVE M  

  INTERNATIONAL  

  EQUITY FUND  

  

  EMERGING MARKETS  

  EQUITY  

  INDEX FUND  

  

GLOBAL REAL

  ESTATE INDEX  

FUND

       

INVESTMENT INCOME:

              
       

Dividend income

     $4,593 (1)      $8,150 (1)      $35,590 (1)      $27,574 (1) 
       

Non-cash dividend income

     —       —       —       —  
       

Dividend income from investments in affiliates

     —       3       6       —  
       

Interest income (Note 6)

     45       11       10       7  
       

Total Investment Income

     4,638       8,164       35,606       27,581  
       

EXPENSES:

              
       

Management fees

     2,348       2,943       2,555       3,064  
       

Custody fees

     153       90       760       142  
       

Transfer agent fees

     84       138       468       295  
       

Registration fees

     12       11       15       13  
       

Printing fees

     9       7       15       12  
       

Professional fees

     21       21       33       27  
       

Shareholder servicing fees (Shares)

     67       8       236       74  
       

Shareholder servicing fees (Class I)

     —       —       —       —  
       

Trustee fees

     4       3       11       7  
       

Other

     58       32       68       26  
       

Total Expenses

     2,756       3,253       4,161       3,660  
       

Less expenses reimbursed by investment adviser

     (358 )      (212 )      (492 )      —  
       

Net Expenses

     2,398       3,041       3,669       3,660  
         

Net Investment Income

     2,240       5,123       31,937       23,921  
       

NET REALIZED AND UNREALIZED GAINS (LOSSES):

              
       

Net realized gains (losses) on:

              
       

Investments

     26,581 (2)      35,747       49,380 (2)      2,991 (4)  
       

Investments in affiliates

     —       —       —       —  
       

Options written

     —       —       —       —  
       

Futures contracts

     (364 )      1,378       (510 )      975  
       

Foreign currency transactions

     (259 )      (75 )      (500 )      (21 ) 
       

Forward foreign currency exchange contracts

     —       —       (54 )      (74 ) 
       

Net changes in unrealized appreciation (depreciation) on:

              
       

Investments

     (43,072 )(3)       (1,579 )      (189,003 )(3)       70,206 (3) 
       

Investments in affiliates

     —       —       —       —  
       

Options written

     —       —       —       —  
       

Futures contracts

     (140 )      (362 )      (2,279 )      (561 ) 
       

Foreign currency translations

     43       (22 )      130       (31 ) 
       

Forward foreign currency exchange contracts

     —       —       168       93  
       

Net Gains (Losses)

     (17,211 )      35,087       (142,668 )      73,578  
         

Net Increase (Decrease) in Net Assets Resulting from Operations

     $(14,971 )      $40,210       $(110,731 )      $97,499  

 

  (1)

Net of $616, $946, $4,188, $1,367, $575, $199 and $7,823, respectively, in foreign withholding taxes.

 

  (2)

Net of foreign capital gains tax paid of $449 and $14, respectively.

 

  (3)

Net change in unrealized of deferred foreign capital gains tax of $(609), $(6,823) and $(384), respectively.

 

  (4)

Includes nonrecurring litigation proceeds of approximately $1,729,000.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    6 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    GLOBAL    

    SUSTAINABILITY    

    INDEX FUND    

  

    GLOBAL TACTICAL    

    ASSET ALLOCATION    

    FUND    

  

    INCOME    

    EQUITY    

    FUND    

  

    INTERNATIONAL    

    EQUITY    

    FUND    

  

    INTERNATIONAL    

    EQUITY    

    INDEX FUND    

  

    LARGE CAP    

    CORE    

    FUND    

         
  $9,666 (1)        $134             $1,878        $2,115 (1)       $80,202 (1)       $2,322  
         
  1,303       —       —       —       14,807       —  
         
  10       1,388       —       —       3       —  
         
  —       1       —       2       6       —  
         
  10,979       1,523       1,878       2,117       95,018       2,322  
         
  983       144       779       274       5,119       632  
         
  97       1       7       28       337       22  
         
  210       24       32       22       1,095       55  
         
  15       10       12       11       18       11  
         
  32       7       19       19       18       19  
         
  21       21       21       21       46       21  
         
  —       29       58       2       102       23  
         
  133       —       —       —       —       —  
         
  3       3       3       3       17       4  
         
  14       5       7       18       60       5  
         
  1,508       244       938       398       6,812       792  
         
  —       (83 )      (111 )      (95 )      —       (140 )   
         
  1,508       161       827       303       6,812       652  
           
  9,471       1,362       1,051       1,814       88,206       1,670  
         
  18,475       32       15,879       2,024       15,916       20,698  
         
  —       1,485       —       —       —       —  
         
  —       —       173       —       —       —  
         
  2,264       —       123       190       5,330       216  
         
  (21 )      —       —       (34 )      (58 )      —  
         
  106       —       —       —       (508 )      —  
         
  48,283       222       (5,852 )      18       122,251       2,279  
         
  14       1,368       —       —       —       —  
         
  —       —       (14 )      —       —       —  
         
  (734 )      —       (57 )      (73 )      (1,428 )      (107 ) 
         
  (41 )      —       —       (5 )      (246 )      —  
         
  (38 )      —       —       —       (32 )      —  
         
  68,308       3,107       10,252       2,120       141,225       23,086  
           
  $77,779       $4,469       $11,303       $3,934       $229,431       $24,756  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  7 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

STATEMENTS OF OPERATIONS     continued

 

 

    Amounts in thousands  

LARGE CAP

VALUE

FUND

  

 MID CAP 

 INDEX 

 FUND 

    

  MULTI-MANAGER  

  GLOBAL LISTED  

INFRASTRUCTURE FUND

  

  MULTI-MANAGER    
GLOBAL REAL ESTATE

  FUND    

       

INVESTMENT INCOME:

              
       

Dividend income

     $745       $18,133       $24,774 (1)        $2,687 (1)     
       

Non-cash dividend income

     —       —       1,907       —  
       

Dividend income from investments in affiliates

     —       4       —       1  
       

Interest income (Note 6)

     —       2       11       1  
       

Total Investment Income

     745       18,139       26,692       2,689  

EXPENSES:

              
       

Management fees

     178       1,697       5,329       906  
       

Custody fees

     8       92       83       29  
       

Transfer agent fees

     13       502       229       39  
       

Registration fees

     10       17       11       10  
       

Printing fees

     19       12       9       9  
       

Professional fees

     21       33       22       21  
       

Shareholder servicing fees (Shares)

     15       94       31       1  
       

Shareholder servicing fees (Class I)

     —       —       —       —  
       

Trustee fees

     3       11       4       4  
       

Other

     6       17       8       13  
       

Total Expenses

     273       2,475       5,726       1,032  
       

Less expenses reimbursed by investment adviser

     (82 )      (498 )      —       (98 ) 
       

Net Expenses

     191       1,977       5,726       934  
         

Net Investment Income

     554       16,162       20,966       1,755  
       

NET REALIZED AND UNREALIZED GAINS (LOSSES):

              
       

Net realized gains (losses) on:

              
       

Investments

     6,088       101,295       41,395       6,862 (2)  
       

Investments in affiliates

     —       —       —       —  
       

Futures contracts

     75       796       1,331       —  
       

Foreign currency transactions

     —       —       (133 )      (13 ) 
       

Forward foreign currency exchange contracts

     —       —       —       —  
       

Net changes in unrealized appreciation (depreciation) on:

              
       

Investments

     (3,326 )      (71,712 )      (25,325 )      11,537  
       

Investments in affiliates

     —       —       —       —  
       

Futures contracts

     (26 )      (668 )      (540 )      —  
       

Foreign currency translations

     —       —       (49 )      2  
       

Forward foreign currency exchange contracts

     —       —       —       —  
       

Net Gains (Losses)

     2,811       29,711       16,679       18,388  
         

Net Increase (Decrease) in Net Assets Resulting from Operations

     $3,365       $45,873       $37,645       $20,143  

 

  (1)

Net of $1,146, $74, and $282, respectively, in foreign withholding taxes.

 

  (2)

Includes nonrecurring litigation proceeds of approximately $858,000.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    8 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    NORTHERN    

    ENGAGE360TM    

    FUND    

  

    SMALL CAP    

    CORE    

    FUND    

  

    SMALL CAP    

    INDEX     

    FUND    

  

    SMALL CAP    

    VALUE    

    FUND    

  

    STOCK    

    INDEX    

    FUND    

  

    U.S. QUALITY    

ESG

FUND

         
  $3,873 (1)        $3,304            $8,668        $24,258       $ 82,792       $2,264    
         
  1,070       —       —       —       —       —  
         
  2       2       5       7       115       —  
         
  —       1       1       2       5       —  
         
  4,945       3,307       8,674       24,267       82,912       2,264  
         
  1,261       1,294       1,066       13,747       4,828       644  
         
  44       31       60       105       372       17  
         
  71       106       316       557       2,323       67  
         
  11       15       11       22       21       13  
         
  9       33       9       68       27       25  
         
  21       21       27       39       76       21  
         
  —       —       25       1,824       61       —  
         
  —       128       —       —       —       —  
         
  5       4       7       14       35       4  
         
  7       5       12       22       50       4  
         
  1,429       1,637       1,533       16,398       7,793       795  
         
  (130 )      (154 )      (290 )      (1,902 )      (1,692 )      (115 ) 
         
  1,299       1,483       1,243       14,496       6,101       680  
           
  3,646       1,824       7,431       9,771       76,811       1,584  
         
  18,638       49,509       124,151       270,971       123,277       17,057  
         
  —       —       —       —       5       —  
         
  1,034       (312 )      (178 )      2,847       30,221       177  
         
  (84 )      —       —       —       —       —  
         
  134       —       —       —       —       —  
         
  (7,570 )      (43,484 )      (137,381 )      (303,422 )      801,343       6,924  
         
  —       —       —       —       183       —  
         
  (382 )      287       675       (1,872 )      (7,356 )      (89 ) 
         
  9       —       —       —       —       —  
         
  (131 )      —       —       —       —       —  
         
  11,648       6,000       (12,733 )      (31,476 )      947,673       24,069  
           
  $15,294       $7,824       $(5,302 )      $(21,705 )      $1,024,484       $25,653  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  9 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

STATEMENTS OF CHANGES IN NET ASSETS

 

    

ACTIVE M

EMERGING MARKETS

EQUITY FUND

    

ACTIVE M

INTERNATIONAL
EQUITY FUND

    

EMERGING MARKETS

EQUITY

INDEX FUND

  
     Amounts in thousands   

SEP 30,

2021

    

MAR 31,

2021

  

SEP 30,

2021

    

MAR 31,

2021

  

SEP 30,

2021

    

MAR 31,

2021

OPERATIONS:

                 
     

Net investment income (Note 6)

      $2,240       $2,833          $5,123       $5,639         $31,937       $35,383  
     

Net realized gains (losses) (Note 6)

      25,958       86,190       37,050       35,380       48,316       130,370  
     

Net change in unrealized appreciation (depreciation)

      (43,169 )      92,625       (1,963 )      234,068       (190,984 )      699,253  
     

Net Increase (Decrease) in Net Assets Resulting from Operations

      (14,971 )      181,648       40,210       275,087       (110,731 )      865,006  

CAPITAL SHARE TRANSACTIONS:

                 
     

Net increase (decrease) in net assets resulting from Shares transactions

      (29,104 )      (50,970 )      (28,162 )      (144,908 )      (24,611 )      10,513  
     

Net increase in net assets resulting from Class K transactions

      —       —       —       —       —       —  
     

Net increase (decrease) in net assets resulting from Class I transactions

      —       —       —       —       —       —  
     

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions

      (29,104 )      (50,970 )      (28,162 )      (144,908 )      (24,611 )      10,513  

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

                 
     

Distributable earnings

      —       (30,239 )      —       (5,234 )      —       (56,778 ) 
     

Total Distributions to Shares Shareholders

      —       (30,239 )      —       (5,234 )      —       (56,778 ) 

DISTRIBUTIONS TO CLASS K SHAREHOLDERS:

                 
     

Distributable earnings

      —       —       —       —       —       —  
     

Total Distributions to Class K Shareholders

      —       —       —       —       —       —  

DISTRIBUTIONS TO CLASS I SHAREHOLDERS:

                 
     

Distributable earnings

      —       —       —       —       —       —  
     

Total Distributions to Class I Shareholders

      —       —       —       —       —       —  

Total Increase (Decrease) in Net Assets

      (44,075 )      100,439       12,048       124,945       (135,342 )      818,741  
     

NET ASSETS:

                 
     

Beginning of period

      438,809       338,370       683,128       558,183       2,412,779       1,594,038  
     

End of period

      $394,734       $438,809       $695,176       $683,128       $2,277,437       $2,412,779    

 

  (1)

On July 31, 2020, the balances of the Shares class for Global Sustainability Index Fund were transferred to either Class K or Class I, as appropriate, due to a class conversion. See Note 8.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    10 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)

OR THE FISCAL YEAR ENDED MARCH 31, 2021

 

    

GLOBAL REAL

ESTATE INDEX

FUND

    

GLOBAL

SUSTAINABILITY

INDEX FUND

    

GLOBAL TACTICAL

ASSET ALLOCATION

FUND

     

INCOME

EQUITY

FUND

  

      SEP 30,

      2021

    

MAR 31,

2021

  

SEP 30,

2021

    

MAR 31,

2021

    

SEP 30,

2021

    

MAR 31,

2021

   

SEP 30,

2021

     

MAR 31,

2021

     
  $23,921       $37,378       $9,471       $15,216       $1,362       $2,679        $1,051        $2,041  
     
  3,871       (104,275 )      20,824       28,548       1,517       5,391        16,175        12,495  
     
  69,707       485,190       47,484       314,587       1,590       23,223        (5,923 )       41,683  
     
  97,499       418,293       77,779       358,351       4,469       31,293        11,303        56,219  
     
  (19,451 )      (731,592 )      —       (856,563 )(1)      (3,633 )      (4,183 )       1,113        (11,159 ) 
     
  —       —       127,580       429,774       —       —        —        —  
     
  —       —       (38,188 )      382,628       —       —        —        —  
     
  (19,451 )      (731,592 )      89,392       (44,161 )      (3,633 )      (4,183 )       1,113        (11,159 ) 
     
  (21,382 )      (34,956 )      —       —       (776 )      (7,567 )       (872 )       (10,714 ) 
     
  (21,382 )      (34,956 )      —       —       (776 )      (7,567 )       (872 )       (10,714 ) 
     
  —       —       —       (7,680 )      —       —        —        —  
     
  —       —       —       (7,680 )      —       —        —        —  
     
  —       —       —       (7,719 )      —       —        —        —  
     
  —       —       —       (7,719 )      —       —        —        —  
     
  56,666       (348,255 )      167,171       298,791       60       19,571        11,544        34,346  
     
  1,432,173       1,780,428       988,631       689,840       120,727       101,156        149,908        115,562  
     
      $1,488,839       $1,432,173          $1,155,802       $988,631       $120,787       $120,727           $161,452        $149,908        
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  11 
  
 		   EQUITY FUNDS

EQUITY FUNDS

 

  

    

STATEMENTS OF CHANGES IN NET ASSETS    continued

 

    

INTERNATIONAL

EQUITY

FUND

    

INTERNATIONAL

EQUITY

INDEX FUND

    

LARGE CAP

CORE

FUND

  
     Amounts in thousands    SEP 30,
2021		     MAR 31,
2021		   SEP 30,
2021		     MAR 31,
2021		   SEP 30,
2021		     MAR 31,
2021

OPERATIONS:

                 
     

Net investment income (Note 6)

      $1,814       $2,748         $88,206       $105,725         $1,670       $3,288  
     

Net realized gains (losses) (Note 6)

      2,180       (12,140 )      20,680       (71,364 )      20,914       10,737  
     

Net change in unrealized appreciation (depreciation)

      (60 )      46,176       120,545       1,630,534       2,172       80,672  
     

Net Increase (Decrease) in Net Assets Resulting from Operations

      3,934       36,784       229,431       1,664,895       24,756       94,697  

CAPITAL SHARE TRANSACTIONS:

                 
     

Net increase (decrease) in net assets resulting from Shares transactions

      780       (47,177 )      (95,556 )      (281,903 )      (8,845 )      14,501  
     

Net increase in net assets resulting from Class K transactions

      —       —       —       —       —       —  
     

Net increase (decrease) in net assets resulting from Class I transactions

      —       —       —       —       —       —  
     

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions

      780       (47,177 )      (95,556 )      (281,903 )      (8,845 )      14,501  

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

                 
     

Distributable earnings

      —       (5,764 )      —       (103,477 )      (1,489 )      (3,348 ) 
     

Total Distributions to Shares Shareholders

      —       (5,764 )      —       (103,477 )      (1,489 )      (3,348 ) 

DISTRIBUTIONS TO CLASS K SHAREHOLDERS:

                 
     

Distributable earnings

      —       —       —       —       —       —  
     

Total Distributions to Class K Shareholders

      —       —       —       —       —       —  

DISTRIBUTIONS TO CLASS I SHAREHOLDERS:

                 
     

Distributable earnings

      —       —       —       —       —       —  
     

Total Distributions to Class I Shareholders

      —       —       —       —       —       —  

Total Increase (Decrease) in Net Assets

      4,714       (16,157 )      133,875       1,279,515       14,422       105,850  
     

NET ASSETS:

                 
     

Beginning of period

      106,032       122,189       5,379,675       4,100,160       270,545       164,695  
     

End of period

      $110,746       $106,032       $5,513,550       $5,379,675       $284,967       $270,545    

 

        

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    12 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)

OR THE FISCAL YEAR ENDED MARCH 31, 2021

 

    

LARGE CAP

VALUE

FUND

    

MID CAP

INDEX

FUND

    

MULTI-MANAGER

GLOBAL LISTED

INFRASTRUCTURE FUND

     

MULTI-MANAGER

GLOBAL REAL ESTATE

FUND

  

      SEP 30,

      2021

     MAR 31,
2021		   SEP 30,
2021		    

MAR 31,

2021

   SEP 30,
2021		     MAR 31,
2021		    SEP 30,
2021		     

MAR 31,

2021

     
  $554       $1,131       $16,162       $26,386       $20,966       $19,198        $1,755        $2,654  
     
  6,163       682       102,091       183,976       42,593       5,760        6,849        604  
     
  (3,352 )      24,288          (72,380 )      1,054,165          (25,914 )      214,102        11,539        38,498  
     
  3,365       26,101       45,873       1,264,527       37,645       239,060        20,143        41,756  
     
  (1,671 )      (7,211 )      (84,134 )      (334,614 )      (109,064 )      54,342        2,991        43,914  
     
  —       —       —       —       —       —        —        —  
     
  —       —       —       —       —       —        —        —  
     
  (1,671 )      (7,211 )      (84,134 )      (334,614 )      (109,064 )      54,342        2,991        43,914  
     
  —       (855 )      —       (106,696 )      (18,375 )      (22,028 )       (1,379 )       (3,046 ) 
     
  —       (855 )      —       (106,696 )      (18,375 )      (22,028 )       (1,379 )       (3,046 ) 
     
  —       —       —       —       —       —        —        —  
     
  —       —       —       —       —       —        —        —  
     
  —       —       —       —       —       —        —        —  
     
  —       —       —       —       —       —        —        —  
     
  1,694       18,035       (38,261 )      823,217       (89,794 )      271,374        21,755        82,624  
     
  63,821       45,786       2,523,727       1,700,510       1,167,594       896,220        181,192        98,568  
     
  $65,515       $63,821       $2,485,466       $2,523,727       $1,077,800       $1,167,594        $202,947        $181,192        
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  13 
  
 		   EQUITY FUNDS

EQUITY FUNDS

 

  

    

STATEMENTS OF CHANGES IN NET ASSETS    continued

 

    

NORTHERN
ENGAGE360TM

FUND

    

SMALL CAP

CORE

FUND

    

SMALL CAP

INDEX

FUND

  
     Amounts in thousands    SEP 30,
2021		     MAR 31,
2021		   SEP 30,
2021		     MAR 31,
2021		   SEP 30,
2021		    

MAR 31,

2021

OPERATIONS:

                 
     

Net investment income (Note 6)

      $3,646       $3,623       $1,824       $2,703       $7,431       $11,603  
     

Net realized gains (losses) (Note 6)

      19,722       14,385       49,197       43,979       123,973       78,349  
     

Net change in unrealized appreciation (depreciation)

      (8,074 )      123,214       (43,197 )      213,822       (136,706 )      717,378  
     

Net Increase (Decrease) in Net Assets Resulting from Operations

      15,294       141,222       7,824       260,504       (5,302 )      807,330  

CAPITAL SHARE TRANSACTIONS:

                 
     

Net increase (decrease) in net assets resulting from Shares transactions

      (60,908 )      17,046       —       (430,293 )(2)      (13,052 )      (37,120 ) 
     

Net increase in net assets resulting from Class K transactions

      —       —       1,349       205,564       —       —  
     

Net increase (decrease) in net assets resulting from Class I transactions

      —       —       (12,314 )      185,357       —       —  
     

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions

      (60,908 )      17,046          (10,965 )      (39,372 )      (13,052 )      (37,120 ) 

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

                 
     

Distributable earnings

      —       (3,438 )      —       —       —       (50,744 ) 
     

Total Distributions to Shares Shareholders

      —       (3,438 )      —       —       —       (50,744 ) 

DISTRIBUTIONS TO CLASS K SHAREHOLDERS:

                 
     

Distributable earnings

      —       —       —       (12,622 )      —       —  
     

Total Distributions to Class K Shareholders

      —       —       —       (12,622 )      —       —  

DISTRIBUTIONS TO CLASS I SHAREHOLDERS:

                 
     

Distributable earnings

      —       —       —       (10,571 )      —       —  
     

Total Distributions to Class I Shareholders

      —       —       —       (10,571 )      —       —  

Total Increase (Decrease) in Net Assets

      (45,614 )      154,830       (3,141 )      197,939       (18,354 )      719,466  
     

NET ASSETS:

                 
     

Beginning of period

      400,499       245,669       542,005       344,066       1,606,895       887,429  
     

End of period

      $354,885       $400,499       $538,864       $542,005       $1,588,541       $1,606,895       

 

  *

Amount rounds to less than one thousand.

 

  (2)

On July 31, 2020, the balances of the Shares class for Small Cap Core and U.S. Quality ESG Funds were transferred to either Class K or Class I, as appropriate, due to a class conversion. See Note 8.

 

  (3)

See Note 6.

 

        

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    14 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 (UNAUDITED)

OR THE FISCAL YEAR ENDED MARCH 31, 2021

 

    

SMALL CAP

VALUE

FUND

    

STOCK

INDEX

FUND

  

U.S. QUALITY

ESG

FUND

    SEP 30,

    2021

    

MAR 31,

2021

  

SEP 30,

2021

  

MAR 31,

2021

  

SEP 30,

2021

  

MAR 31,

2021

   
  $9,771       $25,947           $76,811       $151,246           $1,584           $2,297      
   
  273,818       175,053       153,503       377,342       17,234       8,062  
   
  (305,294 )      1,222,954       794,170       3,684,199       6,835       74,507  
   
  (21,705 )      1,423,954       1,024,484       4,212,787       25,653       84,866  
   
  (314,074 )      (474,603 )      (293,616 )(3)       (512,680 )      —       (137,880 )(2) 
   
  —       —       —       —       93,553       249,096  
   
  —       —       —       —       486       71  
   
  (314,074 )      (474,603 )      (293,616 )      (512,680 )      94,039       111,287  
   
  —       (51,990 )      (74,878 )      (407,898 )      —       (473 ) 
   
  —       (51,990 )      (74,878 )      (407,898 )      —       (473 ) 
   
  —       —       —       —       (1,533 )      (3,167 ) 
   
  —       —       —       —       (1,533 )      (3,167 ) 
   
  —       —       —       —       (1 )      — * 
   
  —       —       —       —       (1 )      — * 
  (335,779 )      897,361       655,990       3,292,209       118,158       192,513  
   
  2,974,261       2,076,900       11,225,431       7,933,222       298,287       105,774  
   
    $2,638,482       $2,974,261       $11,881,421       $11,225,431       $416,445       $298,287  

 

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  15 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    

 

 

  ACTIVE M EMERGING

  MARKETS EQUITY FUND

   SHARES                    
  Selected per share data  

  SIX MONTHS  
ENDED

SEP 30,

2021
(UNAUDITED)

  

  FISCAL YEAR  
ENDED

MAR 31,

2021

  

  FISCAL YEAR  
ENDED

MAR 31,

2020

  

  FISCAL YEAR  
ENDED

MAR 31,

2019

  

   FISCAL YEAR   
ENDED

MAR 31,

2018

  

  FISCAL YEAR  
ENDED

MAR 31,

2017

     

Net Asset Value, Beginning of Period

     $22.17       $14.61       $19.49       $22.55       $18.05       $15.36  
     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                  
     

Net investment income

     0.12 (1)       0.15 (2)       0.59       0.42       0.28       0.20  
     

Net realized and unrealized gains (losses)

     (0.94 )      8.93 (3)       (3.84 )      (3.30 )      4.22       2.79  
     

Total from Investment Operations

     (0.82 )      9.08       (3.25 )      (2.88 )      4.50       2.99  
     

LESS DISTRIBUTIONS PAID:

                  
     

From net investment income(4)

    —       (0.20 )      (0.88 )      (0.18 )      —       (0.30 ) 
     

From net realized gains

     —       (1.32 )      (0.75 )      —       —       —  
     

Total Distributions Paid

     —       (1.52 )      (1.63 )      (0.18 )      —       (0.30 ) 
     

Net Asset Value, End of Period

     $21.35       $22.17       $14.61       $19.49       $22.55       $18.05  
     

Total Return(5)

    (3.70 )%        62.55 %      (18.77 )%      (12.71 )%      24.93 %      19.75 % 
     

SUPPLEMENTAL DATA AND RATIOS:

                  
     

Net assets, in thousands, end of period

     $394,734       $438,809       $338,370       $816,363       $1,268,985       $962,121  
     

Ratio to average net assets of:(6)

                 
     

Expenses, net of reimbursements and credits

     1.10 %      1.10 %(7)       1.10 %(7)       1.10 %(7)       1.10 %(7)       1.15 %(7)(8) 
     

Expenses, before reimbursements and credits

     1.27 %      1.25 %      1.26 %      1.21 %      1.21 %      1.28 %(8)  
     

Net investment income, net of reimbursements and credits

     1.04 %      0.72 %(7)       1.85 %(7)       1.61 %(7)      1.34 %(7)      1.13 %(7)(8) 
     

Net investment income, before reimbursements and credits

     0.87 %      0.57 %      1.69 %      1.50 %      1.23 %      1.00 %(8)  
     

Portfolio Turnover Rate

     43.69 %      134.29 %      81.32 %      80.98 %      36.14 %      59.52 % 

 

  (1)

The Northern Trust Company reimbursed the Fund approximately $14,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (2)

The Northern Trust Company reimbursed the Fund approximately $41,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 62.53%. See Note 6.

 

  (3)

The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $3,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (4)

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (5)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (6)

Annualized for periods less than one year.

 

  (7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $10,000, $17,000, $42,000 and $46,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019 and 2018, respectively, and approximately $36,000, which represents less than 0.005 percent of average net assets for the fiscal year ended March 31, 2017. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

  (8)

Effective June 15, 2016, the investment adviser reduced the management fee paid by the Fund and agreed to increase the expense reimbursement it provides the Fund by contractually limiting the Fund’s total expenses (other than certain excepted expenses noted in the Notes to the Financial Statements) to 1.10%. Prior to June 15, 2016, the expense limitation had been 1.35%.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    16 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

    

 

    

  ACTIVE M

  INTERNATIONAL EQUITY

  FUND

   SHARES                    
  Selected per share data  

  SIX MONTHS  
ENDED

SEP 30,

2021

(UNAUDITED)

  

  FISCAL YEAR  
ENDED

MAR 31,

2021

  

  FISCAL YEAR  
ENDED

MAR 31,

2020

  

  FISCAL YEAR  
ENDED

MAR 31,

2019

  

  FISCAL YEAR  
ENDED

MAR 31,

2018

  

  FISCAL YEAR  
ENDED

MAR 31,

2017

     

Net Asset Value, Beginning of Period

     $12.81       $8.09       $10.38       $11.70       $9.95       $9.35  
     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                  
     

Net investment income

     0.11 (1)      0.13 (2)       0.21       0.22       0.17       0.16  
     

Net realized and unrealized gains (losses)

     0.65       4.69 (3)       (1.85 )      (0.91 )      1.74       0.60  
     

Total from Investment Operations

     0.76       4.82       (1.64 )      (0.69 )      1.91       0.76  
     

LESS DISTRIBUTIONS PAID:

                  
     

From net investment income(4)

    —       (0.10 )      (0.26 )      (0.29 )      (0.16 )      (0.16 ) 
     

From net realized gains

     —       —       (0.39 )      (0.34 )      —       —  
     

Total Distributions Paid

     —       (0.10 )      (0.65 )      (0.63 )      (0.16 )      (0.16 ) 
     

Net Asset Value, End of Period

     $13.57       $12.81       $8.09       $10.38       $11.70       $9.95  
     

Total Return(5)

     5.93 %        59.61 %       (17.49 )%       (5.32 )%       19.17 %       8.27 %  
     

SUPPLEMENTAL DATA AND RATIOS:

                  
     

Net assets, in thousands, end of period

     $695,176       $683,128       $558,183       $915,696       $1,390,844       $1,156,348  
     

Ratio to average net assets of:(6)

                 
     

Expenses, net of reimbursements and credits

     0.85 %      0.85 %(7)       0.85 %(7)       0.84 %(7)       0.84 %(7)       0.92 %(7)(8)  
     

Expenses, before reimbursements and credits

     0.91 %      0.92 %      0.93 %      0.94 %      0.93 %      1.01 %(8)  
     

Net investment income, net of reimbursements and credits

     1.43 %      0.93 %(7)       1.86 %(7)       1.75 %(7)       1.49 %(7)       1.41 %(7)(8)  
     

Net investment income, before reimbursements and credits

     1.37 %      0.86 %      1.78 %      1.65 %      1.40 %      1.32 %(8)  
     

Portfolio Turnover Rate

     15.18 %      51.34 %      39.52 %      35.11 %      65.70 %      115.17 % 

 

  (1)

The Northern Trust Company reimbursed the Fund approximately $11,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (2)

The Northern Trust Company reimbursed the Fund approximately $26,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 59.59%. See Note 6.

 

  (3)

The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $6,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (4)

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (5)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (6)

Annualized for periods less than one year.

 

  (7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $17,000, $45,000, $66,000, $77,000 and $71,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

  (8)

Effective June 15, 2016, the investment adviser reduced the management fee paid by the Fund and agreed to increase the expense reimbursement it provides the Fund by contractually limiting the Fund’s total expenses (other than certain excepted expenses noted in the Notes to the Financial Statements) to 0.84%. Prior to June 15, 2016, the expense limitation had been 1.20%.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  17 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    continued

 

 

   EMERGING MARKETS

   EQUITY INDEX FUND

   SHARES                    
  Selected per share data  

  SIX MONTHS  
ENDED

SEP 30,

2021
(UNAUDITED)

  

  FISCAL YEAR  
ENDED

MAR 31,

2021

  

  FISCAL YEAR  

ENDED

MAR 31,

2020

  

  FISCAL YEAR  

ENDED

MAR 31,

2019

  

  FISCAL YEAR  

ENDED

MAR 31,

2018

  

  FISCAL YEAR  

ENDED

MAR 31,

2017

           

Net Asset Value, Beginning of Period

     $14.32       $9.25       $11.70       $13.10       $10.68       $9.28  
           
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                      
           

Net investment income

     0.19 (1)       0.20 (2)       0.37       0.30       0.24       0.20  
           

Net realized and unrealized gains (losses)

     (0.86 )      5.20       (2.43 )      (1.41 )      2.40       1.38  
           

Total from Investment Operations

     (0.67 )      5.40       (2.06 )      (1.11 )      2.64       1.58  
           

LESS DISTRIBUTIONS PAID:

                      
           

From net investment income(3)

    —       (0.33 )      (0.39 )      (0.29 )      (0.22 )      (0.18 ) 
           

Total Distributions Paid

     —       (0.33 )      (0.39 )      (0.29 )      (0.22 )      (0.18 ) 
             

Net Asset Value, End of Period

     $13.65       $14.32       $9.25       $11.70       $13.10       $10.68  
           

Total Return(4)

    (4.68 )%        58.51 %        (18.36 )%        (8.20 )%        24.84 %        17.30 %   
           
SUPPLEMENTAL DATA AND RATIOS:                      
           

Net assets, in thousands, end of period

     $2,277,437       $2,412,779       $1,594,038       $2,790,805       $3,255,089       $2,296,815  
           

Ratio to average net assets of:(5)

                     
           

Expenses, net of reimbursements and credits

     0.30 %      0.30 %(6)       0.30 %(6)       0.30 %(6)       0.30 %(6)       0.30 %(6)  
           

Expenses, before reimbursements and credits

     0.34 %      0.34 %      0.35 %      0.35 %      0.34 %      0.35 % 
           

Net investment income, net of reimbursements and credits

     2.62 %      1.76 %(6)       3.07 %(6)       2.35 %(6)       2.00 %(6)       1.95 %(6)  
           

Net investment income, before reimbursements and credits

     2.58 %      1.72 %      3.02 %      2.30 %      1.96 %      1.90 % 
           

Portfolio Turnover Rate

     9.66 %      74.68 %      45.08 %      54.69 %      27.03 %      30.14 % 

 

  (1)

The Northern Trust Company reimbursed the Fund approximately $10,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (2)

The Northern Trust Company reimbursed the Fund approximately $151,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 58.44%. See Note 6.

 

  (3)

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (4)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (5)

Annualized for periods less than one year.

 

  (6)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $21,000, $26,000, $31,000, $34,000 and $32,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    18 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

    

 

    

 

   GLOBAL REAL ESTATE

   INDEX FUND

   SHARES                    
   Selected per share data  

  SIX MONTHS  

ENDED

SEP 30,

2021

(UNAUDITED)

  

  FISCAL YEAR  

ENDED

MAR 31,

2021

  

  FISCAL YEAR  

ENDED

MAR 31,

2020

  

  FISCAL YEAR  

ENDED

MAR 31,

2019

  

  FISCAL YEAR  

ENDED

MAR 31,

2018

  

  FISCAL YEAR  

ENDED

MAR 31,

2017

           

Net Asset Value, Beginning of Period

     $10.67       $8.22       $11.05       $10.35       $9.99       $10.08  
           
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                      
           

Net investment income

     0.17 (1)       0.04       0.34       0.34       0.33       0.25  
           

Net realized and unrealized gains (losses)

     0.56       2.64       (2.67 )      0.72       0.38       0.02  
           

Total from Investment Operations

     0.73       2.68       (2.33 )      1.06       0.71       0.27  
           

LESS DISTRIBUTIONS PAID:

                      
           

From net investment income(2)

    (0.16 )      (0.23 )      (0.50 )      (0.36 )      (0.35 )      (0.36 ) 
           

Total Distributions Paid

     (0.16 )      (0.23 )      (0.50 )      (0.36 )      (0.35 )      (0.36 ) 
             

Net Asset Value, End of Period

     $11.24       $10.67       $8.22       $11.05       $10.35       $9.99  
           

Total Return(3)

    6.71 %(4)         33.25 %(5)         (22.11 )%        10.55 %        7.10 %        2.81 %   
           
SUPPLEMENTAL DATA AND RATIOS:                      
           

Net assets, in thousands, end of period

     $1,488,839       $1,432,173       $1,780,428       $2,091,233       $1,881,555       $1,889,797  
           

Ratio to average net assets of:(6)

                     
           

Expenses, net of reimbursements and credits

     0.48 %      0.48 %(7)       0.49 %(7)      0.50 %(7)       0.50 %(7)       0.50 %(7)  
           

Expenses, before reimbursements and credits

     0.48 %      0.48 %      0.49 %      0.53 %      0.53 %      0.53 % 
           

Net investment income, net of reimbursements and credits

     3.12 %      2.55 %(7)       2.81 %(7)       3.17 %(7)       3.21 %(7)      2.52 %(7)  
           

Net investment income, before reimbursements and credits

     3.12 %      2.55 %      2.81 %      3.14 %      3.18 %      2.49 % 
           

Portfolio Turnover Rate

     3.25 %      7.27 %      6.91 %      27.17 %      9.53 %      5.96 % 

 

  (1)

The Northern Trust Company reimbursed the Fund approximately $7,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (2)

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (3)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (4)

During the six months ended September 30, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 6.58%.

 

  (5)

During the fiscal year ended March 31, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 33.11%.

 

  (6)

Annualized for periods less than one year.

 

  (7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $8,000, $32,000, $16,000, $16,000 and $24,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  19 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    continued

 

 

  GLOBAL SUSTAINABILITY INDEX FUND

   CLASS K      
  Selected per share data  

SIX MONTHS    

ENDED    

  SEPTEMBER 30,      

2021    

(UNAUDITED)    

  

PERIOD

ENDED

     MARCH 31,     

2021(1)

 

Net Asset Value, Beginning of Period

     $18.67       $15.50  
 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

      
 

Net investment income

     0.16 (2)       0.19  
 

Net realized and unrealized gains

     1.35       3.27  
 

Total from Investment Operations

     1.51       3.46  
 

LESS DISTRIBUTIONS PAID:

      
 

From net investment income(3)

    —       (0.29 ) 
 

From net realized gains

     —       — (4)  
 

Total Distributions Paid

     —       (0.29 ) 
 

Net Asset Value, End of Period

     $20.18       $18.67  
 

Total Return(5)

    8.09 %      22.44 % 
 

SUPPLEMENTAL DATA AND RATIOS:

      
 

Net assets, in thousands, end of period

     $681,028       $513,860  
 

Ratio to average net assets of:(6)

     
 

Expenses, net of reimbursements and credits

     0.25 %      0.25 % 
 

Expenses, before reimbursements and credits

     0.25 %      0.27 %(7)  
 

Net investment income, net of reimbursements and credits

     1.75 %      1.62 %(8)  
 

Net investment income, before reimbursements and credits

     1.75 %      1.60 %(7)(8) 
 

Portfolio Turnover Rate

     7.49 %         29.04 % 

 

  (1)

For the period from July 31, 2020 (commencement of class operations) through March 31, 2021.

 

  (2)

The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (3)

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (4)

Per share amounts were less than $0.01 per share.

 

  (5)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (6)

Annualized for periods less than one year.

 

  (7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $2,000, which represent less than 0.01 percent of average net assets for the period July 31, 2020 (commencement of class operations) to March 31, 2021. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

  (8)

As the Fund commenced operation of Class K shares on July 31, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    20 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

    

 

    

 

  GLOBAL SUSTAINABILITY INDEX FUND

    CLASS I      
  Selected per share data   

SIX MONTHS    

ENDED    

  SEPTEMBER 30,      

2021    

(UNAUDITED)    

  

PERIOD

ENDED

     MARCH 31,     

2021(1)

 

Net Asset Value, Beginning of Period

      $18.66       $15.50  
 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

       
 

Net investment income

      0.21 (2)       0.19  
 

Net realized and unrealized gains

      1.30       3.26  
 

Total from Investment Operations

      1.51       3.45  
 

LESS DISTRIBUTIONS PAID:

       
 

From net investment income(3)

     —       (0.29 ) 
 

From net realized gains

      —       — (4)  
 

Total Distributions Paid

      —       (0.29 ) 
 

Net Asset Value, End of Period

      $20.17       $18.66  
 

Total Return(5)

     8.09 %      22.35 % 
 

SUPPLEMENTAL DATA AND RATIOS:

       
 

Net assets, in thousands, end of period

      $474,774       $474,771  
 

Ratio to average net assets of:(6)

      
 

Expenses, net of reimbursements and credits

      0.30 %      0.30 % 
 

Expenses, before reimbursements and credits

      0.30 %      0.31 %(7)  
 

Net investment income, net of reimbursements and credits

      1.70 %      1.57 %(8)  
 

Net investment income, before reimbursements and credits

      1.70 %      1.56 %(7)(8) 
 

Portfolio Turnover Rate

      7.49 %         29.04 % 

 

  (1)

For the period from July 31, 2020 (commencement of class operations) through March 31, 2021.

 

  (2)

The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (3)

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (4)

Per share amounts were less than $0.01 per share.

 

  (5)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (6)

Annualized for periods less than one year.

 

  (7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $2,000, which represent less than 0.01 percent of average net assets for the period July 31, 2020 (commencement of class operations) to March 31, 2021. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

  (8)

As the Fund commenced operation of Class I shares on July 31, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  21 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    continued

 

 

  GLOBAL TACTICAL ASSET

  ALLOCATION FUND

            SHARES                        
  Selected per share data   

  SIX MONTHS  

ENDED

SEP 30,

2021
(UNAUDITED)

  

  FISCAL YEAR  

ENDED

MAR 31,

2021

  

  FISCAL YEAR  

ENDED

MAR 31,

2020

  

  FISCAL YEAR  

ENDED

MAR 31,

2019

  

  FISCAL YEAR  

ENDED

MAR 31,

2018

  

  FISCAL YEAR  

ENDED

MAR 31,

2017

     

Net Asset Value, Beginning of Period

      $13.74       $11.11       $12.69       $13.02       $12.41       $11.54  
     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                   
     

Net investment income

      0.16 (1)       0.31       0.36       0.38       0.33       0.32  
     

Net realized and unrealized gains (losses)

      0.34       3.18       (1.60 )      (0.25 )      0.72       0.90  
     

Net increase from payment by affiliate on affiliate transactions

      —       —       —       0.03 (2)       —       —  
     

Total from Investment Operations

      0.50       3.49       (1.24 )      0.16       1.05       1.22  
     

LESS DISTRIBUTIONS PAID:

                   
     

From net investment income

      (0.09 )      (0.32 )      (0.34 )      (0.39 )      (0.33 )      (0.35 )(3) 
     

From net realized gains

      —       (0.54 )      —       (0.10 )      (0.11 )      —  
     

Total Distributions Paid

      (0.09 )      (0.86 )      (0.34 )      (0.49 )      (0.44 )      (0.35 ) 
     

Net Asset Value, End of Period

      $14.15       $13.74       $11.11       $12.69       $13.02       $12.41  
     

Total Return(4)

     3.64 %      31.94 %      (10.14 )%      1.46 %(2)      8.55 %      10.73 % 
     

SUPPLEMENTAL DATA AND RATIOS:

                   
     

Net assets, in thousands, end of period

      $120,787       $120,727       $101,156       $91,468       $94,045       $84,298  
     

Ratio to average net assets of:(5)

                   
     

Expenses, net of reimbursements and credits(6)

      0.26 %      0.26 %(7)       0.26 %(7)       0.28 %(7)      0.27 %(7)      0.27 %(7) 
     

Expenses, before reimbursements and credits(6)

     0.39 %      0.40 %      0.40 %      0.42 %      0.44 %      0.49 % 
     

Net investment income, net of reimbursements and credits

      2.18 %      2.32 %(7)       2.85 %(7)       2.99 %(7)      2.53 %(7)      2.67 %(7) 
     

Net investment income, before reimbursements and credits

      2.05 %      2.18 %      2.71 %      2.85 %      2.36 %      2.45 % 
     

Portfolio Turnover Rate

      16.18 %        50.89 %       48.38 %       87.64 %       25.39 %       27.84 %  

 

  (1)

The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (2)

Northern Trust Investments, Inc. reimbursed the Fund approximately $209,000. Without this reimbursement the total return would have been 1.25%.

 

  (3)

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (4)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (5)

Annualized for periods less than one year.

 

  (6)

Expense ratios reflect only the direct expenses of the Fund and not any expenses associated with the underlying funds.

 

  (7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, which represents less than 0.01 percent of average net assets for the fiscal year ended March 31, 2021, less than $2,000, which represents less than 0.01 percent of average net assets for the fiscal years ended March 31, 2020 and 2019 and less than $1,000, which represents less than 0.01 percent of average net assets for the fiscal years ended March 31, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    22 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

    

 

    

 

  INCOME EQUITY FUND

            SHARES            
  Selected per share data   

  SIX MONTHS  

ENDED

SEP 30,

2021

(UNAUDITED)

  

  FISCAL YEAR  

ENDED

MAR 31,

2021

  

  FISCAL YEAR  

ENDED

MAR 31,

2020

  

  FISCAL YEAR  

ENDED

MAR 31,

2019

  

  FISCAL YEAR  

ENDED

MAR 31,

2018

  

  FISCAL YEAR  

ENDED

MAR 31,

2017

     

Net Asset Value, Beginning of Period

      $14.81       $10.42       $12.95       $13.96       $13.39       $12.22  
     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                   
     

Net investment income

      0.10       0.20       0.26       0.28       0.27       0.27  
     

Net realized and unrealized gains (losses)

      1.00       5.28       (1.63 )      0.56       1.36       1.29  
     

Total from Investment Operations

      1.10       5.48       (1.37 )      0.84       1.63       1.56  
     

LESS DISTRIBUTIONS PAID:

                   
     

From net investment income

      (0.08 )      (0.25 )      (0.26 )      (0.28 )      (0.27 )      (0.27 ) 
     

From net realized gains

      —       (0.84 )      (0.90 )      (1.57 )      (0.79 )      (0.12 ) 
     

Total Distributions Paid

      (0.08 )      (1.09 )      (1.16 )      (1.85 )      (1.06 )      (0.39 ) 
     

Net Asset Value, End of Period

      $15.83       $14.81       $10.42       $12.95       $13.96       $13.39  
     

Total Return(1)

     7.46 %        53.57 %       (12.44 )%(2)       7.66 %(3)       12.08 %       12.94 %  
     

SUPPLEMENTAL DATA AND RATIOS:

                   
     

Net assets, in thousands, end of period

      $161,452       $149,908       $115,562       $187,632       $217,214       $230,511  
     

Ratio to average net assets of:(4)

                   
     

Expenses, net of reimbursements and credits

      1.01 %      1.01 %(5)       1.02 %(5)       1.01 %(5)       1.01 %(5)       1.01 %(5)  
     

Expenses, before reimbursements and credits

      1.14 %      1.18 %      1.12 %      1.12 %      1.11 %      1.15 % 
     

Net investment income, net of reimbursements and credits

      1.28 %      1.51 %(5)       1.89 %(5)       2.01 %(5)       1.88 %(5)       2.07 %(5)  
     

Net investment income, before reimbursements and credits

      1.15 %      1.34 %      1.79 %      1.90 %      1.78 %      1.93 % 
     

Portfolio Turnover Rate

      30.46 %      27.94 %      76.34 %      40.94 %      23.14 %      32.17 % 

 

  (1)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (2)

During the fiscal year ended March 31, 2020, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been (12.98)%.

 

  (3)

During the fiscal year ended March 31, 2019, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 7.16%.

 

  (4)

Annualized for periods less than one year.

 

  (5)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, $1,000, $2,000, $3,000 and $5,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  23 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    continued

 

 

  INTERNATIONAL EQUITY

  FUND

            SHARES            
  Selected per share data   

  SIX MONTHS  

ENDED

SEP 30,

2021

(UNAUDITED)

  

  FISCAL YEAR  

ENDED

MAR 31,

2021

  

  FISCAL YEAR  

ENDED

MAR 31,

2020

  

  FISCAL YEAR  

ENDED

MAR 31,

2019

  

  FISCAL YEAR  

ENDED

MAR 31,

2018

  

  FISCAL YEAR  

ENDED

MAR 31,

2017

     

Net Asset Value, Beginning of Period

      $9.68       $7.14       $9.36       $10.16       $9.06       $8.12  
     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                   
     

Net investment income

      0.16 (1)       0.45       0.37       0.37       0.21       0.14  
     

Net realized and unrealized gains (losses)

      0.20       2.63       (2.23 )      (0.94 )      1.01       0.93  
     

Total from Investment Operations

      0.36       3.08       (1.86 )      (0.57 )      1.22       1.07  
     

LESS DISTRIBUTIONS PAID:

                   
     

From net investment income(2)

      —       (0.54 )      (0.36 )      (0.23 )      (0.12 )      (0.13 ) 
     

Total Distributions Paid

      —       (0.54 )      (0.36 )      (0.23 )      (0.12 )      (0.13 ) 
     

Net Asset Value, End of Period

      $10.04       $9.68       $7.14       $9.36       $10.16       $9.06  
     

Total Return(3)

     3.72 %        43.53 %       (20.78 )%       (5.36 )%       13.50 %       13.32 %  
     

SUPPLEMENTAL DATA AND RATIOS:

                   
     

Net assets, in thousands, end of period

      $110,746       $106,032       $122,189       $203,688       $262,902       $154,784  
     

Ratio to average net assets of:(4)

                   
     

Expenses, net of reimbursements and credits

      0.53 %      0.52 %(5)       0.55 %(5)       0.51 %(5)       0.51 %(5)       0.93 %(5)(6) 
     

Expenses, before reimbursements and credits

      0.70 %      0.75 %      0.67 %      0.69 %      0.81 %      1.23 % 
     

Net investment income, net of reimbursements and credits

      3.19 %      2.73 %(5)       3.14 %(5)       3.18 %(5)       2.53 %(5)       1.67 %(5)(6) 
     

Net investment income, before reimbursements and credits

      3.02 %      2.50 %      3.02 %      3.00 %      2.23 %      1.37 % 
     

Portfolio Turnover Rate

      11.66 %      63.81 %      33.97 %      59.45 %      101.53 %      101.07 % 

 

  (1)

The Northern Trust Company reimbursed the Fund approximately $5,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (2)

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (3)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (4)

Annualized for periods less than one year.

 

  (5)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, $1,000, $1,000, $3,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

  (6)

Effective January 1, 2017, the investment adviser agreed to increase the expense reimbursements it provides to the Fund by contractually limiting the Fund’s total expenses (other than certain excepted expenses noted in the Notes to the Financial Statements) to 0.50%. Prior to January 1, 2017, the expense limitation had been 1.06%.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    24 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

    

 

    

   INTERNATIONAL EQUITY

   INDEX FUND

           SHARES            
    Selected per share data  

SIX MONTHS

ENDED

SEP 30,

2021
(UNAUDITED)

  

FISCAL YEAR

ENDED

MAR 31,

2021

  

FISCAL YEAR

ENDED

MAR 31,

2020

  

FISCAL YEAR

ENDED

MAR 31,

2019

  

FISCAL YEAR

ENDED

MAR 31,

2018

  

FISCAL YEAR  

ENDED

MAR 31,

2017

           

Net Asset Value, Beginning of Period

     $13.92       $9.84       $11.86       $12.77       $11.39       $10.49  
           
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                      
           

Net investment income

     0.23 (1)       0.28       0.35 (2)       0.39       0.30       0.33  
           

Net realized and unrealized gains (losses)

     0.36       4.08       (1.98 )      (0.93 )      1.40 (3)       0.91  
           

Total from Investment Operations

     0.59       4.36       (1.63 )      (0.54 )      1.70       1.24  
           

LESS DISTRIBUTIONS PAID:

                      
           

From net investment income(4)

    —       (0.28 )      (0.39 )      (0.37 )      (0.32 )      (0.34 ) 
           

Total Distributions Paid

     —       (0.28 )      (0.39 )      (0.37 )      (0.32 )      (0.34 ) 
           

Net Asset Value, End of Period

     $ 14.51       $ 13.92       $ 9.84       $ 11.86       $ 12.77       $ 11.39  
           

Total Return(5)

    4.24 %        44.22 %        (14.46 )%        (3.89 )%        14.88 %        12.07 %   
           
SUPPLEMENTAL DATA AND RATIOS:                      
           

Net assets, in thousands, end of period

     $5,513,550       $5,379,675       $4,100,160       $5,333,685       $6,209,334       $4,401,667  
           

Ratio to average net assets of:(6)

                      
           

Expenses, net of reimbursements and credits

     0.24 %      0.24 %(7)       0.25 %(7)      0.25 %      0.25 %(7)       0.25 %(7)  
           

Expenses, before reimbursements and credits

     0.24 %      0.24 %      0.26 %      0.30 %      0.30 %      0.30 % 
           

Net investment income, net of reimbursements and credits

     3.10 %      2.26 %(7)       2.85 %(7)       3.15 %(7)       2.58 %(7)       2.98 %(7)  
           

Net investment income, before reimbursements and credits

     3.10 %      2.26 %      2.84 %      3.10 %      2.53 %      2.93 % 
           

Portfolio Turnover Rate

     4.16 %      21.26 %      10.17 %      26.95 %      31.54 %      28.03 % 

 

  (1)

The Northern Trust Company reimbursed the Fund approximately $6,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (2)

The Northern Trust Company reimbursed the Fund approximately $69,000. The reimbursement represents less than $0.01 per share and had no effect on the Fund’s total return.

 

  (3)

The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $137,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

 

  (4)

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (5)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (6)

Annualized for periods less than one year.

 

  (7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $12,000, $30,000, $36,000, $55,000 and $32,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  25 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    continued

 

   LARGE CAP CORE FUND           SHARES        
    Selected per share data  

SIX MONTHS

ENDED

SEP 30,

2021

    (UNAUDITED)    

  

  FISCAL YEAR  

ENDED

MAR 31,

2021

  

  FISCAL YEAR  

ENDED

MAR 31,

2020

  

  FISCAL YEAR  

ENDED

MAR 31,

2019

  

  FISCAL YEAR  

ENDED

MAR 31,

2018

  

  FISCAL YEAR  

ENDED

MAR 31,

2017

           

Net Asset Value, Beginning of Period

     $25.24       $16.46       $19.36       $18.88       $16.98       $15.10  
           
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                      
           

Net investment income

     0.16       0.31       0.39       0.34       0.31       0.30  
           

Net realized and unrealized gains (losses)

     2.18       8.79       (2.44 )      0.65       2.11       1.88  
           

Total from Investment Operations

     2.34       9.10       (2.05 )      0.99       2.42       2.18  
           

LESS DISTRIBUTIONS PAID:

                      
           

From net investment income

     (0.14 )      (0.32 )      (0.39 )      (0.34 )      (0.31 )      (0.30 ) 
           

From net realized gains

     —       —       (0.46 )      (0.17 )      (0.21 )      —  
           

Total Distributions Paid

     (0.14 )      (0.32 )      (0.85 )      (0.51 )      (0.52 )      (0.30 ) 
           

Net Asset Value, End of Period

     $ 27.44       $ 25.24       $ 16.46       $ 19.36       $ 18.88       $ 16.98  
           

Total Return(1)

    9.28 %        55.62 %        (11.28 )%        5.45 %        14.34 %        14.60 %   
           
SUPPLEMENTAL DATA AND RATIOS:                      
           

Net assets, in thousands, end of period

     $284,967       $270,545       $164,695       $245,220       $244,798       $127,255  
           

Ratio to average net assets of:(2)

                      
           

Expenses, net of reimbursements and credits

     0.45 %      0.45 %(3)       0.46 %(3)       0.46 %(3)       0.46 %(3)       0.49 %(3)(4)  
           

Expenses, before reimbursements and credits

     0.55 %      0.57 %      0.56 %      0.56 %      0.58 %      0.63 % 
           

Net investment income, net of reimbursements and credits

     1.17 %      1.47 %(3)       1.85 %(3)       1.76 %(3)       1.75 %(3)       1.85 %(3)(4) 
           

Net investment income, before reimbursements and credits

     1.07 %      1.35 %      1.75 %      1.66 %      1.63 %      1.71 % 
           

Portfolio Turnover Rate

     24.97 %      38.54 %      37.90 %      45.92 %      50.70 %      66.77 % 

 

  (1)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (2)

Annualized for periods less than one year.

 

  (3)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $2,000, $1,000, $2,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

  (4)

Effective June 15, 2016, the investment adviser agreed to increase the expense reimbursements it provides to the Fund by contractually limiting the Fund’s total expenses (other than certain excepted expenses noted in the Notes to Financial Statements) to 0.45%. Prior to June 15, 2016, the expense limitation had been 0.60%.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    26 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

    

 

    

   LARGE CAP VALUE FUND   SHARES                    
    Selected per share data  

SIX MONTHS
ENDED

SEP 30,

2021

(UNAUDITED)

  

FISCAL YEAR

ENDED

MAR 31,

2021

  

FISCAL YEAR

ENDED

MAR 31,

2020

  

FISCAL YEAR

ENDED

MAR 31,

2019

  

FISCAL YEAR

ENDED

MAR 31,

2018

  

FISCAL YEAR

ENDED

MAR 31,

2017

           

Net Asset Value, Beginning of Period

     $20.39       $12.85       $16.42       $15.83       $15.22       $12.95  
           
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                      
           

Net investment income

     0.19       0.38       0.41       0.34       0.35       0.27  
           

Net realized and unrealized gains (losses)

     0.88       7.42       (3.62 )      0.50       0.64       2.22  
           

Total from Investment Operations

     1.07       7.80       (3.21 )      0.84       0.99       2.49  
           

LESS DISTRIBUTIONS PAID:

                      
           

From net investment income

     —       (0.26 )      (0.36 )      (0.25 )      (0.38 )      (0.22 ) 
           

Total Distributions Paid

     —       (0.26 )      (0.36 )      (0.25 )      (0.38 )      (0.22 ) 
           

Net Asset Value, End of Period

     $21.46       $ 20.39       $ 12.85       $ 16.42       $ 15.83       $ 15.22  
           

Total Return(1)

    5.25 %        61.02 %        (20.16 )%          5.52 %          6.43 %          19.29 %     
           
SUPPLEMENTAL DATA AND RATIOS:                      
           

Net assets, in thousands, end of period

     $65,515       $63,821       $45,786       $85,581       $89,814       $93,854  
           

Ratio to average net assets of:(2)

                     
           

Expenses, net of reimbursements and credits

     0.57 %      0.57 %(3)      0.55 %(3)      0.59 %(3)      0.58 %(3)      0.63 %(3)(4) 
           

Expenses, before reimbursements and credits

     0.81 %      0.89 %      0.83 %      0.83 %      0.90 %      1.12 % 
           

Net investment income, net of reimbursements and credits

     1.65 %      2.05 %(3)      2.04 %(3)      1.95 %(3)      2.08 %(3)      1.80 %(3)(4) 
           

Net investment income, before reimbursements and credits

     1.41 %      1.73 %      1.76 %      1.71 %      1.76 %      1.31 % 
           

Portfolio Turnover Rate

     44.71 %      74.86 %      80.40 %      96.45 %      110.59 %      71.22 % 

 

  (1)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (2)

Annualized for periods less than one year.

 

  (3)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of less than $1,000 and approximately $1,000, $2,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

  (4)

Effective June 15, 2016, the investment adviser agreed to increase the expense reimbursements it provides to the Fund by contractually limiting the Fund’s total expenses (other than certain excepted expenses noted in the Notes to the Financial Statements) to 0.55%. Prior to June 15, 2016, the expense limitation had been 0.85%.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  27 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    continued

 

   MID CAP INDEX FUND                 SHARES        
    Selected per share data  

SIX MONTHS

ENDED

SEP 30,

2021
(UNAUDITED)

  

FISCAL YEAR

ENDED

MAR 31,

2021

  

FISCAL YEAR

ENDED

MAR 31,

2020

  

FISCAL YEAR

ENDED

MAR 31,

2019

  

FISCAL YEAR

ENDED

MAR 31,

2018

  

FISCAL YEAR  

ENDED

MAR 31,

2017

Net Asset Value, Beginning of Period

     $23.76       $13.59       $17.95       $19.17       $18.59       $16.39  
           
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                      
           

Net investment income

     0.16       0.26       0.28       0.27       0.26       0.23  
           

Net realized and unrealized gains (losses)

     0.25       10.91       (4.21 )      (0.04 )      1.76       3.12  
           

Total from Investment Operations

     0.41       11.17       (3.93 )      0.23       2.02       3.35  
           

LESS DISTRIBUTIONS PAID:

                      
           

From net investment income

     —       (0.26 )      (0.27 )      (0.28 )      (0.24 )      (0.24 ) 
           

From net realized gains

     —       (0.74 )      (0.16 )      (1.17 )      (1.20 )      (0.91 ) 
           

Total Distributions Paid

     —       (1.00 )      (0.43 )      (1.45 )      (1.44 )      (1.15 ) 
           

Net Asset Value, End of Period

     $ 24.17       $ 23.76       $ 13.59       $ 17.95       $ 19.17       $ 18.59  
           

Total Return(1)

    1.73 %        83.26 %        (22.61 )%        2.38 %        10.80 %        20.71 %   
           
SUPPLEMENTAL DATA AND RATIOS:                      
           

Net assets, in thousands, end of period

     $2,485,466       $2,523,727       $1,700,510       $2,294,736       $2,320,034       $2,175,963  
           

Ratio to average net assets of:(2)

                     
           

Expenses, net of reimbursements and credits

     0.15 %      0.15 %(3)       0.15 %(3)       0.15 %(3)       0.15 %(3)       0.15 %(3)  
           

Expenses, before reimbursements and credits

     0.19 %      0.19 %      0.18 %      0.17 %      0.18 %      0.18 % 
           

Net investment income, net of reimbursements and credits

     1.24 %      1.25 %(3)       1.52 %(3)       1.39 %(3)       1.35 %(3)       1.35 %(3)  
           

Net investment income, before reimbursements and credits

     1.20 %      1.21 %      1.49 %      1.37 %      1.32 %      1.32 % 
           

Portfolio Turnover Rate

     8.21 %      18.73 %      18.15 %      20.59 %      16.02 %      19.71 % 

 

  (1)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (2)

Annualized for periods less than one year.

 

  (3)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $17,000, $72,000, $77,000, $44,000 and $87,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    28 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

    

 

    

   MULTI-MANAGER GLOBAL LISTED

   INFRASTRUCTURE FUND

       SHARES            
   Selected per share data  

SIX MONTHS

ENDED

SEP 30,

2021

(UNAUDITED)

  

FISCAL YEAR

ENDED

MAR 31,

2021

  

FISCAL YEAR

ENDED

MAR 31,

2020

  

FISCAL YEAR

ENDED

MAR 31,

2019

  

FISCAL YEAR

ENDED

MAR 31,

2018

  

FISCAL YEAR  

ENDED

MAR 31,

2017

           

Net Asset Value, Beginning of Period

     $ 12.92       $ 10.48       $ 12.09       $ 12.83       $ 12.97       $ 11.76  
           
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                      
           

Net investment income

     0.25 (1)       0.21       0.31       0.36       0.38       0.28  
           

Net realized and unrealized gains (losses)

     0.14       2.47 (2)       (1.61 )      0.08       0.51       1.22  
           

Total from Investment Operations

     0.39       2.68       (1.30 )      0.44       0.89       1.50  
           

LESS DISTRIBUTIONS PAID:

                      
           

From net investment income(3)

    (0.22 )      (0.20 )      (0.31 )      (0.43 )      (0.44 )      (0.29 ) 
           

From net realized gains

     —       (0.04 )      —       (0.75 )      (0.59 )      —  
           

Total Distributions Paid

     (0.22 )      (0.24 )      (0.31 )      (1.18 )      (1.03 )      (0.29 ) 
           

Net Asset Value, End of Period

     $ 13.09       $ 12.92       $ 10.48       $ 12.09       $ 12.83       $ 12.97  
           

Total Return(4)

    2.94 %        25.81 %        (11.09 )%        4.24 %        6.62 %        12.96 %   
           
SUPPLEMENTAL DATA AND RATIOS:                      
           

Net assets, in thousands, end of period

     $1,077,800       $1,167,594       $896,220       $1,009,594       $1,205,762       $1,248,307  
           

Ratio to average net assets of:(5)

                     
           

Expenses, net of reimbursements and credits

     0.96 %      0.96 %(6)       0.98 %(6)       1.00 %(6)       1.00 %(6)       1.00 %(6)  
           

Expenses, before reimbursements and credits

     0.96 %      0.96 %      0.98 %      1.02 %      1.02 %      1.02 % 
           

Net investment income, net of reimbursements and credits

     3.52 %      1.78 %(6)       2.45 %(6)       2.81 %(6)       2.59 %(6)       2.24 %(6)  
           

Net investment income, before reimbursements and credits

     3.52 %      1.78 %      2.45 %      2.79 %      2.57 %      2.22 % 
           

Portfolio Turnover Rate

     16.04 %      60.11 %      80.41 %      38.64 %      44.40 %      81.27 % 

 

  (1)

The Northern Trust Company reimbursed the Fund approximately $12,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 2.93%. See Note 6.

 

  (2)

The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $5,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

  (3)

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

  (4)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

  (5)

Annualized for periods less than one year.

 

  (6)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $41,000, $77,000, $66,000, $97,000 and $52,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  29 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    continued

 

 

  MULTI-MANAGER GLOBAL

  
  REAL ESTATE FUND           SHARES            
  Selected per share data  

SIX MONTHS

ENDED

SEP 30,

2021
(UNAUDITED)

  

FISCAL YEAR
ENDED

MAR 31,

2021

  

FISCAL YEAR
ENDED

MAR 31,

2020

  

FISCAL YEAR
ENDED

MAR 31,

2019

  

FISCAL YEAR
ENDED

MAR 31,

2018

  

    FISCAL YEAR    
ENDED

MAR 31,

2017

Net Asset Value, Beginning of Period

     $11.37       $8.67       $11.12       $10.38       $10.63       $11.91  
     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                  
     

Net investment income

     0.11 (1)      0.21       0.29       0.31       0.07       0.30  
     

Net realized and unrealized gains (losses)

     1.15       2.68 (2)      (2.28 )      1.01       0.35       (0.04 ) 
     

Total from Investment Operations

     1.26       2.89       (1.99 )      1.32       0.42       0.26  
     

LESS DISTRIBUTIONS PAID:

                  
     

From net investment income(3)

    (0.09 )      (0.19 )      (0.46 )      (0.46 )      (0.57 )      (0.48 ) 
     

From net realized gains

     —       —       —       (0.12 )      (0.10 )      (1.06 ) 
     

Total Distributions Paid

     (0.09 )      (0.19 )      (0.46 )      (0.58 )      (0.67 )      (1.54 ) 
     

Net Asset Value, End of Period

     $12.54       $11.37       $8.67       $11.12       $10.38       $10.63  
     

Total Return(4)

    11.03 %(5)        33.59 %(6)        (18.86 )%        13.28 %        3.93 %        2.72 %   
     

SUPPLEMENTAL DATA AND RATIOS:

                  
     

Net assets, in thousands, end of period

     $202,947       $181,192       $98,568       $98,914       $76,973       $218,174  
     

Ratio to average net assets of:(7)

                 
     

Expenses, net of reimbursements and credits

     0.92 %      0.92 %(8)      0.94 %(8)      0.94 %(8)      0.92 %(8)      0.96 %(8)(9) 
     

Expenses, before reimbursements and credits

     1.01 %      1.04 %      1.10 %      1.20 %      1.09 %      1.10 %(9) 
     

Net investment income, net of reimbursements and credits

     1.72 %      1.73 %(8)      2.18 %(8)      2.47 %(8)      2.97 %(8)      1.79 %(8)(9) 
     

Net investment income, before reimbursements and credits

     1.63 %      1.61 %      2.02 %      2.21 %      2.80 %      1.65 %(9) 
     

Portfolio Turnover Rate

     20.35 %      81.36 %      62.47 %      66.43 %      144.67 %      167.04 % 

 

(1)

The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

(2)

The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $1,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

(3)

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

 

(4)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(5)

During the six months ended September 30, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 10.57%.

 

(6)

During the fiscal year ended March 31, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 33.09%.

 

(7)

Annualized for periods less than one year.

 

(8)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $6,000, $5,000, $3,000, $8,000 and $16,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

(9)

Effective June 15, 2016, the investment adviser reduced the management fee paid by the Fund and agreed to increase the expense reimbursement it provides the Fund by contractually limiting the Fund’s total expenses (other than certain excepted expenses noted in the Notes to the Financial Statements) to 0.91%. Prior to June 15, 2016, the expense limitation had been 1.10%.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    30 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

    

    

 

    

 

    NORTHERN ENGAGE360TM FUND

        SHARES        
    Selected per share data   

SIX MONTHS
ENDED

SEP 30,

2021
(UNAUDITED)

  

FISCAL YEAR
ENDED

MAR 31,

2021

  

FISCAL YEAR
ENDED

MAR 31,

2020

  

FISCAL YEAR
ENDED

MAR 31,

2019

  

PERIOD

ENDED
MAR 31,

2018(1)

Net Asset Value, Beginning of Period

      $13.64       $8.78       $10.03       $10.17       $10.00  
           
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                   
           

Net investment income

      0.15 (2)      0.12       0.15       0.09       0.05  
           

Net realized and unrealized gains (losses)

      0.39       4.86 (3)       (1.24 )      (0.14 )      0.13  
           

Total from Investment Operations

      0.54       4.98       (1.09 )      (0.05 )      0.18  
           

LESS DISTRIBUTIONS PAID:

                   
           

From net investment income

      —       (0.12 )      (0.16 )      (0.09 )      (0.01 ) 
           

From net realized gains

      —       —       —       — (4)       —  
       

Total Distributions Paid

      —       (0.12 )      (0.16 )      (0.09 )      (0.01 ) 
           

Net Asset Value, End of Period

      $14.18       $13.64       $8.78       $10.03       $10.17  
           

Total Return(5)

     3.96 %        56.79 %        (11.22 )%        (0.36 )%        1.80 % 
           

SUPPLEMENTAL DATA AND RATIOS:

                   
           

Net assets, in thousands, end of period

      $354,885       $400,499       $245,669       $229,838       $98,123  
           

Ratio to average net assets of:(6)

                  
           

Expenses, net of reimbursements and credits

      0.70 %      0.70 %(7)      0.70 %(7)      0.70 %(7)      0.70 %(7)   
           

Expenses, before reimbursements and credits

      0.77 %      0.77 %      0.80 %      0.88 %      1.08 % 
           

Net investment income, net of reimbursements and credits

      1.97 %      1.08 %(7)      1.57 %(7)      1.60 %(7)      1.54 %(7)(8) 
           

Net investment income, before reimbursements and credits

      1.90 %      1.01 %      1.47 %      1.42 %      1.16 %(8) 
           

Portfolio Turnover Rate

      15.19 %      41.71 %      32.99 %      48.63 %      7.21 % 

 

(1)

Commenced investment operations on November 20, 2017.

 

(2)

The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

(3)

The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $1,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

(4)

Per share amounts from distributions paid from net realized gains were less than $0.01 per share.

 

(5)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(6)

Annualized for periods less than one year.

 

(7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $9,000, $16,000, $11,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020 and 2019 and for the period from November 20, 2017 (commencement of operations) to March 31, 2018, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

(8)

As the Fund commenced investment operations on November 20, 2017, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  31 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    continued

 

  SMALL CAP CORE FUND  

 

                CLASS K

  Selected per share data  

SIX MONTHS

    ENDED    

    SEPTEMBER 30,    
2021

(UNAUDITED)

   PERIOD
ENDED
    MARCH 31,    
2021(1)

Net Asset Value, Beginning of Period

       $32.58       $23.46
 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

          
 

Net investment income

       0.12       0.13
 

Net realized and unrealized gains

       0.35       10.42
 

Total from Investment Operations

       0.47       10.55
 

LESS DISTRIBUTIONS PAID:

          
 

From net investment income

       —       (0.21 )
 

From net realized gains

       —       (1.22 )
 

Total Distributions Paid

       —       (1.43 )
 

Net Asset Value, End of Period

       $33.05       $32.58
 

Total Return(2)

       1.44 %               45.82 %
 

SUPPLEMENTAL DATA AND RATIOS:

          
 

Net assets, in thousands, end of period

       $293,195       $287,618
 

Ratio to average net assets of:(3)

         
 

Expenses, net of reimbursements and credits

       0.49 %       0.49 %(4)
 

Expenses, before reimbursements and credits

       0.55 %       0.57 %
 

Net investment income, net of reimbursements and credits

       0.71 %       0.67 %(4)(5)  
 

Net investment income, before reimbursements and credits

       0.65 %       0.59 %(5)
 

Portfolio Turnover Rate

       13.73 %       26.59 %

 

(1)

For the period from July 31, 2020 (commencement of class operations) through March 31, 2021.

 

(2)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(3)

Annualized for periods less than one year.

 

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, which represents less than 0.01 percent of average net assets for the period July 31, 2020 (commencement of class operations) to March 31, 2021. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

(5)

As the Fund commenced operation of Class K shares on July 31, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    32 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

    

    

 

    

  SMALL CAP CORE FUND  

 

                CLASS I

  Selected per share data  

SIX MONTHS

ENDED

SEPTEMBER 30,

2021

(UNAUDITED)

   PERIOD
ENDED
    MARCH 31,    
2021(1)
 

Net Asset Value, Beginning of Period

       $32.56       $23.46
 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

          
 

Net investment income

       0.14       0.12
 

Net realized and unrealized gains

       0.31       10.41
 

Total from Investment Operations

       0.45       10.53
 

LESS DISTRIBUTIONS PAID:

          
 

From net investment income

       —       (0.21 )
 

From net realized gains

       —       (1.22 )
 

Total Distributions Paid

       —       (1.43 )
 

Net Asset Value, End of Period

       $33.01       $32.56
 

Total Return(2)

      1.38 %       45.72 %
 

SUPPLEMENTAL DATA AND RATIOS:

          
 

Net assets, in thousands, end of period

       $245,669       $254,387
 

Ratio to average net assets of:(3)

         
 

Expenses, net of reimbursements and credits

       0.59 %               0.59 %(4)  
 

Expenses, before reimbursements and credits

       0.65 %       0.67 %
 

Net investment income, net of reimbursements and credits

       0.61 %       0.57 %(4)(5)
 

Net investment income, before reimbursements and credits

       0.55 %       0.49 %(5)
 

Portfolio Turnover Rate

       13.73 %       26.59 %

 

(1)

For the period from July 31, 2020 (commencement of class operations) through March 31, 2021.

 

(2)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(3)

Annualized for periods less than one year.

 

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, which represents less than 0.01 percent of average net assets for the period July 31, 2020 (commencement of class operations) to March 31, 2021. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

(5)

As the Fund commenced operation of Class I shares on July 31, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  33 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    continued

 

  SMALL CAP INDEX FUND           

 

SHARES

            
  Selected per share data   

SIX MONTHS

ENDED

SEP 30,

2021
(UNAUDITED)

  

FISCAL YEAR

ENDED

MAR 31,

2021

  

FISCAL YEAR

ENDED

MAR 31,

2020

  

FISCAL YEAR
ENDED

MAR 31,

2019

  

FISCAL YEAR
ENDED

MAR 31,

2018

  

    FISCAL YEAR    
ENDED

MAR 31,

2017

     

Net Asset Value, Beginning of Period

      $17.24       $9.18       $12.34       $13.60       $12.97       $10.70  
     

INCOME (LOSS) FROM

                   
     

INVESTMENT OPERATIONS:

                   
     

Net investment income

      0.08       0.12       0.14       0.16       0.15       0.14  
     

Net realized and unrealized gains (losses)

      (0.14 )      8.48       (3.07 )      (0.11 )      1.38       2.64  
     

Total from Investment Operations

      (0.06 )      8.60       (2.93 )      0.05       1.53       2.78  
     

LESS DISTRIBUTIONS PAID:

                   
     

From net investment income

      —       (0.15 )      (0.14 )      (0.15 )      (0.15 )      (0.13 ) 
     

From net realized gains

      —       (0.39 )      (0.09 )      (1.16 )      (0.75 )      (0.38 ) 
     

Total Distributions Paid

      —       (0.54 )      (0.23 )      (1.31 )      (0.90 )      (0.51 ) 
     

Net Asset Value, End of Period

      $17.18       $17.24       $9.18       $12.34       $13.60       $12.97  
     

Total Return(1)

     (0.35 )%        94.41 %        (24.28 )%        1.97 %        11.68 %        26.11 %   
     

SUPPLEMENTAL DATA AND RATIOS:

                   
     

Net assets, in thousands, end of period

      $1,588,541       $1,606,895       $887,429       $1,167,092       $1,214,764       $1,183,557  
     

Ratio to average net assets of:(2)

                  
     

Expenses, net of reimbursements and credits

      0.15 %      0.15 %(3)       0.15 %(3)       0.15 %(3)       0.15 %(3)      0.15 %(3)  
     

Expenses, before reimbursements and credits

      0.19 %      0.19 %      0.19 %      0.18 %      0.18 %      0.18 % 
     

Net investment income, net of reimbursements and credits

      0.91 %      0.93 %(3)       1.13 %(3)       1.13 %(3)       1.04 %(3)      1.16 %(3)  
     

Net investment income, before reimbursements and credits

      0.87 %      0.89 %      1.09 %      1.10 %      1.01 %      1.13 % 
     

Portfolio Turnover Rate

      16.90 %      20.62 %      18.36 %      20.81 %      13.03 %      19.37 % 

 

(1)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(2)

Annualized for periods less than one year.

 

(3)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $14,000, $32,000, $32,000, $25,000 and $28,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    34 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

    

    

 

    

 

  SMALL CAP VALUE FUND

            SHARES            
  Selected per share data   

SIX MONTHS
ENDED

SEP 30,

2021
(UNAUDITED)

  

FISCAL YEAR
ENDED

MAR 31,

2021

  

FISCAL YEAR
ENDED

MAR 31,

2020

  

FISCAL YEAR
ENDED

MAR 31,

2019

  

FISCAL YEAR
ENDED

MAR 31,

2018

  

    FISCAL YEAR    
ENDED

MAR 31,

2017

Net Asset Value, Beginning of Period

      $23.46       $13.49       $20.18       $22.71       $24.00       $19.81  
     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                   
     

Net investment income

      0.09       0.20       0.22       0.21       0.20       0.19  
     

Net realized and unrealized gains (losses)

      (0.29 )      10.15       (5.45 )      (0.59 )      0.79       4.55  
     

Total from Investment Operations

      (0.20 )      10.35       (5.23 )      (0.38 )      0.99       4.74  
     

LESS DISTRIBUTIONS PAID:

                   
     

From net investment income

      —       (0.22 )      (0.23 )      (0.16 )      (0.21 )      (0.22 ) 
     

From net realized gains

      —       (0.16 )      (1.23 )      (1.99 )      (2.07 )      (0.33 ) 
     

Total Distributions Paid

      —       (0.38 )      (1.46 )      (2.15 )      (2.28 )      (0.55 ) 
     

Net Asset Value, End of Period

      $23.26       $23.46       $13.49       $20.18       $22.71       $24.00  
     

Total Return(1)

     (0.85 )%        77.32 %        (28.43 )%        (0.45 )%        3.76 %        23.82 %   
     

SUPPLEMENTAL DATA AND RATIOS:

                   
     

Net assets, in thousands, end of period

      $2,638,482       $2,974,261       $2,076,900       $2,972,451       $3,538,528       $3,777,051  
     

Ratio to average net assets of:(2)

                  
     

Expenses, net of reimbursements and credits

      1.00 %      1.00 %(3)      1.00 %(3)      1.00 %(3)      1.00 %(3)      1.00 %(3) 
     

Expenses, before reimbursements and credits

      1.13 %      1.13 %      1.10 %      1.12 %      1.13 %      1.22 % 
     

Net investment income, net of reimbursements and credits

      0.68 %      1.05 %(3)      1.09 %(3)      0.86 %(3)      0.82 %(3)      0.89 % 
     

Net investment income, before reimbursements and credits

      0.55 %      0.92 %      0.99 %      0.74 %      0.69 %      0.67 % 
     

Portfolio Turnover Rate

      16.21 %      27.79 %      14.18 %      16.02 %      18.65 %      11.48 % 

 

(1)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(2)

Annualized for periods less than one year.

 

(3)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $59,000, $138,000, $110,000, $119,000 and $184,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  35 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    continued

 

  STOCK INDEX FUND          

 

SHARES

            
  Selected per share data  

SIX MONTHS
ENDED

SEP 30,

2021
(UNAUDITED)

  

FISCAL YEAR
ENDED

MAR 31,

2021

  

FISCAL YEAR
ENDED

MAR 31,

2020

  

FISCAL YEAR

ENDED

MAR 31,

2019

  

FISCAL YEAR
ENDED

MAR 31,

2018

  

    FISCAL YEAR    

ENDED

MAR 31,

2017

     

Net Asset Value, Beginning of Period

     $44.44       $29.61       $32.74       $31.35       $28.44       $24.94  
     

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                  
     

Net investment income

     0.31       0.61       0.65       0.61       0.58       0.53  
     

Net realized and unrealized gains (losses)

     3.74       15.87       (2.87 )      2.18       3.35       3.68  
     

Total from Investment Operations

     4.05       16.48       (2.22 )      2.79       3.93       4.21  
     

LESS DISTRIBUTIONS PAID:

                  
     

From net investment income

     (0.30 )      (0.61 )      (0.65 )      (0.61 )      (0.57 )      (0.52 ) 
     

From net realized gains

     —       (1.04 )      (0.26 )      (0.79 )      (0.45 )      (0.19 ) 
     

Total Distributions Paid

     (0.30 )      (1.65 )      (0.91 )      (1.40 )      (1.02 )      (0.71 ) 
     

Net Asset Value, End of Period

     $48.19       $44.44       $29.61       $32.74       $31.35       $28.44  
     

Total Return(1)

    9.11 %(2)         56.22 %        (7.10 )%        9.38 %        13.87 %        17.06 %   
     

SUPPLEMENTAL DATA AND RATIOS:

                  
     

Net assets, in thousands, end of period

     $11,881,421       $11,225,431       $7,933,222       $8,512,061       $7,787,749       $7,544,579  
     

Ratio to average net assets of:(3)

                 
     

Expenses, net of reimbursements and credits

     0.10 %      0.10 %(4)      0.10 %(4)      0.10 %(4)      0.10 %(4)      0.10 %(4) 
     

Expenses, before reimbursements and credits

     0.13 %      0.13 %      0.12 %      0.11 %      0.12 %      0.11 % 
     

Net investment income, net of reimbursements and credits

     1.27 %      1.54 %(4)      1.88 %(4)      1.89 %(4)      1.86 %(4)      1.98 %(4) 
     

Net investment income, before reimbursements and credits

     1.24 %      1.51 %      1.86 %      1.88 %      1.84 %      1.97 % 
     

Portfolio Turnover Rate

     1.31 %      4.66 %      5.15 %      6.68 %      6.76 %      3.88 % 

 

(1)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(2)

The Northern Trust Company reimbursed the Fund approximately $2,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

 

(3)

Annualized for periods less than one year.

 

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $85,000, $205,000, $185,000, $153,000 and $61,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2021, 2020, 2019, 2018 and 2017, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    36 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

        

    

 

    

  U.S. QUALITY ESG FUND   

 

                  CLASS K

  Selected per share data   

SIX MONTHS

ENDED
SEPTEMBER 30,    

2021

(UNAUDITED)

   PERIOD
ENDED
MARCH 31,
2021(1)
 

Net Asset Value, Beginning of Period

      $16.12       $13.00  
 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

       
 

Net investment income

      0.07       0.10  
 

Net realized and unrealized gains

      1.45       3.21  
 

Total from Investment Operations

      1.52       3.31  
 

LESS DISTRIBUTIONS PAID:

       
 

From net investment income

      (0.07 )      (0.11 ) 
 

From net realized gains

      —       (0.08 ) 
 

Total Distributions Paid

      (0.07 )      (0.19 ) 
 

Net Asset Value, End of Period

      $17.57       $16.12  
 

Total Return(2)

     9.44 %              25.59 %   
 

SUPPLEMENTAL DATA AND RATIOS:

       
 

Net assets, in thousands, end of period

      $415,874       $298,204  
 

Ratio to average net assets of:(3)

      
 

Expenses, net of reimbursements and credits(4)

     0.39 %      0.39 % 
 

Expenses, before reimbursements and credits

      0.46 %      0.51 % 
 

Net investment income, net of reimbursements and credits(4)

     0.90 %      1.06 %(5)  
 

Net investment income, before reimbursements and credits

      0.83 %      0.94 %(5)  
 

Portfolio Turnover Rate

      21.63 %      28.66 % 

 

(1)

For the period from July 31, 2020 (commencement of class operations) through March 31, 2021.

 

(2)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(3)

Annualized for periods less than one year.

 

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000 and $3,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2021 and for the period July 31, 2020 (commencement of class operations) to March 31, 2021, respectively. Absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

 

(5)

As the Fund commenced operation of Class K shares on July 31, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  37 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FINANCIAL HIGHLIGHTS    continued

 

 

  U.S. QUALITY ESG FUND

                    CLASS I                    
  Selected per share data   

SIX MONTHS

ENDED

    SEPTEMBER 30,    

2021

(UNAUDITED)

   PERIOD
ENDED
    MARCH 31,    
2021(1)
 

Net Asset Value, Beginning of Period

      $16.12       $13.66  
 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

       
 

Net investment income

      0.08       0.08  
 

Net realized and unrealized gains

      1.44       2.56  
 

Total from Investment Operations

      1.52       2.64  
 

LESS DISTRIBUTIONS PAID:

       
 

From net investment income

      (0.07 )      (0.10 ) 
 

From net realized gains

      —       (0.08 ) 
 

Total Distributions Paid

      (0.07 )      (0.18 ) 
 

Net Asset Value, End of Period

      $17.57       $16.12  
 

Total Return(2)

     9.43 %            19.46 %     
 

SUPPLEMENTAL DATA AND RATIOS:

       
 

Net assets, in thousands, end of period

      $571       $83  
 

Ratio to average net assets of:(3)

      
 

Expenses, net of reimbursements and credits

      0.49 %      0.49 % 
 

Expenses, before reimbursements and credits

      0.56 %      0.61 % 
 

Net investment income, net of reimbursements and credits

      0.85 %      0.91 %(4) 
 

Net investment income, before reimbursements and credits

      0.78 %      0.79 %(4) 
 

Portfolio Turnover Rate

      21.63 %      28.66 % 

 

(1)

For the period from August 24, 2020 (commencement of class operations) through March 31, 2021.

 

(2)

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

 

(3)

Annualized for periods less than one year.

 

(4)

As the Fund commenced operation of Class I shares on August 24, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    38 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

SCHEDULE OF INVESTMENTS    

 

    

ACTIVE M EMERGING MARKETS EQUITY FUND 

   SEPTEMBER 30, 2021 (UNAUDITED    

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 90.8% (1)

    

Argentina – 0.7%

     

MercadoLibre, Inc.*

      1,572       $2,640  

Australia – 0.1%

     

IDP Education Ltd.

      8,411       207  

Brazil – 4.9%

     

Ambev S.A. ADR

      1,486,527       4,103  

CSN Mineracao S.A.

      1,010,700       1,182  

Hapvida Participacoes e Investimentos S.A.

      113,300       283  

Hypera S.A.*

      75,500       444  

Localiza Rent a Car S.A.

      43,700       440  

Notre Dame Intermedica Participacoes S.A.

      12,000       164  

Pagseguro Digital Ltd., Class A*

      21,656       1,120  

Petroleo Brasileiro S.A. ADR

      220,551       2,280  

Suzano S.A.*

      514,153       5,098  

Vale S.A. ADR

      173,991       2,427      

WEG S.A.

      252,300         1,830  
     
               19,371  

Canada – 0.3%

     

First Quantum Minerals Ltd.

      60,500       1,120  

China – 17.4%

     

Airtac International Group

      15,400       482  

Alibaba Group Holding Ltd.*

      111,400       2,072  

Alibaba Group Holding Ltd. ADR*

      22,048       3,264  

ANTA Sports Products Ltd.

      95,000       1,780  

Baidu, Inc. ADR*

      3,340       513  

Centre Testing International Group Co. Ltd., Class A

      317,900       1,247  

China International Capital Corp. Ltd., Class H

      860,800       2,252  

China Longyuan Power Group Corp. Ltd., Class H

      846,000       2,067  

China Merchants Bank Co. Ltd., Class H

      218,000       1,730  

Chinasoft International Ltd.*

      908,000       1,587  

Chongqing Brewery Co. Ltd., Class A*

      29,700       596  

Contemporary Amperex Technology Co. Ltd., Class A

      49,700       4,045  

Dongfeng Motor Group Co. Ltd., Class H

      3,388,924       3,023  

Ganfeng Lithium Co. Ltd., Class H

      79,200       1,371  

JD.com, Inc. ADR*

      26,328       1,902  

JD.com, Inc., Class A*

      101,800       3,699  

Li Ning Co. Ltd.

      332,000       3,830  
     NUMBER
OF SHARES		  

    VALUE    

    (000S)    

COMMON STOCKS – 90.8% (1)     continued

 

  

China – 17.4%     continued

     

LONGi Green Energy Technology Co. Ltd., Class A

      152,640       $1,939  

Meituan, Class B*

      58,000       1,811  

NARI Technology Co. Ltd., Class A

      179,000       993  

NetEase, Inc.

      146,700       2,520  

NetEase, Inc. ADR

      16,864       1,440  

Shenzhen Inovance Technology Co. Ltd., Class A

      135,700       1,323  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

      29,000       1,726  

Silergy Corp.

      14,300       2,100  

Tencent Holdings Ltd.

      155,800       9,135  

Want Want China Holdings Ltd.

      3,284,969       2,481  

Wuliangye Yibin Co. Ltd., Class A

      14,000       476  

WuXi AppTec Co. Ltd., Class H

      76,900       1,795  

Wuxi Biologics Cayman, Inc.*

      160,500       2,594  

Wuxi Lead Intelligent Equipment Co. Ltd., Class A

      111,000       1,184  

Xtep International Holdings Ltd.

      639,000       883  

Yum China Holdings, Inc.

      2,840       165  

Zai Lab Ltd. ADR*

      7,900         833  
     
               68,858      

Egypt – 0.8%

     

Commercial International Bank Egypt S.A.E.*

      1,092,989       2,966  

France – 0.7%

     

Hermes International

      173       239  

LVMH Moet Hennessy Louis Vuitton S.E.

      731       523  

Sartorius Stedim Biotech

      1,601       894  

Teleperformance

      2,960       1,164  
     
               2,820  

Germany – 0.1%

     

BioNTech S.E. ADR*

      1,240       339  

Hong Kong – 1.7%

     

AIA Group Ltd.

      259,400       2,987  

Bosideng International Holdings Ltd.

      1,062,000       750  

Hong Kong Exchanges & Clearing Ltd.

      12,100       734  

SITC International Holdings Co. Ltd.

      215,000       766  

Techtronic Industries Co. Ltd.

      81,000       1,588  
     
               6,825  

Hungary – 0.7%

     

OTP Bank Nyrt.*

      47,756       2,800  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  39 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

ACTIVE M EMERGING MARKETS EQUITY FUND     continued

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 90.8% (1)     continued

 

India – 14.1%

     

Apollo Hospitals Enterprise Ltd.

      8,896       $535  

Asian Paints Ltd.

      57,980       2,516  

Axis Bank Ltd.*

      224,174       2,309  

Bajaj Finance Ltd.

      30,100       3,090  

Escorts Ltd.

      82,645       1,635  

Fortis Healthcare Ltd.*

      72,824       256  

HDFC Bank Ltd.

      156,763       3,361  

HDFC Bank Ltd. ADR

      12,535       916  

Hero MotoCorp Ltd.

      115,857       4,389  

Housing Development Finance Corp. Ltd.

      118,788       4,347  

ICICI Bank Ltd. ADR

      157,358       2,969  

Indian Energy Exchange Ltd.

      72,390       624  

Info Edge India Ltd.

      1,931       167  

Infosys Ltd.

      8,601       191  

Infosys Ltd. ADR

      216,300       4,813  

Maruti Suzuki India Ltd.

      18,924       1,868  

Mindtree Ltd.

      27,008       1,521  

Motherson Sumi Systems Ltd.

      382,613       1,152      

Reliance Industries Ltd.

      153,704         5,198  

Tata Consultancy Services Ltd.

      233,987       11,848  

Tata Motors Ltd. ADR*

      45,800       1,027  

UltraTech Cement Ltd.

      10,224       1,018  
     
               55,750  

Indonesia – 1.5%

     

Astra International Tbk PT

      9,323,608       3,562  

Bank Central Asia Tbk PT

      668,500       1,635  

Bank Jago Tbk PT*

      186,500       197  

Vale Indonesia Tbk PT

      1,246,500       394  
     
               5,788  

Japan – 0.1%

     

Tokyo Electron Ltd.

      680       300  

Malaysia – 0.0%

     

IHH Healthcare Bhd.

      115,000       184  

Mexico – 6.8%

     

Alfa S.A.B. de C.V., Class A

      2,834,888       1,968  

America Movil S.A.B. de C.V., Class L ADR

      232,700       4,112  

Cemex S.A.B. de C.V. ADR (Participation Certificate)*

      127,113       911  

Cemex S.A.B. de C.V., Series CPO*

      2,557,900       1,848  

Grupo Aeroportuario del Sureste S.A.B. de C.V., Series B

      39,020       728  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 90.8% (1)     continued

 

  

Mexico – 6.8%     continued

     

Grupo Financiero Banorte S.A.B. de C.V., Series O

      558,600       $3,580  

Grupo Mexico S.A.B. de C.V., Series B

      1,052,097       4,184  

Nemak S.A.B. de C.V.*

      1,167,624       297  

Wal-Mart de Mexico S.A.B. de C.V.

      2,669,700       9,047  
     
               26,675  

Netherlands – 0.4%

     

ASML Holding N.V.

      2,296       1,694  

Peru – 1.3%

     

Cia de Minas Buenaventura S.A.A. ADR*

      166,226       1,124  

Credicorp Ltd.

      37,791         4,192  
     
               5,316      

Poland – 0.4%

     

Dino Polska S.A.*

      20,395       1,702  

Russia – 2.2%

     

LUKOIL PJSC ADR

      52,278       4,977  

Sberbank of Russia PJSC ADR

      184,713       3,432  

Yandex N.V., Class A*

      4,385       350  
     
               8,759  

Singapore – 0.8%

     

DBS Group Holdings Ltd.

      27,600       613  

Sea Ltd. ADR*

      7,790       2,483  
     
               3,096  

South Africa – 5.1%

     

Anglo American Platinum Ltd.

      26,526       2,296  

AngloGold Ashanti Ltd.

      33,623       535  

Aspen Pharmacare Holdings Ltd.

      144,921       2,606  

Bid Corp. Ltd.*

      120,728       2,596  

Bidvest Group (The) Ltd.

      340,239       4,398  

Capitec Bank Holdings Ltd.

      8,030       970  

Clicks Group Ltd.

      14,591       268  

FirstRand Ltd.

      146,669       622  

Impala Platinum Holdings Ltd.

      30,311       339  

Naspers Ltd., Class N

      5,736       945  

Standard Bank Group Ltd.

      266,718       2,533  

Truworths International Ltd.

      523,135       1,930  
     
               20,038  

South Korea – 14.6%

     

Amorepacific Corp.

      19,431       2,897  

Dentium Co. Ltd.

      6,237       398  

Hana Financial Group, Inc.

      7,481       289  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    40 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 90.8% (1)     continued

 

  

South Korea – 14.6%     continued

     

Hyundai Mobis Co. Ltd.

      9,940         $2,095      

Hyundai Motor Co.

      65,595       10,930  

KakaoBank Corp.*

      19,754       1,141  

Kia Corp.

      50,189       3,391  

LG Chem Ltd.

      748       489  

LG Household & Health Care Ltd.

      704       791  

NAVER Corp.

      6,437       2,097  

Orion Corp.

      28,912       2,843  

POSCO

      23,905       6,644  

Samsung Biologics Co. Ltd.*

      3,827       2,801  

Samsung Electronics Co. Ltd.

      263,469       16,398  

Shinhan Financial Group Co. Ltd.

      93,054       3,125  

SK Hynix, Inc.

      7,927       683  

SK IE Technology Co. Ltd.*

      2,294       436  
     
               57,448  

Sweden – 0.3%

     

Atlas Copco AB, Class A

      10,247       621  

Epiroc AB, Class A

      20,218       417  
     
               1,038  

Switzerland – 0.5%

     

Straumann Holding A.G. (Registered)

      547       979  

TE Connectivity Ltd.

      7,070       970  
     
               1,949  

Taiwan – 9.1%

     

Delta Electronics, Inc.

      51,000       459  

Giant Manufacturing Co. Ltd.

      22,000       249  

Hon Hai Precision Industry Co. Ltd.

      1,622,796       6,065  

Makalot Industrial Co. Ltd.

      193,000       1,693  

MediaTek, Inc.

      82,000       2,643  

momo.com, Inc.

      8,000       464  

Nien Made Enterprise Co. Ltd.

      76,000       1,074  

Realtek Semiconductor Corp.

      9,800       173  

Taiwan Semiconductor Manufacturing Co. Ltd.

      404,000       8,331  

Taiwan Semiconductor Manufacturing Co. Ltd. ADR

      111,300       12,427  

United Microelectronics Corp.

      157,000       358  

United Microelectronics Corp. ADR

      58,800       672  

Vanguard International Semiconductor Corp.

      276,000       1,485  
     
               36,093  
    

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 90.8% (1)     continued

 

  

Thailand – 0.9%

     

CP ALL PCL (Registered)

      1,010,400         $1,896      

PTT Exploration & Production PCL NVDR

      419,700       1,451  
     
               3,347  

Turkey – 0.5%

     

Turkcell Iletisim Hizmetleri A.S.

      1,090,714       1,880  

United Arab Emirates – 0.7%

     

Emaar Properties PJSC

      2,485,015       2,757  

United Kingdom – 0.2%

     

Endava PLC ADR*

      6,980       948  

United States – 3.0%

     

Copa Holdings S.A., Class A*

      36,202       2,946  

Danaher Corp.

      2,801       853  

EPAM Systems, Inc.*

      1,486       848  

Estee Lauder (The) Cos., Inc., Class A

      3,926       1,177  

Microsoft Corp.

      5,679       1,601  

NVIDIA Corp.

      3,180       659  

Samsonite International S.A.*

      365,400       783  

Tenaris S.A. ADR

      122,245       2,581  

Visa, Inc., Class A

      2,081       463  
     
               11,911  

Uruguay – 0.9%

     

Dlocal Ltd.*

      20,341       1,110  

Globant S.A.*

      9,080       2,551  
     
               3,661  

Total Common Stocks

                 

(Cost $299,138)

        358,280  
             

PARTICIPATION (EQUITY LINKED) NOTES – 0.8%

 

United Kingdom – 0.8%

     

Al Rajhi Bank,
Issued by HSBC Bank PLC, Expires 9/12/22

      88,908       2,906  

Leejam Sports Co.,
Issued by HSBC Bank PLC, Expires 1/17/23

      16,382       456  
     
               3,362  

Total Participation (Equity Linked) Notes

 

        

(Cost $2,710)

        3,362  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  41 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

ACTIVE M EMERGING MARKETS EQUITY FUND     continued

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

PREFERRED STOCKS – 2.2% (1)

 

  

Brazil – 1.5%

     

Banco Bradesco S.A. ADR*

      665,050         $2,547  

Itau Unibanco Holding S.A. ADR, 0.77%(2)

     671,451       3,539  
     
               6,086  

Colombia – 0.3%

     

Bancolombia S.A. ADR, 0.7%(2)

     28,033       970  

South Korea – 0.4%

     

Samsung Electronics Co. Ltd., 2.16%(2)

     29,432       1,723  

Total Preferred Stocks

                 

(Cost $8,251)

        8,779  
    

INVESTMENT COMPANIES – 5.8%

 

  

iShares Core S&P 500 ETF

      10,200       4,394  

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(3) (4)

      18,442,202       18,442  

Total Investment Companies

                 

(Cost $22,792)

        22,836  
    
     PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.5%

 

  

U.S. Treasury Bill, 0.04%, 1/27/22(5) (6)

      $1,990       $1,990  

Total Short-Term Investments

                 

(Cost $1,990)

        1,990  
    

Total Investments – 100.1%

 

        

(Cost $334,881)

        395,247  

Liabilities less Other Assets – (0.1%)

 

     (513 )     

Net Assets – 100.0%

 

     $394,734  

 

(1) 

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

 

(2) 

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

 

(3) 

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

 

(4) 

7-day current yield as of September 30, 2021 is disclosed.

 

(5) 

Discount rate at the time of purchase.

 

(6) 

Security pledged as collateral to cover margin requirements for open futures contracts.

 

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

A.G. – Aktiengesellschaft (German: Stock Corporation)

 

AB – Aktiebolag (Sweden: Corporation)

ADR – American Depositary Receipt

CPO – Certificado de Participación Ordinario

ETF – Exchange-Traded Fund

MSCI – Morgan Stanley Capital International

N.V. – Naamloze Vennootschap (Dutch: Limited Liability Company)

NVDR – Non-Voting Depositary Receipt

PCL – Public Company Limited

PJSC – Public Joint-Stock Company

PLC – Public Limited Company

S&P – Standard & Poor’s

S.A. – Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. – Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

S.E. – Societas Europaea (German: Public Company)

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

TYPE   NUMBER OF
CONTRACTS		  

NOTIONAL

AMOUNT

(000S)

  

CONTRACT

POSITION

  

CONTRACT

EXP.

  

 

VALUE AND  

UNREALIZED  

APPRECIATION  

(DEPRECIATION)  

(000S)(1)   

MSCI Emerging Markets Index (United States Dollar)

       223     $ 13,888       Long       12/21     $ (168 )
                                                   

 

(1) 

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    42 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

  CONCENTRATION BY CURRENCY   

 

% OF NET

ASSETS

  

United States Dollar

      29.7 % 

Korean Won

      15.0  

Hong Kong Dollar

      13.2  

Indian Rupee

      11.7  

Taiwan Dollar

      6.5  

Mexican Peso

      5.5  

South African Rand

      5.1  

All other currencies less than 5%

      13.4  

Total Investments

      100.1  

Liabilities less Other Assets

      (0.1 ) 
   

Net Assets

      100.0 % 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS    LEVEL 1
(000S)		      LEVEL 2
(000S)		     

 

LEVEL 3
(000S)

      TOTAL
(000S)

Common Stocks:

            

Argentina

    $ 2,640      $ —        $—      $ 2,640  

Brazil

      19,371        —        —        19,371  

Canada

      1,120        —        —        1,120   

China

      8,117        60,741        —        68,858  

Germany

      339        —        —        339  

India

      9,725        46,025        —        55,750  

Mexico

      26,675        —        —        26,675  

Peru

      5,316        —        —        5,316  

Russia

      350        8,409        —        8,759  

Singapore

      2,483        613        —        3,096  

South Korea

      1,141        56,307        —        57,448  

Switzerland

      970        979        —        1,949  

Taiwan

      13,099        22,994        —        36,093  
  INVESTMENTS   

 

LEVEL 1
(000S)

     LEVEL 2
(000S)		      LEVEL 3
(000S)		      TOTAL
(000S)		  

United Kingdom

    $ 948     $ —        $—      $ 948  

United States

      11,128       783        —        11,911  

Uruguay

      3,661       —        —        3,661  

All Other Countries(1)

     —       54,346        —        54,346  
         

Total Common Stocks

      107,083       251,197        —        358,280  

Participation (Equity Linked) Notes

      3,362       —        —        3,362  

Preferred Stocks:

           

South Korea

      —       1,723        —        1,723  

All Other Countries(1)

     7,056       —        —        7,056  
         

Total Preferred Stocks

      7,056       1,723        —        8,779  

Investment Companies

      22,836       —        —        22,836  

Short-Term Investments

      —       1,990        —        1,990  

Total Investments

    $ 140,337     $ 254,910        $—      $ 395,247  

OTHER FINANCIAL INSTRUMENTS

                                   

Liabilities

           

Futures Contracts

    $ (168 )    $ —        $—      $ (168 ) 

 

(1) 

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  43 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

ACTIVE M INTERNATIONAL EQUITY FUND

 

    

 

NUMBER
OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)

    

Argentina – 1.2%

     

MercadoLibre, Inc.*

      4,662         $7,829      

YPF S.A. ADR*

      38,355       179  
     
               8,008  

Australia – 2.9%

     

Ansell Ltd.

      16,222       398  

Atlassian Corp. PLC, Class A*

      12,805       5,012  

Bank of Queensland Ltd.

      68,439       457  

Beach Energy Ltd.

      430,221       461  

Charter Hall Group

      66,810       817  

CSL Ltd.

      42,398       8,941  

CSR Ltd.

      72,475       290  

Elders Ltd.

      55,005       485  

JB Hi-Fi Ltd.

      11,484       375  

Mineral Resources Ltd.

      21,594       689  

OZ Minerals Ltd.

      39,304       626  

Pendal Group Ltd.

      84,674       499  

Seven Group Holdings Ltd.

      23,923       352  

Shopping Centres Australasia Property Group

      165,154       321  

Super Retail Group Ltd.

      36,241       319  

Technology One Ltd.

      47,023       383  
     
               20,425  

Austria – 0.2%

     

Erste Group Bank A.G.

      29,085       1,270  

Belgium – 0.2%

     

Ageas S.A./N.V.

      28,951       1,433  

Brazil – 0.5%

     

Cia de Saneamento Basico do Estado de Sao Paulo*

      148,022       1,046  

Magazine Luiza S.A.*

      879,300       2,319  
     
               3,365  

Canada – 5.3%

     

Air Canada*

      139,100       2,540  

ARC Resources Ltd.

      151,702       1,422  

ATS Automation Tooling Systems, Inc.*

      17,678       561  

Ballard Power Systems, Inc.*

      8,962       126  

Barrick Gold Corp.

      71,460       1,290  

Boardwalk Real Estate Investment Trust

      11,147       416  

BRP, Inc.

      9,316       862  

Cameco Corp.

      34,936       759  

Canadian Pacific Railway Ltd.

      108,800       7,080  

Canadian Western Bank

      17,386       503  

Canfor Corp.*

      14,671       322  
    

 

NUMBER
OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)     continued

 

  

Canada – 5.3%     continued

     

CI Financial Corp.

      22,494         $457      

Descartes Systems Group (The), Inc.*

      5,477       446  

Dundee Precious Metals, Inc.

      67,212       404  

Finning International, Inc.

      25,202       622  

Fortuna Silver Mines, Inc.*

      43,764       172  

Kinross Gold Corp.

      125,474       673  

Lululemon Athletica, Inc.*

      16,302       6,597  

Northland Power, Inc.

      14,416       453  

Parex Resources, Inc.

      39,704       722  

Shopify, Inc., Class A*

      5,686       7,709  

Stella-Jones, Inc.

      9,428       318  

TFI International, Inc.

      10,638       1,088  

Tilray, Inc., Class 2*

      17,149       194  

Tourmaline Oil Corp.

      21,073       736  

Tricon Residential, Inc.

      49,088       655  
     
               37,127  

China – 3.0%

     

Alibaba Group Holding Ltd. ADR*

      12,611       1,867  

Beijing Capital International Airport Co. Ltd., Class H*

      1,056,000       622  

Dongfeng Motor Group Co. Ltd., Class H

      1,626,355       1,451  

Li Ning Co. Ltd.

      387,000       4,464  

Shenzhou International Group Holdings Ltd.

      198,300       4,145  

Tencent Holdings Ltd.

      40,640       2,383  

Wuxi Biologics Cayman, Inc.*

      353,309       5,711  
     
               20,643  

Denmark – 1.4%

     

Drilling Co. of 1972 (The) A/S*

      2,329       88  

DSV A/S

      35,323       8,433  

Netcompany Group A/S

      2,944       339  

Pandora A/S

      3,442       417  

Royal Unibrew A/S

      3,845       463  
     
               9,740  

Finland – 0.6%

     

Kemira OYJ

      17,673       271  

Metso Outotec OYJ

      41,658       379  

Nokia OYJ*

      398,462       2,192  

TietoEVRY OYJ

      13,929       418  

Valmet OYJ

      21,595       781  
     
               4,041  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    44 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

 

NUMBER

OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)     continued

 

France – 10.0%

     

Airbus S.E.*

      16,272         $2,136      

Alstom S.A.

      54,487       2,067  

Arkema S.A.

      3,600       476  

AXA S.A.

      226,348       6,297  

BNP Paribas S.A.

      49,120       3,146  

Cie de Saint-Gobain

      46,592       3,138  

Danone S.A.

      34,358       2,345  

Dassault Aviation S.A.

      6,550       735  

Dassault Systemes S.E.

      30,605       1,605  

Eiffage S.A.

      7,442       751  

Elis S.A.*

      21,308       408  

Engie S.A.

      199,391       2,617  

Faurecia S.E.

      14,785       689  

Kering S.A.

      1,599       1,137  

Klepierre S.A.*

      27,471       612  

Korian S.A.

      12,278       428  

La Francaise des Jeux S.A.E.M(2)

      7,316       376  

LVMH Moet Hennessy Louis Vuitton S.E.

      11,333       8,104  

Nexans S.A.

      6,555       613  

Nexity S.A.

      11,439       545  

Orange S.A.

      139,592       1,512  

Pernod Ricard S.A.

      26,433       5,781  

Publicis Groupe S.A.

      7,982       538  

Renault S.A.*

      27,406       978  

Rexel S.A.*

      89,951       1,731  

RTL Group S.A.

      17,447       1,043  

Sanofi

      43,587       4,196  

SCOR S.E.

      27,890       799  

Societe Generale S.A.

      68,156       2,140  

SOITEC*

      3,036       659  

Sopra Steria Group

      2,788       517  

TotalEnergies S.E.

      180,737       8,661  

Valeo

      41,211       1,150  

Vinci S.A.

      16,431       1,702  
     
               69,632  

Germany – 5.5%

     

adidas A.G.

      9,918       3,125  

alstria office REIT-A.G.

      25,573       465  

Aurubis A.G.

      5,005       379  

BASF S.E.

      45,411       3,460  

Bayer A.G. (Registered)

      24,101       1,315  

Bechtle A.G.

      8,598       590  

Brenntag S.E.

      4,309       402  

Carl Zeiss Meditec A.G. (Bearer)

      2,250       432  
    

 

NUMBER
OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)     continued

 

Germany – 5.5%     continued

     

CECONOMY A.G.*

      97,360         $421      

Continental A.G.*

      12,248       1,343  

Covestro A.G.(2)

      4,913       337  

Daimler A.G. (Registered)

      26,734       2,377  

Dermapharm Holding S.E.

      3,649       352  

Deutsche Pfandbriefbank A.G.

      42,030       478  

DWS Group GmbH & Co. KGaA

      9,306       392  

Freenet A.G.

      21,380       561  

Fresenius S.E. & Co. KGaA

      48,214       2,318  

Gerresheimer A.G.

      5,498       540  

Infineon Technologies A.G.

      8,454       348  

LANXESS A.G.

      5,891       401  

METRO A.G.

      20,118       262  

ProSiebenSat.1 Media S.E.

      32,150       592  

Rheinmetall A.G.

      5,566       546  

RWE A.G.

      88,605       3,132  

SAP S.E.

      47,945       6,495  

Siemens A.G. (Registered)

      15,109       2,484  

Siemens Healthineers A.G.(2)

      55,001       3,579  

TAG Immobilien A.G.

      22,330       654  

United Internet A.G. (Registered)

      9,530       371  

Vitesco Technologies Group A.G.(3) *

      1       —  
     
               38,151  

Hong Kong – 1.4%

     

AIA Group Ltd.

      587,911       6,769  

ASM Pacific Technology Ltd.

      26,400       288  

China High Precision Automation Group Ltd.(4) *

      982,000       —  

CK Asset Holdings Ltd.

      239,199       1,375  

Hysan Development Co. Ltd.

      100,000       325  

Pacific Basin Shipping Ltd.

      857,000       397  

Towngas China Co. Ltd.*

      442,000       275  

United Laboratories International Holdings (The) Ltd.

      362,000       240  
     
               9,669  

India – 0.4%

     

HDFC Bank Ltd. ADR

      41,547       3,037  

Indonesia – 0.3%

     

Bank Mandiri Persero Tbk PT

      5,157,170       2,192  

Ireland – 5.9%

     

Accenture PLC, Class A

      30,602       9,790  

AerCap Holdings N.V.*

      9,336       540  

AIB Group PLC*

      6,066       16  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  45 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

ACTIVE M INTERNATIONAL EQUITY FUND    continued

 

    

 

NUMBER
OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)     continued

 

Ireland – 5.9%     continued

     

AIB Group PLC (London Exchange)*

      365,865         $990      

Bank of Ireland Group PLC*

      94,869       559  

Bank of Ireland Group PLC (London Exchange)*

      217,922       1,250  

Dalata Hotel Group PLC*

      74,260       349  

Experian PLC

      222,070       9,225  

Glanbia PLC

      21,813       359  

ICON PLC*

      46,746       12,249  

Medtronic PLC

      26,000       3,259  

Ryanair Holdings PLC ADR*

      21,314       2,346  
     
               40,932  

Israel – 0.3%

     

Inmode Ltd.*

      8,306       1,324  

Perion Network Ltd.*

      17,993       312  

Radware Ltd.*

      9,932       335  
     
               1,971  

Italy – 3.7%

     

ACEA S.p.A.

      21,904       468  

Assicurazioni Generali S.p.A.

      96,661       2,057  

Banca Mediolanum S.p.A.

      44,035       476  

BPER Banca

      272,212       609  

Buzzi Unicem S.p.A.

      18,624       425  

De’ Longhi S.p.A.

      8,519       306  

Enel S.p.A.

      467,212       3,587  

Eni S.p.A.

      209,113       2,784  

Ferrari N.V.

      27,096       5,672  

Interpump Group S.p.A.

      6,599       427  

Reply S.p.A.

      4,253       784  

Saipem S.p.A.*

      251,653       617  

UniCredit S.p.A.

      558,966       7,394  
     
               25,606  

Japan – 13.4%

     

Alfresa Holdings Corp.

      45,380       680  

Alps Alpine Co. Ltd.

      57,260       622  

ASKUL Corp.

      20,800       303  

BayCurrent Consulting, Inc.

      2,700       1,356  

Benesse Holdings, Inc.

      3,905       88  

Capcom Co. Ltd.

      18,600       517  

Chiyoda Corp.*

      57,211       201  

CKD Corp.

      15,800       337  

Daihen Corp.

      8,600       379  

Dai-ichi Life Holdings, Inc.

      88,220       1,921  

DeNA Co. Ltd.

      45,341       842  
    

 

NUMBER
OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)     continued

 

Japan – 13.4%     continued

     

Denka Co. Ltd.

      13,100         $460      

Eiken Chemical Co. Ltd.

      19,600       369  

Eisai Co. Ltd.

      9,713       731  

FANUC Corp.

      15,500       3,393  

Food & Life Cos Ltd.

      11,400       526  

Freee K.K.*

      2,700       197  

Fuji Corp.

      21,600       553  

Fuji Media Holdings, Inc.

      30,568       324  

Fuji Soft, Inc.

      6,100       320  

FULLCAST Holdings Co. Ltd.

      14,300       291  

Gree, Inc.

      122,810       677  

H.U. Group Holdings, Inc.

      17,300       468  

Hino Motors Ltd.

      169,710       1,592  

Honda Motor Co. Ltd.

      118,806       3,664  

Inpex Corp.

      191,031       1,495  

Internet Initiative Japan, Inc.

      22,800       793  

Invincible Investment Corp.

      787       307  

Isuzu Motors Ltd.

      151,537       1,991  

Izumi Co. Ltd.

      7,600       254  

Japan Airlines Co. Ltd.*

      71,530       1,703  

JGC Holdings Corp.

      104,322       976  

Kamigumi Co. Ltd.

      33,930       714  

Kanamoto Co. Ltd.

      11,000       258  

Kaneka Corp.

      10,600       444  

Kenedix Office Investment Corp.

      54       371  

Keyence Corp.

      11,420       6,843  

Kintetsu World Express, Inc.

      17,200       438  

Komeri Co. Ltd.

      12,800       310  

Kumagai Gumi Co. Ltd.

      12,000       309  

Lasertec Corp.

      28,200       6,406  

Maeda Corp.

      37,800       305  

Mitsubishi Estate Co. Ltd.

      107,793       1,717  

Mitsubishi Heavy Industries Ltd.

      22,587       610  

Mitsubishi Motors Corp.*

      135,960       372  

Mitsubishi UFJ Financial Group, Inc.

      484,292       2,828  

Morinaga Milk Industry Co. Ltd.

      7,200       447  

Murata Manufacturing Co. Ltd.

      32,600       2,902  

NEC Networks & System Integration Corp.

      28,900       546  

Nichirei Corp.

      9,900       259  

Nikon Corp.

      91,676       1,023  

Nippon Accommodations Fund, Inc.

      72       404  

Nippon Electric Glass Co. Ltd.

      23,400       555  

Nippon Television Holdings, Inc.

      56,783       641  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    46 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

 

NUMBER
OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)     continued

 

  

Japan – 13.4%     continued

     

Nissan Motor Co. Ltd.*

      270,799         $1,358      

Nomura Holdings, Inc.

      129,332       636  

North Pacific Bank Ltd.

      114,400       261  

Oisix ra daichi, Inc.*

      8,300       368  

Ono Pharmaceutical Co. Ltd.

      63,080       1,439  

Open House Co. Ltd.

      14,500       849  

Outsourcing, Inc.

      17,700       320  

Rengo Co. Ltd.

      56,600       442  

Resona Holdings, Inc.

      487,854       1,942  

Resorttrust, Inc.

      18,900       372  

Sankyu, Inc.

      6,600       305  

Sanwa Holdings Corp.

      29,400       382  

Sawai Group Holdings Co. Ltd.

      8,300       386  

Shimamura Co. Ltd.

      14,950       1,404  

Shinko Electric Industries Co. Ltd.

      31,600       1,051  

Ship Healthcare Holdings, Inc.

      16,100       416  

Sompo Holdings, Inc.

      28,100       1,217  

Starts Corp., Inc.

      12,600       300  

Subaru Corp.

      20,600       383  

Sumitomo Electric Industries Ltd.

      72,970       973  

Sumitomo Forestry Co. Ltd.

      18,600       357  

Sumitomo Heavy Industries Ltd.

      27,560       714  

Sumitomo Mitsui Financial Group, Inc.

      122,215       4,276  

Sumitomo Mitsui Trust Holdings, Inc.

      53,480       1,832  

T&D Holdings, Inc.

      179,925       2,457  

Taiheiyo Cement Corp.

      34,610       720  

Taiyo Yuden Co. Ltd.

      10,200       600  

Takeda Pharmaceutical Co. Ltd.

      193,016       6,398  

Takeuchi Manufacturing Co. Ltd.

      15,100       349  

THK Co. Ltd.

      46,559       1,027  

Tokyo Seimitsu Co. Ltd.

      8,400       346  

Tokyotokeiba Co. Ltd.

      6,200       244  

TOPPAN, Inc.

      33,060       562  

Toyo Tire Corp.

      31,100       556  

Valor Holdings Co. Ltd.

      14,500       314  

Zenkoku Hosho Co. Ltd.

      10,400       507  

Zeon Corp.

      19,900       280  
     
               93,375  

Jordan – 0.0%

     

Hikma Pharmaceuticals PLC

      10,385       342  

Macau – 0.2%

     

Sands China Ltd.*

      745,600       1,528  
    

 

NUMBER
OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)     continued

 

Malaysia – 0.1%

     

CIMB Group Holdings Bhd.

      621,522         $708      

Mexico – 0.4%

     

America Movil S.A.B. de C.V., Class L ADR

      96,297       1,702  

Grupo Financiero Banorte S.A.B. de C.V., Series O

      102,118       654  

Wal-Mart de Mexico S.A.B. de C.V.

      188,623       639  
     
               2,995  

Netherlands – 5.2%

     

ABN AMRO Bank N.V. - C.V.A.*

      123,610       1,779  

Adyen N.V.(2) *

      1,936       5,383  

Akzo Nobel N.V.

      18,404       2,004  

ArcelorMittal S.A.

      35,079       1,059  

ASM International N.V.

      2,900       1,132  

ASML Holding N.V.

      2,946       2,173  

ASML Holding N.V. (Registered)

      11,156       8,312  

ASR Nederland N.V.

      13,737       625  

Euronext N.V.

      5,781       652  

Fugro N.V.*

      32,409       338  

ING Groep N.V.

      278,738       4,046  

PostNL N.V.

      119,204       575  

Royal Dutch Shell PLC, Class A

      50,400       1,123  

Royal Dutch Shell PLC, Class B

      233,372       5,170  

SBM Offshore N.V.

      20,286       360  

Signify N.V.

      14,440       717  

VEON Ltd. ADR*

      304,713       634  
     
               36,082  

Norway – 0.3%

     

Norsk Hydro ASA

      205,732       1,535  

Sparebanken Vest

      27,058       293  
     
               1,828  

Peru – 0.1%

     

Credicorp Ltd.

      8,285       919  

Russia – 0.5%

     

Gazprom PJSC ADR

      197,637       1,946  

LUKOIL PJSC ADR

      5,241       499  

Sberbank of Russia PJSC ADR

      50,120       931  
     
               3,376  

Singapore – 0.1%

     

Frasers Logistics & Commercial Trust

      433,000       483  

South Africa – 0.4%

     

Gold Fields Ltd. ADR

      79,958       649  

Impala Platinum Holdings Ltd.

      8,676       97  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  47 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

ACTIVE M INTERNATIONAL EQUITY FUND    continued

 

    

 

NUMBER
OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)     continued

 

South Africa – 0.4%     continued

     

MTN Group Ltd.*

      119,161         $1,118      

Old Mutual Ltd.

      889,004       972  
     
               2,836  

South Korea – 2.7%

     

AfreecaTV Co. Ltd.

      6,496       817  

Cosmax, Inc.*

      2,651       274  

Coway Co. Ltd.

      16,741       1,042  

Hankook Tire & Technology Co. Ltd.

      23,005       828  

KB Financial Group, Inc.

      50,320       2,340  

KT Corp. ADR

      145,005       1,975  

LEENO Industrial, Inc.

      2,093       311  

LOTTE Fine Chemical Co. Ltd.

      4,013       307  

Maeil Dairies Co. Ltd.

      4,027       244  

Neowiz*

      17,751       343  

Osstem Implant Co. Ltd.

      9,085       1,018  

Partron Co. Ltd.

      33,245       259  

PharmaResearch Co. Ltd.

      6,242       441  

Samsung Electronics Co. Ltd.

      62,649       3,899  

Samsung Engineering Co. Ltd.*

      24,547       520  

SFA Engineering Corp.

      8,896       277  

Shinhan Financial Group Co. Ltd.

      57,073       1,917  

SK Hynix, Inc.

      15,185       1,309  

Soulbrain Co. Ltd.

      1,856       427  

WONIK IPS Co. Ltd.

      6,889       231  
     
               18,779  

Spain – 3.2%

     

Acciona S.A.

      3,350       556  

Acerinox S.A.

      29,728       379  

Aena S.M.E. S.A.*

      14,586       2,516  

Amadeus IT Group S.A.*

      153,916       10,111  

Applus Services S.A.

      33,674       318  

Banco Bilbao Vizcaya Argentaria S.A.*

      243,004       1,603  

Bankinter S.A.

      91,574       536  

CaixaBank S.A.

      1,473,760       4,570  

Cia de Distribucion Integral Logista Holdings S.A.

      19,123       402  

Laboratorios Farmaceuticos Rovi S.A.

      9,054       585  

Merlin Properties Socimi S.A.*

      41,744       428  

Viscofan S.A.

      4,355       285  
     
               22,289  

Sweden – 2.4%

     

Arjo AB, Class B

      33,485       413  

Atlas Copco AB, Class A

      89,807       5,448  
    

 

NUMBER
OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)     continued

 

  

Sweden – 2.4%     continued

     

Dometic Group AB

      30,955         $465      

Evolution AB

      45,583       6,929  

G5 Entertainment AB

      6,790       309  

Getinge AB, Class B

      18,418       732  

Kindred Group PLC SDR

      43,928       660  

Swedbank AB, Class A

      67,084       1,357  

Wihlborgs Fastigheter AB

      17,434       347  
     
               16,660  

Switzerland – 8.2%

     

Adecco Group A.G. (Registered)

      57,037       2,856  

Alcon, Inc.

      75,435       6,111  

Bossard Holding A.G., Class A (Registered)

      1,055       329  

Bucher Industries A.G. (Registered)

      1,230       584  

Cie Financiere Richemont S.A., Class A (Registered)

      19,506       2,011  

Coca-Cola HBC A.G. - CDI*

      9,151       294  

Credit Suisse Group A.G. (Registered)

      208,969       2,072  

Forbo Holding A.G. (Registered)

      200       394  

Holcim Ltd.*

      52,775       2,539  

Julius Baer Group Ltd.

      18,703       1,237  

Logitech International S.A. (Registered)

      8,810       780  

Lonza Group A.G. (Registered)

      8,119       6,083  

Medmix A.G.*

      2,717       128  

Nestle S.A. (Registered)

      51,401       6,185  

Novartis A.G. (Registered)

      49,636       4,072  

PSP Swiss Property A.G. (Registered)

      4,639       558  

Roche Holding A.G. (Genusschein)

      9,052       3,303  

Sika A.G. (Registered)

      20,299       6,420  

Sulzer A.G. (Registered)

      2,717       257  

Swissquote Group Holding S.A. (Registered)

      1,809       331  

Tecan Group A.G. (Registered)

      1,357       766  

Temenos A.G. (Registered)

      15,056       2,045  

UBS Group A.G. (Registered)

      225,887       3,610  

Vontobel Holding A.G. (Registered)

      7,835       662  

Wizz Air Holdings PLC*

      6,798       453  

Zur Rose Group A.G.*

      596       237  

Zurich Insurance Group A.G.

      6,364       2,595  
     
               56,912  

Taiwan – 1.6%

     

Catcher Technology Co. Ltd.

      194,181       1,161  

Hon Hai Precision Industry Co. Ltd.

      353,764       1,322  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    48 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

 

NUMBER
OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)     continued

 

Taiwan – 1.6%     continued

     

Shin Kong Financial Holding Co. Ltd.

      1,914,064         $634      

Taiwan Semiconductor Manufacturing Co. Ltd. ADR

      73,874       8,248  
     
               11,365  

Thailand – 0.3%

     

Kasikornbank PCL (Registered)

      68,301       268  

Kasikornbank PCL NVDR

      400,071       1,570  
     
               1,838  

Turkey – 0.2%

     

Turk Telekomunikasyon A.S.

      727,047       611  

Turkcell Iletisim Hizmetleri A.S.

      434,584       749  
     
               1,360  

United Kingdom – 9.5%

     

888 Holdings PLC

      81,921       473  

Anglo American PLC

      57,557       1,985  

AstraZeneca PLC

      25,823       3,109  

Atlantica Sustainable Infrastructure PLC

      9,532       329  

Babcock International Group PLC*

      173,665       862  

BAE Systems PLC

      309,821       2,342  

Barclays PLC

      720,781       1,838  

BP PLC

      1,763,216       7,987  

British American Tobacco PLC

      64,739       2,259  

British Land (The) Co. PLC

      141,412       934  

BT Group PLC*

      678,111       1,456  

Bunzl PLC

      32,440       1,072  

Cairn Energy PLC

      159,524       398  

Centrica PLC*

      934,424       713  

Close Brothers Group PLC

      21,506       444  

Compass Group PLC*

      87,702       1,794  

Computacenter PLC

      20,020       723  

Cranswick PLC

      8,288       396  

CVS Group PLC*

      6,174       199  

Electrocomponents PLC

      27,253       392  

Endeavour Mining PLC

      36,205       815  

Future PLC

      21,590       1,059  

IG Group Holdings PLC

      32,489       351  

IMI PLC

      30,327       676  

Inchcape PLC

      26,056       283  

Intermediate Capital Group PLC

      13,920       383  

J Sainsbury PLC

      428,284       1,640  

Kingfisher PLC

      216,546       980  

Land Securities Group PLC

      97,829       911  

LondonMetric Property PLC

      105,955       341  
    

 

NUMBER
OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 96.6% (1)     continued

 

United Kingdom – 9.5%     continued

 

Marks & Spencer Group PLC*

      426,402         $1,042      

Micro Focus International PLC

      62,899       346  

OSB Group PLC

      74,817       503  

Pets at Home Group PLC

      76,296       491  

Prudential PLC

      116,953       2,270  

Redrow PLC

      63,964       570  

RELX PLC

      35,434       1,021  

RELX PLC

      18,994       548  

Rolls-Royce Holdings PLC*

      3,462,884       6,515  

Royal Mail PLC

      81,031       459  

Safestore Holdings PLC

      41,651       586  

Sage Group (The) PLC

      276,217       2,636  

Serco Group PLC

      232,746       418  

Spirent Communications PLC

      88,972       333  

Standard Chartered PLC

      286,724       1,680  

Synthomer PLC

      62,967       418  

Tate & Lyle PLC

      37,580       350  

Travis Perkins PLC

      18,165       372  

Tritax Big Box REIT PLC

      103,447       296  

Unilever PLC

      80,005       4,325  

UNITE Group (The) PLC

      19,987       291  

Vistry Group PLC

      30,889       506  

WPP PLC

      191,719       2,576  
     
               65,696  

United States – 5.0%

     

Aon PLC, Class A

      31,033       8,868  

EPAM Systems, Inc.*

      9,682       5,523  

Jackson Financial, Inc., Class A*

      3,748       97  

Mettler-Toledo International, Inc.*

      4,124       5,680  

Nexteer Automotive Group Ltd.

      281,000       287  

Ovintiv, Inc.

      37,525       1,233  

Reliance Worldwide Corp. Ltd.

      100,920       370  

ResMed, Inc.

      31,017       8,175  

STERIS PLC

      22,856       4,669  
     
               34,902  

Total Common Stocks

                 

(Cost $506,472)

        671,515  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  49 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

ACTIVE M INTERNATIONAL EQUITY FUND    continued

 

    

NUMBER

OF SHARES

  

VALUE    

(000S)    

PREFERRED STOCKS – 0.2% (1)

 

Germany – 0.2%

 

Volkswagen A.G., 2.54%(5)

      6,718       $1,505  

Total Preferred Stocks

                 

(Cost $1,425)

        1,505  
             

INVESTMENT COMPANIES – 1.8%

 

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(6) (7)

      12,176,181       12,176  

Vanguard FTSE Developed Markets ETF

      10,059       508      

Total Investment Companies

                 

(Cost $12,691)

        12,684  
             
    

PRINCIPAL

AMOUNT

(000S)

   VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.7%

 

U.S. Treasury Bill,
0.04%, 1/27/22(8) (9)

      $4,459         $4,459  
     

Total Short-Term Investments

                 

(Cost $4,459)

        4,459  
             
     

Total Investments – 99.3%

                 

(Cost $525,047)

        690,163  

Other Assets less Liabilities – 0.7%

 

     5,013  

Net Assets – 100.0%

        $695,176  

 

(1)

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

 

(2)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

 

(3)

Value rounds to less than one thousand.

 

(4)

Level 3 asset that is worthless, bankrupt or has been delisted.

 

(5)

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

 

(6)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

 

(7)

7-day current yield as of September 30, 2021 is disclosed.

 

(8)

Discount rate at the time of purchase.

 

(9)

A portion of this security has been pledged as collateral to cover margin requirements for open futures contracts.

 

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

A.G. – Aktiengesellschaft (German: Stock Corporation)

AB – Aktiebolag (Sweden: Corporation)

 

ADR – American Depositary Receipt

ASA – Aksjeselskap (Norway: Stock Company)

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

N.V. – Naamloze Vennootschap (Dutch: Limited Liability Company)

NVDR – Non-Voting Depositary Receipt

PCL – Public Company Limited

PJSC – Public Joint-Stock Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust

S.A. – Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. – Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

S.E. – Societas Europaea (German: Public Company)

SDR – Swedish Depositary Receipt

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

TYPE    NUMBER OF
CONTRACTS		    NOTIONAL
AMOUNT
(000S)		    CONTRACT
POSITION		    CONTRACT
EXP.		   

VALUE AND  

UNREALIZED  

APPRECIATION  

(DEPRECIATION)  

(000S)(1)  

MSCI EAFE Index (United States Dollar)

        75        $8,501        Long        12/21        $ (374)
                                                        

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    50 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

  CONCENTRATION BY CURRENCY   

% OF NET  

ASSETS  

Euro

      27.2 % 

United States Dollar

      21.2  

Japanese Yen

      13.4  

British Pound

      11.6  

Swiss Franc

      8.1  

All other currencies less than 5%

      17.8  

Total Investments

      99.3  

Other Assets less Liabilities

      0.7    

Net Assets

      100.0 % 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   

LEVEL 1

(000S)

  

LEVEL 2

(000S)

   

LEVEL 3

(000S)

     

TOTAL  

(000S)  

  

Common Stocks:

           

Argentina

    $ 8,008     $ —        $—      $ 8,008  

Australia

      5,012       15,413        —        20,425  

Brazil

      3,365       —        —        3,365  

Canada

      37,127       —        —        37,127  

China

      1,867       18,776        —        20,643  

Germany

      — *      38,151        —        38,151  

India

      3,037       —        —        3,037  

Ireland

      28,184       12,748        —        40,932  

Israel

      1,971       —        —        1,971  

Mexico

      2,995       —        —        2,995  

Netherlands

      8,946       27,136        —        36,082  

Peru

      919       —        —        919  

South Africa

      649       2,187        —        2,836  

South Korea

      1,975       16,804        —        18,779  

Switzerland

      128       56,784        —        56,912  

Taiwan

      8,248       3,117        —        11,365    
  INVESTMENTS   

LEVEL 1

(000S)

  

LEVEL 2

(000S)

   

LEVEL 3

(000S)

     

TOTAL  

(000S)  

  

United Kingdom

    $ 1,144     $ 64,552        $—      $ 65,696  

United States

      34,245       657        —        34,902  

All Other Countries(1)

      —       267,370        —        267,370    
         

Total Common Stocks

      147,820       523,695        —        671,515  

Preferred Stocks

      —       1,505        —        1,505  

Investment Companies

      12,684       —        —        12,684  

Short-Term Investments

      —       4,459        —        4,459  
         

Total Investments

    $ 160,504     $ 529,659        $—      $ 690,163  
         

OTHER FINANCIAL INSTRUMENTS

                                   

Liabilities
Futures Contracts

    $ (374 )    $ —        $—      $ (374 ) 

 

(1)

Classifications as defined in the Schedule of Investments.

 

*

Amount rounds to less than one thousand.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  51 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)

 

Argentina – 0.0%

     

Adecoagro S.A.*

      27,803         $251      

YPF S.A. ADR*

      56,831       265  
     
               516  

Australia – 0.0%

     

MMG Ltd.*

      884,000       365  

Brazil – 3.2%

     

Ambev S.A.

      1,322,260       3,722  

Americanas S.A.*

      123,682       701  

Atacadao S.A.

      140,900       457  

B3 S.A. - Brasil Bolsa Balcao

      1,730,546       4,061  

Banco Bradesco S.A.*

      419,606       1,377  

Banco BTG Pactual S.A.*

      320,400       1,471  

Banco do Brasil S.A.

      246,744       1,314  

Banco Inter S.A.*

      98,910       847  

Banco Santander Brasil S.A.

      118,436       772  

BB Seguridade Participacoes S.A.

      199,401       729  

BRF S.A.*

      184,120       918  

CCR S.A.

      350,800       756  

Centrais Eletricas Brasileiras S.A.

      92,400       650  

Cia de Saneamento Basico do Estado de Sao Paulo*

      98,971       699  

Cia Siderurgica Nacional S.A.

      199,090       1,052  

Cosan S.A.

      294,588       1,232  

CPFL Energia S.A.

      66,100       327  

Energisa S.A.

      52,700       426  

Engie Brasil Energia S.A.

      58,047       400  

Equatorial Energia S.A.

      257,970       1,201  

Hapvida Participacoes e Investimentos S.A.

      320,100       799  

Hypera S.A.*

      105,758       621  

JBS S.A.

      244,736       1,662  

Klabin S.A.*

      205,041       909  

Localiza Rent a Car S.A.

      168,566       1,696  

Lojas Renner S.A.

      248,315       1,562  

Magazine Luiza S.A.*

      818,500       2,158  

Natura & Co. Holding S.A.*

      248,301       2,080  

Notre Dame Intermedica Participacoes S.A.

      144,000       1,967  

Petrobras Distribuidora S.A.

      318,600       1,368  

Petroleo Brasileiro S.A.

      1,053,378       5,426  

Raia Drogasil S.A.*

      309,135       1,320  

Rede D’Or Sao Luiz S.A.

      112,000       1,394  

Rumo S.A.*

      374,600       1,158  

Suzano S.A.*

      214,656       2,128  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

Brazil – 3.2%     continued

     

Telefonica Brasil S.A.

      144,873         $1,129      

TIM S.A.*

      248,395       534  

TOTVS S.A.

      131,700       872  

Ultrapar Participacoes S.A.

      207,548       563  

Vale S.A.

      1,116,869       15,556  

Via S/A*

      366,100       518  

WEG S.A.

      470,048       3,409  
     
               71,941  

Chile – 0.3%

     

Banco de Chile

      12,070,365       1,114  

Banco de Credito e Inversiones S.A.

      15,238       556  

Banco Santander Chile

      19,059,252       955  

Cencosud S.A.

      415,782       804  

Cencosud Shopping S.A.

      146,864       172  

Cia Cervecerias Unidas S.A.

      42,416       378  

Colbun S.A.

      2,261,870       367  

Empresas CMPC S.A.

      322,858       608  

Empresas COPEC S.A.

      109,878       912  

Enel Americas S.A.

      6,129,482       725  

Enel Chile S.A.

      7,939,909       376  

Falabella S.A.

      216,338       758  
     
               7,725  

China – 31.0%

     

21Vianet Group, Inc. ADR*

      26,060       451  

360 DigiTech, Inc. ADR*

      24,485       498  

360 Security Technology, Inc., Class A*

      112,500       206  

3SBio, Inc.*

      355,000       348  

51job, Inc. ADR*

      8,571       596  

AAC Technologies Holdings, Inc.

      208,000       987  

Addsino Co. Ltd., Class A

      27,600       64  

Advanced Micro-Fabrication Equipment, Inc. China, Class A*

      10,146       238  

AECC Aero-Engine Control Co. Ltd., Class A

      19,700       73  

AECC Aviation Power Co. Ltd., Class A

      45,500       375  

Agile Group Holdings Ltd.

      336,000       313  

Agora, Inc. ADR*

      13,681       397  

Agricultural Bank of China Ltd., Class A

      1,324,500       603  

Agricultural Bank of China Ltd., Class H

      7,395,367       2,528  

Aier Eye Hospital Group Co. Ltd., Class A

      91,215       751  

Air China Ltd., Class A*

      107,800       124  

Air China Ltd., Class H*

      512,705       339  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    52 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Airtac International Group

      38,000         $1,189      

Akeso, Inc.*

      81,000       443  

Alibaba Group Holding Ltd.*

      4,275,780       79,530  

A-Living Smart City Services Co. Ltd.

      162,500       575  

Aluminum Corp. of China Ltd., Class A*

      210,100       250  

Aluminum Corp. of China Ltd., Class H*

      1,137,435       855  

Angel Yeast Co. Ltd., Class A

      14,100       109  

Anhui Conch Cement Co. Ltd., Class A

      67,500       425  

Anhui Conch Cement Co. Ltd., Class H

      343,075       1,845  

Anhui Gujing Distillery Co. Ltd., Class A

      6,500       240  

Anhui Gujing Distillery Co. Ltd., Class B

      30,900       403  

Anhui Honglu Steel Construction Group Co. Ltd., Class A

      8,900       60  

Anhui Kouzi Distillery Co. Ltd., Class A

      9,600       75  

ANTA Sports Products Ltd.

      303,432       5,686  

Apeloa Pharmaceutical Co. Ltd., Class A

      20,200       119  

Asymchem Laboratories Tianjin Co. Ltd., Class A

      4,100       282  

Autobio Diagnostics Co. Ltd., Class A

      8,550       71  

Autohome, Inc. ADR

      20,894       981  

Avary Holding Shenzhen Co. Ltd., Class A

      25,400       131  

AVIC Electromechanical Systems Co. Ltd., Class A

      56,100       115  

AVIC Industry-Finance Holdings Co. Ltd., Class A

      127,300       75  

AviChina Industry & Technology Co. Ltd., Class H

      740,313       467  

AVICOPTER PLC, Class A

      9,300       80  

Baidu, Inc. ADR*

      77,975       11,989  

Bank of Beijing Co. Ltd., Class A

      366,100       247  

Bank of Chengdu Co. Ltd., Class A

      70,400       129  

Bank of China Ltd., Class A

      627,000       296  

Bank of China Ltd., Class H

      22,357,652       7,871  

Bank of Communications Co. Ltd., Class A

      681,400       473  

Bank of Communications Co. Ltd., Class H

      2,414,117       1,424  

Bank of Hangzhou Co. Ltd., Class A

      102,020       234  

Bank of Jiangsu Co. Ltd., Class A

      183,244       165  

Bank of Nanjing Co. Ltd., Class A

      179,496       250  

Bank of Ningbo Co. Ltd., Class A

      103,500       563  

Bank of Shanghai Co. Ltd., Class A

      244,571       277  

Baoshan Iron & Steel Co. Ltd., Class A

      376,996       505  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Baozun, Inc. ADR*

      17,675         $310      

BBMG Corp., Class A

      179,000       78  

BeiGene Ltd. ADR*

      12,842       4,662  

Beijing BDStar Navigation Co. Ltd., Class A*

      11,600       72  

Beijing Capital International Airport Co. Ltd., Class H*

      538,000       317  

Beijing Dabeinong Technology Group Co. Ltd., Class A

      76,900       90  

Beijing E-Hualu Information Technology Co. Ltd., Class A*

      11,160       51  

Beijing Enlight Media Co. Ltd., Class A

      44,100       68  

Beijing Kingsoft Office Software, Inc., Class A

      6,266       274  

Beijing New Building Materials PLC, Class A

      31,900       156  

Beijing Roborock Technology Co. Ltd., Class A

      1,075       118  

Beijing Shiji Information Technology Co. Ltd., Class A

      22,400       90  

Beijing Shunxin Agriculture Co. Ltd., Class A

      14,500       79  

Beijing Sinnet Technology Co. Ltd., Class A

      23,000       46  

Beijing Tiantan Biological Products Corp. Ltd., Class A

      24,240       120  

Beijing United Information Technology Co. Ltd., Class A

      5,900       104  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A

      6,600       226  

Beijing Yanjing Brewery Co. Ltd., Class A

      48,500       49  

Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A

      4,100       96  

Beijing-Shanghai High Speed Railway Co. Ltd., Class A

      658,400       483  

Betta Pharmaceuticals Co. Ltd., Class A

      6,800       98  

BGI Genomics Co. Ltd., Class A

      7,800       106  

Bilibili, Inc. ADR*

      45,796       3,030  

BOC International China Co. Ltd., Class A

      30,800       71  

BOE Technology Group Co. Ltd., Class A

      579,500       453  

Burning Rock Biotech Ltd. ADR*

      12,281       220  

BYD Co. Ltd., Class A

      31,200       1,205  

BYD Co. Ltd., Class H

      220,699       6,816  

BYD Electronic International Co. Ltd.

      192,500       673  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  53 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND    continued

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

By-health Co. Ltd., Class A

      27,200         $119      

C&S Paper Co. Ltd., Class A

      22,500       60  

Caitong Securities Co. Ltd., Class A

      61,700       103  

CanSino Biologics, Inc., Class A*

      1,522       80  

CanSino Biologics, Inc., Class H*

      22,600       796  

CGN Power Co. Ltd., Class H

      3,046,000       926  

Chacha Food Co. Ltd., Class A

      8,700       63  

Changchun High & New Technology

     

Industry Group, Inc., Class A

      6,800       288  

Changjiang Securities Co. Ltd., Class A

      81,800       96  

Changzhou Xingyu Automotive Lighting

     

Systems Co. Ltd., Class A

      4,700       131  

Chaozhou Three-Circle Group Co. Ltd., Class A

      30,900       177  

Chifeng Jilong Gold Mining Co. Ltd., Class A*

      35,900       86  

China Aoyuan Group Ltd.

      373,000       196  

China Baoan Group Co. Ltd., Class A

      42,500       125  

China Bohai Bank Co. Ltd., Class H

      837,500       326  

China Cinda Asset Management Co. Ltd., Class H

      2,153,000       364  

China CITIC Bank Corp. Ltd., Class H

      2,536,286       1,144  

China Communications Services Corp. Ltd., Class H

      735,035       407  

China Conch Venture Holdings Ltd.

      443,000       2,040  

China Construction Bank Corp., Class A

      172,000       159  

China Construction Bank Corp., Class H

      27,115,693       19,234  

China CSSC Holdings Ltd., Class A

      73,600       286  

China East Education Holdings Ltd.*

      159,500       162  

China Eastern Airlines Corp. Ltd., Class A*

      159,400       116  

China Everbright Bank Co. Ltd., Class A

      685,500       358  

China Everbright Bank Co. Ltd., Class H

      887,000       313  

China Evergrande Group

      561,411       211  

China Feihe Ltd.

      1,018,000       1,715  

China Fortune Land Development Co. Ltd., Class A*

      70,850       44  

China Galaxy Securities Co. Ltd., Class A

      73,900       119  

China Galaxy Securities Co. Ltd., Class H

      934,000       541  

China Great Wall Securities Co. Ltd., Class A

      38,900       71  

China Greatwall Technology Group Co. Ltd., Class A

      57,400       117  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

China Hongqiao Group Ltd.

      647,000         $814      

China Huarong Asset Management Co. Ltd., Class H(2) *

      2,851,000       323  

China International Capital Corp. Ltd., Class A

      13,800       121  

China International Capital Corp. Ltd., Class H

      409,600       1,072  

China Jushi Co. Ltd., Class A

      67,322       182  

China Lesso Group Holdings Ltd.

      308,000       491  

China Life Insurance Co. Ltd., Class A

      47,800       220  

China Life Insurance Co. Ltd., Class H

      2,082,544       3,396  

China Literature Ltd.*

      115,800       879  

China Longyuan Power Group Corp. Ltd., Class H

      950,473       2,323  

China Medical System Holdings Ltd.

      389,000       703  

China Meidong Auto Holdings Ltd.

      158,000       791  

China Merchants Bank Co. Ltd., Class A

      352,879       2,756  

China Merchants Bank Co. Ltd., Class H

      1,093,933       8,683  

China Merchants Energy Shipping Co. Ltd., Class A

      140,040       119  

China Merchants Property Operation & Service Co. Ltd., Class A

      18,200       44  

China Merchants Securities Co. Ltd., Class A

      126,310       355  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

      114,700       230  

China Minsheng Banking Corp. Ltd., Class A

      610,540       369  

China Minsheng Banking Corp. Ltd., Class H

      1,721,654       690  

China Molybdenum Co. Ltd., Class A

      293,400       271  

China Molybdenum Co. Ltd., Class H

      957,000       585  

China National Building Material Co. Ltd., Class H

      1,118,000       1,508  

China National Chemical Engineering Co. Ltd., Class A

      77,100       129  

China National Medicines Corp. Ltd., Class A

      12,900       58  

China National Nuclear Power Co. Ltd., Class A

      228,698       255  

China National Software & Service Co. Ltd., Class A

      9,200       70  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

      62,500       423  

China Oilfield Services Ltd., Class H

      524,757       496  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    54 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

China Pacific Insurance Group Co. Ltd., Class A

      118,600         $495      

China Pacific Insurance Group Co. Ltd., Class H

      732,937       2,155  

China Petroleum & Chemical Corp., Class A

      564,900       386  

China Petroleum & Chemical Corp., Class H

      6,742,628       3,318  

China Railway Group Ltd., Class A

      360,800       316  

China Railway Group Ltd., Class H

      1,145,827       570  

China Railway Signal & Communication Corp. Ltd., Class A

      110,341       88  

China Resources Mixc Lifestyle Services Ltd.

      157,800       873  

China Resources Pharmaceutical Group Ltd.

      415,000       204  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

      21,100       92  

China Shenhua Energy Co. Ltd., Class A

      113,300       397  

China Shenhua Energy Co. Ltd., Class H

      942,136       2,201  

China South Publishing & Media Group Co. Ltd., Class A

      35,800       50  

China Southern Airlines Co. Ltd., Class A*

      176,800       158  

China Southern Airlines Co. Ltd., Class H*

      504,530       284  

China State Construction Engineering Corp. Ltd., Class A

      733,280       545  

China Tourism Group Duty Free Corp. Ltd., Class A

      33,400       1,344  

China Tower Corp. Ltd., Class H

      12,052,000       1,578  

China TransInfo Technology Co. Ltd., Class A

      27,400       63  

China United Network Communications Ltd., Class A

      473,700       301  

China Vanke Co. Ltd., Class A

      165,000       544  

China Vanke Co. Ltd., Class H

      471,472       1,289  

China Yangtze Power Co. Ltd., Class A

      393,800       1,338  

China Yuhua Education Corp. Ltd.

      426,000       206  

China Zheshang Bank Co. Ltd., Class A

      275,100       151  

Chinasoft International Ltd.*

      726,000       1,268  

Chindata Group Holdings Ltd. ADR*

      24,364       205  

Chongqing Brewery Co. Ltd., Class A*

      7,500       150  

Chongqing Changan Automobile Co. Ltd., Class A

      104,160       265  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Chongqing Fuling Zhacai Group Co. Ltd., Class A*

      15,300         $72      

Chongqing Rural Commercial Bank Co. Ltd., Class A

      136,800       82  

Chongqing Rural Commercial Bank Co. Ltd., Class H

      684,434       249  

Chongqing Zhifei Biological Products Co. Ltd., Class A

      27,400       674  

CIFI Ever Sunshine Services Group Ltd.

      214,000       425  

CIFI Holdings Group Co. Ltd.

      940,973       638  

CITIC Ltd.

      1,646,803       1,736  

CITIC Securities Co. Ltd., Class A

      166,300       645  

CITIC Securities Co. Ltd., Class H

      639,000       1,624  

Contemporary Amperex Technology Co. Ltd., Class A

      39,000       3,174  

COSCO SHIPPING Energy Transportation Co. Ltd., Class A

      59,600       63  

COSCO SHIPPING Holdings Co. Ltd., Class A*

      223,080       591  

COSCO SHIPPING Holdings Co. Ltd., Class H*

      924,650       1,400  

Country Garden Holdings Co. Ltd.

      2,149,879       2,213  

Country Garden Services Holdings Co. Ltd.

      429,000       3,367  

CRRC Corp. Ltd., Class A

      402,600       387  

CSC Financial Co. Ltd., Class A

      73,400       348  

CSPC Pharmaceutical Group Ltd.

      2,519,360       2,991  

Daan Gene Co. Ltd., Class A

      24,160       69  

Dada Nexus Ltd. ADR*

      16,875       338  

Dali Foods Group Co. Ltd.

      593,000       355  

Daqo New Energy Corp. ADR*

      16,281       928  

DaShenLin Pharmaceutical Group Co. Ltd., Class A

      15,120       99  

DHC Software Co. Ltd., Class A

      10,900       13  

DiDi Global, Inc. ADR*

      87,876       685  

Dong-E-E-Jiao Co. Ltd., Class A

      11,200       60  

Dongfang Electric Corp. Ltd., Class A

      60,600       172  

Dongfeng Motor Group Co. Ltd., Class H

      777,169       693  

Dongxing Securities Co. Ltd., Class A

      35,200       61  

East Money Information Co. Ltd., Class A

      170,084       901  

Ecovacs Robotics Co. Ltd., Class A

      7,800       183  

ENN Energy Holdings Ltd.

      220,879       3,617  

ENN Natural Gas Co. Ltd., Class A

      31,600       89  

Eve Energy Co. Ltd., Class A

      32,596       500  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  55 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND    continued

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Everbright Securities Co. Ltd., Class A

      65,098       $155  

Fangda Carbon New Material Co. Ltd., Class A

      55,582         86      

FAW Jiefang Group Co. Ltd., Class A

      49,000       81  

Fiberhome Telecommunication Technologies Co. Ltd., Class A

      23,200       63  

Financial Street Holdings Co. Ltd., Class A

      40,800       38  

First Capital Securities Co. Ltd., Class A

      72,300       80  

Flat Glass Group Co. Ltd., Class A

      20,100       142  

Flat Glass Group Co. Ltd., Class H

      115,000       541  

Focus Media Information Technology Co. Ltd., Class A

      248,400       280  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

      60,324       1,025  

Fosun International Ltd.

      673,865       819  

Founder Securities Co. Ltd., Class A

      133,500       168  

Foxconn Industrial Internet Co. Ltd., Class A

      121,600       218  

Fu Jian Anjoy Foods Co. Ltd., Class A

      4,100       122  

Fujian Sunner Development Co. Ltd., Class A

      25,600       86  

Fuyao Glass Industry Group Co. Ltd., Class A

      34,392       224  

Fuyao Glass Industry Group Co. Ltd., Class H

      164,400       875  

Ganfeng Lithium Co. Ltd., Class A

      18,800       470  

Ganfeng Lithium Co. Ltd., Class H

      74,600       1,291  

Gaotu Techedu, Inc. ADR*

      34,885       107  

G-bits Network Technology Xiamen Co. Ltd., Class A

      1,300       79  

GCL System Integration Technology Co. Ltd., Class A*

      78,000       49  

GDS Holdings Ltd. ADR*

      24,423       1,383  

GEM Co. Ltd., Class A

      78,800       135  

Gemdale Corp., Class A

      77,700       135  

Genscript Biotech Corp.*

      326,000       1,244  

GF Securities Co. Ltd., Class A

      98,593       320  

GF Securities Co. Ltd., Class H

      311,800       544  

Giant Network Group Co. Ltd., Class A

      39,100       63  

Gigadevice Semiconductor Beijing, Inc., Class A

      10,780       240  

GoerTek, Inc., Class A

      56,900       377  

GOME Retail Holdings Ltd.*

      3,522,970       329  

Gotion High-tech Co. Ltd., Class A*

      20,200       148  

Great Wall Motor Co. Ltd., Class A

      41,600       339  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Great Wall Motor Co. Ltd., Class H

      878,296       $3,192      

Greenland Holdings Corp. Ltd., Class A

      160,125       116  

Greentown China Holdings Ltd.

      253,000       380  

Greentown Service Group Co. Ltd.

      414,000         445  

GRG Banking Equipment Co. Ltd., Class A

      41,400       63  

Guangdong Haid Group Co. Ltd., Class A

      27,200       284  

Guangdong Hongda Blasting Co. Ltd., Class A

      12,100       51  

Guangdong Kinlong Hardware Products Co. Ltd., Class A

      6,400       136  

Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A

      11,200       32  

Guanghui Energy Co. Ltd., Class A*

      102,200       135  

Guangzhou Automobile Group Co. Ltd., Class H

      843,664       736  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

      21,900       101  

Guangzhou Haige Communications Group, Inc. Co., Class A

      35,000       55  

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

      7,000       111  

Guangzhou R&F Properties Co. Ltd., Class H

      485,214       371  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

      11,900       144  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

      14,240       333  

Guangzhou Wondfo Biotech Co. Ltd., Class A

      7,670       51  

Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A

      61,965       81  

Guolian Securities Co. Ltd., Class A

      33,300       68  

Guosen Securities Co. Ltd., Class A

      104,800       191  

Guotai Junan Securities Co. Ltd., Class A

      129,400       355  

Guoyuan Securities Co. Ltd., Class A

      79,560       95  

Haidilao International Holding Ltd.

      302,000       1,143  

Haier Smart Home Co. Ltd., Class A

      115,397       465  

Haier Smart Home Co. Ltd., Class H

      624,000       2,192  

Haitian International Holdings Ltd.

      180,000       559  

Haitong Securities Co. Ltd., Class A

      166,200       310  

Haitong Securities Co. Ltd., Class H

      726,433       663  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    56 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Hang Zhou Great Star Industrial Co. Ltd., Class A*

      19,900       $85  

Hangzhou First Applied Material Co. Ltd., Class A

      15,060       296  

Hangzhou Oxygen Plant Group Co. Ltd., Class A

      16,400       72  

Hangzhou Robam Appliances Co. Ltd., Class A

      16,300       85  

Hangzhou Silan Microelectronics Co. Ltd., Class A

      22,900         200      

Hangzhou Tigermed Consulting Co. Ltd., Class A

      6,400       171  

Hangzhou Tigermed Consulting Co. Ltd., Class H

      35,900       762  

Hansoh Pharmaceutical Group Co. Ltd.

      340,000       862  

Hefei Meiya Optoelectronic Technology, Inc., Class A

      9,700       57  

Heilongjiang Agriculture Co. Ltd., Class A

      30,600       72  

Hello Group, Inc. ADR

      46,604       493  

Henan Shuanghui Investment & Development Co. Ltd., Class A

      49,100       206  

Hengan International Group Co. Ltd.

      173,898       931  

Hengli Petrochemical Co. Ltd., Class A

      99,660       397  

HengTen Networks Group Ltd.*

      788,000       232  

Hengyi Petrochemical Co. Ltd., Class A

      57,330       101  

Hesteel Co. Ltd., Class A

      142,400       61  

Hithink RoyalFlush Information Network Co. Ltd., Class A

      9,300       171  

Hongfa Technology Co. Ltd., Class A

      12,800       124  

Hua Hong Semiconductor Ltd.*

      153,000       792  

Huaan Securities Co. Ltd., Class A

      80,990       67  

Huadian Power International Corp. Ltd., Class A

      121,800       89  

Huadong Medicine Co. Ltd., Class A

      32,720       150  

Huafon Chemical Co. Ltd., Class A

      78,500       148  

Huagong Tech Co. Ltd., Class A

      17,300       78  

Hualan Biological Engineering, Inc., Class A

      34,070       147  

Huaneng Power International, Inc., Class A

      126,200       161  

Huaneng Power International, Inc., Class H

      1,080,501       581  

Huatai Securities Co. Ltd., Class A

      126,600       333  

Huatai Securities Co. Ltd., Class H

      446,600       688  

Huaxi Securities Co. Ltd., Class A

      45,200       67  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Huaxia Bank Co. Ltd., Class A

      206,490         $178      

Huaxin Cement Co. Ltd., Class A

      23,400       74  

Huayu Automotive Systems Co. Ltd., Class A

      54,500       191  

Huazhu Group Ltd. ADR*

      49,727       2,280  

Hubei Biocause Pharmaceutical Co. Ltd., Class A

      71,100       37  

Huizhou Desay Sv Automotive Co. Ltd., Class A

      7,900       102  

Humanwell Healthcare Group Co. Ltd., Class A

      29,700       93  

Hunan Valin Steel Co. Ltd., Class A

      105,500       108  

Hundsun Technologies, Inc., Class A

      25,389       225  

HUYA, Inc. ADR*

      22,142       185  

Iflytek Co. Ltd., Class A

      39,900       324  

I-Mab ADR*

      9,233       669  

Imeik Technology Development Co. Ltd., Class A

      3,000       275  

Industrial & Commercial Bank of China Ltd., Class A

      1,082,600       781  

Industrial & Commercial Bank of China Ltd., Class H

      15,895,023       8,775  

Industrial Bank Co. Ltd., Class A

      355,300       1,007  

Industrial Securities Co. Ltd., Class A

      128,600       194  

Ingenic Semiconductor Co. Ltd., Class A

      7,600       149  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*

      873,200       428  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

      131,000       116  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

      94,500       547  

Innovent Biologics, Inc.*

      326,500       3,159  

Inspur Electronic Information Industry Co. Ltd., Class A

      14,156       62  

Intco Medical Technology Co. Ltd., Class A

      8,850       80  

iQIYI, Inc. ADR*

      81,803       657  

JA Solar Technology Co. Ltd., Class A

      26,500       268  

Jafron Biomedical Co. Ltd., Class A

      13,500       122  

Jason Furniture Hangzhou Co. Ltd., Class A

      10,600       98  

JCET Group Co. Ltd., Class A

      27,100       133  

JD Health International, Inc.*

      97,250       928  

JD.com, Inc. ADR*

      243,612       17,599  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  57 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND    continued

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A

      42,400       $42  

Jiangsu Eastern Shenghong Co. Ltd., Class A

      54,800       237  

Jiangsu Expressway Co. Ltd., Class H

      344,000         348      

Jiangsu Hengli Hydraulic Co. Ltd., Class A

      21,868       286  

Jiangsu Hengrui Medicine Co. Ltd., Class A

      108,585       843  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

      24,100       169  

Jiangsu Shagang Co. Ltd., Class A

      28,700       30  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

      26,700       681  

Jiangsu Yangnong Chemical Co. Ltd., Class A

      5,300       85  

Jiangsu Yoke Technology Co. Ltd., Class A

      7,700       91  

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A

      19,800       99  

Jiangsu Zhongnan Construction Group Co. Ltd., Class A

      79,600       54  

Jiangsu Zhongtian Technology Co. Ltd., Class A

      52,400       74  

Jiangxi Copper Co. Ltd., Class A

      33,099       123  

Jiangxi Copper Co. Ltd., Class H

      318,000       562  

Jiangxi Zhengbang Technology Co. Ltd., Class A

      52,600       77  

Jilin Aodong Pharmaceutical Group Co. Ltd., Class A

      20,000       52  

Jinke Properties Group Co. Ltd., Class A

      89,000       71  

Jinxin Fertility Group Ltd.*

      356,000       529  

JiuGui Liquor Co. Ltd., Class A

      5,500       211  

Jiumaojiu International Holdings Ltd.

      208,000       628  

Joincare Pharmaceutical Group Industry Co. Ltd., Class A

      34,700       61  

Joinn Laboratories China Co. Ltd., Class A

      5,320       130  

Jointown Pharmaceutical Group Co. Ltd., Class A

      23,300       56  

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A

      15,400       75  

Joyoung Co. Ltd., Class A

      13,200       44  

Juewei Food Co. Ltd., Class A

      11,600       115  

Kaisa Group Holdings Ltd.*

      808,000       219  

KE Holdings, Inc. ADR*

      100,186       1,829  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Kingdee International Software Group Co. Ltd.*

      727,000       $2,407  

Kingfa Sci & Tech Co. Ltd., Class A

      43,600       99  

Kingsoft Cloud Holdings Ltd. ADR*

      15,374       435  

Kingsoft Corp. Ltd.

      273,903       1,080  

Kuaishou Technology*

      77,400         818      

Kuang-Chi Technologies Co. Ltd., Class A*

      35,800       124  

Kunlun Tech Co. Ltd., Class A

      19,700       52  

Kweichow Moutai Co. Ltd., Class A

      21,195       6,005  

KWG Group Holdings Ltd.

      378,500       368  

Lakala Payment Co. Ltd., Class A

      20,200       77  

Laobaixing Pharmacy Chain JSC, Class A

      7,840       57  

LB Group Co. Ltd., Class A

      43,700       193  

Lenovo Group Ltd.

      2,060,000       2,210  

Lens Technology Co. Ltd., Class A

      86,300       278  

Leo Group Co. Ltd., Class A

      116,300       45  

Lepu Medical Technology Beijing Co. Ltd., Class A

      32,100       133  

Leyard Optoelectronic Co. Ltd., Class A

      43,700       69  

Li Auto, Inc. ADR*

      152,571       4,011  

Li Ning Co. Ltd.

      629,500       7,262  

Liaoning Cheng Da Co. Ltd., Class A

      26,300       100  

Lingyi iTech Guangdong Co., Class A

      118,000       118  

Livzon Pharmaceutical Group, Inc., Class A

      10,600       64  

Logan Group Co. Ltd.

      383,000       399  

Longfor Group Holdings Ltd.

      510,731       2,347  

LONGi Green Energy Technology Co. Ltd., Class A

      90,422       1,148  

Lufax Holding Ltd. ADR*

      48,572       339  

Luxi Chemical Group Co. Ltd., Class A

      31,300       90  

Luxshare Precision Industry Co. Ltd., Class A

      113,705       627  

Luzhou Laojiao Co. Ltd., Class A

      25,100       859  

Maccura Biotechnology Co. Ltd., Class A

      12,500       56  

Mango Excellent Media Co. Ltd., Class A

      29,570       198  

Maxscend Microelectronics Co. Ltd., Class A

      5,700       308  

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*

      74,176       85  

Meituan, Class B*

      1,134,600       35,430  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    58 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Metallurgical Corp. of China Ltd., Class A

      307,400       $204  

Microport Scientific Corp.

      181,000         1,014      

Midea Group Co. Ltd., Class A

      60,200       649  

Ming Yang Smart Energy Group Ltd., Class A

      32,200       124  

Ming Yuan Cloud Group Holdings Ltd.*

      109,000       374  

Minth Group Ltd.

      216,000       735  

Montage Technology Co. Ltd., Class A

      12,199       112  

Muyuan Foods Co. Ltd., Class A

      89,678       714  

NanJi E-Commerce Co. Ltd., Class A

      42,000       43  

Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A

      20,904       116  

Nanjing Securities Co. Ltd., Class A

      54,800       84  

NARI Technology Co. Ltd., Class A

      95,502       529  

National Silicon Industry Group Co. Ltd., Class A*

      33,524       146  

NAURA Technology Group Co. Ltd., Class A

      8,500       477  

NavInfo Co. Ltd., Class A*

      33,500       57  

NetEase, Inc. ADR

      113,161       9,664  

New China Life Insurance Co. Ltd., Class A

      35,900       222  

New China Life Insurance Co. Ltd., Class H

      256,652       756  

New Hope Liuhe Co. Ltd., Class A*

      72,400       165  

New Oriental Education & Technology Group, Inc. ADR*

      433,968       890  

Ninestar Corp., Class A

      20,400       117  

Ningbo Joyson Electronic Corp., Class A

      21,800       59  

Ningbo Tuopu Group Co. Ltd., Class A

      18,100       101  

Ningxia Baofeng Energy Group Co. Ltd., Class A

      103,300       255  

NIO, Inc. ADR*

      383,220       13,654  

Noah Holdings Ltd. ADR*

      9,530       354  

Nongfu Spring Co. Ltd., Class H

      115,000       581  

Northeast Securities Co. Ltd., Class A

      40,300       54  

Offcn Education Technology Co. Ltd., Class A*

      37,500       63  

Offshore Oil Engineering Co. Ltd., Class A

      50,500       37  

OFILM Group Co. Ltd., Class A

      45,000       58  

OneConnect Financial Technology Co. Ltd. ADR*

      32,950       135  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Oppein Home Group, Inc., Class A

      8,620       $173  

Orient Securities Co. Ltd., Class A

      102,687         239      

Ovctek China, Inc., Class A

      16,100       204  

Pacific Securities (The) Co. Ltd., Class A*

      117,300       59  

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*

      131,000       95  

People’s Insurance Co. Group of China (The) Ltd., Class A

      103,700       81  

People’s Insurance Co. Group of China (The) Ltd., Class H

      2,400,535       745  

Perfect World Co. Ltd., Class A

      33,450       78  

PetroChina Co. Ltd., Class A

      371,700       344  

PetroChina Co. Ltd., Class H

      5,889,438       2,757  

Pharmaron Beijing Co. Ltd., Class A

      11,300       375  

Pharmaron Beijing Co. Ltd., Class H

      38,200       908  

PICC Property & Casualty Co. Ltd., Class H

      1,901,359       1,835  

Pinduoduo, Inc. ADR*

      123,667       11,213  

Ping An Bank Co. Ltd., Class A

      332,700       924  

Ping An Healthcare and Technology Co. Ltd.*

      130,200       843  

Ping An Insurance Group Co. of China Ltd., Class A

      172,935       1,287  

Ping An Insurance Group Co. of China Ltd., Class H

      1,793,406       12,169  

Poly Developments and Holdings Group Co. Ltd., Class A

      205,400       446  

Poly Property Services Co. Ltd., Class H

      32,400       193  

Postal Savings Bank of China Co. Ltd., Class A

      454,300       355  

Postal Savings Bank of China Co. Ltd., Class H

      2,262,000       1,560  

Power Construction Corp. of China Ltd., Class A

      278,300       363  

Powerlong Real Estate Holdings Ltd.

      410,000       307  

Proya Cosmetics Co. Ltd., Class A

      3,400       91  

Qianhe Condiment and Food Co. Ltd., Class A

      16,920       51  

Qingdao Rural Commercial Bank Corp., Class A

      80,300       48  

Raytron Technology Co. Ltd., Class A

      7,223       98  

RiseSun Real Estate Development Co. Ltd., Class A

      74,300       55  

Riyue Heavy Industry Co. Ltd., Class A

      15,700       84  

RLX Technology, Inc. ADR*

      171,352       775  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  59 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND    continued

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Rongsheng Petro Chemical Co. Ltd., Class A

      172,500       $497  

SAIC Motor Corp. Ltd., Class A

      134,193       396  

Sailun Group Co. Ltd., Class A

      51,700       91  

Sanan Optoelectronics Co. Ltd., Class A

      78,600       386  

Sangfor Technologies, Inc., Class A

      6,700       243  

Sany Heavy Equipment International Holdings Co. Ltd.

      311,000       367  

Sany Heavy Industry Co. Ltd., Class A

      144,500       569  

SDIC Capital Co. Ltd., Class A

      102,752       139  

SDIC Power Holdings Co. Ltd., Class A

      114,300         213  

Sealand Securities Co. Ltd., Class A

      95,440       60  

Seazen Group Ltd.*

      624,000       497  

Seazen Holdings Co. Ltd., Class A

      38,194       220  

SF Holding Co. Ltd., Class A

      77,600       785  

SG Micro Corp., Class A

      3,900       200  

Shaanxi Coal Industry Co. Ltd., Class A

      180,700       413  

Shandong Buchang Pharmaceuticals Co. Ltd., Class A

      19,856       57  

Shandong Gold Mining Co. Ltd., Class A

      60,137       183  

Shandong Gold Mining Co. Ltd., Class H

      172,500       306  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

      36,140       183  

Shandong Linglong Tyre Co. Ltd., Class A

      27,700       151  

Shandong Nanshan Aluminum Co. Ltd., Class A

      188,800       127  

Shandong Pharmaceutical Glass Co. Ltd., Class A

      14,900       68  

Shandong Sun Paper Industry JSC Ltd., Class A

      53,800       99  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

      712,116       1,257      

Shanghai Bailian Group Co. Ltd., Class A

      27,100       61  

Shanghai Bairun Investment Holding Group Co. Ltd., Class A

      12,600       144  

Shanghai Baosight Software Co. Ltd., Class A

      18,500       187  

Shanghai Construction Group Co. Ltd., Class A

      174,100       109  

Shanghai Electric Group Co. Ltd., Class A

      161,200       129  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

      35,500       $287  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

      140,500       717  

Shanghai International Airport Co. Ltd., Class A*

      15,800       108  

Shanghai International Port Group Co. Ltd., Class A

      69,500       65  

Shanghai Jahwa United Co. Ltd., Class A

      11,500       78  

Shanghai Jinjiang International Hotels Co. Ltd., Class A

      13,800       97  

Shanghai Lingang Holdings Corp. Ltd., Class A

      20,880       48  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

      305,401       277  

Shanghai M&G Stationery, Inc., Class A

      15,800         166      

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

      29,500       87  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

      230,447       444  

Shanghai Pudong Development Bank Co. Ltd., Class A

      499,492       696  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

      11,480       303  

Shanghai RAAS Blood Products Co. Ltd., Class A

      94,600       100  

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A

      54,500       86  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

      23,500       61  

Shanxi Coking Coal Energy Group Co. Ltd., Class A

      56,420       103  

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A

      54,400       126  

Shanxi Meijin Energy Co. Ltd., Class A*

      81,300       133  

Shanxi Securities Co. Ltd., Class A

      48,230       49  

Shanxi Taigang Stainless Steel Co. Ltd., Class A

      91,300       136  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

      20,860       1,007  

Shenergy Co. Ltd., Class A

      111,400       136  

Shenghe Resources Holding Co. Ltd., Class A

      30,200       94  

Shengyi Technology Co. Ltd., Class A

      41,800       139  

Shennan Circuits Co. Ltd., Class A

      9,380       137  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    60 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Shenwan Hongyuan Group Co. Ltd., Class A

      387,900       $329  

Shenzhen Capchem Technology Co. Ltd., Class A

      7,200       171  

Shenzhen Energy Group Co. Ltd., Class A

      63,055       93  

Shenzhen Goodix Technology Co. Ltd., Class A

      7,700       131  

Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A

      13,800       33  

Shenzhen Inovance Technology Co. Ltd., Class A

      43,800       427  

Shenzhen Kaifa Technology Co. Ltd., Class A

      31,600       69  

Shenzhen Kangtai Biological Products Co. Ltd., Class A

      11,500         196      

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

      20,800       1,238  

Shenzhen MTC Co. Ltd., Class A*

      77,000       59  

Shenzhen Overseas Chinese Town Co. Ltd., Class A

      154,400       179  

Shenzhen S.C. New Energy Technology Corp., Class A

      5,300       113  

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A*

      18,000       81  

Shenzhen Sunlord Electronics Co. Ltd., Class A

      13,700       72  

Shenzhen Sunway Communication Co. Ltd., Class A

      15,400       54  

Shenzhou International Group Holdings Ltd.

      231,500       4,839  

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A

      26,740       69  

Shimao Services Holdings Ltd.

      169,000       347  

Sichuan Chuantou Energy Co. Ltd., Class A

      25,900       58  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

      29,000       81  

Sichuan Road & Bridge Co. Ltd., Class A

      82,000       107  

Sichuan Swellfun Co. Ltd., Class A

      8,400       165  

Silergy Corp.

      22,000       3,231  

Sinolink Securities Co. Ltd., Class A

      48,400       85  

Sinoma Science & Technology Co. Ltd., Class A

      37,400       204  

Sinopec Shanghai Petrochemical Co. Ltd., Class A

      144,100       94  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Sinopharm Group Co. Ltd., Class H

      385,114       $1,000  

Sinotrans Ltd., Class A

      75,400       63  

Sinotruk Hong Kong Ltd.

      194,500       288  

Skshu Paint Co. Ltd., Class A

      6,300       97  

Smoore International Holdings Ltd.

      502,000       2,333  

Songcheng Performance Development Co. Ltd., Class A

      43,200       94  

SooChow Securities Co. Ltd., Class A

      67,110       103  

Southwest Securities Co. Ltd., Class A

      131,700         103      

Spring Airlines Co. Ltd., Class A*

      14,200       119  

StarPower Semiconductor Ltd., Class A

      2,600       164  

Sunac China Holdings Ltd.

      715,000       1,515  

Sunac Services Holdings Ltd.

      216,000       444  

Sungrow Power Supply Co. Ltd., Class A

      24,700       566  

Suning.com Co. Ltd., Class A*

      149,100       115  

Sunny Optical Technology Group Co. Ltd.

      200,125       5,251  

Sunwoda Electronic Co. Ltd., Class A

      28,500       163  

Suofeiya Home Collection Co. Ltd., Class A

      5,700       15  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

      30,300       98  

Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A

      45,900       45  

Suzhou Maxwell Technologies Co. Ltd., Class A

      1,800       170  

TAL Education Group ADR*

      116,137       562  

Tangshan Jidong Cement Co. Ltd., Class A

      23,200       46  

TBEA Co. Ltd., Class A

      69,000       259  

TCL Technology Group Corp., Class A

      244,900       237  

Tencent Holdings Ltd.

      1,620,989       95,045  

Tencent Music Entertainment Group ADR*

      190,490       1,381  

Thunder Software Technology Co. Ltd., Class A

      7,200       138  

Tianfeng Securities Co. Ltd.,
Class A*

      141,800       96  

Tianjin 712 Communication & Broadcasting Co. Ltd., Class A

      12,200       69  

Tianjin Zhonghuan Semiconductor Co. Ltd., Class A

      55,900       398  

Tianma Microelectronics Co. Ltd., Class A

      25,400       53  

Tianshui Huatian Technology Co. Ltd., Class A

      57,200       106  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  61 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND    continued

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

  

China – 31.0%     continued

     

Tingyi Cayman Islands Holding Corp.

      564,435       $1,049  

Toly Bread Co. Ltd., Class A

      12,880       58  

Tongcheng-Elong Holdings Ltd.*

      278,400       665  

TongFu Microelectronics Co. Ltd., Class A

      22,400       65  

Tonghua Dongbao Pharmaceutical Co. Ltd., Class A

      44,400       72  

Tongkun Group Co. Ltd., Class A

      41,600       141  

Tongling Nonferrous Metals Group Co. Ltd., Class A

      218,400         130      

Tongwei Co. Ltd., Class A

      79,000       623  

Topchoice Medical Corp., Class A*

      5,400       252  

Topsec Technologies Group, Inc., Class A

      19,900       49  

Topsports International Holdings Ltd.

      438,000       494  

Transfar Zhilian Co. Ltd., Class A

      41,000       53  

TravelSky Technology Ltd., Class H

      275,000       530  

Trip.com Group Ltd. ADR*

      142,357       4,377  

Tsingtao Brewery Co. Ltd., Class A

      12,800       159  

Tsingtao Brewery Co. Ltd., Class H

      143,767       1,122  

Unigroup Guoxin Microelectronics Co. Ltd., Class A

      10,400       332  

Uni-President China Holdings Ltd.

      383,000       366  

Unisplendour Corp. Ltd., Class A

      48,048       185  

Universal Scientific Industrial Shanghai Co. Ltd., Class A

      27,800       59  

Up Fintech Holding Ltd. ADR*

      22,493       238  

Venus MedTech Hangzhou, Inc., Class H*

      61,500       315  

Vipshop Holdings Ltd. ADR*

      127,479       1,420  

Walvax Biotechnology Co. Ltd., Class A

      27,100       265  

Wangfujing Group Co. Ltd., Class A

      13,600       62  

Wanhua Chemical Group Co. Ltd., Class A

      53,600       878  

Want Want China Holdings Ltd.

      1,289,870       974  

Weibo Corp. ADR*

      17,775       844  

Weichai Power Co. Ltd., Class A

      101,700       270  

Weichai Power Co. Ltd., Class H

      571,812       1,184  

Weifu High-Technology Group Co. Ltd., Class A

      13,000       42  

Weihai Guangwei Composites Co. Ltd., Class A

      8,900       90  

Weimob, Inc.*

      493,000       703  

Wens Foodstuffs Group Co. Ltd., Class A

      109,700       246  

Western Securities Co. Ltd., Class A

      61,100       78  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Will Semiconductor Co. Ltd. Shanghai, Class A

      14,800       $553  

Wingtech Technology Co. Ltd., Class A

      22,200       319  

Winning Health Technology Group Co. Ltd., Class A

      43,030       96  

Wuchan Zhongda Group Co. Ltd., Class A

      67,000       67  

Wuhan Guide Infrared Co. Ltd., Class A

      41,174       149  

Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A

      36,500       119  

Wuhu Token Science Co. Ltd., Class A

      42,000       48  

Wuliangye Yibin Co. Ltd., Class A

      64,600       2,195  

WUS Printed Circuit Kunshan Co. Ltd., Class A

      37,180       64  

WuXi AppTec Co. Ltd., Class A

      43,992       1,041  

WuXi AppTec Co. Ltd., Class H

      93,911       2,192  

Wuxi Biologics Cayman, Inc.*

      1,012,500         16,365      

Wuxi Lead Intelligent Equipment Co. Ltd., Class A

      12,480       133  

Wuxi Shangji Automation Co. Ltd., Class A

      4,700       201  

XCMG Construction Machinery Co. Ltd., Class A

      89,400       96  

Xiamen C & D, Inc., Class A

      45,000       58  

Xiamen Intretech, Inc., Class A

      13,260       69  

Xiamen Tungsten Co. Ltd., Class A

      24,200       89  

Xiaomi Corp., Class B*

      4,048,600       11,017  

Xinjiang Goldwind Science & Technology Co. Ltd., Class A

      63,800       171  

Xinjiang Goldwind Science & Technology Co. Ltd., Class H

      219,836       461  

Xinyi Solar Holdings Ltd.

      1,360,318       2,770  

XPeng, Inc. ADR*

      108,201       3,845  

Yadea Group Holdings Ltd.

      342,000       554  

Yango Group Co. Ltd., Class A

      95,800       62  

Yantai Eddie Precision Machinery Co. Ltd., Class A

      14,140       79  

Yantai Jereh Oilfield Services Group Co. Ltd., Class A

      17,100       127  

Yanzhou Coal Mining Co. Ltd., Class A

      39,100       175  

Yanzhou Coal Mining Co. Ltd., Class H

      441,138       833  

Yealink Network Technology Corp. Ltd., Class A

      14,400       180  

Yifan Pharmaceutical Co. Ltd., Class A

      21,200       51  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    62 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Yifeng Pharmacy Chain Co. Ltd., Class A

      13,156       $106  

Yihai International Holding Ltd.*

      134,000       742  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

      21,600       231  

Yintai Gold Co. Ltd., Class A

      20,100       26  

Yixintang Pharmaceutical Group Co. Ltd., Class A

      9,500       44  

Yonghui Superstores Co. Ltd., Class A

      165,300       100  

Yonyou Network Technology Co. Ltd., Class A

      46,735       240  

Youngor Group Co. Ltd., Class A

      86,300       86  

YTO Express Group Co. Ltd., Class A

      54,800       118  

Yuan Longping High-tech Agriculture Co. Ltd., Class A*

      19,100       63  

Yum China Holdings, Inc.

      117,883         6,850      

Yunda Holding Co. Ltd., Class A

      41,450       122  

Yunnan Aluminium Co. Ltd., Class A*

      53,200       121  

Yunnan Baiyao Group Co. Ltd., Class A

      21,500       325  

Yunnan Energy New Material Co. Ltd., Class A

      14,200       616  

Yutong Bus Co. Ltd., Class A

      43,300       76  

Zai Lab Ltd. ADR*

      21,091       2,223  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

      10,393       608  

Zhaojin Mining Industry Co. Ltd., Class H

      323,000       226  

Zhefu Holding Group Co. Ltd., Class A

      87,100       102  

Zhejiang Century Huatong Group Co. Ltd., Class A*

      145,460       167  

Zhejiang China Commodities City Group Co. Ltd., Class A

      91,300       66  

Zhejiang Chint Electrics Co. Ltd., Class A

      36,494       318  

Zhejiang Dahua Technology Co. Ltd., Class A

      48,500       177  

Zhejiang Dingli Machinery Co. Ltd., Class A

      8,340       91  

Zhejiang Expressway Co. Ltd., Class H

      397,294       328  

Zhejiang HangKe Technology, Inc. Co., Class A

      6,423       82  

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A

      23,210       63  

Zhejiang Huayou Cobalt Co. Ltd., Class A

      21,350       342  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

      22,000       219  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

China – 31.0%     continued

     

Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A

      14,000       $119  

Zhejiang Juhua Co. Ltd., Class A

      47,200       107  

Zhejiang Longsheng Group Co. Ltd., Class A

      50,800       106  

Zhejiang NHU Co. Ltd., Class A

      44,040       182  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

      60,920       215  

Zhejiang Satellite Petrochemical Co. Ltd., Class A

      29,540       177  

Zhejiang Semir Garment Co. Ltd., Class A

      38,700       46  

Zhejiang Supor Co. Ltd., Class A

      9,400       68  

Zhejiang Weixing New Building

     

Materials Co. Ltd., Class A

      27,000       70  

Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A

      10,100       91  

Zhenro Properties Group Ltd.

      363,000         198  

Zheshang Securities Co. Ltd., Class A*

      76,400       147  

ZhongAn Online P&C Insurance Co. Ltd., Class H*

      141,200       577  

Zhongji Innolight Co. Ltd., Class A

      15,400       83  

Zhongjin Gold Corp. Ltd., Class A

      83,400       108  

Zhongsheng Group Holdings Ltd.

      162,500       1,306  

Zhongtai Securities Co. Ltd., Class A

      93,800       139  

Zhongtian Financial Group Co. Ltd., Class A*

      120,600       51  

Zhuzhou CRRC Times Electric Co.*

      158,174       730  

Zhuzhou Kibing Group Co. Ltd., Class A

      46,600       123  

Zijin Mining Group Co. Ltd., Class A

      342,100       533  

Zijin Mining Group Co. Ltd., Class H

      1,598,162       1,918  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

      111,600       143  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H

      392,400       350  

ZTE Corp., Class A

      67,500       346  

ZTE Corp., Class H

      202,517       660  

ZTO Express Cayman, Inc. ADR

      123,814       3,796  
     
               705,047      

Colombia – 0.1%

     

Bancolombia S.A.

      72,621       629  

Ecopetrol S.A.

      1,398,378       1,004  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  63 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND    continued

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

  

Colombia – 0.1%     continued

     

Grupo de Inversiones Suramericana S.A.

      67,303       $378  

Interconexion Electrica S.A. ESP

      119,618       713  
     
               2,724  

Czech Republic – 0.1%

     

CEZ A.S.

      46,334       1,508  

Komercni banka A.S.*

      19,883       805  

Moneta Money Bank A.S.*

      104,195         420  
     
               2,733      

Egypt – 0.1%

     

Commercial International Bank Egypt S.A.E.*

      467,909       1,270  

Eastern Co. S.A.E.

      290,572       226  

Fawry for Banking & Payment Technology Services S.A.E.*

      144,246       130  
     
               1,626  

Greece – 0.2%

     

Alpha Services and Holdings S.A.*

      641,667       804  

Eurobank Ergasias Services and Holdings S.A.*

      736,690       690  

FF Group(3) *

      18,664       —  

Hellenic Telecommunications Organization S.A.

      64,232       1,201  

JUMBO S.A.

      30,173       491  

OPAP S.A.

      58,955       909  
     
               4,095  

Hong Kong – 2.1%

     

Alibaba Health Information Technology Ltd.*

      1,150,000       1,645  

Alibaba Pictures Group Ltd.*

      3,380,000       380  

Beijing Enterprises Holdings Ltd.

      119,271       477  

Beijing Enterprises Water Group Ltd.

      1,151,886       452  

Bosideng International Holdings Ltd.

      908,000       641  

Brilliance China Automotive Holdings Ltd.*

      869,944       348  

China Education Group Holdings Ltd.

      240,000       412  

China Everbright Environment Group Ltd.

      1,015,629       766  

China Everbright Ltd.

      219,110       258  

China Gas Holdings Ltd.

      863,095       2,545  

China Huishan Dairy Investments HK Ltd.(3) *

      1,922,380       —  

China Jinmao Holdings Group Ltd.

      1,497,791       537  

China Mengniu Dairy Co. Ltd.*

      883,870       5,686  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

  

Hong Kong – 2.1%     continued

     

China Merchants Port Holdings Co. Ltd.

      400,329       $684  

China Overseas Land & Investment Ltd.

      1,068,695       2,430  

China Overseas Property Holdings Ltd.

      375,000       310  

China Power International Development Ltd.

      1,058,000       560  

China Resources Beer Holdings Co. Ltd.

      406,948       3,001  

China Resources Cement Holdings Ltd.

      706,000       679  

China Resources Gas Group Ltd.

      261,958       1,375  

China Resources Land Ltd.

      899,432       3,783  

China Resources Power Holdings Co. Ltd.

      541,735       1,559  

China State Construction International Holdings Ltd.

      565,600       494  

China Taiping Insurance Holdings Co. Ltd.

      464,304       703  

China Traditional Chinese Medicine Holdings Co. Ltd.

      798,000       402  

China Youzan Ltd.*

      3,936,000       492  

COSCO SHIPPING Ports Ltd.

      446,821       386  

Far East Horizon Ltd.

      472,000       474  

Geely Automobile Holdings Ltd.

      1,655,641         4,693  

Guangdong Investment Ltd.

      818,514       1,067  

Hopson Development Holdings Ltd.

      186,000       660  

Huabao International Holdings Ltd.

      257,000       501  

Hutchmed China Ltd. ADR*

      23,480       860  

Kingboard Holdings Ltd.

      189,000       850  

Kingboard Laminates Holdings Ltd.

      267,000       435  

Kunlun Energy Co. Ltd.

      1,113,230       1,157  

Lee & Man Paper Manufacturing Ltd.

      362,000       266  

Nine Dragons Paper Holdings Ltd.

      467,923       572  

Shanghai Industrial Urban Development Group Ltd.(4)

      1       —  

Shenzhen International Holdings Ltd.

      309,274       398  

Shenzhen Investment Ltd.

      542,200       136  

Shimao Group Holdings Ltd.

      354,903       648  

Sino Biopharmaceutical Ltd.

      2,896,750       2,414  

SSY Group Ltd.

      440,000       235  

Sun Art Retail Group Ltd.

      568,000       261  

Vinda International Holdings Ltd.

      103,000       305  

Wharf Holdings (The) Ltd.

      391,000       1,295  

Yuexiu Property Co. Ltd.

      399,600       375  
     
               48,607      

Hungary – 0.2%

     

MOL Hungarian Oil & Gas PLC

      115,314       959  

 

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    64 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

  

Hungary – 0.2%     continued

     

OTP Bank Nyrt.*

      62,731       $3,678  

Richter Gedeon Nyrt.

      37,629       1,024  
     
               5,661  

India – 11.8%

     

ACC Ltd.

      22,187       673  

Adani Enterprises Ltd.

      78,405       1,540  

Adani Green Energy Ltd.*

      111,467       1,713  

Adani Ports & Special Economic Zone Ltd.

      143,986         1,423      

Adani Total Gas Ltd.

      78,372       1,490  

Adani Transmission Ltd.*

      78,383       1,631  

Ambuja Cements Ltd.

      199,447       1,074  

Apollo Hospitals Enterprise Ltd.

      28,554       1,717  

Asian Paints Ltd.

      107,747       4,675  

Aurobindo Pharma Ltd.

      83,920       809  

Avenue Supermarts Ltd.*

      46,078       2,625  

Axis Bank Ltd.*

      637,075       6,563  

Bajaj Auto Ltd.

      19,663       1,009  

Bajaj Finance Ltd.

      76,136       7,816  

Bajaj Finserv Ltd.

      10,903       2,609  

Balkrishna Industries Ltd.

      24,758       840  

Bandhan Bank Ltd.

      182,684       691  

Berger Paints India Ltd.

      69,548       758  

Bharat Electronics Ltd.

      346,525       937  

Bharat Forge Ltd.

      64,960       636  

Bharat Petroleum Corp. Ltd.

      241,474       1,404  

Bharti Airtel Ltd.*

      690,800       6,333  

Biocon Ltd.*

      124,870       608  

Britannia Industries Ltd.

      31,203       1,659  

Cholamandalam Investment and Finance Co. Ltd.

      116,649       880  

Cipla Ltd.

      137,315       1,820  

Coal India Ltd.

      433,052       1,071  

Colgate-Palmolive India Ltd.

      33,371       746  

Container Corp. of India Ltd.

      68,336       645  

Dabur India Ltd.

      174,296       1,448  

Divi’s Laboratories Ltd.

      36,919       2,376  

DLF Ltd.

      168,247       932  

Dr. Reddy’s Laboratories Ltd.

      33,077       2,176  

Eicher Motors Ltd.

      38,735       1,445  

GAIL India Ltd.

      453,020       954  

Godrej Consumer Products Ltd.*

      101,782       1,396  

Grasim Industries Ltd.

      75,122       1,675  

Havells India Ltd.

      68,988       1,274  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

  

India – 11.8%     continued

     

HCL Technologies Ltd.

      305,465         $5,246  

HDFC Asset Management Co. Ltd.

      15,813       618  

HDFC Life Insurance Co. Ltd.

      230,162       2,234  

Hero MotoCorp Ltd.

      32,488       1,231  

Hindalco Industries Ltd.

      433,330       2,838  

Hindustan Petroleum Corp. Ltd.

      166,094       671  

Hindustan Unilever Ltd.

      231,692       8,426      

Housing Development Finance Corp. Ltd.

      482,725       17,665  

ICICI Bank Ltd.

      1,440,454       13,540  

ICICI Lombard General Insurance Co. Ltd.

      63,339       1,356  

ICICI Prudential Life Insurance Co. Ltd.

      104,603       936  

Indian Oil Corp. Ltd.

      541,627       903  

Indraprastha Gas Ltd.

      78,218       557  

Indus Towers Ltd.

      188,910       777  

Info Edge India Ltd.

      22,011       1,906  

Infosys Ltd.

      961,303       21,400  

InterGlobe Aviation Ltd.*

      25,798       699  

Ipca Laboratories Ltd.

      20,092       654  

ITC Ltd.

      822,044       2,598  

JSW Steel Ltd.

      239,866       2,128  

Jubilant Foodworks Ltd.

      21,205       1,151  

Kotak Mahindra Bank Ltd.

      155,933       4,199  

Larsen & Toubro Infotech Ltd.

      15,043       1,163  

Larsen & Toubro Ltd.

      193,426       4,415  

Lupin Ltd.

      63,872       816  

Mahindra & Mahindra Ltd.

      241,396       2,595  

Marico Ltd.

      146,300       1,072  

Maruti Suzuki India Ltd.

      37,631       3,715  

Motherson Sumi Systems Ltd.

      363,887       1,096  

MRF Ltd.

      498       531  

Muthoot Finance Ltd.

      33,963       660  

Nestle India Ltd.

      9,570       2,495  

NTPC Ltd.

      1,337,758       2,542  

Oil & Natural Gas Corp. Ltd.

      716,116       1,388  

Page Industries Ltd.

      1,655       704  

Petronet LNG Ltd.

      209,050       668  

PI Industries Ltd.

      23,608       1,008  

Pidilite Industries Ltd.

      43,575       1,393  

Piramal Enterprises Ltd.

      27,892       965  

Power Grid Corp. of India Ltd.

      877,427       2,225  

REC Ltd.

      248,844       527  

Reliance Industries Ltd.

      804,804       27,216  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  65 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND    continued

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)    continued

 

  

India – 11.8%     continued

     

SBI Cards & Payment Services Ltd.*

      66,497       $916  

SBI Life Insurance Co. Ltd.

      128,468       2,096  

Shree Cement Ltd.

      3,066       1,190  

Shriram Transport Finance Co. Ltd.

      58,125       1,010  

Siemens Ltd.

      20,440       585  

State Bank of India

      500,095       3,055  

Sun Pharmaceutical Industries Ltd.

      233,576       2,560  

Tata Consultancy Services Ltd.

      260,921       13,212  

Tata Consumer Products Ltd.

      170,011       1,853  

Tata Motors Ltd.*

      473,098       2,096  

Tata Steel Ltd.

      200,387       3,416  

Tech Mahindra Ltd.

      176,187       3,262  

Titan Co. Ltd.

      98,996       2,878  

Torrent Pharmaceuticals Ltd.

      14,569       606  

Trent Ltd.

      53,436       734  

UltraTech Cement Ltd.

      28,254       2,813  

United Spirits Ltd.*

      83,569       952  

UPL Ltd.

      141,810       1,342  

Vedanta Ltd.

      304,130       1,172  

Wipro Ltd.

      390,838       3,307  

Yes Bank Ltd.*

      3,194,901         541  
     
               268,594      

Indonesia – 1.3%

     

Adaro Energy Tbk PT

      4,130,720       506  

Aneka Tambang Tbk

      2,361,100       372  

Astra International Tbk PT

      5,581,760       2,133  

Bank Central Asia Tbk PT

      3,118,092       7,627  

Bank Mandiri Persero Tbk PT

      5,302,210       2,253  

Bank Negara Indonesia Persero Tbk PT

      2,127,109       792  

Bank Rakyat Indonesia Persero Tbk PT

      19,170,065       5,095  

Barito Pacific Tbk PT

      8,294,500       552  

Charoen Pokphand Indonesia Tbk PT

      2,116,535       939  

Gudang Garam Tbk PT

      138,015       313  

Indah Kiat Pulp & Paper Corp. Tbk PT

      785,000       469  

Indocement Tunggal Prakarsa Tbk PT

      422,503       307  

Indofood CBP Sukses Makmur Tbk PT

      663,600       386  

Indofood Sukses Makmur Tbk PT

      1,306,371       577  

Kalbe Farma Tbk PT

      5,997,780       596  

Merdeka Copper Gold Tbk PT*

      3,089,500       539  

Sarana Menara Nusantara Tbk PT

      6,695,900       618  

Semen Indonesia Persero Tbk PT

      820,955       466  

Telkom Indonesia Persero Tbk PT

      13,845,462       3,554  

Tower Bersama Infrastructure Tbk PT

      2,244,900       463  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

  

Indonesia – 1.3%     continued

     

Unilever Indonesia Tbk PT

      2,084,940       $573  

United Tractors Tbk PT

      473,571       851  
     
               29,981  

Kuwait – 0.6%

     

Agility Public Warehousing Co. K.S.C.

      345,208       1,123  

Boubyan Bank K.S.C.P.*

      321,213       816  

Kuwait Finance House K.S.C.P.

      1,295,531       3,532  

Mabanee Co. KPSC

      168,476       430  

Mobile Telecommunications Co. K.S.C.P.

      619,874       1,231  

National Bank of Kuwait S.A.K.P.

      1,931,518       6,095  
     
               13,227  

Malaysia – 1.3%

     

AMMB Holdings Bhd.*

      532,337       404  

Axiata Group Bhd.

      775,603       723  

CIMB Group Holdings Bhd.

      1,833,205       2,089  

Dialog Group Bhd.

      1,132,844       645  

DiGi.Com Bhd.

      885,200       938  

Fraser & Neave Holdings Bhd.

      38,100       242  

Genting Bhd.

      611,900       736  

Genting Malaysia Bhd.

      852,000       610  

HAP Seng Consolidated Bhd.

      148,500       280  

Hartalega Holdings Bhd.

      494,800       725  

Hong Leong Bank Bhd.

      173,198       780  

Hong Leong Financial Group Bhd.

      62,128       271  

IHH Healthcare Bhd.

      508,400       812  

IOI Corp. Bhd.

      719,640       647  

Kossan Rubber Industries

      367,400       202  

Kuala Lumpur Kepong Bhd.

      117,692       564  

Malayan Banking Bhd.

      1,111,676       2,136  

Malaysia Airports Holdings Bhd.*

      312,593       515  

Maxis Bhd.

      640,051       716  

MISC Bhd.

      399,360       654  

Nestle Malaysia Bhd.

      19,800       629  

Petronas Chemicals Group Bhd.

      653,800       1,354  

Petronas Dagangan Bhd.

      87,600       397  

Petronas Gas Bhd.

      219,700       879  

PPB Group Bhd.

      177,600       778  

Press Metal Aluminium Holdings Bhd.

      916,800         1,254      

Public Bank Bhd.

      4,078,905       3,959  

QL Resources Bhd.

      314,250       403  

RHB Bank Bhd.

      475,292       619  

Sime Darby Bhd.

      781,128       421  

Sime Darby Plantation Bhd.

      497,165       424  

 

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    66 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

  

Malaysia – 1.3%     continued

     

Supermax Corp. Bhd.

      450,333       $256  

Telekom Malaysia Bhd.

      326,586       443  

Tenaga Nasional Bhd.

      655,150       1,508  

Top Glove Corp. Bhd.

      1,519,400       1,045  

Westports Holdings Bhd.

      286,200       308  
     
               29,366      

Mexico – 1.8%

     

America Movil S.A.B. de C.V., Series L

      9,593,635       8,491  

Arca Continental S.A.B. de C.V.

      126,484       770  

Becle S.A.B. de C.V.

      157,200       339  

Cemex S.A.B. de C.V., Series CPO*

      4,215,152       3,045  

Coca-Cola Femsa S.A.B. de C.V.

      147,222       831  

Fibra Uno Administracion S.A. de C.V.

      894,601       1,018  

Fomento Economico Mexicano S.A.B. de C.V., Series UBD

      543,343       4,714  

Gruma S.A.B. de C.V., Class B

      60,560       692  

Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B*

      103,802       1,207  

Grupo Aeroportuario del Sureste S.A.B. de C.V., Series B

      59,690       1,114  

Grupo Bimbo S.A.B. de C.V., Series A

      456,828       1,284  

Grupo Carso S.A.B. de C.V.,
Series A1

      135,273         468  

Grupo Financiero Banorte S.A.B. de C.V., Series O

      726,888       4,659  

Grupo Financiero Inbursa S.A.B. de C.V., Series O*

      648,933       611  

Grupo Mexico S.A.B. de C.V., Series B

      867,639       3,450  

Grupo Televisa S.A.B., Series CPO

      686,814       1,511  

Industrias Penoles S.A.B. de C.V.*

      41,489       490  

Kimberly-Clark de Mexico S.A.B. de C.V., Class A

      397,727       653  

Megacable Holdings S.A.B. de C.V., Series CPO

      83,551       255  

Orbia Advance Corp. S.A.B. de C.V.

      298,180       766  

Promotora y Operadora de

     

Infraestructura S.A.B. de C.V.

      65,855       455  

Telesites S.A.B. de C.V.*

      389,600       335  

Wal-Mart de Mexico S.A.B. de C.V.

      1,464,683       4,964  
     
               42,122  

Pakistan – 0.0%

     

Habib Bank Ltd.

      161,400       104  

Lucky Cement Ltd.*

      34,298       145  

MCB Bank Ltd.

      125,000       111  
     
               360  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

Peru – 0.2%

     

Cia de Minas Buenaventura S.A.A. ADR*

      61,890       $418  

Credicorp Ltd.

      19,288       2,140  

Southern Copper Corp.

      24,357       1,368  
     
               3,926  

Philippines – 0.6%

     

Aboitiz Equity Ventures, Inc.

      570,189       541  

Ayala Corp.

      76,817       1,228  

Ayala Land, Inc.

      2,320,660       1,515  

Bank of the Philippine Islands

      516,046       824  

BDO Unibank, Inc.

      538,189       1,163  

Globe Telecom, Inc.

      7,185       420  

GT Capital Holdings, Inc.

      27,972       279  

International Container Terminal Services, Inc.

      286,050       1,093  

JG Summit Holdings, Inc.

      867,743       1,106  

Jollibee Foods Corp.

      128,873       517  

Manila Electric Co.

      66,140       385  

Metro Pacific Investments Corp.

      3,268,400       232  

Metropolitan Bank & Trust Co.

      516,249       441  

PLDT, Inc.

      21,005       693  

SM Investments Corp.

      69,362       1,341  

SM Prime Holdings, Inc.

      2,889,813       1,853  

Universal Robina Corp.

      236,890         630  
     
               14,261      

Poland – 0.7%

     

Allegro.eu S.A.*

      103,254       1,501  

Bank Polska Kasa Opieki S.A.

      52,654       1,364  

CD Projekt S.A.

      19,929       955  

Cyfrowy Polsat S.A.

      82,593       740  

Dino Polska S.A.*

      14,041       1,172  

KGHM Polska Miedz S.A.

      38,460       1,523  

LPP S.A.

      312       1,150  

Orange Polska S.A.*

      190,250       384  

PGE Polska Grupa Energetyczna S.A.*

      241,467       541  

Polski Koncern Naftowy ORLEN S.A.

      85,954       1,772  

Polskie Gornictwo Naftowe i Gazownictwo S.A.

      485,387       788  

Powszechna Kasa Oszczednosci Bank Polski S.A.*

      242,572       2,574  

Powszechny Zaklad Ubezpieczen S.A.

      173,519       1,585  

Santander Bank Polska S.A.*

      10,254       773  
     
               16,822  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  67 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND    continued

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)    continued

 

  

Qatar – 0.7%

     

Barwa Real Estate Co.

      522,603       $451  

Commercial Bank PSQC (The)

      501,025       848  

Industries Qatar QSC

      428,945       1,819  

Masraf Al Rayan QSC

      1,060,631       1,307  

Mesaieed Petrochemical Holding Co.

      1,186,302       733  

Ooredoo QPSC

      227,831       458  

Qatar Electricity & Water Co. QSC

      124,421       578  

Qatar Fuel QSC

      136,536       672  

Qatar Gas Transport Co. Ltd.

      719,290       611  

Qatar International Islamic Bank QSC

      212,858       568  

Qatar Islamic Bank S.A.Q.

      321,702       1,619  

Qatar National Bank QPSC

      1,282,624         6,745  
     
               16,409      

Romania – 0.0%

     

NEPI Rockcastle PLC

      120,200       834  

Russia – 3.8%

     

Alrosa PJSC

      739,770       1,346  

Gazprom PJSC

      3,333,558       16,502  

Gazprom PJSC ADR

      134       1  

Inter RAO UES PJSC

      10,354,623       661  

LUKOIL PJSC

      116,802       11,074  

Magnit PJSC

      2,287       191  

Magnit PJSC GDR (Registered)

      82,678       1,386  

Mail.Ru Group Ltd. GDR (Registered)*

      33,573       685  

MMC Norilsk Nickel PJSC

      17,776       5,319  

Mobile TeleSystems PJSC ADR

      128,350       1,237  

Moscow Exchange MICEX-RTS PJSC

      419,576       1,002  

Novatek PJSC GDR (Registered)

      25,445       6,617  

Novolipetsk Steel PJSC

      432,550       1,289  

Ozon Holdings PLC ADR*

      13,658       678  

PhosAgro PJSC GDR (Registered)

      35,003       791  

Polymetal International PLC

      101,653       1,725  

Polyus PJSC

      9,873       1,617  

Rosneft Oil Co. PJSC

      318,005       2,679  

Rosneft Oil Co. PJSC GDR (Registered)

      6,396       53  

Sberbank of Russia PJSC

      56,000       262  

Sberbank of Russia PJSC (Moscow Exchange)

      2,988,822       13,935  

Severstal PAO

      55,330       1,155  

Severstal PAO GDR (Registered)

      1,839       38  

Surgutneftegas PJSC

      1,902,467       958  

Surgutneftegas PJSC ADR

      4,629       23  

Tatneft PJSC

      395,828       2,859  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

Russia – 3.8%     continued

     

TCS Group Holding PLC GDR (Registered)

      33,438       $3,052  

VTB Bank PJSC

      800,566,738         569  

VTB Bank PJSC GDR(5) (6)

      11,036       16  

VTB Bank PJSC GDR (Registered)

      56,890       78  

X5 Retail Group N.V. GDR (Registered)

      34,956       1,134  

Yandex N.V., Class A*

      85,645       6,849  
     
               85,781      

Saudi Arabia – 3.3%

     

Abdullah Al Othaim Markets Co.

      12,656       380  

Advanced Petrochemical Co.

      30,924       619  

Al Rajhi Bank

      344,530       11,261  

Alinma Bank

      268,136       1,713  

Almarai Co. JSC

      71,254       1,100  

Arab National Bank

      173,390       1,062  

Bank AlBilad*

      105,593       1,148  

Bank Al-Jazira

      115,310       565  

Banque Saudi Fransi

      169,958       1,893  

Bupa Arabia for Cooperative Insurance Co.

      16,800       669  

Co for Cooperative Insurance (The)

      17,476       403  

Dar Al Arkan Real Estate Development Co.*

      154,388       423  

Dr. Sulaiman Al Habib Medical Services Group Co.

      15,044       697  

Emaar Economic City*

      109,771       389  

Etihad Etisalat Co.

      105,721       879  

Jarir Marketing Co.

      15,733       879  

Mobile Telecommunications Co. Saudi Arabia*

      120,491       450  

Mouwasat Medical Services Co.

      13,892       670  

National Industrialization Co.*

      94,064       589  

National Petrochemical Co.

      34,515       460  

Rabigh Refining & Petrochemical Co.*

      62,849       468  

Riyad Bank

      385,317       2,770  

SABIC Agri-Nutrients Co.

      60,773       2,803  

Sahara International Petrochemical Co.

      102,232       1,184  

Saudi Arabian Mining Co.*

      119,596       2,665  

Saudi Arabian Oil Co.

      627,403       6,022  

Saudi Basic Industries Corp.

      253,351       8,593  

Saudi British Bank (The)

      235,688       2,077  

Saudi Cement Co.

      21,013       351  

Saudi Electricity Co.

      228,678       1,638  

Saudi Industrial Investment Group

      64,563       703  

 

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    68 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)    continued

 

  

Saudi Arabia – 3.3%     continued

     

Saudi Kayan Petrochemical Co.*

      207,779       $1,135  

Saudi National Bank (The)

      617,597       10,105  

Saudi Telecom Co.

      168,678       5,714  

Savola Group (The)

      69,847       698  

Yanbu National Petrochemical Co.

      71,374         1,355  
     
               74,530      

Singapore – 0.1%

     

BOC Aviation Ltd.

      59,400       494  

JOYY, Inc. ADR

      15,412       845  
     
               1,339  

South Africa – 3.0%

     

Absa Group Ltd.

      205,116       2,065  

African Rainbow Minerals Ltd.

      29,267       368  

Anglo American Platinum Ltd.

      15,084       1,305  

AngloGold Ashanti Ltd.

      116,028       1,846  

Aspen Pharmacare Holdings Ltd.

      111,433       2,004  

Bid Corp. Ltd.*

      92,406       1,987  

Bidvest Group (The) Ltd.

      82,824       1,071  

Capitec Bank Holdings Ltd.

      23,067       2,787  

Clicks Group Ltd.

      71,493       1,316  

Discovery Ltd.*

      123,182       1,119  

Exxaro Resources Ltd.

      72,060       767  

FirstRand Ltd.

      1,416,994       6,010  

Gold Fields Ltd.

      254,349       2,072  

Growthpoint Properties Ltd.

      931,552       885  

Harmony Gold Mining Co. Ltd.

      159,898       497  

Impala Platinum Holdings Ltd.

      222,133       2,485  

Kumba Iron Ore Ltd.

      18,486       609  

Mr Price Group Ltd.

      73,990       988  

MTN Group Ltd.*

      476,517       4,472  

MultiChoice Group

      106,796       808  

Naspers Ltd., Class N

      61,049       10,060  

Nedbank Group Ltd.

      107,706       1,243  

Northam Platinum Holdings Ltd.*

      98,919       1,178  

Old Mutual Ltd.

      1,339,337       1,464  

Rand Merchant Investment Holdings Ltd.

      216,879       541  

Reinet Investments S.C.A.

      38,801       729  

Remgro Ltd.

      142,330       1,290  

Sanlam Ltd.

      524,821       2,227  

Sasol Ltd.*

      160,950       3,043  

Shoprite Holdings Ltd.

      143,825       1,703  

Sibanye Stillwater Ltd.

      783,355       2,414  

SPAR Group (The) Ltd.

      54,544       711  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

South Africa – 3.0%     continued

     

Standard Bank Group Ltd.

      363,833       $3,455  

Tiger Brands Ltd.

      49,137       610  

Vodacom Group Ltd.

      184,400       1,764  

Woolworths Holdings Ltd.

      282,495       1,110  
     
               69,003      

South Korea – 11.5%

     

Alteogen, Inc.*

      8,077         488  

Amorepacific Corp.

      9,145       1,363  

AMOREPACIFIC Group

      8,413       344  

BGF retail Co. Ltd.

      2,232       320  

Celltrion Healthcare Co. Ltd.*

      23,795       2,189  

Celltrion Pharm, Inc.*

      4,881       604  

Celltrion, Inc.*

      27,124       5,938  

Cheil Worldwide, Inc.

      19,809       376  

CJ CheilJedang Corp.

      2,387       818  

CJ Corp.

      4,016       330  

CJ ENM Co. Ltd.

      2,933       373  

CJ Logistics Corp.*

      2,659       342  

Coway Co. Ltd.

      15,735       979  

Daewoo Shipbuilding & Marine Engineering Co. Ltd.*

      10,696       238  

DB Insurance Co. Ltd.

      12,889       684  

Doosan Bobcat, Inc.*

      14,702       489  

Doosan Heavy Industries & Construction Co. Ltd.*

      76,057       1,300  

Douzone Bizon Co. Ltd.

      5,901       477  

Ecopro B.M. Co. Ltd.

      3,034       1,184  

E-MART, Inc.

      5,605       766  

Fila Holdings Corp.

      13,788       493  

Green Cross Corp.

      1,658       462  

GS Engineering & Construction Corp.

      17,990       639  

GS Holdings Corp.

      13,154       493  

Hana Financial Group, Inc.

      83,511       3,223  

Hankook Tire & Technology Co. Ltd.

      21,330       768  

Hanmi Pharm Co. Ltd.

      1,906       441  

Hanon Systems

      49,770       650  

Hanwha Solutions Corp.*

      34,156       1,285  

HLB, Inc.*

      25,864       1,232  

HMM Co. Ltd.*

      73,769       2,076  

Hotel Shilla Co. Ltd.

      8,786       637  

HYBE Co. Ltd.*

      3,922       977  

Hyundai Engineering & Construction Co. Ltd.

      22,393       955  

Hyundai Glovis Co. Ltd.

      5,372       742  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  69 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND    continued

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

South Korea – 11.5%     continued

     

Hyundai Heavy Industries Holdings Co. Ltd.

      13,600       $736  

Hyundai Mobis Co. Ltd.

      18,619       3,924  

Hyundai Motor Co.

      38,977       6,494  

Hyundai Steel Co.

      24,874       975  

Industrial Bank of Korea

      74,194       650  

Kakao Corp.

      87,420       8,564  

KakaoBank Corp.*

      14,829       857  

Kangwon Land, Inc.*

      27,772       666  

KB Financial Group, Inc.

      110,980       5,160  

Kia Corp.

      74,030       5,002  

Korea Aerospace Industries Ltd.

      20,980       582  

Korea Electric Power Corp.

      73,594       1,460  

Korea Investment Holdings Co. Ltd.

      12,032       864  

Korea Shipbuilding & Offshore Engineering Co. Ltd.*

      10,668       904  

Korea Zinc Co. Ltd.

      2,454       1,032  

Korean Air Lines Co. Ltd.*

      48,161       1,359  

KT&G Corp.

      33,296       2,272  

Kumho Petrochemical Co. Ltd.

      5,207       826  

LG Chem Ltd.

      12,910       8,433  

LG Corp.

      24,557       1,910  

LG Display Co. Ltd.*

      65,961       1,046  

LG Electronics, Inc.

      29,852       3,167  

LG Household & Health Care Ltd.

      2,612       2,936  

LG Innotek Co. Ltd.

      4,062       703  

LG Uplus Corp.

      61,397       771  

Lotte Chemical Corp.

      4,843       982  

Lotte Shopping Co. Ltd.

      3,247       278  

Meritz Securities Co. Ltd.

      75,104       313  

Mirae Asset Securities Co. Ltd.

      80,818       583  

NAVER Corp.

      34,730       11,317  

NCSoft Corp.

      4,627       2,343  

Netmarble Corp.

      6,157       610  

NH Investment & Securities Co. Ltd.

      38,770         417      

Orion Corp.

      6,712       660  

Pan Ocean Co. Ltd.

      76,849       481  

Pearl Abyss Corp.*

      8,650       582  

POSCO

      20,704       5,754  

POSCO Chemical Co. Ltd.

      8,832       1,297  

S-1 Corp.

      4,958       349  

Samsung Biologics Co. Ltd.*

      4,629       3,388  

Samsung C&T Corp.

      23,477       2,414  

Samsung Electro-Mechanics Co. Ltd.

      15,616       2,297  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

South Korea – 11.5%     continued

     

Samsung Electronics Co. Ltd.

      1,344,000         $83,649  

Samsung Engineering Co. Ltd.*

      44,732       948  

Samsung Fire & Marine Insurance Co. Ltd.

      8,527       1,683  

Samsung Heavy Industries Co. Ltd.*

      136,123       710  

Samsung Life Insurance Co. Ltd.

      19,322       1,187  

Samsung SDI Co. Ltd.

      15,482       9,313  

Samsung SDS Co. Ltd.

      9,624       1,296  

Samsung Securities Co. Ltd.

      17,723       708  

Seegene, Inc.

      10,582       544  

Shin Poong Pharmaceutical Co. Ltd.

      9,229       445  

Shinhan Financial Group Co. Ltd.

      123,162       4,137  

Shinsegae, Inc.

      2,125       470  

SK Biopharmaceuticals Co. Ltd.*

      7,717       657  

SK Bioscience Co. Ltd.*

      5,164       1,183  

SK Chemicals Co. Ltd.

      2,216       529  

SK Hynix, Inc.

      154,013       13,281  

SK IE Technology Co. Ltd.*

      3,881       737  

SK Innovation Co. Ltd.*

      14,293       3,152  

SK Telecom Co. Ltd.

      2,242       611  

SK, Inc.

      9,005       2,000  

SKC Co. Ltd.

      5,915       828  

S-Oil Corp.

      12,824       1,177  

Woori Financial Group, Inc.

      142,116       1,382  

Yuhan Corp.

      12,705       655  
     
               261,315      

Taiwan – 14.0%

     

Accton Technology Corp.

      144,000       1,354  

Acer, Inc.

      787,800       697  

Advantech Co. Ltd.

      109,793       1,433  

ASE Technology Holding Co. Ltd.

      912,928       3,554  

Asia Cement Corp.

      613,567       998  

ASMedia Technology, Inc.

      8,000       469  

Asustek Computer, Inc.

      201,546       2,342  

AU Optronics Corp.

      2,332,215       1,454  

Catcher Technology Co. Ltd.

      197,111       1,178  

Cathay Financial Holding Co. Ltd.

      2,224,212       4,554  

Chailease Holding Co. Ltd.

      362,895       3,189  

Chang Hwa Commercial Bank Ltd.

      1,167,586       689  

Cheng Shin Rubber Industry Co. Ltd.

      464,184       587  

China Development Financial Holding Corp.

      3,729,868       1,875  

China Life Insurance Co. Ltd.

      544,802       560  

China Steel Corp.

      3,314,156       4,223  
 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    70 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER

OF SHARES

  

VALUE    

(000S)    

COMMON STOCKS – 94.8% (1)     continued

 

Taiwan – 14.0%     continued

     

Chunghwa Telecom Co. Ltd.

      1,079,493       $4,270  

Compal Electronics, Inc.

      1,196,759       1,009  

CTBC Financial Holding Co. Ltd.

      5,212,878       4,251  

Delta Electronics, Inc.

      547,343       4,924  

E.Sun Financial Holding Co. Ltd.

      3,375,348       3,172  

Eclat Textile Co. Ltd.

      54,182       1,172  

Evergreen Marine Corp. Taiwan Ltd.

      711,891       3,129  

Far Eastern New Century Corp.

      759,789       806  

Far EasTone Telecommunications Co. Ltd.

      424,345       936  

Feng TAY Enterprise Co. Ltd.

      123,928       947  

First Financial Holding Co. Ltd.

      2,906,478       2,343  

Formosa Chemicals & Fibre Corp.

      988,499       2,949  

Formosa Petrochemical Corp.

      323,487       1,146  

Formosa Plastics Corp.

      1,063,682       4,277  

Foxconn Technology Co. Ltd.

      264,131       661  

Fubon Financial Holding Co. Ltd.

      2,058,128       5,614  

Giant Manufacturing Co. Ltd.

      85,483       966  

Globalwafers Co. Ltd.

      61,000       1,723  

Hiwin Technologies Corp.

      78,244       859  

Hon Hai Precision Industry Co. Ltd.

      3,517,942       13,147  

Hotai Motor Co. Ltd.

      82,900         1,736      

Hua Nan Financial Holdings Co. Ltd.

      2,471,022       1,797  

Innolux Corp.

      2,588,900       1,557  

Inventec Corp.

      758,314       696  

Largan Precision Co. Ltd.

      27,835       2,168  

Lite-On Technology Corp.

      602,964       1,348  

MediaTek, Inc.

      426,334       13,742  

Mega Financial Holding Co. Ltd.

      3,103,543       3,567  

Micro-Star International Co. Ltd.

      193,000       882  

momo.com, Inc.

      13,000       755  

Nan Ya Plastics Corp.

      1,450,951       4,705  

Nan Ya Printed Circuit Board Corp.

      64,000       986  

Nanya Technology Corp.

      351,071       818  

Nien Made Enterprise Co. Ltd.

      47,000       664  

Novatek Microelectronics Corp.

      161,850       2,350  

Oneness Biotech Co. Ltd.*

      64,000       424  

Pegatron Corp.

      563,594       1,347  

Phison Electronics Corp.

      42,608       571  

Pou Chen Corp.

      679,093       814  

Powertech Technology, Inc.

      200,568       742  

President Chain Store Corp.

      161,220       1,618  

Quanta Computer, Inc.

      771,576       2,141  

Realtek Semiconductor Corp.

      127,457       2,246  
    

 

NUMBER

OF SHARES

  

VALUE    

(000S)    

COMMON STOCKS – 94.8% (1)     continued

 

Taiwan – 14.0%     continued

     

Ruentex Development Co. Ltd.

      331,989       $676  

Shanghai Commercial & Savings Bank (The) Ltd.

      985,359       1,557  

Shin Kong Financial Holding Co. Ltd.

      3,142,907       1,041  

SinoPac Financial Holdings Co. Ltd.

      2,755,792       1,366  

Synnex Technology International Corp.

      384,940       714  

Taishin Financial Holding Co. Ltd.

      2,857,789       1,840  

Taiwan Cement Corp.

      1,412,824       2,582  

Taiwan Cooperative Financial Holding Co. Ltd.

      2,662,816       2,102  

Taiwan High Speed Rail Corp.

      565,000       599  

Taiwan Mobile Co. Ltd.

      474,076       1,683  

Taiwan Semiconductor Manufacturing Co. Ltd.

      6,939,749       143,105  

Unimicron Technology Corp.

      345,000       1,606  

Uni-President Enterprises Corp.

      1,347,150       3,276  

United Microelectronics Corp.

      3,324,043       7,585  

Vanguard International Semiconductor Corp.

      256,000       1,377  

Walsin Technology Corp.*

      90,000       488  

Wan Hai Lines Ltd.

      172,700       1,231  

Win Semiconductors Corp.

      97,000       1,069  

Winbond Electronics Corp.

      865,000       806  

Wistron Corp.

      761,449       750  

Wiwynn Corp.

      23,000       715  

WPG Holdings Ltd.

      451,290       784  

Ya Hsin Industrial Co. Ltd.(3) *

      121,548       —  

Yageo Corp.

      106,377       1,669  

Yang Ming Marine Transport Corp.*

      451,000       1,899  

Yuanta Financial Holding Co. Ltd.

      2,662,846       2,344  

Zhen Ding Technology Holding Ltd.

      186,850       659  
     
               318,654  

Thailand – 1.6%

     

Advanced Info Service PCL (Registered)

      194,000       1,124  

Advanced Info Service PCL NVDR

      132,799         769      

Airports of Thailand PCL NVDR

      1,180,700       2,114  

Asset World Corp. PCL NVDR*

      2,413,800       329  

B Grimm Power PCL NVDR (Registered)

      224,600       269  

Bangkok Commercial Asset Management PCL NVDR (Registered)

      510,100       275  

Bangkok Dusit Medical Services PCL NVDR

      2,632,600       1,764  

Bangkok Expressway & Metro PCL NVDR (Registered)

      1,985,998       512  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  71 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND    continued

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

  

Thailand – 1.6%     continued

     

Berli Jucker PCL NVDR

      344,900       $333  

BTS Group Holdings PCL NVDR

      2,077,000       576  

Bumrungrad Hospital PCL NVDR

      136,587       566  

Carabao Group PCL NVDR

      85,000       299  

Central Pattana PCL NVDR

      581,100       908      

Central Retail Corp. PCL NVDR (Registered)

      522,358         515  

Charoen Pokphand Foods PCL NVDR

      1,020,957       775  

CP ALL PCL (Registered)

      905,200       1,699  

CP ALL PCL NVDR

      718,536       1,341  

Delta Electronics Thailand PCL NVDR

      89,000       1,229  

Electricity Generating PCL NVDR

      74,900       383  

Energy Absolute PCL NVDR

      408,600       738  

Global Power Synergy PCL NVDR

      202,900       452  

Gulf Energy Development PCL NVDR (Registered)

      818,050       997  

Home Product Center PCL NVDR

      1,516,304       605  

Indorama Ventures PCL NVDR

      440,447       572  

Intouch Holdings PCL NVDR

      320,000       763  

Krung Thai Bank PCL (Registered)

      699,750       228  

Krung Thai Bank PCL NVDR

      279,493       90  

Krungthai Card PCL NVDR

      259,900       420  

Land & Houses PCL NVDR

      1,933,700       451  

Minor International PCL NVDR*

      892,930       828  

Muangthai Capital PCL NVDR (Registered)

      212,900       363  

Osotspa PCL NVDR

      351,800       353  

PTT Exploration & Production PCL (Registered)

      242,500       842  

PTT Exploration & Production PCL NVDR

      130,143       450  

PTT Global Chemical PCL (Registered)

      189,814       355  

PTT Global Chemical PCL NVDR

      413,676       766  

PTT Oil & Retail Business PCL NVDR

      838,900       680  

PTT PCL (Registered)

      1,835,000       2,115  

PTT PCL NVDR

      952,500       1,094  

Ratch Group PCL NVDR

      231,700       309  

SCG Packaging PCL NVDR

      368,000       653  

Siam Cement (The) PCL (Registered)

      51,000       606  

Siam Cement (The) PCL NVDR

      165,998       1,964  

Siam Commercial Bank (The) PCL (Registered)

      195,100       704  

Siam Commercial Bank (The) PCL NVDR

      45,876       163  

Sri Trang Gloves Thailand PCL NVDR

      288,100       265  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 94.8% (1)     continued

 

  

Thailand – 1.6%     continued

     

Srisawad Corp. PCL NVDR

      215,700       $398  

Thai Oil PCL (Registered)

      97,800       151  

Thai Oil PCL NVDR

      181,995       280  

Thai Union Group PCL NVDR

      776,300       496  

True Corp. PCL NVDR

      3,378,252       377  
     
               35,308  

Turkey – 0.3%

     

Akbank T.A.S.

      880,776         528      

Anadolu Efes Biracilik Ve Malt Sanayii A.S.(4)

      1       —  

Aselsan Elektronik Sanayi Ve Ticaret A.S.

      199,182       339  

BIM Birlesik Magazalar A.S.

      131,701       947  

Eregli Demir ve Celik Fabrikalari T.A.S.

      402,377       752  

Ford Otomotiv Sanayi A.S.

      20,141       378  

Is Gayrimenkul Yatirim Ortakligi A.S.(4) *

      1       —  

KOC Holding A.S.

      193,586       491  

Turk Hava Yollari A.O.(4) *

      1       —  

Turkcell Iletisim Hizmetleri A.S.

      318,536       549  

Turkiye Garanti Bankasi A.S.

      658,026       683  

Turkiye Is Bankasi A.S., Class C

      471,897       274  

Turkiye Petrol Rafinerileri A.S.*

      35,005       451  

Turkiye Sise ve Cam Fabrikalari A.S.

      396,264       365  
     
               5,757  

United Arab Emirates – 0.8%

     

Abu Dhabi Commercial Bank PJSC

      789,735       1,604  

Abu Dhabi Islamic Bank PJSC

      377,325       595  

Abu Dhabi National Oil Co. for

     

Distribution PJSC

      718,847       816  

Aldar Properties PJSC

      1,103,290       1,225  

Dubai Islamic Bank PJSC

      519,496       699  

Emaar Properties PJSC

      970,853       1,077  

Emirates NBD Bank PJSC

      697,901       2,700  

Emirates Telecommunications Group Co. PJSC

      487,282       3,189  

First Abu Dhabi Bank PJSC

      1,229,012         5,947  
     
               17,852  

Uruguay – 0.1%

     

Globant S.A.*

      11,275       3,168  

Total Common Stocks

                 

(Cost $1,406,596)

        2,159,649      

 

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    72 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

PREFERRED STOCKS – 2.0% (1)

 

  

Brazil – 1.2%

     

Alpargatas S.A.*

      52,900       $513  

Banco Bradesco S.A.*

      1,365,073       5,214  

Bradespar S.A., 6.28%(7)

      74,432       711  

Braskem S.A., Class A*

      54,200       591  

Centrais Eletricas Brasileiras S.A., Class B, 5.68%(7)

      72,241       514  

Cia Energetica de Minas Gerais,
3.90%(7)

      301,301       775  

Cia Paranaense de Energia,
Class B, 6.92%(7)

      142,800       192  

Gerdau S.A., 8.00%(7)

      327,561       1,630  

Itau Unibanco Holding S.A.,
0.72%(7)

      1,363,539       7,251  

Itausa S.A., 0.71%(7)

      1,212,539       2,491  

Petroleo Brasileiro S.A., 2.77%(7)

      1,334,195       6,664  
     
               26,546  

Chile – 0.1%

     

Sociedad Quimica y Minera de Chile S.A., Class B, 0.97%(7)

      37,521         2,025      

Colombia – 0.0%

     

Bancolombia S.A., 0.78%(7)

      129,894       1,126  

Russia – 0.0%

     

Surgutneftegas PJSC, 16.25%(7)

      2,039,937       1,130  

South Korea – 0.7%

     

Hyundai Motor Co., 4.40%(7)

      6,640       538  

Hyundai Motor Co. (2nd Preferred), 4.48%(7)

      10,342       826  

LG Chem Ltd., 2.72%(7)

      2,197       696  

LG Household & Health Care Ltd., 1.73%(7)

      613       331  

Samsung Electronics Co. Ltd., 2.16%(7)

      232,216       13,592  
     
               15,983  

Total Preferred Stocks

                 

(Cost $36,695)

        46,810  
             

RIGHTS – 0.0%

     

India – 0.0%

     

Bharti Airtel Ltd.*

      49,342       102  

South Korea – 0.0%

     

Hyundai Engineering & Construction Co. Ltd.*

      380       26  

Samsung Heavy Industries Co. Ltd.*

      45,062       40  
     
               66  

Total Rights

                 

(Cost $—)

        168  
    

 

NUMBER

OF WARRANTS

  

    VALUE    

    (000S)    

WARRANTS – 0.0%

     

BTS Group Holdings PCL, Exp. 11/20/26, Strike $14.90(3) *

      477,300       $—  

BTS Group Holdings PCL, Exp. 11/7/24, Strike $11.90(3) *

      238,650       —  

BTS Group Holdings PCL, Exp. 9/5/22, Strike $9.90*

      119,325       6  
     
               6  

Total Warrants

                 

(Cost $—)

        6  
          
    

 

NUMBER

OF SHARES

  

VALUE    

(000S)    

INVESTMENT COMPANIES – 2.7%

 

iShares Core MSCI Emerging Markets ETF

      241,000       $14,885  

Northern Institutional Funds - U.S. Government Portfolio (Shares),
0.00%(8) (9)

      45,594,313         45,594  

Total Investment Companies

                 

(Cost $60,829)

        60,479  
    
     

Total Investments – 99.5%

                 

(Cost $1,504,120)

        2,267,112  

Other Assets less Liabilities – 0.5%

 

     10,325  

Net Assets – 100.0%

        $2,277,437      

 

(1)

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

(2)

Level 3 asset.

(3)

Level 3 asset that is worthless, bankrupt or has been delisted.

(4)

Value rounds to less than one thousand.

(5)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

(6)

Restricted security that has been deemed illiquid. At September 30, 2021, the value of this restricted illiquid security amounted to approximately $16,000 or 0.0% of net assets. Additional information on this restricted illiquid security is as follows:

 

  SECURITY   

 

ACQUISITION

AND

ENFORCEABLE

DATE

   

COST    

(000S)    

VTB Bank PJSC GDR

    5/11/07-10/28/09      $80  

 

(7)

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

(8)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  73 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

EMERGING MARKETS EQUITY INDEX FUND    continued

 

(9)

7-day current yield as of September 30, 2021 is disclosed.

 

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED

THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR – American Depositary Receipt

CPO – Certificado de Participación Ordinario

ETF – Exchange-Traded Fund

GDR – Global Depositary Receipt

MSCI – Morgan Stanley Capital International

N.V. – Naamloze Vennootschap (Dutch: Limited Liability Company)

NVDR – Non-Voting Depositary Receipt

PCL – Public Company Limited

PJSC – Public Joint-Stock Company

PLC – Public Limited Company

S.A. – Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. – Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had outstanding forward foreign currency exchange contracts as follows:

 

  COUNTERPARTY  

CONTRACTS

TO

DELIVER

CURRENCY

  

AMOUNT

(LOCAL

CURRENCY)

(000S)

    

IN

EXCHANGE

FOR CURRENCY

  

 

AMOUNT
(LOCAL

CURRENCY)

(000S)

    

SETTLEMENT

DATE

    

UNREALIZED
APPRECIATION

(DEPRECIATION)
(000S)

  
Citibank   Hong Kong Dollar     45,534     United States Dollar     5,857       12/15/21       $    6  
Citibank   Indian Rupee     27,953     United States Dollar     376       12/15/21       3  
Goldman Sachs   Brazilian Real     6,892     United States Dollar     1,299       12/15/21       50  
Goldman Sachs   Korean Won     1,437,400     United States Dollar     1,232       12/15/21       19  
Morgan Stanley   South African Rand     7,583     United States Dollar     525       12/15/21       27  
Toronto-Dominion Bank   Taiwan Dollar     91,279     United States Dollar     3,308       12/15/21       13  
           
Subtotal Appreciation                                 118  
             
Total                                     $118  

At September 30, 2021, the Fund had open futures contracts as follows:

 

TYPE  

NUMBER OF

CONTRACTS

    

NOTIONAL

AMOUNT

(000S)

    

CONTRACT

POSITION

    

CONTRACT

EXP.

    

 

VALUE AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

(000S)(1)

 

MSCI Emerging Markets Index (United States Dollar)

     1,115       $69,442       Long       12/21       $(2,928)  
                                         

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

  CONCENTRATION BY CURRENCY   

% OF NET

ASSETS

  

Hong Kong Dollar

      22.8 % 

Taiwan Dollar

      14.2  

Korean Won

      12.2  

Indian Rupee

      11.8  

United States Dollar

      8.7  

All other currencies less than 5%

      29.8  
   

Total Investments

      99.5  

Other Assets less Liabilities

      0.5  
   

Net Assets

      100.0 % 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS  

LEVEL 1

(000S)

    

LEVEL 2

(000S)

    

 

LEVEL 3

(000S)

    

TOTAL

(000S)

  

Common Stocks:

        

Argentina

   $ 516     $ —     $ —     $ 516  

Brazil

     71,941       —       —       71,941  

 

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    74 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

  INVESTMENTS    LEVEL 1
(000S)		     LEVEL 2
(000S)		     

 

LEVEL 3
(000S)

      TOTAL
(000S)		  

Chile

    $ 7,725     $ —        $ —      $ 7,725  

China

      117,498       587,226        323        705,047  

Colombia

      2,724       —        —        2,724  

Hong Kong

      860       47,747        —        48,607  

Mexico

      42,122       —        —        42,122  

Peru

      3,926       —        —        3,926  

Russia

      1,499       84,282        —        85,781  

Singapore

      845       494        —        1,339  

South Africa

      1,178       67,825        —        69,003  

South Korea

      857       260,458        —        261,315  

Uruguay

      3,168       —        —        3,168  

All Other Countries(1)

      —       856,435        —        856,435  

Total Common Stocks

      254,859       1,904,467        323        2,159,649  

Preferred Stocks:

           

Russia

      —       1,130        —        1,130  

South Korea

      —       15,983        —        15,983  

All Other Countries(1)

      29,697       —        —        29,697  

Total Preferred Stocks

      29,697       17,113        —        46,810  

Rights:

           

India

      102       —        —        102  

South Korea

      26       40        —        66  

Total Rights

      128       40        —        168  

Warrants

      6       —        —        6  

Investment Companies

      60,479       —        —        60,479  

Total Investments

    $ 345,169     $ 1,921,620        $323      $ 2,267,112  

OTHER FINANCIAL INSTRUMENTS

 

                          

Assets

           

Forward Foreign Currency Exchange Contracts

    $ —     $ 118        $ —      $ 118  

Liabilities

           

Futures Contracts

      (2,928 )      —        —        (2,928 ) 
Total Other Financial Instruments    $ (2,928 )    $ 118        $ —      $ (2,810 ) 
(1)

Classifications as defined in the Schedule of Investments.

    

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  75 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

GLOBAL REAL ESTATE INDEX FUND

 

    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 98.4% (1)

     

Australia – 3.3%

     

Abacus Property Group

      343,931       $881  

Arena REIT

      241,832       734  

Aventus Group

      239,863       556  

BGP Holdings PLC(2) *

      6,535,576       —  

BWP Trust

      343,792       988  

Cedar Woods Properties Ltd.

      41,234       181  

Centuria Industrial REIT

      401,660       1,070  

Centuria Office REIT

      276,393       502  

Charter Hall Long Wale REIT

      402,723       1,431  

Charter Hall Retail REIT

      366,907       1,059  

Charter Hall Social Infrastructure REIT

      230,297       593  

Dexus

      760,479       5,884  

GDI Property Group

      351,705       293  

GPT Group (The)

      1,358,700       4,950  

Growthpoint Properties Australia Ltd.

      214,022       633  

Home Consortium Ltd.

      58,697       325  

Ingenia Communities Group

      211,271       1,008  

Irongate Group

      353,437       384  

Lifestyle Communities Ltd.

      67,681       1,069  

Mirvac Group

      2,785,162       5,975  

National Storage REIT

      792,362       1,320  

Scentre Group

      3,668,957         7,894      

Shopping Centres Australasia Property Group

      766,319       1,488  

Stockland

      1,688,169       5,398  

Vicinity Centres

      2,735,328       3,259  

Waypoint REIT

      554,828       1,100  
     
               48,975  

Austria – 0.2%

     

CA Immobilien Anlagen A.G.

      30,163       1,272  

IMMOFINANZ A.G.*

      57,406       1,369  

S IMMO A.G.

      31,600       730  
     
               3,371  

Belgium – 0.9%

     

Aedifica S.A.

      23,625       2,934  

Befimmo S.A.

      16,068       644  

Cofinimmo S.A.

      19,865       2,998  

Immobel S.A.

      2,619       226  

Intervest Offices & Warehouses N.V.

      14,805       404  

Montea N.V.

      7,340       972  

Retail Estates N.V.

      7,152       522  
    

 

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 98.4% (1)     continued

 

Belgium – 0.9%     continued

     

Warehouses De Pauw - C.V.A.

      97,389       $3,937  

Xior Student Housing N.V.

      14,923       844  
     
               13,481  

Brazil – 0.2%

     

Aliansce Sonae Shopping Centers S.A.

      101,800       423  

BR Malls Participacoes S.A.*

      610,913       911  

BR Properties S.A.

      161,252       236  

Iguatemi Empresa de Shopping Centers S.A.

      63,303         365      

Jereissati Participacoes S.A.

      26,900       132  

JHSF Participacoes S.A.

      221,263       240  

LOG Commercial Properties e Participacoes S.A.

      35,800       171  

Multiplan Empreendimentos Imobiliarios S.A.*

      197,272       687  
     
               3,165  

Canada – 1.5%

     

Allied Properties Real Estate Investment Trust

      44,093       1,400  

Artis Real Estate Investment Trust

      46,570       418  

Boardwalk Real Estate Investment Trust

      16,361       611  

Canadian Apartment Properties REIT

      60,029       2,802  

Choice Properties Real Estate Investment Trust

      112,820       1,269  

City Office REIT, Inc.

      31,286       559  

Cominar Real Estate Investment Trust, Class U

      65,381       516  

Crombie Real Estate Investment Trust

      32,736       449  

CT Real Estate Investment Trust

      35,325       475  

Dream Industrial Real Estate Investment Trust

      72,653       929  

Dream Office Real Estate Investment Trust

      18,385       334  

First Capital Real Estate Investment Trust

      76,519       1,057  

Granite Real Estate Investment Trust

      20,676       1,471  

H&R Real Estate Investment Trust

      100,214       1,237  

InterRent Real Estate Investment Trust

      49,289       651  

Killam Apartment Real Estate Investment Trust

      35,757       600  

Minto Apartment Real Estate Investment Trust

      13,447       237  

Morguard North American Residential Real Estate Investment Trust

      11,716       158  

NorthWest Healthcare Properties Real Estate Investment Trust

      60,468       616  

 

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    76 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER

OF SHARES

   

    VALUE    

    (000S)    

COMMON STOCKS – 98.4% (1)     continued

 

   

Canada – 1.5%     continued

      

RioCan Real Estate Investment Trust

      111,110        $1,898  

Slate Grocery REIT

      15,896        163  

SmartCentres Real Estate Investment Trust

      51,744        1,212  

Summit Industrial Income REIT

      58,910        969  

Tricon Residential, Inc.

      138,117        1,843  

WPT Industrial Real Estate Investment Trust

      29,240        634  
     
                22,508  

Chile – 0.1%

      

Cencosud Shopping S.A.

      367,034        430  

Parque Arauco S.A.*

      351,323        358  
     
                788  

China – 2.7%

      

Agile Group Holdings Ltd.

      841,226        783  

Beijing North Star Co. Ltd., Class H

      512,000        87  

Central China Real Estate Ltd.

      610,000        117  

China Aoyuan Group Ltd.

      867,000        455  

China Evergrande Group

      1,429,000        537  

China Fortune Land Development Co. Ltd., Class A*

      167,540        104  

China Logistics Property Holdings Co. Ltd.*

      423,000        227  

China Merchants Shekou Industrial

      

Zone Holdings Co. Ltd., Class A

      335,700        672  

China SCE Group Holdings Ltd.

      1,165,000        407  

China Vanke Co. Ltd., Class A

      409,940        1,352  

China Vanke Co. Ltd., Class H

      1,206,241        3,297  

CIFI Holdings Group Co. Ltd.

      2,337,137        1,584  

Country Garden Holdings Co. Ltd.

      5,451,405        5,613  

DaFa Properties Group Ltd.

      192,000        124  

Datang Group Holdings Ltd.

      233,000        139  

Dexin China Holdings Co. Ltd.*

      604,000        217  

Fantasia Holdings Group Co. Ltd.*

      1,071,000        77  

Financial Street Holdings Co. Ltd., Class A

      128,700        119  

Ganglong China Property Group Ltd.

      337,000        185  

Gemdale Corp., Class A

      193,100        335  

Greenland Hong Kong Holdings Ltd.

      633,000        158  

Greentown China Holdings Ltd.

      617,000        928  

Guangzhou R&F Properties Co. Ltd., Class H

      1,211,002        925  

Huijing Holdings Co. Ltd.

      520,000        129  

Jingrui Holdings Ltd.*

      368,000        110  
    

 

NUMBER

OF SHARES

   

    VALUE    

    (000S)    

COMMON STOCKS – 98.4% (1)     continued

 

   

China – 2.7%     continued

      

Jinke Properties Group Co. Ltd., Class A

      235,600        $188  

JY Grandmark Holdings Ltd.

      370,000        133  

Kaisa Group Holdings Ltd.*

      2,027,428        549  

KWG Group Holdings Ltd.

      909,594        885  

Leading Holdings Group Ltd.*

      208,000        189  

Logan Group Co. Ltd.

      987,000        1,028  

Longfor Group Holdings Ltd.

      1,287,500        5,917  

Poly Developments and Holdings Group Co. Ltd., Class A

      512,800        1,114  

Powerlong Real Estate Holdings Ltd.

      1,019,000        762  

Radiance Holdings Group Co. Ltd.*

      549,000        298  

Redco Properties Group Ltd.

      758,000        282  

Redsun Properties Group Ltd.

      762,000        235  

RiseSun Real Estate Development Co. Ltd., Class A

      194,300        145  

Ronshine China Holdings Ltd.*

      422,000        208  

Seazen Group Ltd.*

      1,556,000        1,240  

Seazen Holdings Co. Ltd., Class A

      96,900        559  

Shanghai Lingang Holdings Corp. Ltd., Class A

      66,600        154  

Shanghai Lujiazui Finance & Trade

      

Zone Development Co. Ltd., Class B

      786,751        712  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

      65,300        170  

Shui On Land Ltd.

      2,537,277        380  

Sino-Ocean Group Holding Ltd.

      2,104,500        413  

Skyfame Realty Holdings Ltd.

      1,800,000        210  

SOHO China Ltd.*

      1,482,756        393  

Sunac China Holdings Ltd.

      1,813,050        3,842  

Sunkwan Properties Group Ltd.*

      368,000        121  

Yango Group Co. Ltd., Class A

      174,700        113  

Yincheng International Holding Co. Ltd.

      310,000        139  

Yuzhou Group Holdings Co. Ltd.

      1,389,026        204  

Zhejiang China Commodities City Group Co. Ltd., Class A

      209,700        152  

Zhenro Properties Group Ltd.

      906,000        494  

Zhongtian Financial Group Co. Ltd.,
Class A*

      281,800        119  
     
                40,029  

Egypt – 0.0%

      

Heliopolis Housing

      331,796        105  

Medinet Nasr Housing

      586,962        100  

Palm Hills Developments S.A.E.

      1,042,630        128  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  77 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

GLOBAL REAL ESTATE INDEX FUND    continued

 

    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

  

Egypt – 0.0%     continued

     

Six of October Development & Investment

      100,130       $118  

Talaat Moustafa Group

      651,171       306  
     
               757  

Finland – 0.1%

     

Citycon OYJ

      45,193         362      

Kojamo OYJ

      87,100       1,799  
     
               2,161  

France – 1.5%

     

Altarea S.C.A.

      2,523       546  

Carmila S.A.

      35,399       529  

Covivio

      36,851       3,081  

Gecina S.A.

      32,524       4,360  

ICADE

      21,637       1,687  

Klepierre S.A.*

      146,079       3,253  

Mercialys S.A.

      48,062       512  

Nexity S.A.

      27,516       1,311  

Unibail-Rodamco-Westfield*

      88,229       6,453  
     
               21,732  

Germany – 4.2%

     

ADLER Group S.A.

      53,585       907  

alstria office REIT-A.G.

      113,714       2,069  

Aroundtown S.A.

      709,280       4,900  

Deutsche EuroShop A.G.

      35,385       723  

Deutsche Wohnen S.E.

      241,954       14,832  

DIC Asset A.G.

      30,192       533  

Grand City Properties S.A.

      73,266       1,828  

Hamborner REIT A.G.

      48,171       522  

Instone Real Estate Group S.E.

      32,945       940  

LEG Immobilien S.E.

      51,057       7,224  

Sirius Real Estate Ltd.

      720,747       1,270  

TAG Immobilien A.G.

      103,780       3,041  

Vonovia S.E.

      386,785       23,251  
     
               62,040  

Greece – 0.0%

     

LAMDA Development S.A.*

      49,258       423  

Hong Kong – 6.2%

     

C&D International Investment Group Ltd.

      247,000       471  

Champion REIT

      1,423,846       745  

China Jinmao Holdings Group Ltd.

      4,018,000       1,440  

China Merchants Commercial Real Estate Investment Trust

      446,000       160  
    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

Hong Kong – 6.2%     continued

     

China Merchants Land Ltd.*

      942,000         $107  

China Overseas Grand Oceans Group Ltd.

      1,228,500       748  

China Overseas Land & Investment Ltd.

      2,706,042       6,153  

China Resources Land Ltd.

      2,268,155       9,540      

China South City Holdings Ltd.

      3,190,000       270  

China Vast Industrial Urban

     

Development Co. Ltd.

      197,000       61  

Chinese Estates Holdings Ltd.

      366,500       137  

CK Asset Holdings Ltd.

      1,419,000       8,155  

Cosmopolitan International Holdings Ltd.*

      1,262,000       184  

Far East Consortium International Ltd.

      756,807       256  

Fortune Real Estate Investment Trust

      1,062,000       1,054  

Gemdale Properties & Investment Corp. Ltd.

      4,510,000       485  

Hang Lung Group Ltd.

      580,000       1,352  

Hang Lung Properties Ltd.

      1,432,452       3,256  

Henderson Land Development Co. Ltd.

      1,025,555       3,893  

Hongkong Land Holdings Ltd.

      824,818       3,947  

Hopson Development Holdings Ltd.

      464,900       1,649  

Hysan Development Co. Ltd.

      447,045       1,455  

Jiayuan International Group Ltd.

      1,018,303       397  

K Wah International Holdings Ltd.

      780,802       315  

Kerry Properties Ltd.

      416,599       1,096  

Link REIT

      1,473,143       12,590  

LVGEM China Real Estate Investment Co. Ltd.*

      664,000       156  

Poly Property Group Co. Ltd.

      1,458,000       383  

Prosperity REIT

      862,000       343  

Road King Infrastructure Ltd.

      172,000       172  

Shanghai Industrial Urban Development Group Ltd.

      1,462,000       128  

Shenzhen Investment Ltd.

      1,927,191       484  

Shimao Group Holdings Ltd.

      873,369       1,594  

Sino Land Co. Ltd.

      2,359,097       3,174  

Sun Hung Kai Properties Ltd.

      921,925       11,457  

Sunlight Real Estate Investment Trust

      692,000       399  

Swire Properties Ltd.

      833,200       2,085  

Wharf Holdings (The) Ltd.

      971,317       3,217  

Wharf Real Estate Investment Co. Ltd.

      1,181,317       6,103  

Yuexiu Property Co. Ltd.

      994,288       933  

Yuexiu Real Estate Investment Trust

      1,162,000       547  

 

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    78 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

Hong Kong – 6.2%     continued

     

Zensun Enterprises Ltd.

      408,000       $308  

Zhuguang Holdings Group Co. Ltd.

      1,272,000       282  
     
               91,681      

India – 0.6%

     

Brigade Enterprises Ltd.

      60,853       334  

DLF Ltd.

      436,896       2,420  

Godrej Properties Ltd.*

      79,508         2,471  

Indiabulls Real Estate Ltd.*

      127,362       253  

Mindspace Business Parks REIT

      106,200       439  

Oberoi Realty Ltd.*

      90,038       1,166  

Phoenix Mills (The) Ltd.

      67,198       868  

Prestige Estates Projects Ltd.

      99,964       655  

Sunteck Realty Ltd.

      36,522       235  
     
               8,841  

Indonesia – 0.1%

     

Ciputra Development Tbk PT

      6,162,436       400  

Lippo Karawaci Tbk PT*

      13,810,710       148  

Pakuwon Jati Tbk PT*

      11,677,340       393  

Rimo International Lestari Tbk PT(3) *

      42,545,100       74  

Summarecon Agung Tbk PT*

      6,500,196       382  
     
               1,397  

Ireland – 0.1%

     

Hibernia REIT PLC

      470,279       634  

Irish Residential Properties REIT PLC

      315,643       524  
     
               1,158  

Israel – 0.8%

     

AFI Properties Ltd.*

      8,063       418  

Amot Investments Ltd.

      145,546       1,027  

Azrieli Group Ltd.

      30,309       2,725  

Blue Square Real Estate Ltd.

      3,725       278  

Gav-Yam Lands Corp. Ltd.

      99,216       1,009  

Israel Canada T.R Ltd.

      76,659       331  

Isras Investment Co. Ltd.

      1,184       267  

Mega Or Holdings Ltd.

      17,052       632  

Melisron Ltd.*

      15,454       1,234  

Mivne Real Estate KD Ltd.

      436,312       1,528  

Prashkovsky Investments and Construction Ltd.

      4,581       134  

Property & Building Corp. Ltd.*

      1,569       223  

Reit 1 Ltd.

      128,807       761  
    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

  

Israel – 0.8%     continued

     

Summit Real Estate Holdings Ltd.*

      24,742       $433  

YH Dimri Construction & Development Ltd.

      5,366       384  
     
               11,384      

Italy – 0.0%

     

Immobiliare Grande Distribuzione SIIQ S.p.A.*

      41,871         190  

Japan – 10.6%

     

Activia Properties, Inc.

      469       1,927  

Advance Residence Investment Corp.

      930       3,025  

Aeon Mall Co. Ltd.

      73,166       1,128  

AEON REIT Investment Corp.

      1,000       1,344  

Comforia Residential REIT, Inc.

      447       1,376  

CRE Logistics REIT, Inc.

      330       614  

Daibiru Corp.

      32,400       478  

Daiwa House Industry Co. Ltd.

      400,500       13,375  

Daiwa House REIT Investment Corp.

      1,554       4,553  

Daiwa Office Investment Corp.

      225       1,516  

Daiwa Securities Living Investments Corp.

      1,299       1,300  

Frontier Real Estate Investment Corp.

      330       1,448  

Fukuoka REIT Corp.

      463       696  

Global One Real Estate Investment Corp.

      696       724  

GLP J-REIT

      2,922       4,803  

Goldcrest Co. Ltd.

      11,400       173  

Hankyu Hanshin REIT, Inc.

      427       631  

Heiwa Real Estate Co. Ltd.

      21,700       752  

Heiwa Real Estate REIT, Inc.

      603       891  

Hoshino Resorts REIT, Inc.

      145       959  

Hulic Co. Ltd.

      189,740       2,115  

Hulic REIT, Inc.

      848       1,337  

Ichigo Office REIT Investment Corp.

      873       705  

Ichigo, Inc.

      177,600       587  

Industrial & Infrastructure Fund Investment Corp.

      1,319       2,396  

Invesco Office J-REIT, Inc.

      2,205       449  

Invincible Investment Corp.

      4,361       1,704  

Itochu Advance Logistics Investment Corp.

      395       553  

Japan Excellent, Inc.

      873       1,069  

Japan Hotel REIT Investment Corp.

      3,164       1,903  

Japan Logistics Fund, Inc.

      580       1,724  

Japan Metropolitan Fund Invest

      4,948       4,757  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  79 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

GLOBAL REAL ESTATE INDEX FUND    continued

 

    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

  

Japan – 10.6%     continued

     

Japan Prime Realty Investment Corp.

      577       $2,087  

Japan Real Estate Investment Corp.

      882       5,283  

Katitas Co. Ltd.

      36,500       1,292  

Keihanshin Building Co. Ltd.

      20,000       253  

Kenedix Office Investment Corp.

      304         2,091      

Kenedix Residential Next Investment Corp.

      662       1,293  

Kenedix Retail REIT Corp.

      388       1,005  

LaSalle Logiport REIT

      1,265       2,130  

Leopalace21 Corp.*

      127,400       283  

Mirai Corp.

      1,193       576  

Mitsubishi Estate Co. Ltd.

      835,680       13,308  

Mitsubishi Estate Logistics REIT Investment Corp.

      265       1,161  

Mitsui Fudosan Co. Ltd.

      648,762       15,453  

Mitsui Fudosan Logistics Park, Inc.

      366       1,938  

Mori Hills REIT Investment Corp.

      1,097       1,487  

Mori Trust Hotel Reit, Inc.

      233       288  

Mori Trust Sogo Reit, Inc.

      712       946  

Nippon Accommodations Fund, Inc.

      323       1,813  

Nippon Building Fund, Inc.

      1,052       6,833  

Nippon Prologis REIT, Inc.

      1,460       4,882  

NIPPON REIT Investment Corp.

      323       1,255  

Nomura Real Estate Holdings, Inc.

      82,700       2,155  

Nomura Real Estate Master Fund, Inc.

      3,004       4,329  

NTT UD REIT Investment Corp.

      901       1,239  

One REIT, Inc.

      153       406  

Orix JREIT, Inc.

      1,857       3,235  

SAMTY Co. Ltd.

      22,100       464  

Samty Residential Investment Corp.

      227       239  

Sekisui House Reit, Inc.

      2,919       2,424  

SOSiLA Logistics REIT, Inc.

      405       599  

Star Asia Investment Corp.

      1,037       531  

Starts Proceed Investment Corp.

      148       329  

Sumitomo Realty & Development Co. Ltd.

      218,725       7,981  

Sun Frontier Fudousan Co. Ltd.

      18,700       185  

Takara Leben Co. Ltd.

      58,800       170  

Takara Leben Real Estate Investment Corp.

      306       299  

TKP Corp.*

      8,800       149  

TOC Co. Ltd.

      25,600       151  

Tokyo Tatemono Co. Ltd.

      132,700       2,102  

Tokyu REIT, Inc.

      597       991  
    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

Japan – 10.6%     continued

     

Tosei Corp.

      20,800       $224  

United Urban Investment Corp.

      2,098       2,838  
     
               157,709      

Kuwait – 0.1%

     

Mabanee Co. KPSC

      420,001         1,072  

National Real Estate Co. KPSC*

      566,445       383  
     
               1,455  

Malaysia – 0.2%

     

Axis Real Estate Investment Trust

      849,500       386  

IGB Real Estate Investment Trust

      1,111,200       448  

IOI Properties Group Bhd.

      988,200       282  

Mah Sing Group Bhd.

      840,300       141  

Matrix Concepts Holdings Bhd.

      323,200       159  

Pavilion Real Estate Investment Trust

      581,000       197  

Sime Darby Property Bhd.

      1,714,900       268  

SP Setia Bhd. Group*

      1,129,669       330  

Sunway Real Estate Investment Trust

      1,378,300       460  

UEM Sunrise Bhd.*

      822,300       73  

YTL Hospitality REIT

      472,300       106  
     
               2,850  

Mexico – 0.4%

     

Concentradora Fibra Danhos S.A. de C.V.

      217,153       267  

Corp. Inmobiliaria Vesta S.A.B. de C.V.

      474,600       829  

Fibra Uno Administracion S.A. de C.V.

      2,236,933       2,546  

Macquarie Mexico Real Estate Management S.A. de C.V.

      536,489       642  

PLA Administradora Industrial S de RL de C.V.

      571,500       835  

Prologis Property Mexico S.A. de C.V.

      328,891       711  
     
               5,830  

Netherlands – 0.1%

     

Brack Capital Properties N.V.*

      1,920       208  

Eurocommercial Properties N.V.

      30,211       645  

NSI N.V.

      14,101       522  

Vastned Retail N.V.

      8,114       217  

Wereldhave N.V.

      24,776       349  
     
               1,941  

New Zealand – 0.3%

     

Argosy Property Ltd.

      604,857       675  

Goodman Property Trust

      780,478       1,302  

 

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    80 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

New Zealand – 0.3%     continued

     

Kiwi Property Group Ltd.

      1,129,767       $898  

Precinct Properties New Zealand Ltd.

      877,776       1,015  
     
               3,890  

Norway – 0.1%

     

Entra ASA

      84,858       1,811  

Selvaag Bolig ASA

      31,182       194  
     
               2,005  

Philippines – 0.6%

     

Ayala Land, Inc.

      5,713,681       3,730  

DoubleDragon Properties Corp.

      527,300       106  

Filinvest Land, Inc.

      5,653,989       122  

Megaworld Corp.

      8,047,001       449  

Robinsons Land Corp.

      1,485,096       464  

SM Prime Holdings, Inc.

      7,126,353       4,570  

Vista Land & Lifescapes, Inc.

      2,363,400       161  
     
               9,602  

Qatar – 0.1%

     

Barwa Real Estate Co.

      1,312,821       1,132  

United Development Co. QSC

      1,270,163         539  
     
               1,671      

Romania – 0.1%

     

NEPI Rockcastle PLC

      301,969       2,096  

Russia – 0.0%

     

LSR Group PJSC

      30,351       315  

Saudi Arabia – 0.2%

     

Arriyadh Development Co.

      62,018       454  

Dar Al Arkan Real Estate Development Co.*

      375,488       1,030  

Emaar Economic City*

      273,980       971  

Jadwa REIT Saudi Fund

      50,039       189  

Saudi Real Estate Co.*

      67,218       421  
     
               3,065  

Singapore – 2.7%

     

AIMS APAC REIT

      352,900       374  

ARA LOGOS Logistics Trust

      812,165       548  

Ascendas India Trust

      622,200       657  

Ascendas Real Estate Investment Trust

      2,362,034       5,199  

Ascott Residence Trust

      1,296,714       880  

CapitaLand China Trust

      732,727       668  

CapitaLand Integrated Commercial Trust

      3,215,014       4,779  

CDL Hospitality Trusts

      567,692       431  
    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

  

Singapore – 2.7%     continued

     

City Developments Ltd.

      289,200       $1,460  

Cromwell European Real Estate Investment Trust

      202,771       612  

ESR-REIT

      1,848,830       633  

Far East Hospitality Trust

      564,603       257  

Frasers Centrepoint Trust

      737,909       1,227  

Frasers Hospitality Trust

      566,000       190  

Frasers Logistics & Commercial Trust

      1,812,346       2,022  

Keppel DC REIT

      934,834       1,704  

Keppel Pacific Oak U.S. REIT

      551,900       433  

Keppel REIT

      1,237,320       965  

Lendlease Global Commercial REIT

      595,400       381  

Manulife U.S. Real Estate Investment Trust

      1,005,003       702  

Mapletree Commercial Trust

      1,532,054       2,327  

Mapletree Industrial Trust

      1,256,332       2,568  

Mapletree Logistics Trust

      2,131,814       3,180  

Mapletree North Asia Commercial Trust

      1,608,100       1,140  

OUE Commercial Real Estate Investment Trust

      1,563,300       524  

OUE Ltd.

      195,100       193  

Oxley Holdings Ltd.

      466,469       70  

Parkway Life Real Estate Investment Trust

      284,400       971  

Prime U.S. REIT

      321,100       274  

Sasseur Real Estate Investment Trust

      418,300       263  

SPH REIT

      695,400       481  

Starhill Global REIT

      1,059,890       487  

Suntec Real Estate Investment Trust

      1,418,391       1,473  

UOL Group Ltd.

      330,397       1,661  

Yanlord Land Group Ltd.

      418,900         339  
     
               40,073      

South Africa – 0.4%

     

Equites Property Fund Ltd.

      386,761       529  

Growthpoint Properties Ltd.

      2,455,476       2,332  

Hyprop Investments Ltd.

      210,276       445  

Investec Property Fund Ltd.

      429,880       310  

Redefine Properties Ltd.*

      3,933,339       1,193  

Resilient REIT Ltd.

      215,071       814  

Stor-Age Property REIT Ltd.

      266,129       242  

Vukile Property Fund Ltd.

      549,548       447  
     
               6,312  

South Korea – 0.1%

     

Dongwon Development Co. Ltd.

      28,359       136  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  81 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

GLOBAL REAL ESTATE INDEX FUND    continued

 

    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)    continued

 

South Korea – 0.1%     continued

     

JR Reit XXVII

      70,463       $330  

LOTTE REIT Co. Ltd.

      88,390       413  

SK D&D Co. Ltd.

      5,531         159  
     
               1,038      

Spain – 0.3%

     

Inmobiliaria Colonial Socimi S.A.*

      197,261       1,911  

Lar Espana Real Estate Socimi S.A.

      42,362       263  

Merlin Properties Socimi S.A.*

      250,308       2,569  

Metrovacesa S.A.*

      25,303       216  
     
               4,959  

Sweden – 2.1%

     

Atrium Ljungberg AB, Class B

      32,539       680  

Castellum AB

      166,489       4,053  

Catena AB

      20,203       1,086  

Cibus Nordic Real Estate AB

      25,514       603  

Corem Property Group AB, Class B

      439,636       1,162  

Dios Fastigheter AB

      62,654       607  

Fabege AB

      186,933       2,825  

Fastighets AB Balder, Class B*

      74,402       4,463  

Hufvudstaden AB, Class A

      79,703       1,189  

K-fast Holding AB*

      41,233       342  

Kungsleden AB

      115,725       1,520  

Nyfosa AB

      123,415       1,738  

Platzer Fastigheter Holding AB, Class B

      41,898       626  

Sagax AB, Class B

      103,595       3,218  

Sagax AB, Class D

      75,394       277  

Samhallsbyggnadsbolaget i Norden AB

      596,589       3,290  

Samhallsbyggnadsbolaget i Norden AB, Class D

      101,948       351  

Wallenstam AB, Class B

      114,446       1,688  

Wihlborgs Fastigheter AB

      97,745       1,947  
     
               31,665  

Switzerland – 1.0%

     

Allreal Holding A.G. (Registered)

      10,151       2,004  

Intershop Holding A.G.

      802       499  

IWG PLC*

      534,681       2,086  

Mobimo Holding A.G. (Registered)*

      4,662       1,550  

PSP Swiss Property A.G. (Registered)

      32,504       3,910  

Swiss Prime Site A.G. (Registered)

      53,828       5,242  
     
               15,291  
    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

Taiwan – 0.4%

     

Cathay Real Estate Development Co. Ltd.

      370,000       $255  

Chong Hong Construction Co. Ltd.

      121,000       349  

Farglory Land Development Co. Ltd.

      158,000       328  

Highwealth Construction Corp.

      557,800       899  

Huaku Development Co. Ltd.

      169,000       541  

Hung Sheng Construction Ltd.

      261,008       208  

Kindom Development Co. Ltd.

      229,900       323  

Kuo Yang Construction Co. Ltd.

      118,653       111  

Prince Housing & Development Corp.

      696,000       345  

Radium Life Tech Co. Ltd.

      468,420       176  

Ruentex Development Co. Ltd.

      818,300       1,667  

Shining Building Business Co. Ltd.*

      273,197       106  
     
               5,308  

Thailand – 0.5%

     

Amata Corp. PCL NVDR

      660,535       352  

AP Thailand PCL (Registered)

      441,405       106  

AP Thailand PCL NVDR

      1,109,404       267  

Central Pattana PCL (Registered)

      581,626       911  

Central Pattana PCL NVDR

      846,398       1,323  

Land & Houses PCL NVDR

      5,941,800       1,387  

Origin Property PCL NVDR

      578,900       170  

Pruksa Holding PCL NVDR

      509,300       195  

Quality Houses PCL NVDR

      5,105,700       328  

Sansiri PCL NVDR

      7,774,766       273  

SC Asset Corp. PCL (Registered)

      747,984       71  

SC Asset Corp. PCL NVDR

      332,924       32  

Siam Future Development PCL NVDR

      813,032       286  

Singha Estate PCL NVDR*

      1,939,300       118  

Supalai PCL (Registered)

      280,445       166  

Supalai PCL NVDR

      627,300       370  

WHA Corp. PCL NVDR

      5,754,100         529  
     
               6,884      

United Arab Emirates – 0.3%

     

Aldar Properties PJSC

      2,732,527       3,034  

DAMAC Properties Dubai Co. PJSC*

      1,299,380       442  

Emaar Development PJSC*

      697,651       736  
     
               4,212  

United Kingdom – 3.9%

     

Assura PLC

      1,910,326       1,839  

Big Yellow Group PLC

      119,236       2,231  

BMO Commercial Property Trust Ltd.

      576,319       748  

British Land (The) Co. PLC

      622,502       4,111  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    82 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

United Kingdom – 3.9%     continued

     

Capital & Counties Properties PLC

      517,358       $1,148  

Civitas Social Housing PLC

      436,164       513  

CLS Holdings PLC

      132,856       393  

Custodian REIT PLC

      283,762       356  

Derwent London PLC

      71,777       3,314  

Empiric Student Property PLC*

      430,642       514  

GCP Student Living PLC

      327,088       931  

Grainger PLC

      473,009       1,934  

Great Portland Estates PLC

      160,305       1,610  

Hammerson PLC

      2,138,331       930  

Helical PLC

      78,607       464  

Land Securities Group PLC

      498,057       4,636  

LondonMetric Property PLC

      609,361       1,962  

LXI REIT PLC

      495,476       917  

Picton Property Income (The) Ltd.

      370,240       470  

Primary Health Properties PLC

      940,983       1,907  

Regional REIT Ltd.

      275,257       329  

Safestore Holdings PLC

      148,902       2,094  

Secure Income REIT PLC

      191,866       1,078  

Segro PLC

      848,885       13,621  

Shaftesbury PLC

      137,606       1,126  

Tritax Big Box REIT PLC

      1,216,429       3,482  

UK Commercial Property REIT Ltd.

      543,366       538  

UNITE Group (The) PLC

      239,963       3,488  

Warehouse Reit PLC

      279,084       552  

Watkin Jones PLC

      147,740       450  

Workspace Group PLC

      97,646         1,075  
     
               58,761      

United States – 51.4%

     

Acadia Realty Trust

      61,763       1,261  

Agree Realty Corp.

      45,521       3,015  

Alexander’s, Inc.

      1,656       432  

Alexandria Real Estate Equities, Inc.

      99,202       18,955  

American Assets Trust, Inc.

      36,726       1,374  

American Campus Communities, Inc.

      97,778       4,737  

American Finance Trust, Inc.

      76,604       616  

American Homes 4 Rent, Class A

      203,471       7,756  

Americold Realty Trust

      179,093       5,203  

Apartment Income REIT Corp.

      111,216       5,428  

Apartment Investment and Management Co., Class A

      107,919       739  

Apple Hospitality REIT, Inc.

      151,712       2,386  

AvalonBay Communities, Inc.

      98,826       21,904  

Boston Properties, Inc.

      104,967       11,373  
    

 

NUMBER

OF SHARES

   

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

United States – 51.4%     continued

      

Brandywine Realty Trust

      122,411        $1,643  

Brixmor Property Group, Inc.

      210,512        4,654  

Broadstone Net Lease, Inc.

      103,492        2,568  

Camden Property Trust

      69,267        10,215  

CareTrust REIT, Inc.

      68,736        1,397  

Centerspace

      9,317        880  

Chatham Lodging Trust*

      34,537        423  

Columbia Property Trust, Inc.

      81,828        1,556  

Community Healthcare Trust, Inc.

      15,934        720  

CoreSite Realty Corp.

      30,417        4,214  

Corporate Office Properties Trust

      80,309        2,167  

Cousins Properties, Inc.

      105,371        3,929  

CubeSmart

      142,910        6,924  

CyrusOne, Inc.

      86,096        6,665  

DiamondRock Hospitality Co.*

      147,678        1,396  

Digital Realty Trust, Inc.

      199,275        28,785  

DigitalBridge Group, Inc.*

      344,483        2,077  

Diversified Healthcare Trust

      170,740        579  

Douglas Emmett, Inc.

      124,239        3,927  

Duke Realty Corp.

      265,391        12,704  

Eagle Hospitality Trust(3) *

      496,400        34  

Easterly Government Properties, Inc.

      58,142        1,201  

EastGroup Properties, Inc.

      28,291        4,714  

Empire State Realty Trust, Inc., Class A

      104,793        1,051  

Equinix, Inc.

      63,394        50,089  

Equity Commonwealth

      86,767        2,254  

Equity Commonwealth - (Fractional Shares)(2)

      75,000        —  

Equity LifeStyle Properties, Inc.

      122,683        9,582  

Equity Residential

      251,497        20,351  

Essex Property Trust, Inc.

      46,012        14,712  

Extra Space Storage, Inc.

      94,667        15,903  

Federal Realty Investment Trust

      49,434        5,833  

First Industrial Realty Trust, Inc.

      91,473        4,764  

Four Corners Property Trust, Inc.

      54,537        1,465  

Franklin Street Properties Corp.

      77,108        358  

FRP Holdings, Inc.*

      4,275        239  

Getty Realty Corp.

      26,626        780  

Gladstone Commercial Corp.

      24,823        522  

Global Medical REIT, Inc.

      38,870        571  

Global Net Lease, Inc.

      64,509        1,033  

Healthcare Realty Trust, Inc.

      99,127        2,952  

Healthcare Trust of America, Inc., Class A

      154,902        4,594  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  83 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

GLOBAL REAL ESTATE INDEX FUND    continued

 

    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

United States – 51.4%     continued

 

  

Healthpeak Properties, Inc.

      381,602       $12,776  

Highwoods Properties, Inc.

      73,818       3,238  

Host Hotels & Resorts, Inc.*

      499,689       8,160  

Howard Hughes (The) Corp.*

      29,449       2,586  

Hudson Pacific Properties, Inc.

      107,067       2,813  

Independence Realty Trust, Inc.

      73,358         1,493      

Industrial Logistics Properties Trust

      46,834       1,190  

Innovative Industrial Properties, Inc.

      16,972       3,923  

Invitation Homes, Inc.

      402,108       15,413  

Iron Mountain, Inc.

      204,394       8,881  

JBG SMITH Properties

      83,874       2,483  

Kennedy-Wilson Holdings, Inc.

      89,608       1,875  

Kilroy Realty Corp.

      74,213       4,914  

Kimco Realty Corp.

      413,281       8,576  

Kite Realty Group Trust

      60,395       1,230  

Lexington Realty Trust

      196,462       2,505  

Life Storage, Inc.

      54,031       6,199  

LTC Properties, Inc.

      28,601       906  

Macerich (The) Co.

      146,456       2,447  

Mack-Cali Realty Corp.*

      51,734       886  

Medical Properties Trust, Inc.

      412,882       8,287  

Mid-America Apartment Communities, Inc.

      81,121       15,149  

Monmouth Real Estate Investment Corp.

      67,199       1,253  

National Health Investors, Inc.

      30,691       1,642  

National Retail Properties, Inc.

      124,538       5,379  

National Storage Affiliates Trust

      59,027       3,116  

NETSTREIT Corp.

      26,928       637  

NexPoint Residential Trust, Inc.

      16,007       990  

Office Properties Income Trust

      35,023       887  

Omega Healthcare Investors, Inc.

      165,737       4,965  

One Liberty Properties, Inc.

      11,349       346  

Paramount Group, Inc.

      125,939       1,132  

Park Hotels & Resorts, Inc.*

      168,549       3,226  

Pebblebrook Hotel Trust

      93,954       2,105  

Physicians Realty Trust

      149,184       2,629  

Piedmont Office Realty Trust, Inc., Class A

      88,598       1,544  

Prologis, Inc.

      523,540       65,668  

PS Business Parks, Inc.

      14,728       2,308  

Public Storage

      111,461       33,115  

Realty Income Corp.

      264,495       17,155  

Regency Centers Corp.

      108,308       7,292  

Retail Opportunity Investments Corp.

      82,822       1,443  
    

 

NUMBER

OF SHARES

  

    VALUE    

(000S)

COMMON STOCKS – 98.4% (1)     continued

 

United States – 51.4%     continued

     

Retail Properties of America, Inc., Class A

      152,837       $1,969  

Rexford Industrial Realty, Inc.

      94,197       5,346  

RLJ Lodging Trust

      118,005       1,754  

RPT Realty

      57,283       731  

Ryman Hospitality Properties, Inc.*

      37,076       3,103  

Sabra Health Care REIT, Inc.

      151,018       2,223  

Saul Centers, Inc.

      10,164       448  

Seritage Growth Properties, Class A*

      26,888       399  

Service Properties Trust

      118,070       1,324  

Simon Property Group, Inc.

      232,581       30,229  

SITE Centers Corp.

      119,725       1,849  

SL Green Realty Corp.

      49,163       3,483  

Spirit Realty Capital, Inc.

      81,627       3,758  

STAG Industrial, Inc.

      113,071       4,438  

STORE Capital Corp.

      172,643       5,530  

Summit Hotel Properties, Inc.*

      74,472       717  

Sun Communities, Inc.

      79,208       14,661  

Sunstone Hotel Investors, Inc.*

      153,918       1,838  

Tanger Factory Outlet Centers, Inc.

      66,928       1,091  

Terreno Realty Corp.

      48,855       3,089  

UDR, Inc.

      210,282       11,141  

UMH Properties, Inc.

      29,069       666  

Universal Health Realty Income Trust

      9,357       517  

Urban Edge Properties

      83,565       1,530  

Urstadt Biddle Properties, Inc., Class A

      20,907       396  

Ventas, Inc.

      278,307       15,365  

VEREIT, Inc.

      162,274       7,340  

Vornado Realty Trust

      115,323       4,845  

Washington Real Estate Investment Trust

      60,298       1,492  

Welltower, Inc.

      295,547       24,353  

WP Carey, Inc.

      125,097       9,137  

Xenia Hotels & Resorts, Inc.*

      81,375         1,444  
     
               764,572  

Total Common Stocks

                 

(Cost $981,564)

        1,465,585      

 

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    84 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

 

NUMBER
OF SHARES

    

    VALUE    

    (000S)    

INVESTMENT COMPANIES – 1.0%

 

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(4) (5)

      14,387,426         $14,387      

Total Investment Companies

                 

(Cost $14,387)

        14,387  
    
     

Total Investments – 99.4%

                 

(Cost $995,951)

        1,479,972  

Other Assets less Liabilities – 0.6%

 

     8,867  
     

Net Assets – 100.0%

        $1,488,839  

 

(1)

Adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities.

(2)

Level 3 asset that is worthless, bankrupt or has been delisted.

(3)

Level 3 asset.

(4)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(5)

7-day current yield as of September 30, 2021 is disclosed.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

A.G. – Aktiengesellschaft (German: Stock Corporation)

AB – Aktiebolag (Sweden: Corporation)

ASA – Aksjeselskap (Norway: Stock Company)

EAFE – Europe, Australasia and the Far East

MSCI – Morgan Stanley Capital International

N.V. – Naamloze Vennootschap (Dutch: Limited Liability Company)

NVDR – Non-Voting Depositary Receipt

PCL – Public Company Limited

PJSC – Public Joint-Stock Company

PLC – Public Limited Company

REIT – Real Estate Investment Trust

S&P – Standard & Poor’s

S.A. – Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. – Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

S.E. – Societas Europaea (German: Public Company)

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had outstanding forward foreign currency exchange contracts as follows:

 

 COUNTERPARTY  

CONTRACTS
TO

DELIVER
CURRENCY

    

AMOUNT

(LOCAL

CURRENCY)

(000S)

    

IN

EXCHANGE

FOR

CURRENCY

    

AMOUNT

(LOCAL

CURRENCY)

(000S)

   SETTLEMENT
DATE		     UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)

Citibank

    

 Hong
Kong
Dollar		  
 
 		     13,145      

 United
States
Dollar		  
 
 		     1,691        12/15/21       $    2  

Citibank

    

 United
States
Dollar		  
 
 		     95      
 Canadian
Dollar		  
 		     120       12/15/21       — * 

JPMorgan Chase

     Euro       671      

 United
States
Dollar		  
 
 		     795       12/15/21       17  

JPMorgan Chase

    
 Swiss
Franc		  
 		     660      

 United
States
Dollar		  
 
 		     721       12/15/21       11  

Morgan Stanley

    
 Australian
Dollar		  
 		     534      

 United
States
Dollar		  
 
 		     395       12/15/21       8  

Morgan Stanley

    
 British
Pound		  
 		     264      

 United
States
Dollar		  
 
 		     365       12/15/21       10  
           

Subtotal Appreciation

 

                                     48  

Morgan Stanley

    

 United
States
Dollar		  
 
 		     287      
 Swedish
Krona		  
 		     2,469       12/15/21       (5 ) 

Toronto-Dominion Bank

    

 United
States
Dollar		  
 
 		     156      
 Japanese
Yen		  
 		     17,170       12/15/21       (2 ) 

Toronto-Dominion Bank

    

 United
States
Dollar		  
 
 		     564      
 Singapore
Dollar		  
 		     759           12/15/21       (5 ) 
           

Subtotal Depreciation

 

                                     (12 ) 

Total

                                             $  36      

 

*

Amount rounds to less than one thousand.

At September 30, 2021, the Fund had open futures contracts as follows:

 

TYPE   NUMBER OF
CONTRACTS		     NOTIONAL
AMOUNT
(000S)		     CONTRACT
POSITION		     CONTRACT
EXP.		     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)(1)

E-Mini S&P MidCap 400 (United States Dollar)

     43       $11,323       Long       12/21       $(169 ) 

MSCI EAFE Index (United States Dollar)

     40       4,534       Long       12/21       (151 ) 

MSCI Emerging Markets Index (United States Dollar)

     81       5,045       Long       12/21       (108 ) 

S&P/TSX 60 Index (Canadian Dollar)

     13       3,110       Long       12/21       (49 ) 
           

Total

                                     $(477 ) 

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  85 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

    

    

  

GLOBAL REAL ESTATE INDEX FUND    continued

  

SEPTEMBER 30, 2021 (UNAUDITED)

 

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

  CONCENTRATION BY CURRENCY    % OF NET
ASSETS		  

United States Dollar

      52.8 % 

Japanese Yen

      10.6  

Hong Kong Dollar

      8.2  

Euro

      7.4  

All other currencies less than 5%

      20.4  

Total Investments

      99.4  

Other Assets less Liabilities

      0.6  

Net Assets

      100.0 % 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   

LEVEL 1

(000S)

     

LEVEL 2

(000S)

     

LEVEL 3

(000S)

     

TOTAL

(000S)

Common Stocks:

         

Brazil

    $ 3,165      $ —        $ —      $ 3,165  

Canada

      22,508        —        —        22,508  

Chile

      788        —        —        788  

Egypt

      118        639        —        757  

Indonesia

      —        1,323        74        1,397  

Mexico

      5,830        —        —        5,830  

United States

      764,538        —        34        764,572  

All Other Countries(1)

      —        666,568        —        666,568  
         

Total Common Stocks

      796,947        668,530        108        1,465,585  
         

Investment Companies

      14,387        —        —        14,387   
         

Total Investments

    $ 811,334      $ 668,530        $108      $ 1,479,972  
  INVESTMENTS   

LEVEL 1

(000S)

    

LEVEL 2

(000S)

  

LEVEL 3

(000S)

     

TOTAL    

(000S)    

  

OTHER FINANCIAL INSTRUMENTS

                                  

Assets

          

Forward Foreign

          

    Currency Exchange

          

    Contracts

    $ —     $ 48       $ —      $ 48  

Liabilities

          

Forward Foreign

          

    Currency Exchange

          

    Contracts

      —       (12 )      —        (12 ) 

Futures Contracts

      (477 )      —         —        (477 ) 
         

Total Other Financial Instruments

    $ (477 )    $ 36       $ —      $ (441 ) 
(1) 

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    86 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

 

                    SCHEDULE OF INVESTMENTS    

 

    

GLOBAL SUSTAINABILITY INDEX FUND

  

SEPTEMBER 30, 2021 (UNAUDITED)    

 

    

    

 

NUMBER

OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 97.8% (1)

 

  

Argentina – 0.3%

 

  

MercadoLibre, Inc.*

      1,753         $2,944      

Australia – 2.0%

     

Afterpay Ltd.*

      8,371       724  

APA Group

      44,429       279  

Aristocrat Leisure Ltd.

      21,957       735  

ASX Ltd.

      7,447       435  

Aurizon Holdings Ltd.

      65,932       179  

AusNet Services Ltd.

      65,975       121  

Australia & New Zealand Banking Group Ltd.

      111,918       2,258  

BlueScope Steel Ltd.

      19,354       281  

Brambles Ltd.

      56,140       437  

Cochlear Ltd.

      2,750       434  

Coles Group Ltd.

      51,808       632  

Commonwealth Bank of Australia

      69,096       5,149  

Computershare Ltd.

      21,494       281  

Dexus

      41,868       324  

Evolution Mining Ltd.

      72,088       183  

Fortescue Metals Group Ltd.

      68,106       718  

Goodman Group

      64,287       998  

GPT Group (The)

      70,089       255  

Insurance Australia Group Ltd.

      95,001       335  

Lendlease Corp. Ltd.

      25,383       197  

Macquarie Group Ltd.

      13,257       1,739  

Mirvac Group

      153,776       330  

Newcrest Mining Ltd.

      31,513       517  

Northern Star Resources Ltd.

      41,176       254  

Orica Ltd.

      14,952       147  

QBE Insurance Group Ltd.

      57,266       478  

Ramsay Health Care Ltd.

      7,182       361  

REA Group Ltd.

      1,954       222  

SEEK Ltd.

      12,975       289  

Sonic Healthcare Ltd.

      17,704       520  

Stockland

      93,746       300  

Sydney Airport*

      50,278       299  

Telstra Corp. Ltd.

      162,771       459  

Transurban Group

      106,370       1,078  

Transurban Group*

      11,819       121  

Vicinity Centres

      144,956       173  

Woodside Petroleum Ltd.

      37,676       648  
     
               22,890  

Austria – 0.1%

     

Erste Group Bank A.G.

      10,871       475  
    

 

NUMBER

OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 97.8% (1)    continued

 

  

Austria – 0.1%     continued

 

  

OMV A.G.

      6,223         $374      

voestalpine A.G.

      4,294       158  
     
               1,007  

Belgium – 0.2%

     

Etablissements Franz Colruyt N.V.

      2,115       108  

KBC Group N.V.

      9,992       897  

Solvay S.A., Class A

      2,758       343  

UCB S.A.

      4,788       533  

Umicore S.A.

      7,483       443  
     
               2,324  

Canada – 3.8%

     

Agnico Eagle Mines Ltd.

      9,531       494  

Algonquin Power & Utilities Corp.

      24,183       355  

Alimentation Couche-Tard, Inc., Class B

      31,882       1,220  

Aurora Cannabis, Inc.(2) *

      1       —  

B2Gold Corp.

      37,886       130  

Ballard Power Systems, Inc.*

      8,791       123  

Bank of Montreal

      25,376       2,533  

Bank of Nova Scotia (The)

      47,392       2,917  

Brookfield Asset Management, Inc., Class A

      50,294       2,695  

CAE, Inc.*

      11,464       342  

Cameco Corp.

      15,168       330  

Canadian Apartment Properties REIT

      3,479       162  

Canadian Imperial Bank of Commerce

      17,624       1,962  

Canadian National Railway Co.

      27,720       3,212  

Canadian Tire Corp. Ltd., Class A

      2,253       315  

Canopy Growth Corp.*

      8,354       116  

Enbridge, Inc.

      79,366       3,162  

FirstService Corp.

      1,567       283  

Fortis, Inc.

      18,908       839  

Franco-Nevada Corp.

      7,402       962  

Gildan Activewear, Inc.

      7,790       285  

Hydro One Ltd.

      12,831       303  

Intact Financial Corp.

      6,814       901  

Inter Pipeline Ltd.

      4,041       64  

Keyera Corp.

      8,087       203  

Kinross Gold Corp.

      47,475       254  

Loblaw Cos. Ltd.

      7,129       489  

Lululemon Athletica, Inc.*

      4,774       1,932  

Lundin Mining Corp.

      24,864       179  

Magna International, Inc.

      10,895       820  

Manulife Financial Corp.

      75,378       1,451  

Metro, Inc.

      9,390       459  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  87 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

GLOBAL SUSTAINABILITY INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 97.8% (1)    continued

 

  

Canada – 3.8%    continued

 

  

National Bank of Canada

      13,013         $999      

Nutrien Ltd.

      22,017       1,429  

Parkland Corp.

      5,378       151  

Pembina Pipeline Corp.

      21,069       668  

Ritchie Bros. Auctioneers, Inc.

      4,305       266  

Rogers Communications, Inc., Class B

      13,567       634  

Shopify, Inc., Class A*

      4,392       5,961  

Sun Life Financial, Inc.

      22,720       1,170  

TELUS Corp.

      17,271       380  

Thomson Reuters Corp.

      6,942       768  

TMX Group Ltd.

      2,100       226  

Toromont Industries Ltd.

      3,041       254  

Wheaton Precious Metals Corp.

      17,159       646  

WSP Global, Inc.

      4,781       572  
     
               43,616  

Chile – 0.0%

     

Antofagasta PLC

      14,476       260  

Denmark – 1.1%

     

Ambu A/S, Class B

      6,195       183  

Chr Hansen Holding A/S

      3,937       322  

Coloplast A/S, Class B

      4,595       720  

Demant A/S*

      4,220       213  

Genmab A/S*

      2,545       1,112  

GN Store Nord A/S

      5,237       357  

Novo Nordisk A/S, Class B

      65,585       6,308  

Novozymes A/S, Class B

      8,362       572  

Orsted A/S(3)

      7,298       963  

Pandora A/S

      3,886       471  

Tryg A/S

      13,387       304  

Vestas Wind Systems A/S

      38,987       1,561  
     
               13,086  

Finland – 0.4%

     

Elisa OYJ

      5,472       340  

Kesko OYJ, Class B

      10,512       363  

Neste OYJ

      16,365       924  

Nordea Bank Abp

      124,797       1,602  

Orion OYJ, Class B

      4,940       195  

Stora Enso OYJ (Registered)

      22,895       380  

UPM-Kymmene OYJ

      20,499       724  

Wartsila OYJ Abp

      18,312       219  
     
               4,747  

France – 3.0%

     

Accor S.A.*

      6,846       242  
    

NUMBER

OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 97.8% (1)    continued

 

  

France – 3.0%    continued

 

  

Air Liquide S.A.

      18,509         $2,962      

Alstom S.A.

      11,870       450  

Amundi S.A.(3)

      2,351       198  

Atos S.E.

      3,897       207  

AXA S.A.

      74,669       2,077  

BNP Paribas S.A.

      44,078       2,823  

Bouygues S.A.

      8,637       356  

Bureau Veritas S.A.

      11,197       344  

Carrefour S.A.

      23,919       431  

Cie Generale des Etablissements Michelin S.C.A.

      6,757       1,037  

CNP Assurances

      5,963       95  

Covivio

      1,921       161  

Danone S.A.

      25,225       1,722  

Eiffage S.A.

      3,316       334  

EssilorLuxottica S.A.

      11,241       2,149  

Eurazeo S.E.

      1,407       132  

Gecina S.A.

      1,813       243  

Kering S.A.

      2,952       2,100  

Klepierre S.A.*

      7,627       170  

L’Oreal S.A.

      9,830       4,057  

Orange S.A.

      77,442       839  

Publicis Groupe S.A.

      8,853       596  

Schneider Electric S.E.

      21,028       3,496  

SEB S.A.

      955       135  

Societe Generale S.A.

      32,235       1,012  

Teleperformance

      2,226       876  

TotalEnergies S.E.

      97,304       4,663  

Unibail-Rodamco-Westfield*

      5,168       378  

Valeo

      9,233       258  

Vivendi S.E.

      27,491       347  

Wendel S.E.

      1,085       150  
     
               35,040  

Germany – 2.4%

     

adidas A.G.

      7,480       2,357  

Allianz S.E. (Registered)

      16,069       3,624  

BASF S.E.

      36,090       2,750  

Bayerische Motoren Werke A.G.

      12,814       1,230  

Beiersdorf A.G.

      3,860       417  

Brenntag S.E.

      6,061       565  

Commerzbank A.G.*

      36,211       241  

Delivery Hero S.E.(3) *

      6,244       800  

Deutsche Boerse A.G.

      7,338       1,194  

Deutsche Post A.G. (Registered)

      38,885       2,451  

 

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    88 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

 

NUMBER

OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 97.8% (1)    continued

 

  

Germany – 2.4%    continued

 

  

Deutsche Wohnen S.E.

      13,688         $839      

HeidelbergCement A.G.

      5,702       428  

Henkel A.G. & Co. KGaA

      4,034       348  

LANXESS A.G.

      3,054       208  

Merck KGaA

      4,987       1,084  

MTU Aero Engines A.G.

      2,090       473  

Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen (Registered)

      5,395       1,479  

Puma S.E.

      4,052       453  

SAP S.E.

      40,670       5,510  

Symrise A.G.

      5,231       690  

Telefonica Deutschland Holding A.G.

      39,725       113  
     
               27,254  

Hong Kong – 0.5%

     

BOC Hong Kong Holdings Ltd.

      144,500       433  

ESR Cayman Ltd.*

      73,200       221  

Hang Seng Bank Ltd.

      30,378       518  

HKT Trust & HKT Ltd.

      139,000       190  

Hong Kong & China Gas Co. Ltd.

      456,462       691  

Hong Kong Exchanges & Clearing Ltd.

      47,215       2,866  

MTR Corp. Ltd.

      58,126       312  

Swire Pacific Ltd., Class A

      18,000       107  

Swire Properties Ltd.

      42,678       107  
     
               5,445  

Ireland – 1.3%

     

Accenture PLC, Class A

      24,756       7,920  

Allegion PLC

      3,439       455  

Aptiv PLC*

      10,466       1,559  

CRH PLC

      31,128       1,452  

DCC PLC

      3,804       315  

Jazz Pharmaceuticals PLC*

      2,235       291  

Kerry Group PLC, Class A

      6,140       822  

Kingspan Group PLC

      5,939       587  

Trane Technologies PLC

      9,460       1,633  
     
               15,034  

Israel – 0.1%

     

Bank Hapoalim B.M.

      43,072       378  

Bank Leumi Le-Israel B.M.

      55,791       474  

CyberArk Software Ltd.*

      1,717       271  
     
               1,123  

Italy – 0.5%

     

Amplifon S.p.A.

      4,679       223  
    

 

NUMBER

OF SHARES

       VALUE    
    (000S)    

COMMON STOCKS – 97.8% (1)    continued

 

  

Italy – 0.5%    continued

 

  

Assicurazioni Generali S.p.A.

      42,517         $905      

Enel S.p.A.

      318,432       2,445  

Intesa Sanpaolo S.p.A.

      637,620       1,809  

Tenaris S.A.

      18,893       199  
     
               5,581  

Japan – 7.4%

     

Aeon Co. Ltd.

      24,900       655  

Ajinomoto Co., Inc.

      17,800       527  

ANA Holdings, Inc.*

      6,400       166  

Asahi Kasei Corp.

      48,200       514  

Astellas Pharma, Inc.

      72,000       1,187  

Azbil Corp.

      4,600       198  

Bridgestone Corp.

      22,100       1,048  

Capcom Co. Ltd.

      6,900       192  

Casio Computer Co. Ltd.

      7,100       118  

Central Japan Railway Co.

      5,600       895  

Chugai Pharmaceutical Co. Ltd.

      26,030       954  

CyberAgent, Inc.

      17,100       331  

Dai Nippon Printing Co. Ltd.

      8,100       196  

Daifuku Co. Ltd.

      3,900       367  

Dai-ichi Life Holdings, Inc.

      40,800       888  

Daikin Industries Ltd.

      9,900       2,129  

Daiwa House Industry Co. Ltd.

      21,600       721  

Denso Corp.

      16,800       1,101  

East Japan Railway Co.

      11,700       821  

Eisai Co. Ltd.

      9,105       686  

ENEOS Holdings, Inc.

      117,900       481  

Fast Retailing Co. Ltd.

      2,300       1,695  

FUJIFILM Holdings Corp.

      13,900       1,199  

Fujitsu Ltd.

      7,600       1,380  

Hankyu Hanshin Holdings, Inc.

      9,200       290  

Hikari Tsushin, Inc.

      800       135  

Hirose Electric Co. Ltd.

      1,200       200  

Hitachi Construction Machinery Co. Ltd.

      4,100       116  

Hitachi Metals Ltd.*

      8,100       157  

Hoshizaki Corp.

      2,000       182  

Hoya Corp.

      14,500       2,268  

Hulic Co. Ltd.

      10,100       113  

Ibiden Co. Ltd.

      3,900       216  

Inpex Corp.

      40,500       317  

Isuzu Motors Ltd.

      22,600       297  

ITOCHU Corp.

      46,000       1,347  

JFE Holdings, Inc.

      19,200       287  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  89 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

GLOBAL SUSTAINABILITY INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)    continued

 

  

Japan – 7.4%    continued

     

JSR Corp.

      8,000       $290  

Kajima Corp.

      16,300         210  

Kansai Paint Co. Ltd.

      6,500       162  

Kao Corp.

      19,200       1,144  

KDDI Corp.

      63,500       2,099      

Keio Corp.

      3,800       203  

Kikkoman Corp.

      5,600       455  

Kobayashi Pharmaceutical Co. Ltd.

      2,000       158  

Komatsu Ltd.

      33,300       801  

Kubota Corp.

      41,200       879  

Kurita Water Industries Ltd.

      3,900       188  

Kyowa Kirin Co. Ltd.

      10,500       379  

Lawson, Inc.

      1,900       93  

Lixil Corp.

      10,400       302  

Marubeni Corp.

      61,100       501  

Mazda Motor Corp.*

      22,900       199  

Mercari, Inc.*

      3,800       209  

Mitsubishi Chemical Holdings Corp.

      49,000       448  

Mitsubishi Estate Co. Ltd.

      46,000       733  

Mitsui Chemicals, Inc.

      8,100       272  

Mitsui Fudosan Co. Ltd.

      36,900       879  

Miura Co. Ltd.

      3,100       124  

Mizuho Financial Group, Inc.

      92,897       1,308  

MS&AD Insurance Group Holdings, Inc.

      17,200       574  

Murata Manufacturing Co. Ltd.

      22,745       2,025  

Nabtesco Corp.

      4,000       152  

NEC Corp.

      10,200       554  

Nintendo Co. Ltd.

      4,400       2,140  

Nippon Building Fund, Inc.

      57       370  

Nippon Express Co. Ltd.

      2,800       193  

Nippon Paint Holdings Co. Ltd.

      26,500       288  

Nippon Yusen K.K.

      6,200       466  

Nissin Foods Holdings Co. Ltd.

      2,300       185  

Nitori Holdings Co. Ltd.

      3,100       610  

Nitto Denko Corp.

      5,500       392  

Nomura Holdings, Inc.

      119,000       585  

Nomura Real Estate Holdings, Inc.

      6,000       156  

Nomura Real Estate Master Fund, Inc.

      166       239  

Nomura Research Institute Ltd.

      12,976       478  

NSK Ltd.

      13,600       92  

NTT Data Corp.

      24,400       473  

Obayashi Corp.

      30,600       254  

Odakyu Electric Railway Co. Ltd.

      11,500       266  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)    continued

 

  

Japan – 7.4%    continued

     

Omron Corp.

      7,100       $704  

Oriental Land Co. Ltd.

      7,900       1,279      

ORIX Corp.

      48,800         912  

Orix JREIT, Inc.

      102       178  

Osaka Gas Co. Ltd.

      14,300       263  

Otsuka Corp.

      4,200       216  

Pan Pacific International Holdings Corp.

      15,300       317  

Panasonic Corp.

      87,600       1,087  

Recruit Holdings Co. Ltd.

      53,000       3,232  

Resona Holdings, Inc.

      79,900       318  

Rohm Co. Ltd.

      3,400       320  

SCSK Corp.

      6,000       127  

Secom Co. Ltd.

      8,100       588  

Sekisui Chemical Co. Ltd.

      13,900       239  

Sekisui House Ltd.

      24,600       517  

Seven & i Holdings Co. Ltd.

      29,200       1,325  

SG Holdings Co. Ltd.

      13,400       381  

Sharp Corp.

      8,600       109  

Shimadzu Corp.

      9,200       404  

Shimizu Corp.

      20,000       151  

Shin-Etsu Chemical Co. Ltd.

      13,900       2,344  

Shionogi & Co. Ltd.

      10,100       692  

Shiseido Co. Ltd.

      15,900       1,072  

SoftBank Corp.

      113,900       1,546  

Sohgo Security Services Co. Ltd.

      2,500       113  

Sompo Holdings, Inc.

      12,300       533  

Sony Group Corp.

      49,100       5,468  

Stanley Electric Co. Ltd.

      4,633       117  

Sumitomo Chemical Co. Ltd.

      58,200       304  

Sumitomo Metal Mining Co. Ltd.

      10,100       364  

Sumitomo Mitsui Trust Holdings, Inc.

      13,400       459  

Suntory Beverage & Food Ltd.

      5,400       224  

Sysmex Corp.

      6,442       796  

T&D Holdings, Inc.

      21,200       290  

Taisei Corp.

      7,700       248  

Takeda Pharmaceutical Co. Ltd.

      61,000       2,022  

TDK Corp.

      15,000       542  

Terumo Corp.

      24,900       1,171  

Tobu Railway Co. Ltd.

      6,900       186  

Toho Gas Co. Ltd.

      2,700       118  

Tokyo Century Corp.

      1,500       85  

Tokyo Electron Ltd.

      5,800       2,557  

Tokyo Gas Co. Ltd.

      14,700       274  

Tokyu Corp.

      19,500       290  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    90 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)    continued

 

  

Japan – 7.4%    continued

     

Toray Industries, Inc.

      53,200         $340      

TOTO Ltd.

      5,200       247  

Toyo Suisan Kaisha Ltd.

      3,300       147  

Unicharm Corp.

      15,400       683  

USS Co. Ltd.

      9,200       157  

West Japan Railway Co.

      8,200       408  

Yakult Honsha Co. Ltd.

      4,700       238  

Yamada Holdings Co. Ltd.

      23,260       98  

Yamaha Corp.

      5,300       333  

Yamaha Motor Co. Ltd.

      11,500       320  

Yaskawa Electric Corp.

      9,500       457  

Yokogawa Electric Corp.

      8,200       143  

Z Holdings Corp.

      103,400       664  

ZOZO, Inc.

      4,800       180  
     
               85,799  

Jersey – 0.0%

     

Novocure Ltd.*

      3,595       418  

Netherlands – 2.0%

     

Aegon N.V.

      66,789       343  

Akzo Nobel N.V.

      7,392       805  

ASML Holding N.V.

      16,338       12,052  

ING Groep N.V.

      153,716       2,231  

JDE Peet’s N.V.

      2,744       81  

Koninklijke Ahold Delhaize N.V.

      41,682       1,382  

Koninklijke DSM N.V.

      6,729       1,345  

Koninklijke KPN N.V.

      126,840       398  

Koninklijke Vopak N.V.

      2,643       104  

NN Group N.V.

      10,455       546  

Prosus N.V.*

      36,519       2,876  

Randstad N.V.

      4,435       296  

Wolters Kluwer N.V.

      10,281       1,087  
     
               23,546  

New Zealand – 0.2%

     

Auckland International Airport Ltd.*

      48,687       262  

Fisher & Paykel Healthcare Corp. Ltd.

      21,689       477  

Mercury NZ Ltd.

      25,535       114  

Meridian Energy Ltd.

      47,332       160  

Ryman Healthcare Ltd.

      15,451       160  

Spark New Zealand Ltd.

      81,190       268  

Xero Ltd.*

      5,133       511  
     
               1,952  

Norway – 0.2%

     

DNB Bank ASA

      35,758       812  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)    continued

 

  

Norway – 0.2%    continued

     

Mowi ASA

      17,206         $434      

Norsk Hydro ASA

      51,197       382  

Orkla ASA

      29,647       272  

Telenor ASA

      27,234       457  
     
               2,357  

Portugal – 0.0%

     

Banco Espirito Santo S.A. (Registered)(4)*

      29,034       —  

Galp Energia SGPS S.A.

      20,316       230  

Jeronimo Martins SGPS S.A.

      9,735       194  
     
               424  

Singapore – 0.4%

     

CapitaLand Integrated Commercial Trust

      209,173       311  

Capitaland Investment Ltd.*

      98,958       248  

City Developments Ltd.

      17,900       90  

DBS Group Holdings Ltd.

      69,886       1,552  

Keppel Corp. Ltd.

      58,000       220  

Oversea-Chinese Banking Corp. Ltd.

      128,800       1,078  

Singapore Airlines Ltd.*

      48,400       177  

Singapore Exchange Ltd.

      28,800       211  

Singapore Telecommunications Ltd.

      319,100       576  

UOL Group Ltd.

      16,482       83  
     
               4,546  

Spain – 0.6%

     

Banco Bilbao Vizcaya Argentaria S.A.*

      256,952       1,695  

CaixaBank S.A.

      172,803       536  

Iberdrola S.A.

      231,658       2,314  

Industria de Diseno Textil S.A.

      41,978       1,527  

Naturgy Energy Group S.A.

      11,205       282  

Red Electrica Corp. S.A.

      16,734       334  

Repsol S.A.

      58,348       758  
     
               7,446  

Sweden – 1.0%

     

Alfa Laval AB

      12,291       458  

Assa Abloy AB, Class B

      39,624       1,149  

Atlas Copco AB, Class A

      26,442       1,604  

Atlas Copco AB, Class B

      15,287       781  

Boliden AB

      10,171       327  

Electrolux AB, Class B*

      8,210       190  

Essity AB, Class B

      24,532       761  

Evolution AB

      6,552       996  

Hennes & Mauritz AB, Class B*

      28,394       576  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  91 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

GLOBAL SUSTAINABILITY INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)    continued

 

  

Sweden – 1.0%    continued

     

Husqvarna AB, Class B

      16,834         $201      

ICA Gruppen AB

      3,608       165  

Nibe Industrier AB, Class B

      54,150       680  

Sandvik AB

      43,894       1,002  

SKF AB, Class B

      14,310       337  

Svenska Cellulosa AB S.C.A., Class B

      23,822       368  

Tele2 AB, Class B

      19,539       289  

Telefonaktiebolaget LM Ericsson, Class B

      116,569       1,318  

Telia Co. AB

      103,594       427  
     
               11,629  

Switzerland – 3.0%

     

ABB Ltd. (Registered)

      66,866       2,229  

Adecco Group A.G. (Registered)

      5,806       291  

Chocoladefabriken Lindt & Spruengli A.G. (Participation Certificate)

      40       448  

Chocoladefabriken Lindt & Spruengli A.G. (Registered)

      4       470  

Chubb Ltd.

      17,553       3,045  

Cie Financiere Richemont S.A., Class A (Registered)

      20,129       2,075  

Clariant A.G. (Registered)*

      8,427       158  

Coca-Cola HBC A.G. - CDI*

      7,919       254  

Garmin Ltd.

      6,141       955  

Geberit A.G. (Registered)

      1,430       1,051  

Givaudan S.A. (Registered)

      356       1,626  

Kuehne + Nagel International A.G. (Registered)

      2,050       697  

Lonza Group A.G. (Registered)

      2,931       2,196  

Roche Holding A.G. (Genusschein)

      27,363       9,985  

SGS S.A. (Registered)

      235       683  

Sika A.G. (Registered)

      5,491       1,737  

Sonova Holding A.G. (Registered)

      2,117       798  

Straumann Holding A.G. (Registered)

      417       746  

Swiss Life Holding A.G. (Registered)

      1,221       619  

Swiss Re A.G.

      11,976       1,020  

Swisscom A.G. (Registered)

      1,046       601  

Vifor Pharma A.G.

      1,807       234  

Zurich Insurance Group A.G.

      5,897       2,404  
     
               34,322  

United Kingdom – 4.7%

     

Abrdn PLC

      85,855       295  

Amcor PLC

      60,066       696  

Ashtead Group PLC

      17,349       1,316  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)    continued

 

  

United Kingdom – 4.7%    continued

     

Associated British Foods PLC

      13,721         $341      

AstraZeneca PLC

      60,333       7,263  

Barratt Developments PLC

      38,247       338  

Berkeley Group Holdings PLC

      4,536       266  

British Land (The) Co. PLC

      34,592       228  

BT Group PLC*

      358,983       771  

Burberry Group PLC

      15,258       372  

CNH Industrial N.V.

      38,983       660  

Coca-Cola Europacific Partners PLC

      7,940       439  

Compass Group PLC*

      69,061       1,413  

Croda International PLC

      5,661       646  

Ferguson PLC

      8,629       1,196  

GlaxoSmithKline PLC

      196,457       3,708  

IHS Markit Ltd.

      14,598       1,702  

Informa PLC*

      56,192       412  

InterContinental Hotels Group PLC*

      7,141       458  

Intertek Group PLC

      6,004       401  

J Sainsbury PLC

      62,168       238  

JD Sports Fashion PLC

      20,206       285  

Johnson Matthey PLC

      7,075       255  

Kingfisher PLC

      87,739       397  

Legal & General Group PLC

      237,939       899  

Linde PLC

      20,260       5,944  

Lloyds Banking Group PLC

      2,736,437       1,702  

Mondi PLC

      18,568       454  

National Grid PLC

      140,222       1,668  

Next PLC

      5,107       560  

Pentair PLC

      6,819       495  

Reckitt Benckiser Group PLC

      28,076       2,198  

RELX PLC

      76,018       2,191  

Rentokil Initial PLC

      70,816       555  

Schroders PLC

      4,921       236  

Segro PLC

      48,293       775  

Spirax-Sarco Engineering PLC

      2,778       558  

St. James’s Place PLC

      20,146       408  

Standard Chartered PLC

      103,123       604  

Taylor Wimpey PLC

      143,280       296  

Tesco PLC

      299,206       1,015  

Unilever PLC

      102,040       5,516  

Vodafone Group PLC

      1,078,312       1,631  

Whitbread PLC*

      7,962       354  

Willis Towers Watson PLC

      4,968       1,155  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    92 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)    continued

 

  

United Kingdom – 4.7%    continued

 

Wm Morrison Supermarkets PLC

      92,950         $368      

WPP PLC

      47,728       641  
     
               54,319  

United States – 62.6%

     

3M Co.

      22,576       3,960  

ABIOMED, Inc.*

      1,753       571  

Activision Blizzard, Inc.

      30,525       2,362  

Adobe, Inc.*

      18,616       10,718  

Advance Auto Parts, Inc.

      2,535       530  

Aflac, Inc.

      25,034       1,305  

Agilent Technologies, Inc.

      12,023       1,894  

Align Technology, Inc.*

      2,963       1,972  

Allstate (The) Corp.

      11,871       1,511  

Ally Financial, Inc.

      14,959       764  

Alphabet, Inc., Class A*

      11,713       31,315  

Alphabet, Inc., Class C*

      11,342       30,230  

AMERCO

      375       242  

American Express Co.

      26,593       4,455  

American Financial Group, Inc.

      2,739       345  

American International Group, Inc.

      33,884       1,860  

American Tower Corp.

      17,709       4,700  

American Water Works Co., Inc.

      6,973       1,179  

Ameriprise Financial, Inc.

      4,483       1,184  

AmerisourceBergen Corp.

      5,844       698  

Amgen, Inc.

      22,377       4,758  

Annaly Capital Management, Inc.

      53,970       454  

ANSYS, Inc.*

      3,368       1,147  

Aon PLC, Class A

      8,837       2,525  

Applied Materials, Inc.

      35,740       4,601  

Arch Capital Group Ltd.*

      15,631       597  

Arthur J. Gallagher & Co.

      7,946       1,181  

Assurant, Inc.

      2,339       369  

Atmos Energy Corp.

      5,003       441  

Autodesk, Inc.*

      8,633       2,462  

Automatic Data Processing, Inc.

      16,602       3,319  

Baker Hughes Co.

      27,940       691  

Ball Corp.

      12,642       1,137  

Bank of New York Mellon (The) Corp.

      32,159       1,667  

Baxter International, Inc.

      19,358       1,557  

Best Buy Co., Inc.

      8,700       920  

Biogen, Inc.*

      5,793       1,639  

BioMarin Pharmaceutical, Inc.*

      7,447       576  

Bio-Techne Corp.

      1,474       714  

BlackRock, Inc.

      5,940       4,982  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)    continued

 

  

United States – 62.6%    continued

 

Booking Holdings, Inc.*

      1,599         $3,796      

BorgWarner, Inc.

      9,169       396  

Boston Properties, Inc.

      5,775       626  

Bristol-Myers Squibb Co.

      87,006       5,148  

Bunge Ltd.

      5,407       440  

Burlington Stores, Inc.*

      2,525       716  

C.H. Robinson Worldwide, Inc.

      5,022       437  

Cable One, Inc.

      213       386  

Cadence Design Systems, Inc.*

      11,017       1,668  

Campbell Soup Co.

      7,268       304  

Cardinal Health, Inc.

      11,766       582  

Carlyle Group (The), Inc.

      5,898       279  

CarMax, Inc.*

      6,289       805  

Catalent, Inc.*

      6,797       904  

Caterpillar, Inc.

      21,335       4,096  

Cboe Global Markets, Inc.

      4,385       543  

CBRE Group, Inc., Class A*

      12,945       1,260  

Centene Corp.*

      22,447       1,399  

CenterPoint Energy, Inc.

      21,933       540  

Cerner Corp.

      12,071       851  

Charles Schwab (The) Corp.

      56,304       4,101  

Cheniere Energy, Inc.*

      9,195       898  

Cigna Corp.

      13,437       2,690  

Cisco Systems, Inc.

      164,133       8,934  

Citizens Financial Group, Inc.

      16,271       764  

Citrix Systems, Inc.

      4,792       514  

Clorox (The) Co.

      4,811       797  

CME Group, Inc.

      14,067       2,720  

Coca-Cola (The) Co.

      159,533       8,371  

Cognex Corp.

      6,666       535  

Colgate-Palmolive Co.

      31,638       2,391  

Conagra Brands, Inc.

      19,423       658  

Consolidated Edison, Inc.

      13,134       953  

Copart, Inc.*

      8,230       1,142  

Crown Castle International Corp.

      16,870       2,924  

CSX Corp.

      89,086       2,649  

Cummins, Inc.

      5,649       1,269  

Darden Restaurants, Inc.

      5,071       768  

DaVita, Inc.*

      2,558       297  

Deere & Co.

      11,597       3,886  

Delta Air Lines, Inc.*

      6,143       262  

DENTSPLY SIRONA, Inc.

      8,485       493  

Dexcom, Inc.*

      3,811       2,084  

Discover Financial Services

      11,752       1,444  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  93 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

GLOBAL SUSTAINABILITY INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)    continued

 

  

United States – 62.6%    continued

     

Discovery, Inc., Class A*

      5,988         $152      

Discovery, Inc., Class C*

      12,035       292  

Domino’s Pizza,Inc.

      1,562       745  

Dover Corp.

      5,606       872  

DuPont de Nemours, Inc.

      20,514       1,395  

Eaton Corp. PLC

      15,642       2,335  

eBay, Inc.

      26,852       1,871  

Ecolab, Inc.

      10,128       2,113  

Edison International

      14,632       812  

Edwards Lifesciences Corp.*

      24,348       2,756  

Electronic Arts, Inc.

      11,075       1,575  

Eli Lilly & Co.

      31,748       7,335  

Equinix, Inc.

      3,501       2,766  

Equitable Holdings, Inc.

      14,482       429  

Equity Residential

      13,710       1,109  

Erie Indemnity Co., Class A

      909       162  

Essential Utilities, Inc.

      8,916       411  

Estee Lauder (The) Cos., Inc., Class A

      9,078       2,723  

Eversource Energy

      13,181       1,078  

Expeditors International of Washington, Inc.

      6,547       780  

FactSet Research Systems, Inc.

      1,467       579  

Fastenal Co.

      22,211       1,146  

First Republic Bank

      6,772       1,306  

Fortive Corp.

      12,838       906  

Fortune Brands Home & Security, Inc.

      5,286       473  

Franklin Resources, Inc.

      12,633       375  

Generac Holdings, Inc.*

      2,424       991  

General Mills, Inc.

      23,533       1,408  

Genuine Parts Co.

      5,596       678  

Gilead Sciences, Inc.

      48,870       3,414  

Hartford Financial Services Group (The), Inc.

      13,777       968  

Hasbro, Inc.

      5,075       453  

HCA Healthcare, Inc.

      10,562       2,564  

Healthpeak Properties, Inc.

      20,557       688  

Hewlett Packard Enterprise Co.

      49,618       707  

Hilton Worldwide Holdings, Inc.*

      10,793       1,426  

Hologic, Inc.*

      9,897       730  

Home Depot (The), Inc.

      41,411       13,594  

Horizon Therapeutics PLC*

      8,512       932  

Hormel Foods Corp.

      11,578       475  

Host Hotels & Resorts, Inc.*

      26,936       440  

Howmet Aerospace, Inc.

      14,821       462  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)     continued

 

  

United States – 62.6%    continued

     

HP, Inc.

      48,371         $1,323      

Humana, Inc.

      5,085       1,979  

Huntington Bancshares, Inc.

      58,940       911  

IDEX Corp.

      3,000       621  

IDEXX Laboratories, Inc.*

      3,361       2,090  

Illinois Tool Works, Inc.

      12,397       2,562  

Illumina, Inc.*

      5,732       2,325  

Insulet Corp.*

      2,516       715  

Intel Corp.

      157,270       8,379  

Intercontinental Exchange, Inc.

      22,060       2,533  

International Business Machines Corp.

      34,800       4,835  

International Flavors & Fragrances, Inc.

      9,618       1,286  

International Paper Co.

      14,953       836  

Interpublic Group of (The) Cos., Inc.

      15,073       553  

Intuit, Inc.

      10,642       5,741  

Invesco Ltd.

      13,031       314  

J.M. Smucker (The) Co.

      4,270       513  

Johnson & Johnson

      102,564       16,564  

Johnson Controls International PLC

      28,218       1,921  

Kansas City Southern

      3,510       950  

Kellogg Co.

      9,945       636  

Keurig Dr. Pepper, Inc.

      28,282       966  

KeyCorp

      39,075       845  

Keysight Technologies, Inc.*

      7,147       1,174  

Kimberly-Clark Corp.

      13,013       1,723  

Kroger (The) Co.

      27,668       1,119  

Laboratory Corp. of America Holdings*

      3,767       1,060  

Lam Research Corp.

      5,571       3,171  

Lamb Weston Holdings, Inc.

      5,396       331  

Lennox International, Inc.

      1,407       414  

Lincoln National Corp.

      7,071       486  

LKQ Corp.*

      11,629       585  

Loews Corp.

      8,770       473  

Lowe’s Cos., Inc.

      27,531       5,585  

LyondellBasell Industries N.V., Class A

      10,634       998  

M&T Bank Corp.

      4,899       732  

Marathon Petroleum Corp.

      25,222       1,559  

MarketAxess Holdings, Inc.

      1,471       619  

Marsh & McLennan Cos., Inc.

      19,829       3,003  

Masco Corp.

      9,847       547  

Mastercard, Inc., Class A

      34,453       11,979  

McCormick & Co., Inc. (Non Voting)

      9,499       770  

McDonald’s Corp.

      29,061       7,007  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    94 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

 

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)    continued

 

  

United States – 62.6%    continued

     

Merck & Co., Inc.

      98,617         $7,407      

Mettler-Toledo International, Inc.*

      898       1,237  

Microsoft Corp.

      278,670       78,563  

Mohawk Industries, Inc.*

      2,267       402  

Moody’s Corp.

      6,618       2,350  

Morgan Stanley

      54,349       5,289  

Mosaic (The) Co.

      14,061       502  

Motorola Solutions, Inc.

      6,539       1,519  

Nasdaq, Inc.

      4,435       856  

Newell Brands, Inc.

      14,897       330  

Newmont Corp.

      30,973       1,682  

NIKE, Inc., Class B

      49,656       7,212  

Norfolk Southern Corp.

      9,838       2,354  

Northern Trust Corp.(5)

     7,916       854  

NVIDIA Corp.

      97,057       20,106  

NVR, Inc.*

      133       638  

Okta, Inc.*

      4,825       1,145  

Omnicom Group, Inc.

      8,237       597  

ONEOK, Inc.

      17,706       1,027  

Owens Corning

      4,092       350  

PACCAR, Inc.

      13,406       1,058  

PepsiCo, Inc.

      53,811       8,094  

Phillips 66

      16,999       1,190  

PNC Financial Services Group (The), Inc.

      16,547       3,237  

Pool Corp.

      1,550       673  

PPG Industries, Inc.

      9,151       1,309  

Principal Financial Group, Inc.

      10,400       670  

Procter & Gamble (The) Co.

      95,352       13,330  

Progressive (The) Corp.

      22,992       2,078  

Prologis, Inc.

      28,816       3,614  

Prudential Financial, Inc.

      15,280       1,607  

Quest Diagnostics, Inc.

      5,038       732  

Raymond James Financial, Inc.

      7,215       666  

Regions Financial Corp.

      38,757       826  

ResMed, Inc.

      5,604       1,477  

Robert Half International, Inc.

      4,295       431  

Rockwell Automation, Inc.

      4,483       1,318  

Roper Technologies, Inc.

      4,157       1,855  

S&P Global, Inc.

      9,382       3,986  

salesforce.com, Inc.*

      37,838       10,262  

Schlumberger N.V.

      54,818       1,625  

Sempra Energy

      12,202       1,544  

Sherwin-Williams (The) Co.

      9,950       2,783  
    

 

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.8% (1)    continued

 

  

United States – 62.6%    continued

     

Sirius XM Holdings, Inc.

      38,052         $232      

Snap-on, Inc.

      2,112       441  

Stanley Black & Decker, Inc.

      6,259       1,097  

Starbucks Corp.

      45,891       5,062  

State Street Corp.

      14,151       1,199  

Steel Dynamics, Inc.

      8,655       506  

STERIS PLC

      3,799       776  

SVB Financial Group*

      2,154       1,393  

T. Rowe Price Group, Inc.

      8,758       1,723  

Take-Two Interactive Software, Inc.*

      4,379       675  

Target Corp.

      19,268       4,408  

Teladoc Health, Inc.*

      5,368       681  

Teledyne Technologies, Inc.*

      1,876       806  

Teleflex, Inc.

      1,777       669  

Tesla, Inc.*

      31,891       24,731  

Texas Instruments, Inc.

      35,969       6,914  

Thermo Fisher Scientific, Inc.

      15,307       8,745  

TJX (The) Cos., Inc.

      47,073       3,106  

Tractor Supply Co.

      4,440       900  

Travelers (The) Cos., Inc.

      9,984       1,518  

Trimble, Inc.*

      9,798       806  

Truist Financial Corp.

      52,591       3,084  

U.S. Bancorp

      55,195       3,281  

UGI Corp.

      8,300       354  

Union Pacific Corp.

      25,873       5,071  

United Parcel Service, Inc., Class B

      28,171       5,130  

United Rentals, Inc.*

      2,873       1,008  

Vail Resorts, Inc.*

      1,537       513  

Valero Energy Corp.

      16,171       1,141  

Verizon Communications, Inc.

      161,245       8,709  

Vertex Pharmaceuticals, Inc.*

      9,996       1,813  

VF Corp.

      13,286       890  

Visa, Inc., Class A

      65,891       14,677  

VMware, Inc., Class A*

      3,183       473  

Voya Financial, Inc.

      4,482       275  

W.W. Grainger, Inc.

      1,719       676  

Walt Disney (The) Co.*

      70,765       11,971  

Waste Management, Inc.

      16,507       2,465  

Waters Corp.*

      2,385       852  

Welltower, Inc.

      16,119       1,328  

West Pharmaceutical Services, Inc.

      2,855       1,212  

Western Union (The) Co.

      15,707       318  

Weyerhaeuser Co.

      28,920       1,029  

Williams (The) Cos., Inc.

      47,217       1,225  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  95 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

GLOBAL SUSTAINABILITY INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

VALUE      

(000S)      

COMMON STOCKS – 97.8% (1)    continued

 

United States – 62.6%    continued

 

Workday, Inc., Class A*

      7,459           $1,864      

Xylem, Inc.

      7,165       886  

Zebra Technologies Corp., Class A*

      2,065       1,064  

Zoetis, Inc.

      18,530       3,597  
     
               723,490  

Total Common Stocks

                 

(Cost $748,845)

        1,130,599  
    

PREFERRED STOCKS – 0.1% (1)

 

Germany – 0.1%

     

Bayerische Motoren Werke A.G., 2.83%(6)

     2,173       166  

Henkel A.G. & Co. KGaA, 2.33%(6)

     6,774       629  
     
               795  

Total Preferred Stocks

                 

(Cost $728)

        795  
    
    

PRINCIPAL

AMOUNT

(000S)

  

VALUE

(000S)

CONVERTIBLE BONDS – 0.0%

 

Singapore – 0.0%

     

Singapore Airlines Ltd.,
0.00%, 6/8/30 (SGD)(7)

     $58       $39  
     

Total Convertible Bonds

                 

(Cost $43)

        39  
    
    

NUMBER

OF SHARES

  

VALUE

(000S)

INVESTMENT COMPANIES – 2.4%

 

  

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(8) (9)

      27,484,078       $27,484  
     

Total Investment Companies

                 

(Cost $27,484)

        27,484  
    
     

Total Investments – 100.3%

                 

(Cost $777,100)

        1,158,917  

Liabilities less Other Assets – (0.3%)

 

     (3,115 ) 
     

Net Assets – 100.0%

        $1,155,802  

 

(1)

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

(2)

Value rounds to less than one thousand.

(3)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

(4)

Level 3 asset that is worthless, bankrupt or has been delisted.

(5)

Investment in affiliate.

(6)

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

(7)

Zero coupon bond.

(8)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(9)

7-day current yield as of September 30, 2021 is disclosed.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

A.G. – Aktiengesellschaft (German: Stock Corporation)

AB – Aktiebolag (Sweden: Corporation)

ASA – Aksjeselskap (Norway: Stock Company)

CDI – CREST Depository Interest

FTSE – Financial Times Stock Exchange

N.V. – Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC – Public Limited Company

REIT – Real Estate Investment Trust

S&P – Standard & Poor’s

S.A. – Société Anonyme (French: Public Limited Company)

S.E. – Societas Europaea (German: Public Company)

SGD - Singapore Dollar

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had outstanding forward foreign currency exchange contracts as follows:

 

  COUNTERPARTY   

CONTRACTS

TO

DELIVER

CURRENCY

   

AMOUNT

(LOCAL

CURRENCY)

(000S)

  

IN

EXCHANGE

FOR

CURRENCY

   

AMOUNT

(LOCAL

CURRENCY)

(000S)

  

SETTLEMENT

DATE

  

UNREALIZED

APPRECIATION

(DEPRECIATION)

(000S)

BNP

    Euro      395         United States Dollar      464           12/15/21        $    6      

BNY Mellon

    Danish Krone      542     United States Dollar      86       12/15/21       2  

Citibank

    Hong Kong Dollar      1,674     United States Dollar      216       12/15/21       — * 

Citibank

    United States Dollar      318     Canadian Dollar      404       12/15/21       — * 

JPMorgan Chase

    Swiss Franc      13     United States Dollar      14       12/15/21       — * 

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    96 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

  COUNTERPARTY  

CONTRACTS

TO

DELIVER

CURRENCY

  

AMOUNT

(LOCAL

CURRENCY)

(000S)

  

IN

EXCHANGE

FOR

CURRENCY

  

AMOUNT

(LOCAL

CURRENCY)

(000S)

  

SETTLEMENT

DATE

    

UNREALIZED

APPRECIATION

(DEPRECIATION)

(000S)

JPMorgan Chase

   United States Dollar     369         Japanese Yen     41,149           12/15/21       $    1      

Morgan Stanley

   Australian Dollar     148     United States Dollar     109       12/15/21       3  

Morgan Stanley

   Euro     321     United States Dollar     375       12/15/21       3  

UBS

   United States Dollar     441     Euro     380       12/15/21       — * 
         

Subtotal Appreciation

 

                         15  

Bank of Montreal

   United States Dollar     336     Japanese Yen     36,753       12/15/21       (5 ) 

BNP

   United States Dollar     305     Japanese Yen     33,348       12/15/21       (5 ) 

Citibank

   United States Dollar     658     Euro     560       12/15/21       (9 ) 

JPMorgan Chase

   United States Dollar     308     Canadian Dollar     390       12/15/21       — * 

JPMorgan Chase

   United States Dollar     326     Euro     275       12/15/21       (7 ) 

Morgan Stanley

   Canadian Dollar     528     United States Dollar     414       12/15/21       (3 ) 

Morgan Stanley

   Japanese Yen     157,128     United States Dollar     1,405       12/15/21       (8 ) 

Morgan Stanley

   United States Dollar     69     British Pound     50       12/15/21       (2 ) 

Morgan Stanley

   United States Dollar     175     Swedish Krona     1,502       12/15/21       (3 ) 

Toronto-Dominion Bank

   United States Dollar     370     British Pound     270       12/15/21       (6 ) 

Toronto-Dominion Bank

   United States Dollar     827     Japanese Yen     90,733       12/15/21       (11 ) 

UBS

   United States Dollar     471     Euro     401       12/15/21       (5 ) 
           

Subtotal Depreciation

                                 (64 ) 

Total

                                     $ (49 ) 

 

*

Amount rounds to less than one thousand.

At September 30, 2021, the Fund had open futures contracts as follows:

 

TYPE  

NUMBER OF

CONTRACTS

  

NOTIONAL

AMOUNT

(000S)

  

CONTRACT

POSITION

  

CONTRACT

EXP.

  

VALUE AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

(000S)(1)

E-Mini S&P 500 (United States Dollar)

       64     $ 13,753       Long       12/21     $ (381 )

Euro Stoxx 50 (Euro)

       62       2,907       Long       12/21       (49 )

FTSE 100 Index (British Pound)

       1       95       Long       12/21       1
TYPE  

NUMBER OF

CONTRACTS

  

NOTIONAL

AMOUNT

(000S)

  

CONTRACT

POSITION

  

CONTRACT

EXP.

  

VALUE AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

(000S)(1)

S&P/TSX 60 Index (Canadian Dollar)

       6     $  1,133       Long       12/21     $ (18 )

SPI 200 Index (Australian Dollar)

       8       1,054       Long       12/21       (3 )

Topix Index (Japanese Yen)

       8       1,460       Long       12/21       4

Total

                                             $ (446 )

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

  CONCENTRATION BY CURRENCY   

% OF NET

ASSETS

  

United States Dollar

      67.7 % 

Euro

      9.5  

Japanese Yen

      7.4  

All other currencies less than 5%

      15.7  
   

Total Investments

      100.3  

Liabilities less Other Assets

      (0.3 ) 
   

Net Assets

      100.0 % 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  97 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

  

GLOBAL SUSTAINABILITY INDEX FUND    continued

   SEPTEMBER 30, 2021 (UNAUDITED)

 

  INVESTMENTS  

LEVEL 1

(000S)

    

LEVEL 2

(000S)

    

LEVEL 3

(000S)

    

TOTAL

(000S)

  

Common Stocks:

        

Argentina

   $ 2,944     $ —       $—     $ 2,944  

Canada

     43,616       —       —       43,616  

Ireland

     11,858       3,176       —       15,034  

Israel

     271       852       —       1,123  

Jersey

     418       —       —       418  

Singapore

     248       4,298       —       4,546  

Switzerland

     4,000       30,322       —       34,322  

United Kingdom

     10,431       43,888       —       54,319  

United States

     723,490       —       —       723,490  

All Other Countries(1)

    —       250,787       —       250,787  
         

Total Common Stocks

     797,276       333,323       —       1,130,599  

Convertible Bonds

     —       39       —       39  

Preferred Stocks

     —       795       —       795  

Investment Companies

     27,484       —       —       27,484  
         

Total Investments

   $ 824,760     $ 334,157       $—     $ 1,158,917  

OTHER FINANCIAL

INSTRUMENTS

 

 

                

Assets

        

Forward Foreign Currency Exchange Contracts

   $ —     $ 15       $—     $ 15  

Futures Contracts

     5       —       —       5  

Liabilities

        

Forward Foreign Currency Exchange Contracts

     —       (64 )      —       (64 ) 

Futures Contracts

     (451 )      —       —       (451 ) 
         

Total Other Financial Instruments

   $ (446 )    $ (49 )      $—     $ (495 ) 
(1)

Classifications as defined in the Schedule of Investments.

        

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    98 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

    

 

  

SCHEDULE OF INVESTMENTS       

    

GLOBAL TACTICAL ASSET ALLOCATION FUND

   SEPTEMBER 30, 2021 (UNAUDITED)      

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

  INVESTMENT COMPANIES – 100.0%

 

  

FlexShares® Credit-Scored U.S. Corporate Bond Index Fund(1)

     194,992         $10,504      

FlexShares® Credit-Scored U.S. Long Corporate Bond Index Fund(1)

     29,432       1,762  

Flexshares® Developed Markets ex-U.S. Quality Low Volatility Index Fund(1)

     86,973       2,364  

FlexShares® Disciplined Duration MBS Index Fund(1)

     179,297       4,214  

FlexShares® Global Quality Real Estate Index Fund(1)

     36,008       2,378  

FlexShares® High Yield Value-Scored Bond Index Fund(1)

     243,557       12,139  

FlexShares® International Quality Dividend Index Fund(1)

     237,672       5,992  

FlexShares® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund(1)

     166,091       11,922  

FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund(1)

     120,700       7,320  

FlexShares® Morningstar Global Upstream Natural Resources Index Fund(1)

     206,009       7,540  

FlexShares® Morningstar U.S. Market Factor Tilt Index Fund(1)

     89,440       15,097  

FlexShares® Quality Dividend Index Fund(1)

     155,552       8,656  

FlexShares® STOXX Global Broad Infrastructure Index Fund(1)

     42,432       2,367  

FlexShares® U.S. Quality Low Volatility Index Fund(1)

     193,129       9,796  

iShares 10+ Year Investment Grade Corporate Bond ETF

      32,139       2,227  

iShares 1-5 Year Investment Grade Corporate Bond ETF

      64,368       3,517  

iShares 20+ Year Treasury Bond ETF

      18,453       2,663  

iShares 3-7 Year Treasury Bond ETF

      7,699       1,002  

iShares 5-10 Year Investment Grade Corporate Bond ETF

      51,853       3,114  

iShares 7-10 Year Treasury Bond ETF

      13,328       1,536  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

  INVESTMENT COMPANIES - 100.0%    continued

 

iShares MBS ETF

      38,063         $4,116      

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(1) (2)

      592,264       592  
     

Total Investment Companies

                 

(Cost $104,642)

        120,818  
    
     

Total Investments – 100.0%

                 

(Cost $104,642)

        120,818  

Liabilities less Other Assets – (0.0%)

        (31 ) 
     

NET ASSETS – 100.0%

        $120,787  

 

(1)

Investment in affiliated fund. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds and FlexShares Trust.

(2)

7-day current yield as of September 30, 2021 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ETF - Exchange-Traded Fund

MBS - Mortgage Backed Securities

Percentages shown are based on Net Assets.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  99 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

GLOBAL TACTICAL ASSET ALLOCATION FUND    continued

   SEPTEMBER 30, 2021 (UNAUDITED)      

 

At September 30, 2021, the asset class weightings for the Fund were:

 

  ASSET CLASS    WEIGHT      INVESTMENT VEHICLE

U.S. Equity

      12.3%      FlexShares® Morningstar U.S. Market Factor Tilt Index Fund

U.S. Equity

      8.1         FlexShares® U.S. Quality Low Volatility Index Fund

U.S. Equity

      7.2         FlexShares® Quality Dividend Index Fund

Non U.S. Equity - Developed

      9.9         FlexShares® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund

Non U.S. Equity - Developed

      5.0         FlexShares® International Quality Dividend Index Fund

Non U.S. Equity - Developed

      2.0         Flexshares® Developed Markets ex-U.S. Quality Low Volatility Index Fund

Non U.S. Equity - Emerging Markets

      6.1         FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund

Global Real Estate

      2.0         FlexShares® Global Quality Real Estate Index Fund

U.S. Bonds - High Yield

      10.0         FlexShares® High Yield Value-Scored Bond Index Fund

U.S. Bonds - Investment Grade

      8.7         FlexShares® Credit-Scored U.S. Corporate Bond Index Fund

U.S. Bonds - Investment Grade

      3.5         FlexShares® Disciplined Duration MBS Index Fund

U.S. Bonds - Investment Grade

      3.4         iShares MBS ETF

U.S. Bonds - Investment Grade

      2.9         iShares 1-5 Year Investment Grade Corporate Bond ETF

U.S. Bonds - Investment Grade

      2.6         iShares 5-10 Year Investment Grade Corporate Bond ETF

U.S. Bonds - Investment Grade

      2.2         iShares 20+ Year Treasury Bond ETF

U.S. Bonds - Investment Grade

      1.8         iShares 10+ Year Investment Grade Corporate Bond ETF

U.S. Bonds - Investment Grade

      1.5         FlexShares® Credit-Scored U.S. Long Corporate Bond Index Fund

U.S. Bonds - Investment Grade

      1.3         iShares 7-10 Year Treasury Bond ETF

U.S. Bonds - Investment Grade

      0.8         iShares 3-7 Year Treasury Bond ETF

Global Infrastructure

      2.0         FlexShares® STOXX Global Broad Infrastructure Index Fund

Commodities/Natural Resources

      6.2         FlexShares® Morningstar Global Upstream Natural Resources Index Fund

Cash

      0.5         Northern Institutional Funds - U.S. Government Portfolio (Shares)
     

Total

      100.0%       

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE   % OF NET ASSETS  

Investment Companies

     100.0 % 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS  

LEVEL 1

(000S)

  

LEVEL 2

(000S)

  

LEVEL 3

(000S)

  

TOTAL

(000S)

Investment Companies

     $ 120,818     $ —     $ —     $ 120,818
 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    100 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

    

 

  

SCHEDULE OF INVESTMENTS      

    

INCOME EQUITY FUND

   SEPTEMBER 30, 2021 (UNAUDITED)      

 

    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS – 99.1%

 

Aerospace & Defense – 0.9%

     

Lockheed Martin Corp.

      4,393       $1,516  

Air Freight & Logistics – 0.2%

     

United Parcel Service, Inc., Class B

      1,981       361  

Automobiles – 0.8%

     

Tesla, Inc.(1) *

      1,584       1,228  

Banks – 3.2%

     

Bank of America Corp.

      13,943       592  

Bank of Hawaii Corp.

      6,057       498  

Citigroup, Inc.

      30,860       2,166  

First Hawaiian, Inc.

      18,299       537  

JPMorgan Chase & Co.

      8,017         1,312  
     
               5,105      

Beverages – 1.1%

     

Coca-Cola (The) Co.

      33,514       1,758  

PepsiCo, Inc.

      665       100  
     
               1,858  

Biotechnology – 3.6%

     

AbbVie, Inc.

      21,659       2,336  

Amgen, Inc.

      8,159       1,735  

Gilead Sciences, Inc.

      24,071       1,682  
     
               5,753  

Capital Markets – 1.1%

     

Ameriprise Financial, Inc.

      3,585       947  

Bank of New York Mellon (The) Corp.

      312       16  

Janus Henderson Group PLC

      11,605       480  

Jefferies Financial Group, Inc.

      7,418       275  
     
               1,718  

Chemicals – 2.4%

     

CF Industries Holdings, Inc.

      18,162       1,014  

Chemours (The) Co.

      14,822       431  

Dow, Inc.

      16,393       944  

Sherwin-Williams (The) Co.

      5,239       1,465  
     
               3,854  

Communications Equipment – 1.6%

 

Cisco Systems, Inc.

      46,846       2,550  

Ubiquiti, Inc.

      39       11  
     
               2,561  

Consumer Finance – 2.2%

     

Ally Financial, Inc.

      5,666       289  

American Express Co.

      13,071       2,190  

Discover Financial Services

      3,362       413  
    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS - 99.1%    continued

 

Consumer Finance – 2.2%    continued

 

OneMain Holdings, Inc.

      2,989       $165  

Synchrony Financial

      8,711       426  
     
               3,483  

Containers & Packaging – 0.5%

     

International Paper Co.

      15,819       885  

Distributors – 0.3%

     

Genuine Parts Co.

      4,199       509  

Diversified Consumer Services – 0.3%

 

H&R Block, Inc.

      19,633       491  

Diversified Financial Services – 0.4%

 

Berkshire Hathaway, Inc., Class B(1) *

      2,418         660      

Diversified Telecommunication Services – 2.7%

 

  

AT&T, Inc.

      62,088       1,677  

Lumen Technologies, Inc.

      74,558       924  

Verizon Communications, Inc.

      33,452       1,807  
     
               4,408  

Electric Utilities – 1.5%

     

Evergy, Inc.

      8,169       508  

Exelon Corp.

      21,387       1,034  

PPL Corp.

      32,142       896  
     
               2,438  

Electrical Equipment – 0.9%

 

Emerson Electric Co.

      13,125       1,236  

Rockwell Automation, Inc.

      733       216  
     
               1,452  

Entertainment – 0.9%

     

Activision Blizzard, Inc.

      17,006       1,316  

World Wrestling Entertainment, Inc., Class A

      1,865       105  
     
               1,421  

Equity Real Estate Investment Trusts – 3.8%

 

American Tower Corp.

      2,635       699  

Brixmor Property Group, Inc.

      21,594       478  

Cousins Properties, Inc.

      12,944       483  

Extra Space Storage, Inc.

      2,166       364  

Healthpeak Properties, Inc.

      25,813       864  

Highwoods Properties, Inc.

      11,060       485  

Iron Mountain, Inc.

      19,247       836  

Mid-America Apartment Communities, Inc.

      4,860       908  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  101 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

INCOME EQUITY FUND    continued

 

    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS - 99.1%    continued

 

Equity Real Estate Investment Trusts – 3.8%    continued

 

SL Green Realty Corp.

      7,219         $511      

VICI Properties, Inc.

      16,383       465  
     
               6,093  

Food & Staples Retailing – 1.4%

 

Costco Wholesale Corp.

      93       42  

Walmart, Inc.

      15,466       2,155  
     
               2,197  

Food Products – 0.5%

     

General Mills, Inc.

      13,792       825  

Health Care Equipment & Supplies – 1.7%

 

Abbott Laboratories

      15,690       1,853  

ResMed, Inc.

      3,542       934  
     
               2,787  

Health Care Providers & Services – 1.0%

 

Cardinal Health, Inc.

      14,239       704  

UnitedHealth Group, Inc.

      2,254       881  
     
               1,585  

Health Care Technology – 0.4%

 

Cerner Corp.

      8,173       576  

Hotels, Restaurants & Leisure – 0.4%

 

Starbucks Corp.

      1,818       200  

Yum! Brands, Inc.

      4,127       505  
     
               705  

Household Durables – 0.2%

     

Newell Brands, Inc.

      13,149       291  

Household Products – 2.1%

     

Clorox (The) Co.

      3,462       573  

Colgate-Palmolive Co.

      18,515       1,400  

Procter & Gamble (The) Co.

      10,350       1,447  
     
               3,420  

Independent Power & Renewable Electricity Producers – 0.2%

Vistra Corp.

      16,407       281  

Industrial Conglomerates – 1.2%

 

3M Co.

      11,098       1,947  

Insurance – 3.2%

     

Aflac, Inc.

      17,646       920  

Allstate (The) Corp.

      5,667       721  

MetLife, Inc.

      16,321       1,008  

Principal Financial Group, Inc.

      10,880       701  
    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS - 99.1%    continued

 

  

Insurance – 3.2%   continued

 

Prudential Financial, Inc.

      9,658         $1,016      

Unum Group

      32,566       816  
     
               5,182  

Interactive Media & Services – 4.6%

 

Alphabet, Inc., Class A(1) *

      1,990       5,320  

Facebook, Inc., Class A(1) *

      6,077       2,063  
     
               7,383  

Internet & Direct Marketing Retail – 3.4%

 

Amazon.com, Inc.(1) *

      1,466       4,816  

eBay, Inc.

      8,856       617  
     
               5,433  

IT Services – 4.3%

     

Accenture PLC, Class A

      4,381       1,402  

International Business Machines Corp.

      15,995       2,222  

Mastercard, Inc., Class A

      4,246       1,476  

Visa, Inc., Class A

      5,221       1,163  

Western Union (The) Co.

      32,107       649  
     
               6,912  

Leisure Products – 0.1%

     

Polaris, Inc.

      1,528       183  

Life Sciences Tools & Services – 0.1%

 

Thermo Fisher Scientific, Inc.

      217       124  

Machinery – 1.2%

     

Cummins, Inc.

      3,117       700  

Illinois Tool Works, Inc.

      6,291       1,300  
     
               2,000  

Media – 1.7%

     

Comcast Corp., Class A

      6,007       336  

Interpublic Group of (The) Cos., Inc.

      24,700       906  

Nexstar Media Group, Inc., Class A

      554       84  

Omnicom Group, Inc.

      12,582       912  

Sirius XM Holdings, Inc.

      73,226       446  
     
               2,684  

Metals & Mining – 0.7%

     

Newmont Corp.

      12,597       684  

Southern Copper Corp.

      7,991       449  
     
               1,133  

Mortgage Real Estate Investment Trusts – 0.6%

 

  

AGNC Investment Corp.

      31,040       490  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    102 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS - 99.1%    continued

 

Mortgage Real Estate Investment Trusts – 0.6%    continued

 

Annaly Capital Management, Inc.

      57,973         $488      

Starwood Property Trust, Inc.

      2,102       51  
     
               1,029  

Multiline Retail – 0.6%

     

Target Corp.

      4,560       1,043  

Multi-Utilities – 1.0%

     

Public Service Enterprise Group, Inc.

      14,278       869  

WEC Energy Group, Inc.

      8,434       744  
     
               1,613  

Oil, Gas & Consumable Fuels – 3.0%

 

Antero Midstream Corp.

      52,587       548  

Cabot Oil & Gas Corp.

      7,131       155  

Cimarex Energy Co.

      7,034       613  

Kinder Morgan, Inc.

      59,910       1,002  

ONEOK, Inc.

      17,780       1,031  

Targa Resources Corp.

      11,403       561  

Texas Pacific Land Corp.

      57       69  

Williams (The) Cos., Inc.

      32,667       848  
     
               4,827  

Pharmaceuticals – 5.4%

     

Eli Lilly & Co.

      9,886       2,284  

Johnson & Johnson

      20,884       3,373  

Organon & Co.

      16,086       528  

Pfizer, Inc.

      60,415       2,598  
     
               8,783  

Road & Rail – 1.1%

     

Old Dominion Freight Line, Inc.

      3,274       936  

Union Pacific Corp.

      4,160       816  
     
               1,752  

Semiconductors & Semiconductor Equipment – 7.3%

 

Analog Devices, Inc.

      6,284       1,053  

Applied Materials, Inc.

      808       104  

Broadcom, Inc.

      5,153       2,499  

Intel Corp.

      6,130       327  

KLA Corp.

      2,494       834  

Lam Research Corp.

      3,047       1,734  

NVIDIA Corp.

      3,506       726  

QUALCOMM, Inc.

      16,261       2,097  

Texas Instruments, Inc.

      12,221       2,349  
     
               11,723  

Software – 8.0%

     

Intuit, Inc.

      3,272       1,765  
    

NUMBER

OF SHARES

   VALUE    
(000S)     

COMMON STOCKS - 99.1%    continued

 

Software – 8.0%    continued

     

Microsoft Corp.

      31,491         $8,878      

Oracle Corp.

      26,725       2,329  
     
               12,972  

Specialty Retail – 3.2%

     

Best Buy Co., Inc.

      5,150       544  

Dick’s Sporting Goods, Inc.

      807       97  

Home Depot (The), Inc.

      9,400       3,085  

Lowe’s Cos., Inc.

      4,850       984  

Williams-Sonoma, Inc.

      2,711       481  
     
               5,191  

Technology Hardware, Storage & Peripherals – 8.4%

 

Apple, Inc.(1)

     79,630       11,268  

HP, Inc.

      29,109       796  

NetApp, Inc.

      8,971       805  

Seagate Technology Holdings PLC

      8,010       661  
     
               13,530  

Textiles, Apparel & Luxury Goods – 0.5%

 

NIKE, Inc., Class B

      584       85  

Tapestry, Inc.

      21,575       799  
     
               884  

Thrifts & Mortgage Finance – 0.3%

 

TFS Financial Corp.

      25,469       485  

Tobacco – 2.5%

     

Altria Group, Inc.

      40,503       1,844  

Philip Morris International, Inc.

      23,115       2,191  
     
               4,035  

Trading Companies & Distributors – 0.4%

 

Fastenal Co.

      11,287       582  

MSC Industrial Direct Co., Inc., Class A

      233       19  
     
               601  

Total Common Stocks

                 

(Cost $110,373)

        159,910  
    

INVESTMENT COMPANIES – 0.7%

 

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(2) (3)

      1,177,958       1,178  

Total Investment Companies

                 

(Cost $1,178)

        1,178  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  103 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

INCOME EQUITY FUND    continued

   SEPTEMBER 30, 2021 (UNAUDITED)    

 

    

    PRINCIPAL    

AMOUNT

(000S)

   VALUE     
(000S)     

SHORT-TERM INVESTMENTS – 0.1%

 

  

U.S. Treasury Bill,
0.04%, 1/27/22(4) (5)

      $165         $165      
     

Total Short-Term Investments

                 

(Cost $165)

        165  
                  

Total Investments – 99.9%

                 

(Cost $111,716)

        161,253  

Other Assets less Liabilities – 0.1%

 

     199  
     

NET ASSETS – 100.0%

        $161,452  

 

  (1)

Security represents underlying investment on open written option contracts.

 

  (2)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

 

  (3)

7-day current yield as of September 30, 2021 is disclosed.

 

  (4)

Discount rate at the time of purchase.

 

  (5)

Security pledged as collateral to cover margin requirements for open futures contracts.

 

  *

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

PLC - Public Limited Company

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

     TYPE

 

   NUMBER OF
CONTRACTS		   NOTIONAL
AMOUNT
(000S)		   CONTRACT
POSITION		   CONTRACT
EXP.		   VALUE AND  
UNREALIZED  
APPRECIATION  
(DEPRECIATION)  
(000S)(1)

E-Mini S&P 500

   6   $1,289   Long   12/21   $(43)
                     

 

  (1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the Fund had open written call options as follows:

 

TYPE

 

    NUMBER OF
CONTRACTS		     NOTIONAL  
AMOUNT
(000S)		    VALUE
(000S)		  

Alphabet, Inc., Exp. Date 10/15/21, Strike Price $3,150.00

    (19)   $(5,080)      $ (1)  

Amazon.com, Inc., Exp. Date 10/15/21, Strike Price $3,800.00

    (14)   (4,599)      (1)  

Apple, Inc., Exp. Date 10/15/21, Strike Price $165.00

    (400)   (5,660)      (1)  
TYPE

 

   NUMBER OF
CONTRACTS		  

 

  NOTIONAL  

AMOUNT

(000S)

     

VALUE  

(000S)  

  

Berkshire Hathaway, Inc., Exp. Date 10/15/21 Strike Price, $300.00

   (24)     $   (655)        $ —*  

Facebook, Inc., Exp. Date 10/15/21, Strike Price $410.00

   (60)     (2,036)        —*  

Tesla, Inc., Exp. Date 10/15/21, Strike Price $900.00

   (15)     (1,163)        (2)  

Total Written Options Contracts

                  $ (5)  

(Premiums Received (000s) $14)

                     

 

*

Amount rounds to less than one thousand.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE (1)    % OF NET ASSETS    

Common Stocks

      99.1%  

Investment Companies

      0.7%  

Short-Term Investments

      0.1%  

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   LEVEL 1
(000S)		     LEVEL 2
(000S)		     LEVEL 3
(000S)		     TOTAL    
(000S)    

Common Stocks(1)

    $159,910       $   —       $—       $159,910      

Investment Companies

     1,178       —       —       1,178  

Short-Term Investments

     —       165       —       165  
         

Total Investments

     $161,088       $165       $—       $161,253  

OTHER FINANCIAL

INSTRUMENTS

                                

Liabilities

        

Futures Contracts

     $        (43 )      $ —       $—       $        (43 ) 

Written Options

     (5 )      —       —       (5 ) 
         

Total Other Financial

        

Instruments

     $        (48 )      $ —       $—       $        (48 ) 

(1) Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    104 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

    

 

  

SCHEDULE OF INVESTMENTS      

    

INTERNATIONAL EQUITY FUND

   SEPTEMBER 30, 2021 (UNAUDITED)      

 

     NUMBER
OF SHARES		   VALUE     
(000S)     

COMMON STOCKS – 97.6% (1)

 

Australia – 5.1%

     

AGL Energy Ltd.

      14,853         $62      

Aristocrat Leisure Ltd.

      22,690       760  

Australia & New Zealand Banking Group Ltd.

      64,625       1,304  

BHP Group Ltd.

      10,628       286  

Brambles Ltd.

      17,149       133  

Commonwealth Bank of Australia

      7,911       590  

CSL Ltd.

      936       197  

Endeavour Group Ltd.

      9,297       47  

Fortescue Metals Group Ltd.

      62,138       655  

REA Group Ltd.

      2,649       301  

Santos Ltd.

      16,960       87  

Sonic Healthcare Ltd.

      3,891       114  

Stockland

      39,726       127  

Tabcorp Holdings Ltd.

      13,535       48  

Telstra Corp. Ltd.

      119,636       337  

Wesfarmers Ltd.

      7,706       310  

Woolworths Group Ltd.

      9,290       264  
     
               5,622  

Austria – 0.6%

     

OMV A.G.

      10,124       608  

Belgium – 1.5%

     

Ageas S.A./N.V.

      9,778       484  

Anheuser-Busch InBev S.A./N.V.

      8,789       496  

Etablissements Franz Colruyt N.V.

      4,818       246  

Proximus S.A.DP

      22,810       451  
     
               1,677  

Canada – 9.7%

     

Alimentation Couche-Tard, Inc., Class B

      1,197       46  

AltaGas Ltd.

      7,724       152  

Atco Ltd., Class I

      3,827       123  

B2Gold Corp.

      74,804       256  

Barrick Gold Corp.

      3,511       63  

Canadian Apartment Properties REIT

      8,956       418  

Canadian Natural Resources Ltd.

      27,651       1,011  

Canadian Pacific Railway Ltd.

      13,769       899  

Canadian Tire Corp. Ltd., Class A

      738       103  

CGI, Inc.*

      8,441       717  

Constellation Software, Inc.

      652       1,068  

Fairfax Financial Holdings Ltd.

      2,200       888  

Fortis, Inc.

      42       2  

Hydro One Ltd.

      6,937       164  

IGM Financial, Inc.

      6,806       243  
     NUMBER
OF SHARES		   VALUE     
(000S)     

COMMON STOCKS – 97.6% (1)    continued

 

Canada – 9.7%    continued

     

Kinross Gold Corp.

      88,603         $475      

Loblaw Cos. Ltd.

      11,887       816  

Manulife Financial Corp.

      56,747       1,092  

National Bank of Canada

      6,981       536  

Onex Corp.

      14,093       996  

Quebecor, Inc., Class B

      2,035       49  

TC Energy Corp.

      5,391       260  

West Fraser Timber Co. Ltd.

      3,650       308  
     
               10,685  

Denmark – 2.2%

     

AP Moller - Maersk A/S, Class B

      184       498  

Carlsberg A/S, Class B

      4,573       744  

Novo Nordisk A/S, Class B

      5,713       549  

Orsted A/S(2)

     259       34  

Pandora A/S

      4,928       598  
     
               2,423  

Finland – 0.2%

     

Fortum OYJ

      6,978       212  

France – 9.4%

     

BNP Paribas S.A.

      23,360       1,496  

Capgemini S.E.

      5,997       1,247  

Carrefour S.A.

      8,780       158  

Cie de Saint-Gobain

      7,135       481  

Cie Generale des Etablissements Michelin S.C.A.

      6,966       1,069  

Electricite de France S.A.

      11,494       144  

Engie S.A.

      19,272       253  

Eurofins Scientific S.E.

      7,144       916  

Ipsen S.A.

      1,893       181  

La Francaise des Jeux S.A.E.M(2)

     1,755       90  

L’Oreal S.A.

      2,865       1,183  

LVMH Moet Hennessy Louis Vuitton S.E.

      736       526  

Publicis Groupe S.A.

      11,867       799  

Sanofi

      10,736       1,034  

Total Energies S.E.

      16,697       800  
     
               10,377  

Germany – 8.0%

     

Aroundtown S.A.

      36,567       253  

Brenntag S.E.

      6,802       635  

Covestro A.G.(2)

     12,910       887  

Daimler A.G. (Registered)

      15,952       1,418  

Deutsche Bank A.G. (Registered)*

      14,545       187  

Deutsche Post A.G. (Registered)

      22,395       1,411  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  105 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

INTERNATIONAL EQUITY FUND    continued

 

     NUMBER
OF SHARES		   VALUE     
(000S)     

COMMON STOCKS – 97.6% (1)    continued

 

  

Germany – 8.0%    continued

 

  

E.ON S.E.

      22,351         $273      

Fresenius Medical Care A.G. & Co. KGaA

      4,306       303  

HelloFresh S.E.*

      1,263       117  

LEG Immobilien S.E.

      2,250       318  

Merck KGaA

      5,990       1,303  

RWE A.G.

      483       17  

SAP S.E.

      5,303       718  

Siemens A.G. (Registered)

      5,393       887  

Uniper S.E.

      3,984       166  
     
               8,893  

Hong Kong – 3.0%

     

BOC Hong Kong Holdings Ltd.

      263,756       790  

CK Asset Holdings Ltd.

      13,823       79  

CK Infrastructure Holdings Ltd.

      24,316       135  

CLP Holdings Ltd.

      21,913       211  

Hang Seng Bank Ltd.

      7,809       133  

Power Assets Holdings Ltd.

      12,085       71  

Sun Hung Kai Properties Ltd.

      30,531       379  

Swire Properties Ltd.

      186,542       467  

WH Group Ltd.(2)

     309,897       221  

Xinyi Glass Holdings Ltd.

      265,863       790  
     
               3,276  

Ireland – 0.7%

     

CRH PLC

      11,663       544  

DCC PLC

      2,894       240  
     
               784  

Israel – 0.7%

     

Check Point Software Technologies Ltd.*

      6,726       760  

Italy – 1.3%

     

Enel S.p.A.

      35,239       271  

Poste Italiane S.p.A.(2)

     69,774       960  

Snam S.p.A.

      23,747       132  

Tenaris S.A.

      8,379       88  
     
               1,451  

Japan – 21.7%

     

Bridgestone Corp.

      16,810       797  

Brother Industries Ltd.

      31,522       693  

Chubu Electric Power Co., Inc.

      11,800       140  

Dai Nippon Printing Co. Ltd.

      12,500       303  

Daito Trust Construction Co. Ltd.

      1,820       212  

Daiwa House Industry Co. Ltd.

      17,500       584  
     NUMBER
OF SHARES		   VALUE     
(000S)     

COMMON STOCKS – 97.6% (1)    continued

 

  

Japan – 21.7%    continued

     

FUJIFILM Holdings Corp.

      800         $69    

Honda Motor Co. Ltd.

      16,200       500  

Hoya Corp.

      9,100       1,423  

Iida Group Holdings Co. Ltd.

      13,500       347  

ITOCHU Corp.

      38,927       1,140  

Japan Post Insurance Co. Ltd.

      25,000       452  

KDDI Corp.

      29,919       989  

Lawson, Inc.

      2,000       98  

Marubeni Corp.

      8,900       73  

Medipal Holdings Corp.

      33,500       632  

MEIJI Holdings Co. Ltd.

      5,100       330  

MINEBEA MITSUMI, Inc.

      200       5  

Mitsubishi Corp.

      300       9  

Mitsubishi Electric Corp.

      42,000       584  

Mitsubishi Gas Chemical Co., Inc.

      13,300       263  

Mitsubishi Heavy Industries Ltd.

      29,300       791  

Mitsui & Co. Ltd.

      13,100       284  

Nintendo Co. Ltd.

      1,400       681  

Nippon Telegraph & Telephone Corp.

      23,934       662  

Nippon Yusen K.K.

      11,400       857  

Nitto Denko Corp.

      3,800       271  

Obayashi Corp.

      28,500       237  

Ono Pharmaceutical Co. Ltd.

      24,300       554  

Otsuka Holdings Co. Ltd.

      5,000       213  

Persol Holdings Co. Ltd.

      5,800       145  

Resona Holdings, Inc.

      165,300       658  

Rohm Co. Ltd.

      3,300       311  

SCSK Corp.

      18,000       381  

Secom Co. Ltd.

      3,300       239  

Sekisui House Ltd.

      15,900       334  

Seven & i Holdings Co. Ltd.

      4,600       209  

Subaru Corp.

      14,800       275  

Sumitomo Metal Mining Co. Ltd.

      1,100       40  

Sumitomo Mitsui Financial Group, Inc.

      34,700       1,214  

Sumitomo Realty & Development Co. Ltd.

      900       33  

Suntory Beverage & Food Ltd.

      8,176       340  

TDK Corp.

      7,200       260  

Tokyo Electric Power Co. Holdings, Inc.*

      48,800       140  

Tokyo Electron Ltd.

      3,400       1,499  

TOPPAN, Inc.

      28,500       485  

Tosoh Corp.

      45,244       821  

Toyo Suisan Kaisha Ltd.

      15,100       671  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    106 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		   VALUE     
(000S)     

COMMON STOCKS – 97.6% (1)    continued

 

  

Japan – 21.7%    continued

     

Toyota Motor Corp.

      100,500         $1,798      

Yamada Holdings Co. Ltd.

      2,800       12  
     
               24,058  

Jordan – 0.1%

     

Hikma Pharmaceuticals PLC

      4,899       161  

Netherlands – 5.3%

     

ASM International N.V.

      991       387  

ASML Holding N.V.

      851       628  

ING Groep N.V.

      51,448       747  

Koninklijke Ahold Delhaize N.V.

      10,221       339  

NN Group N.V.

      18,434       962  

Randstad N.V.

      12,337       824  

Royal Dutch Shell PLC, Class B

      89,029       1,972  
     
               5,859  

New Zealand – 0.2%

     

Fisher & Paykel Healthcare Corp. Ltd.

      11,551       254  

Norway – 1.6%

     

DNB Bank ASA

      27,279       619  

Norsk Hydro ASA

      67,076       501  

Yara International ASA

      13,855       686  
     
               1,806  

Singapore – 1.4%

     

DBS Group Holdings Ltd.

      23,152       514  

United Overseas Bank Ltd.

      53,600       1,014  
     
               1,528  

Spain – 1.5%

     

Banco Bilbao Vizcaya Argentaria S.A.*

      175,676       1,159  

Endesa S.A.

      5,548       112  

Iberdrola S.A.

      26,723       267  

Naturgy Energy Group S.A.

      4,184       105  
     
               1,643  

Sweden – 3.5%

     

Electrolux AB, Class B*

      1,482       34  

Evolution AB

      189       29  

Hexagon AB, Class B

      68,212       1,051  

Husqvarna AB, Class B

      31,005       370  

Industrivarden AB, Class A

      8,307       265  

Industrivarden AB, Class C

      598       18  

Investor AB, Class B

      53,677       1,149  

Sandvik AB

      6,807       155  
     NUMBER
OF SHARES		   VALUE     
(000S)     

COMMON STOCKS – 97.6% (1)    continued

 

  

Sweden – 3.5%    continued

     

SKF AB, Class B

      27,009         $636      

Volvo AB, Class B

      8,496       191  
     
               3,898  

Switzerland – 9.3%

     

ABB Ltd. (Registered)

      14,393       480  

Adecco Group A.G. (Registered)

      13,770       690  

Cie Financiere Richemont S.A., Class A (Registered)

      7,692       793  

Coca-Cola HBC A.G. - CDI*

      14,453       464  

Holcim Ltd.*

      11,050       532  

Logitech International S.A. (Registered)

      4,591       406  

Nestle S.A. (Registered)

      10,113       1,217  

Novartis A.G. (Registered)

      16,494       1,353  

Roche Holding A.G. (Genusschein)

      5,943       2,169  

Sonova Holding A.G. (Registered)

      265       100  

STMicroelectronics N.V.

      11,175       487  

Swatch Group (The) A.G. (Bearer)

      2,945       772  

Swisscom A.G. (Registered)

      1,406       807  
     
               10,270  

United Kingdom – 10.6%

     

3i Group PLC

      60,719       1,046  

Anglo American PLC

      32,538       1,122  

Aviva PLC

      8,348       44  

BAE Systems PLC

      119,345       902  

Barclays PLC

      511,465       1,304  

Berkeley Group Holdings PLC

      9,812       575  

British American Tobacco PLC

      25,442       888  

BT Group PLC*

      21,061       45  

Bunzl PLC

      2,565       85  

CNH Industrial N.V.

      27,526       466  

Coca-Cola Europacific Partners PLC

      9,423       521  

GlaxoSmithKline PLC

      70,216       1,325  

Imperial Brands PLC

      29,226       610  

J Sainsbury PLC

      108,141       414  

Johnson Matthey PLC

      1,316       48  

Kingfisher PLC

      20,176       91  

Legal & General Group PLC

      7,123       27  

Lloyds Banking Group PLC

      24,026       15  

National Grid PLC

      22,096       263  

Next PLC

      2,058       226  

Persimmon PLC

      8,316       296  

Rio Tinto PLC

      6,701       443  

Sage Group (The) PLC

      32,694       312  

Schroders PLC

      345       17  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  107 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

INTERNATIONAL EQUITY FUND    continued

 

     NUMBER
OF SHARES		    VALUE     
(000S)     

COMMON STOCKS – 97.6% (1)     continued

 

United Kingdom – 10.6%    continued

 

Segro PLC

      8,244        $132      

SSE PLC

      439        9  

United Utilities Group PLC

      12,655        165  

Wm Morrison Supermarkets PLC

      14,203        56  

WPP PLC

      25,282        340  
     
                11,787  

Total Common Stocks

                  

(Cost $95,196)

         108,032  
     

PREFERRED STOCKS – 0.1% (1)

     

Germany – 0.1%

      

Henkel A.G. & Co. KGaA,
2.33%(3)

     1,260        117  

Volkswagen A.G., 2.54%(3)

     189        42  
     
                159  

Total Preferred Stocks

                  

(Cost $140)

         159  
     

INVESTMENT COMPANIES – 0.3%

 

   

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(4) (5)

      350,857        351  

Total Investment Companies

                  

(Cost $351)

         351  

    

      
     

Total Investments – 98.0%

                  

(Cost $95,687)

         108,542  

Other Assets less Liabilities – 2.0%

 

      2,204  
     

Net Assets – 100.0%

         $110,746  

 

(1)

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

(2)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

(3)

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

(4)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(5)

7-day current yield as of September 30, 2021 is disclosed.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

A.G. – Aktiengesellschaft (German: Stock Corporation)

AB – Aktiebolag (Sweden: Corporation)

ASA – Aksjeselskap (Norway: Stock Company)

CDI – CREST Depository Interest

N.V. – Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC – Public Limited Company

REIT – Real Estate Investment Trust

S&P – Standard & Poor’s

S.A. – Société Anonyme (French: Public Limited Company)

S.E. – Societas Europaea (German: Public Company)

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

  TYPE    NUMBER OF
CONTRACTS		   NOTIONAL
AMOUNT
(000S)		    CONTRACT
POSITION		      CONTRACT
EXP.		      VALUE AND  
  UNREALIZED  
  APPRECIATION  
  (DEPRECIATION)  
  (000S)(1)   

Euro Stoxx 50 (Euro)

      22         $1,032        Long        12/21      $(25)        

FTSE 100 Index (British Pound)

      5       477        Long        12/21      3         

S&P/TSX 60 Index (Canadian Dollar)

      1       189        Long        12/21      (6)        

SPI 200 Index (Australian Dollar)

      2       264        Long        12/21      (4)        

Yen Denominated Nikkei 225 (Japanese Yen)

      4       527        Long        12/21      (3)        
           

Total

                                       $(35)       

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    108 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

  CONCENTRATION BY CURRENCY    % OF NET       
ASSETS       

Euro

      27.5 % 

Japanese Yen

      21.7  

British Pound

      12.3  

Canadian Dollar

      9.6  

Swiss Franc

      8.4  

Australian Dollar

      5.1  

All other currencies less than 5%

      13.4  
   

Total Investments

      98.0    

Other Assets less Liabilities

      2.0  
   

Net Assets

      100.0 % 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as

Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS    LEVEL 1
(000S)		    LEVEL 2
(000S)		    LEVEL 3
(000S)		      TOTAL
(000S)		  

Common Stocks:

            

Canada

      $10,685        $     —        $—        $10,685     

Israel

      760        —        —        760     

United Kingdom

      521        11,266        —        11,787     

All Other Countries(1)

     —        84,800        —        84,800     
         

Total Common Stocks

      11,966        96,066        —        108,032     

Preferred Stocks

      —        159        —        159     

Investment Companies

      351        —        —        351     
         

Total Investments

      $12,317        $96,225        $—        $108,542     
  INVESTMENTS    LEVEL 1
(000S)		     LEVEL 2
(000S)		      LEVEL 3
(000S)		      TOTAL
(000S)		  

OTHER FINANCIAL INSTRUMENTS

                                   

Assets

           

Futures Contracts

    $ 3     $ —        $—      $ 3  

Liabilities

           

Futures Contracts

      (38 )      —        —        (38 ) 
         

Total Other Financial Instruments

    $ (35 )    $ —        $—      $ (35 ) 
(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  109 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

INTERNATIONAL EQUITY INDEX FUND

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)

     

Australia – 7.0%

     

Afterpay Ltd.*

      70,870         $6,131      

AGL Energy Ltd.

      199,196       824  

Ampol Ltd.

      80,001       1,605  

APA Group

      392,036       2,461  

Aristocrat Leisure Ltd.

      185,752       6,218  

ASX Ltd.

      62,976       3,679  

Aurizon Holdings Ltd.

      611,780       1,666  

AusNet Services Ltd.

      615,432       1,126  

Australia & New Zealand Banking Group Ltd.

      920,092       18,563  

BGP Holdings PLC(2) (3) (4)*

      1,085,479       —  

BHP Group Ltd.

      952,208       25,593  

BHP Group PLC

      683,695       17,040  

BlueScope Steel Ltd.

      161,841       2,348  

Brambles Ltd.

      458,178       3,564  

Cochlear Ltd.

      21,315       3,367  

Coles Group Ltd.

      429,837       5,246  

Commonwealth Bank of Australia

      574,669       42,824  

Computershare Ltd.

      172,646       2,259  

Crown Resorts Ltd.*

      127,758       884  

CSL Ltd.

      147,407       31,085  

Dexus

      348,697       2,698  

Domino’s Pizza Enterprises Ltd.

      20,018       2,308  

Endeavour Group Ltd.

      413,331       2,076  

Evolution Mining Ltd.

      562,100       1,424  

Fortescue Metals Group Ltd.

      552,830       5,830  

Goodman Group

      544,366       8,450  

GPT Group (The)

      649,849       2,367  

Insurance Australia Group Ltd.

      812,637       2,864  

Lendlease Corp. Ltd.

      219,879       1,707  

Macquarie Group Ltd.

      110,757       14,532  

Magellan Financial Group Ltd.

      45,818       1,168  

Medibank Pvt Ltd.

      874,979       2,262  

Mirvac Group

      1,262,343       2,708  

National Australia Bank Ltd.

      1,060,032       21,127  

Newcrest Mining Ltd.

      264,712       4,340  

Northern Star Resources Ltd.

      362,168       2,231  

Oil Search Ltd.

      628,722       1,990  

Orica Ltd.

      135,640       1,337  

Origin Energy Ltd.

      588,075       1,982  

Qantas Airways Ltd.*

      294,988       1,206  

QBE Insurance Group Ltd.

      477,487       3,983  

Ramsay Health Care Ltd.

      60,071       3,022  

REA Group Ltd.

      17,800       2,024  
     NUMBER
OF SHARES		   VALUE     
(000S)     

COMMON STOCKS – 97.9% (1)     continued

 

Australia – 7.0%     continued

     

Reece Ltd.

      96,060         $1,309      

Rio Tinto Ltd.

      119,337       8,480  

Santos Ltd.

      628,579       3,241  

Scentre Group

      1,710,458       3,680  

SEEK Ltd.

      107,724       2,398  

Sonic Healthcare Ltd.

      145,583       4,274  

South32 Ltd.

      1,548,596       3,931  

Stockland

      765,758       2,449  

Suncorp Group Ltd.

      411,550       3,696  

Sydney Airport*

      422,536       2,510  

Tabcorp Holdings Ltd.

      709,776       2,512  

Telstra Corp. Ltd.

      1,336,157       3,766  

Transurban Group

      882,105       8,944  

Transurban Group*

      98,012       1,003  

Treasury Wine Estates Ltd.

      234,142       2,081  

Vicinity Centres

      1,237,244       1,474  

Washington H Soul Pattinson & Co. Ltd.

      70,079       1,978  

Wesfarmers Ltd.

      366,381       14,744  

Westpac Banking Corp.

      1,186,971       22,072  

WiseTech Global Ltd.

      47,156       1,817  

Woodside Petroleum Ltd.

      312,572       5,379  

Woolworths Group Ltd.

      413,331       11,736  
     
               383,593  

Austria – 0.2%

     

Erste Group Bank A.G.

      90,051       3,933  

OMV A.G.

      48,436       2,911  

Raiffeisen Bank International A.G.

      48,529       1,262  

Verbund A.G.

      22,084       2,231  

voestalpine A.G.

      37,040       1,361  
     
               11,698  

Belgium – 0.8%

     

Ageas S.A./N.V.

      57,213       2,831  

Anheuser-Busch InBev S.A./N.V.

      246,569       13,926  

Elia Group S.A./N.V.

      9,981       1,192  

Etablissements Franz Colruyt N.V.

      17,651       899  

Groupe Bruxelles Lambert S.A.

      36,381       4,000  

KBC Group N.V.

      81,603       7,326  

Proximus S.A.DP

      48,436       957  

Sofina S.A.

      4,895       1,942  

Solvay S.A., Class A

      23,738       2,954  

UCB S.A.

      40,554       4,512  

Umicore S.A.

      63,176       3,744  
     
               44,283  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    110 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS – 97.9% (1)     continued

 

Chile – 0.0%

     

Antofagasta PLC

      126,217         $2,268      

Denmark – 2.6%

     

Ambu A/S, Class B

      53,763       1,588  

AP Moller - Maersk A/S, Class A

      1,004       2,569  

AP Moller - Maersk A/S, Class B

      1,875       5,072  

Carlsberg A/S, Class B

      32,052       5,214  

Chr Hansen Holding A/S

      33,754       2,756  

Coloplast A/S, Class B

      38,914       6,099  

Danske Bank A/S

      221,072       3,727  

Demant A/S*

      34,033       1,714  

DSV A/S

      65,212       15,569  

Genmab A/S*

      21,182       9,254  

GN Store Nord A/S

      41,154       2,805  

Novo Nordisk A/S, Class B

      545,413       52,461  

Novozymes A/S, Class B

      65,920       4,513  

Orsted A/S(5)

     61,248       8,081  

Pandora A/S

      32,079       3,890  

ROCKWOOL International A/S, Class B

      2,816       1,204  

Tryg A/S

      117,951       2,680  

Vestas Wind Systems A/S

      326,535       13,073  
     
               142,269  

Finland – 1.3%

     

Elisa OYJ

      45,373       2,817  

Fortum OYJ

      143,337       4,359  

Kesko OYJ, Class B

      89,539       3,091  

Kone OYJ, Class B

      109,512       7,679  

Neste OYJ

      137,047       7,735  

Nokia OYJ*

      1,759,502       9,680  

Nordea Bank Abp

      1,045,407       13,417  

Orion OYJ, Class B

      34,192       1,353  

Sampo OYJ, Class A

      160,566       7,967  

Stora Enso OYJ (Registered)

      192,617       3,198  

UPM-Kymmene OYJ

      173,386       6,126  

Wartsila OYJ Abp

      156,207       1,871  
     
               69,293  

France – 10.8%

     

Accor S.A.*

      56,394       1,996  

Aeroports de Paris*

      9,480       1,203  

Air Liquide S.A.

      153,372       24,541  

Airbus S.E.*

      190,498       25,011  

Alstom S.A.

      102,667       3,895  

Amundi S.A.(5)

      19,295       1,627  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)     continued

 

France – 10.8%     continued

     

Arkema S.A.

      20,279         $2,683      

Atos S.E.

      31,896       1,698  

AXA S.A.

      626,631       17,433  

BioMerieux

      13,166       1,495  

BNP Paribas S.A.

      364,405       23,342  

Bollore S.A.

      283,446       1,639  

Bouygues S.A.

      74,413       3,071  

Bureau Veritas S.A.

      96,895       2,974  

Capgemini S.E.

      51,844       10,782  

Carrefour S.A.

      196,655       3,540  

Cie de Saint-Gobain

      164,386       11,072  

Cie Generale des Etablissements Michelin S.C.A.

      54,546       8,371  

CNP Assurances

      54,298       861  

Covivio

      16,616       1,389  

Credit Agricole S.A.

      376,880       5,200  

Danone S.A.

      211,246       14,419  

Dassault Aviation S.A.

      7,770       872  

Dassault Systemes S.E.

      213,282       11,182  

Edenred

      81,320       4,380  

Eiffage S.A.

      27,051       2,729  

Electricite de France S.A.

      156,333       1,963  

Engie S.A.

      590,449       7,749  

EssilorLuxottica S.A.

      92,313       17,652  

Eurazeo S.E.

      12,643       1,188  

Eurofins Scientific S.E.

      43,317       5,555  

Faurecia S.E.

      30,396       1,417  

Faurecia S.E. (Italian Exchange)

      7,318       347  

Gecina S.A.

      14,807       1,985  

Getlink S.E.

      141,308       2,212  

Hermes International

      10,227       14,135  

Iliad S.A.

      4,810       1,014  

Ipsen S.A.

      12,382       1,182  

Kering S.A.

      24,285       17,272  

Klepierre S.A.*

      67,877       1,511  

La Francaise des Jeux S.A.E.M(5)

     31,362       1,613  

Legrand S.A.

      87,467       9,381  

L’Oreal S.A.

      81,602       33,679  

LVMH Moet Hennessy Louis Vuitton S.E.

      89,955       64,324  

Orange S.A.

      653,013       7,074  

Orpea S.A.

      17,005       1,969  

Pernod Ricard S.A.

      67,592       14,781  

Publicis Groupe S.A.

      71,030       4,783  

Remy Cointreau S.A.

      7,200       1,396  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  111 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

INTERNATIONAL EQUITY INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 97.9% (1)     continued

 

France – 10.8%     continued

     

Renault S.A.*

      61,838         $2,206      

Safran S.A.

      110,631       13,871  

Sanofi

      367,246       35,353  

Sartorius Stedim Biotech

      8,866       4,949  

Schneider Electric S.E.

      174,333       28,985  

SCOR S.E.

      50,724       1,454  

SEB S.A.

      9,089       1,282  

Societe Generale S.A.

      264,273       8,297  

Sodexo S.A.*

      28,357       2,483  

Suez S.A.

      113,059       2,578  

Teleperformance

      18,946       7,454  

Thales S.A.

      34,323       3,315  

TotalEnergies S.E.

      809,632       38,797  

Ubisoft Entertainment S.A.*

      29,690       1,781  

Unibail-Rodamco-Westfield*

      26,509       1,939  

Unibail-Rodamco-Westfield - CDI*

      284,960       1,089  

Valeo

      73,835       2,060  

Veolia Environnement S.A.

      209,653       6,416  

Vinci S.A.

      172,183       17,835  

Vivendi S.E.

      232,261       2,930  

Wendel S.E.

      8,624       1,196  

Worldline S.A.(5) *

      77,327       5,900  
     
               593,757  

Germany – 8.3%

     

adidas A.G.

      61,665       19,431  

Allianz S.E. (Registered)

      133,584       30,129  

Aroundtown S.A.

      318,778       2,202  

BASF S.E.

      296,923       22,623  

Bayer A.G. (Registered)

      318,232       17,357  

Bayerische Motoren Werke A.G.

      108,502       10,414  

Bechtle A.G.

      26,148       1,794  

Beiersdorf A.G.

      32,304       3,493  

Brenntag S.E.

      49,388       4,607  

Carl Zeiss Meditec A.G. (Bearer)

      12,798       2,460  

Commerzbank A.G.*

      334,988       2,231  

Continental A.G.*

      35,240       3,863  

Covestro A.G.(5)

     63,497       4,361  

Daimler A.G. (Registered)

      276,978       24,622  

Delivery Hero S.E.(5) *

      52,331       6,701  

Deutsche Bank A.G. (Registered)*

      674,622       8,652  

Deutsche Boerse A.G.

      61,613       10,030  

Deutsche Lufthansa A.G. (Registered)*

      95,516       657  

Deutsche Post A.G. (Registered)

      320,835       20,221  

Deutsche Telekom A.G. (Registered)

      1,078,621       21,747  
    

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 97.9% (1)     continued

 

Germany – 8.3%     continued

     

Deutsche Wohnen S.E.

      110,326         $6,763      

E.ON S.E.

      725,343       8,874  

Evonik Industries A.G.

      67,239       2,130  

Fresenius Medical Care A.G. & Co. KGaA

      67,244       4,739  

Fresenius S.E. & Co. KGaA

      135,010       6,491  

GEA Group A.G.

      49,088       2,250  

Hannover Rueck S.E.

      19,640       3,440  

HeidelbergCement A.G.

      48,819       3,661  

HelloFresh S.E.*

      53,943       4,994  

Henkel A.G. & Co. KGaA

      34,283       2,958  

Infineon Technologies A.G.

      421,837       17,341  

KION Group A.G.

      23,485       2,198  

Knorr-Bremse A.G.

      23,688       2,542  

LANXESS A.G.

      26,687       1,815  

LEG Immobilien S.E.

      23,354       3,304  

Merck KGaA

      41,824       9,095  

MTU Aero Engines A.G.

      17,236       3,897  

Muenchener
Rueckversicherungs-Gesellschaft A.G. in Muenchen (Registered)

      45,312       12,420  

Nemetschek S.E.

      18,674       1,963  

Puma S.E.

      33,488       3,743  

Rational A.G.

      1,633       1,540  

RWE A.G.

      208,133       7,358  

SAP S.E.

      338,437       45,849  

Scout24 A.G.(5)

     27,281       1,894  

Siemens A.G. (Registered)

      247,858       40,742  

Siemens Energy A.G.*

      128,143       3,444  

Siemens Healthineers A.G.(5)

      91,320       5,942  

Symrise A.G.

      41,388       5,460  

TeamViewer A.G.*

      51,199       1,510  

Telefonica Deutschland Holding A.G.

      332,822       947  

Uniper S.E.

      30,702       1,282  

United Internet A.G. (Registered)

      32,068       1,248  

Volkswagen A.G.

      10,714       3,327  

Vonovia S.E.

      176,032       10,582  

Zalando S.E.(5) *

      71,149       6,538  
     
               459,876  

Hong Kong – 2.9%

     

AIA Group Ltd.

      3,915,886       45,088  

BOC Hong Kong Holdings Ltd.

      1,207,108       3,616  

Budweiser Brewing Co. APAC
Ltd.(5)

     560,000       1,410  

Chow Tai Fook Jewellery Group Ltd.

      649,000       1,236  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    112 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)     continued

 

Hong Kong – 2.9%     continued

     

CK Asset Holdings Ltd.

      654,138         $3,759      

CK Hutchison Holdings Ltd.

      883,138       5,856  

CK Infrastructure Holdings Ltd.

      217,353       1,208  

CLP Holdings Ltd.

      534,514       5,141  

ESR Cayman Ltd.*

      647,200       1,954  

Futu Holdings Ltd. ADR*

      16,413       1,494  

Galaxy Entertainment Group Ltd.*

      690,148       3,482  

Hang Lung Properties Ltd.

      644,501       1,465  

Hang Seng Bank Ltd.

      247,279       4,220  

Henderson Land Development Co. Ltd.

      472,929       1,795  

HK Electric Investments & HK Electric Investments Ltd.

      832,227       826  

HKT Trust & HKT Ltd.

      1,231,220       1,684  

Hong Kong & China Gas Co. Ltd.

      3,644,005       5,520  

Hong Kong Exchanges & Clearing Ltd.

      389,596       23,648  

Hongkong Land Holdings Ltd.

      384,300       1,839  

Jardine Matheson Holdings Ltd.

      69,800       3,671  

Link REIT

      667,780       5,707  

Melco Resorts & Entertainment Ltd. ADR*

      68,337       700  

MTR Corp. Ltd.

      506,136       2,717  

New World Development Co. Ltd.

      495,111       2,009  

Power Assets Holdings Ltd.

      452,317       2,651  

Sino Land Co. Ltd.

      1,062,651       1,430  

SITC International Holdings Co. Ltd.

      424,000       1,512  

SJM Holdings Ltd.*

      654,572       443  

Sun Hung Kai Properties Ltd.

      425,258       5,285  

Swire Pacific Ltd., Class A

      164,051       972  

Swire Properties Ltd.

      383,787       960  

Techtronic Industries Co. Ltd.

      447,833       8,779  

WH Group Ltd.(5)

     3,130,713       2,227  

Wharf Real Estate Investment Co. Ltd.

      543,766       2,809  

Xinyi Glass Holdings Ltd.

      592,000       1,759  
     
               158,872  

Ireland – 1.1%

     

CRH PLC

      253,386       11,819  

DCC PLC

      31,541       2,611  

Experian PLC

      298,849       12,414  

Flutter Entertainment PLC - CDI*

      54,358       10,746  

Irish Bank Resolution Corp. Ltd.(2) *

      99,788       —  

James Hardie Industries PLC - CDI

      145,551       5,221  

Kerry Group PLC, Class A

      51,490       6,894  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)     continued

 

Ireland – 1.1%     continued

     

Kingspan Group PLC

      50,773         $5,022      

Smurfit Kappa Group PLC

      79,316       4,158  
     
               58,885  

Israel – 0.6%

     

Azrieli Group Ltd.

      13,578       1,221  

Bank Hapoalim B.M.

      368,997       3,240  

Bank Leumi Le-Israel B.M.

      478,403       4,061  

Check Point Software Technologies Ltd.*

      35,989       4,068  

CyberArk Software Ltd.*

      12,775       2,016  

Elbit Systems Ltd.

      8,533       1,238  

ICL Group Ltd.

      227,703       1,656  

Israel Discount Bank Ltd., Class A*

      370,758       1,958  

Mizrahi Tefahot Bank Ltd.

      45,988       1,548  

Nice Ltd.*

      20,343       5,755  

Teva Pharmaceutical Industries Ltd. ADR*

      351,061       3,419  

Wix.com Ltd.*

      17,988       3,525  
     
               33,705  

Italy – 2.0%

     

Amplifon S.p.A.

      39,886       1,901  

Assicurazioni Generali S.p.A.

      361,387       7,688  

Atlantia S.p.A.*

      158,937       3,005  

Davide Campari-Milano N.V.

      174,343       2,454  

DiaSorin S.p.A.

      7,857       1,649  

Enel S.p.A.

      2,632,418       20,211  

Eni S.p.A.

      815,180       10,854  

Ferrari N.V.

      17,924       3,752  

Ferrari N.V. (New York Exchange)

      23,010       4,812  

FinecoBank Banca Fineco S.p.A.*

      199,351       3,613  

Infrastrutture Wireless Italiane S.p.A.(5)

     107,705       1,201  

Intesa Sanpaolo S.p.A.

      5,332,068       15,127  

Mediobanca Banca di Credito Finanziario S.p.A.*

      207,130       2,502  

Moncler S.p.A.

      65,937       4,033  

Nexi S.p.A.*

      141,347       2,637  

Poste Italiane S.p.A.(5)

     168,421       2,318  

Prysmian S.p.A.

      81,678       2,865  

Recordati Industria Chimica e Farmaceutica S.p.A.

      33,703       1,960  

Snam S.p.A.

      648,470       3,595  

Telecom Italia S.p.A.

      3,300,079       1,293  

Telecom Italia S.p.A. (RSP)

      1,987,479       804  

Tenaris S.A.

      148,437       1,565  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  113 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

INTERNATIONAL EQUITY INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)     continued

 

Italy – 2.0%     continued

     

Terna - Rete Elettrica Nazionale

      456,329         $3,237      

UniCredit S.p.A.

      687,075       9,088  
     
               112,164  

Japan – 23.9%

     

ABC-Mart, Inc.

      10,800       611  

Acom Co. Ltd.

      127,500       468  

Advantest Corp.

      65,100       5,832  

Aeon Co. Ltd.

      209,800       5,521  

AGC, Inc.

      63,100       3,230  

Aisin Corp.

      48,000       1,745  

Ajinomoto Co., Inc.

      149,500       4,424  

ANA Holdings, Inc.*

      51,700       1,342  

Asahi Group Holdings Ltd.

      148,300       7,184  

Asahi Intecc Co. Ltd.

      67,700       1,857  

Asahi Kasei Corp.

      407,700       4,352  

Astellas Pharma, Inc.

      599,300       9,882  

Azbil Corp.

      40,200       1,728  

Bandai Namco Holdings, Inc.

      65,000       4,881  

Bridgestone Corp.

      185,800       8,812  

Brother Industries Ltd.

      76,600       1,685  

Canon, Inc.

      326,300       8,026  

Capcom Co. Ltd.

      56,200       1,561  

Casio Computer Co. Ltd.

      62,000       1,028  

Central Japan Railway Co.

      46,500       7,432  

Chiba Bank (The) Ltd.

      172,400       1,110  

Chubu Electric Power Co., Inc.

      210,000       2,491  

Chugai Pharmaceutical Co. Ltd.

      218,965       8,021  

Concordia Financial Group Ltd.

      352,100       1,389  

Cosmos Pharmaceutical Corp.

      6,500       1,109  

CyberAgent, Inc.

      131,600       2,549  

Dai Nippon Printing Co. Ltd.

      71,500       1,732  

Daifuku Co. Ltd.

      33,000       3,103  

Dai-ichi Life Holdings, Inc.

      331,800       7,225  

Daiichi Sankyo Co. Ltd.

      566,300       15,108  

Daikin Industries Ltd.

      80,600       17,336  

Daito Trust Construction Co. Ltd.

      21,300       2,487  

Daiwa House Industry Co. Ltd.

      184,100       6,148  

Daiwa House REIT Investment Corp.

      633       1,855  

Daiwa Securities Group, Inc.

      478,500       2,795  

Denso Corp.

      139,600       9,152  

Dentsu Group, Inc.

      70,518       2,713  

Disco Corp.

      9,500       2,659  

East Japan Railway Co.

      97,112       6,812  

Eisai Co. Ltd.

      77,400       5,829  
    

NUMBER

OF SHARES

   

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)     continued

 

Japan – 23.9%     continued

      

ENEOS Holdings, Inc.

      980,297        $4,003      

FANUC Corp.

      62,000        13,573  

Fast Retailing Co. Ltd.

      19,000        14,003  

Fuji Electric Co. Ltd.

      41,500        1,891  

FUJIFILM Holdings Corp.

      116,000        10,003  

Fujitsu Ltd.

      63,500        11,532  

GLP J-REIT

      1,368        2,249  

GMO Payment Gateway, Inc.

      13,500        1,710  

Hakuhodo DY Holdings, Inc.

      76,200        1,315  

Hamamatsu Photonics K.K.

      45,770        2,839  

Hankyu Hanshin Holdings, Inc.

      75,400        2,379  

Harmonic Drive Systems, Inc.

      14,200        685  

Hikari Tsushin, Inc.

      6,700        1,133  

Hino Motors Ltd.

      93,200        874  

Hirose Electric Co. Ltd.

      10,428        1,737  

Hisamitsu Pharmaceutical Co., Inc.

      16,100        611  

Hitachi Construction Machinery Co. Ltd.

      34,100        966  

Hitachi Ltd.

      312,700        18,541  

Hitachi Metals Ltd.*

      69,000        1,337  

Honda Motor Co. Ltd.

      526,000        16,222  

Hoshizaki Corp.

      17,700        1,612  

Hoya Corp.

      119,700        18,721  

Hulic Co. Ltd.

      74,100        826  

Ibiden Co. Ltd.

      34,500        1,907  

Idemitsu Kosan Co. Ltd.

      67,288        1,776  

Iida Group Holdings Co. Ltd.

      46,864        1,206  

Inpex Corp.

      332,500        2,602  

Isuzu Motors Ltd.

      179,600        2,360  

Ito En Ltd.

      17,600        1,169  

ITOCHU Corp.

      382,300        11,198  

Itochu Techno-Solutions Corp.

      31,700        1,035  

Japan Airlines Co. Ltd.*

      48,500        1,154  

Japan Exchange Group, Inc.

      165,900        4,117  

Japan Metropolitan Fund Invest

      2,224        2,138  

Japan Post Bank Co. Ltd.

      129,800        1,111  

Japan Post Holdings Co. Ltd.*

      512,700        4,315  

Japan Post Insurance Co. Ltd.

      72,900        1,319  

Japan Real Estate Investment Corp.

      411        2,462  

Japan Tobacco, Inc.

      385,400        7,567  

JFE Holdings, Inc.

      160,500        2,395  

JSR Corp.

      67,000        2,429  

Kajima Corp.

      147,200        1,897  

Kakaku.com, Inc.

      43,700        1,415  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    114 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS – 97.9% (1)     continued

 

Japan – 23.9%     continued

     

Kansai Electric Power (The) Co., Inc.

      229,900         $2,231      

Kansai Paint Co. Ltd.

      59,000       1,467  

Kao Corp.

      154,500       9,205  

KDDI Corp.

      521,800       17,244  

Keio Corp.

      33,400       1,788  

Keisei Electric Railway Co. Ltd.

      41,300       1,370  

Keyence Corp.

      62,956       37,722  

Kikkoman Corp.

      46,700       3,795  

Kintetsu Group Holdings Co. Ltd.*

      56,300       1,900  

Kirin Holdings Co. Ltd.

      267,900       4,976  

Kobayashi Pharmaceutical Co. Ltd.

      17,400       1,378  

Kobe Bussan Co. Ltd.

      44,500       1,453  

Koei Tecmo Holdings Co. Ltd.

      18,720       890  

Koito Manufacturing Co. Ltd.

      33,714       2,027  

Komatsu Ltd.

      281,600       6,771  

Konami Holdings Corp.

      30,300       1,901  

Kose Corp.

      10,600       1,271  

Kubota Corp.

      334,300       7,132  

Kurita Water Industries Ltd.

      31,500       1,522  

Kyocera Corp.

      104,600       6,539  

Kyowa Kirin Co. Ltd.

      88,400       3,188  

Lasertec Corp.

      24,600       5,588  

Lawson, Inc.

      17,200       844  

Lion Corp.

      72,400       1,171  

Lixil Corp.

      87,400       2,540  

M3, Inc.

      143,800       10,266  

Makita Corp.

      73,100       3,989  

Marubeni Corp.

      508,400       4,171  

Mazda Motor Corp.*

      181,600       1,581  

McDonald’s Holdings Co. Japan Ltd.

      25,600       1,208  

Medipal Holdings Corp.

      58,800       1,109  

MEIJI Holdings Co. Ltd.

      39,526       2,555  

Mercari, Inc.*

      33,300       1,833  

MINEBEA MITSUMI, Inc.

      119,000       3,039  

MISUMI Group, Inc.

      91,300       3,880  

Mitsubishi Chemical Holdings Corp.

      417,300       3,813  

Mitsubishi Corp.

      411,200       12,863  

Mitsubishi Electric Corp.

      593,000       8,248  

Mitsubishi Estate Co. Ltd.

      384,700       6,126  

Mitsubishi Gas Chemical Co., Inc.

      50,600       999  

Mitsubishi HC Capital, Inc.

      212,800       1,118  

Mitsubishi Heavy Industries Ltd.

      103,800       2,802  

Mitsubishi UFJ Financial Group, Inc.

      3,944,695       23,031  

Mitsui & Co. Ltd.

      486,900       10,562  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)     continued

 

Japan – 23.9%     continued

     

Mitsui Chemicals, Inc.

      59,700         $2,004      

Mitsui Fudosan Co. Ltd.

      298,300       7,105  

Miura Co. Ltd.

      28,700       1,151  

Mizuho Financial Group, Inc.

      783,618       11,032  

MonotaRO Co. Ltd.

      81,600       1,841  

MS&AD Insurance Group Holdings, Inc.

      143,543       4,789  

Murata Manufacturing Co. Ltd.

      185,191       16,485  

Nabtesco Corp.

      36,599       1,386  

NEC Corp.

      80,000       4,343  

Nexon Co. Ltd.

      159,400       2,572  

NGK Insulators Ltd.

      82,000       1,393  

NH Foods Ltd.

      26,300       995  

Nidec Corp.

      144,500       16,030  

Nihon M&A Center, Inc.

      98,600       2,906  

Nintendo Co. Ltd.

      36,200       17,610  

Nippon Building Fund, Inc.

      468       3,040  

Nippon Express Co. Ltd.

      24,700       1,702  

Nippon Paint Holdings Co. Ltd.

      234,500       2,551  

Nippon Prologis REIT, Inc.

      667       2,230  

Nippon Sanso Holdings Corp.

      49,700       1,251  

Nippon Shinyaku Co. Ltd.

      16,000       1,333  

Nippon Steel Corp.

      278,961       4,992  

Nippon Telegraph & Telephone Corp.

      414,412       11,456  

Nippon Yusen K.K.

      52,300       3,934  

Nissan Chemical Corp.

      40,200       2,346  

Nissan Motor Co. Ltd.*

      755,800       3,790  

Nisshin Seifun Group, Inc.

      64,905       1,082  

Nissin Foods Holdings Co. Ltd.

      20,500       1,648  

Nitori Holdings Co. Ltd.

      25,900       5,095  

Nitto Denko Corp.

      44,200       3,150  

Nomura Holdings, Inc.

      1,008,400       4,956  

Nomura Real Estate Holdings, Inc.

      37,900       988  

Nomura Real Estate Master Fund, Inc.

      1,409       2,030  

Nomura Research Institute Ltd.

      106,422       3,922  

NSK Ltd.

      125,200       850  

NTT Data Corp.

      203,700       3,947  

Obayashi Corp.

      209,900       1,743  

Obic Co. Ltd.

      22,700       4,344  

Odakyu Electric Railway Co. Ltd.

      95,900       2,222  

Oji Holdings Corp.

      251,400       1,269  

Olympus Corp.

      379,600       8,336  

Omron Corp.

      60,500       5,997  

Ono Pharmaceutical Co. Ltd.

      120,700       2,753  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  115 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

INTERNATIONAL EQUITY INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)    continued

 

  

Japan – 23.9%    continued

     

Oracle Corp. Japan

      12,400         $1,091      

Oriental Land Co. Ltd.

      65,200       10,559  

ORIX Corp.

      397,100       7,421  

Orix JREIT, Inc.

      875       1,524  

Osaka Gas Co. Ltd.

      119,700       2,200  

Otsuka Corp.

      36,900       1,897  

Otsuka Holdings Co. Ltd.

      126,415       5,389  

Pan Pacific International Holdings Corp.

      134,000       2,777  

Panasonic Corp.

      719,500       8,931  

PeptiDream, Inc.*

      31,200       1,016  

Persol Holdings Co. Ltd.

      57,800       1,448  

Pigeon Corp.

      38,500       897  

Pola Orbis Holdings, Inc.

      31,300       722  

Rakuten Group, Inc.

      282,000       2,729  

Recruit Holdings Co. Ltd.

      439,400       26,793  

Renesas Electronics Corp.*

      408,400       5,039  

Resona Holdings, Inc.

      670,510       2,669  

Ricoh Co. Ltd.

      217,200       2,229  

Rinnai Corp.

      11,600       1,271  

Rohm Co. Ltd.

      28,600       2,694  

Ryohin Keikaku Co. Ltd.

      82,300       1,831  

Santen Pharmaceutical Co. Ltd.

      116,100       1,638  

SBI Holdings, Inc.

      79,560       1,963  

SCSK Corp.

      51,300       1,085  

Secom Co. Ltd.

      68,300       4,956  

Seiko Epson Corp.

      90,400       1,824  

Sekisui Chemical Co. Ltd.

      123,800       2,131  

Sekisui House Ltd.

      200,100       4,205  

Seven & i Holdings Co. Ltd.

      243,000       11,027  

SG Holdings Co. Ltd.

      104,300       2,966  

Sharp Corp.

      70,300       890  

Shimadzu Corp.

      77,300       3,396  

Shimano, Inc.

      23,800       6,933  

Shimizu Corp.

      177,800       1,340  

Shin-Etsu Chemical Co. Ltd.

      114,400       19,295  

Shionogi & Co. Ltd.

      86,300       5,912  

Shiseido Co. Ltd.

      130,300       8,782  

Shizuoka Bank (The) Ltd.

      143,100       1,177  

SMC Corp.

      18,500       11,574  

SoftBank Corp.

      933,900       12,680  

SoftBank Group Corp.

      389,700       22,520  

Sohgo Security Services Co. Ltd.

      23,200       1,048  

Sompo Holdings, Inc.

      103,245       4,471  

Sony Group Corp.

      408,100       45,447  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)    continued

 

  

Japan – 23.9%    continued

     

Square Enix Holdings Co. Ltd.

      27,500         $1,449      

Stanley Electric Co. Ltd.

      41,500       1,046  

Subaru Corp.

      200,300       3,720  

SUMCO Corp.

      90,100       1,809  

Sumitomo Chemical Co. Ltd.

      482,800       2,519  

Sumitomo Corp.

      365,600       5,112  

Sumitomo Dainippon Pharma Co. Ltd.

      58,700       1,049  

Sumitomo Electric Industries Ltd.

      245,200       3,271  

Sumitomo Metal Mining Co. Ltd.

      80,600       2,909  

Sumitomo Mitsui Financial Group, Inc.

      419,742       14,685  

Sumitomo Mitsui Trust Holdings, Inc.

      109,219       3,740  

Sumitomo Realty & Development Co. Ltd.

      100,600       3,671  

Suntory Beverage & Food Ltd.

      46,000       1,911  

Suzuki Motor Corp.

      120,000       5,349  

Sysmex Corp.

      54,298       6,708  

T&D Holdings, Inc.

      177,700       2,427  

Taisei Corp.

      62,000       1,996  

Taisho Pharmaceutical Holdings Co. Ltd.

      11,600       678  

Takeda Pharmaceutical Co. Ltd.

      509,766       16,898  

TDK Corp.

      126,900       4,585  

Terumo Corp.

      208,300       9,793  

THK Co. Ltd.

      39,400       869  

TIS, Inc.

      72,000       1,968  

Tobu Railway Co. Ltd.

      61,500       1,658  

Toho Co. Ltd.

      36,200       1,708  

Toho Gas Co. Ltd.

      24,000       1,048  

Tohoku Electric Power Co., Inc.

      140,200       1,033  

Tokio Marine Holdings, Inc.

      201,600       10,811  

Tokyo Century Corp.

      12,000       677  

Tokyo Electric Power Co. Holdings, Inc.*

      497,200       1,426  

Tokyo Electron Ltd.

      48,300       21,291  

Tokyo Gas Co. Ltd.

      121,000       2,253  

Tokyu Corp.

      159,300       2,372  

TOPPAN, Inc.

      82,700       1,407  

Toray Industries, Inc.

      451,800       2,885  

Toshiba Corp.

      133,500       5,598  

Tosoh Corp.

      82,800       1,503  

TOTO Ltd.

      46,100       2,190  

Toyo Suisan Kaisha Ltd.

      28,300       1,257  

Toyota Industries Corp.

      47,600       3,911  

Toyota Motor Corp.

      3,435,220       61,450  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    116 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)    continued

 

  

Japan – 23.9%    continued

     

Toyota Tsusho Corp.

      69,000         $2,892      

Trend Micro, Inc.

      43,400       2,421  

Tsuruha Holdings, Inc.

      12,900       1,594  

Unicharm Corp.

      131,300       5,823  

United Urban Investment Corp.

      945       1,278  

USS Co. Ltd.

      71,500       1,223  

Welcia Holdings Co. Ltd.

      30,700       1,104  

West Japan Railway Co.

      69,800       3,476  

Yakult Honsha Co. Ltd.

      41,700       2,114  

Yamada Holdings Co. Ltd.

      235,790       992  

Yamaha Corp.

      43,500       2,735  

Yamaha Motor Co. Ltd.

      90,600       2,523  

Yamato Holdings Co. Ltd.

      95,100       2,411  

Yaskawa Electric Corp.

      78,200       3,762  

Yokogawa Electric Corp.

      75,400       1,318  

Z Holdings Corp.

      861,600       5,529  

ZOZO, Inc.

      40,500       1,517  
     
               1,315,002  

Jordan – 0.0%

     

Hikma Pharmaceuticals PLC

      56,744       1,867  

Macau – 0.0%

     

Sands China Ltd.*

      789,899       1,619  

Wynn Macau Ltd.*

      495,346       414  
     
               2,033  

Netherlands – 6.2%

     

ABN AMRO Bank N.V. - C.V.A.*

      134,814       1,940  

Adyen N.V.(5) *

      6,374       17,723  

Aegon N.V.

      603,717       3,100  

Akzo Nobel N.V.

      62,167       6,769  

ArcelorMittal S.A.

      234,488       7,075  

Argenx S.E.*

      14,851       4,482  

ASM International N.V.

      15,205       5,937  

ASML Holding N.V.

      135,902       100,251  

EXOR N.V.

      35,317       2,976  

Heineken Holding N.V.

      36,975       3,214  

Heineken N.V.

      83,626       8,693  

ING Groep N.V.

      1,267,740       18,400  

JDE Peet’s N.V.

      23,964       712  

Just Eat Takeaway.com N.V.*

      58,452       4,259  

Koninklijke Ahold Delhaize N.V.

      341,438       11,320  

Koninklijke DSM N.V.

      56,748       11,343  

Koninklijke KPN N.V.

      1,101,861       3,456  

Koninklijke Philips N.V.

      294,217       13,041  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)    continued

 

  

Netherlands – 6.2%    continued

     

Koninklijke Vopak N.V.

      22,420         $881      

NN Group N.V.

      88,833       4,636  

Prosus N.V.*

      301,417       23,739  

QIAGEN N.V.*

      74,065       3,851  

Randstad N.V.

      39,292       2,626  

Royal Dutch Shell PLC, Class A

      1,324,428       29,259  

Royal Dutch Shell PLC, Class B

      1,204,663       26,689  

Stellantis N.V.

      429,767       8,206  

Stellantis N.V. (New York Exchange)

      231,582       4,423  

Universal Music Group N.V.*

      232,261       6,219  

Wolters Kluwer N.V.

      87,366       9,235  
     
               344,455  

New Zealand – 0.3%

     

a2 Milk (The) Co. Ltd.*

      236,972       1,055  

Auckland International Airport Ltd.*

      399,669       2,149  

Fisher & Paykel Healthcare Corp. Ltd.

      188,923       4,154  

Mercury NZ Ltd.

      212,645       951  

Meridian Energy Ltd.

      421,452       1,429  

Ryman Healthcare Ltd.

      141,777       1,467  

Spark New Zealand Ltd.

      566,066       1,866  

Xero Ltd.*

      43,322       4,317  
     
               17,388  

Norway – 0.7%

     

Adevinta ASA*

      90,157       1,543  

DNB Bank ASA

      299,628       6,803  

Equinor ASA

      314,130       8,005  

Gjensidige Forsikring ASA

      64,749       1,434  

Mowi ASA

      144,671       3,651  

Norsk Hydro ASA

      437,026       3,261  

Orkla ASA

      246,878       2,263  

Schibsted ASA, Class A

      24,140       1,147  

Schibsted ASA, Class B

      31,346       1,326  

Telenor ASA

      222,200       3,732  

Yara International ASA

      55,748       2,759  
     
               35,924  

Poland – 0.0%

     

InPost S.A.*

      66,407       1,095  

Portugal – 0.1%

     

Banco Espirito Santo S.A. (Registered)(2)*

      882,815       —  

EDP - Energias de Portugal S.A.

      894,765       4,694  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  117 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

INTERNATIONAL EQUITY INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 97.9% (1)    continued

 

  

Portugal – 0.1%    continued

     

Galp Energia SGPS S.A.

      161,165         $1,825      

Jeronimo Martins SGPS S.A.

      80,224       1,597  
     
               8,116  

Singapore – 1.1%

     

Ascendas Real Estate Investment Trust

      1,044,692       2,299  

CapitaLand Integrated Commercial Trust

      1,610,016       2,393  

Capitaland Investment Ltd.*

      879,762       2,203  

City Developments Ltd.

      144,100       727  

DBS Group Holdings Ltd.

      582,605       12,937  

Genting Singapore Ltd.

      1,882,280       991  

Keppel Corp. Ltd.

      469,550       1,784  

Mapletree Commercial Trust

      683,900       1,039  

Mapletree Logistics Trust

      951,000       1,419  

Oversea-Chinese Banking Corp. Ltd.

      1,085,951       9,091  

Sea Ltd. ADR*

      22,267       7,097  

Singapore Airlines Ltd.*

      437,135       1,599  

Singapore Exchange Ltd.

      260,700       1,908  

Singapore Technologies Engineering Ltd.

      501,700       1,402  

Singapore Telecommunications Ltd.

      2,672,425       4,822  

United Overseas Bank Ltd.

      380,949       7,205  

UOL Group Ltd.

      151,680       763  

Venture Corp. Ltd.

      89,300       1,177  

Wilmar International Ltd.

      620,400       1,906  
     
               62,762  

Spain – 2.4%

     

ACS Actividades de Construccion y Servicios S.A.

      79,241       2,124  

Aena S.M.E. S.A.*

      24,623       4,247  

Amadeus IT Group S.A.*

      147,048       9,660  

Banco Bilbao Vizcaya Argentaria S.A.*

      2,156,986       14,229  

Banco Santander S.A.*

      5,636,270       20,415  

CaixaBank S.A.

      1,433,107       4,444  

Cellnex Telecom S.A.*

      165,291       10,189  

EDP Renovaveis S.A.

      94,965       2,339  

Enagas S.A.

      78,155       1,737  

Endesa S.A.

      105,993       2,138  

Ferrovial S.A.

      153,928       4,464  

Grifols S.A.

      95,875       2,338  

Iberdrola S.A.

      1,913,201       19,108  

Industria de Diseno Textil S.A.

      355,681       12,940  

Naturgy Energy Group S.A.

      96,952       2,441  

Red Electrica Corp. S.A.

      139,594       2,790  
    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS – 97.9% (1)    continued

 

  

Spain – 2.4%    continued

     

Repsol S.A.

      465,394         $6,045      

Siemens Gamesa Renewable Energy S.A.*

      76,710       1,939  

Telefonica S.A.

      1,666,757       7,769  
     
               131,356  

Sweden – 3.4%

     

Alfa Laval AB

      100,301       3,737  

Assa Abloy AB, Class B

      322,549       9,352  

Atlas Copco AB, Class A

      217,103       13,170  

Atlas Copco AB, Class B

      125,016       6,391  

Boliden AB

      89,351       2,874  

Electrolux AB, Class B*

      74,977       1,731  

Embracer Group AB*

      147,406       1,417  

Epiroc AB, Class A

      212,463       4,379  

Epiroc AB, Class B

      122,691       2,168  

EQT AB

      95,803       3,946  

Essity AB, Class B

      198,940       6,175  

Evolution AB

      55,403       8,422  

Fastighets AB Balder, Class B*

      34,548       2,072  

Hennes & Mauritz AB, Class B*

      238,337       4,832  

Hexagon AB, Class B

      642,397       9,898  

Husqvarna AB, Class B

      134,656       1,606  

ICA Gruppen AB

      32,571       1,493  

Industrivarden AB, Class A

      34,088       1,087  

Industrivarden AB, Class C

      52,760       1,626  

Investment AB Latour, Class B

      47,006       1,454  

Investor AB, Class B

      592,292       12,682  

Kinnevik AB, Class B*

      78,846       2,780  

L E Lundbergforetagen AB, Class B

      24,450       1,335  

Lundin Energy AB

      66,872       2,482  

Nibe Industrier AB, Class B

      464,575       5,836  

Sandvik AB

      363,696       8,300  

Securitas AB, Class B

      99,931       1,585  

Sinch AB*

      162,573       3,133  

Skandinaviska Enskilda Banken AB, Class A

      530,714       7,478  

Skanska AB, Class B

      109,001       2,732  

SKF AB, Class B

      122,286       2,878  

Svenska Cellulosa AB S.C.A., Class B

      196,122       3,031  

Svenska Handelsbanken AB, Class A

      477,170       5,353  

Swedbank AB, Class A

      295,365       5,974  

Swedish Match AB

      518,990       4,552  

Tele2 AB, Class B

      165,085       2,439  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    118 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		   VALUE     
(000S)     

COMMON STOCKS – 97.9% (1)    continued

 

Sweden – 3.4%    continued

     

Telefonaktiebolaget LM Ericsson, Class B

      952,321         $10,764      

Telia Co. AB

      867,579       3,577  

Volvo AB, Class A

      61,781       1,401  

Volvo AB, Class B

      464,006       10,425  
     
               186,567  

Switzerland – 9.9%

     

ABB Ltd. (Registered)

      560,892       18,696  

Adecco Group A.G. (Registered)

      49,841       2,496  

Alcon, Inc.

      161,869       13,113  

Baloise Holding A.G. (Registered)

      15,173       2,314  

Banque Cantonale Vaudoise (Registered)

      9,724       740  

Barry Callebaut A.G. (Registered)

      1,150       2,602  

Chocoladefabriken Lindt & Spruengli A.G. (Participation Certificate)

      328       3,674  

Chocoladefabriken Lindt & Spruengli A.G. (Registered)

      36       4,227  

Cie Financiere Richemont S.A., Class A (Registered)

      168,907       17,417  

Clariant A.G. (Registered)*

      72,451       1,357  

Coca-Cola HBC A.G. - CDI*

      65,989       2,121  

Credit Suisse Group A.G. (Registered)

      823,112       8,161  

EMS-Chemie Holding A.G. (Registered)

      2,315       2,179  

Geberit A.G. (Registered)

      11,862       8,716  

Givaudan S.A. (Registered)

      2,985       13,633  

Glencore PLC*

      3,227,111       15,240  

Holcim Ltd.*

      115,034       5,534  

Holcim Ltd. (Euronext Paris Exchange)*

      53,665       2,571  

Julius Baer Group Ltd.

      73,388       4,854  

Kuehne + Nagel International A.G. (Registered)

      17,767       6,037  

Logitech International S.A. (Registered)

      56,527       5,006  

Lonza Group A.G. (Registered)

      24,109       18,062  

Nestle S.A. (Registered)

      933,560       112,325  

Novartis A.G. (Registered)

      719,223       59,005  

Partners Group Holding A.G.

      7,298       11,361  

Roche Holding A.G. (Bearer)

      10,317       4,236  

Roche Holding A.G. (Genusschein)

      227,739       83,103  

Schindler Holding A.G. (Participation Certificate)

      13,071       3,498  

Schindler Holding A.G. (Registered)

      6,673       1,716  

SGS S.A. (Registered)

      1,936       5,629  

Sika A.G. (Registered)

      45,932       14,528  

Sonova Holding A.G. (Registered)

      17,672       6,665  
     NUMBER
OF SHARES		   VALUE     
(000S)     

COMMON STOCKS – 97.9% (1)    continued

 

Switzerland – 9.9%    continued

     

STMicroelectronics N.V.

      223,363         $9,738      

Straumann Holding A.G. (Registered)

      3,315       5,932  

Swatch Group (The) A.G. (Bearer)

      9,388       2,461  

Swatch Group (The) A.G. (Registered)

      16,434       846  

Swiss Life Holding A.G. (Registered)

      10,452       5,300  

Swiss Prime Site A.G. (Registered)

      25,045       2,439  

Swiss Re A.G.

      97,083       8,270  

Swisscom A.G. (Registered)

      8,344       4,791  

Temenos A.G. (Registered)

      21,399       2,906  

UBS Group A.G. (Registered)

      1,184,183       18,923  

Vifor Pharma A.G.

      16,139       2,090  

Zurich Insurance Group A.G.

      48,718       19,865  
     
               544,377  

United Kingdom – 12.3%

     

3i Group PLC

      312,056       5,375  

Abrdn PLC

      718,357       2,466  

Admiral Group PLC

      61,204       2,554  

Anglo American PLC

      418,633       14,441  

Ashtead Group PLC

      146,317       11,099  

Associated British Foods PLC

      115,579       2,872  

AstraZeneca PLC

      501,367       60,357  

Auto Trader Group PLC(5)

     314,032       2,485  

AVEVA Group PLC

      38,162       1,843  

Aviva PLC

      1,261,730       6,715  

BAE Systems PLC

      1,049,596       7,933  

Barclays PLC

      5,485,672       13,991  

Barratt Developments PLC

      326,413       2,880  

Berkeley Group Holdings PLC

      34,972       2,049  

BP PLC

      6,544,756       29,648  

British American Tobacco PLC

      705,192       24,604  

British Land (The) Co. PLC

      278,430       1,839  

BT Group PLC*

      2,926,176       6,284  

Bunzl PLC

      111,025       3,668  

Burberry Group PLC

      133,079       3,240  

CNH Industrial N.V.

      335,191       5,676  

Coca-Cola Europacific Partners PLC

      65,521       3,623  

Compass Group PLC*

      573,718       11,738  

Croda International PLC

      45,777       5,227  

Diageo PLC

      757,463       36,497  

Direct Line Insurance Group PLC

      432,276       1,687  

Entain PLC*

      189,643       5,429  

Evraz PLC

      159,261       1,271  

Ferguson PLC

      72,491       10,049  

GlaxoSmithKline PLC

      1,627,680       30,723  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  119 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

INTERNATIONAL EQUITY INDEX FUND    continued

 

     NUMBER
OF SHARES		   VALUE     
(000S)     

COMMON STOCKS – 97.9% (1)    continued

 

  

United Kingdom – 12.3%    continued

 

  

Halma PLC

      125,143         $4,774      

Hargreaves Lansdown PLC

      116,386       2,234  

HSBC Holdings PLC

      6,612,038       34,591  

Imperial Brands PLC

      310,424       6,478  

Informa PLC*

      492,695       3,610  

InterContinental Hotels Group PLC*

      60,640       3,888  

Intertek Group PLC

      53,000       3,538  

J Sainsbury PLC

      564,406       2,161  

JD Sports Fashion PLC

      165,591       2,331  

Johnson Matthey PLC

      63,532       2,291  

Kingfisher PLC

      676,709       3,062  

Land Securities Group PLC

      224,023       2,085  

Legal & General Group PLC

      1,922,510       7,260  

Lloyds Banking Group PLC

      22,895,117       14,242  

London Stock Exchange Group PLC

      105,954       10,586  

M&G PLC

      829,704       2,271  

Melrose Industries PLC

      1,400,156       3,240  

Mondi PLC

      157,170       3,842  

National Grid PLC

      1,152,360       13,708  

NatWest Group PLC

      1,867,109       5,666  

Next PLC

      42,858       4,700  

Ocado Group PLC*

      155,748       3,464  

Pearson PLC

      240,491       2,299  

Persimmon PLC

      104,892       3,738  

Phoenix Group Holdings PLC

      199,314       1,724  

Prudential PLC

      844,028       16,385  

Reckitt Benckiser Group PLC

      232,174       18,172  

RELX PLC

      624,320       17,991  

Rentokil Initial PLC

      593,969       4,653  

Rio Tinto PLC

      364,092       24,040  

Rolls-Royce Holdings PLC*

      2,679,513       5,041  

Sage Group (The) PLC

      350,105       3,342  

Schroders PLC

      39,723       1,908  

Segro PLC

      394,465       6,330  

Severn Trent PLC

      81,321       2,844  

Smith & Nephew PLC

      283,261       4,865  

Smiths Group PLC

      129,721       2,487  

Spirax-Sarco Engineering PLC

      23,990       4,821  

SSE PLC

      348,641       7,321  

St. James’s Place PLC

      172,582       3,496  

Standard Chartered PLC

      869,602       5,096  

Taylor Wimpey PLC

      1,167,519       2,411  

Tesco PLC

      2,504,245       8,494  

Unilever PLC

      847,614       45,820  
     NUMBER
OF SHARES		   VALUE     
(000S)     

COMMON STOCKS – 97.9% (1)    continued

 

  

United Kingdom – 12.3%    continued

 

  

United Utilities Group PLC

      224,031         $2,913      

Vodafone Group PLC

      9,042,758       13,678  

Whitbread PLC*

      65,956       2,933  

Wm Morrison Supermarkets PLC

      760,117       3,013  

WPP PLC

      395,707       5,317  
     
               679,417  

United States – 0.0%

     

Jackson Financial, Inc.,
Class A(6) *

      1       —  

Total Common Stocks

                 

(Cost $3,464,979)

        5,401,022  
    

PREFERRED STOCKS – 0.6% (1)

    

Germany – 0.6%

     

Bayerische Motoren Werke A.G., 2.83%(7)

     18,241       1,393  

FUCHS PETROLUB S.E.,
2.58%(7)

     23,275       1,089  

Henkel A.G. & Co. KGaA,
2.33%(7)

     57,271       5,317  

Porsche Automobil Holding S.E., 2.61%(7)

     49,666       4,949  

Sartorius A.G., 0.14%(7)

     8,591       5,471  

Volkswagen A.G., 2.54%(7)

     60,125       13,469  
     
               31,688  

Total Preferred Stocks

                 

(Cost $17,920)

        31,688  
    
     PRINCIPAL
AMOUNT
(000S)		   VALUE     
(000S)     

CONVERTIBLE BONDS – 0 .0%

     

Singapore – 0.0%

     

Singapore Airlines Ltd., 0.00%, 6/8/30 (SGD)(8)

     $503       $339  

Total Convertible Bonds

                 

(Cost $376)

        339  
    
     NUMBER
OF SHARES		   VALUE     
(000S)     

RIGHTS – 0.0%

     

Germany – 0.0%

     

Deutsche Lufthansa A.G.*

      95,516       $227  

Total Rights

                 

(Cost $415)

        227  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    120 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

 

NUMBER
OF SHARES

   

    VALUE    

(000S)

INVESTMENT COMPANIES – 0.6%

 

iShares MSCI EAFE ETF

      168,000        $13,106       

Northern Institutional Funds -
U.S. Government Portfolio (Shares), 0.00%(9) (10)

      20,028,152        20,028  
     

Total Investment Companies

                  

(Cost $33,406)

         33,134  
     
     

Total Investments – 99.1%

                  

(Cost $3,517,096)

         5,466,410  

Other Assets less Liabilities – 0.9%

 

      47,140  
     

Net Assets – 100.0%

         $5,513,550  

 

(1)

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

(2)

Level 3 asset that is worthless, bankrupt or has been delisted.

(3)

Restricted security that has been deemed illiquid. At September 30, 2021, the value of this restricted illiquid security amounted to approximately $0 or 0.0% of net assets. Additional information on this restricted illiquid security is as follows:

 

  SECURITY   

ACQUISITION

AND

ENFORCEABLE

DATE

   

COST    

(000S)    

BGP Holdings PLC

    12/2/09      $—  

 

(4)

Restricted security.

 

(5)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

 

(6)

Value rounds to less than one thousand.

 

(7)

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

 

(8)

Zero coupon bond.

 

(9)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

 

(10)

7-day current yield as of September 30, 2021 is disclosed.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

A.G. – Aktiengesellschaft (German: Stock Corporation)

AB – Aktiebolag (Sweden: Corporation)

ADR – American Depositary Receipt

ASA – Aksjeselskap (Norway: Stock Company)

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

N.V. – Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC – Public Limited Company

REIT – Real Estate Investment Trust

S. A. – Société Anonyme (French: Public Limited Company)

S. E. – Societas Europaea (German: Public Company)

SGD – Singapore Dollar

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had outstanding forward foreign currency exchange contracts as follows:

 

COUNTERPARTY   

CONTRACTS

TO

DELIVER

CURRENCY

   

AMOUNT

(LOCAL

CURRENCY)

(000S)

   

IN

EXCHANGE

FOR

CURRENCY

   

AMOUNT

(LOCAL

CURRENCY)

(000S)

     

SETTLEMENT

DATE

     

UNREALIZED

APPRECIATION

(DEPRECIATION)

(000S)

BNY Mellon    Euro      2,675      United
States
Dollar		      3,142        12/15/21        $    39      
BNY Mellon    Singapore
Dollar		      3,500      United
States
Dollar		      2,607        12/15/21        30  
JPMorgan Chase    Australian
Dollar		      2,000      United
States
Dollar		      1,473        12/15/21        27  
JPMorgan Chase    British
Pound		      976      United
States
Dollar		      1,329        12/15/21        14  
JPMorgan Chase    Euro      1,000      United
States
Dollar		      1,184        12/15/21        23  
Morgan Stanley    Japanese
Yen		      351,943      United
States
Dollar		      3,216        12/15/21        51  
Morgan Stanley    United
States
Dollar		      1,786      British
Pound		      1,330        12/15/21        6  
Toronto-Dominion Bank    Singapore
Dollar		      1,127      United
States
Dollar		      837        12/15/21        7  
UBS    Hong
Kong
Dollar		      7,200      United
States
Dollar		      926        12/15/21        1  
           
Subtotal Appreciation                                      198  
BNP    United
States
Dollar		      1,431      Australian
Dollar		      1,975        12/15/21        (2 ) 
BNP    United
States
Dollar		      247      Norwegian
Krone		      2,153        12/15/21        (1 ) 
BNY Mellon    United
States
Dollar		      259      Danish
Krone		      1,629        12/15/21        (5 ) 
Citibank    United
States
Dollar		      3,401      Euro      2,896        12/15/21        (41 ) 
Citibank    United
States
Dollar		      356      Hong
Kong
Dollar		      2,766        12/15/21        — * 
Goldman Sachs    United
States
Dollar		      146      New
Zealand
Dollar		      205        12/15/21        (4 ) 
JPMorgan Chase    United
States
Dollar		      9,526      Euro      8,037        12/15/21        (201 ) 
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  121 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

INTERNATIONAL EQUITY INDEX FUND    continued

 

COUNTERPARTY  

CONTRACTS

TO

DELIVER

CURRENCY

  

AMOUNT

(LOCAL

CURRENCY)

(000S)

  

IN

EXCHANGE

FOR

CURRENCY

    

AMOUNT

(LOCAL

CURRENCY)

(000S)

     SETTLEMENT
DATE		     UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)
JPMorgan Chase    

 United
States
Dollar		  
 
 		     2,474      
 Japanese
Yen		  
 		     270,170       12/15/21       $(45 )   
JPMorgan Chase    

 United
States
Dollar		  
 
 		     2,460      
 Singapore
Dollar		  
 		     3,300       12/15/21       (30)  
JPMorgan Chase    

 United
States
Dollar		  
 
 		     537      
 Swiss
Franc		  
 		     492       12/15/21       (8)  
Morgan Stanley    
 Japanese
Yen		  
 		     625,530      

 United
States
Dollar		  
 
 		     5,592       12/15/21       (33)  
Morgan Stanley    

 United
States
Dollar		  
 
 		     835      
 Australian
Dollar		  
 		     1,130       12/15/21       (18)  
Morgan Stanley    

 United
States
Dollar		  
 
 		     659      
 British
Pound		  
 		     476       12/15/21       (18)  
Morgan Stanley    

 United
States
Dollar		  
 
 		     1,931       Euro       1,660       12/15/21       (5)  
Morgan Stanley    

 United
States
Dollar		  
 
 		     1,463      
 Swedish
Krona		  
 		     12,582       12/15/21       (24)  
Toronto-Dominion Bank    

 United
States
Dollar		  
 
 		     11,402      
 Japanese
Yen		  
 		     1,251,232       12/15/21       (151)  
       
Subtotal Depreciation

 

                     (586)  

Total

                                             $(388)  

 

*

Amount rounds to less than one thousand.

At September 30, 2021, the Fund had open futures contracts as follows:

 

TYPE  

NUMBER OF

CONTRACTS

  

NOTIONAL

AMOUNT

(000S)

  

CONTRACT

POSITION

   CONTRACT
EXP.		    

VALUE AND  

UNREALIZED  

APPRECIATION  

(DEPRECIATION)  

(000S)(1)

Euro Stoxx 50 (Euro)

     588       $27,571       Long       12/21       $(661)      

FTSE 100 Index (British Pound)

     124       11,818       Long       12/21       81  

Hang Seng Index (Hong Kong Dollar)

     11       1,733       Long       10/21       12  

SPI 200 Index (Australian Dollar)

     63       8,304       Long       12/21       (70 ) 

Topix Index (Japanese Yen)

     89       16,237       Long       12/21       26  
           

Total

                                     $(612 ) 

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

  CONCENTRATION BY CURRENCY   

% OF NET 

ASSETS 

Euro

      32.4 % 

Japanese Yen

      23.9  

British Pound

      14.1  

Swiss Franc

      9.3  

Australian Dollar

      6.8  

All other currencies less than 5%

      12.6  
   

Total Investments

      99.1  

Other Assets less Liabilities

      0.9  

Net Assets

      100.0 % 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

    INVESTMENTS   

LEVEL 1

(000S)

  

LEVEL 2

(000S)

   

LEVEL 3

(000S)

     

TOTAL

(000S)

Common Stocks:

 

      

Germany

      $ 2,542       $ 457,334        $—        $459,876      

Hong Kong

      2,194       156,678        —        158,872  

Israel

      13,028       20,677        —        33,705  

Italy

      4,812       107,352        —        112,164  

Netherlands

      10,642       333,813        —        344,455  

Singapore

      9,300       53,462        —        62,762  

United Kingdom

      3,623       675,794        —        679,417  

United States

      — *      —        —        — * 

All Other Countries(1)

     —       3,549,771        —        3,549,771  
         

Total Common Stocks

      46,141       5,354,881        —        5,401,022  

Convertible Bonds

      —       339        —        339  

Preferred Stocks

      —       31,688        —        31,688  

Rights

      227       —        —        227  

Investment Companies

      33,134       —        —        33,134  
         

Total Investments

      $79,502       $5,386,908        $—        $5,466,410  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    122 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    INVESTMENTS  

LEVEL 1

(000S)

    

LEVEL 2

(000S)

    

LEVEL 3

(000S)

    

TOTAL

(000S)

OTHER FINANCIAL INSTRUMENTS

        

Assets

        

Forward Foreign Currency Exchange Contracts

   $ —     $ 198       $—     $ 198      

Futures Contracts

     119       —       —       119  

Liabilities

        

Forward Foreign Currency Exchange Contracts

     —       (586 )      —       (586 ) 

Futures Contracts

     (731 )      —       —       (731 ) 

Total Other Financial Instruments

   $ (612 )    $ (388 )      $—     $ (1,000 ) 
  (1)

Classifications as defined in the Schedule of Investments.

  *

Amount rounds to less than one thousand.

                    

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  123 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

LARGE CAP CORE FUND

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 99.2%

 

Aerospace & Defense – 0.9%

     

Huntington Ingalls Industries, Inc.

      1,484         $286      

Lockheed Martin Corp.

      6,196       2,138  

Northrop Grumman Corp.

      274       99  
     
               2,523  

Air Freight & Logistics – 1.3%

     

Expeditors International of Washington, Inc.

      10,121       1,206  

United Parcel Service, Inc., Class B

      13,260       2,414  
     
               3,620  

Automobiles – 1.1%

     

Ford Motor Co.*

      52,859       748  

Tesla, Inc.*

      3,128       2,426  
     
               3,174  

Banks – 4.5%

     

Bank of America Corp.

      64,345       2,732  

Citigroup, Inc.

      42,766       3,001  

Citizens Financial Group, Inc.

      35,119       1,650  

JPMorgan Chase & Co.

      12,488       2,044  

Wells Fargo & Co.

      73,871       3,428  
     
               12,855  

Beverages – 0.6%

     

Coca-Cola (The) Co.

      33,306       1,748  

Monster Beverage Corp.*

      238       21  
     
               1,769  

Biotechnology – 1.2%

     

Amgen, Inc.

      11,924       2,536  

Regeneron Pharmaceuticals, Inc.*

      1,155       699  

Vertex Pharmaceuticals, Inc.*

      1,696       307  
     
               3,542  

Capital Markets – 2.8%

     

Affiliated Managers Group, Inc.

      3,413       516  

Bank of New York Mellon (The) Corp.

      43,028       2,231  

Goldman Sachs Group (The), Inc.

      7,580       2,865  

Invesco Ltd.

      13,317       321  

Jefferies Financial Group, Inc.

      55,745       2,070  
     
               8,003  

Chemicals – 0.9%

     

Celanese Corp.

      3,540       533  

DuPont de Nemours, Inc.

      21,646       1,472  

Eastman Chemical Co.

      5,610       565  
     
               2,570  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS - 99.2%     continued

 

  

Communications Equipment – 1.3%

     

Cisco Systems, Inc.

      65,272         $3,553      

Consumer Finance – 1.0%

     

Ally Financial, Inc.

      11,600       592  

Capital One Financial Corp.

      3,980       645  

SLM Corp.

      91,179       1,605  
     
               2,842  

Containers & Packaging – 0.7%

     

International Paper Co.

      17,863       999  

Sealed Air Corp.

      20,430       1,119  
     
               2,118  

Diversified Financial Services – 1.0%

 

Berkshire Hathaway, Inc., Class B*

      10,564       2,883  

Diversified Telecommunication Services – 0.8%

 

  

Verizon Communications, Inc.

      41,526       2,243  

Electric Utilities – 1.1%

     

Edison International

      982       55  

Entergy Corp.

      195       19  

Exelon Corp.

      33,486       1,619  

FirstEnergy Corp.

      23,348       832  

NRG Energy, Inc.

      12,208       498  
     
               3,023  

Electrical Equipment – 0.8%

     

Acuity Brands, Inc.

      7,836       1,358  

Emerson Electric Co.

      8,521       803  
     
               2,161  

Electronic Equipment, Instruments & Components – 0.6%

 

Arrow Electronics, Inc.*

      11,897       1,336  

Zebra Technologies Corp., Class A*

      695       358  
     
               1,694  

Energy Equipment & Services – 0.7%

 

Schlumberger N.V.

      70,139       2,079  

Entertainment – 1.1%

     

Activision Blizzard, Inc.

      3,172       245  

Electronic Arts, Inc.

      5,023       715  

Netflix, Inc.*

      1,946       1,188  

Take-Two Interactive Software, Inc.*

      3,397       523  

Walt Disney (The) Co.*

      3,498       592  
     
               3,263  

Equity Real Estate Investment Trusts – 2.1%

 

Highwoods Properties, Inc.

      30,502       1,338  

Iron Mountain, Inc.

      18,013       783  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    124 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS - 99.2%     continued

 

  

Equity Real Estate Investment Trusts – 2.1%     continued

 

Kimco Realty Corp.

      91,041         $1,889      

Weyerhaeuser Co.

      58,042       2,064  
     
               6,074  

Food & Staples Retailing – 1.8%

     

Albertsons Cos., Inc., Class A

      66,101       2,058  

Kroger (The) Co.

      20,816       842  

Walmart, Inc.

      15,243       2,124  
     
               5,024  

Food Products – 0.7%

     

Hershey (The) Co.

      11,443       1,937  

J.M. Smucker (The) Co.

      945       113  
     
               2,050  

Health Care Equipment & Supplies – 3.2%

 

Abbott Laboratories

      27,797       3,284  

Hill-Rom Holdings, Inc.

      114       17  

IDEXX Laboratories, Inc.*

      3,395       2,111  

Medtronic PLC

      20,359       2,552  

ResMed, Inc.

      4,460       1,176  
     
               9,140  

Health Care Providers & Services – 3.0%

 

HCA Healthcare, Inc.

      9,337       2,266  

Laboratory Corp. of America Holdings*

      4,651       1,309  

McKesson Corp.

      2,562       511  

UnitedHealth Group, Inc.

      11,694       4,569  
     
               8,655  

Hotels, Restaurants & Leisure – 1.3%

 

Domino’s Pizza, Inc.

      2,759       1,316  

Marriott International, Inc., Class A*

      3,247       481  

McDonald’s Corp.

      4,551       1,097  

Starbucks Corp.

      1,464       162  

Yum! Brands, Inc.

      4,655       569  
     
               3,625  

Household Durables – 0.6%

     

Lennar Corp., Class A

      8,830       827  

Newell Brands, Inc.

      1,157       26  

NVR, Inc.*

      97       465  

Whirlpool Corp.

      2,575       525  
     
               1,843  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS - 99.2%     continued

 

  

Household Products – 0.9%

     

Colgate-Palmolive Co.

      12,582         $951      

Procter & Gamble (The) Co.

      10,734       1,501  
     
               2,452  

Independent Power & Renewable Electricity Producers – 0.5%

 

AES (The) Corp.

      67,673       1,545  

Industrial Conglomerates – 0.8%

     

3M Co.

      13,588       2,384  

Insurance – 2.0%

     

Aflac, Inc.

      38,748       2,020  

Assured Guaranty Ltd.

      27,747       1,299  

MetLife, Inc.

      36,689       2,265  

Prudential Financial, Inc.

      186       19  
     
               5,603  

Interactive Media & Services – 7.4%

 

Alphabet, Inc., Class A*

      5,304       14,181  

Facebook, Inc., Class A*

      20,608       6,994  
     
               21,175  

Internet & Direct Marketing Retail – 4.2%

 

Amazon.com, Inc.*

      3,080       10,118  

eBay, Inc.

      24,267       1,691  

Qurate Retail, Inc., Class A

      13,309       135  
     
               11,944  

IT Services – 4.4%

     

Accenture PLC, Class A

      10,789       3,452  

Automatic Data Processing, Inc.

      2,988       597  

Cognizant Technology Solutions Corp., Class A

      6,253       464  

Concentrix Corp.*

      3,783       670  

Gartner, Inc.*

      2,188       665  

International Business Machines Corp.

      17,211       2,391  

Mastercard, Inc., Class A

      2,732       950  

Paychex, Inc.

      11,474       1,290  

PayPal Holdings, Inc.*

      2,946       767  

Visa, Inc., Class A

      6,286       1,400  
     
               12,646  

Leisure Products – 0.5%

     

Brunswick Corp.

      8,292       790  

Polaris, Inc.

      5,477       655  
     
               1,445  

Life Sciences Tools & Services – 1.5%

 

Mettler-Toledo International, Inc.*

      541       745  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  125 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

LARGE CAP CORE FUND    continued

 

    

 

NUMBER
OF SHARES

   VALUE     
(000S)     

COMMON STOCKS - 99.2%    continued

 

  

Life Sciences Tools & Services – 1.5%    continued

 

Thermo Fisher Scientific, Inc.

      3,101         $1,772      

Waters Corp.*

      4,735       1,692  
     
               4,209  

Machinery – 1.9%

     

Cummins, Inc.

      7,682       1,725  

Parker-Hannifin Corp.

      6,903       1,930  

Snap-on, Inc.

      8,471       1,770  
     
               5,425  

Media – 2.0%

     

Comcast Corp., Class A

      9,347       523  

Fox Corp., Class A

      37,878       1,519  

Interpublic Group of (The) Cos., Inc.

      22,307       818  

Nexstar Media Group, Inc., Class A

      6,642       1,009  

Omnicom Group, Inc.

      24,608       1,783  
     
               5,652  

Metals & Mining – 0.7%

     

Newmont Corp.

      11,300       614  

Reliance Steel & Aluminum Co.

      9,327       1,328  
     
               1,942  

Multiline Retail – 1.0%

     

Kohl’s Corp.

      4,625       218  

Target Corp.

      11,177       2,557  
     
               2,775  

Multi-Utilities – 0.8%

     

Ameren Corp.

      15,845       1,284  

Public Service Enterprise Group, Inc.

      16,739       1,019  
     
               2,303  

Oil, Gas & Consumable Fuels – 2.0%

 

Chevron Corp.

      5,239       532  

Cimarex Energy Co.

      1,987       173  

Continental Resources, Inc.

      10,232       472  

Exxon Mobil Corp.

      2,551       150  

Kinder Morgan, Inc.

      105,502       1,765  

Marathon Oil Corp.

      103,386       1,413  

Targa Resources Corp.

      15,063       741  

Williams (The) Cos., Inc.

      15,130       393  
     
               5,639  

Paper & Forest Products – 0.1%

     

Louisiana-Pacific Corp.

      6,091       374  

Personal Products – 0.5%

     

Herbalife Nutrition Ltd.*

      34,410       1,458  
    

 

NUMBER
OF SHARES

   VALUE     
(000S)     

COMMON STOCKS - 99.2%    continued

 

  

Pharmaceuticals – 4.0%

     

Eli Lilly & Co.

      13,868         $3,204      

Johnson & Johnson

      31,086       5,020  

Merck & Co., Inc.

      1,144       86  

Pfizer, Inc.

      74,090       3,187  
     
               11,497  

Professional Services – 0.8%

     

Robert Half International, Inc.

      21,683       2,175  

Real Estate Management & Development – 0.5%

 

CBRE Group, Inc., Class A*

      15,958       1,554  

Road & Rail – 1.0%

     

Landstar System, Inc.

      10,066       1,589  

Ryder System, Inc.

      13,488       1,115  
     
               2,704  

Semiconductors & Semiconductor Equipment – 6.0%

 

Applied Materials, Inc.

      18,839       2,425  

Broadcom, Inc.

      5,930       2,876  

Intel Corp.

      51,790       2,759  

KLA Corp.

      7,113       2,379  

Lam Research Corp.

      88       50  

Microchip Technology, Inc.

      6,322       970  

NVIDIA Corp.

      10,309       2,136  

QUALCOMM, Inc.

      1,556       201  

Texas Instruments, Inc.

      16,727       3,215  
     
               17,011  

Software – 8.3%

     

Adobe, Inc.*

      2,689       1,548  

Citrix Systems, Inc.

      2,918       314  

Microsoft Corp.

      64,668       18,231  

NortonLifeLock, Inc.

      17,125       433  

Oracle Corp.

      35,179       3,065  
     
               23,591  

Specialty Retail – 3.1%

     

AutoZone, Inc.*

      270       459  

Bath & Body Works, Inc.

      10,445       658  

Best Buy Co., Inc.

      9,975       1,054  

Dick’s Sporting Goods, Inc.

      6,542       784  

Home Depot (The), Inc.

      8,040       2,639  

Lowe’s Cos., Inc.

      7,177       1,456  

O’Reilly Automotive, Inc.*

      266       163  

Victoria’s Secret & Co.*

      3,481       192  

Williams-Sonoma, Inc.

      7,923       1,405  
     
               8,810  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    126 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

 

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS - 99.2%     continued

 

  

Technology Hardware, Storage & Peripherals – 7.1%

 

Apple, Inc.

      133,727         $18,922      

Dell Technologies, Inc., Class C*

      6,820       710  

HP, Inc.

      16,579       454  
     
               20,086  

Tobacco – 1.4%

     

Altria Group, Inc.

      20,981       955  

Philip Morris International, Inc.

      30,466       2,888  
     
               3,843  

Trading Companies & Distributors – 0.7%

 

MSC Industrial Direct Co., Inc., Class A

      4,762       382  

United Rentals, Inc.*

      3,555       1,247  

W.W. Grainger, Inc.

      1,028       404  
     
               2,033  

Total Common Stocks

                 

(Cost $180,193)

        282,601  
    

INVESTMENT COMPANIES – 0.6%

 

  

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(1) (2)

      1,685,223       1,685  

Total Investment Companies

                 

(Cost $1,685)

        1,685  
    
    

 

PRINCIPAL
AMOUNT
(000S)

   VALUE
(000S)

SHORT-TERM INVESTMENTS - 0.1%

 

  

U.S. Treasury Bill,
0.04%, 1/27/22(3) (4)

      $415             $415  

Total Short-Term Investments

                 

(Cost $415)

        415  
                  

Total Investments – 99.9%

                 

(Cost $182,293)

        284,701  

Other Assets less Liabilities – 0.1%

 

     266  
     

NET ASSETS – 100.0%

        $284,967  

 

(1)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(2)

7-day current yield as of September 30, 2021 is disclosed.

(3)

Discount rate at the time of purchase.

(4)

Security pledged as collateral to cover margin requirements for open futures contracts.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

  TYPE    NUMBER OF
CONTRACTS		      NOTIONAL
AMOUNT
(000S)		      CONTRACT
POSITION		    CONTRACT
EXP.		   

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)(1)

E-Mini S&P 500

      9        $1,934      Long    12/21    $(85)

 

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the secutity types for the Fund were:

 

  SECURITY TYPE (1)    % OF NET ASSETS   

Common Stocks

      99.2 % 

Investment Companies

      0.6 % 

Short-Term Investments

      0.1 % 

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS    LEVEL 1
(000S)		    LEVEL 2
(000S)		    LEVEL 3
(000S)		      TOTAL
(000S)		  

Common Stocks(1)

     $282,601        $—        $—        $282,601    

Investment Companies

      1,685        —        —        1,685    

Short-Term Investments

      —        415        —        415    
         

Total Investments

      $284,286        $415        $—        $284,701    
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  127 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

   

    

   

LARGE CAP CORE FUND    continued

   SEPTEMBER 30, 2021 (UNAUDITED)

 

  INVESTMENTS    LEVEL 1
(000S)		   LEVEL 2
(000S)		    LEVEL 3
(000S)		      TOTAL
(000S)		  

OTHER FINANCIAL INSTRUMENTS

                                   

Liabilities

           

Futures Contracts

      $     (85)      $ —        $ —        $    (85 ) 
(1)

Classifications as defined in the Schedule of Investments.

    

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    128 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

SCHEDULE OF INVESTMENTS

 

    

LARGE CAP VALUE FUND

  

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

NUMBER
OF SHARES

   VALUE     
(000S)     

COMMON STOCKS – 99.2%

     

Aerospace & Defense – 1.2%

     

Northrop Grumman Corp.

      2,243         $808      

Auto Components – 0.5%

     

Gentex Corp.

      9,322       307  

Banks – 10.7%

     

Bank of America Corp.

      39,949       1,696  

Bank of Hawaii Corp.

      4,185       344  

Citigroup, Inc.

      15,221       1,068  

Cullen/Frost Bankers, Inc.

      2,986       354  

Fifth Third Bancorp

      659       28  

First Hawaiian, Inc.

      7,417       218  

JPMorgan Chase & Co.

      9,318       1,525  

PNC Financial Services Group (The), Inc.

      873       171  

Prosperity Bancshares, Inc.

      5,178       368  

U.S. Bancorp

      15,458       919  

Wells Fargo & Co.

      6,647       308  
     
               6,999  

Biotechnology – 1.3%

     

Biogen, Inc.*

      1,214       344  

Gilead Sciences, Inc.

      6,935       484  
     
               828  

Building Products – 1.3%

     

A.O. Smith Corp.

      5,595       342  

Carlisle Cos., Inc.

      1,713       340  

Johnson Controls International PLC

      2,301       157  
     
               839  

Capital Markets – 3.5%

     

Bank of New York Mellon (The) Corp.

      12,942       671  

Goldman Sachs Group (The), Inc.

      2,290       866  

Invesco Ltd.

      6,880       166  

Jefferies Financial Group, Inc.

      9,584       356  

State Street Corp.

      3,123       264  
     
               2,323  

Chemicals – 2.6%

     

Dow, Inc.

      11,356       653  

DuPont de Nemours, Inc.

      8,571       583  

Eastman Chemical Co.

      3,049       307  

LyondellBasell Industries N.V., Class A

      44       4  

Olin Corp.

      3,312       160  
     
               1,707  

Communications Equipment – 1.4%

 

Cisco Systems, Inc.

      17,155       934  
    

 

NUMBER
OF SHARES

   VALUE     
(000S)     

COMMON STOCKS - 99.2%     continued

 

  

Consumer Finance – 2.5%

     

Capital One Financial Corp.

      5,430         $880      

Santander Consumer U.S.A. Holdings, Inc.

      8,953       373  

Synchrony Financial

      8,096       396  
     
               1,649  

Containers & Packaging – 0.6%

     

International Paper Co.

      6,591       369  

Distributors – 0.6%

     

Genuine Parts Co.

      3,055       370  

Diversified Consumer Services – 0.3%

 

Terminix Global Holdings, Inc.*

      4,261       178  

Diversified Financial Services – 1.1%

 

Berkshire Hathaway, Inc., Class B*

      2,724       743  

Electric Utilities – 2.4%

     

Duke Energy Corp.

      1,449       141  

Evergy, Inc.

      5,985       372  

Exelon Corp.

      9,912       479  

Pinnacle West Capital Corp.

      2,261       164  

PPL Corp.

      14,158       395  
     
               1,551  

Electrical Equipment – 1.0%

     

Acuity Brands, Inc.

      1,260       218  

Emerson Electric Co.

      1,356       128  

Hubbell, Inc.

      1,078       195  

Regal Beloit Corp.

      892       134  
     
               675  

Electronic Equipment, Instruments & Components – 0.4%

 

Trimble, Inc.*

      65       5  

Zebra Technologies Corp., Class A*

      484       250  
     
               255  

Entertainment – 2.7%

     

Activision Blizzard, Inc.

      11,317       876  

Electronic Arts, Inc.

      668       95  

Walt Disney (The) Co.*

      4,936       835  
     
               1,806  

Equity Real Estate Investment Trusts – 4.4%

 

  

AvalonBay Communities, Inc.

      2,281       506  

Brixmor Property Group, Inc.

      618       14  

Cousins Properties, Inc.

      4,696       175  

Equity Residential

      6,030       488  

Healthpeak Properties, Inc.

      11,479       384  

Kilroy Realty Corp.

      4,943       327  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  129 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

LARGE CAP VALUE FUND    continued

 

    

 

NUMBER
OF SHARES

   VALUE     
(000S)     

COMMON STOCKS - 99.2%    continued

 

Equity Real Estate Investment Trusts – 4.4%     continued

 

Kimco Realty Corp.

      9,555         $198      

SL Green Realty Corp.

      4,733       335  

Ventas, Inc.

      91       5  

Weyerhaeuser Co.

      12,258       436  
     
               2,868  

Food & Staples Retailing – 2.4%

     

Kroger (The) Co.

      6,572       265  

Walmart, Inc.

      9,318       1,299  
     
               1,564  

Food Products – 2.8%

     

Campbell Soup Co.

      8,432       353  

Flowers Foods, Inc.

      14,740       348  

General Mills, Inc.

      4,994       299  

J.M. Smucker (The) Co.

      3,120       375  

Kraft Heinz (The) Co.

      6,717       247  

Tyson Foods, Inc., Class A

      2,767       218  
     
               1,840  

Health Care Equipment & Supplies – 3.4%

 

Abbott Laboratories

      8,162       964  

Baxter International, Inc.

      1,813       146  

Becton Dickinson and Co.

      1,498       368  

Danaher Corp.

      949       289  

Hill-Rom Holdings, Inc.

      39       6  

Medtronic PLC

      1,854       232  

Quidel Corp.*

      1,740       246  
     
               2,251  

Health Care Providers & Services – 3.2%

 

CVS Health Corp.

      407       34  

Laboratory Corp. of America Holdings*

      1,578       444  

UnitedHealth Group, Inc.

      4,158       1,625  
     
               2,103  

Health Care Technology – 0.6%

     

Cerner Corp.

      5,499       388  

Hotels, Restaurants & Leisure – 2.3%

 

Domino’s Pizza, Inc.

      714       341  

McDonald’s Corp.

      1,615       389  

Starbucks Corp.

      2,898       320  

Yum! Brands, Inc.

      3,528       431  
     
               1,481  

Household Durables – 0.7%

     

Lennar Corp., Class A

      268       25  
    

 

NUMBER
OF SHARES

   VALUE     
(000S)     

COMMON STOCKS - 99.2%    continued

 

Household Durables – 0.7%     continued

 

NVR, Inc.*

      69         $331      

Whirlpool Corp.

      544       111  
     
               467  

Household Products – 1.0%

     

Procter & Gamble (The) Co.

      4,519       632  

Independent Power & Renewable Electricity Producers – 0.5%

 

Vistra Corp.

      20,399       349  

Insurance – 4.1%

     

Aflac, Inc.

      10,844       565  

Alleghany Corp.*

      403       252  

Allstate (The) Corp.

      458       58  

American International Group, Inc.

      1,604       88  

Assured Guaranty Ltd.

      6,309       295  

Brighthouse Financial, Inc.*

      473       22  

Loews Corp.

      6,954       375  

MetLife, Inc.

      11,872       733  

Prudential Financial, Inc.

      2,650       279  
     
               2,667  

Interactive Media & Services – 0.4%

 

Alphabet, Inc., Class A*

      91       243  

Internet & Direct Marketing Retail – 0.1%

 

Qurate Retail, Inc., Class A

      4,631       47  

IT Services – 4.7%

     

Accenture PLC, Class A

      2,041       653  

Cognizant Technology Solutions Corp., Class A

      5,412       402  

Genpact Ltd.

      5,673       269  

International Business Machines Corp.

      5,317       739  

Jack Henry & Associates, Inc.

      2,108       346  

Paychex, Inc.

      3,142       353  

Visa, Inc., Class A

      1,428       318  
     
               3,080  

Leisure Products – 0.0%

     

Polaris, Inc.

      38       5  

Life Sciences Tools & Services – 2.3%

 

IQVIA Holdings, Inc.*

      685       164  

PerkinElmer, Inc.

      309       54  

Thermo Fisher Scientific, Inc.

      2,256       1,289  
     
               1,507  

Machinery – 3.9%

     

AGCO Corp.

      1,341       164  

Crane Co.

      2,786       264  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    130 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS - 99.2%    continued

 

Machinery – 3.9%    continued

     

Cummins, Inc.

      2,348         $527      

Fortive Corp.

      5,583       394  

Parker-Hannifin Corp.

      1,755       491  

Snap-on, Inc.

      1,716       359  

Stanley Black & Decker, Inc.

      171       30  

Woodward, Inc.

      2,917       330  
     
               2,559  

Media – 4.1%

     

Comcast Corp., Class A

      22,737       1,272  

Discovery, Inc., Class A*

      6,696       170  

Fox Corp., Class A

      2,449       98  

Interpublic Group of (The) Cos., Inc.

      9,788       359  

New York Times (The) Co., Class A

      6,980       344  

Nexstar Media Group, Inc., Class A

      2,212       336  

Omnicom Group, Inc.

      1,579       114  
     
               2,693  

Metals & Mining – 1.5%

     

Freeport-McMoRan, Inc.

      9,657       314  

Newmont Corp.

      12,019       653  
     
               967  

Multiline Retail – 1.3%

     

Target Corp.

      3,638       832  

Multi-Utilities – 1.2%

     

Public Service Enterprise Group, Inc.

      7,098       432  

Sempra Energy

      2,600       329  
     
               761  

Oil, Gas & Consumable Fuels – 4.0%

 

Chevron Corp.

      3,049       309  

Continental Resources, Inc.

      7,669       354  

EOG Resources, Inc.

      6,487       521  

Exxon Mobil Corp.

      13,980       822  

Marathon Petroleum Corp.

      5,216       322  

Occidental Petroleum Corp.

      10,260       304  
     
               2,632  

Pharmaceuticals – 7.2%

     

Bristol-Myers Squibb Co.

      16,473       975  

Johnson & Johnson

      12,654       2,043  

Merck & Co., Inc.

      3,981       299  

Pfizer, Inc.

      33,337       1,434  
     
               4,751  

Professional Services – 1.0%

 

ManpowerGroup, Inc.

      1,531       166  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS - 99.2%    continued

 

Professional Services – 1.0%    continued

 

Nielsen Holdings PLC

      17,939         $344      

Science Applications International Corp.

      2,118       181  
     
               691  

Real Estate Management & Development – 0.6%

 

Jones Lang LaSalle, Inc.*

      1,491       370  

Road & Rail – 1.6%

     

Norfolk Southern Corp.

      2,309       552  

Ryder System, Inc.

      4,192       347  

Schneider National, Inc., Class B

      7,312       166  
     
               1,065  

Semiconductors & Semiconductor Equipment – 4.4%

 

Analog Devices, Inc.

      4,762       798  

Applied Materials, Inc.

      820       106  

Broadcom, Inc.

      655       318  

Intel Corp.

      16,394       873  

Lam Research Corp.

      111       63  

Microchip Technology, Inc.

      777       119  

NXP Semiconductors N.V.

      296       58  

Qorvo, Inc.*

      185       31  

Skyworks Solutions, Inc.

      953       157  

Teradyne, Inc.

      2,481       271  

Xilinx, Inc.

      414       62  
     
               2,856  

Software – 0.1%

     

CDK Global, Inc.

      2,199       94  

Specialty Retail – 0.5%

     

Best Buy Co., Inc.

      2,787       295  

Dick’s Sporting Goods, Inc.

      351       42  
     
               337  

Textiles, Apparel & Luxury Goods – 0.3%

 

Deckers Outdoor Corp.*

      649       234  

Trading Companies & Distributors – 0.5%

 

MSC Industrial Direct Co., Inc., Class A

      3,779       303  

Total Common Stocks

                 

(Cost $58,191)

        64,978  
          

INVESTMENT COMPANIES – 0.5%

 

Northern Institutional Funds -
U.S. Government Portfolio (Shares), 0.00%(1) (2)

      319,414       319  

Total Investment Companies

                 

(Cost $319)

        319  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  131 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

    

    

  

LARGE CAP VALUE FUND    continued

  

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

PRINCIPAL

AMOUNT

(000S)

  

    VALUE    

    (000S)    

SHORT-TERM INVESTMENTS – 0.2%

 

U.S. Treasury Bill,
0.04%, 1/27/22(3) (4)

      $150         $150      

Total Short-Term Investments

                 

(Cost $150)

        150  
             

Total Investments – 99.9%

                 

(Cost $58,660)

        65,447  

Other Assets less Liabilities – 0.1%

              68  

NET ASSETS – 100.0%

        $65,515  

 

(1)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(2)

7-day current yield as of September 30, 2021 is disclosed.

(3)

Discount rate at the time of purchase.

(4)

Security pledged as collateral to cover margin requirements for open futures contracts.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

TYPE  

NUMBER OF

CONTRACTS

  

NOTIONAL

AMOUNT

(000S)

  

CONTRACT

POSITION

  

CONTRACT

EXP.

  

VALUE AND    

UNREALIZED    

APPRECIATION    

(DEPRECIATION)    

(000S)(1)

E-Mini S&P 500

     2           $430           Long           12/21               $ (17) 
   

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE (1)    % OF NET ASSETS      

Common Stocks

      99.2%  

Investment Companies

      0.5%  

Short-Term Investments

      0.2%  

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   

LEVEL 1

(000S)

      LEVEL 2
(000S)		      LEVEL 3
(000S)		      TOTAL    
(000S)    

Common Stocks(1)

      $64,978        $ —        $—        $64,978      

Investment Companies

      319        —        —        319  

Short-Term Investments

      —        150        —        150  
         

Total Investments

      $65,297        $150        $—        $65,447  

OTHER FINANCIAL

INSTRUMENTS

                                    

Liabilities

            

Futures Contracts

      $    (17)        $ —        $—        $    (17)  

 

(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    132 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

SCHEDULE OF INVESTMENTS      

 

    

MID CAP INDEX FUND

  

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS – 98.6%

     

Aerospace & Defense – 1.0%

     

Axon Enterprise, Inc.*

      69,641         $12,189      

Curtiss-Wright Corp.

      43,200       5,451  

Hexcel Corp.*

      89,329       5,305  

Mercury Systems, Inc.*

      59,412       2,817  
     
               25,762  

Air Freight & Logistics – 0.7%

     

GXO Logistics, Inc.*

      104,570       8,202  

XPO Logistics, Inc.*

      104,556       8,321  
     
               16,523  

Airlines – 0.2%

     

JetBlue Airways Corp.*

      337,654       5,163  

Auto Components – 1.6%

     

Adient PLC*

      100,109       4,149  

Dana, Inc.

      154,032       3,426  

Fox Factory Holding Corp.*

      44,750       6,468  

Gentex Corp.

      253,233       8,352  

Goodyear Tire & Rubber (The) Co.*

      297,286       5,262  

Lear Corp.

      63,327       9,909  

Visteon Corp.*

      29,618       2,796  
     
               40,362  

Automobiles – 0.5%

     

Harley-Davidson, Inc.

      163,786       5,996  

Thor Industries, Inc.

      58,629       7,198  
     
               13,194  

Banks – 7.0%

     

Associated Banc-Corp

      161,781       3,465  

BancorpSouth Bank

      115,202       3,431  

Bank of Hawaii Corp.

      42,863       3,522  

Bank OZK

      128,817       5,536  

Cathay General Bancorp

      82,774       3,426  

CIT Group, Inc.

      105,606       5,486  

Commerce Bancshares, Inc.

      113,015       7,875  

Cullen/Frost Bankers, Inc.

      60,266       7,149  

East West Bancorp, Inc.

      150,434       11,665  

First Financial Bankshares, Inc.

      135,835       6,242  

First Horizon Corp.

      582,437       9,488  

FNB Corp.

      339,087       3,940  

Fulton Financial Corp.

      171,729       2,624  

Glacier Bancorp, Inc.

      114,849       6,357  

Hancock Whitney Corp.

      92,185       4,344  

Home BancShares, Inc.

      160,945       3,787  

International Bancshares Corp.

      56,505       2,353  

PacWest Bancorp

      124,456       5,640  
    

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS - 98.6%    continued

 

Banks – 7.0%     continued

     

Pinnacle Financial Partners, Inc.

      80,578         $7,581      

Prosperity Bancshares, Inc.

      98,316       6,993  

Signature Bank

      64,304       17,509  

Sterling Bancorp

      204,677       5,109  

Synovus Financial Corp.

      155,181       6,811  

Texas Capital Bancshares, Inc.*

      53,614       3,218  

UMB Financial Corp.

      45,582       4,408  

Umpqua Holdings Corp.

      234,439       4,747  

United Bankshares, Inc.

      136,868       4,979  

Valley National Bancorp

      431,498       5,743  

Webster Financial Corp.

      96,288       5,244  

Wintrust Financial Corp.

      60,692       4,878  
     
               173,550  

Beverages – 0.2%

     

Boston Beer (The) Co., Inc.,
Class A*

      9,913       5,053  

Biotechnology – 1.7%

     

Arrowhead Pharmaceuticals, Inc.*

      110,218       6,881  

Emergent BioSolutions, Inc.*

      50,707       2,539  

Exelixis, Inc.*

      334,186       7,065  

Halozyme Therapeutics, Inc.*

      151,017       6,143  

Neurocrine Biosciences, Inc.*

      100,273       9,617  

United Therapeutics Corp.*

      47,526       8,772  
     
               41,017  

Building Products – 2.4%

     

Builders FirstSource, Inc.*

      219,761       11,371  

Carlisle Cos., Inc.

      55,278       10,989  

Lennox International, Inc.

      36,283       10,673  

Owens Corning

      109,353       9,350  

Simpson Manufacturing Co., Inc.

      46,288       4,951  

Trex Co., Inc.*

      122,349       12,471  
     
               59,805  

Capital Markets – 2.7%

     

Affiliated Managers Group, Inc.

      43,698       6,602  

Evercore, Inc., Class A

      42,060       5,622  

FactSet Research Systems, Inc.

      40,078       15,822  

Federated Hermes, Inc.

      103,514       3,364  

Interactive Brokers Group, Inc., Class A

      92,639       5,775  

Janus Henderson Group PLC

      183,150       7,570  

Jefferies Financial Group, Inc.

      209,537       7,780  

SEI Investments Co.

      113,824       6,750  

Stifel Financial Corp.

      111,107       7,551  
     
               66,836  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  133 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

MID CAP INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS - 98.6%    continued

 

Chemicals – 2.4%

     

Ashland Global Holdings, Inc.

      59,913         $5,340      

Avient Corp.

      97,234       4,507  

Cabot Corp.

      59,963       3,005  

Chemours (The) Co.

      174,848       5,081  

Ingevity Corp.*

      41,958       2,995  

Minerals Technologies, Inc.

      35,741       2,496  

NewMarket Corp.

      7,665       2,597  

Olin Corp.

      152,809       7,373  

RPM International, Inc.

      137,545       10,680  

Scotts Miracle-Gro (The) Co.

      43,032       6,298  

Sensient Technologies Corp.

      44,910       4,090  

Valvoline, Inc.

      191,618       5,975  
     
               60,437  

Commercial Services & Supplies – 1.7%

 

Brink’s (The) Co.

      52,914       3,349  

Clean Harbors, Inc.*

      52,970       5,502  

Herman Miller, Inc.

      79,463       2,993  

IAA, Inc.*

      142,772       7,791  

KAR Auction Services, Inc.*

      126,448       2,072  

MSA Safety, Inc.

      38,516       5,612  

Stericycle, Inc.*

      97,079       6,598  

Tetra Tech, Inc.

      57,369       8,568  
     
               42,485  

Communications Equipment – 0.9%

 

Ciena Corp.*

      164,200       8,432  

Lumentum Holdings, Inc.*

      80,344       6,712  

NetScout Systems, Inc.*

      79,348       2,138  

Viasat, Inc.*

      77,815       4,285  
     
               21,567  

Construction & Engineering – 1.3%

 

AECOM*

      152,740       9,645  

Dycom Industries, Inc.*

      32,439       2,311  

EMCOR Group, Inc.

      57,014       6,578  

Fluor Corp.*

      149,944       2,395  

MasTec, Inc.*

      60,776       5,244  

Valmont Industries, Inc.

      22,460       5,281  
     
               31,454  

Construction Materials – 0.2%

 

Eagle Materials, Inc.

      44,422       5,826  

Consumer Finance – 0.7%

 

FirstCash, Inc.

      42,909       3,755  

LendingTree, Inc.*

      12,229       1,710  

Navient Corp.

      177,897       3,510  
    

NUMBER

OF SHARES

  

VALUE       

(000S)       

COMMON STOCKS - 98.6%    continued

 

Consumer Finance – 0.7%    continued

 

PROG Holdings, Inc.*

      70,420         $2,958      

SLM Corp.

      324,151       5,705  
     
               17,638  

Containers & Packaging – 0.8%

     

AptarGroup, Inc.

      70,019       8,357  

Greif, Inc., Class A

      27,800       1,796  

Silgan Holdings, Inc.

      88,957       3,412  

Sonoco Products Co.

      104,334       6,216  
     
               19,781  

Diversified Consumer Services – 0.9%

 

Graham Holdings Co., Class B

      4,278       2,520  

Grand Canyon Education, Inc.*

      47,939       4,217  

H&R Block, Inc.

      188,826       4,721  

Service Corp. International

      177,745       10,711  
     
               22,169  

Diversified Telecommunication Services – 0.2%

 

Iridium Communications, Inc.*

      139,925       5,576  

Electric Utilities – 1.0%

     

ALLETE, Inc.

      55,392       3,297  

Hawaiian Electric Industries, Inc.

      116,424       4,753  

IDACORP, Inc.

      53,469       5,528  

OGE Energy Corp.

      212,171       6,993  

PNM Resources, Inc.

      91,447       4,525  
     
               25,096  

Electrical Equipment – 1.7%

     

Acuity Brands, Inc.

      37,769       6,548  

EnerSys

      44,820       3,336  

Hubbell, Inc.

      57,626       10,411  

nVent Electric PLC

      178,410       5,768  

Regal Beloit Corp.

      43,293       6,509  

Sunrun, Inc.*

      218,426       9,611  
     
               42,183  

Electronic Equipment, Instruments & Components – 3.2%

 

Arrow Electronics, Inc.*

      76,339       8,572  

Avnet, Inc.

      105,687       3,907  

Belden, Inc.

      47,305       2,756  

Cognex Corp.

      187,547       15,045  

Coherent, Inc.*

      25,974       6,496  

II-VI, Inc.*

      111,067       6,593  

Jabil, Inc.

      154,788       9,035  

Littelfuse, Inc.

      26,157       7,148  

National Instruments Corp.

      140,470       5,511  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    134 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS - 98.6%    continued

 

Electronic Equipment, Instruments &
Components – 3.2%    continued

 

SYNNEX Corp.

      44,119         $4,593      

Vishay Intertechnology, Inc.

      140,544       2,823  

Vontier Corp.

      178,789       6,007  
     
               78,486  

Energy Equipment & Services – 0.4%

 

ChampionX Corp.*

      214,012       4,785  

NOV, Inc.*

      414,260       5,431  
     
               10,216  

Entertainment – 0.1%

     

World Wrestling Entertainment, Inc., Class A

      47,831       2,691  

Equity Real Estate Investment Trusts – 9.1%

 

American Campus Communities, Inc.

      147,107       7,127  

Apartment Income REIT Corp.

      166,390       8,122  

Brixmor Property Group, Inc.

      314,417       6,952  

Camden Property Trust

      106,650       15,728  

CoreSite Realty Corp.

      46,890       6,496  

Corporate Office Properties Trust

      119,174       3,215  

Cousins Properties, Inc.

      157,093       5,858  

CyrusOne, Inc.

      131,533       10,182  

Douglas Emmett, Inc.

      186,027       5,880  

EastGroup Properties, Inc.

      42,741       7,122  

EPR Properties

      79,526       3,927  

First Industrial Realty Trust, Inc.

      136,951       7,132  

Healthcare Realty Trust, Inc.

      154,469       4,600  

Highwoods Properties, Inc.

      110,916       4,865  

Hudson Pacific Properties, Inc.

      162,597       4,271  

JBG SMITH Properties

      123,041       3,643  

Kilroy Realty Corp.

      111,203       7,363  

Lamar Advertising Co., Class A

      92,020       10,440  

Life Storage, Inc.

      83,065       9,531  

Macerich (The) Co.

      225,844       3,774  

Medical Properties Trust, Inc.

      631,766       12,680  

National Retail Properties, Inc.

      186,083       8,037  

National Storage Affiliates Trust

      86,500       4,566  

Omega Healthcare Investors, Inc.

      253,272       7,588  

Park Hotels & Resorts, Inc.*

      251,784       4,819  

Pebblebrook Hotel Trust

      139,256       3,121  

Physicians Realty Trust

      231,629       4,081  

PotlatchDeltic Corp.

      71,230       3,674  

PS Business Parks, Inc.

      21,333       3,344  

Rayonier, Inc.

      149,857       5,347  

Rayonier, Inc. - (Fractional Shares)(1)

      50,000       —  
    

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

COMMON STOCKS - 98.6%    continued

 

Equity Real Estate Investment Trusts – 9.1%    continued

 

Rexford Industrial Realty, Inc.

      146,034         $8,287      

Sabra Health Care REIT, Inc.

      234,197       3,447  

SL Green Realty Corp.

      71,220       5,045  

Spirit Realty Capital, Inc.

      126,248       5,813  

STORE Capital Corp.

      259,607       8,315  

Urban Edge Properties

      115,731       2,119  
     
               226,511  

Food & Staples Retailing – 1.1%

     

BJ’s Wholesale Club Holdings, Inc.*

      145,274       7,979  

Casey’s General Stores, Inc.

      39,321       7,410  

Grocery Outlet Holding Corp.*

      91,801       1,980  

Performance Food Group Co.*

      162,493       7,549  

Sprouts Farmers Market, Inc.*

      121,370       2,812  
     
               27,730  

Food Products – 1.8%

     

Darling Ingredients, Inc.*

      171,898       12,359  

Flowers Foods, Inc.

      211,436       4,996  

Hain Celestial Group (The), Inc.*

      89,406       3,825  

Ingredion, Inc.

      71,242       6,341  

Lancaster Colony Corp.

      21,073       3,557  

Pilgrim’s Pride Corp.*

      51,326       1,493  

Post Holdings, Inc.*

      62,206       6,853  

Sanderson Farms, Inc.

      22,512       4,237  

Tootsie Roll Industries, Inc.

      18,893       575  
     
               44,236  

Gas Utilities – 1.2%

     

National Fuel Gas Co.

      97,189       5,104  

New Jersey Resources Corp.

      102,285       3,561  

ONE Gas, Inc.

      56,537       3,583  

Southwest Gas Holdings, Inc.

      62,712       4,194  

Spire, Inc.

      54,851       3,356  

UGI Corp.

      221,542       9,442  
     
               29,240  

Health Care Equipment & Supplies – 3.8%

 

Envista Holdings Corp.*

      171,514       7,171  

Globus Medical, Inc., Class A*

      82,823       6,346  

Haemonetics Corp.*

      54,164       3,824  

Hill-Rom Holdings, Inc.

      69,801       10,470  

ICU Medical, Inc.*

      21,053       4,913  

Integra LifeSciences Holdings Corp.*

      77,070       5,278  

LivaNova PLC*

      56,559       4,479  

Masimo Corp.*

      53,725       14,544  

Neogen Corp.*

      114,516       4,973  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  135 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

MID CAP INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS - 98.6%    continued

 

Health Care Equipment & Supplies – 3.8%    continued

 

NuVasive, Inc.*

      54,807         $3,280      

Penumbra, Inc.*

      36,464       9,718  

Quidel Corp.*

      40,185       5,672  

STAAR Surgical Co.*

      50,385       6,476  

Tandem Diabetes Care, Inc.*

      66,840       7,979  
     
               95,123  

Health Care Providers & Services – 3.1%

 

Acadia Healthcare Co., Inc.*

      95,567       6,095  

Amedisys, Inc.*

      34,723       5,177  

Chemed Corp.

      16,664       7,751  

Encompass Health Corp.

      105,311       7,903  

HealthEquity, Inc.*

      88,121       5,707  

LHC Group, Inc.*

      33,734       5,293  

Molina Healthcare, Inc.*

      61,908       16,796  

Option Care Health, Inc.*

      146,842       3,562  

Patterson Cos., Inc.

      91,426       2,756  

Progyny, Inc.*

      72,990       4,087  

R1 RCM, Inc.*

      141,604       3,117  

Tenet Healthcare Corp.*

      113,856       7,565  
     
               75,809  

Hotels, Restaurants & Leisure – 3.1%

 

Boyd Gaming Corp.*

      86,915       5,498  

Choice Hotels International, Inc.

      34,762       4,393  

Churchill Downs, Inc.

      36,702       8,812  

Cracker Barrel Old Country Store, Inc.

      25,187       3,522  

Jack in the Box, Inc.

      23,023       2,241  

Marriott Vacations Worldwide Corp.

      45,263       7,121  

Papa John’s International, Inc.

      34,527       4,385  

Scientific Games Corp.*

      102,195       8,489  

Six Flags Entertainment Corp.*

      81,882       3,480  

Texas Roadhouse, Inc.

      74,104       6,768  

Travel + Leisure Co.

      91,966       5,015  

Wendy’s (The) Co.

      188,577       4,088  

Wingstop, Inc.

      31,455       5,157  

Wyndham Hotels & Resorts, Inc.

      99,110       7,650  
     
               76,619  

Household Durables – 1.6%

     

Helen of Troy Ltd.*

      25,566       5,744  

KB Home

      95,696       3,725  

Taylor Morrison Home Corp.*

      132,695       3,421  

Tempur Sealy International, Inc.

      208,367       9,671  

Toll Brothers, Inc.

      122,847       6,792  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS - 98.6%    continued

 

Household Durables – 1.6%    continued

 

TopBuild Corp.*

      34,931         $7,154      

Tri Pointe Homes, Inc.*

      120,614       2,535  
     
               39,042  

Household Products – 0.1%

     

Energizer Holdings, Inc.

      66,793       2,608  

Insurance – 3.6%

     

Alleghany Corp.*

      14,700       9,179  

American Financial Group, Inc.

      70,069       8,817  

Brighthouse Financial, Inc.*

      88,050       3,983  

CNO Financial Group, Inc.

      135,474       3,189  

First American Financial Corp.

      116,350       7,801  

Hanover Insurance Group (The), Inc.

      37,816       4,902  

Kemper Corp.

      63,443       4,237  

Kinsale Capital Group, Inc.

      22,797       3,686  

Mercury General Corp.

      27,760       1,545  

Old Republic International Corp.

      302,163       6,989  

Primerica, Inc.

      42,028       6,457  

Reinsurance Group of America, Inc.

      72,063       8,018  

RenaissanceRe Holdings Ltd.

      49,956       6,964  

RLI Corp.

      42,379       4,249  

Selective Insurance Group, Inc.

      64,031       4,836  

Unum Group

      216,631       5,429  
     
               90,281  

Interactive Media & Services – 0.3%

 

TripAdvisor, Inc.*

      104,229       3,528  

Yelp, Inc.*

      73,361       2,732  
     
               6,260  

IT Services – 1.7%

     

Alliance Data Systems Corp.

      53,013       5,348  

Concentrix Corp.*

      45,423       8,040  

Genpact Ltd.

      183,241       8,706  

LiveRamp Holdings, Inc.*

      71,751       3,389  

Maximus, Inc.

      64,986       5,407  

Sabre Corp.*

      344,205       4,075  

WEX, Inc.*

      47,440       8,356  
     
               43,321  

Leisure Products – 1.3%

     

Brunswick Corp.

      82,201       7,831  

Callaway Golf Co.*

      123,509       3,412  

Mattel, Inc.*

      369,858       6,865  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    136 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS - 98.6%    continued

 

Leisure Products – 1.3%    continued

 

Polaris, Inc.

      60,410         $7,229      

YETI Holdings, Inc.*

      92,740       7,947  
     
               33,284  

Life Sciences Tools & Services – 1.2%

 

Medpace Holdings, Inc.*

      30,407       5,755  

Repligen Corp.*

      54,222       15,670  

Syneos Health, Inc.*

      109,783       9,604  
     
               31,029  

Machinery – 5.0%

     

AGCO Corp.

      65,483       8,024  

Colfax Corp.*

      137,349       6,304  

Crane Co.

      52,898       5,015  

Donaldson Co., Inc.

      133,208       7,647  

Flowserve Corp.

      138,786       4,812  

Graco, Inc.

      180,099       12,602  

ITT, Inc.

      91,218       7,830  

Kennametal, Inc.

      88,684       3,036  

Lincoln Electric Holdings, Inc.

      62,995       8,113  

Middleby (The) Corp.*

      58,995       10,059  

Nordson Corp.

      57,342       13,656  

Oshkosh Corp.

      72,678       7,440  

Terex Corp.

      73,966       3,114  

Timken (The) Co.

      73,603       4,815  

Toro (The) Co.

      113,594       11,065  

Trinity Industries, Inc.

      88,987       2,418  

Woodward, Inc.

      67,460       7,637  
     
               123,587  

Marine – 0.1%

     

Kirby Corp.*

      63,780       3,059  

Media – 1.0%

     

Cable One, Inc.

      5,254       9,526  

John Wiley & Sons, Inc., Class A

      46,020       2,403  

New York Times (The) Co., Class A

      177,336       8,737  

TEGNA, Inc.

      234,493       4,624  
     
               25,290  

Metals & Mining – 2.1%

     

Cleveland-Cliffs, Inc.*

      482,183       9,552  

Commercial Metals Co.

      127,965       3,898  

Compass Minerals International, Inc.

      35,887       2,311  

Reliance Steel & Aluminum Co.

      67,294       9,584  

Royal Gold, Inc.

      69,366       6,624  

Steel Dynamics, Inc.

      205,472       12,016  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS - 98.6%    continued

 

Metals & Mining – 2.1%    continued

 

United States Steel Corp.

      287,448         $6,315      

Worthington Industries, Inc.

      35,128       1,851  
     
               52,151  

Multiline Retail – 0.6%

     

Kohl’s Corp.

      165,607       7,799  

Nordstrom, Inc.*

      117,293       3,102  

Ollie’s Bargain Outlet Holdings, Inc.*

      64,438       3,884  
     
               14,785  

Multi-Utilities – 0.6%

     

Black Hills Corp.

      66,996       4,205  

MDU Resources Group, Inc.

      214,596       6,367  

NorthWestern Corp.

      54,582       3,127  
     
               13,699  

Oil, Gas & Consumable Fuels – 2.1%

 

Antero Midstream Corp.

      344,119       3,586  

Cimarex Energy Co.

      108,781       9,486  

CNX Resources Corp.*

      231,271       2,919  

DT Midstream, Inc.

      103,032       4,764  

EQT Corp.*

      320,546       6,558  

Equitrans Midstream Corp.

      432,615       4,387  

HollyFrontier Corp.

      158,954       5,266  

Murphy Oil Corp.

      153,920       3,843  

Targa Resources Corp.

      242,378       11,927  
     
               52,736  

Paper & Forest Products – 0.3%

 

Louisiana-Pacific Corp.

      101,024       6,200  

Personal Products – 0.2%

     

Coty, Inc., Class A*

      354,760       2,788  

Nu Skin Enterprises, Inc., Class A

      52,746       2,135  
     
               4,923  

Pharmaceuticals – 0.8%

     

Jazz Pharmaceuticals PLC*

      64,861       8,446  

Nektar Therapeutics*

      196,418       3,528  

Perrigo Co. PLC

      141,800       6,711  
     
               18,685  

Professional Services – 1.6%

 

ASGN, Inc.*

      56,139       6,352  

CACI International, Inc., Class A*

      24,940       6,537  

FTI Consulting, Inc.*

      36,491       4,915  

Insperity, Inc.

      38,279       4,239  

KBR, Inc.

      149,369       5,885  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  137 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

MID CAP INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS - 98.6%     continued

 

Professional Services – 1.6%     continued

 

ManpowerGroup, Inc.

      57,540         $6,230      

Science Applications International Corp.

      61,272       5,243  
     
               39,401  

Real Estate Management & Development – 0.5%

 

Jones Lang LaSalle, Inc.*

      53,771       13,340  

Road & Rail – 1.4%

     

Avis Budget Group, Inc.*

      50,100       5,837  

Knight-Swift Transportation Holdings, Inc.

      176,085       9,007  

Landstar System, Inc.

      40,661       6,417  

Ryder System, Inc.

      56,778       4,696  

Saia, Inc.*

      27,891       6,639  

Werner Enterprises, Inc.

      65,732       2,910  
     
               35,506  

Semiconductors & Semiconductor Equipment – 4.0%

 

Amkor Technology, Inc.

      106,336       2,653  

Brooks Automation, Inc.

      78,733       8,058  

Cirrus Logic, Inc.*

      60,818       5,008  

CMC Materials, Inc.

      31,128       3,836  

Cree, Inc.*

      122,498       9,889  

First Solar, Inc.*

      104,896       10,014  

Lattice Semiconductor Corp.*

      144,720       9,356  

MKS Instruments, Inc.

      58,731       8,863  

Semtech Corp.*

      68,645       5,352  

Silicon Laboratories, Inc.*

      42,976       6,024  

SolarEdge Technologies, Inc.*

      55,449       14,706  

Synaptics, Inc.*

      37,236       6,693  

Universal Display Corp.

      46,029       7,869  
     
               98,321  

Software – 4.0%

 

ACI Worldwide, Inc.*

      124,159       3,815  

Aspen Technology, Inc.*

      72,048       8,847  

Blackbaud, Inc.*

      44,643       3,141  

CDK Global, Inc.

      128,621       5,473  

Cerence, Inc.*

      40,265       3,870  

CommVault Systems, Inc.*

      48,939       3,686  

Digital Turbine, Inc.*

      92,752       6,377  

Envestnet, Inc.*

      57,985       4,653  

Fair Isaac Corp.*

      30,117       11,984  

J2 Global, Inc.*

      51,131       6,986  

Manhattan Associates, Inc.*

      67,265       10,294  

Mimecast Ltd.*

      64,865       4,125  
    

NUMBER

OF SHARES

  

VALUE       

(000S)       

COMMON STOCKS - 98.6%     continued

 

Software – 4.0%     continued

 

Paylocity Holding Corp.*

      41,701         $11,693      

Qualys, Inc.*

      35,430       3,943  

Sailpoint Technologies Holdings, Inc.*

      98,418       4,220  

Teradata Corp.*

      115,713       6,636  
     
               99,743  

Specialty Retail – 3.7%

 

American Eagle Outfitters, Inc.

      162,637       4,196  

AutoNation, Inc.*

      46,311       5,639  

Dick’s Sporting Goods, Inc.

      69,504       8,324  

Five Below, Inc.*

      59,388       10,500  

Foot Locker, Inc.

      95,545       4,363  

GameStop Corp., Class A*

      65,983       11,578  

Lithia Motors, Inc.

      32,084       10,172  

Murphy U.S.A., Inc.

      25,235       4,221  

RH*

      18,065       12,048  

Urban Outfitters, Inc.*

      69,898       2,075  

Victoria’s Secret & Co.*

      79,624       4,400  

Williams-Sonoma, Inc.

      79,671       14,128  
     
               91,644  

Technology Hardware, Storage & Peripherals – 0.3%

 

NCR Corp.*

      139,309       5,400  

Xerox Holdings Corp.

      146,025       2,945  
     
               8,345  

Textiles, Apparel & Luxury Goods – 1.7%

 

Capri Holdings Ltd.*

      161,467       7,817  

Carter’s, Inc.

      46,857       4,556  

Columbia Sportswear Co.

      37,092       3,555  

Crocs, Inc.*

      66,167       9,494  

Deckers Outdoor Corp.*

      29,342       10,569  

Skechers U.S.A., Inc., Class A*

      143,268       6,034  
     
               42,025  

Thrifts & Mortgage Finance – 0.8%

 

Essent Group Ltd.

      118,644       5,221  

MGIC Investment Corp.

      358,487       5,363  

New York Community Bancorp, Inc.

      491,851       6,330  

Washington Federal, Inc.

      72,152       2,476  
     
               19,390  

Trading Companies & Distributors – 0.8%

 

GATX Corp.

      37,555       3,363  

MSC Industrial Direct Co., Inc., Class A

      49,955       4,006  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    138 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS - 98.6%     continued

 

Trading Companies & Distributors – 0.8%     continued

 

Univar Solutions, Inc.*

      182,345       $4,344  

Watsco, Inc.

      34,912       9,238  
     
               20,951  

Water Utilities – 0.4%

     

Essential Utilities, Inc.

      237,256       10,933  

Wireless Telecommunication Services – 0.1%

 

Telephone and Data Systems, Inc.

      104,682       2,041  

Total Common Stocks

 

        

(Cost $1,564,930)

        2,450,718  
    

INVESTMENT COMPANIES – 1.1%

 

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(2) (3)

      27,895,503       27,896  

Total Investment Companies

 

        

(Cost $27,896)

        27,896  
    
    

PRINCIPAL

AMOUNT

(000S)

  

VALUE

(000S)

SHORT-TERM INVESTMENTS – 0.2%

 

U.S. Treasury Bill, 0.04%, 1/27/22(4) (5)

      $5,565         $5,564      

Total Short-Term Investments

 

        

(Cost $5,564)

        5,564  
    
   

Total Investments – 99.9%

 

        

(Cost $1,598,390)

        2,484,178  

Other Assets less Liabilities – 0.1%

 

     1,288  

NET ASSETS – 100.0%

 

     $2,485,466  

 

(1)

Level 3 asset that is worthless, bankrupt or has been delisted.

 

(2)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

 

(3)

7-day current yield as of September 30, 2021 is disclosed.

 

(4)

Discount rate at the time of purchase.

 

(5)

Security pledged as collateral to cover margin requirements for open futures contracts.

 

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

PLC - Public Limited Company

REIT - Real Estate Investment Trust

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

     TYPE           NUMBER OF
CONTRACTS		   NOTIONAL
AMOUNT
(000S)		   CONTRACT
POSITION		   CONTRACT
EXP.		  

VALUE AND  

UNREALIZED

APPRECIATION  
(DEPRECIATION)  

(000S)(1)

E-Mini S&P MidCap 400

   130   $34,232   Long   12/21   $(694)
                     

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the security types for the Fund were:

 

    SECURITY TYPE(1)    % OF NET ASSETS  

Common Stocks

      98.6 % 

Investment Companies

      1.1 % 

Short-Term Investments

      0.2 % 

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   LEVEL 1
(000S)		     LEVEL 2
(000S)		     LEVEL 3
(000S)		    

TOTAL    

(000S)    

Common Stocks(1)

     $2,450,718       $     —       $—       $2,450,718      

Investment Companies

     27,896       —       —       27,896  

Short-Term Investments

     —       5,564       —       5,564  
         

Total Investments

     $2,478,614       $5,564       $—       $2,484,178  

  OTHER FINANCIAL

  INSTRUMENTS

 

 

                        

Liabilities
Futures Contracts

     $           (694 )      $  —       $—       $        (694 ) 

 

(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  139 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 95.8% (1)

 

Australia – 8.3%

     

Atlas Arteria Ltd.

      2,012,746       $9,327  

Aurizon Holdings Ltd.

      3,102,114       8,449  

Spark Infrastructure Group

      8,874,940       17,958  

Transurban Group

      5,338,678       54,166  
     
               89,900  

Brazil – 0.9%

     

CCR S.A.

      2,508,700       5,403  

CPFL Energia S.A.

      622,900       3,086  

EcoRodovias Infraestrutura e Logistica S.A.*

      957,800       1,585  
     
               10,074  

Canada – 3.4%

     

Atco Ltd., Class I

      52,014       1,668  

Emera, Inc.

      248,308       11,245  

Enbridge, Inc.

      240,308       9,574  

Hydro One Ltd.

      94,120       2,225  

Pembina Pipeline Corp.

      369,700       11,719  
     
               36,431  

Chile – 0.1%

     

Aguas Andinas S.A., Class A

      7,264,476       1,461  

China – 0.7%

     

Jiangsu Expressway Co. Ltd., Class H

      7,722,000       7,817  

France – 7.3%

     

Eutelsat Communications S.A.

      456,700       6,278  

Getlink S.E.

      1,020,784       15,982  

Rubis S.C.A.

      283,727       9,827  

Vinci S.A.

      445,330       46,129  
     
               78,216  

Germany – 0.5%

     

Fraport A.G. Frankfurt Airport Services Worldwide*

      72,139       5,027  

Hong Kong – 3.2%

     

China Gas Holdings Ltd.

      2,948,600       8,695  

CK Infrastructure Holdings Ltd.

      812,500       4,514  

CLP Holdings Ltd.

      633,000       6,089  

Guangdong Investment Ltd.

      4,936,000       6,433  

Power Assets Holdings Ltd.

      1,497,320       8,775  
     
               34,506  

Italy – 10.7%

     

Atlantia S.p.A.*

      1,766,631       33,398  

Hera S.p.A.

      2,770,033       11,315  

Infrastrutture Wireless Italiane S.p.A.(2)

      1,480,839         16,514      
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 95.8% (1)     continued

 

Italy – 10.7%     continued

 

Italgas S.p.A.

      1,553,782       $9,949  

Snam S.p.A.

      4,445,794       24,643  

Terna - Rete Elettrica Nazionale

      2,744,362       19,465  
     
               115,284  

Japan – 0.8%

 

Tokyo Gas Co. Ltd.

      275,000       5,121  

West Japan Railway Co.

      65,900       3,282  
     
               8,403  

Mexico – 1.4%

 

ALEATICA S.A.B. de C.V.*

      3,216,989       3,136  

Grupo Aeroportuario del Sureste S.A.B. de C.V., Series B

      366,583       6,838  

Promotora y Operadora de Infraestructura S.A.B. de C.V.

      721,906       4,989  
     
               14,963  

Netherlands – 1.1%

 

Koninklijke Vopak N.V.

      298,046       11,717  

Portugal – 0.3%

 

REN - Redes Energeticas Nacionais SGPS S.A.

      1,283,008       3,783  

Spain – 6.7%

 

Aena S.M.E. S.A.*

      100,205       17,284  

EDP Renovaveis S.A.

      284,605       7,009  

Ferrovial S.A.

      1,564,520       45,375  

Iberdrola S.A.

      207,459       2,072  
     
               71,740  

Switzerland – 2.1%

 

Flughafen Zurich A.G. (Registered)*

      125,489       22,382  

United Kingdom – 10.1%

 

National Grid PLC

      3,329,317       39,603  

Pennon Group PLC

      441,662       6,688  

Severn Trent PLC

      765,723       26,776  

SSE PLC

      823,028       17,283  

United Utilities Group PLC

      1,458,255       18,961  
     
               109,311  

United States – 38.2%

 

Alliant Energy Corp.

      126,000       7,053  

Ameren Corp.

      290,890       23,562  

American Electric Power Co., Inc.

      216,370       17,565  

American Tower Corp.

      84,392       22,398  

Atmos Energy Corp.

      132,016       11,644  

Avista Corp.

      64,873         2,538      

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    140 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 95.8% (1)     continued

 

United States – 38.2%     continued

 

CenterPoint Energy, Inc.

      313,773         $7,719  

Cheniere Energy, Inc.*

      207,006       20,218  

Consolidated Edison, Inc.

      131,600       9,553  

Crown Castle International Corp.

      56,881       9,859  

CSX Corp.

      879,006       26,142  

CyrusOne, Inc.

      43,107       3,337  

Dominion Energy, Inc.

      447,276       32,660  

Duke Energy Corp.

      246,525       24,058  

Edison International

      169,174       9,384  

Entergy Corp.

      171,861       17,068  

Evergy, Inc.

      112,988       7,028  

Eversource Energy

      136,317       11,145  

Exelon Corp.

      44,218       2,138  

FirstEnergy Corp.

      263,475       9,385  

NextEra Energy, Inc.

      333,869       26,215  

NiSource, Inc.

      594,701       14,410  

Norfolk Southern Corp.

      73,171       17,506  

Pinnacle West Capital Corp.

      186,857       13,521  

Republic Services, Inc.

      35,862       4,306  

SBA Communications Corp.

      44,049       14,561  

Sempra Energy

      127,882       16,177  

SES S.A.

      810,900       7,252  

SJW Group

      38,000       2,510  

Williams (The) Cos., Inc.

      320,314       8,309  

Xcel Energy, Inc.

      205,863       12,866  
     
               412,087  

Total Common Stocks

 

        

(Cost $943,605)

        1,033,102  
    

MASTER LIMITED PARTNERSHIPS – 0.9%

 

United States – 0.9%

     

Enterprise Products Partners L.P.

      434,699       9,407  

Total Master Limited Partnerships

 

        

(Cost $8,093)

        9,407  
    

INVESTMENT COMPANIES – 2.5%

 

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(3) (4)

      26,666,006         26,666      

Total Investment Companies

                 

(Cost $26,666)

        26,666  
    

PRINCIPAL

AMOUNT

(000S)

  

VALUE    

(000S)    

SHORT-TERM INVESTMENTS – 0.4%

 

U.S. Treasury Bill,
0.04%, 1/27/22(5) (6)

      $4,180         $4,180  

Total Short-Term Investments

                 

(Cost $4,179)

        4,180  
    
     

Total Investments – 99.6%

                 

(Cost $982,543)

        1,073,355  

Other Assets less Liabilities – 0.4%

 

     4,445  

Net Assets – 100.0%

        $1,077,800      

 

(1)

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

 

(2)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

 

(3)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

 

(4)

7-day current yield as of September 30, 2021 is disclosed.

 

(5)

Discount rate at the time of purchase.

 

(6)

Security pledged as collateral to cover margin requirements for open futures contracts.

 

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

A.G. - Aktiengesellschaft (German: Stock Corporation)

EAFE - Europe, Australasia and the Far East

L.P. - Limited Partnership

MSCI - Morgan Stanley Capital International

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

S&P - Standard & Poor’s

S.A. - Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. - Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

S.E. - Societas Europaea (German: Public Company)

Percentages shown are based on Net Assets.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  141 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

 

    

    

MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND    continued

  

SEPTEMBER 30, 2021 (UNAUDITED)

 

At September 30, 2021, the Fund had open futures contracts as follows:

 

          TYPE  

NUMBER OF

CONTRACTS

    

NOTIONAL

AMOUNT

(000S)

    

CONTRACT

POSITION

    

CONTRACT

EXP.

    

VALUE AND  

UNREALIZED  

APPRECIATION  

(DEPRECIATION)  

(000S)(1)

E-Mini S&P 500 (United States Dollar)

     38       $8,166       Long       12/31       $(279)  

MSCI EAFE Index (United States Dollar)

     56       6,348       Long       12/21       (183)  

Total

                             $(462)      

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

   CONCENTRATION BY CURRENCY   

% OF NET

ASSETS

  

United States Dollar

      41.3 % 

Euro

      27.2  

British Pound

      10.2  

Australian Dollar

      8.3  

All other currencies less than 5%

      12.6  

Total Investments

      99.6  

Other Assets less Liabilities

      0.4  

Net Assets

      100.0 % 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

   INVESTMENTS   

LEVEL 1

(000S)

      LEVEL 2
(000S)		      LEVEL 3
(000S)		     

TOTAL    

(000S)    

Common Stocks:

            

Brazil

    $ 10,074      $ —        $—      $ 10,074      

Canada

      36,431        —        —        36,431  

Chile

      1,461        —        —        1,461  

Mexico

      11,827        3,136        —        14,963  

United States

      404,835        7,252        —        412,087  

All Other Countries(1)

      —        558,086        —        558,086  

Total Common Stocks

      464,628        568,474        —        1,033,102  

Master Limited Partnerships(1)

      9,407        —        —        9,407  

Investment Companies

      26,666        —        —        26,666  

Short-Term Investments

      —        4,180        —        4,180  
         

Total Investments

    $ 500,701      $ 572,654        $—      $ 1,073,355  

 

(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    142 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

SCHEDULE OF INVESTMENTS      

 

    

MULTI-MANAGER GLOBAL REAL ESTATE  FUND

  

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 95.4% (1)

 

Australia – 3.6%

     

BGP Holdings PLC(2) *

      3,277,404       $—  

Goodman Group

      292,307       4,538  

National Storage REIT

      1,051,669       1,751  

Vicinity Centres

      811,457       967  
     
               7,256  

Belgium – 2.8%

 

Aedifica S.A.

      2,821       350  

Shurgard Self Storage S.A.

      29,597       1,625  

VGP N.V.

      4,332       995  

Warehouses De Pauw - C.V.A.

      64,691       2,615  
     
               5,585  

Brazil – 0.1%

 

Multiplan Empreendimentos Imobiliarios S.A.*

      74,575       260  

Canada – 1.5%

 

Allied Properties Real Estate Investment Trust

      24,982       793  

Granite Real Estate Investment Trust

      30,923       2,199  
     
               2,992  

China – 0.4%

 

GDS Holdings Ltd., Class A*

      114,648       816  

France – 0.4%

 

Gecina S.A.

      6,200       831  

Germany – 4.4%

 

Deutsche Wohnen S.E.

      47,938       2,939  

Instone Real Estate Group S.E.

      36,000       1,027  

LEG Immobilien S.E.

      21,048       2,978  

Vonovia S.E.

      32,530       1,955  
     
               8,899  

Hong Kong – 4.8%

 

China Resources Land Ltd.

      150,000       631  

ESR Cayman Ltd.*

      641,200       1,936  

Hang Lung Properties Ltd.

      234,000       532  

Link REIT

      174,600       1,492  

New World Development Co. Ltd.

      153,000       621  

Shimao Group Holdings Ltd.

      231,500       422  

Sino Land Co. Ltd.

      881,683       1,186  

Sun Hung Kai Properties Ltd.

      59,000       733  

Swire Properties Ltd.

      859,200       2,150  
     
               9,703  

India – 0.5%

 

Embassy Office Parks REIT

      226,600           1,032      
     NUMBER
OF SHARES		  

VALUE     

(000S)     

COMMON STOCKS – 95.4% (1)     continued

 

Japan – 6.7%

 

Activia Properties, Inc.

      177       $727  

Advance Residence Investment Corp.

      569       1,851  

Hulic REIT, Inc.

      299       471  

Industrial & Infrastructure Fund Investment Corp.

      412       748  

Japan Hotel REIT Investment Corp.

      1,252       753  

Japan Logistics Fund, Inc.

      502       1,492  

Japan Metropolitan Fund Invest

      972       935  

Katitas Co. Ltd.

      70,600       2,499  

LaSalle Logiport REIT

      477       803  

Mitsui Fudosan Co. Ltd.

      84,100       2,003  

Nomura Real Estate Master Fund, Inc.

      508       732  

Tokyu Fudosan Holdings Corp.

      108,800       670  
     
               13,684  

Mexico – 0.9%

 

Corp. Inmobiliaria Vesta S.A.B. de C.V.

      429,452       750  

Fibra Uno Administracion S.A. de C.V.

      897,483       1,022  
     
               1,772  

Netherlands – 0.4%

 

CTP N.V.

      38,222       833  

Singapore – 3.9%

 

Ascendas India Trust

      936,000       988  

CapitaLand Integrated Commercial Trust

      292,987       435  

Capitaland Investment Ltd.*

      224,800       563  

Mapletree Commercial Trust

      1,868,300       2,838  

Mapletree Industrial Trust

      328,115       671  

Mapletree Logistics Trust

      1,682,311       2,509  
     
               8,004  

Spain – 2.1%

 

Cellnex Telecom S.A.*

      57,395       3,538  

Merlin Properties Socimi S.A.*

      74,000       759  
     
               4,297  

Sweden – 0.6%

 

Fastighets AB Balder, Class B*

      20,000       1,200  

United Kingdom – 6.6%

     

Big Yellow Group PLC

      108,244       2,026  

Grainger PLC

      487,800       1,995  

Helical PLC

      105,000       620  

Helios Towers PLC*

      850,741       2,064  

Land Securities Group PLC

      76,000       707  

Safestore Holdings PLC

      44,481       626  

Segro PLC

      82,000         1,316      
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  143 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

MULTI-MANAGER GLOBAL REAL ESTATE FUND    continued

 

    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS – 95.4% (1)    continued

 

  

United Kingdom – 6.6%    continued

 

  

Shaftesbury PLC

      264,902         $2,167      

UNITE Group (The) PLC

      102,488       1,490  

Workspace Group PLC

      30,000       330  
     
               13,341  

United States – 55.7%

     

Alexandria Real Estate Equities, Inc.

      28,293       5,406  

American Homes 4 Rent, Class A

      87,559       3,338  

American Tower Corp.

      11,981       3,180  

Americold Realty Trust

      33,820       982  

AvalonBay Communities, Inc.

      16,499       3,657  

Boston Properties, Inc.

      12,945       1,403  

Brixmor Property Group, Inc.

      88,405       1,955  

CoreSite Realty Corp.

      14,179       1,964  

Douglas Emmett, Inc.

      79,465       2,512  

Duke Realty Corp.

      53,312       2,552  

Encompass Health Corp.

      19,278       1,447  

Equinix, Inc.

      3,650       2,884  

Equity LifeStyle Properties, Inc.

      66,352       5,182  

Essex Property Trust, Inc.

      7,373       2,357  

Extra Space Storage, Inc.

      23,189       3,896  

Hilton Worldwide Holdings, Inc.*

      17,479       2,309  

Host Hotels & Resorts, Inc.*

      97,022       1,584  

Invitation Homes, Inc.

      47,851       1,834  

Jones Lang LaSalle, Inc.*

      5,909       1,466  

Life Storage, Inc.

      6,981       801  

Medical Properties Trust, Inc.

      93,506       1,877  

MGM Growth Properties LLC, Class A

      48,053       1,840  

Mid-America Apartment Communities, Inc.

      15,754       2,942  

National Retail Properties, Inc.

      88,854       3,838  

Park Hotels & Resorts, Inc.*

      87,934       1,683  

Phillips Edison & Co., Inc.

      32,139       987  

Prologis, Inc.

      102,975       12,916  

Rayonier, Inc.

      60,997       2,176  

Rexford Industrial Realty, Inc.

      34,726       1,971  

Sabra Health Care REIT, Inc.

      52,665       775  

SBA Communications Corp.

      2,782       920  

Simon Property Group, Inc.

      22,674       2,947  

Spirit Realty Capital, Inc.

      51,471       2,370  

STAG Industrial, Inc.

      57,819       2,269  

STORE Capital Corp.

      68,225       2,185  

Sun Communities, Inc.

      33,385       6,180  

UDR, Inc.

      46,196       2,447  

Urban Edge Properties

      93,309       1,709  
    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS – 95.4% (1)    continued

 

United States – 55.7%    continued

     

Ventas, Inc.

      34,810         $1,922      

VICI Properties, Inc.

      146,072       4,150  

Welltower, Inc.

      46,547       3,835  

Weyerhaeuser Co.

      10,743       382  
     
               113,030  

Total Common Stocks

                 

(Cost $155,518)

        193,535  
          

INVESTMENT COMPANIES – 4.4%

 

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(3) (4)

      9,026,585       9,027  
 

Total Investment Companies

 

(Cost $9,027)

        9,027  
    
     

Total Investments – 99.8%

                 

(Cost $164,545)

        202,562  

Other Assets less Liabilities – 0.2%

 

     385  

Net Assets – 100.0%

        $202,947  

 

(1)

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

(2)

Level 3 asset that is worthless, bankrupt or has been delisted.

(3)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(4)

7-day current yield as of September 30, 2021 is disclosed.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AB – Aktiebolag (Sweden: Corporation)

LLC – Limited Liability Company

N.V. – Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC – Public Limited Company

REIT – Real Estate Investment Trust

S.A. – Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. – Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

S.E. – Societas Europaea (German: Public Company)

Percentages shown are based on Net Assets.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    144 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

  CONCENTRATION BY CURRENCY   

% OF NET

ASSETS

  

United States Dollar

      60.1 % 

Euro

      10.1  

Japanese Yen

      6.7  

British Pound

      6.6  

Hong Kong Dollar

      5.2  

All other currencies less than 5%

      11.1  
   

Total Investments

      99.8  
   

Other Assets less Liabilities

      0.2  

Net Assets

      100.0 % 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   

LEVEL 1

(000S)

     

LEVEL 2

(000S)

     

LEVEL 3

(000S)

     

TOTAL

(000S)

  

Common Stocks:

            

Brazil

    $ 260      $ —        $—      $ 260  

Canada

      2,992        —        —        2,992  

Mexico

      1,772        —        —        1,772  

Singapore

      563        7,441        —        8,004  

United States

      113,030        —        —        113,030  

All Other Countries(1)

      —        67,477        —        67,477  

Total Common Stocks

      118,617        74,918        —        193,535  

Investment Companies

      9,027        —        —        9,027  
         

Total Investments

    $ 127,644      $ 74,918        $—      $ 202,562  

 

(1)

Classifications as defined in the Schedule of Investments.

    

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  145 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

NORTHERN ENGAGE360TM FUND

 

    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS – 94.7% (1)

 

  

Australia – 0.9%

     

Aristocrat Leisure Ltd.

      16,498         $552      

BHP Group Ltd.

      16,446       442  

CSL Ltd.

      3,305       697  

Dexus

      48,120       372  

Goodman Group

      33,943       527  

Rio Tinto Ltd.

      10,194       725  
     
               3,315  

Belgium – 0.1%

     

KBC Group N.V.

      3,678       330  

Brazil – 1.0%

     

BB Seguridade Participacoes S.A.

      320,027       1,171  

JBS S.A.

      127,100       863  

Telefonica Brasil S.A.

      91,997       717  

TIM S.A.*

      252,880       544  

WEG S.A.

      50,700       368  
     
               3,663  

Canada – 2.1%

     

Canadian Imperial Bank of Commerce

      2,394       266  

CI Financial Corp.

      14,076       286  

Constellation Software, Inc.

      874       1,432  

Element Fleet Management Corp.

      15,634       158  

Fairfax Financial Holdings Ltd.

      2,140       864  

Gildan Activewear, Inc.

      7,240       264  

IGM Financial, Inc.

      4,914       175  

Magna International, Inc.

      11,969       901  

Manulife Financial Corp.

      31,311       603  

National Bank of Canada

      3,543       272  

Open Text Corp.

      4,300       210  

Royal Bank of Canada

      5,340       531  

Shopify, Inc., Class A*

      501       679  

Toronto-Dominion Bank (The)

      11,943       791  
     
               7,432  

Chile – 0.2%

     

Banco Santander Chile ADR

      26,819       530  

China – 3.1%

     

Alibaba Group Holding Ltd. ADR*

      3,284       486  

A-Living Smart City Services Co. Ltd.

      83,500       296  

Baidu, Inc. ADR*

      25,750       3,959  

China Construction Bank Corp., Class H

      1,099,000       779  

China Feihe Ltd.

      152,000       256  

China Hongqiao Group Ltd.

      246,000       310  

China Life Insurance Co. Ltd., Class H

      216,000       352  
    

NUMBER

OF SHARES

   VALUE     
(000S)     

COMMON STOCKS – 94.7% (1)    continued

 

  

China – 3.1%    continued

     

China Shenhua Energy Co. Ltd., Class H

      119,000         $278      

CITIC Ltd.

      291,000       307  

CSPC Pharmaceutical Group Ltd.

      586,000       696  

Hengan International Group Co. Ltd.

      29,000       155  

Metallurgical Corp. of China Ltd., Class H

      797,000       245  

New China Life Insurance Co. Ltd., Class H

      109,300       322  

Postal Savings Bank of China Co. Ltd., Class H

      215,000       148  

Sinotruk Hong Kong Ltd.

      87,500       130  

Tencent Holdings Ltd.

      11,200       657  

Tingyi Cayman Islands Holding Corp.

      74,000       137  

TravelSky Technology Ltd., Class H

      257,372       496  

Trip.com Group Ltd. ADR*

      24,405       750  

Tsingtao Brewery Co. Ltd., Class H

      22,000       172  

Vipshop Holdings Ltd. ADR*

      10,645       118  

Weibo Corp. ADR*

      2,374       113  
     
               11,162  

Denmark – 0.9%

     

AP Moller - Maersk A/S, Class B

      84       227  

Genmab A/S*

      1,285       561  

GN Store Nord A/S

      4,405       300  

H Lundbeck A/S

      10,308       280  

Novo Nordisk A/S, Class B

      12,803       1,232  

Pandora A/S

      4,576       555  
     
               3,155  

Finland – 0.5%

     

Nokia OYJ*

      290,625       1,599  

France – 3.0%

     

Airbus S.E.*

      2,470       324  

AXA S.A.

      9,296       259  

BNP Paribas S.A.

      8,044       515  

Cie Generale des Etablissements Michelin S.C.A.

      23,734       3,642  

Cie Generale des Etablissements Michelin S.C.A. ADR

      71,000       2,180  

Ipsen S.A.

      2,796       267  

L’Oreal S.A.

      1,312       541  

RTL Group S.A.

      4,231       253  

Safran S.A.

      1,441       181  

Sanofi

      7,645       736  

Schneider Electric S.E.

      5,684       945  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    146 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 94.7% (1)    continued

 

  

France – 3.0%    continued

     

Thales S.A.

      2,921         $282      

Vivendi S.E.

      36,133       456  
     
               10,581  

Germany – 4.2%

     

Allianz S.E. (Registered)

      2,045       461  

Bayerische Motoren Werke A.G.

      3,122       300  

Brenntag S.E.

      7,737       722  

Covestro A.G.(2)

      13,180       905  

Daimler A.G. (Registered)

      12,107       1,076  

Deutsche Boerse A.G.

      32,645       5,314  

Deutsche Post A.G. (Registered)

      12,190       768  

Fresenius Medical Care A.G. & Co. KGaA

      2,361       166  

GEA Group A.G.

      9,530       437  

Merck KGaA

      2,873       625  

Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen (Registered)

      2,108       578  

SAP S.E.

      1,789       242  

SAP S.E. ADR

      9,778       1,321  

Telefonica Deutschland Holding A.G.

      648,579       1,846  

Zalando S.E.(2) *

      2,001       184  
     
               14,945  

Greece – 0.0%

     

Hellenic Telecommunications Organization S.A.

      7,778       145  

Hong Kong – 0.5%

     

China Resources Gas Group Ltd.

      34,000       178  

CLP Holdings Ltd.

      75,000       721  

JS Global Lifestyle Co. Ltd.

      64,000       149  

Kingboard Holdings Ltd.

      40,000       180  

Kunlun Energy Co. Ltd.

      242,000       251  

WH Group Ltd.(2)

      192,183       137  
     
               1,616  

Hungary – 0.1%

     

OTP Bank Nyrt.*

      7,300       428  

India – 0.4%

     

Infosys Ltd. ADR

      47,174       1,049  

Wipro Ltd. ADR

      32,007       283  
     
               1,332  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 94.7% (1)    continued

 

  

Indonesia – 0.1%

     

Bank Mandiri Persero Tbk PT

      401,300         $170      

Telkom Indonesia Persero Tbk PT

      953,000       245  
     
               415  

Ireland – 0.9%

     

ICON PLC*

      4,029       1,056  

Medtronic PLC

      18,100       2,269  
     
               3,325  

Israel – 0.4%

     

Check Point Software Technologies Ltd.*

      8,561       968  

Playtika Holding Corp.*

      12,180       336  
     
               1,304  

Italy – 0.9%

     

Banca Mediolanum S.p.A.

      4,423       48  

Enel S.p.A.

      34,174       262  

Italgas S.p.A.

      139,816       895  

Snam S.p.A.

      375,904       2,084  
     
               3,289  

Japan – 6.3%

     

Asahi Group Holdings Ltd.

      11,400       552  

Bridgestone Corp.

      39,200       1,859  

Capcom Co. Ltd.

      6,000       167  

Daito Trust Construction Co. Ltd.

      3,800       444  

Daiwa House Industry Co. Ltd.

      13,400       448  

ENEOS Holdings, Inc.

      89,300       365  

Honda Motor Co. Ltd.

      13,500       416  

Hoya Corp.

      1,600       250  

Inpex Corp.

      34,700       272  

ITOCHU Corp.

      39,100       1,145  

Japan Tobacco, Inc.

      19,600       385  

KDDI Corp.

      2,200       73  

Koei Tecmo Holdings Co. Ltd.

      3,500       166  

McDonald’s Holdings Co. Japan Ltd.

      3,400       160  

Mitsubishi Electric Corp.

      29,800       414  

Mitsubishi UFJ Financial Group, Inc. ADR

      175,000       1,038  

Mitsui & Co. Ltd.

      17,900       388  

Mitsui Chemicals, Inc.

      14,200       477  

Nintendo Co. Ltd.

      8,400       4,086  

Nippon Sanso Holdings Corp.

      11,000       277  

Nippon Telegraph & Telephone Corp.

      6,600       182  

Ono Pharmaceutical Co. Ltd.

      5,100       116  

ORIX Corp.

      23,000       430  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  147 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

NORTHERN ENGAGE360TM FUND    continued

 

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 94.7% (1)    continued

 

  

Japan – 6.3%    continued

     

Renesas Electronics Corp.*

      26,200         $323      

Sankyo Co. Ltd.

      3,800       95  

Secom Co. Ltd.

      3,200       232  

Sony Corp. ADR

      26,700       2,953  

Sony Group Corp.

      8,100       902  

Subaru Corp.

      101,400       1,883  

Sumitomo Chemical Co. Ltd.

      102,200       533  

Tokyo Electron Ltd.

      1,300       573  

Tosoh Corp.

      16,800       305  

Welcia Holdings Co. Ltd.

      8,500       306  

ZOZO, Inc.

      8,000       300  
     
               22,515  

Mexico – 0.1%

     

Wal-Mart de Mexico S.A.B. de C.V.

      101,555       344  

Netherlands – 2.5%

     

ASML Holding N.V.

      1,497       1,104  

Koninklijke Ahold Delhaize N.V.

      137,298       4,552  

Royal Dutch Shell PLC, Class B

      41,209       913  

Universal Music Group N.V.*

      36,133       968  

Wolters Kluwer N.V.

      11,025       1,165  
     
               8,702  

Peru – 0.5%

     

Credicorp Ltd.

      15,259       1,693  

Portugal – 0.0%

     

Jeronimo Martins SGPS S.A.

      8,515       170  

Russia – 0.3%

     

Magnit PJSC GDR (Registered)

      17,350       290  

MMC Norilsk Nickel PJSC ADR

      12,526       371  

Moscow Exchange MICEX-RTS PJSC

      51,540       123  

Polyus PJSC GDR (Registered)

      2,100       172  
     
               956  

Singapore – 0.1%

     

Sea Ltd. ADR*

      435       139  

Singapore Exchange Ltd.

      40,800       298  
     
               437  

South Africa – 0.3%

     

African Rainbow Minerals Ltd.

      13,111       165  

MTN Group Ltd.*

      27,960       262  

Sanlam Ltd.

      105,007       446  

Vodacom Group Ltd.

      20,182       193  
     
               1,066  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 94.7% (1)    continued

 

  

South Korea – 1.8%

     

Hana Financial Group, Inc.

      25,668         $991      

KB Financial Group, Inc.

      14,631       680  

Kia Corp.

      3,680       249  

Korea Investment Holdings Co. Ltd.

      2,160       155  

KT&G Corp.

      20,400       1,392  

Kumho Petrochemical Co. Ltd.

      1,105       175  

LG Innotek Co. Ltd.

      2,975       515  

Samsung Electronics Co. Ltd.

      8,366       521  

Samsung Securities Co. Ltd.

      4,860       194  

Shinhan Financial Group Co. Ltd.

      15,512       521  

S-Oil Corp.

      5,310       487  

Woori Financial Group, Inc.

      56,196       547  
     
               6,427  

Spain – 0.9%

     

Endesa S.A.

      152,811       3,082  

Sweden – 0.9%

     

Alfa Laval AB

      6,608       246  

Atlas Copco AB, Class A

      5,203       316  

EQT AB

      10,294       424  

Evolution AB

      1,626       247  

Husqvarna AB, Class B

      10,232       122  

Lundin Energy AB

      9,921       368  

Sandvik AB

      17,343       396  

Spotify Technology S.A.*

      3,108       700  

Telefonaktiebolaget LM Ericsson, Class B

      29,717       336  
     
               3,155  

Switzerland – 4.2%

     

Alcon, Inc.

      26,200       2,108  

Chubb Ltd.

      9,700       1,683  

CRISPR Therapeutics A.G.*

      6,760       757  

Logitech International S.A. (Registered)

      3,326       294  

Nestle S.A. (Registered)

      6,898       830  

Novartis A.G. (Registered)

      9,150       751  

Novartis A.G. ADR

      15,700       1,284  

Partners Group Holding A.G.

      203       316  

Roche Holding A.G. (Genusschein)

      18,347       6,695  

Sonova Holding A.G. (Registered)

      575       217  
     
               14,935  

Taiwan – 0.9%

     

Catcher Technology Co. Ltd.

      11,000       66  

CTBC Financial Holding Co. Ltd.

      299,000       244  

Delta Electronics, Inc.

      51,000       459  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    148 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 94.7% (1)     continued

 

Taiwan – 0.9%     continued

     

Pou Chen Corp.

      200,000         $240      

Powertech Technology, Inc.

      37,000       137  

Realtek Semiconductor Corp.

      43,000       758  

Taiwan Semiconductor Manufacturing Co. Ltd.

      29,000       598  

Uni-President Enterprises Corp.

      105,000       255  

United Microelectronics Corp.

      136,000       310  
     
               3,067  

Thailand – 0.0%

     

Kasikornbank PCL NVDR

      42,000       165  

Turkey – 0.2%

     

Turk Telekomunikasyon A.S.

      371,946       312  

Turkcell Iletisim Hizmetleri A.S.

      239,385       413  
     
               725  

United Kingdom – 3.8%

     

3i Group PLC

      61,190       1,054  

Anglo American PLC

      4,482       155  

AstraZeneca PLC

      6,670       803  

Barclays PLC

      248,961       635  

CNH Industrial N.V.

      25,853       438  

Direct Line Insurance Group PLC

      205,638       802  

Evraz PLC

      35,111       280  

GlaxoSmithKline PLC

      231,463       4,369  

JD Sports Fashion PLC

      26,019       366  

Linde PLC

      4,148       1,217  

National Grid PLC

      20,391       243  

Next PLC

      4,533       497  

Nomad Foods Ltd.*

      8,130       224  

Unilever PLC

      14,923       805  

Unilever PLC ADR

      21,451       1,163  

Vodafone Group PLC

      217,648       329  
     
               13,380  

United States – 52.6%

     

10X Genomics, Inc., Class A*

      2,113       308  

2U, Inc.*

      10,373       348  

Activision Blizzard, Inc.

      5,757       446  

Adobe, Inc.*

      10,488       6,038  

Agilent Technologies, Inc.

      4,070       641  

Air Lease Corp.

      12,631       497  

Air Products and Chemicals, Inc.

      7,472       1,914  

Akamai Technologies, Inc.*

      3,570       373  

Albemarle Corp.

      2,678       586  

Alphabet, Inc., Class C*

      1,115       2,972  
    

NUMBER

OF SHARES

  

VALUE     

(000S)     

COMMON STOCKS – 94.7% (1)     continued

 

United States – 52.6%     continued

     

Amazon.com, Inc.*

      851         $2,796      

American Tower Corp.

      8,448       2,242  

Americold Realty Trust

      10,301       299  

Ameriprise Financial, Inc.

      8,600       2,271  

AmerisourceBergen Corp.

      2,443       292  

Amgen, Inc.

      9,300       1,978  

Amphenol Corp., Class A

      17,059       1,249  

ANSYS, Inc.*

      10,375       3,532  

Apple, Inc.

      23,039       3,260  

Applied Materials, Inc.

      3,641       469  

Arrow Electronics, Inc.*

      3,829       430  

Berkshire Hathaway, Inc., Class B*

      11,327       3,092  

Bio-Rad Laboratories, Inc., Class A*

      891       665  

Black Knight, Inc.*

      4,980       359  

Boston Properties, Inc.

      3,668       397  

Broadridge Financial Solutions, Inc.

      2,450       408  

Cabot Oil & Gas Corp.

      78,600       1,710  

Capital One Financial Corp.

      19,300       3,126  

CBRE Group, Inc., Class A*

      7,972       776  

CDK Global, Inc.

      9,973       424  

Charles Schwab (The) Corp.

      29,101       2,120  

Cimarex Energy Co.

      7,068       616  

Cincinnati Financial Corp.

      18,200       2,079  

CMC Materials, Inc.

      3,688       454  

Coca-Cola (The) Co.

      36,300       1,905  

Coinbase Global, Inc., Class A*

      3,993       908  

Commerce Bancshares, Inc.

      17,100       1,192  

Continental Resources, Inc.

      11,921       550  

Corteva, Inc.

      58,400       2,457  

Crown Castle International Corp.

      11,800       2,045  

CSX Corp.

      17,457       519  

Cullen/Frost Bankers, Inc.

      14,000       1,661  

Cummins, Inc.

      1,694       380  

D.R. Horton, Inc.

      8,354       701  

Danaher Corp.

      14,200       4,323  

Darden Restaurants, Inc.

      4,545       688  

DENTSPLY SIRONA, Inc.

      6,272       364  

Dollar Tree, Inc.*

      6,176       591  

Dover Corp.

      2,537       394  

DraftKings, Inc., Class A*

      9,035       435  

East West Bancorp, Inc.

      12,306       954  

Eastman Chemical Co.

      2,959       298  

Ecolab, Inc.

      14,521       3,029  

Editas Medicine, Inc.*

      8,400       345  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  149 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

NORTHERN ENGAGE360TM FUND    continued

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

         

COMMON STOCKS – 94.7% (1)     continued

 

   

United States – 52.6%     continued

 

   

Elanco Animal Health, Inc.*

      48,500           $1,547            

Equity LifeStyle Properties, Inc.

      14,000       1,093     

Exact Sciences Corp.*

      7,439       710     

Facebook, Inc., Class A*

      5,454       1,851     

Fate Therapeutics, Inc.*

      3,694       219     

First Republic Bank

      16,395       3,162     

Fortive Corp.

      18,600       1,313     

General Dynamics Corp.

      10,448       2,048     

Global Payments, Inc.

      3,099       488     

Honeywell International, Inc.

      20,310       4,311     

Houlihan Lokey, Inc.

      4,846       446     

Intellia Therapeutics, Inc.*

      12,902       1,731     

Intercontinental Exchange, Inc.

      5,368       616     

Intuit, Inc.

      5,889       3,177     

Invitae Corp.*

      26,016       740     

Iridium Communications, Inc.*

      9,316       371     

Johnson & Johnson

      12,875       2,079     

Johnson Controls International PLC

      37,200       2,533     

KeyCorp

      20,796       450     

Keysight Technologies, Inc.*

      4,364       717     

Laboratory Corp. of America Holdings*

      1,406       396     

Lennar Corp., Class A

      26,500       2,483     

Markel Corp.*

      1,891       2,260     

Martin Marietta Materials, Inc.

      6,600       2,255     

Masco Corp.

      7,825       435     

Mettler-Toledo International, Inc.*

      1,175       1,618     

Microchip Technology, Inc.

      32,126       4,931     

Microsoft Corp.

      23,317       6,574     

Moody’s Corp.

      6,044       2,146     

Netflix, Inc.*

      2,609       1,592     

NIKE, Inc., Class B

      11,569       1,680     

Packaging Corp. of America

      2,290       315     

PagerDuty, Inc.*

      11,171       463     

Palantir Technologies, Inc., Class A*

      16,269       391     

Parker-Hannifin Corp.

      8,000       2,237     

PayPal Holdings, Inc.*

      8,600       2,238     

PepsiCo, Inc.

      7,378       1,110     

Philip Morris International, Inc.

      44,649       4,232     

Phillips 66

      17,700       1,240     

PNC Financial Services Group (The), Inc.

      12,200       2,387     

Procter & Gamble (The) Co.

      14,500       2,027     

Progressive (The) Corp.

      5,335       482     
    

NUMBER

OF SHARES

  

        VALUE

(000S)

         

COMMON STOCKS – 94.7% (1)     continued

 

   

United States – 52.6%     continued

 

     

Proto Labs, Inc.*

      3,201           $213     

QUALCOMM, Inc.

      18,600       2,399            

Raymond James Financial, Inc.

      5,914       546     

Reinsurance Group of America, Inc.

      2,551       284     

RenaissanceRe Holdings Ltd.

      2,423       338     

Republic Services, Inc.

      5,830       700     

Robinhood Markets, Inc., Class A*

      7,531       317     

Roku, Inc.*

      3,506       1,099     

Roper Technologies, Inc.

      2,744       1,224     

RPM International, Inc.

      22,100       1,716     

salesforce.com, Inc.*

      5,961       1,617     

SBA Communications Corp.

      1,239       410     

Scotts Miracle-Gro (The) Co.

      2,102       308     

Sealed Air Corp.

      8,153       447     

Sensata Technologies Holding PLC*

      9,287       508     

Skyworks Solutions, Inc.

      4,210       694     

Snap-on, Inc.

      1,928       403     

Square, Inc., Class A*

      5,898       1,415     

Starbucks Corp.

      6,690       738     

Stericycle, Inc.*

      5,917       402     

Stifel Financial Corp.

      7,269       494     

Stratasys Ltd.*

      14,204       306     

Sun Communities, Inc.

      6,000       1,111     

Syneos Health, Inc.*

      4,666       408     

Synopsys, Inc.*

      1,648       493     

Sysco Corp.

      4,699       369     

Teladoc Health, Inc.*

      7,483       949     

Teleflex, Inc.

      2,366       891     

Tesla, Inc.*

      2,888       2,240     

TJX (The) Cos., Inc.

      4,592       303     

TransDigm Group, Inc.*

      1,428       892     

TuSimple Holdings, Inc., Class A*

      8,824       328     

Twilio, Inc., Class A*

      2,082       664     

Twitter, Inc.*

      43,209       2,609     

Tyson Foods, Inc., Class A

      20,200       1,595     

U.S. Bancorp

      18,489       1,099     

UiPath, Inc., Class A*

      6,353       334     

Unity Software, Inc.*

      6,191       782     

Visa, Inc., Class A

      8,431       1,878     

Vontier Corp.

      48,696       1,636     

Walgreens Boots Alliance, Inc.

      19,600       922     

WEC Energy Group, Inc.

      3,883       342     

Woodward, Inc.

      3,454       391     

Xilinx, Inc.

      2,701       408     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    150 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

   

NUMBER

OF SHARES

  

        VALUE

(000S)

    

COMMON STOCKS – 94.7% (1) continued

 

    

United States – 52.6% continued

      

Xylem, Inc.

     20,000           $2,474           

Zillow Group, Inc., Class C*

     7,090       625    

Zoom Video Communications, Inc., Class A*

     2,001       523    
       
              186,844          

Total Common Stocks

                        

(Cost $254,338)

       336,229    
     

PREFERRED STOCKS – 0.1% (1)

 

  

Brazil – 0.1%

      

Petroleo Brasileiro S.A., 2.77%(3)

    103,300       516          

Total Preferred Stocks

                        

(Cost $511)

       516    
     

INVESTMENT COMPANIES – 3.7%

 

    

Northern Institutional Funds - U.S. Government Portfolio (Shares),
0.00%(4) (5)

     10,554,709       10,555    

Vanguard FTSE All-World ex-US ETF

     39,240       2,392          

Total Investment Companies

                        

(Cost $13,045)

       12,947    
     
   

PRINCIPAL

AMOUNT

(000S)

  

VALUE  

(000S)  

    

SHORT-TERM INVESTMENTS – 0.3%

 

    

U.S. Treasury Bill,
0.04%, 1/27/22(6) (7)

     $890       $890          

Total Short-Term Investments

                        

(Cost $890)

       890    
                         

Total Investments – 98.8%

                        

(Cost $268,784)

       350,582    

Other Assets less Liabilities – 1.2%

 

     4,303          

Net Assets – 100.0%

       $354,885    

 

(1)

Adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities.

 

(2)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

 

(3)

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

 

(4)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(5)

7-day current yield as of September 30, 2021 is disclosed.

 

(6)

Discount rate at the time of purchase.

 

(7)

Security pledged as collateral to cover margin requirements for open futures contracts.

 

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

A.G. – Aktiengesellschaft (German: Stock Corporation)

AB – Aktiebolag (Sweden: Corporation)

ADR – American Depositary Receipt

EAFE – Europe, Australasia and the Far East

ETF – Exchange-Traded Fund

FTSE – Financial Times Stock Exchange

GDR – Global Depositary Receipt

N.V. – Naamloze Vennootschap (Dutch: Limited Liability Company)

NVDR – Non-Voting Depositary Receipt

PCL – Public Company Limited

PJSC – Public Joint-Stock Company

PLC – Public Limited Company

S&P – Standard & Poor’s

S.A. – Société Anonyme (French: Public Limited Company)

S.A.B. de C.V. – Sociedad Anónima Bursátil de Capital Variable (Mexico: Public Company)

S.E. – Societas Europaea (German: Public Company)

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had outstanding forward foreign currency exchange contracts as follows:

 

COUNTERPARTY

   CONTRACTS

TO

DELIVER

CURRENCY

    

 AMOUNT

(LOCAL

CURRENCY)

(000S)

  

 

 

 

   IN

EXCHANGE

FOR

CURRENCY

    

 AMOUNT

(LOCAL

CURRENCY)

(000S)

  

 

 

 

    

 SETTLEMENT

DATE

  

 

   UNREALIZED

APPRECIATION

(DEPRECIATION)

(000S)

JPMorgan Chase

   British
Pound		     247     Chinese
Yuan
Renminbi		     2,222       12/9/21     $ 9

JPMorgan Chase

   Euro     1,017     Australian
Dollar		     1,631       12/9/21        1

JPMorgan Chase

   Euro     701     Canadian
Dollar		     1,046       12/9/21      13

JPMorgan Chase

   Euro     506     Chinese
Yuan
Renminbi		     3,909       12/9/21      15

JPMorgan Chase

   Euro     150     Israeli
Shekel		     572       12/9/21        3

JPMorgan Chase

   Euro     159     Norwegian
Krone		     1,635       12/9/21        3
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  151 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

NORTHERN ENGAGE360TM FUND    continued

 

COUNTERPARTY  

CONTRACTS

TO

DELIVER

CURRENCY

    

AMOUNT

(LOCAL

CURRENCY)

(000S)

    

IN

EXCHANGE

FOR

CURRENCY

  

AMOUNT

(LOCAL

CURRENCY)

(000S)

    

SETTLEMENT

DATE

    

UNREALIZED

APPRECIATION

(DEPRECIATION)
(000S)

JPMorgan Chase

     Euro       98     Singapore Dollar     157       12/9/21       $  2  

JPMorgan Chase

     Euro       928     Swedish Krona     9,453       12/9/21       4    

JPMorgan Chase

     Euro       982     United States Dollar     1,165       12/9/21       26  

JPMorgan Chase

    
 Japanese
Yen		  
 		     61,261    

United

States Dollar

     557       12/9/21       7  

JPMorgan Chase

    
 Swiss
Franc		  
 		     175     United States Dollar     191       12/9/21       3  

JPMorgan Chase

    

 United
States
Dollar		  
 
 		     2,020     Chinese Yuan Renminbi     13,140       12/9/21       5  

Subtotal Appreciation

                                         91  

JPMorgan Chase

     Euro       1,570     British Pound     1,350       12/9/21       (3 ) 

JPMorgan Chase

     Euro       30     New Zealand Dollar     49       12/9/21       —*  

JPMorgan Chase

    

 United
States
Dollar		  
 
 		     2,102     Australian Dollar     2,839       12/9/21       (50 ) 

JPMorgan Chase

    

 United
States
Dollar		  
 
 		     3,266     Canadian Dollar     4,103       12/9/21       (27 ) 

JPMorgan Chase

    

 United
States
Dollar		  
 
 		     95     Norwegian Krone     819       12/9/21       (1 ) 

JPMorgan Chase

    

 United
States
Dollar		  
 
 		     579     Singapore Dollar     778       12/9/21       (6 ) 

JPMorgan Chase

    

 United
States
Dollar		  
 
 		     213     Swedish Krona     1,826       12/9/21       (4 ) 

Subtotal Depreciation

                                         (91 ) 
Total                                         $—*  

 

*

Amount rounds to less than one thousand.

At September 30, 2021, the Fund had open futures contracts as follows:

 

TYPE   NUMBER OF
CONTRACTS		   NOTIONAL
AMOUNT
(000S)		     CONTRACT
POSITION		     CONTRACT
EXP.		     VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)(1) 		 
E-Mini S&P 500 (United States Dollar)     18       $3,868       Long       12/21       $(164 )     
MSCI EAFE Index (United States Dollar)     24       2,720       Long       12/21       (123 ) 
MSCI Emerging Markets Index (United States Dollar)     15       934       Long       12/21       (40 )  
           

Total

                                     $(327 )  

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the Fund’s investments were denominated in the following currencies:

 

  CONCENTRATION BY CURRENCY   

% OF NET 

ASSETS 

  

United States Dollar

      65.5 % 

Euro

      11.2  

Japanese Yen

      5.2  

All other currencies less than 5%

      16.9  
   

Total Investments

      98.8  

Other Assets less Liabilities

      1.2  
   

Net Assets

      100.0 % 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS  

LEVEL 1

(000S)

  

LEVEL 2

(000S)

  

LEVEL 3

(000S)

    

TOTAL

(000S)

  

Common Stocks:

        

Brazil

   $   3,663     $ —       $—     $ 3,663  

Canada

     7,432       —       —       7,432  

Chile

     530       —       —       530  

China

     5,426       5,736       —       11,162  

France

     2,180       8,401       —       10,581  

Germany

     1,321       13,624       —       14,945  

India

     1,332       —       —       1,332  

Ireland

     3,325       —       —       3,325  

Israel

     1,304       —       —       1,304  

Japan

     3,991       18,524       —       22,515  

Mexico

     344       —       —       344  

Netherlands

     968       7,734       —       8,702  

Peru

     1,693       —       —       1,693  

Singapore

     139       298       —       437  

Sweden

     700       2,455       —       3,155  

Switzerland

     5,832       9,103       —       14,935  

United Kingdom

     2,604       10,776       —       13,380  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    152 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

   INVESTMENTS  

LEVEL 1

(000S)

  

LEVEL 2

(000S)

  

LEVEL 3

(000S)

    

TOTAL

(000S)

  

United States

     $186,844       $          —       $—       $186,844  

All Other Countries(1)

     —       29,950       —       29,950  
         

Total Common Stocks

     229,628       106,601       —       336,229  

Preferred Stocks

     516       —       —       516  

Investment Companies

     12,947       —       —       12,947  

Short-Term Investments

     —       890       —       890  

Total Investments

     $243,091       $107,491       $—       $350,582  

OTHER FINANCIAL INSTRUMENTS

                                

Assets

        

Forward Foreign

        

Currency Exchange

        

Contracts

     $         —       $         91       $—       $         91  

Liabilities

        

Forward Foreign

        

Currency Exchange

        

Contracts

     —       (91 )      —       (91 ) 

Futures Contracts

     (327 )      —       —       (327 ) 
         

Total Other Financial

Instruments

     $     (327 )      $         —       $—       $      (327 ) 

 

(1)

Classifications as defined in the Schedule of Investments.

    

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  153 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP CORE FUND

 

    

PRINCIPAL

AMOUNT

(000S)

           VALUE
(000S)		       

CORPORATE BONDS – 0.0%

        

Financial Services – 0.0%

               

GAMCO Investors, Inc.,

        

(Step to 5.00% on 6/15/22),
4.00%, 6/15/23(1)

     $10           $10     
       

Total Corporate Bonds

                          

(Cost $10)

        10     

 

     NUMBER
OF SHARES		           VALUE
(000S)		        

COMMON STOCKS – 96.0%

        

Aerospace & Defense – 0.6%

 

   

AAR Corp.*

      7,391           $240     

Aerojet Rocketdyne Holdings, Inc.

      14,560       634     

AeroVironment, Inc.*

      5,776       499     

Astronics Corp.*

      2,504       35     

Astronics Corp., Class B*

      3,668       52     

Ducommun, Inc.*

      3,254       164     

Kaman Corp.

      5,362       191     

Kratos Defense & Security Solutions, Inc.*

      17,968       401     

Maxar Technologies, Inc.

      886       25     

Mercury Systems, Inc.*

      9,546       453     

Moog, Inc., Class A

      5,037       384     

National Presto Industries, Inc.

      1,332       109     

Park Aerospace Corp.

      2,783       38     

Parsons Corp.*

      2,373       80     

Vectrus, Inc.*

      4,385       220     
       
               3,525           

Air Freight & Logistics – 0.2%

 

   

Air T, Inc.*

      753       21     

Atlas Air Worldwide Holdings, Inc.*

      4,567       373     

Forward Air Corp.

      7,131       592     
       
               986           

Airlines – 0.4%

        

Allegiant Travel Co.*

      3,217       629     

Copa Holdings S.A., Class A*

      6,525       531     

Hawaiian Holdings, Inc.*

      10,043       218     

SkyWest, Inc.*

      11,723       578     
       
               1,956           

Auto Components – 1.4%

 

   

Adient PLC*

      17,391       721     

American Axle & Manufacturing Holdings, Inc.*

      7,068       62     

BorgWarner, Inc.

      4,958       214     

Dana, Inc.

      27,028       601     
    

NUMBER

OF SHARES

           VALUE
(000S)		        

COMMON STOCKS - 96.0%    continued

 

     

Auto Components – 1.4%    continued

 

   

Dorman Products, Inc.*

      7,116           $674     

Fox Factory Holding Corp.*

      7,732       1,118     

Gentherm, Inc.*

      8,629       698     

Goodyear Tire & Rubber (The) Co.*

      55,642       985     

LCI Industries

      7,368       992     

Modine Manufacturing Co.*

      2,561       29     

Motorcar Parts of America, Inc.*

      5,230       102     

Patrick Industries, Inc.

      4,692       391     

Standard Motor Products, Inc.

      4,563       199     

Stoneridge, Inc.*

      4,709       96     

Tenneco, Inc., Class A*

      9,641       138     

Visteon Corp.*

      5,208       492     

XPEL, Inc.*

      3,049       231     
       
               7,743           

Automobiles – 0.1%

 

   

Winnebago Industries, Inc.

      8,847       641     

Workhorse Group, Inc.*

      20,683       158     
       
               799           

Banks – 8.3%

 

   

1st Source Corp.

      5,374       254     

Allegiance Bancshares, Inc.

      2,339       89     

Altabancorp

      4,529       200     

Amalgamated Financial Corp.

      6,170       98     

American National Bankshares, Inc.

      2,604       86     

Ameris Bancorp

      14,292       741     

Ames National Corp.

      2,507       58     

Arrow Financial Corp.

      5,338       183     

Associated Banc-Corp

      22,141       474     

Atlantic Union Bankshares Corp.

      16,728       616     

Banc of California, Inc.

      6,556       121     

BancFirst Corp.

      4,513       271     

Bancorp (The), Inc.*

      7,140       182     

BancorpSouth Bank

      19,534       582     

Bank First Corp.

      3,348       237     

Bank of Hawaii Corp.

      6,869       564     

Bank of Marin Bancorp

      3,624       137     

Bank of NT Butterfield & Son (The) Ltd.

      9,878       351     

Bank of South Carolina Corp.

      5,364       108     

Bank7 Corp.

      9,046       194     

BankFinancial Corp.

      1,787       20     

BankUnited, Inc.

      13,656       571     

Bankwell Financial Group, Inc.

      7,690       226     

Banner Corp.

      8,682       479     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    154 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

           VALUE
(000S)		       

COMMON STOCKS - 96.0%    continued

 

     

Banks – 8.3%    continued

        

Bar Harbor Bankshares

      1,937           $54            

BCB Bancorp, Inc.

      508       7     

Berkshire Bancorp, Inc.*

      121       1     

Brookline Bancorp, Inc.

      23,044       352     

Bryn Mawr Bank Corp.

      3,498       161     

Burke & Herbert Bank & Trust Co.

      20       43     

C&F Financial Corp.

      467       25     

Cadence BanCorp

      22,652       497     

Cambridge Bancorp

      899       79     

Camden National Corp.

      3,943       189     

Capital City Bank Group, Inc.

      3,998       99     

Cathay General Bancorp

      16,098       666     

CBTX, Inc.

      3,740       99     

Central Pacific Financial Corp.

      675       17     

Century Bancorp, Inc., Class A

      2,490       287     

CIT Group, Inc.

      14,584       758     

Citizens & Northern Corp.

      774       20     

City Holding Co.

      3,893       303     

Columbia Banking System, Inc.

      13,283       505     

Commercial National Financial Corp.

      121       2     

Community Bank System, Inc.

      9,630       659     

Community Financial (The) Corp.

      3,455       127     

Community Trust Bancorp, Inc.

      2,938       124     

ConnectOne Bancorp, Inc.

      2,356       71     

Customers Bancorp, Inc.*

      7,254       312     

CVB Financial Corp.

      20,872       425     

Dime Community Bancshares, Inc.

      4,651       152     

Eagle Bancorp, Inc.

      6,743       388     

Eagle Financial Services, Inc.

      100       3     

Eastern Bankshares, Inc.

      25,191       511     

Enterprise Bancorp, Inc.

      2,022       73     

Enterprise Financial Services Corp.

      5,503       249     

Equity Bancshares, Inc., Class A

      3,418       114     

FB Financial Corp.

      2,445       105     

Financial Institutions, Inc.

      4,428       136     

Finward Bancorp

      689       28     

First Bancorp

      7,850       338     

First BanCorp (New York Exchange)

      30,494       401     

First Bancorp (The), Inc.

      825       24     

First Bancshares (The), Inc.

      4,919       191     

First Busey Corp.

      11,491       283     

First Commonwealth Financial Corp.

      29,559       403     

First Community Bankshares, Inc.

      1,777       56     

First Financial Bankshares, Inc.

      27,923       1,283     
    

NUMBER

OF SHARES

           VALUE
(000S)		        

COMMON STOCKS - 96.0%    continued

 

     

Banks – 8.3%    continued

 

   

First Financial Corp.

      2,764         $116     

First Financial Northwest, Inc.

      699       11     

First Foundation, Inc.

      5,309       140     

First Hawaiian, Inc.

      19,224       564     

First Internet Bancorp

      1,662       52     

First Interstate BancSystem, Inc., Class A

      10,052       405     

First Merchants Corp.

      10,676       447     

First Mid Bancshares, Inc.

      37       1     

First Northwest Bancorp

      521       9     

First of Long Island (The) Corp.

      3,635       75     

First Savings Financial Group, Inc.

      9,378       264     

First United Corp.

      7,959       148     

Flushing Financial Corp.

      4,414       100     

FNB Corp.

      59,010       686     

Fulton Financial Corp.

      29,237       447     

German American Bancorp, Inc.

      5,454       211     

Glacier Bancorp, Inc.

      15,628       865     

Great Southern Bancorp, Inc.

      1,715       94     

Great Western Bancorp, Inc.

      9,647       316     

Hancock Whitney Corp.

      17,099       806     

Hanmi Financial Corp.

      3,790       76     

Hawthorn Bancshares, Inc.

      1,401       32     

Heartland Financial U.S.A., Inc.

      5,911       284     

Heritage Financial Corp.

      8,306       212     

Hilltop Holdings, Inc.

      14,689       480     

Home BancShares, Inc.

      28,504       671     

HomeTrust Bancshares, Inc.

      1,342       38     

Hope Bancorp, Inc.

      22,426       324     

Independent Bank Corp.

      6,906       526     

Independent Bank Group, Inc.

      10,601       753     

International Bancshares Corp.

      12,561       523     

Investar Holding Corp.

      10,430       230     

Investors Bancorp, Inc.

      61,498       929     

Lakeland Bancorp, Inc.

      7,540       133     

Lakeland Financial Corp.

      4,841       345     

Landmark Bancorp, Inc.

      1,327       37     

Malvern Bancorp, Inc.(2) *

      9       —     

Mercantile Bank Corp.

      5,228       167     

Metropolitan Bank Holding Corp.*

      200       17     

MidWestOne Financial Group, Inc.

      564       17     

National Bank Holdings Corp., Class A

      6,425       260     

National Bankshares, Inc.

      1,755       64     

NBT Bancorp, Inc.

      10,737       388     

Nicolet Bankshares, Inc.*

      3,099       230     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  155 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP CORE FUND    continued

 

    

NUMBER

OF SHARES

           VALUE
(000S)		        

COMMON STOCKS - 96.0%    continued

 

     

Banks – 8.3%    continued

        

Northrim BanCorp, Inc.

      1,649           $70     

Norwood Financial Corp.

      1,084       28     

OceanFirst Financial Corp.

      9,536       204     

OFG Bancorp

      6,948       175     

Ohio Valley Banc Corp.

      745       20     

Old National Bancorp

      28,039       475     

Old Second Bancorp, Inc.

      2,613       34     

Pacific Premier Bancorp, Inc.

      20,275       840     

Park National Corp.

      3,044       371     

Peapack-Gladstone Financial Corp.

      4,259       142     

Penns Woods Bancorp, Inc.

      150       4     

Peoples Bancorp, Inc.

      6,468       204     

Peoples Financial Corp.

      236       4     

Peoples Financial Services Corp.

      413       19     

Preferred Bank

      3,911       261     

Primis Financial Corp.

      669       10     

QCR Holdings, Inc.

      1,623       83     

Renasant Corp.

      12,295       443     

Republic Bancorp, Inc., Class A

      4,135       209     

Republic First Bancorp, Inc.*

      3,187       10     

Sandy Spring Bancorp, Inc.

      5,278       242     

Seacoast Banking Corp. of Florida

      10,821       366     

ServisFirst Bancshares, Inc.

      13,098       1,019     

Shore Bancshares, Inc.

      691       12     

Sierra Bancorp

      810       20     

Silvergate Capital Corp., Class A*

      3,315       383     

Simmons First National Corp., Class A

      14,678       434     

Southern BancShares NC, Inc.

      5       26     

Southern First Bancshares, Inc.*

      4,590       246     

Southside Bancshares, Inc.

      5,055       194     

Spirit of Texas Bancshares, Inc.

      4,719       114     

Stock Yards Bancorp, Inc.

      6,372       374     

SVB Financial Group*

      273       177     

Texas Capital Bancshares, Inc.*

      7,142       429     

Tompkins Financial Corp.

      3,473       281     

Towne Bank

      10,289       320     

TriCo Bancshares

      5,072       220     

Triumph Bancorp, Inc.*

      6,479       649     

Trustmark Corp.

      12,934       417     

UMB Financial Corp.

      8,869       858     

Umpqua Holdings Corp.

      32,483       658     

Union Bankshares, Inc.

      5,790       185     

United Bancorp, Inc.

      498       7     

United Bankshares, Inc.

      19,045       693     
    

NUMBER

OF SHARES

           VALUE
(000S)		        

COMMON STOCKS - 96.0%    continued

 

     

Banks – 8.3%    continued

        

United Community Banks, Inc.

      15,328           $503     

Univest Financial Corp.

      5,330       146     

Valley National Bancorp

      58,734       782     

Veritex Holdings, Inc.

      8,287       326     

Virginia National Bankshares Corp.

      105       4     

Washington Trust Bancorp, Inc.

      3,261       173     

WesBanco, Inc.

      15,264       520     

West BanCorp, Inc.

      2,798       84     

Westamerica BanCorp

      6,194       348     
       
               44,771           

Beverages – 0.3%

        

Celsius Holdings, Inc.*

      6,497       585     

Coca-Cola Consolidated, Inc.

      1,593       628     

MGP Ingredients, Inc.

      3,455       225     

National Beverage Corp.

      6,954       365     
       
               1,803           

Biotechnology – 6.5%

        

89bio, Inc.*

      7,277       143     

Abeona Therapeutics, Inc.*

      1,200       1     

ACADIA Pharmaceuticals, Inc.*

      20,020       333     

Adamas Pharmaceuticals, Inc.*

      7,545       37     

ADMA Biologics, Inc.*

      22,321       25     

Adverum Biotechnologies, Inc.*

      12,333       27     

Akebia Therapeutics, Inc.*

      24,361       70     

Akero Therapeutics, Inc.*

      4,153       93     

Albireo Pharma, Inc.*

      7,574       236     

Alector, Inc.*

      6,697       153     

Alkermes PLC*

      26,782       826     

Allogene Therapeutics, Inc.*

      11,402       293     

Altimmune, Inc.*

      13,346       151     

Amicus Therapeutics, Inc.*

      63,001       602     

AnaptysBio, Inc.*

      11,208       304     

Anavex Life Sciences Corp.*

      11,604       208     

Anika Therapeutics, Inc.*

      5,546       236     

Anixa Biosciences, Inc.*

      3,567       17     

Annexon, Inc.*

      6,099       114     

Applied Molecular Transport, Inc.*

      6,595       171     

Applied Therapeutics, Inc.*

      1,808       30     

Aprea Therapeutics, Inc.*

      3,708       19     

Aptevo Therapeutics, Inc.*

      5,531       85     

Arcus Biosciences, Inc.*

      10,399       363     

Arcutis Biotherapeutics, Inc.*

      4,906       117     

Ardelyx, Inc.*

      9,301       12     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    156 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

     

Biotechnology – 6.5%    continued

 

   

Arena Pharmaceuticals, Inc.*

      9,918           $591     

Arrowhead Pharmaceuticals, Inc.*

      19,068       1,190     

Assembly Biosciences, Inc.*

      9,820       34     

Astria Therapeutics, Inc.*

      2,518       22     

Atara Biotherapeutics, Inc.*

      11,811       211     

Atreca, Inc., Class A*

      4,377       27     

Aurinia Pharmaceuticals, Inc.*

      21,041       466     

Avrobio, Inc.*

      4,449       25     

Beyondspring, Inc.*

      4,837       76     

BioCryst Pharmaceuticals, Inc.*

      8,762       126     

Bioxcel Therapeutics, Inc.*

      7,716       234     

Bluebird Bio, Inc.*

      11,269       215     

Blueprint Medicines Corp.*

      11,422       1,174     

Calithera Biosciences, Inc.*

      2,212       5     

Calyxt, Inc.*

      20,612       69     

Capricor Therapeutics, Inc.*

      23,578       95     

CareDx, Inc.*

      10,840       687     

CASI Pharmaceuticals, Inc.*

      37,663       45     

Catalyst Biosciences, Inc.*

      17,459       72     

Catalyst Pharmaceuticals, Inc.*

      34,533       183     

Celcuity, Inc.*

      9,194       166     

Celldex Therapeutics, Inc.*

      5,217       282     

Centogene N.V.*

      5,190       57     

ChemoCentryx, Inc.*

      7,137       122     

Clovis Oncology, Inc.*

      500       2     

Coherus Biosciences, Inc.*

      11,714       188     

Concert Pharmaceuticals, Inc.*

      20,813       68     

Cortexyme, Inc.*

      3,049       279     

Crinetics Pharmaceuticals, Inc.*

      4,837       102     

Cue Biopharma, Inc.*

      4,153       61     

Curis, Inc.*

      11,480       90     

CytoDyn, Inc.*

      102,526       203     

Cytokinetics, Inc.*

      12,074       432     

Deciphera Pharmaceuticals, Inc.*

      2,502       85     

Denali Therapeutics, Inc.*

      16,692       842     

DermTech, Inc.*

      7,118       229     

DiaMedica Therapeutics, Inc.*

      21,056       84     

Dicerna Pharmaceuticals, Inc.*

      16,737       337     

Dyadic International, Inc.*

      16,460       92     

Dynavax Technologies Corp.*

      19,064       366     

Eagle Pharmaceuticals, Inc.*

      2,149       120     

Eiger BioPharmaceuticals, Inc.*

      20,040       134     

Emergent BioSolutions, Inc.*

      10,525       527     

Enanta Pharmaceuticals, Inc.*

      5,556       316     
    

NUMBER

OF SHARES

           VALUE
(000S)		        

COMMON STOCKS - 96.0%    continued

 

     

Biotechnology – 6.5%    continued

 

   

Esperion Therapeutics, Inc.*

      11,646           $140     

Essa Pharma, Inc.*

      4,375       35     

Evelo Biosciences, Inc.*

      9,413       66     

Flexion Therapeutics, Inc.*

      9,753       60     

Frequency Therapeutics, Inc.*

      4,098       29     

G1 Therapeutics, Inc.*

      11,767       158     

Galmed Pharmaceuticals Ltd.*

      209       1     

Geron Corp.*

      7,700       11     

GlycoMimetics, Inc.*

      7,284       16     

Gossamer Bio, Inc.*

      8,008       101     

Halozyme Therapeutics, Inc.*

      23,574       959     

Harpoon Therapeutics, Inc.*

      5,932       47     

Homology Medicines, Inc.*

      10,336       81     

Ideaya Biosciences, Inc.*

      5,366       137     

ImmuCell Corp.*

      2,514       23     

Immunic, Inc.*

      7,815       69     

ImmunoGen, Inc.*

      15,743       89     

Insmed, Inc.*

      17,236       475     

Intellia Therapeutics, Inc.*

      11,883       1,594     

Ironwood Pharmaceuticals, Inc.*

      43,281       565     

Kadmon Holdings, Inc.*

      29,851       260     

KalVista Pharmaceuticals, Inc.*

      18,655       326     

Karyopharm Therapeutics, Inc.*

      12,037       70     

Keros Therapeutics, Inc.*

      2,652       105     

Krystal Biotech, Inc.*

      3,094       162     

Kura Oncology, Inc.*

      17,730       332     

La Jolla Pharmaceutical Co.*

      1,889       8     

Lexicon Pharmaceuticals, Inc.*

      3,347       16     

Ligand Pharmaceuticals, Inc.*

      4,590       639     

MacroGenics, Inc.*

      10,996       230     

Magenta Therapeutics, Inc.*

      10,083       73     

MediciNova, Inc.*

      27,967       106     

MeiraGTx Holdings PLC*

      13,802       182     

Merrimack Pharmaceuticals, Inc.*

      261       1     

Merus N.V.*

      12,616       278     

MiMedx Group, Inc.*

      16,968       103     

Minerva Neurosciences, Inc.*

      2,542       4     

Mirati Therapeutics, Inc.*

      258       46     

Mirum Pharmaceuticals, Inc.*

      13,541       270     

Molecular Templates, Inc.*

      13,891       93     

Monopar Therapeutics, Inc.*

      13,197       64     

Morphic Holding, Inc.*

      4,949       280     

Myriad Genetics, Inc.*

      20,081       648     

Natera, Inc.*

      4,209       469     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  157 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP CORE FUND    continued

 

    

NUMBER

OF SHARES

           VALUE
(000S)		       

COMMON STOCKS - 96.0%    continued

 

   

Biotechnology – 6.5%    continued

 

          

Neoleukin Therapeutics, Inc.*

      8,304           $60     

NeuroBo Pharmaceuticals, Inc.*

      7,267       27     

Nkarta, Inc.*

      6,299       175     

Olema Pharmaceuticals, Inc.*

      4,906       135     

OPKO Health, Inc.*

      94,237       344     

Organogenesis Holdings, Inc.*

      8,883       127     

ORIC Pharmaceuticals, Inc.*

      6,894       144     

Oyster Point Pharma, Inc.*

      3,410       40     

PDL BioPharma, Inc.*

      24,608       65     

Precision BioSciences, Inc.*

      11,667       135     

ProQR Therapeutics N.V.*

      154       1     

Protagonist Therapeutics, Inc.*

      5,830       103     

Protara Therapeutics, Inc.*

      2,076       14     

Prothena Corp. PLC*

      9,209       656     

Radius Health, Inc.*

      8,494       105     

RAPT Therapeutics, Inc.*

      5,042       157     

REGENXBIO, Inc.*

      6,433       270     

Repare Therapeutics, Inc.*

      3,977       104     

Replimune Group, Inc.*

      8,500       252     

Rezolute, Inc.*

      11,535       86     

Rhythm Pharmaceuticals, Inc.*

      9,262       121     

Rocket Pharmaceuticals, Inc.*

      621       19     

Sage Therapeutics, Inc.*

      11,972       530     

Sangamo Therapeutics, Inc.*

      23,430       211     

Savara, Inc.*

      3,800       5     

Shattuck Labs, Inc.*

      4,508       92     

Sierra Oncology, Inc.*

      14,288       313     

Sinovac Biotech Ltd.(3) *

      1,587       —     

Solid Biosciences, Inc.(2) *

      61       —     

Sorrento Therapeutics, Inc.*

      28,830       220     

Spectrum Pharmaceuticals, Inc.*

      16,231       35     

Spero Therapeutics, Inc.*

      6,662       123     

SpringWorks Therapeutics, Inc.*

      8,616       547     

Syndax Pharmaceuticals, Inc.*

      12,635       241     

TCR2 Therapeutics, Inc.*

      14,692       125     

Trillium Therapeutics, Inc.*

      19,895       349     

Turning Point Therapeutics, Inc.*

      9,970       662     

Ultragenyx Pharmaceutical, Inc.*

      12,472       1,125     

uniQure N.V.*

      7,505       240     

UroGen Pharma Ltd.*

      7,653       129     

Vanda Pharmaceuticals, Inc.*

      10,706       184     

Vaxcyte, Inc.*

      5,701       145     

Vericel Corp.*

      8,414       411     

Viking Therapeutics, Inc.*

      2,902       18     
    

NUMBER

OF SHARES

           VALUE
(000S)		       

COMMON STOCKS - 96.0%    continued

 

     

Biotechnology – 6.5%    continued

 

   

Viridian Therapeutics, Inc.*

      8,353           $137     

Voyager Therapeutics, Inc.*

      10,460       28     

Windtree Therapeutics, Inc.*

      14,087       29            

X4 Pharmaceuticals, Inc.*

      11,418       60     

XBiotech, Inc.

      6,970       90     

Xencor, Inc.*

      9,113       298     

Xenon Pharmaceuticals, Inc.*

      8,453       129     

XOMA Corp.*

      8,660       214     

ZIOPHARM Oncology, Inc.*

      35,332       64     

Zymeworks, Inc.*

      7,795       226     
       
               34,938           

Building Products – 1.1%

        

AAON, Inc.

      8,514       556     

American Woodmark Corp.*

      2,921       191     

Apogee Enterprises, Inc.

      6,986       264     

Caesarstone Ltd.

      6,170       77     

Cornerstone Building Brands, Inc.*

      262       4     

CSW Industrials, Inc.

      2,694       344     

Gibraltar Industries, Inc.*

      7,085       493     

Griffon Corp.

      10,835       266     

Insteel Industries, Inc.

      6,120       233     

JELD-WEN Holding, Inc.*

      13,490       338     

Masonite International Corp.*

      5,388       572     

PGT Innovations, Inc.*

      13,897       265     

Quanex Building Products Corp.

      6,083       130     

Resideo Technologies, Inc.*

      24,925       618     

Simpson Manufacturing Co., Inc.

      8,935       956     

UFP Industries, Inc.

      12,705       864     
       
               6,171           

Capital Markets – 1.8%

        

Apollo Investment Corp.

      12,526       162     

Artisan Partners Asset Management, Inc., Class A

      8,711       426     

Associated Capital Group, Inc., Class A

      2,828       106     

B. Riley Financial, Inc.

      1,727       102     

BGC Partners, Inc., Class A

      52,979       276     

Blucora, Inc.*

      9,414       147     

Brookfield Asset Management, Inc., Class A

      1,436       77     

Cohen & Steers, Inc.

      5,578       467     

Cowen, Inc., Class A

      291       10     

Diamond Hill Investment Group, Inc.

      948       167     

Donnelley Financial Solutions, Inc.(2) *

      1       —     

Evercore, Inc., Class A

      6,870       918     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    158 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

           VALUE
(000S)		       

COMMON STOCKS - 96.0%    continued

 

     

Capital Markets – 1.8%    continued

 

          

Federated Hermes, Inc.

      17,133           $557     

Freedom Holding Corp.*

      5,339       335     

FS K.K.R Capital Corp.

      20,488       452     

GAMCO Investors, Inc., Class A

      5,069       134     

Hamilton Lane, Inc., Class A

      5,432       461     

Hercules Capital, Inc.

      22,011       366     

Houlihan Lokey, Inc.

      8,060       742     

Main Street Capital Corp.

      10,963       451     

Moelis & Co., Class A

      11,731       726     

Piper Sandler Cos.

      4,017       556     

PJT Partners, Inc., Class A

      4,546       360     

Prospect Capital Corp.

      51,627       398     

Pzena Investment Management, Inc., Class A

      4,621       45     

Safeguard Scientifics, Inc.*

      826       7     

Saratoga Investment Corp.

      4,223       121     

Siebert Financial Corp.*

      919       3     

Sixth Street Specialty Lending, Inc.

      10,111       225     

StoneCastle Financial Corp.

      3,639       80     

StoneX Group, Inc.*

      4,261       281     

Victory Capital Holdings, Inc., Class A

      12,435       435     

Virtus Investment Partners, Inc.

      1,187       368     

Westwood Holdings Group, Inc.

      496       9     

WisdomTree Investments, Inc.

      4,036       23     
       
               9,993           

Chemicals – 2.1%

 

   

Advanced Emissions Solutions, Inc.*

      838       5     

American Vanguard Corp.

      4,002       60     

Amyris, Inc.*

      12,266       168     

Avient Corp.

      16,042       744     

Balchem Corp.

      6,581       955     

Cabot Corp.

      11,634       583     

Chase Corp.

      2,575       263     

Element Solutions, Inc.

      33,466       726     

Ferro Corp.*

      12,102       246     

FutureFuel Corp.

      7,054       50     

GCP Applied Technologies, Inc.*

      9,787       215     

H.B. Fuller Co.

      13,178       851     

Hawkins, Inc.

      8,250       288     

Ingevity Corp.*

      8,478       605     

Innospec, Inc.

      4,935       416     

Koppers Holdings, Inc.*

      8,542       267     

Kraton Corp.*

      4,954       226     

Kronos Worldwide, Inc.

      700       9     
    

NUMBER

OF SHARES

           VALUE
(000S)		        

COMMON STOCKS - 96.0%    continued

 

     

Chemicals – 2.1%    continued

 

     

Livent Corp.*

      29,213           $675     

LSB Industries, Inc.(2) *

      19       —     

Minerals Technologies, Inc.

      7,839       547     

Orion Engineered Carbons S.A.*

      8,740       159     

Quaker Chemical Corp.

      3,960       941     

Sensient Technologies Corp.

      9,158       834     

Stepan Co.

      4,987       563     

Tredegar Corp.

      6,521       79     

Trinseo S.A.

      10,424       563     

Tronox Holdings PLC, Class A

      6,756       167     
       
               11,205           

Commercial Services & Supplies – 1.8%

 

   

ABM Industries, Inc.

      12,892       580     

ACCO Brands Corp.

      20,762       178     

Brady Corp., Class A

      10,478       531     

Brink’s (The) Co.

      9,921       628     

Casella Waste Systems, Inc., Class A*

      8,947       679     

CECO Environmental Corp.*

      206       1     

Cimpress PLC*

      5,283       459     

CompX International, Inc.(2)

     1       —     

CoreCivic, Inc.*

      22,505       200     

Covanta Holding Corp.

      22,807       459     

Deluxe Corp.

      7,361       264     

Ennis, Inc.

      4,775       90     

Healthcare Services Group, Inc.

      15,610       390     

Heritage-Crystal Clean, Inc.*

      508       15     

Herman Miller, Inc.

      16,542       623     

HNI Corp.

      8,343       306     

Interface, Inc.

      9,636       146     

KAR Auction Services, Inc.*

      26,692       438     

Kimball International, Inc., Class B

      3,682       41     

Matthews International Corp., Class A

      5,352       186     

NL Industries, Inc.

      100       1     

Pitney Bowes, Inc.

      29,108       210     

Quad/Graphics, Inc.*

      254       1     

R.R. Donnelley & Sons Co.(2) *

      1       —     

SP Plus Corp.*

      4,529       139     

Steelcase, Inc., Class A

      17,115       217     

Team, Inc.*

      483       2     

Tetra Tech, Inc.

      11,596       1,732     

UniFirst Corp.

      3,033       645     

Viad Corp.*

      4,561       207     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  159 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP CORE FUND    continued

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 96.0%     continued

 

     

Commercial Services & Supplies – 1.8%     continued

 

Virco Mfg. Corp.*

      1,676           $6     

VSE Corp.

      4,716       227     
       
               9,601           

Communications Equipment – 1.0%

 

     

ADTRAN, Inc.

      9,824       184     

Applied Optoelectronics, Inc.*

      5,804       42     

AudioCodes Ltd.

      5,523       180     

Aviat Networks, Inc.*

      2,996       98     

BK Technologies Corp.

      1,835       5     

CalAmp Corp.*

      2,461       24     

Calix, Inc.*

      6,758       334     

Clearfield, Inc.*

      4,684       207     

CommScope Holding Co., Inc.*

      37,663       512     

Comtech Telecommunications Corp.

      7,170       184     

Digi International, Inc.*

      9,001       189     

EMCORE Corp.*

      12,695       95     

Extreme Networks, Inc.*

      13,970       138     

Harmonic, Inc.*

      13,082       114     

Infinera Corp.*

      17,187       143     

Inseego Corp.*

      3,235       22     

Ituran Location and Control Ltd.

      4,071       103     

KVH Industries, Inc.*

      6,178       59     

NETGEAR, Inc.*

      5,981       191     

NetScout Systems, Inc.*

      14,721       397     

PCTEL, Inc.*

      14,020       87     

Plantronics, Inc.*

      6,954       179     

Radware Ltd.*

      7,520       254     

Silicom Ltd.*

      5,262       228     

UTStarcom Holdings Corp.(2) *

      1       —     

Viasat, Inc.*

      9,828       541     

Viavi Solutions, Inc.*

      40,274       634     
       
               5,144           

Construction & Engineering – 1.2%

 

     

API Group Corp.(4) *

      31,157       634     

Arcosa, Inc.

      10,230       513     

Argan, Inc.

      4,104       179     

Comfort Systems U.S.A., Inc.

      10,092       720     

Dycom Industries, Inc.*

      5,758       410     

EMCOR Group, Inc.

      10,544       1,217     

Fluor Corp.*

      25,024       400     

Granite Construction, Inc.

      11,015       436     

Great Lakes Dredge & Dock Corp.*

      4,135       62     

IES Holdings, Inc.*

      1,476       68     
     NUMBER
OF SHARES		  

        VALUE

(000S)

     

  

COMMON STOCKS - 96.0%     continued

 

     

Construction & Engineering – 1.2%    continued

 

Matrix Service Co.*

      3,570           $37     

MYR Group, Inc.*

      3,319       330     

Northwest Pipe Co.*

      5,235       124     

NV5 Global, Inc.*

      2,756       272     

Primoris Services Corp.

      7,161       175     

Sterling Construction Co., Inc.*

      7,763       176     

Tutor Perini Corp.*

      2,067       27     

WillScot Mobile Mini Holdings Corp.*

      27,112       860     
       
               6,640           

Construction Materials – 0.2%

        

Summit Materials, Inc., Class A*

      26,977       863     

United States Lime & Minerals, Inc.

      1,409       170     
       
               1,033           

Consumer Finance – 0.9%

        

Curo Group Holdings Corp.

      193       3     

Encore Capital Group, Inc.*

      7,077       349     

Enova International, Inc.*

      5,073       175     

EZCORP, Inc., Class A*

      2,900       22     

FirstCash, Inc.

      8,309       727     

Green Dot Corp., Class A*

      11,622       585     

LendingClub Corp.*

      9,389       265     

Navient Corp.

      34,846       688     

Nelnet, Inc., Class A

      7,037       558     

PRA Group, Inc.*

      10,543       444     

PROG Holdings, Inc.*

      14,922       627     

Regional Management Corp.

      300       17     

World Acceptance Corp.*

      1,716       325     
       
               4,785           

Containers & Packaging – 0.3%

 

     

Greif, Inc., Class A

      5,079       328     

Myers Industries, Inc.

      3,648       71     

O-I Glass, Inc.*

      23,511       336     

Silgan Holdings, Inc.

      11,649       447     

UFP Technologies, Inc.*

      3,815       235     
       
               1,417           

Distributors – 0.0%

 

     

Weyco Group, Inc.

      3,226       73     
     

Diversified Consumer Services – 0.8%

 

     

2U, Inc.*

      11,932       401     

Adtalem Global Education, Inc.*

      13,235       500     

Afya Ltd., Class A*

      17,646       348     

American Public Education, Inc.*

      5,334       137     

Graham Holdings Co., Class B

      960       566     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    160 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 96.0%     continued

 

     

Diversified Consumer Services – 0.8%     continued

 

   

Grand Canyon Education, Inc.*

      7,690           $676     

Houghton Mifflin Harcourt Co.*

      20,066       270     

Laureate Education, Inc., Class A*

      20,753       353     

Perdoceo Education Corp.*

      9,982       105     

Regis Corp.*

      9,036       31     

Strategic Education, Inc.

      4,401       310     

Stride, Inc.*

      6,608       238     

WW International, Inc.*

      7,993       146     

Zovio, Inc.(2) *

      16       —     
       
               4,081           

Diversified Financial Services – 0.2%

 

     

A-Mark Precious Metals, Inc.

      5,101       306     

Banco Latinoamericano de Comercio

        

Exterior S.A., Class E

      7,766       136     

California First Leasing Corp.

      1,558       28     

Cannae Holdings, Inc.*

      13,391       417     
       
               887           

Diversified Telecommunication Services – 0.5%

 

     

Anterix, Inc.*

      5,005       304     

ATN International, Inc.

      2,889       135     

Bandwidth, Inc., Class A*

      3,251       294     

Cogent Communications Holdings, Inc.

      7,953       563     

Consolidated Communications

        

Holdings, Inc.*

      12,083       111     

IDT Corp., Class B*

      5,201       218     

Iridium Communications, Inc.*

      21,876       872     

Liberty Latin America Ltd., Class C*

      16,292       214     

LICT Corp.*

      6       146     
       
               2,857           

Electric Utilities – 0.7%

 

     

ALLETE, Inc.

      12,644       753     

MGE Energy, Inc.

      8,837       649     

Otter Tail Corp.

      10,738       601     

PNM Resources, Inc.

      15,192       752     

Portland General Electric Co.

      19,584       920     
       
               3,675           

Electrical Equipment – 0.7%

 

     

Allied Motion Technologies, Inc.

      4,380       137     

Atkore, Inc.*

      9,262       805     

AZZ, Inc.

      4,963       264     

Encore Wire Corp.

      4,096       388     

EnerSys

      8,340       621     

GrafTech International Ltd.

      29,433       304     
     NUMBER
OF SHARES		  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 96.0%     continued

 

     

Electrical Equipment – 0.7%     continued

 

     

Powell Industries, Inc.

      4,638           $114     

Preformed Line Products Co.

      1,994       130     

Thermon Group Holdings, Inc.*

      3,319       57     

TPI Composites, Inc.*

      6,099       206     

Ultralife Corp.*

      846       6     

Vicor Corp.*

      6,126       822     
       
               3,854           

Electronic Equipment, Instruments & Components – 2.4%

 

Advanced Energy Industries, Inc.

      6,971       612     

Arlo Technologies, Inc.*

      3,150       20     

Avnet, Inc.

      15,777       583     

Badger Meter, Inc.

      5,704       577     

Bel Fuse, Inc., Class B

      2,854       35     

Belden, Inc.

      7,441       434     

Benchmark Electronics, Inc.

      9,244       247     

CTS Corp.

      5,143       159     

Daktronics, Inc.*

      2,559       14     

ePlus, Inc.*

      5,144       528     

Fabrinet*

      8,222       843     

FARO Technologies, Inc.*

      3,753       247     

Frequency Electronics, Inc.*

      6,758       70     

Hollysys Automation Technologies Ltd.

      9,246       191     

II-VI, Inc.*

      16,595       985     

Insight Enterprises, Inc.*

      9,112       821     

Itron, Inc.*

      8,857       670     

Kimball Electronics, Inc.*

      5,368       138     

Knowles Corp.*

      14,968       281     

Methode Electronics, Inc.

      7,243       305     

nLight, Inc.*

      11,607       327     

Novanta, Inc.*

      7,154       1,105     

OSI Systems,Inc.*

      5,442       516     

PAR Technology Corp.*

      3,629       223     

PC Connection, Inc.

      6,667       294     

Plexus Corp.*

      6,246       558     

Rogers Corp.*

      3,630       677     

Sanmina Corp.*

      13,470       519     

ScanSource, Inc.*

      4,800       167     

TTM Technologies, Inc.*

      12,856       162     

Vishay Intertechnology, Inc.

      21,667       435     

Vishay Precision Group, Inc.*

      6,945       241     

Wayside Technology Group, Inc.

      5,770       156     
       
               13,140           
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  161 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP CORE FUND    continued

 

     NUMBER
OF SHARES		  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 96.0%     continued

 

     

Energy Equipment & Services – 0.8%

 

     

Bristow Group, Inc.*

      2,268       $72     

Cactus, Inc., Class A

      11,256           425     

ChampionX Corp.*

      33,160       741     

Dawson Geophysical Co.*

      16,436       41     

DMC Global, Inc.*

      2,206       81     

Dril-Quip, Inc.*

      6,539       165     

ENGlobal Corp.*

      6,201       17     

Exterran Corp.*

      8,734       39     

Geospace Technologies Corp.*

      9,097       87     

Gulf Island Fabrication, Inc.*

      5,334       21     

Helix Energy Solutions Group, Inc.*

      38,160       148     

Helmerich & Payne, Inc.

      18,091       496     

MIND Technology, Inc.*

      3,700       7     

Nabors Industries Ltd.*

      1,858       179     

Natural Gas Services Group, Inc.*

      6,526       68     

NexTier Oilfield Solutions, Inc.*

      21,313       98     

Oceaneering International, Inc.*

      17,607       235     

Patterson-UTI Energy, Inc.

      41,605       374     

ProPetro Holding Corp.*

      5,315       46     

RPC, Inc.*

      7,973       39     

Solaris Oilfield Infrastructure, Inc., Class A

      7,129       59     

TechnipFMC PLC*

      74,113       558     

TETRA Technologies, Inc.*

      12,106       38     

Tidewater, Inc.*

      9,460       114     

Transocean Ltd.*

      100,322       380     

U.S. Silica Holdings, Inc.*

      9,033       72     
       
               4,600           

Entertainment – 0.3%

 

     

IMAX Corp.*

      6,960       132     

Liberty Media Corp.-Liberty Braves, Class C*

      20,339       537     

Lions Gate Entertainment Corp., Class A*

      13,669       194     

LiveXLive Media, Inc.*

      5,784       17     

Marcus (The) Corp.*

      2,354       41     

Reading International, Inc., Class A*

      4,251       22     

Sciplay Corp., Class A*

      23,578       488     
       
               1,431           

Equity Real Estate Investment Trusts – 6.1%

 

     

Acadia Realty Trust

      16,922       345     

Agree Realty Corp.

      10,445       692     

Alexander & Baldwin, Inc.

      12,703       298     

Alexander’s, Inc.

      675       176     
     NUMBER
OF SHARES		  

        VALUE

(000S)

   

  

  

COMMON STOCKS - 96.0%     continued

 

     

Equity Real Estate Investment Trusts – 6.1%     continued

 

   

American Assets Trust, Inc.

      8,841           $331     

American Finance Trust, Inc.

      19,848       160     

Apple Hospitality REIT, Inc.

      41,368       651     

Armada Hoffler Properties, Inc.

      5,384       72     

Bluerock Residential Growth REIT, Inc.

      9,023       115     

Braemar Hotels & Resorts, Inc.*

      4,823       23     

Brandywine Realty Trust

      32,903       442     

Broadstone Net Lease, Inc.

      23,865       592     

BRT Apartments Corp.

      3,060       59     

CareTrust REIT, Inc.

      18,591       378     

CatchMark Timber Trust, Inc., Class A

      14,836       176     

Cedar Realty Trust, Inc.

      8,497       184     

Centerspace

      2,005       189     

Chatham Lodging Trust*

      6,946       85     

CIM Commercial Trust Corp.

      934       8     

City Office REIT, Inc.

      14,297       255     

Columbia Property Trust, Inc.

      21,940       417     

Community Healthcare Trust, Inc.

      4,448       201     

CorEnergy Infrastructure Trust, Inc.

      1,462       6     

CorePoint Lodging, Inc.*

      12,266       190     

Corporate Office Properties Trust

      18,959       512     

CTO Realty Growth, Inc.

      3,955       213     

DiamondRock Hospitality Co.*

      43,889       415     

DigitalBridge Group, Inc.*

      88,195       532     

Diversified Healthcare Trust

      37,810       128     

Easterly Government Properties, Inc.

      13,897       287     

EastGroup Properties, Inc.

      7,544       1,257     

Empire State Realty Trust, Inc., Class A

      25,370       254     

EPR Properties

      12,463       615     

Equity Commonwealth

      19,755       513     

Essential Properties Realty Trust, Inc.

      16,583       463     

Four Corners Property Trust, Inc.

      15,463       415     

Franklin Street Properties Corp.

      16,025       74     

GEO Group (The), Inc.

      25,908       194     

Getty Realty Corp.

      7,316       214     

Gladstone Commercial Corp.

      7,214       152     

Gladstone Land Corp.

      15,568       354     

Global Medical REIT, Inc.

      9,766       144     

Global Net Lease, Inc.

      19,328       310     

Healthcare Realty Trust, Inc.

      28,169       839     

Hersha Hospitality Trust*

      8,591       80     

Hudson Pacific Properties, Inc.

      24,793       651     

Independence Realty Trust, Inc.

      17,068       347     

Indus Realty Trust, Inc.

      3,615       253     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    162 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%     continued

 

     

Equity Real Estate Investment Trusts – 6.1%    continued

 

   

Industrial Logistics Properties Trust

      11,002       $280     

Innovative Industrial Properties, Inc.

      3,331           770     

iStar, Inc.

      18,471       463     

JBG SMITH Properties

      20,948       620     

Kimco Realty Corp.

      33,614       698     

Kite Realty Group Trust

      15,911       324     

Lexington Realty Trust

      44,784       571     

LTC Properties, Inc.

      8,246       261     

Macerich (The) Co.

      27,878       466     

Mack-Cali Realty Corp.*

      14,792       253     

Monmouth Real Estate Investment Corp.

      19,393       362     

National Health Investors, Inc.

      8,281       443     

National Storage Affiliates Trust

      11,121       587     

NexPoint Residential Trust, Inc.

      3,894       241     

One Liberty Properties, Inc.

      6,319       193     

Outfront Media, Inc.

      28,323       714     

Pebblebrook Hotel Trust

      25,326       568     

Pennsylvania Real Estate Investment Trust*

      371       1     

Physicians Realty Trust

      37,247       656     

Piedmont Office Realty Trust, Inc., Class A

      23,603       411     

Plymouth Industrial REIT, Inc.

      5,859       133     

PotlatchDeltic Corp.

      12,820       661     

Preferred Apartment Communities, Inc.

      600       7     

PS Business Parks, Inc.

      4,010       629     

Retail Opportunity Investments Corp.

      21,774       379     

Retail Properties of America, Inc., Class A

      35,089       452     

Retail Value, Inc.

      3,173       84     

RLJ Lodging Trust

      34,226       509     

RPT Realty

      16,207       207     

Sabra Health Care REIT, Inc.

      40,271       593     

Saul Centers, Inc.

      2,379       105     

Service Properties Trust

      32,177       361     

SITE Centers Corp.

      22,978       355     

Sotherly Hotels, Inc.*

      2,334       6     

STAG Industrial, Inc.

      27,858       1,093     

Summit Hotel Properties, Inc.*

      13,482       130     

Sunstone Hotel Investors, Inc.*

      44,683       534     

Tanger Factory Outlet Centers, Inc.

      15,238       248     

Terreno Realty Corp.

      13,566       858     

UMH Properties, Inc.

      8,454       194     

Urban Edge Properties

      21,578       395     
     NUMBER
OF SHARES		  

        VALUE

(000S)

       

COMMON STOCKS - 96.0%     continued

 

     

Equity Real Estate Investment Trusts – 6.1%    continued

 

   

Urstadt Biddle Properties, Inc., Class A

      8,986       $170     

Ventas, Inc.

      2,432           134     

Washington Real Estate Investment Trust

      14,745       365     

Whitestone REIT

      10,730       105     
       
               32,850           

Food & Staples Retailing – 1.0%

        

Andersons (The), Inc.

      4,166       128     

BJ’s Wholesale Club Holdings, Inc.*

      20,270       1,113     

Chefs’ Warehouse (The), Inc.*

      1,575       51     

Grocery Outlet Holding Corp.*

      14,584       315     

Ingles Markets, Inc., Class A

      5,769       381     

Performance Food Group Co.*

      28,644       1,331     

PriceSmart, Inc.

      4,320       335     

Rite Aid Corp.*

      8,565       122     

SpartanNash Co.

      7,251       159     

Sprouts Farmers Market, Inc.*

      25,358       587     

United Natural Foods, Inc.*

      7,327       355     

Village Super Market, Inc., Class A

      1,471       32     

Weis Markets, Inc.

      4,874       256            
       
               5,165           

Food Products – 1.2%

        

Adecoagro S.A.*

      1,368       12     

Alico, Inc.

      6,440       221     

B&G Foods, Inc.

      13,863       414     

Bridgford Foods Corp.*

      3,905       47     

Calavo Growers, Inc.

      2,990       114     

Cal-Maine Foods, Inc.

      7,729       280     

Farmer Bros. Co.*

      6,412       54     

Fresh Del Monte Produce, Inc.

      4,310       139     

Hain Celestial Group (The), Inc.*

      14,054       601     

Hostess Brands, Inc.*

      25,018       435     

J&J Snack Foods Corp.

      3,505       536     

John B. Sanfilippo & Son, Inc.

      1,422       116     

Lancaster Colony Corp.

      4,081       689     

Landec Corp.*

      3,059       28     

Sanderson Farms, Inc.

      4,624       870     

Seaboard Corp.

      133       545     

Seneca Foods Corp., Class A*

      3,840       185     

Simply Good Foods (The) Co.*

      17,069       589     

Tootsie Roll Industries, Inc.

      10,913       332     

TreeHouse Foods, Inc.*

      8,618       344     
       
               6,551           
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  163 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP CORE FUND    continued

 

     NUMBER
OF SHARES		  

        VALUE

(000S)

          

COMMON STOCKS - 96.0%     continued

 

     

Gas Utilities – 0.8%

        

Chesapeake Utilities Corp.

      4,470           $537     

New Jersey Resources Corp.

      20,889       727     

Northwest Natural Holding Co.

      8,011       368     

ONE Gas, Inc.

      12,021       762     

RGC Resources, Inc.

      921       21     

South Jersey Industries, Inc.

      20,594       438     

Southwest Gas Holdings, Inc.

      12,123       811     

Spire, Inc.

      11,838       724     
       
               4,388           

Health Care Equipment & Supplies – 4.5%

 

     

Accelerate Diagnostics, Inc.*

      10,517       61     

Accuray, Inc.*

      1,300       5     

Alphatec Holdings, Inc.*

      18,668       228     

AngioDynamics, Inc.*

      11,304       293     

Apollo Endosurgery, Inc.*

      48,090       436     

Apyx Medical Corp.*

      4,253       59     

AtriCure, Inc.*

      10,508       731     

Atrion Corp.

      263       183     

Avanos Medical, Inc.*

      12,640       394     

Axogen, Inc.*

      6,232       98     

Axonics, Inc.*

      8,126       529     

Bellerophon Therapeutics, Inc.*

      7,859       32     

Beyond Air, Inc.*

      14,828       165     

BioLife Solutions, Inc.*

      10,867       460     

BioSig Technologies, Inc.*

      9,491       28     

Cardiovascular Systems, Inc.*

      12,577       413     

Cerus Corp.*

      49,955       304     

Chembio Diagnostics, Inc.*

      13,839       35     

CONMED Corp.

      6,040       790     

CryoLife, Inc.*

      9,324       208     

CryoPort, Inc.*

      5,949       396     

Cutera, Inc.*

      7,818       364     

Daxor Corp.(2) *

      37       —     

Electromed, Inc.*

      5,043       55     

Establishment Labs Holdings, Inc.*

      5,022       359     

FONAR Corp.*

      9,642       149     

Glaukos Corp.*

      7,237       349     

Haemonetics Corp.*

      8,175       577     

Heska Corp.*

      4,138       1,070     

ICU Medical, Inc.*

      3,216       751     

Inari Medical, Inc.*

      5,495       446     

Inmode Ltd.*

      6,673       1,064     

Inogen, Inc.*

      2,735       118     

Integer Holdings Corp.*

      8,177       731     
     NUMBER
OF SHARES		  

        VALUE

(000S)

          

COMMON STOCKS - 96.0%     continued

 

     

Health Care Equipment & Supplies – 4.5%     continued

 

   

Intersect ENT, Inc.*

      11,872           $323     

IntriCon Corp.*

      13,185       239     

Invacare Corp.*

      14,461       69     

iRadimed Corp.*

      7,647       257     

Kewaunee Scientific Corp.*

      2,502       33     

Lantheus Holdings, Inc.*

      13,187       339     

LeMaitre Vascular, Inc.

      10,133       538     

LENSAR, Inc.*

      1,867       15     

LivaNova PLC*

      10,096       799     

Meridian Bioscience, Inc.*

      14,023       270     

Merit Medical Systems, Inc.*

      13,220       949     

Mesa Laboratories, Inc.

      817       247     

Misonix, Inc.*

      7,912       200     

Natus Medical, Inc.*

      6,973       175     

Neogen Corp.*

      20,612       895     

Nevro Corp.*

      5,629       655     

NuVasive, Inc.*

      9,445       565     

OraSure Technologies, Inc.*

      18,029       204     

Orthofix Medical, Inc.*

      6,523       249     

OrthoPediatrics Corp.*

      3,161       207     

Pro-Dex, Inc.*

      5,339       138     

Pulse Biosciences, Inc.*

      17,697       382     

Retractable Technologies, Inc.*

      17,052       188     

Rockwell Medical, Inc.*

      5,100       3     

SeaSpine Holdings Corp.*

      17,104       269     

Semler Scientific, Inc.*

      3,949       497     

SI-BONE, Inc.*

      6,604       141     

Sientra, Inc.*

      113       1     

SmileDirectClub, Inc.*

      21,260       113     

Soliton, Inc.*

      13,616       277     

STAAR Surgical Co.*

      8,673       1,115     

STERIS PLC

      1,966       402     

Surgalign Holdings, Inc.*

      4,038       4     

Surmodics, Inc.*

      5,429       302     

Tactile Systems Technology, Inc.*

      1,991       88     

TransMedics Group, Inc.*

      9,992       331     

Utah Medical Products, Inc.

      3,298       306     

Vapotherm, Inc.*

      3,263       73     

Varex Imaging Corp.*

      6,055       171     

Zynex, Inc.*

      8,968       102     
       
               24,012           

Health Care Providers & Services – 3.7%

 

     

1Life Healthcare, Inc.*

      19,490       395     

Acadia Healthcare Co., Inc.*

      14,810       945     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    164 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		           VALUE
(000S)		      

COMMON STOCKS - 96.0%    continued

 

     

Health Care Providers & Services – 3.7%    continued

   

Addus HomeCare Corp.*

      4,020         $321   

AMN Healthcare Services, Inc.*

      10,115     1,161   

Apollo Medical Holdings, Inc.*

      9,758     888   

Brookdale Senior Living, Inc.*

      40,343     254   

Cano Health, Inc.*

      27,876     353   

Capital Senior Living Corp.*

      35     1   

Castle Biosciences, Inc.*

      2,669     177   

Clover Health Investments Corp.*

      66,876     494   

Community Health Systems, Inc.*

      20,815     244   

CorVel Corp.*

      5,123     954   

Covetrus, Inc.*

      21,408     388   

Cross Country Healthcare, Inc.*

      15,819     336   

Cryo-Cell International, Inc.*

      750     9   

Ensign Group (The), Inc.

      12,711     952   

Enzo Biochem, Inc.*

      7,284     26   

Five Star Senior Living, Inc.*

      3,314     15   

Fulgent Genetics, Inc.*

      6,228     560   

Global Cord Blood Corp.*

      6,346     30   

Hanger, Inc.*

      6,922     152   

HealthEquity, Inc.*

      12,814     830   

Joint (The) Corp.*

      3,837     376   

LHC Group, Inc.*

      5,763     904   

Magellan Health, Inc.*

      6,644     628   

ModivCare, Inc.*

      3,434     624   

National HealthCare Corp.

      4,345     304   

National Research Corp.

      3,538     149   

Ontrak, Inc.*

      6,150     62   

Option Care Health, Inc.*

      20,876     506   

Owens & Minor, Inc.

      10,071     315   

Patterson Cos., Inc.

      23,245     701   

Pennant Group (The), Inc.*

      5,367     151   

PetIQ, Inc.*

      7,148     178   

Premier, Inc., Class A

      12,313     477   

Progyny, Inc.*

      10,474     587   

R1 RCM, Inc.*

      20,406     449   

RadNet, Inc.*

      9,282     272   

Select Medical Holdings Corp.

      24,358     881   

Surgery Partners, Inc.*

      12,793     542   

Tenet Healthcare Corp.*

      20,533     1,364   

Tivity Health, Inc.*

      10,251     236   

Triple-S Management Corp.*

      10,601     375   

U.S. Physical Therapy, Inc.

      3,436     380   
       
             19,946         
     NUMBER
OF SHARES		           VALUE
(000S)		      

COMMON STOCKS - 96.0%    continued

 

     

Health Care Technology – 1.2%

        

Allscripts Healthcare Solutions, Inc.*

      36,281         $485   

American Well Corp., Class A*

      32,483     296   

CareCloud, Inc.*

      13,493     103   

Computer Programs and Systems, Inc.*

      9,221     327   

Evolent Health, Inc., Class A*

      20,075     622   

HealthStream, Inc.*

      4,785     137   

Inovalon Holdings, Inc., Class A*

      13,821     557   

Inspire Medical Systems, Inc.*

      4,189     976   

Multiplan Corp.*

      64,732     364   

NextGen Healthcare, Inc.*

      11,447     161   

Omnicell, Inc.*

      9,374     1,391   

OptimizeRx Corp.*

      5,220     447   

Phreesia, Inc.*

      2,473     153   

Simulations Plus, Inc.

      4,666     184   

Tabula Rasa HealthCare, Inc.*

      4,153     109   

Vocera Communications, Inc.*

      6,863     314   
       
             6,626         

Hotels, Restaurants & Leisure – 2.0%

        

Arcos Dorados Holdings, Inc., Class A*

      37,841     194   

BBQ Holdings, Inc.*

      174     3   

Biglari Holdings, Inc., Class B*

      860     148   

BJ’s Restaurants, Inc.*

      5,545     232   

Brinker International, Inc.*

      5,700     280   

Carrols Restaurant Group, Inc.

      300     1   

Chuy’s Holdings, Inc.*

      2,743     87   

Cracker Barrel Old Country Store, Inc.

      5,094     712   

Dave & Buster’s Entertainment, Inc.*

      10,795     414   

Denny’s Corp.*

      15,386     251   

Despegar.com Corp.*

      7,242     87   

Dine Brands Global, Inc.*

      2,219     180   

Drive Shack, Inc.*

      8,625     24   

El Pollo Loco Holdings, Inc.(2) *

      15     —   

Everi Holdings, Inc.*

      12,087     292   

Fiesta Restaurant Group, Inc.*

      1,335     15   

Golden Entertainment, Inc.*

      1,684     83   

Hilton Grand Vacations, Inc.*

      14,752     702   

International Game Technology PLC*

      15,517     408   

Jack in the Box, Inc.

      4,405     429   

Monarch Casino & Resort, Inc.*

      932     62   

Nathan’s Famous, Inc.

      1,507     92   

Papa John’s International, Inc.

      5,135     652   

Red Robin Gourmet Burgers, Inc.*

      4,400     101   

Red Rock Resorts, Inc., Class A*

      12,296     630   

Ruth’s Hospitality Group, Inc.*

      3,046     63   
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  165 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP CORE FUND    continued

 

     NUMBER
OF SHARES		           VALUE
(000S)		        

COMMON STOCKS - 96.0%    continued

 

     

Hotels, Restaurants & Leisure – 2.0%    continued

 

Scientific Games Corp.*

      16,135           $1,340     

Shake Shack, Inc., Class A*

      4,879       383     

Texas Roadhouse, Inc.

      13,167       1,203     

Town Sports International Holdings, Inc.(2)*

      2,621       —     

Travel + Leisure Co.

      15,550       848     

Wingstop, Inc.

      5,688       932     
       
               10,848           

Household Durables – 1.7%

        

Beazer Homes U.S.A., Inc.*

      5,187       89     

Cavco Industries, Inc.*

      1,953       462     

Century Communities, Inc.

      3,721       229     

Ethan Allen Interiors, Inc.

      4,433       105     

Flexsteel Industries, Inc.

      4,687       145     

GoPro, Inc., Class A*

      15,619       146     

Hamilton Beach Brands Holding Co., Class A

      2,899       45     

Helen of Troy Ltd.*

      4,955       1,113     

Hooker Furnishings Corp.

      1,660       45     

Installed Building Products, Inc.

      4,791       513     

iRobot Corp.*

      5,884       462     

KB Home

      16,240       632     

La-Z-Boy, Inc.

      9,887       319     

LGI Homes, Inc.*

      4,276       607     

Lifetime Brands, Inc.

      587       11     

M/I Homes, Inc.*

      4,233       245     

MDC Holdings, Inc.

      11,995       560     

Meritage Homes Corp.*

      6,707       651     

Nobility Homes, Inc.

      876       29     

Skyline Champion Corp.*

      10,583       636     

Sonos, Inc.*

      17,546       568     

Taylor Morrison Home Corp.*

      24,700       637     

Tri Pointe Homes, Inc.*

      23,744       499     

Universal Electronics, Inc.*

      3,746       184     

VOXX International Corp.*

      1,446       17     
       
               8,949           

Household Products – 0.5%

        

Central Garden & Pet Co.*

      200       10     

Central Garden & Pet Co., Class A*

      7,970       343     

Energizer Holdings, Inc.

      11,269       440     

Oil-Dri Corp. of America

      3,095       108     

Spectrum Brands Holdings, Inc.

      9,998       957     

WD-40 Co.

      2,758       638     
       
               2,496           
     NUMBER
OF SHARES		           VALUE
(000S)		        

COMMON STOCKS - 96.0%    continued

 

     

Independent Power & Renewable Electricity Producers – 0.3%

 

Atlantica Sustainable Infrastructure PLC

      19,357           $668     

Brookfield Renewable Corp., Class A

      8,309       322     

Clearway Energy, Inc., Class A

      1,131       32     

Clearway Energy, Inc., Class C

      17,743       537     
       
               1,559           

Industrial Conglomerates – 0.1%

        

Raven Industries, Inc.*

      7,461       430           

Insurance – 1.9%

        

Ambac Financial Group, Inc.*

      8,441       121     

American Equity Investment Life Holding Co.

      21,966       650     

AMERISAFE, Inc.

      3,533       198     

Argo Group International Holdings Ltd.

      9,753       509     

Assured Guaranty Ltd.

      10,739       503     

Atlantic American Corp.

      6,792       28     

Brighthouse Financial, Inc.*

      12,728       576     

Citizens, Inc.*

      6,196       38     

CNO Financial Group, Inc.

      40,830       961     

Donegal Group, Inc., Class A

      5,400       78     

Employers Holdings, Inc.

      9,617       380     

Enstar Group Ltd.*

      1,757       412     

Fidelity National Financial, Inc.

      1,707       77     

Genworth Financial, Inc., Class A*

      70,088       263     

Greenlight Capital Re Ltd., Class A*

      14,699       109     

Independence Holding Co.

      4,586       227     

Investors Title Co.

      692       126     

Kansas City Life Insurance Co.

      1,868       78     

Kinsale Capital Group, Inc.

      3,907       632     

MBIA, Inc.*

      19,856       255     

Mercury General Corp.

      4,489       250     

National Western Life Group, Inc., Class A

      957       202     

Palomar Holdings, Inc.*

      3,708       300     

ProAssurance Corp.

      13,273       316     

RLI Corp.

      8,246       827     

Safety Insurance Group, Inc.

      2,567       203     

Selective Insurance Group, Inc.

      11,377       859     

SiriusPoint Ltd.*

      15,911       147     

SiriusPoint Ltd. (OTC US Exchange)*

      463       3     

State Auto Financial Corp.

      4,840       247     

Stewart Information Services Corp.

      3,179       201     

United Fire Group, Inc.

      4,671       108     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    166 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

     

Insurance – 1.9%    continued

        

Universal Insurance Holdings, Inc.

      4,946           $65     

White Mountains Insurance Group Ltd.

      157       168     
       
               10,117           

Interactive Media & Services – 0.3%

 

Cargurus, Inc.*

      16,036       504     

Cars.com, Inc.*

      6,293       80     

EverQuote, Inc., Class A*

      4,662       87     

Liberty TripAdvisor Holdings, Inc., Class A*

      6,201       19     

QuinStreet, Inc.*

      17,418       306     

Travelzoo*

      5,357       62     

Yelp, Inc.*

      16,153       601     
       
               1,659           

Internet & Direct Marketing Retail – 0.5%

 

1-800-Flowers.com, Inc., Class A*

      8,770       268     

Liquidity Services, Inc.*

      5,236       113     

Overstock.com, Inc.*

      4,821       376     

PetMed Express, Inc.

      4,787       129     

Quotient Technology, Inc.*

      6,947       40     

Revolve Group, Inc.*

      12,198       753     

Shutterstock, Inc.

      1,341       152     

Stamps.com, Inc.*

      3,209       1,058     
       
               2,889           

IT Services – 1.3%

        

Actua Corp.(3) *

      8,828       —     

BM Technologies, Inc.*

      1,134       10     

Brightcove, Inc.*

      9,262       107     

Cass Information Systems, Inc.

      3,083       129     

Computer Services, Inc.

      4,050       239     

Computer Task Group, Inc.*

      140       1     

Conduent, Inc.*

      28,170       186     

CSG Systems International, Inc.

      7,734       373     

EVERTEC, Inc.

      11,695       535     

Evo Payments, Inc., Class A*

      7,818       185     

ExlService Holdings, Inc.*

      6,300       776     

GTT Communications, Inc.*

      16,079       3     

Hackett Group (The), Inc.

      10,003       196     

I3 Verticals, Inc., Class A*

      4,071       99     

Information Services Group, Inc.

      11,023       79     

LiveRamp Holdings, Inc.*

      10,341       488     

Maximus, Inc.

      15,859       1,319     

Perficient, Inc.*

      8,149       943     

StarTek, Inc.*

      835       5     
     NUMBER
OF SHARES		           VALUE
(000S)		        

COMMON STOCKS - 96.0%    continued

 

     

IT Services – 1.3%    continued

 

Switch, Inc., Class A

      6,344           $161     

TTEC Holdings, Inc.

      4,282       400     

Tucows, Inc., Class A*

      1,705       135     

Unisys Corp.*

      4,568       115     

Verra Mobility Corp.*

      25,950       391     
       
               6,875           

Leisure Products – 0.5%

        

Acushnet Holdings Corp.

      6,673       312     

American Outdoor Brands, Inc.*

      2,656       65     

Callaway Golf Co.*

      16,842       465     

Clarus Corp.

      5,413       139     

Escalade, Inc.

      5,211       99     

Johnson Outdoors, Inc., Class A

      3,349       354     

Malibu Boats, Inc., Class A*

      4,004       280     

Marine Products Corp.

      7,809       98     

Smith & Wesson Brands, Inc.

      10,621       220     

Sturm Ruger & Co., Inc.

      2,776       205     

Vista Outdoor, Inc.*

      6,951       280     
       
               2,517           

Life Sciences Tools & Services – 0.7%

 

Champions Oncology, Inc.*

      4,406       45     

Codexis, Inc.*

      10,004       233     

Fluidigm Corp.*

      16,180       107     

Harvard Bioscience, Inc.*

      17,208       120     

Medpace Holdings, Inc.*

      5,623       1,064     

NeoGenomics, Inc.*

      20,087       969     

Pacific Biosciences of California, Inc.*

      23,942       612     

Personalis, Inc.*

      7,563       145     

Quanterix Corp.*

      7,518       374     
       
               3,669           

Machinery – 3.9%

        

Alamo Group, Inc.

      2,352       328     

Albany International Corp., Class A

      6,461       497     

Altra Industrial Motion Corp.

      14,397       797     

Astec Industries, Inc.

      5,770       311     

Barnes Group, Inc.

      11,794       492     

Chart Industries, Inc.*

      8,786       1,679     

CIRCOR International, Inc.*

      2,467       81     

Columbus McKinnon Corp.

      3,276       158     

Conrad Industries, Inc.*

      100       2     

Douglas Dynamics, Inc.

      4,546       165     

Eastern (The) Co.

      1,665       42     

Enerpac Tool Group Corp.

      12,541       260     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  167 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP CORE FUND    continued

 

     NUMBER
OF SHARES		           VALUE
(000S)		        

COMMON STOCKS - 96.0%    continued

 

     

Machinery – 3.9%    continued

        

EnPro Industries, Inc.

      4,031           $351     

ESCO Technologies, Inc.

      5,707       440     

Evoqua Water Technologies Corp.*

      14,958       562     

Federal Signal Corp.

      16,085       621     

Franklin Electric Co., Inc.

      9,583       765     

Gorman-Rupp (The) Co.

      6,591       236     

Graham Corp.

      2,512       31     

Greenbrier (The) Cos., Inc.

      5,159       222     

Helios Technologies, Inc.

      4,001       329     

Hillenbrand, Inc.

      14,638       624     

Hurco Cos., Inc.

      1,123       36     

Hyster-Yale Materials Handling, Inc.

      2,391       120     

John Bean Technologies Corp.

      6,139       863     

Kadant, Inc.

      1,968       402     

Kennametal, Inc.

      17,894       613     

L.B. Foster Co., Class A*

      1,584       25     

Lindsay Corp.

      2,080       316     

Lydall, Inc.*

      148       9     

Meritor, Inc.*

      17,189       366     

Miller Industries, Inc.

      3,185       108     

Mueller Industries, Inc.

      11,880       488     

Mueller Water Products, Inc., Class A

      34,105       519     

Omega Flex, Inc.

      1,628       232     

Proto Labs, Inc.*

      5,696       379     

RBC Bearings, Inc.*

      4,972       1,055     

Rexnord Corp.

      21,363       1,373     

Shyft Group (The), Inc.

      3,505       133     

SPX Corp.*

      10,850       580     

SPX FLOW, Inc.

      10,114       739     

Standex International Corp.

      4,170       413     

Taylor Devices, Inc.*

      1,662       19     

Tennant Co.

      4,016       297     

Terex Corp.

      11,376       479     

Titan International, Inc.*

      11,906       85     

TriMas Corp.*

      9,908       321     

Trinity Industries, Inc.

      19,172       521     

Twin Disc, Inc.*

      356       4     

Wabash National Corp.

      6,758       102     

Watts Water Technologies, Inc., Class A

      6,124       1,029     

Welbilt, Inc.*

      21,182       492     
       
               21,111           

Marine – 0.6%

        

Atlas Corp.

      45,080       684     

Danaos Corp.

      3,686       302     
     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

     

Marine – 0.6%    continued

        

Golden Ocean Group Ltd.

      21,714           $234     

Kirby Corp.*

      10,341       496     

Matson, Inc.

      10,504       848     

Star Bulk Carriers Corp.

      17,978       432     
       
               2,996           

Media – 1.1%

        

AMC Networks, Inc., Class A*

      7,970       371     

Boston Omaha Corp., Class A(2) *

      1       —     

comScore, Inc.*

      11,616       45     

Cumulus Media, Inc., Class A*

      300       4     

Daily Journal Corp.*

      332       106     

EW Scripps (The) Co., Class A

      9,722       176     

Gannett Co., Inc.*

      12,191       81     

Gray Television, Inc.

      23,772       542     

iHeartMedia, Inc., Class A*

      18,296       458     

John Wiley & Sons, Inc., Class A

      9,645       504     

Loral Space & Communications, Inc.

      654       28     

Magnite, Inc.*

      12,159       340     

Marchex, Inc., Class B*

      179       1     

Meredith Corp.*

      10,156       566     

Nexstar Media Group, Inc., Class A

      6,603       1,003     

Saga Communications, Inc., Class A

      1,396       32     

Scholastic Corp.

      7,170       256     

Sinclair Broadcast Group, Inc., Class A

      11,464       363     

TechTarget, Inc.*

      4,387       362     

TEGNA, Inc.

      41,593       820     
       
               6,058           

Metals & Mining – 1.2%

        

Allegheny Technologies, Inc.*

      32,683       544     

Alpha Metallurgical Resources, Inc.*

      4,298       214     

Arconic Corp.*

      19,490       615     

Carpenter Technology Corp.

      11,479       376     

Coeur Mining, Inc.*

      48,365       298     

Commercial Metals Co.

      23,737       723     

Compass Minerals International, Inc.

      8,874       571     

Constellium S.E.*

      27,720       521     

Ferroglobe PLC*

      22,656       197     

Ferroglobe Representation & Warranty Insurance Trust(3) *

      9,916       —     

Fortitude Gold Corp.

      2,348       16     

Gold Resource Corp.

      8,089       13     

Haynes International, Inc.

      2,371       88     

Hecla Mining Co.

      66,955       368     

Kaiser Aluminum Corp.

      3,022       329     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    168 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		           VALUE
(000S)		         

COMMON STOCKS - 96.0%    continued

 

     

Metals & Mining – 1.2% continued

 

Materion Corp.

      7,084           $486            

McEwen Mining, Inc.*

      23,720       25     

Nexa Resources S.A.

      22,291       169     

Olympic Steel, Inc.

      3,230       79     

Schnitzer Steel Industries, Inc., Class A

      2,938       129     

Synalloy Corp.*

      100       1     

Universal Stainless & Alloy Products, Inc.*

      1,504       16     

Warrior Met Coal, Inc.

      12,211       284     

Worthington Industries, Inc.

      12,528       660     
       
               6,722           

Mortgage Real Estate Investment Trusts – 1.0%

 

ACRES Commercial Realty Corp.*

      136       2     

Apollo Commercial Real Estate Finance, Inc.

      33,215       493     

Arbor Realty Trust, Inc.

      25,986       481     

Arlington Asset Investment Corp.,
Class A (2)*

      10       —     

ARMOUR Residential REIT, Inc.

      7,473       81     

Blackstone Mortgage Trust, Inc., Class A

      25,462       772     

BrightSpire Capital, Inc.

      11,919       112     

Capstead Mortgage Corp.

      26,855       180     

Chimera Investment Corp.

      34,994       520     

Dynex Capital, Inc.

      3,644       63     

Ellington Residential Mortgage REIT

      540       6     

Granite Point Mortgage Trust, Inc.

      6,103       80     

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

      13,821       739     

Invesco Mortgage Capital, Inc.

      23,185       73     

Ladder Capital Corp.

      27,383       303     

New Residential Investment Corp.

      63,772       701     

New York Mortgage Trust, Inc.

      46,078       196     

Ready Capital Corp.

      4,562       66     

Redwood Trust, Inc.

      11,649       150     

Two Harbors Investment Corp.

      34,195       217     

Western Asset Mortgage Capital Corp.

      1,107       3     
       
               5,238           

Multiline Retail – 0.4%

        

Big Lots, Inc.

      8,945       388     

Dillard’s, Inc., Class A

      1,538       265     

Macy’s, Inc.

      57,623       1,302     
       
               1,955           
     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

     

Multi-Utilities – 0.3%

        

Avista Corp.

      13,954           $546     

NorthWestern Corp.

      11,879       681     

Unitil Corp.

      3,654       156     
       
               1,383           

Oil, Gas & Consumable Fuels – 2.9%

 

Adams Resources & Energy, Inc.

      4,747       144     

Alto Ingredients, Inc.*

      9,940       49     

Antero Resources Corp.*

      31,288       588     

Arch Resources, Inc.*

      2,367       220     

Ardmore Shipping Corp.*

      23,527       98     

Bonanza Creek Energy, Inc.

      2,275       109     

California Resources Corp.*

      13,789       565     

Callon Petroleum Co.*

      4,557       224     

Chesapeake Energy Corp.

      16,175       996     

Clean Energy Fuels Corp.*

      14,369       117     

CNX Resources Corp.*

      27,300       344     

Comstock Resources, Inc.*

      9,230       96     

CONSOL Energy, Inc.*

      5,414       141     

Contango Oil & Gas Co.*

      11,023       50     

CVR Energy, Inc.

      7,398       123     

Delek U.S. Holdings, Inc.*

      12,219       220     

Denbury, Inc.*

      8,220       577     

DHT Holdings, Inc.

      35,919       235     

Diamondback Energy, Inc.

      1,460       138     

Dorian LPG Ltd.

      1,334       17     

Earthstone Energy, Inc., Class A*

      13,429       124     

Equitrans Midstream Corp.

      66,784       677     

Evolution Petroleum Corp.

      17,822       101     

Frontline Ltd.*

      29,617       277     

Golar LNG Ltd.*

      22,893       297     

Goodrich Petroleum Corp.*

      1,100       26     

Green Plains, Inc.*

      15,960       521     

Hallador Energy Co.*

      12,397       37     

International Seaways, Inc.

      10,211       186     

Kosmos Energy Ltd.*

      67,263       199     

Laredo Petroleum, Inc.*

      706       57     

Magnolia Oil & Gas Corp., Class A

      22,804       406     

Matador Resources Co.

      18,031       686     

Murphy Oil Corp.

      25,060       626     

NACCO Industries, Inc., Class A

      2,782       83     

Navigator Holdings Ltd.*

      15,734       140     

Navios Maritime Acquisition Corp.

      600       2     

Nordic American Tankers Ltd.

      13,985       36     

Northern Oil and Gas, Inc.

      3,671       79     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  169 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP CORE FUND    continued

 

     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

   

Oil, Gas & Consumable Fuels – 2.9%    continued

 

   

Overseas Shipholding Group, Inc., Class A*

      8,366           $17     

Ovintiv, Inc.

      42,486       1,397     

Par Pacific Holdings, Inc.*

      304       5     

PBF Energy, Inc., Class A*

      16,608       215     

PDC Energy, Inc.

      14,246       675     

Peabody Energy Corp.*

      5,607       83     

Penn Virginia Corp.*

      5,205       139     

PrimeEnergy Resources Corp.*

      1,558       94     

Range Resources Corp.*

      36,773       832     

REX American Resources Corp.*

      4,001       320     

Riviera Resources, Inc.(5) *

      6,246       2     

Scorpio Tankers, Inc.

      12,831       238     

SFL Corp. Ltd.

      20,985       176     

SM Energy Co.

      14,056       371     

Southwestern Energy Co.*

      109,090       604     

Teekay Corp.*

      6,791       25     

Teekay Tankers Ltd., Class A*

      1,000       15     

Uranium Energy Corp.*

      4,700       14     

VAALCO Energy, Inc.*

      15,452       45     

Voc Energy Trust

      2,500       11     

Whiting Petroleum Corp.*

      6,497       379     

World Fuel Services Corp.

      12,628       425     
       
               15,693           

Paper & Forest Products – 0.3%

        

Clearwater Paper Corp.*

      3,700       142     

Domtar Corp.*

      11,623       634     

Glatfelter Corp.

      7,954       112     

Neenah, Inc.

      5,006       233     

Resolute Forest Products, Inc.

      12,015       143     

Schweitzer-Mauduit International, Inc.

      9,250       320     

Verso Corp., Class A

      8,126       169     
       
               1,753           

Personal Products – 0.4%

        

Edgewell Personal Care Co.

      11,083       402     

Inter Parfums, Inc.

      3,670       274     

Mannatech, Inc.

      3,951       129     

Medifast, Inc.

      3,802       732     

Natural Alternatives International, Inc.*

      729       10     

Nature’s Sunshine Products, Inc.

      3,623       53     

Nu Skin Enterprises, Inc., Class A

      13,780       558     
     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

     

Personal Products – 0.4%    continued

 

United-Guardian, Inc.

      502           $7     

USANA Health Sciences, Inc.*

      2,359       218     
       
               2,383           

Pharmaceuticals – 1.5%

        

Aerie Pharmaceuticals, Inc.*

      6,793       77     

Amneal Pharmaceuticals, Inc.*

      35,482       189     

Amphastar Pharmaceuticals, Inc.*

      12,766       243     

ANI Pharmaceuticals, Inc.*

      3,586       118     

Arvinas, Inc.*

      279       23     

ATAI Life Sciences N.V.*

      25,330       375     

Atea Pharmaceuticals, Inc.*

      10,454       366     

Baudax Bio, Inc.*

      5,890       3     

BioDelivery Sciences International, Inc.*

      2,711       10     

Cara Therapeutics, Inc.*

      10,431       161     

Cassava Sciences, Inc.*

      1,169       73     

Collegium Pharmaceutical, Inc.*

      15,797       312     

Corcept Therapeutics, Inc.*

      29,900       588     

CorMedix, Inc.*

      3,180       15     

Cumberland Pharmaceuticals, Inc.*

      232       1     

Eloxx Pharmaceuticals, Inc.*

      700       1     

Endo International PLC*

      34,020       110     

Evofem Biosciences, Inc.*

      2,852       2     

Fulcrum Therapeutics, Inc.*

      5,339       151     

Harrow Health, Inc.*

      16,905       154     

Innoviva, Inc.*

      27,378       457     

Intra-Cellular Therapies, Inc.*

      13,370       498     

Kala Pharmaceuticals, Inc.*

      7,415       19     

Kaleido Biosciences, Inc.*

      14,235       78     

Lannett Co., Inc.*

      16,617       50     

Mallinckrodt PLC*

      9,730       2     

Nektar Therapeutics*

      28,948       520     

Ocular Therapeutix, Inc.*

      395       4     

Omeros Corp.*

      15,724       217     

Opiant Pharmaceuticals, Inc.*

      10,056       259     

Optinose, Inc.*

      249       1     

Oramed Pharmaceuticals, Inc.*

      471       10     

Otonomy, Inc.*

      400       1     

Pacira BioSciences, Inc.*

      11,513       645     

Paratek Pharmaceuticals, Inc.*

      11,893       58     

Phibro Animal Health Corp., Class A

      9,579       206     

Prestige Consumer Healthcare, Inc.*

      12,374       694     

Provention Bio, Inc.*

      8,304       53     

Relmada Therapeutics, Inc.*

      2,076       54     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    170 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

     

Pharmaceuticals – 1.5%    continued

 

Satsuma Pharmaceuticals, Inc.*

      3,331           $16     

scPharmaceuticals, Inc.*

      12,604       84     

Supernus Pharmaceuticals, Inc.*

      9,929       265     

Taro Pharmaceutical Industries Ltd.*

      7,637       486     

Verrica Pharmaceuticals, Inc.*

      8,008       100     

WaVe Life Sciences Ltd.*

      5,323       26     

Zynerba Pharmaceuticals, Inc.*

      16,629       70     
       
               7,845           

Professional Services – 2.1%

        

ASGN, Inc.*

      9,944       1,125     

Barrett Business Services, Inc.

      3,801       290     

CBIZ, Inc.*

      23,219       751     

CRA International, Inc.

      3,941       391     

Exponent, Inc.

      11,676       1,321     

Forrester Research, Inc.*

      6,452       318     

Franklin Covey Co.*

      4,919       201     

FTI Consulting, Inc.*

      6,970       939     

GP Strategies Corp.*

      1,059       22     

Heidrick & Struggles International, Inc.

      6,566       293     

Huron Consulting Group, Inc.*

      3,844       200     

ICF International, Inc.

      3,832       342     

Insperity, Inc.

      7,588       840     

KBR, Inc.

      25,836       1,018     

Kelly Services, Inc., Class A

      4,941       93     

Kforce, Inc.

      6,914       412     

Korn Ferry

      11,258       815     

ManTech International Corp., Class A

      6,053       460     

Mistras Group, Inc.*

      1,067       11     

Resources Connection, Inc.

      7,843       124     

TrueBlue, Inc.*

      7,431       201     

Upwork, Inc.*

      19,129       861     

Where Food Comes From, Inc.

      275       4     

Willdan Group, Inc.*

      2,920       104     
       
               11,136           

Real Estate Management & Development – 0.5%

 

Altisource Asset Management Corp.*

      512       11     

American Realty Investors, Inc.*

      1,744       23     

Cushman & Wakefield PLC*

      21,459       399     

eXp World Holdings, Inc.

      10,474       416     

Forestar Group, Inc.*

      10,712       199     

FRP Holdings, Inc.*

      1,132       63     

Kennedy-Wilson Holdings, Inc.

      20,535       430     

Newmark Group, Inc., Class A

      22,904       328     
     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

     

Real Estate Management & Development – 0.5%    continued

 

Rafael Holdings, Inc., Class B*

      5,779           $178     

RE/MAX Holdings, Inc., Class A

      6,062       189     

Realogy Holdings Corp.*

      12,654       222     

RMR Group (The), Inc., Class A

      81       3     

Stratus Properties, Inc.*

      114       4     

Tejon Ranch Co.*

      8,144       145     

Transcontinental Realty Investors, Inc.*

      405       16     
       
               2,626           

Road & Rail – 0.9%

        

ArcBest Corp.

      5,382       440     

Avis Budget Group, Inc.*

      11,220       1,307     

Covenant Logistics Group, Inc.*

      6,472       179     

Heartland Express, Inc.

      15,218       244     

Marten Transport Ltd.

      10,657       167     

P.A.M. Transportation Services, Inc.*

      2,616       118     

Patriot Transportation Holding, Inc.

      465       5     

Ryder System, Inc.

      9,016       746     

Saia, Inc.*

      5,176       1,232     

U.S.A. Truck, Inc.*

      500       8     

Universal Logistics Holdings, Inc.

      4,446       89     

Werner Enterprises, Inc.

      9,606       425     
       
               4,960           

Semiconductors & Semiconductor Equipment – 3.0%

 

   

ACM Research, Inc., Class A*

      3,708       408     

Alpha & Omega Semiconductor Ltd.*

      5,517       173     

Ambarella, Inc.*

      6,162       960     

Amkor Technology, Inc.

      21,614       539     

Axcelis Technologies, Inc.*

      11,523       542     

Canadian Solar, Inc.*

      9,867       341     

CEVA, Inc.*

      4,842       207     

Cohu, Inc.*

      5,021       160     

CyberOptics Corp.*

      2,292       82     

Diodes, Inc.*

      8,835       800     

DSP Group, Inc.*

      2,465       54     

FormFactor, Inc.*

      14,412       538     

Ichor Holdings Ltd.*

      2,473       102     

Impinj, Inc.*

      4,187       239     

Kopin Corp.*

      14,152       73     

Kulicke & Soffa Industries, Inc.

      12,294       716     

Lattice Semiconductor Corp.*

      23,294       1,506     

MACOM Technology Solutions Holdings, Inc.*

      10,123       657     

MagnaChip Semiconductor Corp.*

      1,772       31     

MaxLinear, Inc.*

      12,768       629     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  171 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP CORE FUND    continued

 

     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

   

Semiconductors & Semiconductor Equipment – 3.0%     continued

 

Meta Materials, Inc.*

      1,350           $8     

Nova Ltd.*

      3,094       316     

NVE Corp.

      1,985       127     

Onto Innovation, Inc.*

      9,162       662     

PDF Solutions, Inc.*

      15,204       350     

Photronics, Inc.*

      6,937       95     

Power Integrations, Inc.

      9,998       990     

Rambus, Inc.*

      20,203       448     

Semtech Corp.*

      12,681       989     

Silicon Laboratories, Inc.*

      7,826       1,097     

SMART Global Holdings, Inc.*

      7,669       341     

Synaptics, Inc.*

      6,853       1,232     

Ultra Clean Holdings, Inc.*

      12,845       547     

Veeco Instruments, Inc.*

      10,038       223     
       
               16,182           

Software – 5.2%

        

ACI Worldwide, Inc.*

      22,129       680     

Agilysys, Inc.*

      5,598       293     

Alarm.com Holdings, Inc.*

      6,436       503     

Altair Engineering, Inc., Class A*

      7,480       516     

American Software, Inc., Class A

      6,859       163     

Appfolio, Inc., Class A*

      3,504       422     

Avaya Holdings Corp.*

      22,414       444     

Aware, Inc.*

      683       3     

Benefitfocus, Inc.*

      5,043       56     

Blackbaud, Inc.*

      9,610       676     

Blackline, Inc.*

      9,192       1,085     

Bottomline Technologies DE, Inc.*

      7,628       300     

Box, Inc., Class A*

      25,369       600     

Cerence, Inc.*

      5,966       573     

ChannelAdvisor Corp.*

      1,934       49     

Cloudera, Inc.*

      47,772       763     

CommVault Systems, Inc.*

      7,592       572     

Cornerstone OnDemand, Inc.*

      10,730       614     

Digimarc Corp.*

      4,957       171     

Digital Turbine, Inc.*

      14,763       1,015     

Domo, Inc., Class B*

      5,329       450     

Ebix, Inc.

      6,870       185     

eGain Corp.*

      2,854       29     

Envestnet, Inc.*

      8,562       687     

Everbridge, Inc.*

      5,966       901     

FireEye, Inc.*

      27,704       493     

InterDigital, Inc.

      7,434       504     

J2 Global, Inc.*

      8,713       1,190     
     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

     

Software – 5.2%    continued

        

LivePerson, Inc.*

      13,311           $785     

MicroStrategy, Inc., Class A*

      1,385       801     

Mimecast Ltd.*

      11,228       714     

Model N, Inc.*

      7,358       246     

Momentive Global, Inc.*

      23,075       452     

New Relic, Inc.*

      8,750       628     

OneSpan, Inc.*

      12,448       234     

PagerDuty, Inc.*

      12,728       527     

Park City Group, Inc.(2) *

      33       —     

Progress Software Corp.

      8,865       436     

Q2 Holdings, Inc.*

      9,049       725     

QAD, Inc., Class B

      706       62     

Qualys, Inc.*

      6,372       709     

Rapid7, Inc.*

      7,851       887     

Riot Blockchain, Inc.*

      10,348       266     

Sailpoint Technologies Holdings, Inc.*

      14,791       634     

Sapiens International Corp. N.V.

      10,074       290     

SecureWorks Corp., Class A*

      5,710       114     

ShotSpotter, Inc.*

      4,377       159     

SPS Commerce, Inc.*

      8,290       1,337     

Synchronoss Technologies, Inc.*

      1,500       4     

Tenable Holdings, Inc.*

      12,302       568     

Upland Software, Inc.*

      2,604       87     

Varonis Systems, Inc.*

      16,156       983     

Verint Systems, Inc.*

      12,549       562     

VirnetX Holding Corp.*

      398       2     

Vonage Holdings Corp.*

      43,462       701     

Workiva, Inc.*

      6,834       963     

Xperi Holding Corp.

      18,368       346     

Zix Corp.*

      3,383       24     
       
               28,183           

Specialty Retail – 2.5%

        

Aaron’s (The) Co., Inc.

      7,461       206     

Abercrombie & Fitch Co., Class A*

      10,862       409     

Academy Sports & Outdoors, Inc.*

      10,341       414     

American Eagle Outfitters, Inc.

      30,632       790     

America’s Car-Mart, Inc.*

      2,111       247     

Asbury Automotive Group, Inc.*

      3,277       645     

Bed Bath & Beyond, Inc.*

      21,148       365     

Big 5 Sporting Goods Corp.

      6,597       152     

Boot Barn Holdings, Inc.*

      4,283       381     

Buckle (The), Inc.

      5,971       236     

Caleres, Inc.

      9,214       205     

Camping World Holdings, Inc., Class A

      7,159       278     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    172 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

   

Specialty Retail – 2.5%    continued

 

Cato (The) Corp., Class A

      1,673           $28     

Chico’s FAS,Inc.*

      7,973       36     

Children’s Place (The), Inc.*

      4,936       372     

Citi Trends, Inc.*

      5,987       437     

Conn’s, Inc.*

      2,429       56     

Designer Brands, Inc., Class A*

      7,137       99     

Express, Inc.*

      4,300       20     

Genesco, Inc.*

      3,420       197     

Group 1 Automotive, Inc.

      3,918       736     

GrowGeneration Corp.*

      9,016       222     

Guess?, Inc.

      9,302       195     

Haverty Furniture Cos., Inc.

      4,564       154     

Hibbett, Inc.

      4,599       325     

Lumber Liquidators Holdings, Inc.*

      8,089       151     

Monro, Inc.

      6,804       391     

Murphy U.S.A., Inc.

      4,923       823     

National Vision Holdings, Inc.*

      12,896       732     

ODP (The) Corp.*

      6,668       268     

Rent-A-Center, Inc.

      9,721       546     

Sally Beauty Holdings, Inc.*

      24,687       416     

Shoe Carnival, Inc.

      11,280       366     

Signet Jewelers Ltd.

      8,801       695     

Sleep Number Corp.*

      4,057       379     

Sonic Automotive, Inc., Class A

      9,957       523     

Urban Outfitters, Inc.*

      9,895       294     

Winmark Corp.

      1,026       221     

Zumiez, Inc.*

      7,198       286     
       
               13,296           

Technology Hardware, Storage & Peripherals – 0.2%

 

3D Systems Corp.*

      13,319       367     

AstroNova, Inc.*

      12,866       194     

Avid Technology, Inc.*

      5,786       167     

Diebold Nixdorf, Inc.*

      7,843       79     

Immersion Corp.*

      7,850       54     

Stratasys Ltd.*

      8,992       194     

Super Micro Computer, Inc.*

      7,791       285     

TransAct Technologies, Inc.*

      376       5     
       
               1,345           

Textiles, Apparel & Luxury Goods – 0.9%

 

     

Crocs, Inc.*

      13,458       1,931     

Culp, Inc.

      198       3     

Delta Apparel, Inc.*

      5,509       150     

Fossil Group, Inc.*

      1,728       21     
     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

Textiles, Apparel & Luxury Goods – 0.9%    continued

 

G-III Apparel Group Ltd.*

      8,222           $233     

Kontoor Brands, Inc.

      8,126       406     

Movado Group, Inc.

      3,284       103     

Oxford Industries, Inc.

      4,955       447     

Rocky Brands, Inc.

      4,478       213     

Steven Madden Ltd.

      16,605       667     

Superior Group of Cos., Inc.

      4,274       100     

Unifi, Inc.*

      692       15     

Vera Bradley, Inc.*

      5,660       53     

Wolverine World Wide, Inc.

      16,698       498     
       
               4,840           

Thrifts & Mortgage Finance – 1.8%

 

Axos Financial, Inc.*

      13,815       712     

Capitol Federal Financial, Inc.

      24,826       285     

ESSA Bancorp, Inc.

      924       15     

Essent Group Ltd.

      20,427       899     

Federal Agricultural Mortgage Corp., Class C

      1,324       144     

Flagstar Bancorp, Inc.

      8,619       438     

FS Bancorp, Inc.

      232       8     

Guaranty Federal Bancshares, Inc.

      3,817       92     

Hingham Institution For Savings (The)

      690       232     

Home Bancorp, Inc.

      3,070       119     

HomeStreet, Inc.

      4,275       176     

Kearny Financial Corp.

      21,431       266     

Kentucky First Federal Bancorp

      724       5     

Lake Shore Bancorp, Inc.

      300       4     

Meridian Bancorp, Inc.

      9,761       203     

Meta Financial Group, Inc.

      10,324       542     

MGIC Investment Corp.

      61,470       920     

Mr Cooper Group, Inc.*

      10,857       447     

NASB Financial, Inc.

      907       57     

NMI Holdings, Inc., Class A*

      12,477       282     

Northeast Community Bancorp, Inc.

      1,201       13     

Northfield Bancorp, Inc.

      16,252       279     

Ocwen Financial Corp.*

      25       1     

PennyMac Financial Services, Inc.

      6,885       421     

Premier Financial Corp.

      10,223       326     

Provident Bancorp, Inc.(2)

     18       —     

Prudential Bancorp, Inc.

      1,050       16     

Radian Group, Inc.

      35,671       810     

Severn Bancorp, Inc.

      1,292       16     

TrustCo Bank Corp. NY

      1,798       57     

Walker & Dunlop, Inc.

      8,220       933     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  173 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP CORE FUND    continued

 

     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

Thrifts & Mortgage Finance – 1.8%    continued

 

Waterstone Financial, Inc.

      3,743           $77     

Western New England Bancorp, Inc.

      4,227       36     

WSFS Financial Corp.

      14,121       725     
       
               9,556           

Tobacco – 0.1%

        

Universal Corp.

      5,769       279     

Vector Group Ltd.

      9,290       118     
       
               397           

Trading Companies & Distributors – 1.6%

 

Applied Industrial Technologies, Inc.

      9,407       848     

Beacon Roofing Supply, Inc.*

      14,115       674     

BlueLinx Holdings, Inc.*

      3,360       164     

Boise Cascade Co.

      8,726       471     

CAI International, Inc.

      6,107       342     

EVI Industries, Inc.*

      1,645       45     

GATX Corp.

      6,960       623     

Global Industrial Co.

      6,789       257     

GMS, Inc.*

      8,625       378     

H&E Equipment Services, Inc.

      3,335       116     

Herc Holdings, Inc.*

      5,035       823     

Lawson Products, Inc.*

      4,227       211     

McGrath RentCorp

      6,232       449     

Morgan Group Holding Co.(2) *

      64       —     

MRC Global, Inc.*

      16,785       123     

NOW, Inc.*

      11,043       85     

Rush Enterprises, Inc., Class A

      16,149       729     

Textainer Group Holdings Ltd.*

      3,226       113     

Titan Machinery, Inc.*

      787       20     

Transcat, Inc.*

      4,188       270     

Triton International Ltd.

      13,033       678     

WESCO International, Inc.*

      9,128       1,053     

Willis Lease Finance Corp.*

      1,750       65     
       
               8,537           

Transportation Infrastructure – 0.1%

 

Macquarie Infrastructure Holdings LLC

      12,728       516           

Water Utilities – 0.5%

        

American States Water Co.

      8,400       718     

Artesian Resources Corp., Class A

      4,357       166     

Cadiz, Inc.*

      15,687       111     

California Water Service Group

      10,918       644     

Consolidated Water Co. Ltd.

      9,897       113     

Middlesex Water Co.

      6,168       634     
     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 96.0%    continued

 

     

Water Utilities – 0.5%    continued

        

SJW Group

      5,542           $366     

York Water (The) Co.

      3,620       158     
       
               2,910           

Wireless Telecommunication Services – 0.1%

 

Shenandoah Telecommunications Co.

      9,851       311     

Spok Holdings, Inc.

      13,337       136     

Telephone and Data Systems, Inc.

      18,799       367     
       
               814           

Total Common Stocks

                          

(Cost $306,947)

        517,089     
       

PREFERRED STOCKS – 0.0%

 

Industrial Conglomerates – 0.0%

 

Steel Partners Holdings L.P.,6.00%

      2,675       63           

Real Estate Management & Development – 0.0%

 

Brookfield Property Preferred L.P.,6.25%

      1,033       25           

Semiconductors & Semiconductor Equipment – 0.0%

 

Meta Materials, Inc.(5) *

      2,700       3           

Total Preferred Stocks

                          

(Cost $93)

        91     
       

RIGHTS – 0.0%

        

Biotechnology – 0.0%

        

Achillion Pharmaceuticals, Inc. (Contingent Value Rights)(5) *

      23,500       13     

Alder Biopharmaceuticals, Inc. (Contingent Value Rights)(5) *

      8,800       8     

Progenics Pharmaceuticals, Inc. (Contingent Value Rights)(3) *

      10,111       —     

Sinovac Biotech Ltd.(3) *

      1,587       —     

Tobira Therapeutics, Inc. (Contingent Value Rights)(5) (6) (7) *

      16,926       129     
       
               150           

Diversified Financial Services – 0.0%

 

NewStar Financial, Inc. (Contingent Value Rights)(3) *

      1,580       —           

Health Care Equipment & Supplies – 0.0%

 

American Medical Alert Corp.(3) *

      13,109       —           

Health Care Providers & Services – 0.0%

 

Capital Senior Living Corp.(2) *

      35       —           

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    174 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

RIGHTS – 0.0% continued

         

Media – 0.0%

         

Media General, Inc.
(Contingent Value
Rights)(3) (7) *

        11,792       $—

Pharmaceuticals – 0.0%

         

Dova Pharmaceuticals, Inc. (Contingent Value
Rights)(5) *

        4,020       2

Total Rights

                     

(Cost $141)

            152
        
    

NUMBER

OF WARRANTS

  

VALUE

(000S)

WARRANTS – 0.0%

         

Nabors Industries Ltd., Exp. 6/11/2026, Strike $166.67*

        743       $4

Tidewater, Inc., Class A, Exp. 7/31/23,Strike $0.00(2) *

        10       —

Tidewater, Inc., Class B, Exp. 7/31/23,Strike $0.00(2) *

        11       —

Total Warrants

                     

(Cost $—)

            4
          
    

NUMBER

OF SHARES

  

VALUE

(000S)

INVESTMENT COMPANIES – 3.7%

 

    

Northern Institutional Funds - U.S. Government Portfolio (Shares),
0.00%(8) (9)

        19,679,030           $19,679

Total Investment Companies

                     

(Cost $19,679)

            19,679
          
    

PRINCIPAL

AMOUNT

(000S)

  

VALUE

(000S)

SHORT-TERM INVESTMENTS – 0.2%

 

    

U.S. Treasury Bill, 0.04%, 1/27/22(10) (11)

        $1,257       $1,257

Total Short-Term Investments

                     

(Cost $1,257)

            1,257
             

Total Investments – 99.9%

                     

(Cost $328,127)

            538,282

Other Assets less Liabilities – 0.1%

 

       582

NET ASSETS – 100.0%

            $538,864       

 

(1)

Step coupon bond. Rate as of September 30, 2021 is disclosed.

(2)

Value rounds to less than one thousand.

(3)

Level 3 asset that is worthless, bankrupt or has been delisted.

(4)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

(5)

Level 3 asset.

(6)

Restricted security that has been deemed illiquid. At September 30, 2021, the value of these restricted illiquid securities amounted to approximately $129,000 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows:

 

  SECURITY

 

  

ACQUISITION

AND

ENFORCEABLE

DATE

  

COST

    (000S)    

Tobira Therapeutics, Inc. (Contingent Value Rights), 0.00%

   11/2/2016     $131  

 

(7)

Restricted security.

(8)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(9)

7-day current yield as of September 30, 2021 is disclosed.

(10)

Discount rate at the time of purchase.

(11)

Security pledged as collateral to cover margin requirements for open futures contracts.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

L.P. - Limited Partnership

LLC - Limited Liability Company

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

REIT - Real Estate Investment Trust

S.A. - Société Anonyme (French: Public Limited Company)

S.E. - Societas Europaea (German: Public Company)

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

     TYPE  

NUMBER OF

CONTRACTS

  

NOTIONAL

AMOUNT

(000S)

  

CONTRACT

POSITION

  

CONTRACT

EXP.

  

VALUE AND  

UNREALIZED  

APPRECIATION  

(DEPRECIATION)  

(000S)(1)

E-Mini Russell 2000 Index

   191   $21,018   Long   12/21   $(399)

 

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  175 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

    

    

  

SMALL CAP CORE FUND    continued

   SEPTEMBER 30, 2021 (UNAUDITED)    

 

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE(1)    % OF NET ASSETS  

Corporate bonds

      0.0 % 

Common Stocks

      96.0 % 

Preferred stocks

      0.0 % 

Rights

      0.0 % 

Warrants

      0.0 % 

Investment Companies

      3.7 % 

Short-Term Investments

      0.2 % 

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

   INVESTMENTS   

LEVEL 1

(000S)

   

LEVEL 2

(000S)

   LEVEL 3
(000S)		     

TOTAL

(000S)

  

Corporate Bonds

    $ —      $ 10       $  —      $ 10  

Common Stocks:

           

Banks

      44,741        30       —        44,771  

Biotechnology

      34,873        65       —        34,938  

Hotels, Restaurants & Leisure

      10,848        — *      —        10,848  

Household Durables

      8,920        29       —        8,949  

Oil, Gas & Consumable Fuels

      15,691        —       2        15,693  

All Other Industries(1)

     401,890        —       —        401,890  
         

Total Common Stocks

      516,963        124       2        517,089  

Preferred Stocks:

           

Semiconductors & Semiconductor Equipment

      —        —       3        3  

All Other Industries(1)

     88        —       —        88  
         

Total Preferred Stocks

      88        —       3        91  

Rights(1)

     —        —       152        152  

Warrants

      4        —       —        4  

Investment Companies

      19,679        —       —        19,679  

Short-Term Investments

      —        1,257       —        1,257  

Total Investments

    $ 536,734      $ 1,391     $ 157      $ 538,282  
  INVESTMENTS    LEVEL 1
(000S)		   LEVEL 2
(000S)		    LEVEL 3
(000S)		      TOTAL
(000S)

OTHER FINANCIAL

           

INSTRUMENTS

                                   

Liabilities

           

Futures Contracts

    $       (399)    $ —        $  —      $     (399 ) 

 

*

Amount rounds to less than one thousand.

(1)

Classifications as defined in the Schedule of Investments.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    176 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

SCHEDULE OF INVESTMENTS

 

    

SMALL CAP INDEX FUND

  

SEPTEMBER 30, 2021 (UNAUDITED)

 

     PRINCIPAL
AMOUNT
(000S)		   VALUE
(000S)		         

CORPORATE BONDS – 0.0%

        

Financial Services – 0.0%

        

GAMCO Investors, Inc.,

        

(Step to 5.00% on 6/15/22),
4.00%, 6/15/23(1)

      $6       $6           

Total Corporate Bonds

                          

(Cost $6)

        6            
                   
    

NUMBER

OF SHARES

  

        VALUE

(000S)

         

COMMON STOCKS – 97.9%

        

Aerospace & Defense – 0.6%

        

AAR Corp.*

      17,847           $579     

Aerojet Rocketdyne Holdings, Inc.

      39,750       1,731     

AeroVironment, Inc.*

      11,917       1,029     

AerSale Corp.*

      4,893       83     

Astronics Corp.*

      13,066       184     

Byrna Technologies, Inc.*

      9,874       216     

Ducommun, Inc.*

      5,650       284     

Kaman Corp.

      14,509       518     

Kratos Defense & Security Solutions, Inc.*

      65,058       1,451     

Maxar Technologies, Inc.

      38,055       1,078     

Moog, Inc., Class A

      15,326       1,168     

National Presto Industries, Inc.

      2,743       225     

PAE, Inc.*

      37,301       223     

Park Aerospace Corp.

      9,844       135     

Parsons Corp.*

      14,174       478     

Triumph Group, Inc.*

      34,080       635     

Vectrus, Inc.*

      6,125       308     
       
               10,325           

Air Freight & Logistics – 0.3%

 

Air Transport Services Group, Inc.*

      31,265       807     

Atlas Air Worldwide Holdings, Inc.*

      15,275       1,248     

Echo Global Logistics, Inc.*

      14,123       674     

Forward Air Corp.

      14,379       1,194     

Hub Group, Inc., Class A*

      17,556       1,207     

Radiant Logistics, Inc.*

      20,583       131     
       
               5,261           

Airlines – 0.3%

        

Allegiant Travel Co.*

      8,138       1,591     

Frontier Group Holdings, Inc.*

      18,127       286     

Hawaiian Holdings, Inc.*

      26,655       577     

Mesa Air Group, Inc.*

      18,388       141     

SkyWest, Inc.*

      26,383       1,302     
    

NUMBER

OF SHARES

           VALUE
(000S)		         

COMMON STOCKS - 97.9%     continued

 

     

Airlines – 0.3%    continued

        

Spirit Airlines, Inc.*

      52,092           $1,351     

Sun Country Airlines Holdings, Inc.*

      9,292       312     
       
               5,560           

Auto Components – 1.3%

        

Adient PLC*

      50,233       2,082     

American Axle & Manufacturing Holdings, Inc.*

      59,396       523     

Cooper-Standard Holdings, Inc.*

      8,587       188     

Dana, Inc.

      77,024       1,713     

Dorman Products, Inc.*

      14,191       1,343     

Fox Factory Holding Corp.*

      22,420       3,241     

Gentherm, Inc.*

      17,628       1,427     

Goodyear Tire & Rubber (The) Co.*

      146,718       2,597     

LCI Industries

      13,153       1,771     

Modine Manufacturing Co.*

      26,845       304     

Motorcar Parts of America, Inc.*

      10,083       197     

Patrick Industries, Inc.

      12,040       1,003     

Standard Motor Products, Inc.

      11,212       490     

Stoneridge, Inc.*

      13,520       276     

Tenneco, Inc., Class A*

      36,477       520     

Visteon Corp.*

      14,699       1,387     

XL Fleet Corp.*

      18,786       116     

XPEL, Inc.*

      9,626       730     
       
               19,908           

Automobiles – 0.3%

        

Arcimoto, Inc.*

      14,721       168     

Canoo, Inc.*

      55,692       428     

Fisker, Inc.*

      86,616       1,269     

Lordstown Motors Corp., Class A*

      51,461       411     

Winnebago Industries, Inc.

      17,143       1,242     

Workhorse Group, Inc.*

      64,730       495     
       
               4,013           

Banks – 7.9%

        

1st Source Corp.

      9,093       430     

Allegiance Bancshares, Inc.

      9,914       378     

Altabancorp

      9,459       418     

Amalgamated Financial Corp.

      7,236       114     

Amerant Bancorp, Inc.*

      11,303       280     

American National Bankshares, Inc.

      5,718       189     

Ameris Bancorp

      35,284       1,831     

Arrow Financial Corp.

      7,446       256     

Associated Banc-Corp

      80,500       1,724     

Atlantic Capital Bancshares, Inc.*

      10,181       270     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  177 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Banks – 7.9%    continued

        

Atlantic Union Bankshares Corp.

      40,836           $1,505     

Banc of California, Inc.

      23,700       438     

BancFirst Corp.

      9,213       554     

Bancorp (The), Inc.*

      27,630       703     

BancorpSouth Bank

      54,208       1,614     

Bank First Corp.

      3,586       254     

Bank of Marin Bancorp

      8,583       324     

Bank of NT Butterfield & Son (The) Ltd.

      26,576       944     

BankUnited, Inc.

      49,469       2,069     

Banner Corp.

      18,341       1,013     

Bar Harbor Bankshares

      7,928       222     

Berkshire Hills Bancorp, Inc.

      26,009       702     

Blue Ridge Bankshares, Inc.

      9,398       165     

Brookline Bancorp, Inc.

      40,567       619     

Bryn Mawr Bank Corp.

      10,409       478     

Business First Bancshares, Inc.

      9,911       232     

Byline Bancorp, Inc.

      13,009       320     

Cadence BanCorp

      65,211       1,432     

Cambridge Bancorp

      3,556       313     

Camden National Corp.

      7,920       379     

Capital Bancorp, Inc.

      4,196       101     

Capital City Bank Group, Inc.

      7,255       180     

Capstar Financial Holdings, Inc.

      10,579       225     

Carter Bankshares, Inc.*

      13,853       197     

Cathay General Bancorp

      39,981       1,655     

CBTX, Inc.

      9,877       261     

Central Pacific Financial Corp.

      14,499       372     

Century Bancorp, Inc., Class A

      1,462       168     

CIT Group, Inc.

      52,707       2,738     

Citizens & Northern Corp.

      8,366       211     

City Holding Co.

      8,147       635     

Civista Bancshares, Inc.

      7,590       176     

CNB Financial Corp.

      8,262       201     

Coastal Financial Corp.*

      5,095       162     

Columbia Banking System, Inc.

      41,592       1,580     

Community Bank System, Inc.

      28,506       1,950     

Community Trust Bancorp, Inc.

      8,285       349     

ConnectOne Bancorp, Inc.

      19,640       589     

CrossFirst Bankshares, Inc.*

      24,260       315     

Customers Bancorp, Inc.*

      15,805       680     

CVB Financial Corp.

      68,781       1,401     

Dime Community Bancshares, Inc.

      18,284       597     

Eagle Bancorp, Inc.

      16,675       959     

Eastern Bankshares, Inc.

      91,190       1,851     
    

NUMBER

OF SHARES

  

        VALUE

(000S)

         

COMMON STOCKS - 97.9%    continued

 

            

Banks – 7.9%    continued

        

Enterprise Bancorp, Inc.

      5,000           $180     

Enterprise Financial Services Corp.

      18,747       849     

Equity Bancshares, Inc., Class A

      7,125       238     

Farmers National Banc Corp.

      13,805       217     

FB Financial Corp.

      17,652       757     

Fidelity D&D Bancorp, Inc.

      2,155       109     

Financial Institutions, Inc.

      8,330       255     

First Bancorp

      14,881       640     

First BanCorp (New York Exchange)

      108,812       1,431     

First Bancorp (The), Inc.

      5,473       159     

First Bancshares (The), Inc.

      10,605       411     

First Bank

      8,164       115     

First Busey Corp.

      26,865       662     

First Commonwealth Financial Corp.

      50,178       684     

First Community Bankshares, Inc.

      8,774       278     

First Financial Bancorp

      50,231       1,176     

First Financial Bankshares, Inc.

      69,008       3,171     

First Financial Corp.

      6,025       253     

First Foundation, Inc.

      20,961       551     

First Internet Bancorp

      5,010       156     

First Interstate BancSystem, Inc., Class A

      21,974       885     

First Merchants Corp.

      28,672       1,200     

First Mid Bancshares, Inc.

      8,706       357     

First Midwest Bancorp, Inc.

      60,375       1,148     

First of Long Island (The) Corp.

      12,297       253     

Five Star Bancorp

      2,878       69     

Flushing Financial Corp.

      15,790       357     

Fulton Financial Corp.

      84,386       1,289     

German American Bancorp, Inc.

      13,264       512     

Glacier Bancorp, Inc.

      50,935       2,819     

Great Southern Bancorp, Inc.

      5,704       313     

Great Western Bancorp, Inc.

      29,356       961     

Guaranty Bancshares, Inc.

      4,167       149     

Hancock Whitney Corp.

      45,909       2,163     

Hanmi Financial Corp.

      15,869       318     

HarborOne Bancorp, Inc.

      26,691       375     

HBT Financial, Inc.

      4,784       74     

Heartland Financial U.S.A., Inc.

      21,400       1,029     

Heritage Commerce Corp.

      30,520       355     

Heritage Financial Corp.

      19,030       485     

Hilltop Holdings, Inc.

      33,780       1,104     

Home BancShares, Inc.

      81,054       1,907     

HomeTrust Bancshares, Inc.

      8,024       225     

Hope Bancorp, Inc.

      62,861       908     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    178 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

           VALUE
(000S)		          

COMMON STOCKS - 97.9%    continued

 

     

Banks – 7.9%    continued

        

Horizon Bancorp, Inc.

      22,388       $407     

Howard Bancorp, Inc.*

      6,922       140     

Independent Bank Corp.

      17,490       1,332     

Independent Bank Corp. (NASDAQ Exchange)

      10,999           236     

Independent Bank Group, Inc.

      19,960       1,418     

International Bancshares Corp.

      28,534       1,188     

Investors Bancorp, Inc.

      121,598       1,837     

Lakeland Bancorp, Inc.

      25,635       452     

Lakeland Financial Corp.

      12,942       922     

Live Oak Bancshares, Inc.

      16,724       1,064     

Macatawa Bank Corp.

      12,993       104     

Mercantile Bank Corp.

      8,074       259     

Metrocity Bankshares, Inc.

      10,103       212     

Metropolitan Bank Holding Corp.*

      4,131       348     

Mid Penn Bancorp, Inc.

      5,308       146     

Midland States Bancorp, Inc.

      11,639       288     

MidWestOne Financial Group, Inc.

      7,617       230     

MVB Financial Corp.

      5,366       230     

National Bank Holdings Corp., Class A

      15,633       633     

NBT Bancorp, Inc.

      22,630       817     

Nicolet Bankshares, Inc.*

      5,772       428     

Northrim BanCorp, Inc.

      3,195       136     

OceanFirst Financial Corp.

      31,269       669     

OFG Bancorp

      26,878       678     

Old National Bancorp

      88,106       1,493     

Old Second Bancorp, Inc.

      14,475       189     

Origin Bancorp, Inc.

      11,656       494     

Orrstown Financial Services, Inc.

      5,891       138     

Pacific Premier Bancorp, Inc.

      49,758       2,062     

Park National Corp.

      7,720       941     

Peapack-Gladstone Financial Corp.

      9,411       314     

Peoples Bancorp, Inc.

      13,598       430     

Peoples Financial Services Corp.

      3,723       170     

Preferred Bank

      7,255       484     

Primis Financial Corp.

      12,928       187     

QCR Holdings, Inc.

      8,084       416     

RBB Bancorp

      7,219       182     

Red River Bancshares, Inc.

      2,379       119     

Reliant Bancorp, Inc.

      8,212       259     

Renasant Corp.

      29,290       1,056     

Republic Bancorp, Inc., Class A

      5,065       257     

Republic First Bancorp, Inc.*

      24,153       74     

S&T Bancorp, Inc.

      20,461       603     
    

NUMBER

OF SHARES

  

        VALUE

(000S)

         

COMMON STOCKS - 97.9%     continued

 

     

Banks – 7.9%     continued

               

Sandy Spring Bancorp, Inc.

      24,509       $1,123     

Seacoast Banking Corp. of Florida

      28,873       976     

ServisFirst Bancshares, Inc.

      26,526       2,064     

Sierra Bancorp

      7,554           183     

Silvergate Capital Corp., Class A*

      12,982       1,499     

Simmons First National Corp., Class A

      57,042       1,686     

SmartFinancial, Inc.

      7,260       188     

South Plains Financial, Inc.

      5,559       136     

Southern First Bancshares, Inc.*

      3,833       205     

Southside Bancshares, Inc.

      16,473       631     

SouthState Corp.

      37,107       2,771     

Spirit of Texas Bancshares, Inc.

      6,731       163     

Stock Yards Bancorp, Inc.

      12,811       751     

Summit Financial Group, Inc.

      5,923       145     

Texas Capital Bancshares, Inc.*

      26,905       1,615     

Tompkins Financial Corp.

      7,581       613     

Towne Bank

      35,599       1,108     

TriCo Bancshares

      14,799       642     

TriState Capital Holdings, Inc.*

      15,081       319     

Triumph Bancorp, Inc.*

      12,481       1,250     

Trustmark Corp.

      33,045       1,065     

UMB Financial Corp.

      23,295       2,253     

United Bankshares, Inc.

      66,440       2,417     

United Community Banks, Inc.

      46,117       1,514     

Univest Financial Corp.

      15,133       415     

Valley National Bancorp

      213,041       2,836     

Veritex Holdings, Inc.

      25,136       989     

Washington Trust Bancorp, Inc.

      9,197       487     

WesBanco, Inc.

      33,712       1,149     

West BanCorp, Inc.

      8,332       250     

Westamerica BanCorp

      13,965       786     
       
               125,541           

Beverages – 0.4%

        

Celsius Holdings, Inc.*

      28,621       2,579     

Coca-Cola Consolidated, Inc.

      2,495       984     

Duckhorn Portfolio (The), Inc.*

      10,838       248     

MGP Ingredients, Inc.

      7,457       485     

National Beverage Corp.

      12,593       661     

NewAge, Inc.*

      72,843       101     

Primo Water Corp.

      83,269       1,309     

Zevia PBC, Class A*

      5,397       62     
       
               6,429           
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  179 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

     NUMBER
OF SHARES		           VALUE
(000S)		        

COMMON STOCKS - 97.9%     continued

 

     

Biotechnology – 9.6%

        

4D Molecular Therapeutics, Inc.*

      11,217           $303     

89bio, Inc.*

      5,169       101     

ACADIA Pharmaceuticals, Inc.*

      63,320       1,052     

Acumen Pharmaceuticals, Inc.*

      5,111       76     

Adagio Therapeutics, Inc.*

      11,315       478     

Adicet Bio, Inc.*

      11,071       87     

Adverum Biotechnologies, Inc.*

      46,707       101     

Aeglea BioTherapeutics, Inc.*

      21,504       171     

Aerovate Therapeutics, Inc.*

      5,384       113     

Affimed N.V.*

      62,279       385     

Agenus, Inc.*

      110,484       580     

Agios Pharmaceuticals, Inc.*

      31,246       1,442     

Akebia Therapeutics, Inc.*

      93,020       268     

Akero Therapeutics, Inc.*

      13,371       299     

Akouos, Inc.*

      12,893       150     

Albireo Pharma, Inc.*

      8,742       273     

Aldeyra Therapeutics, Inc.*

      26,055       229     

Alector, Inc.*

      30,891       705     

Aligos Therapeutics, Inc.*

      11,247       174     

Alkermes PLC*

      85,007       2,622     

Allakos, Inc.*

      18,526       1,961     

Allogene Therapeutics, Inc.*

      35,993       925     

Allovir, Inc.*

      15,824       397     

Alpine Immune Sciences, Inc.*

      6,113       65     

Altimmune, Inc.*

      21,221       240     

ALX Oncology Holdings, Inc.*

      9,375       692     

Amicus Therapeutics, Inc.*

      139,311       1,330     

AnaptysBio, Inc.*

      10,348       281     

Anavex Life Sciences Corp.*

      34,325       616     

Anika Therapeutics, Inc.*

      7,499       319     

Annexon, Inc.*

      16,727       311     

Apellis Pharmaceuticals, Inc.*

      34,414       1,134     

Applied Molecular Transport, Inc.*

      13,375       346     

Applied Therapeutics, Inc.*

      9,514       158     

AquaBounty Technologies, Inc.*

      28,277       115     

Arbutus Biopharma Corp.*

      42,781       184     

Arcturus Therapeutics Holdings, Inc.*

      11,113       531     

Arcus Biosciences, Inc.*

      23,998       837     

Arcutis Biotherapeutics, Inc.*

      14,846       355     

Ardelyx, Inc.*

      46,929       62     

Arena Pharmaceuticals, Inc.*

      32,407       1,930     

Arrowhead Pharmaceuticals, Inc.*

      53,765       3,357     

Atara Biotherapeutics, Inc.*

      43,698       782     

Athenex, Inc.*

      46,435       140     
     NUMBER
OF SHARES		           VALUE
    (000S)		        

COMMON STOCKS - 97.9%     continued

 

     

Biotechnology – 9.6%     continued

        

Athersys, Inc.*

      109,832           $146     

Atossa Therapeutics, Inc.*

      62,831       205     

Atreca, Inc., Class A*

      13,846       86     

Avid Bioservices, Inc.*

      31,895       688     

Avidity Biosciences, Inc.*

      20,154       496     

Avita Medical, Inc.*

      12,895       229     

Avrobio, Inc.*

      19,902       111     

Beam Therapeutics, Inc.*

      26,436       2,300     

Beyondspring, Inc.*

      12,022       189     

BioAtla, Inc.*

      8,308       245     

BioCryst Pharmaceuticals, Inc.*

      94,229       1,354     

Biohaven Pharmaceutical Holding Co. Ltd.*

      29,547       4,104     

Biomea Fusion, Inc.*

      4,610       55     

Bioxcel Therapeutics, Inc.*

      9,193       279     

Black Diamond Therapeutics, Inc.*

      12,239       104     

Bluebird Bio, Inc.*

      35,685       682     

Blueprint Medicines Corp.*

      31,046       3,192     

Bolt Biotherapeutics, Inc.*

      12,248       155     

Bridgebio Pharma, Inc.*

      57,063       2,675     

Brooklyn ImmunoTherapeutics, Inc.*

      15,930       148     

C4 Therapeutics, Inc.*

      20,443       913     

Cardiff Oncology, Inc.*

      20,232       135     

CareDx, Inc.*

      26,778       1,697     

Caribou Biosciences, Inc.*

      10,261       245     

Catalyst Pharmaceuticals, Inc.*

      52,086       276     

Celcuity, Inc.*

      5,130       92     

Celldex Therapeutics, Inc.*

      24,367       1,316     

CEL-SCI Corp.*

      19,376       213     

Century Therapeutics, Inc.*

      6,314       159     

Cerevel Therapeutics Holdings, Inc.*

      21,478       634     

ChemoCentryx, Inc.*

      28,447       486     

Chimerix, Inc.*

      39,181       243     

Chinook Therapeutics, Inc.*

      17,611       225     

Clene, Inc.*

      10,565       72     

Clovis Oncology, Inc.*

      60,172       268     

Codiak Biosciences, Inc.*

      8,472       138     

Cogent Biosciences, Inc.*

      19,927       168     

Coherus Biosciences, Inc.*

      33,774       543     

Cortexyme, Inc.*

      10,566       969     

Crinetics Pharmaceuticals, Inc.*

      19,971       420     

Cue Biopharma, Inc.*

      16,365       238     

Cullinan Oncology, Inc.*

      13,855       313     

Curis, Inc.*

      46,469       364     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    180 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

           VALUE
    (000S)		      

COMMON STOCKS - 97.9%     continued

 

     

Biotechnology – 9.6%     continued

        

Cytokinetics, Inc.*

      42,030           $1,502     

CytomX Therapeutics, Inc.*

      34,823       177     

Day One Biopharmaceuticals, Inc.*

      5,894       140     

Deciphera Pharmaceuticals, Inc.*

      20,746       705     

Denali Therapeutics, Inc.*

      48,269       2,435     

DermTech, Inc.*

      12,981       417     

Design Therapeutics, Inc.*

      7,388       109     

Dicerna Pharmaceuticals, Inc.*

      36,818       742     

Dynavax Technologies Corp.*

      57,125       1,097     

Dyne Therapeutics, Inc.*

      15,556       253     

Eagle Pharmaceuticals, Inc.*

      6,051       338     

Editas Medicine, Inc.*

      36,266       1,490     

Eiger BioPharmaceuticals, Inc.*

      17,225       115     

Eliem Therapeutics, Inc.*

      3,767       68     

Emergent BioSolutions, Inc.*

      25,978       1,301     

Enanta Pharmaceuticals, Inc.*

      10,138       576     

Epizyme, Inc.*

      48,214       247     

Erasca, Inc.*

      11,061       235     

Esperion Therapeutics, Inc.*

      14,102       170     

Evelo Biosciences, Inc.*

      16,399       115     

Fate Therapeutics, Inc.*

      43,043       2,551     

FibroGen, Inc.*

      46,166       472     

Finch Therapeutics Group, Inc.*

      4,031       52     

Flexion Therapeutics, Inc.*

      25,881       158     

Foghorn Therapeutics, Inc.*

      10,445       146     

Forma Therapeutics Holdings, Inc.*

      18,121       420     

Forte Biosciences, Inc.*

      6,094       18     

Fortress Biotech, Inc.*

      38,450       124     

Frequency Therapeutics, Inc.*

      17,188       121     

G1 Therapeutics, Inc.*

      21,034       282     

Gemini Therapeutics, Inc.*

      11,736       47     

Generation Bio Co.*

      23,093       579     

Geron Corp.*

      154,907       212     

Global Blood Therapeutics, Inc.*

      31,571       804     

Gossamer Bio, Inc.*

      32,628       410     

Graphite Bio, Inc.*

      8,688       142     

Greenwich Lifesciences, Inc.*

      2,154       84     

Gritstone bio, Inc.*

      21,675       234     

GT Biopharma, Inc.*

      9,574       65     

Halozyme Therapeutics, Inc.*

      74,741       3,040     

Harpoon Therapeutics, Inc.*

      10,168       80     

Heron Therapeutics, Inc.*

      48,704       521     

Homology Medicines, Inc.*

      22,539       177     

Hookipa Pharma, Inc.*

      10,353       61     
    

NUMBER

OF SHARES

           VALUE
    (000S)		      

COMMON STOCKS - 97.9%    continued

 

     

Biotechnology – 9.6%    continued

        

Humanigen, Inc.*

      24,431           $145     

iBio, Inc.*

      115,857       123     

Icosavax, Inc.*

      7,159       212     

Ideaya Biosciences, Inc.*

      17,542       447     

IGM Biosciences, Inc.*

      4,327       285     

Imago Biosciences, Inc.*

      5,213       104     

Immuneering Corp., Class A*

      4,421       117     

Immunic, Inc.*

      9,874       87     

ImmunityBio, Inc.*

      36,495       355     

ImmunoGen, Inc.*

      104,201       591     

Immunovant, Inc.*

      21,345       186     

Impel Neuropharma, Inc.*

      2,908       35     

Infinity Pharmaceuticals, Inc.*

      46,981       161     

Inhibrx, Inc.*

      14,686       489     

Inovio Pharmaceuticals, Inc.*

      109,449       784     

Inozyme Pharma, Inc.*

      7,740       90     

Insmed, Inc.*

      60,854       1,676     

Instil Bio, Inc.*

      9,499       170     

Intellia Therapeutics, Inc.*

      36,551       4,903     

Intercept Pharmaceuticals, Inc.*

      15,038       223     

Invitae Corp.*

      106,283       3,022     

Ironwood Pharmaceuticals, Inc.*

      76,893       1,004     

iTeos Therapeutics, Inc.*

      10,837       293     

IVERIC bio, Inc.*

      55,265       898     

Janux Therapeutics, Inc.*

      7,080       153     

Jounce Therapeutics, Inc.*

      17,808       132     

Kadmon Holdings, Inc.*

      91,773       799     

KalVista Pharmaceuticals, Inc.*

      10,669       186     

Karuna Therapeutics, Inc.*

      11,754       1,438     

Karyopharm Therapeutics, Inc.*

      38,650       225     

Keros Therapeutics, Inc.*

      8,373       331     

Kezar Life Sciences, Inc.*

      18,392       159     

Kiniksa Pharmaceuticals Ltd., Class A*

      14,888       170     

Kinnate Biopharma, Inc.*

      13,344       307     

Kodiak Sciences, Inc.*

      17,754       1,704     

Kronos Bio, Inc.*

      20,822       436     

Krystal Biotech, Inc.*

      9,431       492     

Kura Oncology, Inc.*

      33,571       629     

Kymera Therapeutics, Inc.*

      18,201       1,069     

Lexicon Pharmaceuticals, Inc.*

      36,428       175     

Ligand Pharmaceuticals, Inc.*

      7,996       1,114     

Lineage Cell Therapeutics, Inc.*

      66,578       168     

Lyell Immunopharma, Inc.*

      12,636       187     

MacroGenics, Inc.*

      32,131       673     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  181 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

    

NUMBER

OF SHARES

           VALUE
    (000S)		      

COMMON STOCKS - 97.9%     continued

 

     

Biotechnology – 9.6%     continued

 

   

Madrigal Pharmaceuticals, Inc.*

      5,968           $476     

Magenta Therapeutics, Inc.*

      16,083       117     

MannKind Corp.*

      130,258       567     

MaxCyte, Inc.*

      8,369       102     

MEI Pharma, Inc.*

      58,041       160     

MeiraGTx Holdings PLC*

      15,295       202     

Mersana Therapeutics, Inc.*

      38,205       360     

MiMedx Group, Inc.*

      59,585       361     

Mirum Pharmaceuticals, Inc.*

      1,821       36     

Molecular Templates, Inc.*

      19,903       134     

Monte Rosa Therapeutics, Inc.*

      6,190       138     

Morphic Holding, Inc.*

      10,957       621     

Mustang Bio, Inc.*

      37,491       101     

Myriad Genetics, Inc.*

      41,016       1,324     

Neoleukin Therapeutics, Inc.*

      18,859       136     

NexImmune, Inc.*

      9,437       143     

Nkarta, Inc.*

      7,572       211     

Nurix Therapeutics, Inc.*

      16,485       494     

Nuvalent, Inc., Class A*

      5,731       129     

Ocugen, Inc.*

      97,623       701     

Olema Pharmaceuticals, Inc.*

      13,486       372     

Omega Therapeutics, Inc.*

      3,948       74     

Oncocyte Corp.*

      32,388       115     

Oncorus, Inc.*

      10,972       103     

Oncternal Therapeutics, Inc.*

      23,580       98     

OPKO Health, Inc.*

      213,747       780     

Organogenesis Holdings, Inc.*

      20,462       291     

ORIC Pharmaceuticals, Inc.*

      16,896       353     

Outlook Therapeutics, Inc.*

      47,286       103     

Oyster Point Pharma, Inc.*

      5,962       71     

Passage Bio, Inc.*

      19,904       198     

PMV Pharmaceuticals, Inc.*

      14,068       419     

Portage Biotech, Inc.*

      2,618       53     

Poseida Therapeutics, Inc.*

      15,418       112     

Praxis Precision Medicines, Inc.*

      17,343       321     

Precigen, Inc.*

      50,868       254     

Precision BioSciences, Inc.*

      26,462       305     

Prelude Therapeutics, Inc.*

      5,813       182     

Prometheus Biosciences, Inc.*

      6,073       144     

Protagonist Therapeutics, Inc.*

      23,966       425     

Prothena Corp. PLC*

      18,526       1,320     

PTC Therapeutics, Inc.*

      36,708       1,366     

Puma Biotechnology, Inc.*

      17,146       120     

Radius Health, Inc.*

      24,365       302     
     NUMBER
OF SHARES		           VALUE
    (000S)		      

COMMON STOCKS - 97.9%     continued

 

     

Biotechnology – 9.6%     continued

 

   

Rallybio Corp.*

      3,891           $68     

RAPT Therapeutics, Inc.*

      11,410       354     

Recursion Pharmaceuticals, Inc., Class A*

      15,072       347     

REGENXBIO, Inc.*

      20,895       876     

Relay Therapeutics, Inc.*

      31,806       1,003     

Reneo Pharmaceuticals, Inc.*

      3,536       26     

Replimune Group, Inc.*

      15,948       473     

REVOLUTION Medicines, Inc.*

      31,416       864     

Rhythm Pharmaceuticals, Inc.*

      23,633       309     

Rigel Pharmaceuticals, Inc.*

      91,689       333     

Rocket Pharmaceuticals, Inc.*

      21,447       641     

Rubius Therapeutics, Inc.*

      24,522       438     

Sana Biotechnology, Inc.*

      45,753       1,030     

Sangamo Therapeutics, Inc.*

      62,613       564     

Scholar Rock Holding Corp.*

      14,522       480     

Selecta Biosciences, Inc.*

      48,300       201     

Sensei Biotherapeutics, Inc.*

      11,169       118     

Sera Prognostics, Inc., Class A*

      2,286       25     

Seres Therapeutics, Inc.*

      37,348       260     

Sesen Bio, Inc.*

      104,748       83     

Shattuck Labs, Inc.*

      14,277       291     

Sigilon Therapeutics, Inc.*

      7,951       45     

Silverback Therapeutics, Inc.*

      10,963       109     

Solid Biosciences, Inc.*

      31,846       76     

Sorrento Therapeutics, Inc.*

      147,169       1,123     

Spectrum Pharmaceuticals, Inc.*

      86,609       189     

Spero Therapeutics, Inc.*

      13,004       239     

SpringWorks Therapeutics, Inc.*

      15,439       979     

Spruce Biosciences, Inc.*

      4,534       27     

SQZ Biotechnologies Co.*

      12,248       177     

Stoke Therapeutics, Inc.*

      10,248       261     

Summit Therapeutics, Inc.*

      13,943       70     

Surface Oncology, Inc.*

      18,421       139     

Sutro Biopharma, Inc.*

      22,739       430     

Syndax Pharmaceuticals, Inc.*

      24,115       461     

Syros Pharmaceuticals, Inc.*

      30,937       138     

Talaris Therapeutics, Inc.*

      4,834       66     

Taysha Gene Therapies, Inc.*

      11,462       213     

TCR2 Therapeutics, Inc.*

      16,375       139     

Tenaya Therapeutics, Inc.*

      7,447       154     

TG Therapeutics, Inc.*

      67,985       2,263     

Tonix Pharmaceuticals Holding Corp.*

      191,372       115     

Travere Therapeutics, Inc.*

      30,836       748     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    182 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Biotechnology – 9.6%     continued

 

     

Trevena, Inc.*

      88,136           $108     

Trillium Therapeutics, Inc.*

      52,638       924     

Turning Point Therapeutics, Inc.*

      24,356       1,618     

Twist Bioscience Corp.*

      25,029       2,677     

UroGen Pharma Ltd.*

      10,486       176     

Vanda Pharmaceuticals, Inc.*

      28,811       494     

Vaxart, Inc.*

      64,059       509     

Vaxcyte, Inc.*

      21,264       539     

VBI Vaccines, Inc.*

      99,900       311     

Vera Therapeutics, Inc.*

      3,777       66     

Veracyte, Inc.*

      35,768       1,661     

Verastem, Inc.*

      92,511       285     

Vericel Corp.*

      24,621       1,202     

Verve Therapeutics, Inc.*

      8,463       398     

Viking Therapeutics, Inc.*

      35,229       221     

Vincerx Pharma, Inc.*

      6,990       113     

Vir Biotechnology, Inc.*

      31,871       1,387     

Viracta Therapeutics, Inc.*

      19,473       156     

VistaGen Therapeutics, Inc.*

      103,901       285     

Vor BioPharma, Inc.*

      10,145       159     

Werewolf Therapeutics, Inc.*

      3,939       68     

XBiotech, Inc.

      8,180       106     

Xencor, Inc.*

      29,731       971     

XOMA Corp.*

      3,239       80     

Y-mAbs Therapeutics, Inc.*

      18,395       525     

Zentalis Pharmaceuticals, Inc.*

      19,025       1,268     

ZIOPHARM Oncology, Inc.*

      112,453       205     
       
               152,077           

Building Products – 1.0%

        

AAON, Inc.

      22,268       1,455     

American Woodmark Corp.*

      8,854       579     

Apogee Enterprises, Inc.

      13,312       503     

Caesarstone Ltd.

      12,184       151     

Cornerstone Building Brands, Inc.*

      29,378       429     

CSW Industrials, Inc.

      7,856       1,003     

Gibraltar Industries, Inc.*

      17,399       1,212     

Griffon Corp.

      24,925       613     

Insteel Industries, Inc.

      9,991       380     

JELD-WEN Holding, Inc.*

      44,527       1,115     

Masonite International Corp.*

      12,800       1,358     

PGT Innovations, Inc.*

      30,424       581     

Quanex Building Products Corp.

      17,539       376     

Resideo Technologies, Inc.*

      76,720       1,902     

Simpson Manufacturing Co., Inc.

      23,167       2,478     
    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%    continued

 

     

Building Products – 1.0%     continued

 

     

UFP Industries, Inc.

      32,012           $2,176     

View, Inc.*

      52,371       284     
       
               16,595           

Capital Markets – 1.6%

        

Artisan Partners Asset Management, Inc., Class A

      31,124       1,523     

Assetmark Financial Holdings, Inc.*

      9,572       238     

Associated Capital Group, Inc., Class A

      975       37     

B. Riley Financial, Inc.

      10,838       640     

BGC Partners, Inc., Class A

      175,780       916     

Blucora, Inc.*

      25,484       397     

Brightsphere Investment Group, Inc.

      30,722       803     

Cohen & Steers, Inc.

      13,195       1,105     

Cowen, Inc., Class A

      14,932       512     

Diamond Hill Investment Group, Inc.

      1,619       284     

Donnelley Financial Solutions, Inc.*

      15,518       537     

Federated Hermes, Inc.

      50,218       1,632     

Focus Financial Partners, Inc., Class A*

      31,588       1,654     

GAMCO Investors, Inc., Class A

      2,798       74     

GCM Grosvenor, Inc., Class A

      22,946       264     

Greenhill & Co., Inc.

      7,734       113     

Hamilton Lane, Inc., Class A

      18,038       1,530     

Houlihan Lokey, Inc.

      27,166       2,502     

Moelis & Co., Class A

      32,476       2,009     

Open Lending Corp., Class A*

      55,366       1,997     

Oppenheimer Holdings, Inc., Class A

      4,966       225     

Piper Sandler Cos.

      9,266       1,283     

PJT Partners, Inc., Class A

      12,750       1,009     

Pzena Investment Management, Inc., Class A

      9,091       90     

Sculptor Capital Management, Inc.

      11,738       327     

StepStone Group, Inc., Class A

      21,663       924     

StoneX Group, Inc.*

      9,014       594     

Value Line, Inc.

      536       18     

Virtus Investment Partners, Inc.

      3,868       1,200     

WisdomTree Investments, Inc.

      70,631       401     
       
               24,838           

Chemicals – 1.9%

        

AdvanSix, Inc.*

      14,398       572     

American Vanguard Corp.

      15,730       237     

Amyris, Inc.*

      90,659       1,245     

Avient Corp.

      48,285       2,238     

Balchem Corp.

      17,136       2,486     

Cabot Corp.

      29,751       1,491     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  183 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Chemicals – 1.9%     continued

 

   

Chase Corp.

      3,889           $397     

Danimer Scientific, Inc.*

      35,100       573     

Ecovyst, Inc.

      27,524       321     

Ferro Corp.*

      43,551       886     

FutureFuel Corp.

      13,877       99     

GCP Applied Technologies, Inc.*

      26,365       578     

H.B. Fuller Co.

      27,708       1,789     

Hawkins, Inc.

      10,301       359     

Ingevity Corp.*

      21,057       1,503     

Innospec, Inc.

      12,986       1,094     

Intrepid Potash, Inc.*

      5,340       165     

Koppers Holdings, Inc.*

      11,133       348     

Kraton Corp.*

      16,844       769     

Kronos Worldwide, Inc.

      11,927       148     

Livent Corp.*

      85,962       1,987     

Marrone Bio Innovations, Inc.*

      54,834       49     

Minerals Technologies, Inc.

      17,796       1,243     

Orion Engineered Carbons S.A.*

      31,949       582     

PureCycle Technologies, Inc.*

      17,679       235     

Quaker Chemical Corp.

      7,162       1,702     

Rayonier Advanced Materials, Inc.*

      33,132       248     

Sensient Technologies Corp.

      22,489       2,048     

Stepan Co.

      11,458       1,294     

Tredegar Corp.

      14,028       171     

Trinseo S.A.

      20,648       1,115     

Tronox Holdings PLC, Class A

      60,837       1,500     

Valhi, Inc.

      1,329       31     

Zymergen, Inc.*

      10,107       133     
       
               29,636           

Commercial Services & Supplies – 1.7%

 

     

ABM Industries, Inc.

      35,789       1,611     

ACCO Brands Corp.

      48,866       420     

Brady Corp., Class A

      25,057       1,270     

BrightView Holdings, Inc.*

      21,321       315     

Brink’s (The) Co.

      25,836       1,635     

Casella Waste Systems, Inc., Class A*

      26,156       1,986     

CECO Environmental Corp.*

      16,711       118     

Cimpress PLC*

      9,013       783     

CompX International, Inc.

      879       18     

CoreCivic, Inc.*

      64,310       572     

Covanta Holding Corp.

      63,574       1,279     

Deluxe Corp.

      22,303       800     

Ennis, Inc.

      13,679       258     

Harsco Corp.*

      41,407       702     
    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Commercial Services & Supplies – 1.7%     continued

 

   

Healthcare Services Group, Inc.

      39,782           $994     

Heritage-Crystal Clean, Inc.*

      8,061       234     

Herman Miller, Inc.

      39,474       1,487     

HNI Corp.

      23,067       847     

Interface, Inc.

      30,571       463     

KAR Auction Services, Inc.*

      63,626       1,043     

Kimball International, Inc., Class B

      19,385       217     

Matthews International Corp., Class A

      16,307       566     

Montrose Environmental Group, Inc.*

      12,370       764     

NL Industries, Inc.

      4,686       27     

Pitney Bowes, Inc.

      94,291       680     

R.R. Donnelley & Sons Co.*

      38,000       195     

SP Plus Corp.*

      12,108       371     

Steelcase, Inc., Class A

      46,770       593     

Team, Inc.*

      14,206       43     

Tetra Tech, Inc.

      28,650       4,279     

U.S. Ecology, Inc.*

      16,614       537     

UniFirst Corp.

      8,020       1,705     

Viad Corp.*

      10,664       484     

VSE Corp.

      5,683       274     
       
               27,570           

Communications Equipment – 0.7%

 

   

ADTRAN, Inc.

      25,847       485     

Aviat Networks, Inc.*

      5,167       170     

CalAmp Corp.*

      17,731       176     

Calix, Inc.*

      29,270       1,447     

Cambium Networks Corp.*

      5,658       205     

Casa Systems, Inc.*

      16,851       114     

Clearfield, Inc.*

      6,113       270     

Comtech Telecommunications Corp.

      13,676       350     

Digi International, Inc.*

      17,648       371     

DZS, Inc.*

      9,031       111     

EchoStar Corp., Class A*

      21,178       540     

EMCORE Corp.*

      19,604       147     

Extreme Networks, Inc.*

      65,059       641     

Harmonic, Inc.*

      47,900       419     

Infinera Corp.*

      95,519       795     

Inseego Corp.*

      44,704       298     

KVH Industries, Inc.*

      8,164       78     

NETGEAR, Inc.*

      16,152       515     

NetScout Systems, Inc.*

      37,156       1,001     

Plantronics, Inc.*

      22,597       581     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    184 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Communications Equipment – 0.7%     continued

 

     

Ribbon Communications, Inc.*

      37,737           $226     

Viavi Solutions, Inc.*

      120,772       1,901     
       
               10,841           

Construction & Engineering – 1.3%

 

     

Ameresco, Inc., Class A*

      16,383       957     

API Group Corp.(2) *

      105,193       2,141     

Arcosa, Inc.

      25,690       1,289     

Argan, Inc.

      7,990       349     

Comfort Systems U.S.A., Inc.

      18,920       1,349     

Concrete Pumping Holdings, Inc.*

      13,890       119     

Construction Partners, Inc., Class A*

      15,478       516     

Dycom Industries, Inc.*

      15,850       1,129     

EMCOR Group, Inc.

      28,335       3,269     

Fluor Corp.*

      75,328       1,203     

Granite Construction, Inc.

      24,200       957     

Great Lakes Dredge & Dock Corp.*

      34,105       515     

IES Holdings, Inc.*

      4,647       212     

Infrastructure and Energy Alternatives,Inc.*

      14,718       168     

INNOVATE Corp.*

      25,430       104     

Matrix Service Co.*

      13,983       146     

MYR Group, Inc.*

      8,741       870     

Northwest Pipe Co.*

      5,194       123     

NV5 Global, Inc.*

      7,013       691     

Primoris Services Corp.

      28,281       693     

Sterling Construction Co., Inc.*

      14,932       339     

Tutor Perini Corp.*

      22,119       287     

WillScot Mobile Mini Holdings Corp.*

      111,020       3,522     
       
               20,948           

Construction Materials – 0.2%

 

     

Forterra, Inc.*

      15,607       367     

Summit Materials, Inc., Class A*

      62,991       2,014     

United States Lime & Minerals, Inc.

      1,108       134     
       
               2,515           

Consumer Finance – 0.8%

 

     

Atlanticus Holdings Corp.*

      2,874       153     

Curo Group Holdings Corp.

      11,305       196     

Encore Capital Group, Inc.*

      16,170       797     

Enova International, Inc.*

      19,181       663     

EZCORP, Inc., Class A*

      26,277       199     

FirstCash, Inc.

      21,092       1,846     

Green Dot Corp., Class A*

      28,370       1,428     

LendingClub Corp.*

      51,907       1,466     
    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Consumer Finance – 0.8%     continued

 

     

LendingTree, Inc.*

      6,161           $861     

Navient Corp.

      87,454       1,725     

Nelnet, Inc., Class A

      9,130       723     

Oportun Financial Corp.*

      11,194       280     

PRA Group, Inc.*

      24,094       1,015     

PROG Holdings, Inc.

      35,156       1,477     

Regional Management Corp.

      4,130       240     

World Acceptance Corp.*

      2,320       440     
       
               13,509           

Containers & Packaging – 0.2%

 

     

Greif, Inc., Class A

      13,664       883     

Greif, Inc., Class B

      3,180       206     

Myers Industries, Inc.

      18,856       369     

O-I Glass, Inc.*

      83,814       1,196     

Pactiv Evergreen, Inc.

      23,022       288     

Ranpak Holdings Corp.*

      20,076       538     

UFP Technologies, Inc.*

      3,700       228     
       
               3,708           

Distributors – 0.0%

        

Funko, Inc., Class A*

      14,230       259     

Greenlane Holdings, Inc., Class A*

      9,048       22     
       
               281           

Diversified Consumer Services – 0.7%

 

     

2U, Inc.*

      38,024       1,276     

Adtalem Global Education, Inc.*

      26,256       993     

American Public Education, Inc.*

      9,993       256     

Carriage Services, Inc.

      8,652       386     

Coursera, Inc.*

      30,590       968     

European Wax Center, Inc., Class A*

      5,401       151     

Graham Holdings Co., Class B

      2,055       1,211     

Houghton Mifflin Harcourt Co.*

      67,398       905     

Laureate Education, Inc., Class A*

      52,546       893     

OneSpaWorld Holdings Ltd.*

      28,384       283     

Perdoceo Education Corp.*

      37,757       399     

PowerSchool Holdings, Inc., Class A*

      23,068       568     

Regis Corp.*

      12,903       45     

StoneMor, Inc.*

      17,788       44     

Strategic Education, Inc.

      12,930       912     

Stride, Inc.*

      21,602       776     

Vivint Smart Home, Inc.*

      49,138       464     

WW International, Inc.*

      28,235       515     
       
               11,045           
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  185 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Diversified Financial Services – 0.1%

 

     

Alerus Financial Corp.

      8,095           $242     

A-Mark Precious Metals, Inc.

      4,684       281     

Banco Latinoamericano de Comercio Exterior S.A., Class E

      16,020       281     

Cannae Holdings, Inc.*

      44,954       1,398     

Marlin Business Services Corp.

      4,359       97     
       
               2,299           

Diversified Telecommunication Services – 0.6%

 

Anterix, Inc.*

      6,114       371     

ATN International, Inc.

      5,900       276     

Bandwidth, Inc., Class A*

      12,221       1,103     

Cogent Communications Holdings, Inc.

      22,608       1,602     

Consolidated Communications Holdings, Inc.*

      39,112       360     

Globalstar, Inc.*

      325,581       544     

IDT Corp., Class B*

      10,731       450     

Iridium Communications, Inc.*

      62,673       2,498     

Liberty Latin America Ltd., Class A*

      22,428       293     

Liberty Latin America Ltd., Class C*

      81,662       1,071     

Ooma, Inc.*

      11,677       217     

Radius Global Infrastructure, Inc., Class A*

      31,575       516     
       
               9,301           

Electric Utilities – 0.6%

        

ALLETE, Inc.

      27,864       1,659     

MGE Energy, Inc.

      19,294       1,418     

Otter Tail Corp.

      21,805       1,220     

PNM Resources, Inc.

      45,496       2,251     

Portland General Electric Co.

      47,906       2,251     

Via Renewables, Inc.

      6,444       66     
       
               8,865           

Electrical Equipment – 1.0%

 

     

Advent Technologies Holdings, Inc.*

      8,487       74     

Allied Motion Technologies, Inc.

      5,938       186     

American Superconductor Corp.*

      14,611       213     

Array Technologies, Inc.*

      67,772       1,255     

Atkore, Inc.*

      24,471       2,127     

AZZ, Inc.

      13,111       697     

Babcock & Wilcox Enterprises, Inc.*

      29,746       191     

Beam Global*

      4,734       130     

Bloom Energy Corp., Class A*

      73,865       1,383     

Encore Wire Corp.

      10,675       1,012     

EnerSys

      22,743       1,693     

Eos Energy Enterprises, Inc.*

      22,989       323     
     NUMBER
OF SHARES		  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Electrical Equipment – 1.0%     continued

 

     

FTC Solar, Inc.*

      10,272           $80     

FuelCell Energy, Inc.*

      172,419       1,153     

GrafTech International Ltd.

      108,014       1,115     

Powell Industries, Inc.

      4,864       120     

Preformed Line Products Co.

      1,586       103     

Romeo Power, Inc.*

      67,364       333     

Stem, Inc.*

      25,962       620     

Thermon Group Holdings, Inc.*

      17,687       306     

TPI Composites, Inc.*

      19,412       655     

Vicor Corp.*

      11,196       1,502     
       
               15,271           

Electronic Equipment, Instruments & Components – 2.1%

 

908 Devices, Inc.*

      6,914       225     

Advanced Energy Industries, Inc.

      20,413       1,791     

Aeva Technologies, Inc.*

      41,033       326     

Akoustis Technologies, Inc.*

      23,375       227     

Arlo Technologies, Inc.*

      44,276       284     

Badger Meter, Inc.

      15,482       1,566     

Belden, Inc.

      23,475       1,368     

Benchmark Electronics, Inc.

      18,861       504     

CTS Corp.

      16,810       520     

Daktronics, Inc.*

      18,881       102     

ePlus, Inc.*

      7,039       722     

Fabrinet*

      19,627       2,012     

FARO Technologies, Inc.*

      9,606       632     

Identiv, Inc.*

      11,311       213     

II-VI, Inc.*

      55,513       3,295     

Insight Enterprises, Inc.*

      18,267       1,645     

Iteris, Inc.*

      22,740       120     

Itron, Inc.*

      24,005       1,815     

Kimball Electronics, Inc.*

      12,931       333     

Knowles Corp.*

      46,855       878     

Luna Innovations, Inc.*

      16,525       157     

Methode Electronics, Inc.

      20,204       850     

MicroVision, Inc.*

      87,091       962     

Napco Security Technologies, Inc.*

      7,792       336     

nLight, Inc.*

      22,455       633     

Novanta, Inc.*

      18,731       2,894     

OSI Systems, Inc.*

      8,964       850     

Ouster, Inc.*

      15,729       115     

PAR Technology Corp.*

      12,866       791     

PC Connection, Inc.

      5,903       260     

Plexus Corp.*

      14,872       1,330     

Rogers Corp.*

      9,929       1,852     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    186 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Electronic Equipment, Instruments & Components – 2.1%     continued

 

Sanmina Corp.*

      34,120           $1,315     

ScanSource, Inc.*

      13,503       470     

TTM Technologies, Inc.*

      56,742       713     

Velodyne Lidar, Inc.*

      40,323       239     

Vishay Intertechnology, Inc.

      70,718       1,421     

Vishay Precision Group, Inc.*

      6,419       223     
       
               33,989           

Energy Equipment & Services – 0.8%

 

     

Archrock, Inc.

      71,071       586     

Aspen Aerogels, Inc.*

      11,795       543     

Bristow Group, Inc.*

      12,648       403     

Cactus, Inc., Class A

      28,854       1,088     

ChampionX Corp.*

      107,528       2,404     

DMC Global, Inc.*

      9,964       368     

Dril-Quip, Inc.*

      18,421       464     

Frank’s International N.V.*

      89,085       262     

FTS International, Inc., Class A*

      4,800       118     

Helix Energy Solutions Group, Inc.*

      76,732       298     

Helmerich & Payne, Inc.

      55,696       1,527     

Liberty Oilfield Services, Inc., Class A*

      48,533       589     

Nabors Industries Ltd.*

      3,790       366     

National Energy Services Reunited Corp.*

      20,383       255     

Newpark Resources, Inc.*

      48,605       160     

NexTier Oilfield Solutions, Inc.*

      90,724       417     

Oceaneering International, Inc.*

      52,671       702     

Oil States International, Inc.*

      32,516       208     

Patterson-UTI Energy, Inc.

      98,670       888     

ProPetro Holding Corp.*

      44,657       386     

RPC, Inc.*

      36,254       176     

Select Energy Services, Inc., Class A*

      32,559       169     

Solaris Oilfield Infrastructure, Inc., Class A

      16,607       138     

TETRA Technologies, Inc.*

      65,820       205     

Tidewater, Inc.*

      22,010       265     

U.S. Silica Holdings, Inc.*

      39,370       315     
       
               13,300           

Entertainment – 1.0%

        

AMC Entertainment Holdings, Inc., Class A*

      274,017       10,429     

Chicken Soup For The Soul Entertainment, Inc.*

      3,806       87     

Cinemark Holdings, Inc.*

      57,268       1,100     

CuriosityStream, Inc.*

      14,069       148     
     NUMBER
OF SHARES		           VALUE
(000S)		         

COMMON STOCKS - 97.9%     continued

 

     

Entertainment – 1.0%     continued

 

     

Eros STX Global Corp.*

      170,471           $157            

IMAX Corp.*

      26,184       497     

Liberty Media Corp.-Liberty Braves, Class A*

      5,374       145     

Liberty Media Corp.-Liberty Braves, Class C*

      19,285       510     

Lions Gate Entertainment Corp., Class A*

      30,825       437     

Lions Gate Entertainment Corp., Class B*

      62,730       815     

LiveXLive Media, Inc.*

      30,900       92     

Madison Square Garden Entertainment Corp.*

      13,851       1,007     

Marcus (The) Corp.*

      12,248       214     
       
               15,638           

Equity Real Estate Investment Trusts – 6.0%

 

Acadia Realty Trust

      45,801       935     

Agree Realty Corp.

      36,214       2,398     

Alexander & Baldwin, Inc.

      38,387       900     

Alexander’s, Inc.

      1,118       291     

American Assets Trust, Inc.

      26,469       991     

American Finance Trust, Inc.

      62,270       501     

Apartment Investment and Management Co., Class A

      79,908       547     

Apple Hospitality REIT, Inc.

      113,681       1,788     

Armada Hoffler Properties, Inc.

      31,817       425     

Ashford Hospitality Trust, Inc.*

      9,135       134     

Braemar Hotels & Resorts, Inc.*

      27,893       135     

Brandywine Realty Trust

      90,107       1,209     

Broadstone Net Lease, Inc.

      82,260       2,041     

BRT Apartments Corp.

      5,864       113     

CareTrust REIT, Inc.

      51,076       1,038     

CatchMark Timber Trust, Inc., Class A

      26,157       311     

Centerspace

      7,449       704     

Chatham Lodging Trust*

      24,907       305     

City Office REIT, Inc.

      22,993       411     

Clipper Realty, Inc.

      6,281       51     

Columbia Property Trust, Inc.

      60,859       1,158     

Community Healthcare Trust, Inc.

      12,476       564     

CorePoint Lodging, Inc.*

      21,130       328     

Corporate Office Properties Trust

      60,088       1,621     

CTO Realty Growth, Inc.

      3,222       173     

DiamondRock Hospitality Co.*

      110,450       1,044     

DigitalBridge Group, Inc.*

      257,410       1,552     

Diversified Healthcare Trust

      127,346       432     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  187 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Equity Real Estate Investment Trusts – 6.0%    continued

 

Easterly Government Properties, Inc.

      44,901           $928     

EastGroup Properties, Inc.

      21,166       3,527     

Empire State Realty Trust, Inc., Class A

      75,802       760     

Equity Commonwealth

      62,602       1,626     

Essential Properties Realty Trust, Inc.

      62,056       1,733     

Farmland Partners, Inc.

      15,075       181     

Four Corners Property Trust, Inc.

      40,306       1,083     

Franklin Street Properties Corp.

      55,445       257     

GEO Group (The), Inc.

      63,161       472     

Getty Realty Corp.

      21,073       618     

Gladstone Commercial Corp.

      19,401       408     

Gladstone Land Corp.

      15,022       342     

Global Medical REIT, Inc.

      31,459       462     

Global Net Lease, Inc.

      53,129       851     

Healthcare Realty Trust, Inc.

      77,287       2,302     

Hersha Hospitality Trust*

      17,399       162     

Independence Realty Trust, Inc.

      55,618       1,132     

Indus Realty Trust, Inc.

      2,361       166     

Industrial Logistics Properties Trust

      34,477       876     

Innovative Industrial Properties, Inc.

      12,577       2,907     

iStar, Inc.

      36,964       927     

Kite Realty Group Trust

      44,160       899     

Lexington Realty Trust

      146,412       1,867     

LTC Properties, Inc.

      20,616       653     

Macerich (The) Co.

      113,515       1,897     

Mack-Cali Realty Corp.*

      46,548       797     

Monmouth Real Estate Investment Corp.

      50,537       943     

National Health Investors, Inc.

      23,192       1,241     

National Storage Affiliates Trust

      43,225       2,282     

NETSTREIT Corp.

      20,939       495     

NexPoint Residential Trust, Inc.

      11,878       735     

Office Properties Income Trust

      25,343       642     

One Liberty Properties, Inc.

      8,563       261     

Outfront Media, Inc.

      77,240       1,946     

Paramount Group, Inc.

      99,044       890     

Pebblebrook Hotel Trust

      68,902       1,544     

Phillips Edison & Co., Inc.

      10,001       307     

Physicians Realty Trust

      114,805       2,023     

Piedmont Office Realty Trust, Inc., Class A

      65,816       1,147     

Plymouth Industrial REIT, Inc.

      15,364       350     

Postal Realty Trust, Inc., Class A

      6,583       123     

PotlatchDeltic Corp.

      35,097       1,810     

Preferred Apartment Communities, Inc.

      27,338       334     
     NUMBER
OF SHARES		  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%    continued

 

     

Equity Real Estate Investment Trusts – 6.0%     continued

 

PS Business Parks, Inc.

      10,727           $1,681     

Retail Opportunity Investments Corp.

      63,162       1,100     

Retail Properties of America, Inc., Class A

      113,581       1,463     

Retail Value, Inc.

      9,371       247     

RLJ Lodging Trust

      87,536       1,301     

RPT Realty

      42,323       540     

Ryman Hospitality Properties, Inc.*

      28,536       2,388     

Sabra Health Care REIT, Inc.

      117,542       1,730     

Safehold, Inc.

      9,485       682     

Saul Centers, Inc.

      6,170       272     

Seritage Growth Properties, Class A*

      19,861       295     

Service Properties Trust

      87,015       975     

SITE Centers Corp.

      91,809       1,418     

STAG Industrial, Inc.

      86,909       3,411     

Summit Hotel Properties, Inc.*

      54,713       527     

Sunstone Hotel Investors, Inc.*

      115,420       1,378     

Tanger Factory Outlet Centers, Inc.

      54,653       891     

Terreno Realty Corp.

      37,042       2,342     

UMH Properties, Inc.

      22,323       511     

Uniti Group, Inc.

      103,241       1,277     

Universal Health Realty Income Trust

      6,896       381     

Urban Edge Properties

      61,266       1,122     

Urstadt Biddle Properties, Inc., Class A

      15,548       294     

Washington Real Estate Investment Trust

      44,947       1,112     

Whitestone REIT

      22,690       222     

Xenia Hotels & Resorts, Inc.*

      60,356       1,071     
       
               95,637           

Food & Staples Retailing – 0.9%

        

Andersons (The), Inc.

      16,870       520     

BJ’s Wholesale Club Holdings, Inc.*

      72,796       3,998     

Chefs’ Warehouse (The), Inc.*

      16,505       538     

HF Foods Group, Inc.*

      19,476       118     

Ingles Markets, Inc., Class A

      7,392       488     

MedAvail Holdings, Inc.*

      6,396       19     

Natural Grocers by Vitamin Cottage, Inc.

      4,942       55     

Performance Food Group Co.*

      80,417       3,736     

PriceSmart, Inc.

      12,405       962     

Rite Aid Corp.*

      29,476       418     

SpartanNash Co.

      18,757       411     

Sprouts Farmers Market, Inc.*

      60,885       1,411     

United Natural Foods, Inc.*

      29,614       1,434     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    188 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Food & Staples Retailing – 0.9%     continued

 

Village Super Market, Inc., Class A

      4,614           $100     

Weis Markets, Inc.

      8,637       454     
       
               14,662           

Food Products – 0.9%

        

AppHarvest, Inc.*

      37,310       243     

B&G Foods, Inc.

      33,982       1,016     

Calavo Growers, Inc.

      9,165       350     

Cal-Maine Foods, Inc.

      18,825       681     

Fresh Del Monte Produce, Inc.

      17,980       579     

Hostess Brands, Inc.*

      69,363       1,205     

J&J Snack Foods Corp.

      7,797       1,192     

John B. Sanfilippo & Son, Inc.

      4,746       388     

Laird Superfood, Inc.*

      3,363       64     

Lancaster Colony Corp.

      10,087       1,703     

Landec Corp.*

      14,033       129     

Limoneira Co.

      8,076       131     

Mission Produce, Inc.*

      19,349       356     

Sanderson Farms, Inc.

      10,788       2,030     

Seneca Foods Corp., Class A*

      3,387       163     

Simply Good Foods (The) Co.*

      45,139       1,557     

Tattooed Chef, Inc.*

      25,320       467     

Tootsie Roll Industries, Inc.

      8,324       253     

TreeHouse Foods, Inc.*

      27,589       1,100     

Utz Brands, Inc.

      30,679       525     

Vital Farms,Inc.*

      13,183       232     

Whole Earth Brands, Inc.*

      20,065       232     
       
               14,596           

Gas Utilities – 0.8%

        

Brookfield Infrastructure Corp., Class A

      28,465       1,705     

Chesapeake Utilities Corp.

      9,130       1,096     

New Jersey Resources Corp.

      51,275       1,785     

Northwest Natural Holding Co.

      16,142       742     

ONE Gas, Inc.

      28,042       1,777     

South Jersey Industries, Inc.

      54,671       1,162     

Southwest Gas Holdings, Inc.

      31,534       2,109     

Spire, Inc.

      26,950       1,649     
       
               12,025           

Health Care Equipment & Supplies – 3.5%

 

     

Accelerate Diagnostics, Inc.*

      17,846       104     

Accuray, Inc.*

      49,581       196     

Acutus Medical, Inc.*

      10,126       90     

Alphatec Holdings, Inc.*

      37,771       460     

AngioDynamics, Inc.*

      19,444       504     
     NUMBER
OF SHARES		  

        VALUE

(000S)

   

  

COMMON STOCKS - 97.9%    continued

 

     

Health Care Equipment & Supplies – 3.5%     continued

 

   

Apyx Medical Corp.*

      16,697           $231     

Asensus Surgical, Inc.*

      125,631       232     

Aspira Women’s Health, Inc.*

      39,073       127     

AtriCure, Inc.*

      23,752       1,652     

Atrion Corp.

      748       522     

Avanos Medical, Inc.*

      25,474       795     

Axogen, Inc.*

      20,482       324     

Axonics, Inc.*

      24,281       1,580     

BioLife Solutions, Inc.*

      12,864       544     

Bioventus, Inc., Class A*

      8,551       121     

Butterfly Network, Inc.*

      96,803       1,011     

Cardiovascular Systems, Inc.*

      20,778       682     

Cerus Corp.*

      88,657       540     

ClearPoint Neuro, Inc.*

      10,240       182     

CONMED Corp.

      15,404       2,015     

CryoLife, Inc.*

      20,408       455     

CryoPort, Inc.*

      21,515       1,431     

Cutera, Inc.*

      9,441       440     

CVRx, Inc.*

      4,331       72     

CytoSorbents Corp.*

      22,191       180     

DarioHealth Corp.*

      7,255       99     

Eargo, Inc.*

      10,529       71     

Glaukos Corp.*

      23,833       1,148     

Haemonetics Corp.*

      26,780       1,890     

Heska Corp.*

      5,182       1,340     

Inari Medical, Inc.*

      18,028       1,462     

Inogen, Inc.*

      10,479       452     

Integer Holdings Corp.*

      17,424       1,557     

Intersect ENT, Inc.*

      17,861       486     

Invacare Corp.*

      18,080       86     

iRadimed Corp.*

      3,303       111     

iRhythm Technologies, Inc.*

      15,643       916     

Lantheus Holdings, Inc.*

      35,659       916     

LeMaitre Vascular, Inc.

      10,034       533     

LivaNova PLC*

      28,361       2,246     

Meridian Bioscience, Inc.*

      22,870       440     

Merit Medical Systems, Inc.*

      27,239       1,956     

Mesa Laboratories, Inc.

      2,660       804     

Misonix, Inc.*

      6,591       167     

Natus Medical, Inc.*

      17,704       444     

Neogen Corp.*

      57,183       2,483     

Neuronetics, Inc.*

      13,495       89     

NeuroPace, Inc.*

      3,725       59     

Nevro Corp.*

      18,358       2,136     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  189 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

    

  

  

COMMON STOCKS - 97.9%     continued

 

    

Health Care Equipment & Supplies – 3.5%    continued

 

NuVasive, Inc.*

      27,484           $1,645        

OraSure Technologies, Inc.*

      38,369       434    

Ortho Clinical Diagnostics Holdings PLC*

      58,712       1,085    

Orthofix Medical, Inc.*

      9,874       376    

OrthoPediatrics Corp.*

      7,273       476    

Outset Medical, Inc.*

      24,261       1,199    

PAVmed, Inc.*

      38,618       330    

Pulmonx Corp.*

      13,920       501    

Pulse Biosciences, Inc.*

      7,483       162    

Quotient Ltd.*

      42,228       99    

Retractable Technologies, Inc.*

      9,318       103    

RxSight, Inc.*

      4,416       56    

SeaSpine Holdings Corp.*

      17,066       268    

Senseonics Holdings, Inc.*

      228,465       774    

Shockwave Medical, Inc.*

      17,904       3,686    

SI-BONE, Inc.*

      17,478       374    

Sientra, Inc.*

      30,870       177    

Sight Sciences, Inc.*

      5,952       135    

Silk Road Medical, Inc.*

      17,964       989    

Soliton, Inc.*

      6,203       126    

STAAR Surgical Co.*

      25,224       3,242    

Stereotaxis, Inc.*

      26,677       144    

Surmodics, Inc.*

      7,087       394    

Tactile Systems Technology, Inc.*

      10,067       447    

Talis Biomedical Corp.*

      7,794       49    

TransMedics Group, Inc.*

      13,907       460    

Treace Medical Concepts, Inc.*

      5,940       160    

Utah Medical Products, Inc.

      1,745       162    

Vapotherm, Inc.*

      12,218       272    

Varex Imaging Corp.*

      20,220       570    

ViewRay, Inc.*

      74,046       534    

Zynex, Inc.*

      10,457       119    
       
               55,929          

Health Care Providers & Services – 2.9%

 

    

1Life Healthcare, Inc.*

      61,812       1,252    

Accolade, Inc.*

      26,655       1,124    

AdaptHealth Corp.*

      37,965       884    

Addus HomeCare Corp.*

      8,137       649    

Agiliti, Inc.*

      12,549       239    

Alignment Healthcare, Inc.*

      14,183       227    

AMN Healthcare Services, Inc.*

      25,037       2,873    

Apollo Medical Holdings, Inc.*

      20,007       1,822    

Apria, Inc.*

      8,062       299    
    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Health Care Providers & Services – 2.9%    continued

 

Aveanna Healthcare Holdings, Inc.*

      21,012           $168     

Biodesix, Inc.*

      6,603       54     

Brookdale Senior Living, Inc.*

      97,592       615     

Castle Biosciences, Inc.*

      11,273       750     

Community Health Systems, Inc.*

      66,612       779     

CorVel Corp.*

      4,681       872     

Covetrus, Inc.*

      54,809       994     

Cross Country Healthcare, Inc.*

      19,266       409     

Ensign Group (The), Inc.

      27,890       2,089     

Exagen, Inc.*

      5,563       76     

Fulgent Genetics, Inc.*

      11,054       994     

Hanger, Inc.*

      19,725       433     

HealthEquity, Inc.*

      43,408       2,811     

InfuSystem Holdings, Inc.*

      9,775       127     

Innovage Holding Corp.*

      9,858       65     

Joint (The) Corp.*

      7,315       717     

LHC Group, Inc.*

      16,223       2,546     

LifeStance Health Group, Inc.*

      24,825       360     

Magellan Health, Inc.*

      12,590       1,190     

MEDNAX, Inc.*

      40,357       1,147     

ModivCare, Inc.*

      6,591       1,197     

National HealthCare Corp.

      6,738       471     

National Research Corp.

      7,495       316     

Ontrak, Inc.*

      4,729       47     

Option Care Health, Inc.*

      79,415       1,927     

Owens & Minor, Inc.

      38,499       1,205     

Patterson Cos., Inc.

      45,500       1,371     

Pennant Group (The), Inc.*

      13,748       386     

PetIQ, Inc.*

      14,329       358     

Privia Health Group, Inc.*

      10,652       251     

Progyny, Inc.*

      33,481       1,875     

R1 RCM, Inc.*

      63,069       1,388     

RadNet, Inc.*

      23,984       703     

Select Medical Holdings Corp.

      58,663       2,122     

Sharps Compliance Corp.*

      7,848       65     

SOC Telemed, Inc.*

      32,091       73     

Surgery Partners, Inc.*

      16,764       710     

Tenet Healthcare Corp.*

      56,382       3,746     

Tivity Health, Inc.*

      23,193       535     

Triple-S Management Corp.*

      12,154       430     

U.S. Physical Therapy, Inc.

      6,751       747     

Viemed Healthcare, Inc.*

      19,019       106     
       
               46,594           

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    190 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

        VALUE

(000S)

     

  

  

COMMON STOCKS - 97.9%     continued

 

     

Health Care Technology – 1.3%

 

     

Allscripts Healthcare Solutions, Inc.*

      65,563           $877     

American Well Corp., Class A*

      97,006       884     

Castlight Health, Inc., Class B*

      65,343       103     

Computer Programs and Systems, Inc.*

      7,312       259     

Convey Holding Parent, Inc.*

      7,151       60     

Evolent Health, Inc., Class A*

      41,067       1,273     

Forian, Inc.*

      9,985       103     

Health Catalyst, Inc.*

      26,551       1,328     

HealthStream, Inc.*

      13,587       388     

iCAD, Inc.*

      11,857       128     

Inovalon Holdings, Inc., Class A*

      40,093       1,615     

Inspire Medical Systems, Inc.*

      14,271       3,323     

Multiplan Corp.*

      121,636       685     

NantHealth, Inc.*

      14,697       24     

NextGen Healthcare, Inc.*

      29,448       415     

Omnicell, Inc.*

      22,841       3,390     

OptimizeRx Corp.*

      9,042       774     

Phreesia, Inc.*

      25,883       1,597     

Schrodinger, Inc.*

      24,016       1,313     

Simulations Plus, Inc.

      8,212       324     

Tabula Rasa HealthCare, Inc.*

      11,717       307     

Vocera Communications, Inc.*

      18,229       834     
       
               20,004           

Hotels, Restaurants & Leisure – 2.4%

 

     

Accel Entertainment, Inc.*

      30,221       367     

Bally’s Corp.*

      17,285       867     

Biglari Holdings, Inc., Class B*

      437       75     

BJ’s Restaurants, Inc.*

      11,865       496     

Bloomin’ Brands, Inc.*

      46,953       1,174     

Bluegreen Vacations Holding Corp.*

      8,114       209     

Brinker International, Inc.*

      24,083       1,181     

Carrols Restaurant Group, Inc.

      17,616       64     

Century Casinos, Inc.*

      14,614       197     

Cheesecake Factory (The), Inc.*

      24,430       1,148     

Chuy’s Holdings, Inc.*

      10,690       337     

Cracker Barrel Old Country Store, Inc.

      12,582       1,759     

Dave & Buster’s Entertainment, Inc.*

      22,880       877     

Del Taco Restaurants, Inc.

      16,113       141     

Denny’s Corp.*

      33,004       539     

Dine Brands Global, Inc.*

      8,619       700     

Drive Shack, Inc.*

      44,356       125     

El Pollo Loco Holdings, Inc.*

      10,118       171     

Esports Technologies, Inc.*

      5,920       199     

Everi Holdings, Inc.*

      45,242       1,094     
     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 97.9%     continued

 

     

Hotels, Restaurants & Leisure – 2.4%     continued

 

F45 Training Holdings, Inc.*

      10,882           $163     

Fiesta Restaurant Group, Inc.*

      9,494       104     

Full House Resorts, Inc.*

      17,568       186     

GAN Ltd.*

      21,533       320     

Golden Entertainment, Inc.*

      9,192       451     

Golden Nugget Online Gaming, Inc.*

      21,372       371     

Hall of Fame Resort & Entertainment Co.*

      29,913       79     

Hilton Grand Vacations, Inc.*

      45,420       2,161     

International Game Technology PLC*

      53,039       1,396     

Jack in the Box, Inc.

      11,561       1,125     

Krispy Kreme, Inc.*

      11,657       163     

Kura Sushi U.S.A., Inc., Class A*

      2,128       93     

Lindblad Expeditions Holdings, Inc.*

      16,492       241     

Monarch Casino & Resort, Inc.*

      6,819       457     

Nathan’s Famous, Inc.

      1,545       95     

NEOGAMES S.A.*

      2,999       110     

Noodles & Co.*

      21,885       258     

ONE Group Hospitality (The), Inc.*

      11,018       118     

Papa John’s International, Inc.

      17,571       2,231     

PlayAGS, Inc.*

      14,779       116     

RCI Hospitality Holdings, Inc.

      4,483       307     

Red Robin Gourmet Burgers, Inc.*

      8,374       193     

Red Rock Resorts, Inc., Class A*

      32,673       1,674     

Rush Street Interactive, Inc.*

      28,810       553     

Ruth’s Hospitality Group, Inc.*

      17,605       365     

Scientific Games Corp.*

      51,046       4,240     

SeaWorld Entertainment, Inc.*

      27,325       1,512     

Shake Shack, Inc., Class A*

      19,841       1,557     

Target Hospitality Corp.*

      13,017       49     

Texas Roadhouse, Inc.

      37,169       3,395     

Wingstop, Inc.

      15,851       2,598     

Xponential Fitness, Inc., Class A*

      4,877       62     
       
               38,463           

Household Durables – 1.8%

        

Aterian, Inc.*

      13,955       151     

Bassett Furniture Industries, Inc.

      4,947       90     

Beazer Homes U.S.A., Inc.*

      15,756       272     

Casper Sleep, Inc.*

      15,823       68     

Cavco Industries, Inc.*

      4,897       1,159     

Century Communities, Inc.

      15,900       977     

Ethan Allen Interiors, Inc.

      11,734       278     

Flexsteel Industries, Inc.

      3,569       110     

GoPro, Inc., Class A*

      67,671       633     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  191 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Household Durables – 1.8%     continued

 

Green Brick Partners, Inc.*

      16,504         $339      

Hamilton Beach Brands Holding Co., Class A

      3,992       63  

Helen of Troy Ltd.*

      12,802       2,876  

Hooker Furnishings Corp.

      6,299       170  

Hovnanian Enterprises, Inc., Class A*

      2,746       265  

Installed Building Products, Inc.

      12,587       1,349  

iRobot Corp.*

      14,841       1,165  

KB Home

      44,405       1,728  

Landsea Homes Corp.*

      5,327       46  

La-Z-Boy, Inc.

      23,767       766  

Legacy Housing Corp.*

      4,361       78  

LGI Homes, Inc.*

      11,624       1,650  

Lifetime Brands, Inc.

      6,736       122  

Lovesac (The) Co.*

      6,851       453  

M/I Homes, Inc.*

      15,082       872  

MDC Holdings, Inc.

      30,315       1,416  

Meritage Homes Corp.*

      19,906       1,931  

Purple Innovation, Inc.*

      30,386       639  

Skyline Champion Corp.*

      27,868       1,674  

Snap One Holdings Corp.*

      7,044       117  

Sonos, Inc.*

      63,817       2,065  

Taylor Morrison Home Corp.*

      64,684       1,668  

Traeger, Inc.*

      12,034       252  

Tri Pointe Homes, Inc.*

      59,855       1,258  

Tupperware Brands Corp.*

      26,589       562  

Universal Electronics, Inc.*

      7,013       345  

VOXX International Corp.*

      8,360       96  

Vuzix Corp.*

      31,498       329  

Weber, Inc., Class A*

      9,053       159  
   
        28,191  

Household Products – 0.3%

 

Central Garden & Pet Co.*

      5,268       253  

Central Garden & Pet Co., Class A*

      21,397       920  

Energizer Holdings, Inc.

      36,074       1,409  

Oil-Dri Corp. of America

      2,780       97  

WD-40 Co.

      7,252       1,679  
   
        4,358  

Independent Power & Renewable Electricity Producers – 0.3%

 

Clearway Energy, Inc., Class A

      18,797       530  

Clearway Energy, Inc., Class C

      43,365       1,313  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Independent Power & Renewable Electricity Producers – 0.3% continued

 

Ormat Technologies, Inc.

      24,057       $1,602  

Sunnova Energy International, Inc.*

      45,627         1,503      
   
        4,948  

Industrial Conglomerates – 0.1%

 

Raven Industries, Inc.*

      18,919       1,090  

Insurance – 1.8%

 

Ambac Financial Group, Inc.*

      24,428       350  

American Equity Investment Life Holding Co.

      43,876       1,297  

American National Group, Inc.

      4,004       757  

AMERISAFE, Inc.

      10,291       578  

Argo Group International Holdings Ltd.

      16,784       876  

Bright Health Group, Inc.*

      28,280       231  

BRP Group, Inc., Class A*

      24,780       825  

Citizens, Inc.*

      26,954       167  

CNO Financial Group, Inc.

      67,619       1,592  

Crawford & Co., Class A

      8,545       77  

Donegal Group, Inc., Class A

      8,037       116  

eHealth, Inc.*

      13,091       530  

Employers Holdings, Inc.

      15,286       604  

Enstar Group Ltd.*

      6,592       1,547  

Genworth Financial, Inc., Class A*

      269,068       1,009  

Goosehead Insurance, Inc., Class A

      9,398       1,431  

Greenlight Capital Re Ltd., Class A*

      12,852       95  

HCI Group, Inc.

      3,043       337  

Heritage Insurance Holdings, Inc.

      13,917       95  

Horace Mann Educators Corp.

      22,115       880  

Independence Holding Co.

      2,246       111  

Investors Title Co.

      702       128  

James River Group Holdings Ltd.

      19,523       737  

Kinsale Capital Group, Inc.

      11,412       1,845  

Maiden Holdings Ltd.*

      37,338       118  

MBIA, Inc.*

      25,728       331  

MetroMile, Inc.*

      20,467       73  

National Western Life Group, Inc., Class A

      1,378       290  

NI Holdings, Inc.*

      4,291       75  

Palomar Holdings, Inc.*

      13,032       1,053  

ProAssurance Corp.

      28,409       676  

RLI Corp.

      21,259       2,132  

Safety Insurance Group, Inc.

      7,772       616  

Selective Insurance Group, Inc.

      31,562       2,384  

Selectquote, Inc.*

      71,061       919  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    192 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Insurance – 1.8%     continued

 

SiriusPoint Ltd.*

      46,588         $431      

State Auto Financial Corp.

      9,469       482  

Stewart Information Services Corp.

      14,156       896  

Tiptree, Inc.

      12,266       123  

Trean Insurance Group, Inc.*

      9,480       98  

Trupanion, Inc.*

      20,256       1,573  

United Fire Group, Inc.

      11,299       261  

United Insurance Holdings Corp.

      11,195       41  

Universal Insurance Holdings, Inc.

      14,320       187  
   
        28,974  

Interactive Media & Services – 0.4%

 

Cargurus, Inc.*

      50,101       1,574  

Cars.com, Inc.*

      35,994       455  

Eventbrite, Inc., Class A*

      39,709       751  

EverQuote, Inc., Class A*

      10,239       191  

fuboTV, Inc.*

      69,760       1,671  

Liberty TripAdvisor Holdings, Inc., Class A*

      39,178       121  

MediaAlpha, Inc., Class A*

      11,315       211  

Outbrain, Inc.*

      4,310       64  

QuinStreet, Inc.*

      26,002       457  

TrueCar, Inc.*

      51,205       213  

Yelp, Inc.*

      37,900       1,411  
   
        7,119  

Internet & Direct Marketing Retail – 0.8%

 

1-800-Flowers.com, Inc., Class A*

      14,295       436  

1stdibs.com, Inc.*

      3,600       45  

CarParts.com, Inc.*

      26,136       408  

Duluth Holdings, Inc., Class B*

      6,547       89  

Groupon, Inc.*

      12,641       288  

Lands’ End, Inc.*

      7,698       181  

Liquidity Services, Inc.*

      14,230       308  

Overstock.com, Inc.*

      22,818       1,778  

PetMed Express, Inc.

      10,566       284  

Porch Group, Inc.*

      41,312       730  

Quotient Technology, Inc.*

      47,651       277  

RealReal (The), Inc.*

      42,166       556  

Revolve Group, Inc.*

      19,044       1,176  

Shutterstock, Inc.

      12,421       1,408  

Stamps.com, Inc.*

      9,447       3,116  

Stitch Fix, Inc., Class A*

      31,345       1,252  

Xometry, Inc., Class A*

      4,314       249  
   
        12,581  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

  

IT Services – 1.6%

 

BigCommerce Holdings, Inc., Class 1*

      25,659         $1,299      

Brightcove, Inc.*

      21,826       252  

Cantaloupe, Inc.*

      31,228       337  

Cass Information Systems, Inc.

      7,427       311  

Conduent, Inc.*

      89,825       592  

CSG Systems International, Inc.

      17,225       830  

DigitalOcean Holdings, Inc.*

      26,285       2,041  

EVERTEC, Inc.

      32,167       1,471  

Evo Payments, Inc., Class A*

      24,987       592  

ExlService Holdings, Inc.*

      17,443       2,148  

Flywire Corp.*

      6,489       284  

GreenBox POS*

      9,715       81  

GreenSky, Inc., Class A*

      38,496       430  

Grid Dynamics Holdings, Inc.*

      22,235       650  

Hackett Group (The), Inc.

      12,738       250  

I3 Verticals, Inc., Class A*

      11,258       273  

IBEX Holdings Ltd.*

      3,014       51  

International Money Express, Inc.*

      17,225       288  

Limelight Networks, Inc.*

      67,162       160  

LiveRamp Holdings, Inc.*

      35,049       1,655  

Marathon Digital Holdings, Inc.*

      50,630       1,599  

Maximus, Inc.

      32,599       2,712  

MoneyGram International, Inc.*

      48,025       385  

Paya Holdings, Inc.*

      43,253       470  

Perficient, Inc.*

      17,263       1,997  

Priority Technology Holdings, Inc.*

      5,496       37  

Rackspace Technology, Inc.*

      29,239       416  

Repay Holdings Corp.*

      45,875       1,056  

StarTek, Inc.*

      8,886       49  

TTEC Holdings, Inc.

      9,807       917  

Tucows, Inc., Class A*

      5,157       407  

Unisys Corp.*

      34,740       873  

Verra Mobility Corp.*

      70,880       1,068  
     
               25,981  

Leisure Products – 0.5%

 

Acushnet Holdings Corp.

      18,203       850  

American Outdoor Brands, Inc.*

      7,569       186  

AMMO, Inc.*

      46,105       283  

Callaway Golf Co.*

      61,406       1,697  

Clarus Corp.

      12,630       324  

Escalade, Inc.

      5,447       103  

Genius Brands International, Inc.*

      151,509       206  

Johnson Outdoors, Inc., Class A

      2,731       289  

Latham Group, Inc.*

      12,445       204  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  193 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Leisure Products – 0.5%     continued

 

Malibu Boats, Inc., Class A*

      10,975       $768  

Marine Products Corp.

      4,159       52  

MasterCraft Boat Holdings, Inc.*

      10,098         253      

Nautilus, Inc.*

      16,198       151  

Smith & Wesson Brands, Inc.

      25,655       533  

Sturm Ruger & Co., Inc.

      9,210       679  

Vista Outdoor, Inc.*

      30,510       1,230  
   
        7,808  

Life Sciences Tools & Services – 0.9%

 

Absci Corp.*

      7,409       86  

Akoya Biosciences, Inc.*

      4,053       57  

Alpha Teknova, Inc.*

      3,708       92  

Berkeley Lights, Inc.*

      25,576       500  

Bionano Genomics, Inc.*

      148,993       819  

ChromaDex Corp.*

      25,170       158  

Codex DNA, Inc.*

      4,123       46  

Codexis, Inc.*

      31,760       739  

Cytek Biosciences, Inc.*

      8,578       184  

Fluidigm Corp.*

      40,831       269  

Harvard Bioscience, Inc.*

      21,006       147  

Inotiv, Inc.*

      6,957       203  

Medpace Holdings, Inc.*

      15,374       2,910  

NanoString Technologies, Inc.*

      24,027       1,153  

NeoGenomics, Inc.*

      60,161       2,902  

Pacific Biosciences of California, Inc.*

      103,196       2,637  

Personalis, Inc.*

      18,788       361  

Quanterix Corp.*

      16,341       814  

Rapid Micro Biosystems, Inc., Class A*

      4,269       79  

Seer, Inc.*

      22,003       760  

Singular Genomics Systems, Inc.*

      6,309       71  
   
        14,987  

Machinery – 3.8%

 

AgEagle Aerial Systems, Inc.*

      36,127       109  

Alamo Group, Inc.

      5,255       733  

Albany International Corp., Class A

      16,300       1,253  

Altra Industrial Motion Corp.

      34,370       1,902  

Astec Industries, Inc.

      11,975       644  

Barnes Group, Inc.

      25,048       1,045  

Blue Bird Corp.*

      8,475       177  

Chart Industries, Inc.*

      19,383       3,704  

CIRCOR International, Inc.*

      9,880       326  

Columbus McKinnon Corp.

      14,688       710  

Commercial Vehicle Group, Inc.*

      17,205       163  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

  

Machinery – 3.8%     continued

 

Desktop Metal, Inc., Class A*

      80,752       $579  

Douglas Dynamics, Inc.

      11,844       430  

Energy Recovery, Inc.*

      22,623       431  

Enerpac Tool Group Corp.

      31,960         663      

EnPro Industries, Inc.

      10,929       952  

ESCO Technologies, Inc.

      13,537       1,042  

Evoqua Water Technologies Corp.*

      61,425       2,307  

ExOne (The) Co.*

      9,148       214  

Federal Signal Corp.

      31,973       1,235  

Franklin Electric Co., Inc.

      24,685       1,971  

Gorman-Rupp (The) Co.

      11,903       426  

Greenbrier (The) Cos., Inc.

      16,864       725  

Helios Technologies, Inc.

      17,151       1,408  

Hillenbrand, Inc.

      38,695       1,650  

Hydrofarm Holdings Group, Inc.*

      20,849       789  

Hyliion Holdings Corp.*

      62,851       528  

Hyster-Yale Materials Handling, Inc.

      5,358       269  

John Bean Technologies Corp.

      16,665       2,342  

Kadant, Inc.

      6,108       1,247  

Kennametal, Inc.

      44,363       1,519  

Lindsay Corp.

      5,767       875  

Luxfer Holdings PLC

      14,296       281  

Lydall, Inc.*

      9,379       582  

Manitowoc (The) Co., Inc.*

      18,416       395  

Mayville Engineering Co., Inc.*

      4,802       90  

Meritor, Inc.*

      36,151       770  

Miller Industries, Inc.

      5,966       203  

Mueller Industries, Inc.

      29,797       1,225  

Mueller Water Products, Inc., Class A

      83,379       1,269  

Nikola Corp.*

      119,340       1,273  

NN, Inc.*

      22,912       120  

Omega Flex, Inc.

      1,663       237  

Park-Ohio Holdings Corp.

      4,566       117  

Proto Labs, Inc.*

      14,741       982  

RBC Bearings, Inc.*

      14,840       3,149  

REV Group, Inc.

      15,269       262  

Rexnord Corp.

      64,458       4,144  

Shyft Group (The), Inc.

      18,305       696  

SPX Corp.*

      23,250       1,243  

SPX FLOW, Inc.

      22,053       1,612  

Standex International Corp.

      6,375       631  

Tennant Co.

      9,768       722  

Terex Corp.

      36,291       1,528  

Titan International, Inc.*

      27,466       197  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    194 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Machinery – 3.8%     continued

 

TriMas Corp.*

      22,866       $740  

Trinity Industries, Inc.

      42,121         1,145      

Wabash National Corp.

      26,784       405  

Watts Water Technologies, Inc., Class A

      14,620       2,458  

Welbilt, Inc.*

      69,371       1,612  
   
        60,456  

Marine – 0.2%

 

Costamare, Inc.

      28,324       439  

Eagle Bulk Shipping, Inc.*

      4,758       240  

Genco Shipping & Trading Ltd.

      17,237       347  

Matson, Inc.

      22,812       1,841  

Safe Bulkers, Inc.*

      33,121       171  
   
        3,038  

Media – 1.2%

 

Advantage Solutions, Inc.*

      40,969       354  

AMC Networks, Inc., Class A*

      15,596       727  

Audacy, Inc.*

      63,267       233  

Boston Omaha Corp., Class A*

      9,473       367  

Cardlytics, Inc.*

      16,957       1,423  

Clear Channel Outdoor Holdings, Inc.*

      194,723       528  

comScore, Inc.*

      37,482       146  

Daily Journal Corp.*

      644       206  

Digital Media Solutions, Inc., Class A*

      1,696       12  

Emerald Holding, Inc.*

      13,012       57  

Entravision Communications Corp., Class A

      32,367       230  

EW Scripps (The) Co., Class A

      30,190       545  

Fluent, Inc.*

      22,564       51  

Gannett Co., Inc.*

      75,454       504  

Gray Television, Inc.

      45,242       1,032  

Hemisphere Media Group, Inc.*

      8,588       105  

iHeartMedia, Inc., Class A*

      59,379       1,486  

Integral Ad Science Holding Corp.*

      9,080       187  

John Wiley & Sons, Inc., Class A

      22,880       1,195  

Loral Space & Communications, Inc.

      6,885       296  

Magnite, Inc.*

      68,894       1,929  

Meredith Corp.*

      21,150       1,178  

National CineMedia, Inc.

      32,062       114  

Scholastic Corp.

      14,049       501  

Sinclair Broadcast Group, Inc., Class A

      24,283       769  

Stagwell, Inc.*

      33,085       254  

TechTarget, Inc.*

      13,523       1,115  

TEGNA, Inc.

      117,430       2,316  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Media – 1.2%     continued

 

Thryv Holdings, Inc.*

      4,043       $122  

WideOpenWest, Inc.*

      27,599         542      
   
        18,524  

Metals & Mining – 1.2%

 

Allegheny Technologies, Inc.*

      67,502       1,123  

Arconic Corp.*

      58,593       1,848  

Carpenter Technology Corp.

      25,240       826  

Century Aluminum Co.*

      27,537       370  

Coeur Mining, Inc.*

      135,566       836  

Commercial Metals Co.

      63,841       1,945  

Compass Minerals International, Inc.

      18,153       1,169  

Constellium S.E.*

      65,101       1,223  

Ferroglobe Representation & Warranty Insurance Trust(3) *

      38,340       —  

Gatos Silver, Inc.*

      24,823       289  

Haynes International, Inc.

      6,711       250  

Hecla Mining Co.

      282,022       1,551  

Kaiser Aluminum Corp.

      8,376       913  

Materion Corp.

      10,775       740  

MP Materials Corp.*

      38,705       1,247  

Novagold Resources, Inc.*

      125,602       864  

Olympic Steel, Inc.

      5,032       123  

Perpetua Resources Corp.*

      14,429       72  

PolyMet Mining Corp.*

      15,497       47  

Ryerson Holding Corp.

      8,816       196  

Schnitzer Steel Industries, Inc., Class A

      13,668       599  

SunCoke Energy, Inc.

      44,576       280  

TimkenSteel Corp.*

      24,627       322  

Warrior Met Coal, Inc.

      27,594       642  

Worthington Industries, Inc.

      17,809       938  
   
        18,413  

Mortgage Real Estate Investment Trusts – 1.3%

 

AFC Gamma, Inc.

      4,637       100  

Angel Oak Mortgage, Inc.

      3,802       64  

Apollo Commercial Real Estate Finance, Inc.

      74,524       1,105  

Arbor Realty Trust, Inc.

      72,192       1,338  

Ares Commercial Real Estate Corp.

      22,977       347  

ARMOUR Residential REIT, Inc.

      43,868       473  

Blackstone Mortgage Trust, Inc., Class A

      78,830       2,390  

BrightSpire Capital, Inc.

      44,319       416  

Broadmark Realty Capital, Inc.

      68,230       673  

Capstead Mortgage Corp.

      51,436       344  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  195 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Mortgage Real Estate Investment Trusts – 1.3%     continued

 

Chimera Investment Corp.

      125,677         $1,866      

Dynex Capital, Inc.

      17,604       304  

Ellington Financial, Inc.

      24,984       457  

Granite Point Mortgage Trust, Inc.

      28,732       378  

Great Ajax Corp.

      11,030       149  

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

      40,708       2,177  

Invesco Mortgage Capital, Inc.

      156,234       492  

KKR Real Estate Finance Trust, Inc.

      17,433       368  

Ladder Capital Corp.

      60,139       665  

MFA Financial, Inc.

      235,029       1,074  

New York Mortgage Trust, Inc.

      201,114       857  

Orchid Island Capital, Inc.

      65,767       322  

PennyMac Mortgage Investment Trust

      52,017       1,024  

Ready Capital Corp.

      30,492       440  

Redwood Trust, Inc.

      59,975       773  

TPG RE Finance Trust, Inc.

      31,491       390  

Two Harbors Investment Corp.

      166,765       1,057  
   
        20,043  

Multiline Retail – 0.4%

 

Big Lots, Inc.

      18,161       787  

Dillard’s, Inc., Class A

      3,222       556  

Franchise Group, Inc.

      14,942       529  

Macy’s, Inc.

      166,762       3,769  
   
        5,641  

Multi-Utilities – 0.3%

 

Avista Corp.

      36,799       1,439  

Black Hills Corp.

      33,502       2,102  

NorthWestern Corp.

      27,602       1,582  

PNM Resources, Inc. - (Fractional Shares)(3)

     50,000       —  

Unitil Corp.

      8,222       352  
   
        5,475  

Oil, Gas & Consumable Fuels – 3.6%

 

Aemetis, Inc.*

      14,417       264  

Alto Ingredients, Inc.*

      38,346       189  

Altus Midstream Co., Class A

      1,749       121  

Antero Resources Corp.*

      151,898       2,857  

Arch Resources, Inc.*

      8,106       752  

Berry Corp.

      36,183       261  

Bonanza Creek Energy, Inc.

      16,337       783  

Brigham Minerals, Inc., Class A

      22,835       437  

California Resources Corp.*

      43,857       1,798  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Oil, Gas & Consumable Fuels – 3.6%     continued

 

Callon Petroleum Co.*

      21,155         $1,038      

Centennial Resource Development, Inc.,Class A*

      95,541       640  

Centrus Energy Corp., Class A*

      5,168       200  

Chesapeake Energy Corp.

      52,438       3,230  

Clean Energy Fuels Corp.*

      81,921       668  

CNX Resources Corp.*

      114,860       1,450  

Comstock Resources, Inc.*

      49,105       508  

CONSOL Energy, Inc.*

      18,368       478  

Contango Oil & Gas Co.*

      78,812       360  

CVR Energy, Inc.

      15,887       265  

Delek U.S. Holdings, Inc.*

      34,655       623  

Denbury, Inc.*

      26,769       1,880  

DHT Holdings, Inc.

      74,496       486  

Dorian LPG Ltd.

      16,424       204  

Earthstone Energy, Inc., Class A*

      12,883       119  

Energy Fuels, Inc.*

      79,036       555  

Equitrans Midstream Corp.

      217,139       2,202  

Extraction Oil & Gas, Inc.*

      8,203       463  

Falcon Minerals Corp.

      21,154       99  

Frontline Ltd.*

      62,941       590  

Gevo, Inc.*

      103,221       685  

Golar LNG Ltd.*

      54,356       705  

Green Plains, Inc.*

      25,555       834  

HighPeak Energy, Inc.

      2,749       25  

International Seaways, Inc.

      24,146       440  

Kosmos Energy Ltd.*

      213,974       633  

Laredo Petroleum, Inc.*

      6,746       547  

Magnolia Oil & Gas Corp., Class A

      73,730       1,312  

Matador Resources Co.

      58,730       2,234  

Meta Materials, Inc.*

      115,745       669  

Murphy Oil Corp.

      77,663       1,939  

Nordic American Tankers Ltd.

      81,868       210  

Northern Oil and Gas, Inc.

      27,599       591  

Oasis Petroleum, Inc.

      10,691       1,063  

Ovintiv, Inc.

      139,114       4,574  

Par Pacific Holdings, Inc.*

      23,409       368  

PBF Energy, Inc., Class A*

      51,654       670  

PDC Energy, Inc.

      52,689       2,497  

Peabody Energy Corp.*

      43,123       638  

Penn Virginia Corp.*

      8,269       221  

Range Resources Corp.*

      126,924       2,872  

Renewable Energy Group, Inc.*

      23,756       1,193  

REX American Resources Corp.*

      2,847       227  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    196 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Oil, Gas & Consumable Fuels – 3.6%     continued

 

Riley Exploration Permian, Inc.

      1,294       $30  

Scorpio Tankers, Inc.

      26,165       485  

SFL Corp. Ltd.

      54,897       460  

SM Energy Co.

      63,659       1,679  

Southwestern Energy Co.*

      359,703       1,993  

Talos Energy, Inc.*

      19,783       272  

Teekay Corp.*

      37,335       137  

Teekay Tankers Ltd., Class A*

      12,830         186      

Tellurian, Inc.*

      190,421       745  

Uranium Energy Corp.*

      123,362       376  

Ur-Energy, Inc.*

      97,156       167  

Vine Energy, Inc., Class A*

      13,397       221  

W&T Offshore, Inc.*

      50,399       187  

Whiting Petroleum Corp.*

      20,894       1,220  

World Fuel Services Corp.

      33,110       1,113  
   
        57,938  

Paper & Forest Products – 0.2%

 

Clearwater Paper Corp.*

      8,841       339  

Domtar Corp.*

      26,534       1,447  

Glatfelter Corp.

      23,457       331  

Neenah, Inc.

      8,821       411  

Schweitzer-Mauduit International, Inc.

      16,499       572  

Verso Corp., Class A

      14,272       296  
   
        3,396  

Personal Products – 0.5%

 

Beauty Health (The) Co.*

      46,271       1,202  

BellRing Brands, Inc., Class A*

      21,035       647  

Edgewell Personal Care Co.

      28,782       1,045  

elf Beauty, Inc.*

      25,318       735  

Honest (The) Co., Inc.*

      13,421       139  

Inter Parfums, Inc.

      9,438       706  

Medifast, Inc.

      6,180       1,190  

Nature’s Sunshine Products, Inc.

      6,354       93  

Nu Skin Enterprises, Inc., Class A

      26,340       1,066  

Revlon, Inc., Class A*

      3,735       38  

USANA Health Sciences, Inc.*

      6,677       616  

Veru, Inc.*

      34,395       293  
   
        7,770  

Pharmaceuticals – 1.6%

 

9 Meters Biopharma, Inc.*

      118,830       154  

Aclaris Therapeutics, Inc.*

      27,319       492  

Aerie Pharmaceuticals, Inc.*

      22,720       259  

Amneal Pharmaceuticals, Inc.*

      53,514       286  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Pharmaceuticals – 1.6%     continued

 

Amphastar Pharmaceuticals, Inc.*

      19,254       $366  

Ampio Pharmaceuticals, Inc.*

      103,843       172  

Angion Biomedica Corp.*

      11,634       114  

ANI Pharmaceuticals, Inc.*

      5,258         173      

Antares Pharma, Inc.*

      86,935       316  

Arvinas, Inc.*

      23,148       1,902  

Atea Pharmaceuticals, Inc.*

      34,234       1,200  

Athira Pharma, Inc.*

      17,376       163  

Avalo Therapeutics, Inc.*

      28,500       62  

Axsome Therapeutics, Inc.*

      14,903       491  

BioDelivery Sciences International, Inc.*

      50,093       181  

Cara Therapeutics, Inc.*

      23,822       368  

Cassava Sciences, Inc.*

      20,275       1,259  

Citius Pharmaceuticals, Inc.*

      61,312       124  

Collegium Pharmaceutical, Inc.*

      18,884       373  

Corcept Therapeutics, Inc.*

      51,216       1,008  

CorMedix, Inc.*

      20,387       95  

Cymabay Therapeutics, Inc.*

      37,198       136  

Cyteir Therapeutics, Inc.*

      4,461       78  

Durect Corp.*

      119,911       153  

Edgewise Therapeutics, Inc.*

      6,772       112  

Endo International PLC*

      122,881       398  

Evolus, Inc.*

      17,390       133  

EyePoint Pharmaceuticals, Inc.*

      11,242       117  

Fulcrum Therapeutics, Inc.*

      14,269       403  

Harmony Biosciences Holdings, Inc.*

      11,988       460  

Ikena Oncology, Inc.*

      5,474       69  

Innoviva, Inc.*

      23,101       386  

Intra-Cellular Therapies, Inc.*

      37,452       1,396  

Kala Pharmaceuticals, Inc.*

      26,106       68  

Kaleido Biosciences, Inc.*

      10,441       57  

KemPharm, Inc.*

      15,464       144  

Landos Biopharma, Inc.*

      2,538       37  

Marinus Pharmaceuticals, Inc.*

      19,835       226  

Mind Medicine MindMed, Inc.*

      186,046       433  

NGM Biopharmaceuticals, Inc.*

      16,899       355  

Nuvation Bio, Inc.*

      35,711       355  

Ocular Therapeutix, Inc.*

      40,188       402  

Omeros Corp.*

      31,634       436  

Oramed Pharmaceuticals, Inc.*

      16,270       358  

Pacira BioSciences, Inc.*

      23,116       1,294  

Paratek Pharmaceuticals, Inc.*

      25,268       123  

Phathom Pharmaceuticals, Inc.*

      10,869       349  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  197 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Pharmaceuticals – 1.6%     continued

 

Phibro Animal Health Corp., Class A

      10,929       $235  

Pliant Therapeutics, Inc.*

      12,913       218  

Prestige Consumer Healthcare, Inc.*

      26,498       1,487  

Provention Bio, Inc.*

      29,794         191      

Rain Therapeutics, Inc.*

      3,979       60  

Reata Pharmaceuticals, Inc., Class A*

      14,557       1,465  

Relmada Therapeutics, Inc.*

      8,323       218  

Revance Therapeutics, Inc.*

      37,067       1,033  

Seelos Therapeutics, Inc.*

      52,144       126  

SIGA Technologies, Inc.*

      26,248       194  

Supernus Pharmaceuticals, Inc.*

      25,942       692  

Tarsus Pharmaceuticals, Inc.*

      4,534       98  

Terns Pharmaceuticals, Inc.*

      7,244       75  

TherapeuticsMD, Inc.*

      207,286       154  

Theravance Biopharma, Inc.*

      31,974       237  

Verrica Pharmaceuticals, Inc.*

      7,061       88  

WaVe Life Sciences Ltd.*

      20,251       99  

Zogenix, Inc.*

      29,453       447  
   
        25,153  

Professional Services – 1.7%

 

Acacia Research Corp.*

      26,324       179  

ASGN, Inc.*

      27,597       3,122  

Atlas Technical Consultants, Inc.*

      7,364       75  

Barrett Business Services, Inc.

      3,985       304  

CBIZ, Inc.*

      26,497       857  

CRA International, Inc.

      3,722       370  

Exponent, Inc.

      27,589       3,122  

First Advantage Corp.*

      15,790       301  

Forrester Research, Inc.*

      5,863       289  

Franklin Covey Co.*

      6,467       264  

GP Strategies Corp.*

      6,773       140  

Heidrick & Struggles International, Inc.

      10,159       453  

HireQuest, Inc.

      2,782       54  

Huron Consulting Group, Inc.*

      11,992       624  

ICF International, Inc.

      9,794       874  

Insperity, Inc.

      19,300       2,137  

KBR, Inc.

      75,049       2,957  

Kelly Services, Inc., Class A

      18,886       356  

Kforce, Inc.

      10,713       639  

Korn Ferry

      29,201       2,113  

ManTech International Corp., Class A

      14,552       1,105  

Mistras Group, Inc.*

      10,496       107  

Rekor Systems, Inc.*

      16,874       194  

Resources Connection, Inc.

      16,937       267  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Professional Services – 1.7%     continued

 

TriNet Group, Inc.*

      21,535       $2,037  

TrueBlue, Inc.*

      18,765       508  

Upwork, Inc.*

      62,624         2,820      

Willdan Group, Inc.*

      5,886       209  
   
        26,477  

Real Estate Management & Development – 0.7%

 

Cushman & Wakefield PLC*

      73,721       1,372  

eXp World Holdings, Inc.

      33,320       1,325  

Fathom Holdings, Inc.*

      2,814       75  

Forestar Group, Inc.*

      8,654       161  

FRP Holdings, Inc.*

      3,444       193  

Kennedy-Wilson Holdings, Inc.

      63,808       1,335  

Marcus & Millichap, Inc.*

      12,762       518  

Newmark Group, Inc., Class A

      79,097       1,132  

Rafael Holdings, Inc., Class B*

      5,235       161  

RE/MAX Holdings, Inc., Class A

      9,961       310  

Realogy Holdings Corp.*

      61,128       1,072  

Redfin Corp.*

      53,992       2,705  

RMR Group (The), Inc., Class A

      8,208       275  

St. Joe (The) Co.

      17,660       743  

Tejon Ranch Co.*

      10,914       194  
   
        11,571  

Road & Rail – 0.7%

 

ArcBest Corp.

      13,427       1,098  

Avis Budget Group, Inc.*

      25,861       3,013  

Covenant Logistics Group, Inc.*

      6,501       180  

Daseke, Inc.*

      21,541       198  

Heartland Express, Inc.

      24,954       400  

HyreCar, Inc.*

      9,491       81  

Marten Transport Ltd.

      31,900       500  

P.A.M. Transportation Services, Inc.*

      1,956       88  

Saia, Inc.*

      14,085       3,353  

U.S. Xpress Enterprises, Inc., Class A*

      14,434       125  

Universal Logistics Holdings, Inc.

      3,953       79  

Werner Enterprises, Inc.

      33,327       1,475  

Yellow Corp.*

      27,005       153  
   
        10,743  

Semiconductors & Semiconductor Equipment – 2.9%

 

Alpha & Omega Semiconductor Ltd.*

      11,342       356  

Ambarella, Inc.*

      18,551       2,889  

Amkor Technology, Inc.

      54,191       1,352  

Atomera, Inc.*

      10,904       252  

Axcelis Technologies, Inc.*

      17,640       830  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    198 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Semiconductors & Semiconductor Equipment – 2.9%     continued

 

AXT, Inc.*

      21,439       $179  

CEVA, Inc.*

      12,084       516  

CMC Materials, Inc.

      15,505         1,911      

Cohu, Inc.*

      25,382       811  

Diodes, Inc.*

      23,143       2,096  

DSP Group, Inc.*

      12,125       266  

FormFactor, Inc.*

      41,257       1,540  

Ichor Holdings Ltd.*

      14,644       602  

Impinj, Inc.*

      9,845       562  

Kopin Corp.*

      41,669       214  

Kulicke & Soffa Industries, Inc.

      32,503       1,894  

Lattice Semiconductor Corp.*

      72,055       4,658  

MACOM Technology Solutions Holdings, Inc.*

      25,818       1,675  

MaxLinear, Inc.*

      37,643       1,854  

NeoPhotonics Corp.*

      27,542       240  

NVE Corp.

      2,557       163  

Onto Innovation, Inc.*

      25,830       1,866  

PDF Solutions, Inc.*

      15,942       367  

Photronics, Inc.*

      31,646       431  

Power Integrations, Inc.

      32,064       3,174  

Rambus, Inc.*

      57,420       1,275  

Semtech Corp.*

      34,345       2,678  

Silicon Laboratories, Inc.*

      23,579       3,305  

SiTime Corp.*

      6,908       1,410  

SkyWater Technology, Inc.*

      4,261       116  

SMART Global Holdings, Inc.*

      9,375       417  

SunPower Corp.*

      42,440       962  

Synaptics, Inc.*

      18,727       3,366  

Ultra Clean Holdings, Inc.*

      23,508       1,001  

Veeco Instruments, Inc.*

      26,234       583  
   
        45,811  

Software – 6.2%

 

8x8, Inc.*

      58,806       1,375  

A10 Networks, Inc.*

      31,528       425  

ACI Worldwide, Inc.*

      62,602       1,924  

Agilysys, Inc.*

      10,566       553  

Alarm.com Holdings, Inc.*

      25,088       1,962  

Alkami Technology, Inc.*

      3,793       94  

Altair Engineering, Inc., Class A*

      24,495       1,689  

American Software, Inc., Class A

      16,824       399  

Appfolio, Inc., Class A*

      9,941       1,197  

Appian Corp.*

      20,871       1,931  

Asana, Inc., Class A*

      39,253       4,076  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Software – 6.2%     continued

 

Avaya Holdings Corp.*

      43,714       $865  

Benefitfocus, Inc.*

      13,451       149  

Blackbaud, Inc.*

      25,673       1,806  

Blackline, Inc.*

      28,461       3,360  

Bottomline Technologies DE, Inc.*

      23,436       920  

Box, Inc., Class A*

      75,615       1,790  

BTRS Holdings, Inc.*

      34,617       368  

Cerence, Inc.*

      20,076         1,929      

ChannelAdvisor Corp.*

      15,671       395  

Cleanspark, Inc.*

      17,893       207  

Cloudera, Inc.*

      122,776       1,961  

CommVault Systems, Inc.*

      24,295       1,830  

Cornerstone OnDemand, Inc.*

      33,425       1,914  

Couchbase, Inc.*

      5,176       161  

CS Disco, Inc.*

      6,925       332  

Digimarc Corp.*

      6,842       236  

Digital Turbine, Inc.*

      48,199       3,314  

Domo, Inc., Class B*

      14,602       1,233  

E2open Parent Holdings, Inc.*

      86,083       973  

Ebix, Inc.

      14,231       383  

eGain Corp.*

      10,944       112  

Envestnet, Inc.*

      28,834       2,314  

EverCommerce, Inc.*

      8,890       147  

GTY Technology Holdings, Inc.*

      17,347       130  

Ideanomics, Inc.*

      222,139       438  

Instructure Holdings, Inc.*

      6,418       145  

Intapp, Inc.*

      5,380       139  

Intelligent Systems Corp.*

      3,909       159  

InterDigital, Inc.

      16,365       1,110  

J2 Global, Inc.*

      23,074       3,152  

JFrog Ltd.*

      28,002       938  

Kaltura, Inc.*

      9,297       96  

LivePerson, Inc.*

      34,398       2,028  

MeridianLink, Inc.*

      6,751       151  

MicroStrategy, Inc., Class A*

      4,166       2,410  

Mimecast Ltd.*

      32,322       2,056  

Mitek Systems, Inc.*

      22,829       422  

Model N, Inc.*

      18,911       633  

Momentive Global, Inc.*

      68,740       1,347  

ON24, Inc.*

      14,390       287  

OneSpan, Inc.*

      18,904       355  

PagerDuty, Inc.*

      42,794       1,772  

Ping Identity Holding Corp.*

      26,535       652  

Progress Software Corp.

      23,280       1,145  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  199 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Software – 6.2%     continued

 

PROS Holdings, Inc.*

      21,119       $749  

Q2 Holdings, Inc.*

      29,001         2,324      

QAD, Inc., Class A

      6,461       565  

Qualys, Inc.*

      18,100       2,014  

Rapid7, Inc.*

      29,487       3,333  

Rimini Street, Inc.*

      23,634       228  

Riot Blockchain, Inc.*

      44,701       1,149  

Sailpoint Technologies Holdings, Inc.*

      48,502       2,080  

Sapiens International Corp. N.V.

      16,612       478  

SecureWorks Corp., Class A*

      5,277       105  

ShotSpotter, Inc.*

      4,549       165  

Smith Micro Software, Inc.*

      24,296       118  

Sprout Social, Inc., Class A*

      23,725       2,893  

SPS Commerce, Inc.*

      19,153       3,090  

Sumo Logic, Inc.*

      45,268       730  

Telos Corp.*

      21,383       608  

Tenable Holdings, Inc.*

      48,133       2,221  

Upland Software, Inc.*

      15,207       508  

Varonis Systems, Inc.*

      56,188       3,419  

Verint Systems, Inc.*

      34,170       1,530  

Veritone, Inc.*

      15,250       364  

Viant Technology, Inc., Class A*

      6,108       75  

VirnetX Holding Corp.*

      34,149       134  

Vonage Holdings Corp.*

      128,168       2,066  

Workiva, Inc.*

      22,710       3,201  

Xperi Holding Corp.

      55,611       1,048  

Yext, Inc.*

      58,478       703  

Zix Corp.*

      28,573       202  

Zuora, Inc., Class A*

      58,922       977  
   
        98,966  

Specialty Retail – 2.5%

 

Aaron’s (The) Co., Inc.

      17,400       479  

Abercrombie & Fitch Co.,
Class A*

      32,521       1,224  

Academy Sports & Outdoors, Inc.*

      41,236       1,650  

American Eagle Outfitters, Inc.

      80,746       2,083  

America’s Car-Mart, Inc.*

      3,301       385  

Arko Corp.*

      63,613       643  

Asbury Automotive Group, Inc.*

      10,273       2,021  

Barnes & Noble Education, Inc.*

      20,637       206  

Bed Bath & Beyond, Inc.*

      55,774       964  

Big 5 Sporting Goods Corp.

      11,166       257  

Blink Charging Co.*

      19,238       550  

Boot Barn Holdings, Inc.*

      15,500       1,377  

Buckle (The), Inc.

      15,730       623  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Specialty Retail – 2.5%     continued

 

Caleres, Inc.

      19,359       $430  

Camping World Holdings, Inc., Class A

      22,640       880  

CarLotz, Inc.*

      38,168       145  

Cato (The) Corp., Class A

      10,654       176  

Chico’s FAS,Inc.*

      64,543         290      

Children’s Place (The), Inc.*

      7,538       567  

Citi Trends, Inc.*

      4,714       344  

Conn’s, Inc.*

      9,579       219  

Container Store Group (The), Inc.*

      17,059       162  

Designer Brands, Inc., Class A*

      32,245       449  

Genesco, Inc.*

      7,701       445  

Group 1 Automotive, Inc.

      9,326       1,752  

GrowGeneration Corp.*

      28,621       706  

Guess?, Inc.

      21,169       445  

Haverty Furniture Cos., Inc.

      8,950       302  

Hibbett, Inc.

      8,477       600  

JOANN, Inc.

      6,337       71  

Kirkland’s, Inc.*

      7,520       144  

Lazydays Holdings, Inc.*

      3,996       85  

Lumber Liquidators Holdings, Inc.*

      15,365       287  

MarineMax, Inc.*

      11,123       540  

Monro, Inc.

      17,567       1,010  

Murphy U.S.A., Inc.

      12,850       2,149  

National Vision Holdings, Inc.*

      43,309       2,459  

ODP (The) Corp.*

      25,270       1,015  

OneWater Marine, Inc., Class A

      5,510       222  

Party City Holdco, Inc.*

      59,271       421  

Rent-A-Center, Inc.

      34,981       1,966  

Sally Beauty Holdings, Inc.*

      59,759       1,007  

Shift Technologies, Inc.*

      33,319       231  

Shoe Carnival, Inc.

      9,478       307  

Signet Jewelers Ltd.

      27,673       2,185  

Sleep Number Corp.*

      12,258       1,146  

Sonic Automotive, Inc., Class A

      11,739       617  

Sportsman’s Warehouse Holdings, Inc.*

      23,350       411  

Tilly’s, Inc., Class A

      11,606       163  

Torrid Holdings, Inc.*

      6,784       105  

TravelCenters of America, Inc.*

      6,698       334  

Urban Outfitters, Inc.*

      36,377       1,080  

Winmark Corp.

      1,857       399  

Zumiez, Inc.*

      11,483       457  
   
        39,185  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    200 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Technology Hardware, Storage & Peripherals – 0.3%

 

3D Systems Corp.*

      64,407       $1,776  

Avid Technology, Inc.*

      19,388       561  

Corsair Gaming, Inc.*

      14,619       379  

Diebold Nixdorf, Inc.*

      37,654       381  

Eastman Kodak Co.*

      24,087       164  

Quantum Corp.*

      30,340         157      

Super Micro Computer, Inc.*

      22,858       836  

Turtle Beach Corp.*

      8,135       226  
   
    4,480  

Textiles, Apparel & Luxury Goods – 0.8%

 

Crocs, Inc.*

      32,794       4,705  

Fossil Group, Inc.*

      25,658       304  

G-III Apparel Group Ltd.*

      23,311       660  

Kontoor Brands, Inc.

      27,520       1,375  

Movado Group, Inc.

      8,454       266  

Oxford Industries, Inc.

      8,483       765  

PLBY Group, Inc.*

      12,625       298  

Rocky Brands, Inc.

      3,685       175  

Steven Madden Ltd.

      43,489       1,747  

Superior Group of Cos., Inc.

      6,161       143  

Unifi, Inc.*

      7,137       157  

Vera Bradley, Inc.*

      14,055       132  

Wolverine World Wide, Inc.

      43,079       1,285  
   
        12,012  

Thrifts & Mortgage Finance – 1.6%

 

Axos Financial, Inc.*

      30,239       1,558  

Blue Foundry Bancorp*

      14,914       206  

Bridgewater Bancshares, Inc.*

      10,999       193  

Capitol Federal Financial, Inc.

      69,705       801  

Columbia Financial, Inc.*

      21,154       391  

Essent Group Ltd.

      58,813       2,588  

Federal Agricultural Mortgage Corp., Class C

      4,830       524  

Finance of America Cos., Inc., Class A*

      18,372       91  

Flagstar Bancorp, Inc.

      27,703       1,407  

FS Bancorp, Inc.

      3,853       133  

Hingham Institution For Savings (The)

      781       263  

Home Bancorp, Inc.

      4,116       159  

Home Point Capital, Inc.

      3,442       14  

HomeStreet, Inc.

      10,864       447  

Kearny Financial Corp.

      38,470       478  

Luther Burbank Corp.

      8,473       114  

Merchants Bancorp

      5,297       209  

Meridian Bancorp, Inc.

      24,621       511  
     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Thrifts & Mortgage Finance – 1.6%     continued

 

Meta Financial Group, Inc.

      16,647       $874  

Mr Cooper Group, Inc.*

      37,645       1,550  

NMI Holdings, Inc., Class A*

      44,473       1,006  

Northfield Bancorp, Inc.

      23,704       407  

Northwest Bancshares, Inc.

      65,671       872  

Ocwen Financial Corp.*

      4,383       123  

PCSB Financial Corp.

      6,961       128  

PennyMac Financial Services, Inc.

      17,584       1,075  

Pioneer Bancorp, Inc.*

      6,302         80      

Premier Financial Corp.

      19,549       622  

Provident Bancorp, Inc.

      8,299       133  

Provident Financial Services, Inc.

      40,150       942  

Radian Group, Inc.

      99,076       2,251  

Southern Missouri Bancorp, Inc.

      4,170       187  

TrustCo Bank Corp. NY

      10,101       323  

Velocity Financial, Inc.*

      4,622       61  

Walker & Dunlop, Inc.

      15,531       1,763  

Washington Federal, Inc.

      36,012       1,236  

Waterstone Financial, Inc.

      11,657       239  

WSFS Financial Corp.

      24,931       1,279  
     
               25,238  

Tobacco – 0.1%

 

22nd Century Group, Inc.*

      85,939       254  

Turning Point Brands, Inc.

      7,609       363  

Universal Corp.

      12,755       617  

Vector Group Ltd.

      76,148       971  
     
               2,205  

Trading Companies & Distributors – 1.3%

 

Alta Equipment Group, Inc.*

      10,063       138  

Applied Industrial Technologies, Inc.

      20,588       1,856  

Beacon Roofing Supply, Inc.*

      29,593       1,413  

BlueLinx Holdings, Inc.*

      4,910       240  

Boise Cascade Co.

      20,905       1,128  

CAI International, Inc.

      8,722       488  

Custom Truck One Source, Inc.*

      24,731       231  

DXP Enterprises, Inc.*

      9,236       273  

EVI Industries, Inc.*

      3,045       83  

GATX Corp.

      18,750       1,679  

Global Industrial Co.

      6,822       258  

GMS, Inc.*

      22,643       992  

H&E Equipment Services, Inc.

      16,968       589  

Herc Holdings, Inc.*

      13,233       2,163  

Karat Packaging, Inc.*

      2,466       52  
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  201 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP INDEX FUND    continued

 

     NUMBER
OF SHARES		       VALUE    
    (000S)    

COMMON STOCKS - 97.9%     continued

 

Trading Companies & Distributors – 1.3%     continued

 

Lawson Products, Inc.*

      2,556       $128  

McGrath RentCorp

      12,782       920  

MRC Global, Inc.*

      43,170       317  

NOW, Inc.*

      59,101       452  

Rush Enterprises, Inc., Class A

      22,338         1,009      

Rush Enterprises, Inc., Class B

      3,532       162  

Textainer Group Holdings Ltd.*

      25,417       887  

Titan Machinery, Inc.*

      10,396       269  

Transcat, Inc.*

      3,803       245  

Triton International Ltd.

      35,436       1,844  

Veritiv Corp.*

      7,848       703  

WESCO International, Inc.*

      23,634       2,725  

Willis Lease Finance Corp.*

      1,477       55  
   
        21,299  

Water Utilities – 0.4%

 

American States Water Co.

      19,590       1,675  

Artesian Resources Corp., Class A

      4,382       167  

Cadiz, Inc.*

      11,147       79  

California Water Service Group

      27,324       1,610  

Global Water Resources, Inc.

      6,490       122  

Middlesex Water Co.

      9,145       940  

Pure Cycle Corp.*

      10,345       138  

SJW Group

      14,654       968  

York Water (The) Co.

      6,989       305  
   
        6,004  

Wireless Telecommunication Services – 0.2%

 

Gogo, Inc.*

      31,684       548  

Shenandoah Telecommunications Co.

      25,563       807  

Telephone and Data Systems, Inc.

      53,521       1,044  

United States Cellular Corp.*

      8,324       266  
   
        2,665  

Total Common Stocks

 

(Cost $950,436)

 

     1,555,713  
 

RIGHTS – 0.0%

 

Biotechnology – 0.0%

 

Aduro Biotech, Inc.

 

  (Contingent Value Rights)(3) *

      7,412       —  

Oncternal Therapeutics, Inc.

 

  (Contingent Value
Rights)(3) (4) (5) *

      398       —  

Tobira Therapeutics, Inc.

 

  (Contingent Value
Rights)(4) (5) (6) *

      5,175       39  
   
        39  
   

NUMBER

OF SHARES

  

    VALUE    

    (000S)    

RIGHTS - 0.0%     continued

 

Pharmaceuticals – 0.0%

 

Omthera Pharmaceuticals, Inc.
(Contingent Value Rights)(3) *

     3,681       $—  
 

Total Rights

 

(Cost $40)

 

     39      
 

OTHER – 0.0%

 

Escrow DLB Oil & Gas,
Inc.(3) *

     1,200       —  

Escrow Petrocorp, Inc.(3) *

     420         —  

Escrow Wright Medical Group N.V.(3) *

     74,695       —  
 

Total Other

 

(Cost $—)

 

     —  
 
    NUMBER
OF WARRANTS		       VALUE    
    (000S)    

WARRANTS – 0.0%

 

Nabors Industries Ltd., Exp. 6/11/26, Strike $166.67*

     1,524       $9  
 

Total Warrants

 

(Cost $—)

 

     9  
 
   

NUMBER

OF SHARES

  

VALUE

(000S)

INVESTMENT COMPANIES – 0.7%

 

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(7) (8)

     11,540,966       $11,541  
 

Total Investment Companies

 

(Cost $11,541)

 

     11,541  
 
    PRINCIPAL
AMOUNT
(000S)		  

VALUE

(000S)

SHORT-TERM INVESTMENTS – 0.3%

 

U.S. Treasury Bills,,

 

    0.04%, 1/27/22(9) (10)

     $4,260       $4,259  
 

Total Short-Term Investments

 

(Cost $4,260)

 

     4,259  
 

Total Investments – 98.9%

 

(Cost $966,283)

 

     1,571,567  

Other Assets less Liabilities – 1.1%

 

     16,974  
   

NET ASSETS – 100.0%

 

     $1,588,541  

 

(1)

Step coupon bond. Rate as of September 30, 2021 is disclosed.

(2)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds.

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    202 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

(3)

Level 3 asset that is worthless, bankrupt or has been delisted.

(4)

Restricted security that has been deemed illiquid. At September 30, 2021, the value of these restricted illiquid securities amounted to approximately $39,000 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows:

 

  SECURITY  

 

ACQUISITION
AND
ENFORCEABLE
DATE

    COST      
(000S)      		  

Oncternal Therapeutics, Inc.
(Contingent Value Rights)

   6/10/19      $—  

Tobira Therapeutics, Inc.
(Contingent Value Rights)

   11/2/16      40  

 

(5)

Restricted security.

(6)

Level 3 asset.

(7)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(8)

7-day current yield as of September 30, 2021 is disclosed.

(9)

Discount rate at the time of purchase.

(10)

Security pledged as collateral to cover margin requirements for open futures contracts.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

REIT - Real Estate Investment Trust

S.A. - Société Anonyme (French: Public Limited Company)

S.E. - Societas Europaea (German: Public Company)

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

TYPE     NUMBER OF  
CONTRACTS		   NOTIONAL
AMOUNT
(000S)		     CONTRACT  
POSITION		     CONTRACT  
EXP.		  

 

VALUE AND

UNREALIZED

APPRECIATION

  (DEPRECIATION)  

(000S)(1)

E-Mini Russell 2000 Index   293   $32,242   Loung   12/21   $(285)

 

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE (1)    % OF NET ASSETS  

Corporate bonds

      0.0 % 

Common Stocks

      97.9 % 

Rights

      0.0 % 

Other

      0.0 % 

Warrants

      0.0 % 

Investment Companies

      0.7 % 

Short-Term Investments

      0.3 % 

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   

LEVEL 1

(000S)

   LEVEL 2
(000S)		    LEVEL 3
(000S)		    TOTAL
(000S)

Corporate Bonds

      $ —     $ 6      $ —      $ 6

Common Stocks(1)

        1,555,713       —        —        1,555,713

Rights(1)

        —       —        39        39

Warrants

        9       —        —        9

Investment Companies

        11,541       —        —        11,541

Short-Term Investments

        —       4,259        —        4,259

Total Investments

      $ 1,567,263     $ 4,265      $ 39      $ 1,571,567

OTHER FINANCIAL

INSTRUMENTS

 

 

          

Liabilities

         

Futures Contracts

      $ (285 )     $ —      $ —      $ (285)  

 

(1)

Classifications as defined in the Schedule of Investments.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  203 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP VALUE FUND

 

     NUMBER
OF SHARES		    VALUE
(000S)		        

COMMON STOCKS – 98.2%

 

  

Aerospace & Defense – 0.8%

 

  

AAR Corp.*

      63,279        $2,052    

Kaman Corp.

      123,385        4,401    

Maxar Technologies, Inc.

      4,237        120    

Moog, Inc., Class A

      177,862        13,559           
     
         20,132          

Air Freight & Logistics – 0.2%

 

  

Echo Global Logistics, Inc.*

      107,893        5,148          

Airlines – 0.3%

 

  

Hawaiian Holdings, Inc.*

      278,371        6,030    

Mesa Air Group, Inc.*

      33,924        260    

SkyWest, Inc.*

      53,489        2,639    
     
         8,929          

Auto Components – 1.3%

 

  

Dana, Inc.

      444,449        9,885    

Goodyear Tire & Rubber (The) Co.*

      806,571        14,276    

Modine Manufacturing Co.*

      169,774        1,924    

Standard Motor Products, Inc.

      149,079        6,516    

Visteon Corp.*

      4,147        391    
     
         32,992          

Banks – 16.0%

 

  

1st Source Corp.

      17,648        834    

Amalgamated Financial Corp.

      51,817        820    

Arrow Financial Corp.

      15,775        542    

Atlantic Union Bankshares Corp.

      152,847        5,632    

BancFirst Corp.

      112,844        6,784    

Bancorp (The), Inc.*

      102,646        2,612    

BancorpSouth Bank

      656,923        19,563    

Bank of NT Butterfield & Son (The) Ltd.

      54,431        1,933    

BankFinancial Corp.

      107,343        1,232    

BankUnited, Inc.

      181,886        7,606    

Banner Corp.

      65,405        3,611    

Berkshire Hills Bancorp, Inc.

      79,144        2,135    

Brookline Bancorp, Inc.

      209,035        3,190    

Cadence BanCorp

      146,696        3,221    

Cathay General Bancorp

      212,123        8,780    

Central Pacific Financial Corp.

      81,959        2,105    

CIT Group, Inc.

      115,847        6,018    

City Holding Co.

      120,064        9,354    

Civista Bancshares, Inc.

      26,157        608    

CNB Financial Corp.

      67,310        1,638    

Columbia Banking System, Inc.

      198,638        7,546    

Community Trust Bancorp, Inc.

      154,864        6,520    

ConnectOne Bancorp, Inc.

      64,692        1,941    
     NUMBER
OF SHARES		    VALUE
(000S)		        

COMMON STOCKS - 98.2%     continued

 

  

Banks – 16.0%     continued

        

Customers Bancorp, Inc.*

      50,582        $2,176           

CVB Financial Corp.

      237,516        4,838    

Dime Community Bancshares, Inc.

      32,182        1,051    

Eagle Bancorp, Inc.

      88,612        5,095    

Enterprise Financial Services Corp.

      98,159        4,445    

Financial Institutions, Inc.

      70,476        2,160    

First Bancorp

      86,572        3,723    

First BanCorp (New York Exchange)

      880,608        11,580    

First Bancshares (The), Inc.

      34,899        1,353    

First Busey Corp.

      23,702        584    

First Business Financial Services, Inc.

      32,315        928    

First Commonwealth Financial Corp.

      303,758        4,140    

First Community Bankshares, Inc.

      28,868        916    

First Financial Bancorp

      281,167        6,582    

First Financial Corp.

      113,647        4,779    

First Interstate BancSystem, Inc., Class A

      50,933        2,051    

First Merchants Corp.

      102,455        4,287    

First Mid Bancshares, Inc.

      27,239        1,118    

First of Long Island (The) Corp.

      38,891        801    

Fulton Financial Corp.

      293,157        4,479    

German American Bancorp, Inc.

      61,985        2,394    

Glacier Bancorp, Inc.

      64,097        3,548    

Great Southern Bancorp, Inc.

      41,596        2,280    

Great Western Bancorp, Inc.

      102,158        3,345    

Hancock Whitney Corp.

      328,775        15,492    

Heritage Financial Corp.

      78,417        2,000    

Hilltop Holdings, Inc.

      147,120        4,806    

Home BancShares, Inc.

      432,718        10,182    

Horizon Bancorp, Inc.

      71,387        1,297    

Independent Bank Corp.

      166,330        12,666    

Independent Bank Corp. (NASDAQ Exchange)

      35,702        767    

Independent Bank Group, Inc.

      42,936        3,050    

International Bancshares Corp.

      154,887        6,450    

Investors Bancorp, Inc.

      627,573        9,483    

Lakeland Bancorp, Inc.

      311,293        5,488    

Lakeland Financial Corp.

      151,718        10,808    

Mercantile Bank Corp.

      26,428        847    

Metropolitan Bank Holding Corp.*

      13,529        1,141    

NBT Bancorp, Inc.

      241,608        8,727    

OFG Bancorp

      134,113        3,382    

Old Second Bancorp, Inc.

      48,411        632    

Pacific Premier Bancorp, Inc.

      149,665        6,202    

Park National Corp.

      38,572        4,704    

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    204 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		        VALUE
(000S)		        

COMMON STOCKS - 98.2%     continued

 

  

Banks – 16.0%     continued

 

  

Peapack-Gladstone Financial Corp.

      36,894        $1,231           

Pinnacle Financial Partners, Inc.

      51,240        4,821    

Preferred Bank

      38,635        2,576    

QCR Holdings, Inc.

      25,725        1,323    

Renasant Corp.

      158,507        5,714    

Republic Bancorp, Inc., Class A

      30,492        1,544    

Sandy Spring Bancorp, Inc.

      107,154        4,910    

Sierra Bancorp

      129,927        3,155    

SmartFinancial, Inc.

      24,816        642    

Southside Bancshares, Inc.

      83,129        3,183    

SouthState Corp.

      118,468        8,846    

Summit Financial Group, Inc.

      21,157        519    

SVB Financial Group*

      3,048        1,972    

Texas Capital Bancshares, Inc.*

      56,326        3,381    

Tompkins Financial Corp.

      43,178        3,494    

Towne Bank

      193,367        6,016    

TriCo Bancshares

      139,420        6,051    

TriState Capital Holdings, Inc.*

      48,668        1,029    

Trustmark Corp.

      180,591        5,819    

UMB Financial Corp.

      235,098        22,736    

Umpqua Holdings Corp.

      433,093        8,770    

United Community Banks, Inc.

      330,818        10,857    

Univest Financial Corp.

      73,285        2,007    

Valley National Bancorp

      740,232        9,852    

Veritex Holdings, Inc.

      84,650        3,332    

WesBanco, Inc.

      227,454        7,752    
     
         422,534          

Biotechnology – 4.7%

 

  

AnaptysBio, Inc.*

      66,135        1,794    

Anika Therapeutics, Inc.*

      39,805        1,694    

AquaBounty Technologies, Inc.*

      127,891        521    

Arcus Biosciences, Inc.*

      167,700        5,848    

Arena Pharmaceuticals, Inc.*

      132,052        7,864    

Avid Bioservices, Inc.*

      70,182        1,514    

BioCryst Pharmaceuticals, Inc.*

      524,931        7,543    

Blueprint Medicines Corp.*

      67,313        6,920    

Bridgebio Pharma, Inc.*

      71,953        3,372    

Catalyst Pharmaceuticals, Inc.*

      316,657        1,678    

Chimerix, Inc.*

      133,399        826    

Curis, Inc.*

      105,610        827    

Cytokinetics, Inc.*

      82,046        2,932    

Eagle Pharmaceuticals, Inc.*

      15,034        839    

Emergent BioSolutions, Inc.*

      159,571        7,990    

ImmunityBio, Inc.*

      569,231        5,544    
     NUMBER
OF SHARES		        VALUE
(000S)		        

COMMON STOCKS - 98.2%     continued

 

  

Biotechnology – 4.7%     continued

 

  

Infinity Pharmaceuticals, Inc.*

      102,277        $350    

Jounce Therapeutics, Inc.*

      55,537        413           

Kezar Life Sciences, Inc.*

      105,091        908    

Kura Oncology, Inc.*

      76,464        1,432    

Ligand Pharmaceuticals, Inc.*

      45,953        6,402    

Lineage Cell Therapeutics, Inc.*

      381,461        961    

MannKind Corp.*

      704,015        3,062    

Myriad Genetics, Inc.*

      382,788        12,360    

Oncternal Therapeutics, Inc.*

      161,412        673    

OPKO Health, Inc.*

      2,012,743        7,347    

PDL BioPharma, Inc.*

      1,029,654        2,699    

Prothena Corp. PLC*

      63,004        4,488    

REGENXBIO, Inc.*

      49,032        2,055    

Replimune Group, Inc.*

      70,315        2,084    

Sangamo Therapeutics, Inc.*

      166,003        1,496    

Sutro Biopharma, Inc.*

      127,832        2,415    

Turning Point Therapeutics, Inc.*

      137,708        9,148    

Vanda Pharmaceuticals, Inc.*

      167,316        2,868    

Viking Therapeutics, Inc.*

      287,162        1,803    

VistaGen Therapeutics, Inc.*

      219,448        601    

XBiotech, Inc.

      81,650        1,057    

XOMA Corp.*

      13,003        322    
     
         122,650          

Building Products – 0.8%

 

  

Apogee Enterprises, Inc.

      43,305        1,635    

Caesarstone Ltd.

      89,263        1,109    

Gibraltar Industries, Inc.*

      12,260        854    

Griffon Corp.

      88,667        2,181    

JELD-WEN Holding, Inc.*

      97,488        2,440    

Resideo Technologies, Inc.*

      293,232        7,269    

UFP Industries, Inc.

      88,104        5,990    
     
         21,478          

Capital Markets – 0.6%

 

  

B. Riley Financial, Inc.

      37,655        2,223    

BGC Partners, Inc., Class A

      628,190        3,273    

Donnelley Financial Solutions, Inc.*

      55,940        1,937    

Federated Hermes, Inc.

      178,200        5,791    

StoneX Group, Inc.*

      30,530        2,012    
     
         15,236          

Chemicals – 3.3%

 

  

American Vanguard Corp.

      172,632        2,598    

Avient Corp.

      198,643        9,207    

Ecovyst, Inc.

      356,227        4,154    
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  205 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP VALUE FUND    continued

 

     NUMBER
OF SHARES		        VALUE
(000S)		        

COMMON STOCKS - 98.2%     continued

 

  

Chemicals – 3.3%     continued

 

  

H.B. Fuller Co.

      270,046        $17,434    

Hawkins, Inc.

      34,671        1,209    

Innospec, Inc.

      119,913        10,099           

Kraton Corp.*

      113,500        5,180    

Minerals Technologies, Inc.

      258,417        18,048    

Sensient Technologies Corp.

      108,467        9,879    

Stepan Co.

      30,814        3,480    

Tronox Holdings PLC, Class A

      214,067        5,277    
     
         86,565          

Commercial Services & Supplies – 1.7%

 

  

ABM Industries, Inc.

      136,043        6,123    

ACCO Brands Corp.

      535,368        4,599    

BrightView Holdings, Inc.*

      171,123        2,526    

CECO Environmental Corp.*

      91,840        646    

Ennis, Inc.

      268,116        5,054    

HNI Corp.

      78,886        2,897    

KAR Auction Services, Inc.*

      216,919        3,555    

Matthews International Corp., Class A

      30,208        1,048    

NL Industries, Inc.

      46,995        271    

Steelcase, Inc., Class A

      241,523        3,062    

UniFirst Corp.

      60,943        12,958    

Viad Corp.*

      41,640        1,891    
     
         44,630          

Communications Equipment – 0.6%

 

  

ADTRAN, Inc.

      184,845        3,468    

Comtech Telecommunications Corp.

      39,777        1,018    

Digi International, Inc.*

      144,470        3,037    

NETGEAR, Inc.*

      173,230        5,528    

NetScout Systems, Inc.*

      133,201        3,590    
     
         16,641          

Construction & Engineering – 0.9%

 

  

Arcosa, Inc.

      129,689        6,506    

Dycom Industries, Inc.*

      11,791        840    

EMCOR Group, Inc.

      98,767        11,396    

Matrix Service Co.*

      128,933        1,349    

Primoris Services Corp.

      98,604        2,415    

Sterling Construction Co., Inc.*

      45,628        1,034    
     
         23,540          

Construction Materials – 0.4%

 

  

Summit Materials, Inc., Class A*

      364,102        11,640          

Consumer Finance – 1.4%

 

  

Encore Capital Group, Inc.*

      147,238        7,254    

Enova International, Inc.*

      122,333        4,227    
     NUMBER
OF SHARES		        VALUE
(000S)		        

COMMON STOCKS - 98.2%     continued

 

  

Consumer Finance – 1.4%     continued

 

  

Navient Corp.

      315,306        $6,221           

Nelnet, Inc., Class A

      89,728        7,110    

PROG Holdings, Inc.*

      166,901        7,012    

Regional Management Corp.

      18,233        1,061    

World Acceptance Corp.*

      23,516        4,458    
     
         37,343          

Containers & Packaging – 0.2%

 

  

Myers Industries, Inc.

      287,541        5,627          

Diversified Consumer Services – 0.7%

 

  

Adtalem Global Education, Inc.*

      296,887        11,225    

American Public Education, Inc.*

      25,112        643    

Laureate Education, Inc., Class A*

      310,059        5,268    
     
         17,136          

Diversified Financial Services – 0.2%

 

  

Alerus Financial Corp.

      27,898        834    

Cannae Holdings, Inc.*

      128,852        4,008    

Marlin Business Services Corp.

      8,150        181    
     
         5,023          

Diversified Telecommunication Services – 0.5%

 

  

ATN International, Inc.

      29,995        1,405    

Consolidated Communications Holdings, Inc.*

      117,545        1,080    

Iridium Communications, Inc.*

      271,492        10,819    
     
         13,304          

Electric Utilities – 1.4%

 

  

ALLETE, Inc.

      101,190        6,023    

MGE Energy, Inc.

      70,284        5,166    

Otter Tail Corp.

      204,051        11,421    

PNM Resources, Inc.

      215,626        10,669    

Portland General Electric Co.

      85,495        4,017    
     
         37,296          

Electrical Equipment – 1.1%

 

  

Array Technologies, Inc.*

      178,200        3,300    

AZZ, Inc.

      52,676        2,802    

Encore Wire Corp.

      90,821        8,613    

EnerSys

      129,789        9,662    

LSI Industries, Inc.

      42,718        331    

Powell Industries, Inc.

      30,071        739    

Preformed Line Products Co.

      12,922        840    

Thermon Group Holdings, Inc.*

      173,521        3,004    
     
         29,291          

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    206 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

        VALUE

(000S)

         

COMMON STOCKS - 98.2%    continued

 

   

Electronic Equipment, Instruments & Components – 3.4%

 

   

Arlo Technologies, Inc.*

      67,197           $431     

Belden, Inc.

      22,538       1,313     

Benchmark Electronics, Inc.

      419,896       11,215     

CTS Corp.

      356,372       11,016            

ePlus, Inc.*

      14,336       1,471     

Hollysys Automation Technologies Ltd.

      76,815       1,589     

Insight Enterprises, Inc.*

      167,700       15,106     

Kimball Electronics, Inc.*

      40,751       1,050     

Knowles Corp.*

      432,849       8,112     

Methode Electronics, Inc.

      60,492       2,544     

OSI Systems,Inc.*

      29,276       2,775     

PC Connection, Inc.

      249,155       10,970     

Plexus Corp.*

      20,394       1,823     

Sanmina Corp.*

      187,371       7,221     

ScanSource, Inc.*

      41,206       1,434     

TTM Technologies, Inc.*

      211,570       2,660     

Vishay Intertechnology, Inc.

      410,241       8,242     

Vishay Precision Group, Inc.*

      20,458       711     
       
               89,683           

Energy Equipment & Services – 1.0%

 

     

Archrock, Inc.

      247,748       2,044     

ChampionX Corp.*

      402,912       9,009     

Helix Energy Solutions Group, Inc.*

      293,309       1,138     

Nabors Industries Ltd.*

      2,105       203     

National Energy Services Reunited Corp.*

      142,696       1,787     

Newpark Resources, Inc.*

      426,477       1,407     

Oceaneering International, Inc.*

      201,587       2,685     

Oil States International, Inc.*

      96,975       620     

ProPetro Holding Corp.*

      295,623       2,557     

Transocean Ltd.*

      1,263,801       4,790     
       
               26,240           

Equity Real Estate Investment Trusts – 9.1%

 

   

Agree Realty Corp.

      123,106       8,153     

American Assets Trust, Inc.

      195,655       7,321     

Armada Hoffler Properties, Inc.

      126,882       1,696     

Brandywine Realty Trust

      358,410       4,810     

CareTrust REIT, Inc.

      230,475       4,683     

Centerspace

      18,960       1,792     

City Office REIT, Inc.

      75,568       1,350     

Corporate Office Properties Trust

      221,631       5,980     

Cousins Properties, Inc.

      273,482       10,198     

DiamondRock Hospitality Co.*

      426,243       4,028     

DigitalBridge Group, Inc.*

      937,182       5,651     
    

NUMBER

OF SHARES

           VALUE
(000S)		         

COMMON STOCKS - 98.2%    continued

 

   

Equity Real Estate Investment Trusts – 9.1%    continued

 

   

Easterly Government Properties, Inc.

      120,945           $2,499     

Essential Properties Realty Trust, Inc.

      148,124       4,136            

Farmland Partners, Inc.

      48,708       584     

Four Corners Property Trust, Inc.

      147,955       3,974     

Getty Realty Corp.

      94,268       2,763     

Global Net Lease, Inc.

      145,897       2,337     

Healthcare Realty Trust, Inc.

      219,505       6,537     

Independence Realty Trust, Inc.

      175,946       3,580     

Industrial Logistics Properties Trust

      106,496       2,706     

Innovative Industrial Properties, Inc.

      21,623       4,999     

Kimco Realty Corp.

      304,020       6,308     

Kite Realty Group Trust

      77,834       1,585     

Lexington Realty Trust

      656,212       8,367     

LTC Properties, Inc.

      118,771       3,764     

Monmouth Real Estate Investment Corp.

      163,839       3,056     

National Health Investors, Inc.

      167,668       8,970     

One Liberty Properties, Inc.

      157,059       4,789     

Physicians Realty Trust

      353,699       6,232     

Piedmont Office Realty Trust, Inc., Class A

      502,087       8,751     

PotlatchDeltic Corp.

      267,396       13,792     

Retail Opportunity Investments Corp.

      219,981       3,832     

Retail Properties of America, Inc., Class A

      419,763       5,407     

RLJ Lodging Trust

      322,715       4,795     

RPT Realty

      706,386       9,013     

Sabra Health Care REIT, Inc.

      13,427       198     

Safehold, Inc.

      10,306       741     

SITE Centers Corp.

      340,402       5,256     

STAG Industrial, Inc.

      536,330       21,051     

Sunstone Hotel Investors, Inc.*

      1,079,584       12,890     

Terreno Realty Corp.

      136,312       8,619     

Urban Edge Properties

      221,227       4,051     

Washington Real Estate Investment Trust

      226,534       5,607     

Xenia Hotels & Resorts, Inc.*

      127,776       2,267     
       
               239,118           

Food & Staples Retailing – 1.1%

        

Andersons (The), Inc.

      321,506       9,912     

Ingles Markets, Inc., Class A

      56,942       3,760     

Performance Food Group Co.*

      34,554       1,605     

PriceSmart, Inc.

      21,558       1,672     

Rite Aid Corp.*

      118,879       1,688     

SpartanNash Co.

      77,021       1,687     

United Natural Foods, Inc.*

      104,420       5,056     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  207 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP VALUE FUND    continued

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

        

COMMON STOCKS - 98.2%    continued

 

  

Food & Staples Retailing – 1.1%    continued

 

  

Village Super Market, Inc., Class A

      37,458           $812    

Weis Markets, Inc.

      72,202       3,794    
       
               29,986           

Food Products – 0.5%

       

Alico, Inc.

      12,208       418    

B&G Foods, Inc.

      104,451       3,122    

Fresh Del Monte Produce, Inc.

      82,804       2,668    

Hostess Brands, Inc.*

      251,127       4,362    

Seneca Foods Corp., Class A*

      12,262       591    

Simply Good Foods (The) Co.*

      80,542       2,778    
       
               13,939          

Gas Utilities – 1.1%

       

Chesapeake Utilities Corp.

      33,179       3,983    

New Jersey Resources Corp.

      152,817       5,320    

Northwest Natural Holding Co.

      59,123       2,719    

South Jersey Industries, Inc.

      207,098       4,403    

Southwest Gas Holdings, Inc.

      111,315       7,445    

Spire, Inc.

      97,769       5,981    
       
               29,851          

Health Care Equipment & Supplies – 1.4%

 

    

AngioDynamics, Inc.*

      324,416       8,415    

Avanos Medical, Inc.*

      307,301       9,588    

Integer Holdings Corp.*

      63,717       5,693    

Invacare Corp.*

      54,920       261    

Lantheus Holdings, Inc.*

      106,238       2,728    

Meridian Bioscience, Inc.*

      68,660       1,321    

Mesa Laboratories, Inc.

      9,754       2,949    

Natus Medical, Inc.*

      76,942       1,930    

Orthofix Medical, Inc.*

      33,748       1,286    

Varex Imaging Corp.*

      62,580       1,765    
       
               35,936          

Health Care Providers & Services – 2.5%

 

    

Brookdale Senior Living, Inc.*

      334,567       2,108    

Covetrus, Inc.*

      8,161       148    

Fulgent Genetics, Inc.*

      34,596       3,112    

Magellan Health, Inc.*

      148,468       14,038    

MEDNAX, Inc.*

      72,063       2,049    

ModivCare, Inc.*

      15,878       2,884    

National HealthCare Corp.

      71,323       4,991    

Option Care Health, Inc.*

      216,379       5,249    

Owens & Minor, Inc.

      105,875       3,313    

Patterson Cos., Inc.

      257,674       7,766    

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

        

COMMON STOCKS - 98.2%    continued

 

  

Health Care Providers & Services – 2.5%    continued

 

  

Tenet Healthcare Corp.*

      184,271           $12,243    

Triple-S Management Corp.*

      248,883       8,803    
       
               66,704          

Health Care Technology – 0.5%

       

Allscripts Healthcare Solutions, Inc.*

      447,506       5,983           

Computer Programs and Systems, Inc.*

      23,413       830    

Evolent Health, Inc., Class A*

      117,873       3,654    

HealthStream, Inc.*

      43,642       1,247    

NextGen Healthcare, Inc.*

      106,715       1,505    
       
               13,219          

Hotels, Restaurants & Leisure – 1.1%

       

Boyd Gaming Corp.*

      41,072       2,598    

Century Casinos, Inc.*

      169,008       2,277    

El Pollo Loco Holdings, Inc.*

      193,364       3,268    

International Game Technology PLC*

      216,833       5,707    

Monarch Casino & Resort, Inc.*

      62,557       4,191    

Papa John’s International, Inc.

      40,589       5,154    

RCI Hospitality Holdings, Inc.

      14,882       1,020    

Red Rock Resorts, Inc., Class A*

      36,284       1,858    

Wingstop, Inc.

      23,761       3,895    
       
               29,968          

Household Durables – 1.9%

       

Beazer Homes U.S.A., Inc.*

      195,130       3,366    

Century Communities, Inc.

      63,523       3,903    

Ethan Allen Interiors, Inc.

      188,745       4,473    

Hooker Furnishings Corp.

      113,038       3,051    

KB Home

      133,061       5,179    

M/I Homes, Inc.*

      45,898       2,653    

Meritage Homes Corp.*

      66,402       6,441    

Taylor Morrison Home Corp.*

      321,279       8,283    

Tri Pointe Homes, Inc.*

      598,425       12,579    
       
               49,928          

Household Products – 0.0%

       

Central Garden & Pet Co., Class A*

      24,857       1,069          

Independent Power & Renewable Electricity Producers – 0.1%

 

  

Ormat Technologies, Inc.

      19,575       1,304          

Insurance – 3.2%

       

American Equity Investment Life Holding Co.

      476,174       14,080    

American National Group, Inc.

      13,502       2,552    

AMERISAFE, Inc.

      108,213       6,077    

Argo Group International Holdings Ltd.

      52,955       2,765    

CNO Financial Group, Inc.

      685,121       16,128    

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    208 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

        VALUE

(000S)

        

COMMON STOCKS - 98.2%     continued

 

  

Insurance – 3.2%     continued

       

Donegal Group, Inc., Class A

      38,250           $554           

Employers Holdings, Inc.

      302,201       11,934    

Enstar Group Ltd.*

      35,243       8,273    

Hanover Insurance Group (The), Inc.

      16,412       2,127    

Kemper Corp.

      93,590       6,251    

Safety Insurance Group, Inc.

      28,424       2,253    

Selective Insurance Group, Inc.

      99,171       7,490    

Stewart Information Services Corp.

      38,663       2,446    

United Fire Group, Inc.

      117,169       2,707    
       
               85,637          

Interactive Media & Services – 0.0%

       

DHI Group, Inc.*

      86,595       412          

Internet & Direct Marketing Retail – 0.0%

 

  

Lands’ End, Inc.*

      52,811       1,243          

IT Services – 0.2%

       

Marathon Digital Holdings, Inc.*

      178,046       5,623          

Leisure Products – 0.5%

       

Acushnet Holdings Corp.

      103,205       4,820    

Callaway Golf Co.*

      210,749       5,823    

Vista Outdoor, Inc.*

      94,310       3,801    
       
               14,444          

Life Sciences Tools & Services – 0.2%

       

Harvard Bioscience, Inc.*

      62,594       437    

Pacific Biosciences of California, Inc.*

      210,746       5,384    
       
               5,821          

Machinery – 2.8%

       

Alamo Group, Inc.

      30,789       4,296    

Altra Industrial Motion Corp.

      145,385       8,047    

Astec Industries, Inc.

      36,770       1,979    

Barnes Group, Inc.

      134,714       5,622    

Chart Industries, Inc.*

      27,669       5,288    

Columbus McKinnon Corp.

      71,459       3,455    

EnPro Industries, Inc.

      8,339       726    

Hillenbrand, Inc.

      152,359       6,498    

Hyster-Yale Materials Handling, Inc.

      38,440       1,932    

Kadant, Inc.

      37,328       7,619    

Kennametal, Inc.

      80,854       2,768    

L.B. Foster Co., Class A*

      27,782       430    

Manitowoc (The) Co., Inc.*

      33,262       712    

Miller Industries, Inc.

      18,601       633    

Rexnord Corp.

      40,152       2,581    

SPX FLOW, Inc.

      16,409       1,200    

Standex International Corp.

      90,895       8,990    

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

        

COMMON STOCKS - 98.2%     continued

 

  

Machinery – 2.8%     continued

       

Terex Corp.

      151,475           $6,377           

Timken (The) Co.

      30,075       1,968    

Watts Water Technologies, Inc., Class A

      21,392       3,596    
       
               74,717          

Marine – 0.3%

       

Costamare, Inc.

      115,600       1,790    

Matson, Inc.

      60,422       4,877    
       
               6,667          

Media – 2.1%

       

EW Scripps (The) Co., Class A

      731,716       13,215    

Gray Television, Inc.

      150,581       3,436    

Hemisphere Media Group, Inc.*

      81,000       987    

Meredith Corp.*

      106,799       5,949    

Scholastic Corp.

      138,725       4,945    

Sinclair Broadcast Group, Inc., Class A

      123,830       3,923    

TEGNA, Inc.

      1,132,407       22,331    
       
               54,786          

Metals & Mining – 1.9%

       

Allegheny Technologies, Inc.*

      96,173       1,599    

Arconic Corp.*

      248,098       7,825    

Carpenter Technology Corp.

      180,891       5,922    

Commercial Metals Co.

      464,375       14,145    

Haynes International, Inc.

      20,410       760    

Hecla Mining Co.

      1,136,364       6,250    

Materion Corp.

      71,197       4,887    

Ramaco Resources, Inc.*

      69,660       858    

Ryerson Holding Corp.

      62,165       1,385    

Schnitzer Steel Industries, Inc., Class A

      78,960       3,459    

Warrior Met Coal, Inc.

      84,825       1,974    
       
               49,064          

Mortgage Real Estate Investment Trusts – 1.3%

 

  

Arbor Realty Trust, Inc.

      236,108       4,375    

Blackstone Mortgage Trust, Inc., Class A

      297,993       9,035    

Hannon Armstrong Sustainable

       

Infrastructure Capital, Inc.

      182,479       9,759    

KKR Real Estate Finance Trust, Inc.

      191,110       4,033    

Ready Capital Corp.

      418,033       6,032    
       
               33,234          

Multiline Retail – 0.2%

       

Big Lots, Inc.

      63,631       2,759    

Dillard’s, Inc., Class A

      9,451       1,631    
       
               4,390          
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  209 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP VALUE FUND    continued

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

        

COMMON STOCKS - 98.2%     continued

 

  

Multi-Utilities – 0.8%

       

Avista Corp.

      114,392           $4,475    

Black Hills Corp.

      161,771       10,153    

NorthWestern Corp.

      97,444       5,584    

Unitil Corp.

      44,049       1,884           
       
               22,096          

Oil, Gas & Consumable Fuels – 5.8%

       

Antero Resources Corp.*

      543,971       10,232    

Berry Corp.

      307,608       2,218    

Bonanza Creek Energy, Inc.

      177,511       8,503    

California Resources Corp.*

      161,390       6,617    

Clean Energy Fuels Corp.*

      327,689       2,671    

CNX Resources Corp.*

      322,747       4,073    

Comstock Resources, Inc.*

      378,054       3,913    

Delek U.S. Holdings, Inc.*

      140,273       2,521    

DHT Holdings, Inc.

      804,091       5,251    

Earthstone Energy, Inc., Class A*

      48,687       448    

Equitrans Midstream Corp.

      809,663       8,210    

Frontline Ltd.*

      751,000       7,037    

Green Plains, Inc.*

      218,821       7,144    

International Seaways, Inc.

      83,572       1,523    

Matador Resources Co.

      118,200       4,496    

Ovintiv, Inc.

      691,929       22,751    

Par Pacific Holdings, Inc.*

      53,949       848    

PDC Energy, Inc.

      195,985       9,288    

Peabody Energy Corp.*

      361,561       5,347    

Penn Virginia Corp.*

      36,966       986    

Range Resources Corp.*

      464,345       10,508    

Renewable Energy Group, Inc.*

      147,641       7,411    

REX American Resources Corp.*

      15,566       1,243    

Scorpio Tankers, Inc.

      88,982       1,650    

Southwestern Energy Co.*

      896,594       4,967    

Teekay Tankers Ltd., Class A*

      104,004       1,511    

Whiting Petroleum Corp.*

      93,973       5,489    

World Fuel Services Corp.

      178,370       5,997    
       
               152,853          

Paper & Forest Products – 0.3%

       

Clearwater Paper Corp.*

      26,936       1,032    

Glatfelter Corp.

      221,401       3,122    

Neenah, Inc.

      43,034       2,006    

Schweitzer-Mauduit International, Inc.

      39,585       1,372    
       
               7,532          
    

NUMBER

OF SHARES

  

        VALUE

(000S)

        

COMMON STOCKS - 98.2%     continued

 

  

Personal Products – 0.2%

       

Edgewell Personal Care Co.

      109,518           $3,976    

Nature’s Sunshine Products, Inc.

      31,758       465    
       
               4,441           

Pharmaceuticals – 0.7%

       

Cara Therapeutics, Inc.*

      79,867       1,234    

Intra-Cellular Therapies, Inc.*

      67,294       2,509    

Prestige Consumer Healthcare, Inc.*

      158,378       8,886    

Supernus Pharmaceuticals, Inc.*

      89,685       2,392    

Taro Pharmaceutical Industries Ltd.*

      47,772       3,040    
       
               18,061          

Professional Services – 2.2%

       

Barrett Business Services, Inc.

      30,403       2,319    

CBIZ, Inc.*

      216,227       6,993    

GP Strategies Corp.*

      44,561       922    

ICF International, Inc.

      74,369       6,640    

KBR, Inc.

      199,152       7,847    

Kforce, Inc.

      72,207       4,306    

Korn Ferry

      312,601       22,620    

ManTech International Corp., Class A

      52,733       4,003    

Resources Connection, Inc.

      52,233       824    

TrueBlue, Inc.*

      15,867       430    
       
               56,904          

Real Estate Management & Development – 0.6%

 

  

Kennedy-Wilson Holdings, Inc.

      185,359       3,878    

Marcus & Millichap, Inc.*

      38,687       1,572    

RE/MAX Holdings, Inc., Class A

      29,088       906    

Realogy Holdings Corp.*

      224,356       3,935    

RMR Group (The), Inc., Class A

      29,594       990    

St. Joe (The) Co.

      112,120       4,720    
       
               16,001          

Road & Rail – 0.9%

       

ArcBest Corp.

      154,052       12,597    

Schneider National, Inc., Class B

      290,161       6,598    

Werner Enterprises, Inc.

      100,483       4,448    
       
               23,643          

Semiconductors & Semiconductor Equipment – 2.1%

 

  

Amkor Technology, Inc.

      568,902       14,194    

AXT, Inc.*

      66,615       555    

Canadian Solar, Inc.*

      100,013       3,459    

Cohu, Inc.*

      113,240       3,617    

Diodes, Inc.*

      173,676       15,733    

Onto Innovation, Inc.*

      64,907       4,690    

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    210 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

        VALUE

(000S)

        

COMMON STOCKS - 98.2%     continued

 

  

Semiconductors & Semiconductor Equipment – 2.1%     continued

 

  

Photronics, Inc.*

      475,476           $6,481    

Rambus, Inc.*

      353,725       7,853    
       
               56,582          

Software – 0.3%

       

Ebix, Inc.

      108,178       2,913    

InterDigital, Inc.

      35,420       2,402    

Xperi Holding Corp.

      203,773       3,839           
       
               9,154          

Specialty Retail – 3.1%

       

Aaron’s (The) Co., Inc.

      83,450       2,298    

Abercrombie & Fitch Co., Class A*

      105,928       3,986    

Bed Bath & Beyond, Inc.*

      270,198       4,668    

Boot Barn Holdings, Inc.*

      77,542       6,891    

Buckle (The), Inc.

      80,279       3,178    

Children’s Place (The), Inc.*

      25,615       1,928    

Citi Trends, Inc.*

      42,189       3,078    

Dick’s Sporting Goods, Inc.

      31,933       3,825    

Genesco, Inc.*

      113,481       6,551    

Group 1 Automotive, Inc.

      46,913       8,814    

Haverty Furniture Cos., Inc.

      182,868       6,164    

Lithia Motors, Inc.

      21,974       6,967    

ODP (The) Corp.*

      198,854       7,986    

Shoe Carnival, Inc.

      171,294       5,553    

Sleep Number Corp.*

      22,259       2,081    

Sonic Automotive, Inc., Class A

      127,361       6,692    

Zumiez, Inc.*

      42,085       1,673    
       
               82,333          

Textiles, Apparel & Luxury Goods – 0.4%

 

  

G-III Apparel Group Ltd.*

      84,699       2,397    

Movado Group, Inc.

      111,332       3,506    

Oxford Industries, Inc.

      27,782       2,505    

Rocky Brands, Inc.

      11,926       568    

Superior Group of Cos., Inc.

      24,976       581    
       
               9,557          

Thrifts & Mortgage Finance – 3.1%

 

  

Axos Financial, Inc.*

      184,280       9,498    

Capitol Federal Financial, Inc.

      53,387       614    

ESSA Bancorp, Inc.

      18,093       300    

Essent Group Ltd.

      37,884       1,667    

Home Bancorp, Inc.

      14,692       568    

HomeStreet, Inc.

      75,584       3,110    

Luther Burbank Corp.

      86,357       1,158    

Meridian Bancorp, Inc.

      20,879       434    
    

NUMBER

OF SHARES

  

        VALUE

(000S)

        

COMMON STOCKS - 98.2%     continued

 

  

Thrifts & Mortgage Finance – 3.1%     continued

 

  

Meta Financial Group, Inc.

      43,542           $2,285    

Mr Cooper Group, Inc.*

      149,994       6,175    

NMI Holdings, Inc., Class A*

      25,055       567    

Northwest Bancshares, Inc.

      513,210       6,816    

PennyMac Financial Services, Inc.

      129,219       7,899    

Premier Financial Corp.

      34,271       1,091           

Provident Financial Services, Inc.

      139,980       3,285    

Radian Group, Inc.

      361,024       8,203    

Southern Missouri Bancorp, Inc.

      14,887       668    

TrustCo Bank Corp. NY

      63,289       2,023    

Walker & Dunlop, Inc.

      62,150       7,054    

Washington Federal, Inc.

      214,273       7,352    

WSFS Financial Corp.

      200,140       10,269    
       
               81,036          

Tobacco – 0.4%

       

Universal Corp.

      227,533       10,997          

Trading Companies & Distributors – 3.1%

 

  

Applied Industrial Technologies, Inc.

      30,942       2,789    

Beacon Roofing Supply, Inc.*

      66,350       3,169    

Boise Cascade Co.

      151,607       8,184    

CAI International, Inc.

      16,874       943    

DXP Enterprises, Inc.*

      101,875       3,012    

GATX Corp.

      68,474       6,133    

GMS, Inc.*

      68,773       3,012    

Herc Holdings, Inc.*

      49,038       8,016    

McGrath RentCorp

      101,430       7,298    

Rush Enterprises, Inc., Class A

      82,967       3,747    

Textainer Group Holdings Ltd.*

      52,889       1,846    

Triton International Ltd.

      265,380       13,810    

WESCO International, Inc.*

      176,541       20,359    
       
               82,318          

Water Utilities – 0.4%

       

Artesian Resources Corp., Class A

      15,117       577    

California Water Service Group

      97,376       5,738    

SJW Group

      52,222       3,450    
       
               9,765          

Wireless Telecommunication Services – 0.3%

 

  

Telephone and Data Systems, Inc.

      256,694       5,005    

United States Cellular Corp.*

      108,988       3,476    
       
               8,481          

Total Common Stocks

                         

(Cost $1,814,538)

        2,591,872    
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  211 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

SMALL CAP VALUE FUND    continued

 

    

NUMBER

OF SHARES

   

        VALUE

(000S)

        

OTHER – 0.0%

        

Escrow DLB Oil & Gas, Inc.(1) *

      2,100        $—           

Escrow Spirit MTA REIT(2) *

      17,083        5    
       

Total Other

                          

(Cost $4)

         5    
       
    

NUMBER

OF WARRANTS

   

VALUE

(000S)

        

WARRANTS – 0.0%

        

Nabors Industries Ltd., Exp. 6/11/26, Strike $166.67*

      6,861        $40    
       

Total Warrants

                          

(Cost $—)

         40    
       
    

NUMBER

OF SHARES

   

VALUE

(000S)

        

INVESTMENT COMPANIES – 1.6%

 

  

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(3) (4)

      41,981,717        $41,982    
       

Total Investment Companies

                          

(Cost $41,982)

         41,982    
       
    

PRINCIPAL

AMOUNT

(000S)

   

VALUE

(000S)

        

SHORT-TERM INVESTMENTS – 0.3%

 

  

U.S. Treasury Bill, 0.04%, 1/27/22(5) (6)

      $6,789        $6,788    
       

Total Short-Term Investments

                          

(Cost $6,788)

         6,788    
       
       

Total Investments – 100.1%

                          

(Cost $1,863,312)

         2,640,687    

Liabilities less Other Assets – (0.1%)

 

      (2,205 )   
       

NET ASSETS – 100.0%

         $2,638,482    

 

(1)

Level 3 asset that is worthless, bankrupt or has been delisted.

(2)

Level 3 asset.

(3)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(4)

7-day current yield as of September 30, 2021 is disclosed.

(5)

Discount rate at the time of purchase.

(6)

Security pledged as collateral to cover margin requirements for open futures contracts.

 

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

PLC - Public Limited Company

REIT - Real Estate Investment Trust

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

  TYPE  

NUMBER OF

CONTRACTS

  

NOTIONAL

AMOUNT

(000S)

    

CONTRACT

POSITION

    

CONTRACT

EXP.

    

VALUE AND

UNREALIZED

APPRECIATION

   (DEPRECIATION)   

(000S)(1)

E-Mini Russell 2000 Index

     354       $38,954       Long       12/21     $(251)

E-Mini S&P 500

     43       9,240       Long       12/21        (197)
           

Total

                                   $(448)

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE(1)    % OF NET ASSETS  

Common Stocks

      98.2 % 

Other

      0.0 % 

Warrants

      0.0 % 

Investment Companies

      1.6 % 

Short-Term Investments

      0.3 % 

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

  INVESTMENTS   

LEVEL 1

(000S)

   

LEVEL 2

(000S)

     

LEVEL 3

(000S)

     

TOTAL     

(000S)     

Common Stocks:

      

Biotechnology

      $   119,951        $2,699        $—        $122,650    

All Other Industries(1)

      2,469,222        —        —        2,469,222  
         

Total Common Stocks

      2,589,173        2,699        —        2,591,872  

Other

      —        —        5        5  

Warrants

      40        —        —        40  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    212 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

  INVESTMENTS  

LEVEL 1

(000S)

  

LEVEL 2

(000S)

    

LEVEL 3

(000S)

     TOTAL
(000S)

Investment Companies

     $     41,982       $     —       $—       $     41,982   

Short-Term Investments

     —       6,788       —       6,788  
         

Total Investments

     $2,631,195       $9,487       $  5       $2,640,687  

OTHER FINANCIAL

        

INSTRUMENTS

                                

Liabilities

        

Futures Contracts

     $         (448 )      $     —       $—       $         (448 ) 
(1)

Classifications as defined in the Schedule of Investments.

    

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  213 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

STOCK INDEX FUND

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

       

COMMON STOCKS – 99.2%

        

Aerospace & Defense – 1.5%

 

     

Boeing (The) Co.*

      177,759           $39,096            

General Dynamics Corp.

      74,856       14,674     

Howmet Aerospace, Inc.

      124,536       3,886     

Huntington Ingalls Industries, Inc.

      12,949       2,500     

L3Harris Technologies, Inc.

      64,830       14,278     

Lockheed Martin Corp.

      79,512       27,440     

Northrop Grumman Corp.

      48,556       17,487     

Raytheon Technologies Corp.

      486,476       41,817     

Teledyne Technologies, Inc.*

      15,036       6,459     

Textron, Inc.

      72,309       5,048     

TransDigm Group, Inc.*

      16,891       10,550     
       
               183,235           

Air Freight & Logistics – 0.6%

 

     

C.H. Robinson Worldwide, Inc.

      42,494       3,697     

Expeditors International of Washington, Inc.

      54,811       6,529     

FedEx Corp.

      79,352       17,401     

United Parcel Service, Inc.,
Class B

      234,963       42,787     
       
               70,414           

Airlines – 0.2%

 

     

Alaska Air Group, Inc.*

      40,400       2,368     

American Airlines Group, Inc.*

      208,883       4,286     

Delta Air Lines, Inc.*

      206,346       8,792     

Southwest Airlines Co.*

      190,917       9,819     

United Airlines Holdings, Inc.*

      104,295       4,961     
       
               30,226           

Auto Components – 0.1%

 

     

Aptiv PLC*

      87,317       13,008     

BorgWarner, Inc.

      77,357       3,342     
       
               16,350           

Automobiles – 2.1%

 

     

Ford Motor Co.*

      1,266,134       17,928     

General Motors Co.*

      468,350       24,687     

Tesla, Inc.*

      261,785       203,009     
       
               245,624           

Banks – 4.4%

 

     

Bank of America Corp.

      2,389,054       101,415     

Citigroup, Inc.

      653,882       45,889     

Citizens Financial Group, Inc.

      137,454       6,458     

Comerica, Inc.

      43,207       3,478     

Fifth Third Bancorp

      222,841       9,457     

First Republic Bank

      56,844       10,964     

Huntington Bancshares, Inc.

      475,825       7,356     

 

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

       

COMMON STOCKS - 99.2%    continued

 

   

Banks – 4.4%    continued

 

            

JPMorgan Chase & Co.

      964,045           $157,805     

KeyCorp

      308,544       6,671     

M&T Bank Corp.

      41,514       6,200     

People’s United Financial, Inc.

      138,074       2,412     

PNC Financial Services Group (The), Inc.

      137,113       26,825     

Regions Financial Corp.

      307,941       6,562     

SVB Financial Group*

      18,926       12,243     

Truist Financial Corp.

      430,648       25,258     

U.S. Bancorp

      435,280       25,873     

Wells Fargo & Co.

      1,324,815       61,485     

Zions Bancorp N.A.

      52,288       3,236     
       
               519,587           

Beverages – 1.4%

 

     

Brown-Forman Corp., Class B

      58,906       3,948     

Coca-Cola (The) Co.

      1,253,558       65,774     

Constellation Brands, Inc., Class A

      54,280       11,436     

Molson Coors Beverage Co.,
Class B

      60,775       2,819     

Monster Beverage Corp.*

      121,144       10,761     

PepsiCo, Inc.

      445,902       67,068     
       
               161,806           

Biotechnology – 1.9%

 

     

AbbVie, Inc.

      570,129       61,500     

Amgen, Inc.

      183,201       38,958     

Biogen, Inc.*

      48,081       13,606     

Gilead Sciences, Inc.

      404,510       28,255     

Incyte Corp.*

      60,335       4,150     

Moderna, Inc.*

      113,296       43,603     

Regeneron Pharmaceuticals, Inc.*

      33,909       20,521     

Vertex Pharmaceuticals, Inc.*

      83,612       15,166     
       
               225,759           

Building Products – 0.5%

 

     

A.O. Smith Corp.

      42,974       2,624     

Allegion PLC

      29,018       3,836     

Carrier Global Corp.

      279,938       14,490     

Fortune Brands Home & Security, Inc.

      44,481       3,978     

Johnson Controls International PLC

      229,781       15,643     

Masco Corp.

      79,736       4,429     

Trane Technologies PLC

      76,658       13,235     
       
               58,235           

Capital Markets – 3.0%

 

     

Ameriprise Financial, Inc.

      36,697       9,692     

Bank of New York Mellon (The) Corp.

      256,194       13,281     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    214 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		           VALUE
(000S)		         

COMMON STOCKS - 99.2%    continued

 

   

Capital Markets – 3.0%    continued

 

            

BlackRock, Inc.

      46,156           $38,709     

Cboe Global Markets, Inc.

      34,435       4,265     

Charles Schwab (The) Corp.

      484,470       35,289     

CME Group, Inc.

      115,865       22,406     

Franklin Resources, Inc.

      90,847       2,700     

Goldman Sachs Group (The), Inc.

      108,754       41,112     

Intercontinental Exchange, Inc.

      181,687       20,861     

Invesco Ltd.

      110,148       2,656     

MarketAxess Holdings, Inc.

      12,266       5,160     

Moody’s Corp.

      52,263       18,559     

Morgan Stanley

      470,912       45,825     

MSCI, Inc.

      26,598       16,181     

Nasdaq, Inc.

      37,762       7,289     

Northern Trust Corp.(1)

      67,175       7,243     

Raymond James Financial, Inc.

      59,751       5,514     

S&P Global, Inc.

      77,752       33,036     

State Street Corp.

      117,952       9,993     

T. Rowe Price Group, Inc.

      73,215       14,401     
       
               354,172           

Chemicals – 1.7%

 

     

Air Products and Chemicals, Inc.

      71,418       18,291     

Albemarle Corp.

      37,697       8,254     

Celanese Corp.

      35,845       5,400     

CF Industries Holdings, Inc.

      69,394       3,874     

Corteva, Inc.

      236,859       9,967     

Dow, Inc.

      240,603       13,849     

DuPont de Nemours, Inc.

      168,749       11,473     

Eastman Chemical Co.

      43,806       4,413     

Ecolab, Inc.

      80,301       16,752     

FMC Corp.

      41,523       3,802     

International Flavors & Fragrances, Inc.

      80,400       10,751     

Linde PLC

      166,607       48,879     

LyondellBasell Industries N.V., Class A

      85,255       8,001     

Mosaic (The) Co.

      111,453       3,981     

PPG Industries, Inc.

      76,569       10,950     

Sherwin-Williams (The) Co.

      78,152       21,862     
       
               200,499           

Commercial Services & Supplies – 0.4%

 

     

Cintas Corp.

      28,237       10,749     

Copart, Inc.*

      68,692       9,529     

Republic Services, Inc.

      67,793       8,139     

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

         

COMMON STOCKS - 99.2%    continued

 

   

Commercial Services & Supplies – 0.4%    continued

 

   

Rollins, Inc.

      72,604           $2,565            

Waste Management, Inc.

      124,990       18,668     
       
               49,650           

Communications Equipment – 0.8%

 

     

Arista Networks, Inc.*

      18,067       6,209     

Cisco Systems, Inc.

      1,359,602       74,003     

F5 Networks, Inc.*

      19,465       3,869     

Juniper Networks, Inc.

      104,900       2,887     

Motorola Solutions, Inc.

      54,628       12,691     
       
               99,659           

Construction & Engineering – 0.0%

 

     

Quanta Services, Inc.

      44,908       5,111           

Construction Materials – 0.1%

 

     

Martin Marietta Materials, Inc.

      20,136       6,880     

Vulcan Materials Co.

      42,838       7,247     
       
               14,127           

Consumer Finance – 0.7%

 

     

American Express Co.

      207,603       34,780     

Capital One Financial Corp.

      143,924       23,311     

Discover Financial Services

      96,614       11,869     

Synchrony Financial

      183,791       8,984     
       
               78,944           

Containers & Packaging – 0.3%

 

     

Amcor PLC

      497,547       5,767     

Avery Dennison Corp.

      26,783       5,550     

Ball Corp.

      105,373       9,480     

International Paper Co.

      126,090       7,051     

Packaging Corp. of America

      30,647       4,212     

Sealed Air Corp.

      48,355       2,649     

Westrock Co.

      86,139       4,292     
       
               39,001           

Distributors – 0.1%

 

     

Genuine Parts Co.

      46,205       5,601     

LKQ Corp.*

      87,223       4,389     

Pool Corp.

      12,960       5,630     
       
               15,620           

Diversified Financial Services – 1.4%

 

     

Berkshire Hathaway, Inc., Class B*

      598,033       163,227           

Diversified Telecommunication Services – 1.2%

 

   

AT&T, Inc.

      2,303,515       62,218     

 

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  215 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

STOCK INDEX FUND    continued

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

         

COMMON STOCKS - 99.2%    continued

 

   

Diversified Telecommunication Services – 1.2%    continued

 

   

Lumen Technologies, Inc.

      320,932           $3,976            

Verizon Communications, Inc.

      1,335,687       72,141     
       
               138,335           

Electric Utilities – 1.6%

 

     

Alliant Energy Corp.

      80,624       4,513     

American Electric Power Co., Inc.

      161,464       13,108     

Duke Energy Corp.

      248,207       24,222     

Edison International

      122,435       6,791     

Entergy Corp.

      64,833       6,439     

Evergy, Inc.

      73,935       4,599     

Eversource Energy

      110,945       9,071     

Exelon Corp.

      315,435       15,248     

FirstEnergy Corp.

      175,631       6,256     

NextEra Energy, Inc.

      632,911       49,696     

NRG Energy, Inc.

      78,967       3,224     

Pinnacle West Capital Corp.

      36,383       2,633     

PPL Corp.

      248,095       6,917     

Southern (The) Co.

      341,609       21,169     

Xcel Energy, Inc.

      173,834       10,865     
       
               184,751           

Electrical Equipment – 0.6%

 

     

AMETEK, Inc.

      74,532       9,243     

Eaton Corp. PLC

      128,599       19,201     

Emerson Electric Co.

      192,867       18,168     

Generac Holdings, Inc.*

      20,337       8,311     

Rockwell Automation, Inc.

      37,433       11,007     
       
               65,930           

Electronic Equipment, Instruments & Components – 0.6%

 

   

Amphenol Corp., Class A

      192,953       14,130     

CDW Corp.

      44,358       8,074     

Corning, Inc.

      247,975       9,049     

IPG Photonics Corp.*

      11,564       1,832     

Keysight Technologies, Inc.*

      59,480       9,772     

TE Connectivity Ltd.

      105,819       14,520     

Trimble, Inc.*

      81,178       6,677     

Zebra Technologies Corp.,
Class A*

      17,229       8,880     
       
               72,934           

Energy Equipment & Services – 0.2%

 

     

Baker Hughes Co.

      267,296       6,610     

Halliburton Co.

      287,003       6,205     

Schlumberger N.V.

      451,039       13,369     
       
               26,184           

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

       

COMMON STOCKS - 99.2%    continued

 

   

Entertainment – 1.9%

 

     

Activision Blizzard, Inc.

      250,943           $19,420     

Electronic Arts, Inc.

      91,813       13,060            

Live Nation Entertainment, Inc.*

      42,502       3,873     

Netflix, Inc.*

      142,791       87,151     

Take-Two Interactive Software, Inc.*

      37,591       5,792     

Walt Disney (The) Co.*

      586,236       99,174     
       
               228,470           

Equity Real Estate Investment Trusts – 2.5%

 

     

Alexandria Real Estate Equities, Inc.

      44,731       8,547     

American Tower Corp.

      146,839       38,973     

AvalonBay Communities, Inc.

      45,083       9,992     

Boston Properties, Inc.

      45,812       4,964     

Crown Castle International Corp.

      139,436       24,167     

Digital Realty Trust, Inc.

      91,171       13,170     

Duke Realty Corp.

      122,063       5,843     

Equinix, Inc.

      28,937       22,864     

Equity Residential

      109,935       8,896     

Essex Property Trust, Inc.

      20,982       6,709     

Extra Space Storage, Inc.

      43,188       7,255     

Federal Realty Investment Trust

      22,580       2,664     

Healthpeak Properties, Inc.

      173,632       5,813     

Host Hotels & Resorts, Inc.*

      230,344       3,762     

Iron Mountain, Inc.

      93,196       4,049     

Kimco Realty Corp.

      197,923       4,107     

Mid-America Apartment Communities, Inc.

      37,431       6,990     

Prologis, Inc.

      238,499       29,915     

Public Storage

      49,187       14,614     

Realty Income Corp.

      125,626       8,148     

Regency Centers Corp.

      49,325       3,321     

SBA Communications Corp.

      35,319       11,675     

Simon Property Group, Inc.

      106,090       13,789     

UDR, Inc.

      90,023       4,769     

Ventas, Inc.

      126,940       7,008     

Vornado Realty Trust

      51,199       2,151     

Welltower, Inc.

      136,327       11,233     

Weyerhaeuser Co.

      241,889       8,604     
       
               293,992           

Food & Staples Retailing – 1.4%

 

     

Costco Wholesale Corp.

      142,621       64,087     

Kroger (The) Co.

      219,375       8,869     

Sysco Corp.

      165,180       12,967     

 

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    216 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

        VALUE

(000S)

       

COMMON STOCKS - 99.2%    continued

 

   

Food & Staples Retailing – 1.4%    continued

 

   

Walgreens Boots Alliance, Inc.

      231,620           $10,898            

Walmart, Inc.

      461,057       64,262     
       
               161,083           

Food Products – 0.9%

 

     

Archer-Daniels-Midland Co.

      180,267       10,818     

Campbell Soup Co.

      65,504       2,739     

Conagra Brands, Inc.

      154,753       5,241     

General Mills, Inc.

      195,599       11,701     

Hershey (The) Co.

      46,917       7,941     

Hormel Foods Corp.

      91,028       3,732     

J.M. Smucker (The) Co.

      34,951       4,195     

Kellogg Co.

      82,482       5,272     

Kraft Heinz (The) Co.

      217,079       7,993     

Lamb Weston Holdings, Inc.

      46,816       2,873     

McCormick & Co., Inc. (Non Voting)

      80,365       6,512     

Mondelez International, Inc., Class A

      450,966       26,237     

Tyson Foods, Inc., Class A

      94,973       7,497     
       
               102,751           

Gas Utilities – 0.0%

 

     

Atmos Energy Corp.

      42,127       3,716           

Health Care Equipment & Supplies – 3.7%

 

   

Abbott Laboratories

      571,950       67,565     

ABIOMED, Inc.*

      14,624       4,760     

Align Technology, Inc.*

      23,707       15,775     

Baxter International, Inc.

      161,284       12,972     

Becton Dickinson and Co.

      92,655       22,776     

Boston Scientific Corp.*

      459,366       19,932     

Cooper (The) Cos., Inc.

      15,900       6,572     

Danaher Corp.

      204,985       62,406     

DENTSPLY SIRONA, Inc.

      70,436       4,089     

Dexcom, Inc.*

      31,213       17,069     

Edwards Lifesciences Corp.*

      201,099       22,766     

Hologic, Inc.*

      81,779       6,036     

IDEXX Laboratories, Inc.*

      27,447       17,069     

Intuitive Surgical, Inc.*

      38,359       38,135     

Medtronic PLC

      433,576       54,349     

ResMed, Inc.

      46,947       12,373     

STERIS PLC

      32,184       6,575     

Stryker Corp.

      108,278       28,555     

Teleflex, Inc.

      15,088       5,681     

West Pharmaceutical Services, Inc.

      23,847       10,124     

Zimmer Biomet Holdings, Inc.

      67,286       9,848     
       
               445,427           

 

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

         

COMMON STOCKS - 99.2%    continued

 

   

Health Care Providers & Services – 2.5%

 

   

AmerisourceBergen Corp.

      48,268           $5,766     

Anthem, Inc.

      78,659       29,324            

Cardinal Health, Inc.

      93,644       4,632     

Centene Corp.*

      188,170       11,725     

Cigna Corp.

      109,724       21,962     

CVS Health Corp.

      425,723       36,127     

DaVita, Inc.*

      21,638       2,516     

HCA Healthcare, Inc.

      79,529       19,303     

Henry Schein, Inc.*

      45,065       3,432     

Humana, Inc.

      41,458       16,133     

Laboratory Corp. of America Holdings*

      31,197       8,780     

McKesson Corp.

      49,903       9,950     

Quest Diagnostics, Inc.

      39,418       5,728     

UnitedHealth Group, Inc.

      304,208       118,866     

Universal Health Services, Inc., Class B

      24,477       3,387     
       
               297,631           

Health Care Technology – 0.1%

 

     

Cerner Corp.

      95,360       6,725           

Hotels, Restaurants & Leisure – 2.1%

 

   

Booking Holdings, Inc.*

      13,247       31,447     

Caesars Entertainment, Inc.*

      68,856       7,731     

Carnival Corp.*

      257,562       6,442     

Chipotle Mexican Grill, Inc.*

      9,064       16,474     

Darden Restaurants, Inc.

      42,044       6,368     

Domino’s Pizza, Inc.

      11,890       5,671     

Expedia Group, Inc.*

      46,875       7,683     

Hilton Worldwide Holdings, Inc.*

      89,871       11,873     

Las Vegas Sands Corp.*

      110,913       4,059     

Marriott International, Inc., Class A*

      88,251       13,069     

McDonald’s Corp.

      240,935       58,092     

MGM Resorts International

      129,027       5,568     

Norwegian Cruise Line Holdings Ltd.*

      119,380       3,189     

Penn National Gaming, Inc.*

      50,582       3,665     

Royal Caribbean Cruises Ltd.*

      72,311       6,432     

Starbucks Corp.

      380,404       41,962     

Wynn Resorts Ltd.*

      33,888       2,872     

Yum! Brands, Inc.

      95,381       11,666     
       
               244,263           

Household Durables – 0.4%

 

     

D.R. Horton, Inc.

      105,156       8,830     

Garmin Ltd.

      49,019       7,620     

Leggett & Platt, Inc.

      43,005       1,928     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  217 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

STOCK INDEX FUND    continued

 

     NUMBER
OF SHARES		  

        VALUE

(000S)

       

COMMON STOCKS - 99.2%    continued

 

   

Household Durables – 0.4%    continued

 

   

Lennar Corp., Class A

      88,622           $8,302     

Mohawk Industries, Inc.*

      18,038       3,200            

Newell Brands, Inc.

      121,856       2,698     

NVR, Inc.*

      1,085       5,202     

PulteGroup, Inc.

      83,721       3,844     

Whirlpool Corp.

      20,228       4,124     
       
               45,748           

Household Products – 1.3%

 

     

Church & Dwight Co., Inc.

      79,197       6,539     

Clorox (The) Co.

      39,622       6,562     

Colgate-Palmolive Co.

      272,133       20,568     

Kimberly-Clark Corp.

      108,648       14,389     

Procter & Gamble (The) Co.

      783,143       109,484     
       
               157,542           

Independent Power & Renewable Electricity Producers – 0.0%

 

   

AES (The) Corp.

      215,016       4,909           

Industrial Conglomerates – 1.1%

 

     

3M Co.

      186,682       32,748     

General Electric Co.

      354,129       36,486     

Honeywell International, Inc.

      222,739       47,283     

Roper Technologies, Inc.

      33,992       15,165     
       
               131,682           

Insurance – 1.9%

 

     

Aflac, Inc.

      199,074       10,379     

Allstate (The) Corp.

      95,390       12,144     

American International Group, Inc.

      275,908       15,145     

Aon PLC, Class A

      72,831       20,813     

Arthur J. Gallagher & Co.

      66,703       9,915     

Assurant, Inc.

      18,975       2,993     

Brown & Brown, Inc.

      75,417       4,182     

Chubb Ltd.

      141,547       24,556     

Cincinnati Financial Corp.

      48,367       5,524     

Everest Re Group Ltd.

      12,863       3,226     

Globe Life, Inc.

      30,190       2,688     

Hartford Financial Services Group (The), Inc.

      112,009       7,869     

Lincoln National Corp.

      56,988       3,918     

Loews Corp.

      65,568       3,536     

Marsh & McLennan Cos., Inc.

      163,452       24,751     

MetLife, Inc.

      234,979       14,505     

Principal Financial Group, Inc.

      80,526       5,186     

Progressive (The) Corp.

      188,786       17,064     

Prudential Financial, Inc.

      124,796       13,129     

 

 

    

NUMBER

OF SHARES

  

        VALUE

(000S)

         

COMMON STOCKS - 99.2%    continued

 

   

Insurance – 1.9%    continued

 

     

Travelers (The) Cos., Inc.

      80,490           $12,235     

W.R. Berkley Corp.

      45,245       3,311     

Willis Towers Watson PLC

      41,643       9,680            
       
               226,749           

Interactive Media & Services – 6.7%

 

     

Alphabet, Inc., Class A*

      97,136       259,695     

Alphabet, Inc., Class C*

      90,898       242,272     

Facebook, Inc., Class A*

      769,069       261,014     

Match Group, Inc.*

      89,305       14,020     

Twitter, Inc.*

      257,440       15,547     
       
               792,548           

Internet & Direct Marketing Retail – 4.1%

 

   

Amazon.com, Inc.*

      140,514       461,594     

eBay, Inc.

      209,721       14,612     

Etsy, Inc.*

      40,836       8,492     
       
               484,698           

IT Services – 4.9%

 

     

Accenture PLC, Class A

      204,587       65,452     

Akamai Technologies, Inc.*

      52,607       5,502     

Automatic Data Processing, Inc.

      136,495       27,288     

Broadridge Financial Solutions, Inc.

      37,468       6,244     

Cognizant Technology Solutions Corp., Class A

      169,568       12,584     

DXC Technology Co.*

      81,265       2,731     

Fidelity National Information Services, Inc.

      199,279       24,248     

Fiserv, Inc.*

      192,307       20,865     

FleetCor Technologies, Inc.*

      26,649       6,963     

Gartner, Inc.*

      26,987       8,201     

Global Payments, Inc.

      94,769       14,934     

International Business Machines Corp.

      289,172       40,175     

Jack Henry & Associates, Inc.

      23,948       3,929     

Mastercard, Inc., Class A

      281,054       97,717     

Paychex, Inc.

      103,319       11,618     

PayPal Holdings, Inc.*

      379,091       98,643     

VeriSign, Inc.*

      31,400       6,437     

Visa, Inc., Class A

      544,469       121,280     

Western Union (The) Co.

      131,079       2,650     
       
               577,461           

Leisure Products – 0.0%

 

     

Hasbro, Inc.

      41,755       3,725           

Life Sciences Tools & Services – 1.4%

 

   

Agilent Technologies, Inc.

      97,899       15,422     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    218 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		           VALUE
(000S)		       

COMMON STOCKS - 99.2%    continued

 

   

Life Sciences Tools & Services – 1.4%    continued

 

   

Bio-Rad Laboratories, Inc., Class A*

      6,933           $5,172            

Bio-Techne Corp.

      12,556       6,084     

Charles River Laboratories International, Inc.*

      16,227       6,696     

Illumina, Inc.*

      47,328       19,197     

IQVIA Holdings, Inc.*

      61,818       14,808     

Mettler-Toledo International, Inc.*

      7,458       10,272     

PerkinElmer, Inc.

      36,191       6,272     

Thermo Fisher Scientific, Inc.

      126,925       72,516     

Waters Corp.*

      19,797       7,073     
       
               163,512           

Machinery – 1.5%

        

Caterpillar, Inc.

      176,626       33,907     

Cummins, Inc.

      46,331       10,404     

Deere & Co.

      91,582       30,686     

Dover Corp.

      46,453       7,223     

Fortive Corp.

      115,624       8,160     

IDEX Corp.

      24,508       5,072     

Illinois Tool Works, Inc.

      92,471       19,107     

Ingersoll Rand, Inc.*

      130,718       6,590     

Otis Worldwide Corp.

      137,689       11,329     

PACCAR, Inc.

      112,094       8,846     

Parker-Hannifin Corp.

      41,677       11,654     

Pentair PLC

      53,607       3,893     

Snap-on, Inc.

      17,442       3,645     

Stanley Black & Decker, Inc.

      52,574       9,217     

Westinghouse Air Brake Technologies Corp.

      60,986       5,258     

Xylem, Inc.

      58,136       7,190     
       
               182,181           

Media – 1.2%

        

Charter Communications, Inc., Class A*

      40,920       29,772     

Comcast Corp., Class A

      1,477,632       82,644     

Discovery, Inc., Class A*

      55,137       1,399     

Discovery, Inc., Class C*

      98,174       2,383     

DISH Network Corp., Class A*

      80,296       3,490     

Fox Corp., Class A

      104,394       4,187     

Fox Corp., Class B

      47,736       1,772     

Interpublic Group of (The) Cos., Inc.

      126,953       4,655     

News Corp., Class A

      125,530       2,954     

News Corp., Class B

      39,654       921     

Omnicom Group, Inc.

      69,044       5,003     

ViacomCBS, Inc., Class B

      195,549       7,726     
       
               146,906           
     NUMBER
OF SHARES		           VALUE
(000S)		       

COMMON STOCKS - 99.2%    continued

 

   

Metals & Mining – 0.3%

        

Freeport-McMoRan, Inc.

      473,307           $15,397     

Newmont Corp.

      257,816       13,999            

Nucor Corp.

      94,754       9,332     
       
               38,728           

Multiline Retail – 0.5%

        

Dollar General Corp.

      76,205       16,166     

Dollar Tree, Inc.*

      74,862       7,166     

Target Corp.

      159,609       36,514     
       
               59,846           

Multi-Utilities – 0.7%

        

Ameren Corp.

      82,962       6,720     

CenterPoint Energy, Inc.

      191,277       4,705     

CMS Energy Corp.

      93,419       5,580     

Consolidated Edison, Inc.

      114,009       8,276     

Dominion Energy, Inc.

      260,844       19,047     

DTE Energy Co.

      62,483       6,980     

NiSource, Inc.

      126,599       3,068     

Public Service Enterprise Group, Inc.

      163,023       9,928     

Sempra Energy

      103,021       13,032     

WEC Energy Group, Inc.

      101,767       8,976     
       
               86,312           

Oil, Gas & Consumable Fuels – 2.5%

 

   

APA Corp.

      121,958       2,613     

Cabot Oil & Gas Corp.

      128,947       2,806     

Chevron Corp.

      623,922       63,297     

ConocoPhillips

      432,019       29,278     

Devon Energy Corp.

      203,128       7,213     

Diamondback Energy, Inc.

      54,907       5,198     

EOG Resources, Inc.

      188,307       15,115     

Exxon Mobil Corp.

      1,365,841       80,339     

Hess Corp.

      88,918       6,945     

Kinder Morgan, Inc.

      628,534       10,515     

Marathon Oil Corp.

      254,340       3,477     

Marathon Petroleum Corp.

      205,657       12,712     

Occidental Petroleum Corp.

      286,181       8,465     

ONEOK, Inc.

      143,865       8,343     

Phillips 66

      141,362       9,900     

Pioneer Natural Resources Co.

      73,197       12,188     

Valero Energy Corp.

      131,964       9,313     

Williams (The) Cos., Inc.

      392,129       10,172     
       
               297,889           

Personal Products – 0.2%

        

Estee Lauder (The) Cos., Inc., Class A

      74,814       22,439           
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  219 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

STOCK INDEX FUND    continued

 

     NUMBER
OF SHARES		           VALUE
(000S)		        

COMMON STOCKS - 99.2%     continued

 

   

Pharmaceuticals – 3.6%

 

   

Bristol-Myers Squibb Co.

      716,904           $42,419     

Catalent, Inc.*

      54,954       7,313     

Eli Lilly & Co.

      256,149       59,183     

Johnson & Johnson

      849,297       137,161     

Merck & Co., Inc.

      816,680       61,341     

Organon & Co.

      81,787       2,682     

Pfizer, Inc.

      1,808,841       77,798     

Viatris, Inc.

      390,075       5,286     

Zoetis, Inc.

      152,905       29,685     
       
               422,868           

Professional Services – 0.4%

 

   

Equifax, Inc.

      39,312       9,963     

IHS Markit Ltd.

      128,601       14,998     

Jacobs Engineering Group, Inc.

      41,992       5,565     

Leidos Holdings, Inc.

      45,671       4,390     

Nielsen Holdings PLC

      115,701       2,220     

Robert Half International, Inc.

      36,124       3,624     

Verisk Analytics, Inc.

      52,056       10,425     
       
               51,185           

Real Estate Management & Development – 0.1%

 

   

CBRE Group, Inc., Class A*

      108,360       10,550           

Road & Rail – 0.9%

        

CSX Corp.

      727,352       21,632     

JB Hunt Transport Services, Inc.

      27,152       4,540     

Kansas City Southern

      29,361       7,946     

Norfolk Southern Corp.

      79,679       19,063     

Old Dominion Freight Line, Inc.

      30,265       8,655     

Union Pacific Corp.

      210,390       41,239     
       
               103,075           

Semiconductors & Semiconductor Equipment – 5.5%

 

   

Advanced Micro Devices, Inc.*

      391,329       40,268     

Analog Devices, Inc.

      173,538       29,064     

Applied Materials, Inc.

      294,869       37,959     

Broadcom, Inc.

      132,360       64,185     

Enphase Energy, Inc.*

      43,431       6,513     

Intel Corp.

      1,308,875       69,737     

KLA Corp.

      49,276       16,483     

Lam Research Corp.

      45,974       26,166     

Microchip Technology, Inc.

      88,412       13,571     

Micron Technology, Inc.

      363,188       25,779     

Monolithic Power Systems, Inc.

      13,926       6,750     

NVIDIA Corp.

      803,974       166,551     

NXP Semiconductors N.V.

      85,538       16,754     
    

NUMBER

OF SHARES

           VALUE
(000S)		         

COMMON STOCKS - 99.2%     continued

 

   

Semiconductors & Semiconductor Equipment – 5.5%    continued

 

Qorvo, Inc.*

      35,856           $5,995            

QUALCOMM, Inc.

      363,917       46,938     

Skyworks Solutions, Inc.

      53,331       8,788     

Teradyne, Inc.

      53,223       5,810     

Texas Instruments, Inc.

      297,850       57,250     

Xilinx, Inc.

      79,839       12,055     
       
               656,616           

Software – 9.2%

        

Adobe, Inc.*

      153,697       88,486     

ANSYS, Inc.*

      28,142       9,581     

Autodesk, Inc.*

      70,980       20,241     

Cadence Design Systems, Inc.*

      89,296       13,523     

Ceridian HCM Holding, Inc.*

      43,514       4,901     

Citrix Systems, Inc.

      40,080       4,303     

Fortinet, Inc.*

      43,733       12,772     

Intuit, Inc.

      88,160       47,563     

Microsoft Corp.

      2,424,468       683,506     

NortonLifeLock, Inc.

      187,196       4,736     

Oracle Corp.

      531,448       46,305     

Paycom Software, Inc.*

      15,509       7,689     

PTC, Inc.*

      34,082       4,083     

salesforce.com, Inc.*

      313,437       85,010     

ServiceNow, Inc.*

      63,912       39,771     

Synopsys, Inc.*

      49,225       14,738     

Tyler Technologies, Inc.*

      13,155       6,034     
       
               1,093,242           

Specialty Retail – 2.2%

        

Advance Auto Parts, Inc.

      21,108       4,409     

AutoZone, Inc.*

      6,951       11,803     

Bath & Body Works, Inc.

      85,513       5,390     

Best Buy Co., Inc.

      72,726       7,688     

CarMax, Inc.*

      52,565       6,726     

Gap (The), Inc.

      69,434       1,576     

Home Depot (The), Inc.

      343,031       112,603     

Lowe’s Cos., Inc.

      228,059       46,264     

O’Reilly Automotive, Inc.*

      22,245       13,593     

Ross Stores, Inc.

      115,164       12,536     

TJX (The) Cos., Inc.

      389,242       25,682     

Tractor Supply Co.

      36,889       7,474     

Ulta Beauty, Inc.*

      17,674       6,379     
       
               262,123           

Technology Hardware, Storage & Peripherals – 6.3%

 

   

Apple, Inc.

      5,066,343       716,887     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    220 
   NORTHERN FUNDS SEMIANNUAL REPORT

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

    

NUMBER

OF SHARES

  

        VALUE

(000S)

        

COMMON STOCKS - 99.2%     continued

 

   

Technology Hardware, Storage & Peripherals – 6.3%     continued

 

Hewlett Packard Enterprise Co.

      420,337           $5,990     

HP, Inc.

      387,804       10,610     

NetApp, Inc.

      72,273       6,487     

Seagate Technology Holdings PLC

      67,554       5,575     

Western Digital Corp.*

      98,916       5,583     
       
               751,132           

Textiles, Apparel & Luxury Goods – 0.7%

 

   

Hanesbrands, Inc.

      112,644       1,933     

NIKE, Inc., Class B

      412,339       59,884     

PVH Corp.*

      23,022       2,367     

Ralph Lauren Corp.

      15,756       1,750     

Tapestry, Inc.

      89,962       3,330     

Under Armour, Inc., Class A*

      61,738       1,246     

Under Armour, Inc., Class C*

      66,166       1,159     

VF Corp.

      105,139       7,043     
       
               78,712           

Tobacco – 0.6%

        

Altria Group, Inc.

      594,944       27,082     

Philip Morris International, Inc.

      502,821       47,662     
       
               74,744           

Trading Companies & Distributors – 0.2%

 

   

Fastenal Co.

      185,537       9,576     

United Rentals, Inc.*

      23,361       8,198     

W.W. Grainger, Inc.

      14,130       5,554     
       
               23,328           

Water Utilities – 0.1%

        

American Water Works Co., Inc.

      58,621       9,909           

Wireless Telecommunication Services – 0.2%

 

   

T-Mobile U.S., Inc.*

      189,301       24,185     
       

Total Common Stocks

                          

(Cost $3,626,433)

        11,787,982     

        

 

   

INVESTMENT COMPANIES – 0.5%

 

   

Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(2) (3)

      63,145,452       63,145     
       

Total Investment Companies

                          

(Cost $63,145)

        63,145     
     PRINCIPAL
AMOUNT
(000S)		  

        VALUE

(000S)

     

  

SHORT-TERM INVESTMENTS – 0.2%

 

   

U.S. Treasury Bills,
0.04%, 1/27/22(4) (5)

      $21,960           $21,957     
       

Total Short-Term Investments

                          

(Cost $21,958)

        21,957     
       
       

Total Investments – 99.9%

                          

(Cost $3,711,536)

        11,873,084     

Other Assets less Liabilities – 0.1%

 

     8,337     
       

NET ASSETS – 100.0%

        $11,881,421     

 

(1)

Investment in affiliate.

(2)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(3)

7-day current yield as of September 30, 2021 is disclosed.

(4)

Discount rate at the time of purchase.

(5)

Security pledged as collateral to cover margin requirements for open futures contracts.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

MSCI - Morgan Stanley Capital International

N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company)

PLC - Public Limited Company

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

TYPE   NUMBER OF
CONTRACTS		   NOTIONAL
AMOUNT
(000S)		   CONTRACT
POSITION		   CONTRACT
EXP.		   VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)(1)

E-Mini S&P 500

   415   $89,178   Long   12/21   $(3,269)

 

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  221 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

STOCK INDEX FUND    continued

  

SEPTEMBER 30, 2021 (UNAUDITED)

 

At September 30, 2021, the security types for the Fund were:

 

  SECURITY TYPE (1)    % OF NET ASSETS  

Common Stocks

      99.2 % 

Investment Companies

      0.5 % 

Short-Term Investments

      0.2 % 

 

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

INVESTMENTS  

LEVEL 1

(000S)

   LEVEL 2
(000S)		   LEVEL 3
(000S)		    

TOTAL

(000S)

  

Common Stocks(1)

   $ 11,787,982       $ —       $—     $ 11,787,982    

Investment Companies

     63,145       —       —       63,145  

Short-Term Investments

     —       21,957         —        21,957  
         

Total Investments

   $ 11,851,127     $ 21,957       $—     $ 11,873,084  
       

OTHER FINANCIAL INSTRUMENTS

 

                        

Liabilities

        

Futures Contracts

   $ (3,269 )    $ —       $—     $ (3,269 ) 

 

(1)

Classifications as defined in the Schedule of Investments.

        

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    222 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

SCHEDULE OF INVESTMENTS

 

    

U.S. QUALITY ESG FUND

  

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS – 99.3%

 

   

Aerospace & Defense – 0.3%

 

   

Hexcel Corp.*

      17,803           $1,057           

Air Freight & Logistics – 0.5%

 

   

Expeditors International of Washington, Inc.

      17,501       2,085           

Automobiles – 1.6%

 

   

Tesla, Inc.*

      8,474       6,571           

Banks – 4.7%

 

   

Bank of America Corp.

      79,389       3,370     

Citigroup, Inc.

      83,489       5,859     

JPMorgan Chase & Co.

      34,019       5,569     

SVB Financial Group*

      4,245       2,746     

Zions Bancorp N.A.

      34,773       2,152     
     
        19,696           

Beverages – 1.8%

 

   

Coca-Cola (The) Co.

      145,606       7,640           

Biotechnology – 3.0%

 

   

AbbVie, Inc.

      21,519       2,321     

Amgen, Inc.

      23,215       4,937     

Gilead Sciences, Inc.

      31,173       2,177     

Moderna, Inc.*

      2,653       1,021     

Vertex Pharmaceuticals, Inc.*

      11,438       2,075     
     
        12,531           

Building Products – 1.1%

 

   

Johnson Controls International PLC

      28,760       1,958     

Lennox International, Inc.

      767       226     

Trane Technologies PLC

      14,045       2,425     
     
        4,609           

Capital Markets – 2.6%

 

   

Affiliated Managers Group, Inc.

      6,849       1,035     

Ameriprise Financial, Inc.

      8,773       2,317     

Bank of New York Mellon (The) Corp.

      49,902       2,587     

BlackRock, Inc.

      3,371       2,827     

Janus Henderson Group PLC

      52,351       2,164     
     
        10,930           

Chemicals – 0.8%

 

   

Dow, Inc.

      7,989       460     

Sherwin-Williams (The) Co.

      9,713       2,717     
     
        3,177           

Commercial Services & Supplies – 0.2%

 

   

Rollins, Inc.

      28,436       1,005           
     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 99.3%     continued

 

   

Communications Equipment – 0.9%

 

   

Cisco Systems, Inc.

      40,129           $2,184     

Motorola Solutions, Inc.

      6,077       1,412     
     
        3,596           

Construction & Engineering – 0.4%

 

   

AECOM*

      26,603       1,680           

Consumer Finance – 2.6%

 

   

Ally Financial, Inc.

      40,178       2,051     

American Express Co.

      26,326       4,411     

Discover Financial Services

      20,131       2,473     

SLM Corp.

      14,750       260     

Synchrony Financial

      36,321       1,775     
     
        10,970           

Distributors – 0.5%

 

   

Pool Corp.

      4,475       1,944           

Diversified Consumer Services – 0.5%

 

   

Terminix Global Holdings, Inc.*

      49,933       2,081           

Diversified Financial Services – 0.6%

 

   

Berkshire Hathaway, Inc., Class B*

      3,515       959     

Voya Financial, Inc.

      26,936       1,654     
     
        2,613           

Diversified Telecommunication Services – 0.3%

 

   

Verizon Communications, Inc.

      23,967       1,294           

Electric Utilities – 0.6%

 

   

Exelon Corp.

      51,644       2,496           

Electrical Equipment – 1.1%

 

   

Acuity Brands, Inc.

      12,996       2,253     

Rockwell Automation, Inc.

      7,995       2,351     
     
        4,604           

Electronic Equipment, Instruments & Components – 0.2%

 

   

Zebra Technologies Corp., Class A*

      1,942       1,001           

Entertainment – 0.8%

 

   

Activision Blizzard, Inc.

      12,788       990     

World Wrestling Entertainment, Inc., Class A

      40,027       2,252     
     
        3,242           

Equity Real Estate Investment Trusts – 3.5%

 

   

American Tower Corp.

      15,614       4,144     

AvalonBay Communities, Inc.

      5,440       1,206     

Equity Residential

      3,096       250     

Healthpeak Properties, Inc.

      65,885       2,206     

Iron Mountain, Inc.

      17,059       741     

Kilroy Realty Corp.

      29,426       1,948     
 

 

See Notes to the Financial Statements.

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  223 
  
 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

U.S. QUALITY ESG FUND    continued

 

     NUMBER
OF SHARES		           VALUE
(000S)		         

COMMON STOCKS - 99.3%     continued

 

   

Equity Real Estate Investment Trusts – 3.5%     continued

 

   

Prologis, Inc.

      18,912       $2,372     

Weyerhaeuser Co.

      48,989           1,743            
     
        14,610           

Food Products – 0.8%

 

   

General Mills, Inc.

      34,738       2,078     

Kellogg Co.

      16,854       1,077     
     
        3,155           

Health Care Equipment & Supplies – 2.2%

 

   

Abbott Laboratories

      3,022       357     

Edwards Lifesciences Corp.*

      9,231       1,045     

Hologic, Inc.*

      29,952       2,211     

IDEXX Laboratories, Inc.*

      4,087       2,542     

Quidel Corp.*

      1,606       226     

ResMed, Inc.

      5,571       1,468     

West Pharmaceutical Services, Inc.

      3,088       1,311     
     
        9,160           

Health Care Providers & Services – 3.6%

 

   

Amedisys, Inc.*

      12,927       1,927     

Cardinal Health, Inc.

      31,679       1,567     

DaVita, Inc.*

      5,788       673     

Henry Schein, Inc.*

      25,639       1,953     

Laboratory Corp. of America

 

   

Holdings*

      8,190       2,305     

McKesson Corp.

      5,690       1,135     

Molina Healthcare, Inc.*

      4,432       1,202     

Quest Diagnostics, Inc.

      15,126       2,198     

UnitedHealth Group, Inc.

      5,100       1,993     
     
        14,953           

Health Care Technology – 0.8%

 

   

Cerner Corp.

      31,964       2,254     

Veeva Systems, Inc., Class A*

      3,338       962     
     
        3,216           

Hotels, Restaurants & Leisure – 0.3%

 

   

Domino’s Pizza, Inc.

      1,767       843     

Yum! Brands, Inc.

      4,382       536     
     
        1,379           

Household Durables – 0.1%

 

   

Tempur Sealy International, Inc.

      13,672       635           

Household Products – 2.1%

 

   

Clorox (The) Co.

      6,602       1,093     
     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 99.3%     continued

 

   

Household Products – 2.1%     continued

 

   

Colgate-Palmolive Co.

      36,089       $2,728     

Procter & Gamble (The) Co.

      34,895           4,878     
     
        8,699           

Industrial Conglomerates – 1.0%

 

   

3M Co.

      23,364       4,099           

Insurance – 3.2%

 

   

Aflac, Inc.

      40,719       2,122     

Allstate (The) Corp.

      13,479       1,716     

American International Group, Inc.

      8,409       461     

Aon PLC, Class A

      5,808       1,660     

Hanover Insurance Group (The), Inc.

      4,361       565     

Lincoln National Corp.

      11,726       806     

Loews Corp.

      6,989       377     

Marsh & McLennan Cos., Inc.

      2,595       393     

MetLife, Inc.

      42,656       2,633     

Prudential Financial, Inc.

      13,422       1,412     

Travelers (The) Cos., Inc.

      8,319       1,265     
     
        13,410           

Interactive Media & Services – 7.0%

 

   

Alphabet, Inc., Class A*

      5,958       15,929     

Alphabet, Inc., Class C*

      2,879       7,673     

Facebook, Inc., Class A*

      16,879       5,729     
     
        29,331           

Internet & Direct Marketing Retail – 2.5%

 

   

Amazon.com, Inc.*

      2,524       8,291     

eBay, Inc.

      7,543       526     

Etsy, Inc.*

      7,585       1,577     
     
        10,394           

IT Services – 5.2%

 

   

Accenture PLC, Class A

      15,362       4,914     

Cognizant Technology Solutions Corp.,

 

   

Class A

      2,825       210     

International Business Machines Corp.

      34,929       4,853     

Jack Henry & Associates, Inc.

      1,830       300     

Mastercard, Inc., Class A

      24,248       8,430     

Visa, Inc., Class A

      10,105       2,251     

Western Union (The) Co.

      29,664       600     
     
        21,558           

Leisure Products – 0.3%

 

   

YETI Holdings, Inc.*

      13,794       1,182           

Life Sciences Tools & Services – 2.0%

 

   

Agilent Technologies, Inc.

      15,471       2,437     

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    224 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     NUMBER
OF SHARES		           VALUE
(000S)		         

COMMON STOCKS - 99.3%     continued

 

   

Life Sciences Tools & Services – 2.0%     continued

 

   

Mettler-Toledo International, Inc.*

      1,603       $2,208     

Thermo Fisher Scientific, Inc.

      2,779       1,588     

Waters Corp.*

      5,838       2,086            
     
        8,319           

Machinery – 2.0%

 

   

AGCO Corp.

      1,837       225     

Cummins, Inc.

      6,940       1,559     

Fortive Corp.

      20,174       1,424     

Illinois Tool Works, Inc.

      9,468       1,956     

Pentair PLC

      18,832       1,368     

Woodward, Inc.

      16,514           1,869     
     
        8,401           

Media – 1.9%

 

   

Comcast Corp., Class A

      8,906       498     

Discovery, Inc., Class A*

      10,078       256     

Interpublic Group of (The) Cos., Inc.

      61,707       2,263     

New York Times (The) Co., Class A

      40,325       1,987     

Omnicom Group, Inc.

      9,331       676     

Sirius XM Holdings, Inc.

      363,661       2,218     
     
        7,898           

Metals & Mining – 0.3%

 

   

Newmont Corp.

      21,834       1,186           

Multiline Retail – 0.4%

 

   

Kohl’s Corp.

      7,931       373     

Target Corp.

      5,450       1,247     
     
        1,620           

Oil, Gas & Consumable Fuels – 0.4%

 

   

Antero Midstream Corp.

      55,879       582     

APA Corp.

      29,515       633     

Texas Pacific Land Corp.

      244       295     
     
        1,510           

Pharmaceuticals – 2.2%

 

   

Bristol-Myers Squibb Co.

      10,217       604     

Eli Lilly & Co.

      15,934       3,681     

Johnson & Johnson

      19,398       3,133     

Organon & Co.

      6,398       210     

Pfizer, Inc.

      17,407       749     

Zoetis, Inc.

      3,945       766     
     
        9,143           
     NUMBER
OF SHARES		           VALUE
(000S)		          

COMMON STOCKS - 99.3%     continued

 

   

Professional Services – 1.0%

 

   

Nielsen Holdings PLC

      92,078       $1,767     

Robert Half International, Inc.

      22,112           2,219     
     
        3,986           

Real Estate Management & Development – 1.0%

 

   

CBRE Group, Inc., Class A*

      25,534       2,486     

Jones Lang LaSalle, Inc.*

      6,116       1,517     
     
        4,003           

Road & Rail – 0.2%

 

   

CSX Corp.

      21,744       647           

Semiconductors & Semiconductor Equipment – 6.3%

 

   

Applied Materials, Inc.

      26,663       3,432     

Enphase Energy, Inc.*

      4,298       645     

First Solar, Inc.*

      5,491       524     

Intel Corp.

      149,725       7,977     

Lam Research Corp.

      1,419       808     

NVIDIA Corp.

      28,723       5,950     

QUALCOMM, Inc.

      2,093       270     

Texas Instruments, Inc.

      34,746       6,679     
     
        26,285           

Software – 11.1%

 

   

Adobe, Inc.*

      5,969       3,436     

Autodesk, Inc.*

      4,233       1,207     

Cadence Design Systems, Inc.*

      12,539       1,899     

Citrix Systems, Inc.

      17,836       1,915     

Intuit, Inc.

      8,806       4,751     

Manhattan Associates, Inc.*

      5,744       879     

Microsoft Corp.

      82,333       23,211     

Oracle Corp.

      70,320       6,127     

Teradata Corp.*

      28,628       1,642     

VMware, Inc., Class A*

      8,169       1,215     
     
        46,282           

Specialty Retail – 4.3%

 

   

Best Buy Co., Inc.

      19,049       2,013     

Home Depot (The), Inc.

      23,682       7,774     

Lowe’s Cos., Inc.

      21,793       4,421     

TJX (The) Cos., Inc.

      13,139       867     

Ulta Beauty, Inc.*

      2,089       754     

Williams-Sonoma, Inc.

      12,739       2,259     
     
        18,088           
 

 

See Notes to the Financial Statements.

 

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 		   EQUITY FUNDS

 

SCHEDULE OF INVESTMENTS

 

  

    

U.S. QUALITY ESG FUND    continued

 

 

    

NUMBER

OF SHARES

  

        VALUE  

(000S)  

    

    

  

COMMON STOCKS - 99.3%     continued

 

    

Technology Hardware, Storage & Peripherals – 6.2%

 

Apple, Inc.

      170,450           $24,119    

HP, Inc.

      62,706       1,715    
       
               25,834          

Textiles, Apparel & Luxury Goods – 1.2%

 

    

Carter’s, Inc.

      9,002       875    

Deckers Outdoor Corp.*

      489       176    

Hanesbrands, Inc.

      102,831       1,765    

NIKE, Inc., Class B

      15,811       2,296    
       
               5,112          

Trading Companies & Distributors – 1.1%

 

    

Fastenal Co.

      46,098       2,379    

W.W. Grainger, Inc.

      5,684       2,234    
       
               4,613          

Total Common Stocks

                         

(Cost $340,862)

        413,530    

    

       

INVESTMENT COMPANIES – 0.7%

 

    

Northern Institutional Funds -
U.S. Government Portfolio (Shares), 0.00%(1) (2)

      2,965,368       2,965    
       

Total Investment Companies

                         

(Cost $2,965)

        2,965    

    

       
    

PRINCIPAL

AMOUNT

(000S)

  

VALUE  

(000S)  

        

SHORT-TERM INVESTMENTS – 0.1%

 

    

U.S. Treasury Bill,
0.04%, 1/27/22(3) (4)

      $405       $405    
       

Total Short-Term Investments

                         

(Cost $405)

        405    

    

       
     

Total Investments – 100.1%

 

                

(Cost $344,232)

        416,900    

Liabilities less Other Assets – (0.1%)

 

     (455 )   
       

NET ASSETS – 100.0%

        $416,445    

 

(1)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(2)

7-day current yield as of September 30, 2021 is disclosed.

(3)

Discount rate at the time of purchase.

(4)

Security pledged as collateral to cover margin requirements for open futures contracts.

*

Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

PLC - Public Limited Company

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2021, the Fund had open futures contracts as follows:

 

TYPE   NUMBER OF
CONTRACTS		   NOTIONAL
AMOUNT
(000S)		   CONTRACT
POSITION		   CONTRACT
EXP.		  

VALUE AND

UNREALIZED

APPRECIATION

  (DEPRECIATION)  

(000S)(1)

E-Mini S&P
500

   12   $2,579   Long   12/21   $(89)

 

 

(1)

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At September 30, 2021, the security types for the Fund were:

 

     SECURITY TYPE(1)    % OF NET ASSETS  

Common Stocks

      99.3 % 

Investment Companies

      0.7 % 

Short-Term Investments

      0.1 % 

 

(1) 

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of September 30, 2021:

 

     INVESTMENTS    LEVEL 1
(000S)		      LEVEL 2
(000S)		      LEVEL 3
(000S)		      TOTAL
(000S)		  

Common Stocks(1)

      $413,530        $—        $—        $413,530  

Investment Companies

      2,965        —        —        2,965  

Short-Term Investments

      —        405        —        405  
         

Total Investments

      $416,495        $405        $—        $416,900  

 

    

 

 

See Notes to the Financial Statements.

 

EQUITY FUNDS    226 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

    

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

   INVESTMENTS   

LEVEL 1

(000S)

    

LEVEL 2

(000S)

     

LEVEL 3

(000S)

     

TOTAL

(000S)

  

OTHER FINANCIAL

INSTRUMENTS

           
         

Liabilities

           

Futures Contracts

    $ (89 )      $ —        $—      $ (89 ) 
(1)

Classifications as defined in the Schedule of Investments.

    

 

 

See Notes to the Financial Statements.

 

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 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

NOTES TO THE FINANCIAL STATEMENTS

 

1. ORGANIZATION

Northern Funds (the “Trust”) is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust offers 41 funds as of September 30, 2021, each with its own investment objective (e.g., long-term capital appreciation, total return or income consistent with preservation of capital). The Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, Global Sustainability Index, Global Tactical Asset Allocation, Income Equity, International Equity, International Equity Index, Large Cap Core, Large Cap Value, Mid Cap Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate, Northern Engage360 TM, Small Cap Core, Small Cap Index, Small Cap Value, Stock Index and U.S. Quality ESG Funds (each a “Fund” and collectively, the “Funds”) are separate, diversified investment portfolios of the Trust. Each of the Funds is presented herein.

The Global Tactical Asset Allocation Fund seeks to provide long-term capital appreciation and current income by investing primarily in shares of a combination of underlying mutual funds and exchange-traded funds (“ETFs”). The Fund also may invest in other unaffiliated mutual funds and ETFs (together with affiliated underlying funds and ETFs, the “Underlying Funds”) and other securities and investments not issued by mutual funds. References to the “Fund” or “Funds” herein may include references to the “Underlying Funds”, as applicable.

Except for the Global Sustainability Index, Small Cap Core and U.S. Quality ESG Funds, each Fund is authorized to issue one class of shares designated as the “Shares” class. Effective July 31, 2020, the Global Sustainability Index, Small Cap Core and U.S. Quality ESG Funds are authorized to issue two classes of shares designated as Class K shares and Class I shares.

Northern Trust Investments, Inc. (“NTI”), an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser and administrator for the Funds. The Northern Trust Company (“Northern Trust”), an affiliate of NTI, serves as transfer agent, custodian and sub-administrator to the Funds. Northern Funds Distributors, LLC, not an affiliate of NTI, is the Trust’s distributor.

2. SIGNIFICANT ACCOUNTING POLICIES

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services-Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements    

in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

The net asset value (“NAV”) of each class is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), generally 3:00 P.M. Central Time, on each day the NYSE is open for trading.

A) VALUATION OF SECURITIES AND DERIVATIVE CONTRACTS

Securities are valued at their fair value. Securities traded on United States (“U.S.”) securities exchanges or in the NASDAQ National Market System are principally valued at the regular trading session closing price (generally, 3:00 P.M. Central Time) on the exchange or market in which such securities are principally traded. If any such security is not traded on a valuation date, it is valued at the most recent quoted bid price. Over-the-counter securities not reported in the NASDAQ National Market System are also generally valued at the most recent quoted bid price. Fixed income securities, however, may be valued on the basis of evaluated prices provided by the Funds’ approved independent third-party pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities’ prices, yields, maturities, call features, ratings, institutional size trading in similar groups of securities and developments related to specific securities.

The values of securities of foreign issuers are generally based upon market quotations, which depending upon local convention or regulation, may be the last sale price, the last bid price or the mean between the last bid and asked price as of, in each case, the close of the appropriate exchange or other designated time. Foreign fixed income securities, however, may, like domestic fixed income securities, be valued based on evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities.

Shares of open-end investment companies, other than ETFs, are valued at their NAV. Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. Exchange-traded financial futures and options are valued at the settlement price as established by the exchange on which they are traded. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. Short-term investments with a maturity of 60 days or less are valued at their amortized cost, which NTI, as authorized by the Trust’s Board of Trustees (the “Board”), has determined approximates fair value.

Any securities for which market quotations are not readily available or are believed to be incorrect are valued at fair value as determined in good faith by NTI under the supervision of the

 

    

 

 

 

EQUITY FUNDS    228 
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EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

Board. The Trust, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of fair values normally used by the Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and U.S. GAAP. This may occur particularly with respect to certain foreign securities held by a Fund, in which case the Trust may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of those securities as of the time the Fund’s NAV is calculated.

The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

B) FUTURES CONTRACTS Certain Funds invest in long or short exchange-traded futures contracts for hedging purposes, to increase total return (i.e., for speculative purposes) or to maintain liquidity to meet potential shareholder redemptions, to invest cash balances or dividends or to minimize trading costs. When used as a hedge, a Fund may sell a futures contract in order to offset a decrease in the fair value of its portfolio securities that might otherwise result from a market decline. A Fund may do so either to hedge the value of its portfolio securities as a whole, or to protect against declines occurring prior to sales of securities in the value of the securities to be sold. Conversely, a Fund may purchase a futures contract as a hedge in anticipation of purchases of securities. In addition, a Fund may utilize futures contracts in anticipation of changes in the composition of its portfolio holdings. A Fund bears the market risk arising from changes in the value of these financial instruments. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Futures are marked-to-market each day with the change in value reflected in the unrealized gains or losses. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts in Net realized gains (losses) on futures contracts, and any unrealized gains or losses on open futures contracts in Net change in unrealized appreciation (depreciation) on futures contracts.

The contract position and investment strategy utilized during the six months ended September 30, 2021, was as follows:

 

      CONTRACT
POSITION		    INVESTMENT  
STRATEGY  

Active M Emerging Markets Equity

    Long    Liquidity  

Active M International Equity

    Long    Liquidity  

Emerging Markets Equity Index

    Long    Liquidity  
      CONTRACT
POSITION		    INVESTMENT
STRATEGY

Global Real Estate Index

    Long    Liquidity

Global Sustainability Index

    Long    Liquidity

Income Equity

    Long    Liquidity

International Equity

    Long    Liquidity

International Equity Index

    Long    Liquidity

Large Cap Core

    Long    Liquidity

Large Cap Value

    Long    Liquidity

Mid Cap Index

    Long    Liquidity

Multi-Manager Global Listed Infrastructure

    Long    Liquidity

Northern Engage360TM

    Long    Liquidity

Small Cap Core

    Long    Liquidity

Small Cap Index

    Long    Liquidity

Small Cap Value

    Long    Liquidity

Stock Index

    Long    Liquidity

U.S. Quality ESG

    Long    Liquidity

At September 30, 2021, the aggregate fair value of securities pledged to cover margin requirements for open positions for the Active M Emerging Markets Equity, Active M International Equity, Income Equity, Large Cap Core, Large Cap Value, Mid Cap Index, Multi-Manager Global Listed Infrastructure, Northern Engage360 TM, Small Cap Core, Small Cap Index, Small Cap Value, Stock Index and U.S. Quality ESG Funds was approximately $1,990,000, $4,459,000, $165,000, $415,000, $150,000, $5,564,000, $4,180,000, $890,000, $1,257,000, $4,259,000, $6,788,000, $21,957,000 and $405,000, respectively. At September 30, 2021, the aggregate fair value of cash and foreign currencies to cover margin requirements for open positions for the Emerging Markets Equity Index, Global Real Estate Index, Global Sustainability Index, International Equity and International Equity Index Funds was approximately $4,069,000, $1,083,000, $1,304,000, $257,000 and $4,579,000, respectively. Further information on the impact of these positions on the Funds’ financial statements can be found in Note 10.

C) OPTIONS CONTRACTS Certain Funds buy put options and call options and write covered call options and secured put options for hedging purposes or to earn additional income. When used as a hedge, a Fund may enter into option contracts in order to hedge against adverse price movements of securities which a Fund intends to trade upon. These options may relate to particular securities, foreign and domestic securities indices, financial instruments or foreign currencies. The gains or losses on purchased options contracts are included with Net realized and unrealized gains (losses) on investments on the Statements of Operations. The gains or losses on written options contracts are included with Net realized and unrealized gains (losses) on options written on the Statements of Operations, if applicable.

 

 

 

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  229 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

NOTES TO THE FINANCIAL STATEMENTS     continued

 

The risks associated with purchasing an option include risk of loss of premium, change in fair value and counterparty nonperformance under the contract. Credit risk is mitigated to the extent that the exchange on which a particular options contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. Put and call options purchased are accounted for in the same manner as Fund securities.

The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

In writing an option, a Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by a Fund could result in a Fund selling or buying a security or currency at a price different from the current fair value. Further information on the impact of these positions on the Funds’ financial statements can be found in Note 10.

D) FOREIGN CURRENCY TRANSLATION Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot rates on the NYSE, generally at 3:00 P.M. Central Time. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot rates on the NYSE, generally at 3:00 P.M. Central Time. The gains or losses, if any, on investments from the original purchase date to subsequent sales trade date resulting from changes in foreign exchange rates are included in the Statements of Operations in Net realized gains (losses) on investments and Net change in unrealized appreciation (depreciation) on investments. The gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies and between the trade and settlement dates on investment transactions are included in Net realized gains (losses) on foreign currency transactions and Net change in unrealized appreciation (depreciation) on foreign currency translations in the Statements of Operations.

E) FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS Certain Funds and certain of the Underlying Funds for the Global Tactical Asset Allocation Fund may enter into forward foreign currency exchange contracts for hedging and/or speculative purposes. The objective of a Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. All forward foreign currency exchange contracts are “marked-to-market” daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until the    

settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign currency exchange contracts in the Statements of Operations.

Forward foreign currency exchange contracts are privately negotiated transactions, and can have substantial price volatility. As a result, these contracts offer less protection against default by the other party than is available for instruments traded on an exchange. When used for hedging purposes, forward foreign currency exchange contracts tend to limit any potential gain that may be realized if the value of the Fund’s or an Underlying Fund’s foreign holdings increase because of currency fluctuations. When used for speculative purposes, the contracts may result in additional losses that are not otherwise related to the changes in value of the securities held by a Fund or an Underlying Fund. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The Funds bear the market risk from changes in foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity. Further information on the impact of these positions on the Funds’ financial statements can be found in Note 10. With respect to forward foreign currency exchange transactions that were outstanding as of September 30, 2021 for the Emerging Markets Equity Index Fund, approximately $20,000 was received by Fund as collateral and is included in Due to broker on the Statements of Assets and Liabilities.

F) INVESTMENT TRANSACTIONS AND INCOME Investment transactions are recorded as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method. The interest rates reflected in the Schedules of Investments represent either the stated coupon rate, annualized yield on the date of purchase for discount notes, the current reset rate for floating rate securities, the 7-day yield for money market funds or, for interest-only or principal-only securities, the current effective yield. Cost of investments includes amortization of premiums and accretion of discounts, if any. Dividend income, if any, is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as the information is available. Other non-cash dividends are recognized as investment income at the fair value of the property received. Distributions received from a Fund’s investments in real estate investment trusts (“REITs”) are comprised of return of capital, capital gains and income. The actual character of the amounts received during the year is not known until the fiscal

 

    

 

 

 

EQUITY FUNDS    230 
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EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

year-end. A Fund records the character of distributions received from the REITs during the year based on estimates available. A Fund’s characterization may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

The Funds allocate all income and realized and unrealized gains or losses on a daily basis to each class of shares based upon the relative proportion of the value of shares outstanding of each class, if applicable.

G) EXPENSES Each Fund is charged for those expenses that are directly attributable to that Fund. Expenses arising in connection with a specific class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual fund generally are allocated among all funds in the Trust in proportion to each Fund’s relative net assets. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Expenses are recognized on an accrual basis.

H) REDEMPTION FEES The Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, Global Sustainability Index, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate and Northern Engage360 TM Funds charge a 2 percent redemption fee on the redemption of shares (including by exchange) held for 30 days or less. For the purpose of applying the fee, the Funds use a first-in, first-out (“FIFO”) method so that shares held longest are treated as being redeemed first and shares held shortest are treated as being redeemed last. The redemption fee is paid to the Fund from which the redemption is made and is intended to offset the trading, market impact and other costs associated with short-term money movements in and out of the Funds. The redemption fee may be collected by deduction from the redemption proceeds or, if assessed after the redemption transaction, through a separate billing. The Funds are authorized to waive the redemption fee for certain types of redemptions as described in the Funds’ prospectus.

Redemption fees for the six months ended September 30, 2021, were as follows:

 

  Amounts in thousands    REDEMPTION FEES  

Active M International Equity

    —*

Emerging Markets Equity Index

    $1,000

Global Real Estate Index

    —*

Global Sustainability Index

    —*

International Equity Index

    —*

Multi-Manager Global Listed Infrastructure

    —*

 

*

Amounts round to less than $1,000.

Redemption fees for the fiscal year ended March 31, 2021, were as follows:

 

  Amounts in thousands    REDEMPTION FEES    

Active M Emerging Markets Equity

    –*

Active M International Equity

    –*

Emerging Markets Equity Index

    $19,000

Global Real Estate Index

    $3,000

Global Sustainability Index

    $8,000

International Equity

    –*

International Equity Index

    –*

Multi-Manager Global Listed Infrastructure

    –*

 

*

Amounts round to less than $1,000.

The amounts described above are included in Payments for Shares Redeemed in Note 8—Capital Share Transactions. The impact from redemption fees paid to each Fund was less than $0.001 per share for both fiscal periods. There were no redemption fees for the six months ended September 30, 2021, for the Active M Emerging Markets Equity, International Equity, Multi-Manager Global Real Estate and Northern Engage360TM Funds. There were no redemption fees for the fiscal year ended March 31, 2021, for the Multi-Manager Global Real Estate and Northern Engage360TM Funds.

I) DISTRIBUTIONS TO SHAREHOLDERS Distributions of dividends from net investment income, if any, are declared and paid as follows:

 

     

DECLARATION AND  

PAYMENT FREQUENCY  

Active M Emerging Markets Equity

    Annually

Active M International Equity

    Annually

Emerging Markets Equity Index

    Annually

Global Real Estate Index

    Quarterly

Global Sustainability Index

    Annually

Global Tactical Asset Allocation

    Quarterly

Income Equity

    Monthly

International Equity

    Annually

International Equity Index

    Annually

Large Cap Core

    Quarterly

Large Cap Value

    Annually

Mid Cap Index

    Annually

Multi-Manager Global Listed Infrastructure

    Quarterly

Multi-Manager Global Real Estate

    Quarterly

Northern Engage360TM

    Annually

Small Cap Core

    Annually

Small Cap Index

    Annually

Small Cap Value

    Annually
 

 

 

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EQUITY FUNDS

 

  

    

NOTES TO THE FINANCIAL STATEMENTS     continued

 

     

DECLARATION AND  

PAYMENT FREQUENCY  

Stock Index

    Quarterly

U.S. Quality ESG

    Quarterly

Distributions of net realized capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts to reflect differences between financial reporting and federal income tax basis distributions. The reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications relate to net operating losses, Section 988 currency gains and losses, Passive Foreign Investment Companies (“PFICs”) gains and losses, recharacterization of distributions received from investments in master limited partnerships (“MLPs”), recharacterization of dividends received from investments in REITs, expired capital loss carryforwards, and gains or losses on in-kind transactions. These reclassifications have no impact on the net assets or the NAVs per share of the Funds. At March 31, 2021, the following reclassifications were recorded:

 

  Amounts in thousands   UNDISTRIBUTED
NET INVESTMENT
INCOME (LOSS)		  

ACCUMULATED

UNDISTRIBUTED

NET REALIZED

GAINS (LOSSES)

   CAPITAL  
STOCK  

Active M Emerging Markets Equity

     $ 914     $ (914 )     $ –   

Active M International Equity

       2,894       (2,894 )       –

Emerging Markets Equity Index

       7,767       (7,767 )       –

Global Real Estate Index

       45,018       (9,481 )       (35,537 )

Global Sustainability Index

       699       (699 )       –

Global Tactical Asset Allocation

       (311 )       311       –

Income Equity

       420       (420 )       –

International Equity

       220       (220 )       –

International Equity Index

       4,952       (5,723 )       771

Multi-Manager Global Listed

            

Infrastructure

       82       13,788       (13,870 )

Multi-Manager Global Real Estate

       2,298       (1,397 )       (901 )

Northern Engage360TM

       755       (755 )       –

Small Cap Core

       24       (24 )       –

Small Cap Index

       14       (141 )       127

Small Cap Value

       770       (770 )       –
    Amounts in thousands    UNDISTRIBUTED
NET INVESTMENT
INCOME (LOSS)		    ACCUMULATED
UNDISTRIBUTED
NET REALIZED
GAINS (LOSSES)		   CAPITAL
STOCK		  

Stock Index

    $    –    $    (813)     $    813  

J) FEDERAL INCOME TAXES No provision for federal income taxes has been made since each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute, each year, substantially all of its taxable income and capital gains to its shareholders. Certain Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are recorded. Taxes accrued on unrealized gains are reflected as a liability on the Statements of Assets and Liabilities under the caption Deferred foreign capital gains tax payable and as a reduction in Net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. When assets subject to capital gains tax are sold, accrued taxes are relieved, and the actual amount of the taxes paid is reflected on the Statements of Operations as a reduction in Net realized gains (losses) on Investments. Certain Funds seek to recover a portion of foreign withholding taxes applied to income earned in jurisdictions where favorable treaty rates for US investors are available. The portion of such taxes believed to be recoverable, if any, is reflected as an asset on the Statements of Assets and Liabilities under the caption Receivable for foreign tax reclaims.

During the fiscal year ended March 31, 2021, the Emerging Markets Equity Index, Large Cap Value, Northern Engage360 TM, Small Cap Core and U.S. Quality ESG Funds utilized approximately $120,700,000, $324,000, $7,803,000, $2,190,000 and $702,000, respectively, in capital loss carryforwards.

Capital losses incurred that will be carried forward indefinitely are as follows:

 

    Amounts in thousands    SHORT-TERM
CAPITAL LOSS
CARRYFORWARD		   LONG-TERM
CAPITAL LOSS
  CARRYFOWARD  

Emerging Markets Equity Index

      $23,060           $290,491      

International Equity

      16,650       30,187  

International Equity Index*

      5,370       620,563  

Large Cap Value

      –       2,037  

 

  *

Amounts include acquired capital loss carryovers which may be limited under current tax laws.

At November 30, 2020, the Global Real Estate Index and Multi-Manager Global Real Estate Funds’ most recent tax year end, the non-expiring short-term capital losses were approximately $6,743,000 and $5,930,000, respectively, and

 

    

 

 

 

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long-term capital losses were approximately $133,029,000 and $4,209,000, respectively. The Funds may offset future capital gains with these capital loss carryforwards.

At March 31, 2021, the tax components of undistributed net investment income, undistributed realized gains and unrealized gains (losses) were as follows:

 

     UNDISTRIBUTED    
  Amounts in thousands    ORDINARY
INCOME*		   LONG-TERM
CAPITAL GAINS		   UNREALIZED
GAINS (LOSSES)

Active M Emerging Markets

     

Equity

    $ 23,771       $ 40,777       $ 86,552      

Active M International Equity

      12,354       15,600       147,224  

Emerging Markets Equity Index

      17,852       –       860,990  

Global Sustainability Index

      5,896       30,379       321,345  

Global Tactical Asset

     

Allocation

      –       1,527       13,820  

Income Equity

      1,852       1,300       55,068  

International Equity

      3,606       –       11,383  

International Equity Index

      45,807       –       1,621,310  

Large Cap Core

      2,358       6,627       99,423  

Large Cap Value

      986       –       9,724  

Mid Cap Index

      50,454       68,485       935,760  

Northern Engage360TM

      2,273       5,544       88,396  

Small Cap Core

      2,716       20,735       252,615  

Small Cap Index

      3,608       33,340       718,395  

Small Cap Value

      13,768       99,528       1,077,854  

Stock Index

      16,730       110,303       7,255,412  

U.S. Quality ESG

      2,957       3,300       64,876  

 

  *

Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax components of undistributed net ordinary income, net long-term capital gains and unrealized gains (losses) at November 30, 2020, the Global Real Estate Index, Multi-Manager Global Listed Infrastructure and Multi-Manager Global Real Estate Funds’ last tax year end, were as follows:

 

     UNDISTRIBUTED    
  Amounts in thousands    ORDINARY
INCOME*		   LONG-TERM
CAPITAL GAINS		   UNREALIZED
GAINS (LOSSES)

Global Real Estate Index

      $      –         $      –         $223,053      

Multi-Manager Global Listed Infrastructure

      1,584       7,934       58,814  

Multi-Manager Global Real Estate

      1,431       –       14,101  

 

  *

Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax character of distributions paid during the fiscal year ended March 31, 2021, was as follows:

 

     DISTRIBUTIONS FROM  
  Amounts in thousands    ORDINARY
INCOME*		   LONG-TERM  
CAPITAL GAINS  

Active M Emerging Markets Equity

    $ 4,000         $  26,239      

Active M International Equity

      5,234       –  

Emerging Markets Equity Index

      56,778       –  

Global Sustainability Index

      15,377       22  

Global Tactical Asset Allocation

      3,162       4,405  

Income Equity

      2,508       8,206  

International Equity

      5,764       –  

International Equity Index

      103,477       –  

Large Cap Core

      3,348       –  

Large Cap Value

      855       –  

Mid Cap Index

      34,067       72,629  

Northern Engage360TM

      3,438       –  

Small Cap Core

      3,468       19,725  

Small Cap Index

      18,255       32,489  

Small Cap Value

      39,652       12,338  

Stock Index

      151,659       256,239  

U.S. Quality ESG

      2,271       1,369  

 

  *

Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax character of distributions paid during the fiscal year ended March 31, 2020, was as follows:

 

     DISTRIBUTIONS FROM
  Amounts in thousands    ORDINARY
INCOME*		   LONG-TERM  
CAPITAL GAINS  

Active M Emerging Markets Equity

    $ 24,500         $  20,900      

Active M International Equity

      20,146       30,000  

Emerging Markets Equity Index

      76,000       –  

Global Sustainability Index

      15,009       6,408  

Global Tactical Asset Allocation

      2,510       –  

Income Equity

      3,527       12,000  

International Equity

      6,938       –  

International Equity Index

      172,000       –  

Large Cap Core

      4,473       5,400  

Large Cap Value

      1,500       –  

Mid Cap Index

      34,000       20,750  

Northern Engage360TM

      4,322       –  

Small Cap Core

      3,428       25,869  

Small Cap Index

      15,500       7,300  

Small Cap Value

      38,800       170,000  

Stock Index

      173,198       68,627  
 

 

 

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NOTES TO THE FINANCIAL STATEMENTS     continued

 

     DISTRIBUTIONS FROM
  Amounts in thousands    ORDINARY
INCOME*		    LONG-TERM  
CAPITAL GAINS    

U.S. Quality ESG

    $    1,598    $    425

 

  *

Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax character of distributions paid during the Global Real Estate Index, the Multi-Manager Global Listed Infrastructure and the Multi-Manager Global Real Estate Funds’ tax years ended November 30, 2020 and November 30, 2019 was designated for the purpose of the dividends paid deductions as follows:

 

     NOVEMBER 30, 2020 AND
NOVEMBER 30, 2019
DISTRIBUTIONS FROM		  
  Amounts in thousands    ORDINARY
INCOME*		     LONG-TERM
CAPITAL
GAINS		      RETURN OF
CAPITAL		  

Global Real Estate Index (2020)

      $73,463 **      $         –        $22,242 ** 

Global Real Estate Index (2019)

      53,911       –        –  

Multi-Manager Global Listed

        

Infrastructure (2020)

      23,341       –        –  

Multi-Manager Global Listed Infrastructure (2019)

      28,660       65,734        –  

Multi-Manager Global Real Estate (2020)

      3,978       –        –  

Multi-Manager Global Real Estate (2019)

      4,038       69        –  

 

  *  

Ordinary income includes taxable market discount income and short-term capital gains, if any.

  **

The tax character of distributions paid during the tax year ended November 30, 2020 have been restated from what was previously reported as $95,705 and $0 for ordinary income and return of capital, respectively.

The Global Real Estate Index, the Multi-Manager Global Listed Infrastructure and the Multi-Manager Global Real Estate Funds have a tax year end of November 30th. Therefore, the tax character of distributions paid for the period December 1, 2020 through March 31, 2021 will be determined at the end of its tax year.

As of March 31, 2021, no Fund had uncertain tax positions that would require financial statement recognition or disclosure. The Funds’ federal tax returns remain subject to examination by the Internal Revenue Service for three years after they are filed. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Funds will be recorded as Interest expense and Other expenses, respectively, on the Statements of Operations.

K) OTHER RISKS Certain Funds may invest in emerging market securities. Additional risks are involved when a Fund invests its assets in countries with emerging economies or securities markets.

These countries generally are located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Political and economic structures in many of these countries may lack the social, political and economic stability characteristics of more developed countries. In general, the securities markets of these countries are less liquid, subject to greater price volatility and have smaller market capitalizations. As a result, the risks presented by investments in these countries are heightened.

The Multi-Manager Global Listed Infrastructure Fund invests in MLPs. The benefits derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs held by the Fund were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investments in such MLPs would be materially reduced, causing a decline in the value of the common stock. The Fund must include its allocable share of an MLP’s taxable income in its reportable taxable income, whether or not it receives a distribution in cash from the MLP. In such case, the Fund may have to liquidate securities to make required distributions to shareholders.

3. SERVICE PLAN

The Trust has adopted a Service Plan pursuant to which the Trust may enter into agreements with Northern Trust, its affiliates or other institutions (together “Service Organizations”) under which the Service Organizations agree to provide certain administrative support services and, in some cases, personal and account maintenance services for their customers, who are beneficial owners of shares of the Funds. As compensation for services provided pursuant to the Service Plan, the Service Organizations receive a fee at an annual rate of up to 0.15 percent of the average daily net assets of the Shares class or Class I shares of the Funds, as applicable, beneficially owned by their customers.

NTI has contractually agreed to limit payments of service fees from Class I shares of the Global Sustainability Index, Small Cap Core and U.S. Quality ESG Funds to an annual rate of 0.05 percent, 0.10 percent and 0.10 percent, respectively, of the average daily net assets of the Class I shares of these Funds. There is no service fee permitted by Class K shares of the Global Sustainability Index, Small Cap Core and U.S. Quality ESG Funds.

There were no shareholder servicing fees paid by the Funds to Northern Trust or its affiliates during the six months ended September 30, 2021.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the six months ended September 30, 2021.

 

    

 

 

 

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4. BANK BORROWINGS

The Trust and Northern Institutional Funds, a registered investment company also advised by NTI, jointly entered into a $250,000,000 senior unsecured revolving credit facility on November 16, 2020, which is administered by Citibank, N.A., for liquidity and other purposes (the “Credit Facility”). The interest rate charged under the Credit Facility is equal to the sum of (i) the Federal Funds Rate plus (ii) if the one month London Interbank Offered Rate (“LIBOR”) on the date of borrowing exceeded such Federal Funds Rate, the amount by which it so exceeded, plus (iii) 1.25 percent. In addition, there is an annual commitment fee of 0.15 percent on the unused portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statements of Operations.

During the six months ended September 30, 2021, the following Funds had borrowings with the average loan amounts and weighted average interest rates as disclosed below:

 

  Amounts in thousands    DOLLAR
AMOUNT		    RATE  

Global Tactical Asset Allocation

    $100    1.35%  

Large Cap Core

      600    1.36      

No other Funds had any borrowings or incurred any interest expense during the six months ended September 30, 2021. There were no outstanding loan amounts at September 30, 2021.

5. MANAGEMENT AND OTHER AGREEMENTS

As compensation for advisory services (asset allocation services for the Global Tactical Asset Allocation Fund), administration services and the assumption of related expenses, NTI is entitled to a management fee, computed daily and payable monthly, at the annual rates set forth in the table below (expressed as a percentage of each Fund’s respective average daily net assets).

NTI has contractually agreed to reimburse a portion of the operating expenses of each Fund (other than certain excepted expenses, i.e., acquired fund fees and expenses, service fees for the Global Sustainability Index, Small Cap Core and U.S. Quality ESG Funds, the compensation paid to each independent Trustee of the Trust, expenses of third-party consultants engaged by the Board, membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum, expenses in connection with the negotiation and renewal of the revolving credit facility, extraordinary expenses and interest) except for the Northern Engage360 TM and the U.S. Quality ESG Funds, for which NTI has contractually agreed to reimburse a portion of operating expenses (other than acquired fund fees and extraordinary expenses for the Northern Engage360 TM Fund and other than service fees and extraordinary expenses for the U.S. Quality ESG Fund), as shown on the accompanying Statements of Operations, to the extent the total annual fund operating expenses of the Funds exceed the expense limitations set forth below. The total annual fund

operating expenses after expense reimbursement for each Fund may be higher than the contractual limitation as a result of certain excepted expenses that are not reimbursed. The amount of the reimbursement is included in Less expenses reimbursed by investment adviser as a reduction to Total Expenses in the Statements of Operations.

At September 30, 2021, the annual management fees and contractual expense limitations for the Funds were based on the following annual rates as set forth in the table below.

 

     CONTRACTUAL  
      ANNUAL
MANAGEMENT FEES		   EXPENSE  
LIMITATIONS  

Emerging Markets Equity Index

      0.21 %          0.30 %     

Global Real Estate Index

      0.40 %      0.50 % 

Global Sustainability Index

      0.18 %      0.25 % 

Global Tactical Asset Allocation

      0.23 %      0.25 % 

International Equity

      0.48 %      0.50 % 

International Equity Index

      0.18 %      0.25 % 

Large Cap Core

      0.44 %      0.45 % 

Large Cap Value

      0.53 %      0.55 % 

Mid Cap Index

      0.13 %      0.15 % 

Small Cap Core

      0.47 %      0.49 % 

Small Cap Index

      0.13 %      0.15 % 

Small Cap Value

      0.95 %      1.00 % 

Stock Index

      0.08 %      0.10 % 

U.S. Quality ESG

      0.37 %      0.39 % 

 

    CONTRACTUAL ANNUAL
MANAGEMENT FEES		  

CONTRACTUAL

EXPENSE

LIMITATIONS

    

FIRST

$1 BILLION

  

NEXT

$1 BILLION

  

OVER

$2 BILLION

Active M Emerging Markets Equity

   1.08%   1.048%   1.017%   1.10%

Active M International Equity

   0.82%   0.795%   0.771%   0.84%

Income Equity

   0.95%   0.922%   0.894%   1.00%

Multi-Manager Global Listed Infrastructure

   0.90%   0.873%   0.847%   1.00%

Multi-Manager Global Real Estate

   0.89%   0.863%   0.837%   0.91%

Northern Engage360TM

   0.68%   0.660%   0.640%   0.70%

The contractual reimbursement arrangements described above are expected to continue until at least July 31, 2022. The contractual reimbursement arrangements will continue automatically thereafter for periods of one year (each such one-year period, a “Renewal Year”). The arrangements may be terminated, as to any succeeding Renewal Year, by NTI or a Fund upon 60 days’ written notice prior to the end of the current Renewal Year. The Board

 

 

 

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may terminate the contractual arrangements at any time with respect to a Fund if it determines that it is in the best interest of the Fund and its shareholders.

In addition, during the six months ended September 30, 2021, NTI reimbursed certain additional expenses that may be excepted expenses.

Pursuant to the Management Agreement with the Trust, NTI is responsible for performing and overseeing investment management services to the Funds.

The Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate and Northern Engage360 TM Funds are managed by NTI and one or more investment sub-advisers unaffiliated with NTI (each a “Sub-Adviser” and together, the “Sub-Advisers”). In addition to selecting the overall investment strategies of the Funds, NTI oversees and monitors the selection and performance of any investment sub-advisers to the Funds (collectively, the “Sub-Advisers”) and allocates resources among the Sub-Advisers. The Sub-Advisers manage each sub-advised Fund’s investment portfolio pursuant to Sub-Advisory Agreements with NTI.

As of September 30, 2021, Axiom International Investors LLC, Ashmore Investment Management Limited and Westwood Global Investments, LLC are the Sub-Advisers for the Active M Emerging Markets Equity Fund.

As of September 30, 2021, Causeway Capital Management LLC, Polen Capital Management, LLC, Victory Capital Management Inc., WCM Investment Management, LLC and Wellington Management Company LLP are the Sub-Advisers for the Active M International Equity Fund.

As of September 30, 2021, First Sentier Investors (Australia) IM Ltd., Lazard Asset Management LLC and Maple-Brown Abbott Limited are the Sub-Advisers for the Multi-Manager Global Listed Infrastructure Fund.

As of September 30, 2021, Janus Capital Management, LLC and Massachusetts Financial Services Company are the Sub-Advisers for the Multi-Manager Global Real Estate Fund.

As of September 30, 2021, Ariel Investments, LLC, Aristotle Capital Management, LLC, ARK Investment Management, LLC, Earnest Partners, LLC, Mar Vista Investment Partners, LLC and Strategic Global Advisors, LLC are the Sub-Advisers for the Northern Engage360 TM Fund.

NTI is responsible for payment of sub-advisory fees to these Sub-Advisers.

As compensation for services rendered as transfer agent, including the assumption by Northern Trust of the expenses related thereto, Northern Trust receives a fee, computed daily and payable monthly, at an annual rate of 0.0385 percent of the average daily net assets of each Fund.

NTI has entered into a sub-administration agreement with Northern Trust, pursuant to which Northern Trust performs certain administrative services for the Funds. NTI pays Northern Trust for its sub-administration services out of NTI’s management fees. Northern Trust also performs certain administrative services for certain Sub-Advisers pursuant to separate agreements with such Sub-Advisers.

For compensation as custodian, Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board. The Funds have entered into an expense offset arrangement with the custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Funds’ custodian expenses, unless such uninvested cash balances receive a separate type of return.

Northern Funds Distributors, LLC, the distributor for the Funds, received no compensation from the Funds under its distribution agreement. However, it received compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.

Certain officers of the Trust are also officers of Northern Trust and NTI. All officers serve without compensation from the Funds. The Trust provided a deferred compensation plan for its Trustees who are not officers of Northern Trust or NTI. Prior to August 22, 2013, under the deferred compensation plan, Trustees may have elected to defer all or a portion of their compensation. Effective August 22, 2013, the Trustees may no longer defer their compensation. Any amounts deferred and invested under the plan shall remain invested pursuant to the terms of the plan. Each Trustee’s account shall be deemed to be invested in shares of the U.S. Government Portfolio of Northern Institutional Funds and/or the Global Tactical Asset Allocation Fund and/or, at the discretion of the Trust, another money market fund selected by the Trust that complies with the provisions of Rule 2a-7 under the 1940 Act or one or more short-term fixed-income instruments selected by the Trust that are “eligible securities” as defined by that rule. The net investment income, gains and losses achieved by such deemed investment shall be credited to the Trustee’s account as provided in the plan.

6. RELATED PARTY TRANSACTIONS

Each Fund may invest its uninvested cash in a money market fund advised by NTI or its affiliates. Accordingly, each Fund bears indirectly a proportionate share of that money market fund’s operating expenses. These operating expenses include the management, transfer agent and custody fees that the money market fund pays to NTI and/or its affiliates. At September 30,

 

    

 

 

 

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2021, the uninvested cash of the Funds is invested in the Northern Institutional Funds U.S. Government Portfolio (the “Portfolio”). The total annual portfolio operating expenses after expense reimbursement (other than certain excepted expenses as described in the fees and expenses table of the Portfolio’s prospectus) on any assets invested in the Portfolio is 0.25 percent. For the six months ended September 30, 2021, NTI reimbursed each Fund for a portion of the management fees attributable to and payable by the Funds for advisory services on any assets invested in an affiliated money market fund. This reimbursement is included in Less expenses reimbursed by the investment adviser as a reduction to Total Expenses in the Statements of Operations. This reimbursement’s impact on each Fund’s net expense and net investment income ratios is included in each Fund’s Financial Highlights.

The Funds are permitted to purchase and sell securities from or to certain affiliated funds or portfolios under specific conditions outlined in Rule 17a-7 Procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price as defined in the Rule 17a-7 Procedures. For the six months ended September 30, 2021, the following Funds engaged in purchases and/or sales of securities from an affiliated entity:

 

  Amount in thousands   

 

PURCHASES

  

 

SALES*    

Multi-Manager Global Listed Infrastructure

        $-     $ (664)      

Multi-Manager Global Real Estate

        -       (41)      

 

  *

During the six months ended September 30, 2021, the realized gains (losses) associated with these transactions were approximately $(44,000) and $12,000, respectively.

During the six months ended September 30, 2021, the Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, Global Tactical Asset Allocation, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure and Multi-Manager Global Real Estate received reimbursements from Northern Trust of approximately $14,000, $11,000, $10,000, $7,000, $1,000, $5,000, $6,000, $12,000 and $1,000, respectively, in connection with errors. The Global Sustainability Index and Northern Engage360TM Funds each received reimbursements of less than $1,000 in connection with errors. These reimbursements are included in Net investment income in the Statements of Operations and Statements of Changes in Net Assets and in Net investment income in the Financial Highlights. These cash contributions represent less than $0.01 per share for each of the Funds.

During the six months ended September 30, 2021, the Stock Index Fund received reimbursements from Northern Trust of approximately $2,000 in connection with an error. This reimbursement is included in Capital share transactions in the Statements of Changes in Net Assets. The cash contribution represents less than $0.01 per share and had no effect on the Fund’s total return.

During the fiscal year ended March 31, 2021, the Active M Emerging Markets Equity, the Active M International Equity and the Emerging Markets Equity Index Funds received reimbursements from Northern Trust of approximately $41,000, $26,000 and $151,000, respectively, in connection with an error. These reimbursements are included in Net investment income in the Statements of Changes in Net Assets and in Net investment income in the Financial Highlights. These cash contributions represent less than $0.01 for each of the Funds.

During the fiscal year ended March 31, 2021, the Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate and Northern Engage360TM Funds received reimbursements from NTI of approximately $3,000, $6,000, $5,000, $1,000 and $1,000, respectively, in connection with errors. These reimbursements are included in Net realized gains on investments in the Statements of Changes in Net Assets and in Net realized and unrealized gain in the Financial Highlights. These cash contributions represent less than $0.01 per share for each of the Funds and had no effect on the Funds’ total return.

Certain uninvested foreign currency balances of the Funds may pay/receive a return to/from Northern Trust based on a market return it pays/receives less an administrative fee. For the six-month period ended September 30, 2021, the Active M International Equity, Global Real Estate Index, Global Sustainability Index, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure and Northern Engage 360TM Funds paid Northern Trust approximately $9,000, $5,000, $9,000, $2,000, $48,000, $3,000 and $7,000, respectively. The Active M Emerging Markets Equity, Emerging Markets Equity Index and Multi-Manager Global Real Estate Funds each paid amounts to Northern Trust of less than $1,000. The Active M International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure and Northern Engage 360TM Funds received amounts from Northern Trust of less than $1,000. These amounts are included in Dividend income or Interest income on the Funds’ Statements of Operations.

 

 

 

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EQUITY FUNDS

 

  

    

NOTES TO THE FINANCIAL STATEMENTS     continued

 

7. INVESTMENT TRANSACTIONS

For the six months ended September 30, 2021, the aggregate costs of purchases and proceeds from sales of securities (excluding short–term investments) for the Funds were as follows:

 

    PURCHASES   SALES
  Amounts in thousands   U.S. GOVERNMENT   OTHER   U.S. GOVERNMENT   OTHER

Active M Emerging Markets Equity

     $ –     $ 181,742     $ –     $ 213,780  

Active M International Equity

       –       102,912       –       119,753

Emerging Markets Equity Index

       –       228,399       –       243,140

Global Real Estate Index

       –       48,237       –       66,239

Global Sustainability Index

       –       175,912       –       79,407

Global Tactical Asset Allocation

       –       19,926       –       22,743

Income Equity

       –       49,636       –       48,873

International Equity

       –       16,594       –       12,749

International Equity Index

       –       229,576       –       232,404

Large Cap Core

       –       70,568       –       79,990

Large Cap Value

       –       29,417       –       30,501

Mid Cap Index

       –       209,713       –       283,861

Multi-Manager Global Listed Infrastructure

       –       179,337       –       265,185

Multi-Manager Global

                

Real Estate

       –       39,323       –       39,954

Northern Engage360TM

       –       53,366       –       104,188

Small Cap Core

       –       72,796       –       85,639

Small Cap Index

       –       269,496       –       274,558

Small Cap Value

       –       455,323       –       743,706

Stock Index

       –       153,573       –       257,938

U.S. Quality ESG

       –       166,460       –       74,381

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain foreign currency contracts, the deferral of post-October currency and capital losses for tax purposes and the timing of income recognition on investments in REITs and PFICs.

At September 30, 2021, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including

the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:

 

  Amounts in

  thousands

  

UNREALIZED

APPRECIATION

  

UNREALIZED

DEPRECIATION

  

NET

APPRECIATION

(DEPRECIATION)

  

COST

BASIS OF

INVESTMENTS

Active M Emerging Markets Equity

     $ 59,596     $ (12,134 )     $ 47,462     $ 347,617  

Active M International Equity

       168,365       (20,969 )       147,396       542,393

Emerging Markets Equity Index

       780,465       (96,018 )       684,447       1,579,854

Global Real Estate Index

       438,339       (60,123 )       378,216       1,101,315

Global Sustainability Index

       382,394       (11,910 )       370,484       787,938

Global Tactical Asset Allocation

       15,625       (211 )       15,414       105,404

Income Equity

       50,918       (1,677 )       49,241       111,964

International Equity

       15,805       (4,447 )       11,358       97,149

International Equity Index

       1,981,570       (235,840 )       1,745,730       3,719,680

Large Cap Core

       103,848       (2,245 )       101,603       183,013

Large Cap Value

       7,635       (1,098 )       6,537       58,893

Mid Cap Index

       919,662       (54,845 )       864,817       1,618,667

Multi-Manager

                

Global Listed Infrastructure

       98,717       (28,342 )       70,375       1,002,518

Multi-Manager Global Real Estate

       36,249       (2,428 )       33,821       168,741

Northern Engage360TM

       88,463       (7,973 )       80,490       269,765

Small Cap Core

       224,015       (15,141 )       208,874       329,009

Small Cap Index

       669,861       (86,505 )       583,356       987,926

Small Cap Value

       839,176       (64,749 )       774,427       1,865,812

Stock Index

       8,128,313       (67,447 )       8,060,866       3,808,949

U.S. Quality ESG

       78,003       (6,134 )       71,869       344,942

 

    

 

 

 

EQUITY FUNDS    238 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

8. CAPITAL SHARE TRANSACTIONS

Transactions in Shares class for the six months ended September 30, 2021, were as follows:

 

  Amounts in thousands  

SHARES

SOLD

  

PROCEEDS

FROM

SHARES SOLD

  

SHARES FROM

REINVESTED

DIVIDENDS

  

  REINVESTMENTS  

OF

DIVIDENDS

  

SHARES

REDEEMED

  

PAYMENTS

FOR SHARES

REDEEMED

  

NET

INCREASE

(DECREASE)

IN SHARES

  

NET

INCREASE

(DECREASE)

  IN NET ASSETS  

Active M Emerging Markets Equity

       932     $ 20,835       –     $ –       (2,236 )     $ (49,939 )       (1,304 )     $ (29,104 )

Active M International Equity

       571       7,951       –       –       (2,641 )       (36,113 )       (2,070 )       (28,162 )

Emerging Markets Equity Index

       12,124       174,501       –       –       (13,766 )       (199,112 )       (1,642 )       (24,611 )

Global Real Estate Index

       8,922       103,259       363       4,207       (11,010 )       (126,917 )       (1,725 )       (19,451 )

Global Tactical Asset Allocation

       494       7,076       43       609       (792 )       (11,318 )       (255 )       (3,633 )

Income Equity

       625       9,718       51       815       (594 )       (9,420 )       82       1,113

International Equity

       532       5,422       –       –       (453 )       (4,642 )       79       780

International Equity Index

       15,166       223,196       –       –       (21,670 )       (318,752 )       (6,504 )       (95,556 )

Large Cap Core

       509       14,023       49       1,362       (890 )       (24,230 )       (332 )       (8,845 )

Large Cap Value

       75       1,621       –       –       (152 )       (3,292 )       (77 )       (1,671 )

Mid Cap Index

       6,346       156,348       –       –       (9,741 )       (240,482 )       (3,395 )       (84,134 )

Multi-Manager Global Listed Infrastructure

       3,113       42,375       511       6,886       (11,652 )       (158,325 )       (8,028 )       (109,064 )

Multi-Manager Global Real Estate

       880       11,108       44       568       (682 )       (8,685 )       242       2,991

Northern Engage360TM

       14       204       –       –       (4,339 )       (61,112 )       (4,325 )       (60,908 )

Small Cap Index

       5,763       100,809       –       –       (6,537 )       (113,861 )       (774 )       (13,052 )

Small Cap Value

       10,295       244,285       –       –       (23,605 )       (558,359 )       (13,310 )       (314,074 )

Stock Index

       8,957       430,288       322       15,684       (15,345 )       (739,588 )       (6,066 )       (293,616 )

Transactions in Shares class for the fiscal year ended March 31, 2021, were as follows:

 

 

  Amounts in thousands  

SHARES

SOLD

  

PROCEEDS

FROM

SHARES SOLD

  

SHARES FROM

REINVESTED

DIVIDENDS

  

  REINVESTMENTS  

OF

DIVIDENDS

  

SHARES

REDEEMED

  

PAYMENTS

FOR SHARES

REDEEMED

  

NET

INCREASE

(DECREASE)

IN SHARES

  

NET

INCREASE

(DECREASE)

  IN NET ASSETS  

Active M Emerging Markets Equity

       5,834     $   120,232       973     $  20,766       (10,179 )     $ (191,968 )       (3,372 )     $ (50,970 )

Active M International Equity

       3,960       43,992       32       386       (19,679 )       (189,286 )       (15,687 )       (144,908 )

Emerging Markets Equity Index

       63,627       826,815       1,053       14,517       (68,614 )       (830,819 )       (3,934 )       10,513

Global Real Estate Index

       28,802       263,452       741       6,832       (112,064 )       (1,001,876 )       (82,521 )       (731,592 )

Global Sustainability Index *

       9,922       142,839       –       –       (65,056 )**       (999,402 )**       (55,134 )       (856,563 )

Global Tactical Asset Allocation

       753       9,723       527       6,928       (1,598 )       (20,806 )       (318 )       (4,155 )

Income Equity

       815       10,916       736       10,090       (2,518 )       (32,165 )       (967 )       (11,159 )

International Equity

       993       8,602       164       1,496       (7,320 )       (57,275 )       (6,163 )       (47,177 )

International Equity Index

       62,952       768,053       1,202       16,113       (94,142 )       (1,066,069 )       (29,988 )       (281,903 )

Large Cap Core

       2,641       56,076       139       3,018       (2,069 )       (44,593 )       711       14,501

Large Cap Value

       332       5,138       46       810       (812 )       (13,159 )       (434 )       (7,211 )

Mid Cap Index

       23,172       407,328       3,881       80,914       (45,935 )       (822,856 )       (18,882 )       (334,614 )

Multi-Manager Global Listed Infrastructure

       29,534       345,544       878       10,586       (25,522 )       (301,788 )       4,890       54,342

Multi-Manager Global Real Estate

       7,697       75,039       107       1,118       (3,234 )       (32,243 )       4,570       43,914

Northern Engage360TM

       1,234       15,212       258       3,325       (118 )       (1,491 )       1,374       17,046

Small Cap Core *

       1,017       21,041       –       –       (19,545 )***       (451,334 )***       (18,528 )       (430,293 )

Small Cap Index

       24,859       315,724       2,394       36,681       (30,731 )       (389,525 )       (3,478 )       (37,120 )

Small Cap Value

       29,871       521,935       2,520       49,799       (59,541 )       (1,046,337 )       (27,150 )       (474,603 )
 

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  239 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

NOTES TO THE FINANCIAL STATEMENTS     continued

 

  Amounts in thousands  

  SHARES  

SOLD

  

PROCEEDS

FROM

  SHARES SOLD  

  

  SHARES FROM  

REINVESTED

DIVIDENDS

  

  REINVESTMENTS  

OF

DIVIDENDS

  

  SHARES  

REDEEMED

  

PAYMENTS

  FOR SHARES  

REDEEMED

  

NET

INCREASE

  (DECREASE)  

IN SHARES

  

NET

INCREASE

(DECREASE)

  IN NET ASSETS  

Stock Index

       28,819       $1,106,357       6,036       $249,003       (50,157 )       $(1,868,040 )        (15,302 )       $(512,680 ) 

U.S. Quality ESG *

       3,255       38,828       3       36       (13,632 )****       (176,744 )****       (10,374 )       (137,880 )

*   Shares class of the Global Sustainability Index Fund, Small Cap Core Fund and U.S. Quality ESG Fund ceased operations on July 31, 2020.

**  Amounts include shares of approximately 26,260,000 and 33,292,000 and proceeds of approximately $407,037,000 and $516,131,000 for the Global Sustainability Index Fund which were transferred due to the conversion of the Shares class to Class K and Class I, respectively. The transfer was completed on July 31, 2020.

***  Amounts include shares of approximately 8,648,000 and 8,230,000 and proceeds of approximately $202,885,000 and $193,126,000 for the Small Cap Core Fund which were transferred due to the conversion of the Shares class to Class K and Class I, respectively. The transfer was completed on July 31, 2020.

****  Amounts include shares of 13,262,000 and proceeds of $172,453,000 for the U.S. Quality ESG Fund which were transferred due to the conversion of the Shares class to Class K. The transfer was completed on July 31, 2020.

 

Transactions in Class K shares for the six months ended September 30, 2021, were as follows:

 

    

   

   

   

 

  Amounts in thousands  

  SHARES  

SOLD

  

PROCEEDS

FROM

  SHARES SOLD  

  

  SHARES FROM  
REINVESTED

DIVIDENDS

  

  REINVESTMENTS  
OF

DIVIDENDS

  

SHARES

  REDEEMED  

  

PAYMENTS

  FOR SHARES  

REDEEMED

  

NET

INCREASE

  (DECREASE)  

IN SHARES

  

NET

INCREASE

(DECREASE)

  IN NET ASSETS  

Global Sustainability Index

       6,829       $139,651       –       $  –       (607 )       $(12,071 )        6,222       $127,580

Small Cap Core

       423       14,059       –       –       (379 )       (12,710 )       44       1,349

U.S. Quality ESG

       5,758       103,915       16       285       (613 )       (10,647 )       5,161       93,553

 

Transactions in Class K shares for the fiscal year ended March 31, 2021, were as follows:

 

 

  Amounts in thousands  

  SHARES  

SOLD

  

PROCEEDS

FROM

  SHARES SOLD  

  

  SHARES FROM  

REINVESTED

DIVIDENDS

  

  REINVESTMENTS  

OF

DIVIDENDS

  

SHARES

  REDEEMED  

  

PAYMENTS

  FOR SHARES  

REDEEMED

  

NET

INCREASE

  (DECREASE)  

IN SHARES

  

NET

INCREASE

(DECREASE)

  IN NET ASSETS  

Global Sustainability Index*

       28,548 **       $446,548 **       45       $  795       (1,063 )       $(17,569 )        27,530       $429,774

Small Cap Core*

       9,409 ***       221,089 ***       369       10,600       (950 )       (26,125 )       8,828       205,564

U.S. Quality ESG*

       19,320 ****       261,271 ****       108       1,603       (924 )       (13,778 )       18,504       249,096

 

*   Commenced class operations on July 31, 2020.

**  Amounts include shares of approximately 26,260,000 and proceeds of approximately $407,037,000 for the Global Sustainability Index Fund which were transferred due to the conversion of the Shares class to Class K. The transfer was completed on July 31, 2020.

***  Amounts include shares of approximately 8,648,000 and proceeds of approximately $202,885,000 for the Small Cap Core Fund which were transferred due to the conversion of the Shares class to Class K. The transfer was completed on July 31, 2020.

****  Amounts include shares of 13,262,000 and proceeds of $172,453,000 for the U.S. Quality ESG Fund which were transferred due to the conversion of the Shares class to Class K. The transfer was completed on July 31, 2020.

 

Transactions in Class I shares for the six months ended September 30, 2021, were as follows:

 

    

   

   

   

 

  Amounts in thousands     SHARES  
SOLD		  

PROCEEDS

FROM

  SHARES SOLD  

  

  SHARES FROM  

REINVESTED

DIVIDENDS

  

  REINVESTMENTS  

OF

DIVIDENDS

  

SHARES

  REDEEMED  

  

PAYMENTS

  FOR SHARES  

REDEEMED

  

NET

INCREASE

  (DECREASE)  

IN SHARES

  

NET

INCREASE

(DECREASE)

  IN NET ASSETS  

Global Sustainability Index

       4,872       $98,301       –       $–       (6,772 )       $(136,489 )        (1,900 )       $(38,188 ) 

Small Cap Core

       439       14,596       –       –       (810 )       (26,910 )       (371 )       (12,314 )

U.S. Quality ESG

       28       495       –*       1       (1 )       (10 )       27       486

 

    

 

 

 

EQUITY FUNDS    240 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

  *

Amount rounds to less than one thousand.

Transactions in Class I shares for the fiscal year ended March 31, 2021, were as follows:

 

  Amounts in thousands  

  SHARES  

SOLD

  

PROCEEDS

FROM

SHARES SOLD

  

SHARES FROM

REINVESTED

DIVIDENDS

  

REINVESTMENTS

OF

DIVIDENDS

  

SHARES

REDEEMED

  

PAYMENTS

FOR SHARES

REDEEMED

  

NET

INCREASE

(DECREASE)

IN SHARES

  

NET

INCREASE

(DECREASE)

  IN NET ASSETS  

Global Sustainability Index*

       43,457 **     $ 689,550 **       420     $ 7,371       (18,437 )     $ (314,293 )       25,440     $ 382,628

Small Cap Core*

       9,228 ***       221,091 ***       362       10,391       (1,777 )       (46,125 )       7,813       185,357

U.S. Quality ESG****

       5       71       –       1       –       (1 )       5       71

 

  *

Commenced class operations on July 31, 2020.

  **

Amounts include shares of approximately 33,292,000 and proceeds of approximately $516,131,000 for the Global Sustainability Index Fund which were transferred due to the conversion of the Shares class to Class I. The transfer was completed on July 31, 2020.

***

Amounts include shares of approximately 8,230,000 and proceeds of approximately $193,126,000 for the Small Cap Core Fund which were transferred due to the conversion of the Shares class to Class I. The transfer was completed on July 31, 2020.

****

Commenced class operations on August 24, 2020.

9. INVESTMENTS IN AFFILIATES

Transactions in affiliated investments for the six months ended September 30, 2021, were as follows:

 

  Amounts in thousands

  except shares

        AFFILIATE  

  VALUE, BEGINNING  

OF PERIOD

   PURCHASES  

SALES

  PROCEEDS  

  

NET CHANGE

IN UNREALIZED

APPRECIATION

  (DEPRECIATION)  

  

NET

  REALIZED  

GAINS

(LOSSES)

  

DIVIDEND

INCOME

  

  VALUE, END  

OF PERIOD

  

  SHARES, END  

OF PERIOD

 

Active M Emerging Markets Equity

  

        

  

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     $  16,145           $ 119,771           $  117,474           $     –           $      –         $      –           $ 18,442         18,442,202    

 

Active M International Equity

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     18,115       91,102       97,041       –       –       3       12,176       12,176,181  

 

Emerging Markets Equity Index

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     38,931       176,670       170,007       –       –       6       45,594       45,594,313  

 

Global Real Estate Index

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     11,514       99,241       96,368       –       –       –       14,387       14,387,426  

 

Global Sustainability Index

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     12,721       109,908       95,145       –       –       –       27,484       27,484,078  
    Northern Trust Corp.     752       88       –       14       –       10       854       7,916  
    Total     $  13,473       $109,996       $    95,145       $   14       $      –       $    10       $ 28,338       27,491,994  
    FlexShares®                
    Credit-Scored                

Global Tactical Asset Allocation

     U.S. Corporate Bond Index Fund     $  17,404       $       217       $      7,268       $  (44 )      $  195       $  128       $ 10,504       194,992  
       

FlexShares®

Credit–Scored U.S. Long Corporate Bond Index Fund

     3,169       36       1,608       96       69       43       1,762       29,432  
 

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  241 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

NOTES TO THE FINANCIAL STATEMENTS     continued

 

  Amounts in thousands

  except shares

        AFFILIATE  

  VALUE, BEGINNING  

OF PERIOD

     PURCHASES    

SALES

  PROCEEDS  

  

NET CHANGE

  IN UNREALIZED  

APPRECIATION

(DEPRECIATION)

  

NET

  REALIZED  

GAINS

(LOSSES)

  

  DIVIDEND  

INCOME

  

  VALUE, END  

OF PERIOD

  

  SHARES, END  

OF PERIOD

    Flexshares® Developed Markets ex-U.S. Quality Low Volatility Index Fund     $    2,380           $       56           $      118           $     39           $     7         $     43           $    2,364         86,973    
    FlexShares® Disciplined Duration MBS Index Fund     5,398       48       1,149       (59 )      (24 )      57       4,214       179,297  
             FlexShares® Global Quality Real Estate Index Fund     2,540       51       439       225       1       25       2,378       36,008  
    FlexShares® High Yield Value-Scored Bond Index Fund     7,218       5,562       666       – *      25       229       12,139       243,557  
    FlexShares® International Quality Dividend Index Fund     6,007       165       64       (119 )      3       155       5,992       237,672  
    FlexShares® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund     11,932       81       397       267       39       178       11,922       166,091  
    FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund     8,452       322       1,385       (403 )      334       110       7,320       120,700  
    FlexShares® Morningstar Global Upstream Natural Resources Index Fund     4,604       2,979       –       (43 )      –       139       7,540       206,009  
   

FlexShares® Morningstar

U.S. Market Factor Tilt Index Fund

     14,898       164       849       665       219       87       15,097       89,440  
    FlexShares® Quality Dividend Index Fund     8,856       199       807       286       122       89       8,656       155,552  
    FlexShares® STOXX Global Broad Infrastructure Index Fund     4,826       61       2,603       (204 )      287       50       2,367       42,432  
   

FlexShares®

U.S. Quality Low Volatility Index Fund

     10,022       330       1,426       662       208       55       9,796       193,129  
   

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     779       22,972       23,159       –       –       – *      592       592,264  
    Total     $108,485       $ 33,243       $ 41,938       $1,368       $1,485       $1,388       $102,643       2,573,548  

 

Income Equity         

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     $       481       $ 11,393       $ 10,696       $       –       $       –       $      –       $    1,178       1,177,958  

 

International Equity

      

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     1,617       5,217       6,483       –       –       –       351       350,857  

 

    

 

 

 

EQUITY FUNDS    242 
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EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

  Amounts in thousands

  except shares

        AFFILIATE  

  VALUE, BEGINNING  

OF PERIOD

     PURCHASES    

SALES

  PROCEEDS  

  

NET CHANGE

  IN UNREALIZED  

APPRECIATION

(DEPRECIATION)

  

NET

  REALIZED  

GAINS

(LOSSES)

  

  DIVIDEND  

INCOME

  

  VALUE, END

OF PERIOD

  

    SHARES, END  

OF PERIOD

 

International Equity Index

  

        

  

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     $  16,333           $187,674           $183,979           $      –           $    –         $      3           $ 20,028         20,028,152    

 

Large Cap Core

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     1,148       13,845       13,308       –       –       –       1,685       1,685,223  

 

Large Cap Value

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     377       3,085       3,143       –       –       – *      319       319,414  

 

Mid Cap Index

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     22,904       129,230       124,238       –       –       4       27,896       27,895,503  

 

Multi-Manager Global Listed Infrastructure

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     42,041       296,710       311,085       –       –       –       26,666       26,666,006  

 

Multi-Manager Global Real Estate

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     3,903       35,042       29,918       –       –       1       9,027       9,026,585  

 

Northern Engage360TM

   

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     17,898       53,044       60,387       –       –       2       10,555       10,554,709  

 

Small Cap Core

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     16,121       24,408       20,850       –       –       2       19,679       19,679,030  

 

Small Cap Index

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     25,952       99,162       113,573       –       –       5       11,541       11,540,966  

 

Small Cap Value

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     52,523       262,500       273,041       –       –       7       41,982       41,981,717  

 

Stock Index

    

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     227,739       175,902       340,496       –       –       20       63,145       63,145,452  
    Northern Trust Corp.     7,127       26       98       183       5       95       7,243       67,175  
    Total     $234,866       $175,928       $340,594       $  183       $    5       $  115       $ 70,388       63,212,627  

 

U.S. Quality ESG

      

Northern Institutional Funds -

U.S. Government Portfolio (Shares)

     $       283       $  88,019       $  85,337       $      –       $    –       $      – *      $   2,965       2,965,368  

 

  *

Amount rounds to less than one thousand.

 

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  243 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

NOTES TO THE FINANCIAL STATEMENTS     continued

 

10. DERIVATIVE INSTRUMENTS

Information concerning the types of derivatives in which the Funds invest, the objectives for using them and their related risks can be found in Note 2.

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of September 30, 2021:

 

     ASSETS     LIABILITIES  
  Amounts in thousands    CONTRACT TYPE   

STATEMENTS OF

ASSETS LOCATION

    VALUE    

STATEMENTS OF

LIABILITIES LOCATION

    VALUE  

Active M Emerging Markets Equity

    Equity contracts    Net Assets - Net unrealized appreciation      $  –     Net Assets - Net unrealized depreciation    $ (168 )* 

Active M International Equity

    Equity contracts    Net Assets - Net unrealized appreciation      –     Net Assets - Net unrealized depreciation      (374 )* 

Emerging Markets Equity Index

    Equity contracts    Net Assets - Net unrealized appreciation      –     Net Assets - Net unrealized depreciation      (2,928 )* 
   Foreign exchange contracts    Unrealized appreciation on forward foreign currency exchange contracts      118     Unrealized depreciation on forward foreign currency exchange contracts      –  

Global Real Estate Index

    Equity contracts    Net Assets - Net unrealized appreciation      –     Net Assets - Net unrealized depreciation      (477 )* 
   Foreign exchange contracts    Unrealized appreciation on forward foreign currency exchange contracts      48     Unrealized depreciation on forward foreign currency exchange contracts      (12 ) 

Global Sustainability Index

    Equity contracts    Net Assets - Net unrealized appreciation      5 *    Net Assets - Net unrealized depreciation      (451 )* 
   Foreign exchange contracts    Unrealized appreciation on forward foreign currency exchange contracts      15     Unrealized depreciation on forward foreign currency exchange contracts      (64 ) 

Income Equity

    Equity contracts    Net Assets - Net unrealized appreciation      –     Net Assets - Net unrealized depreciation      (43 )* 
   Equity contracts         Outstanding options written, at value      (5 ) 

International Equity

    Equity contracts    Net Assets - Net unrealized appreciation      3 *    Net Assets - Net unrealized depreciation      (38 )* 

International Equity Index

    Equity contracts    Net Assets - Net unrealized appreciation      119 *    Net Assets - Net unrealized depreciation      (731 )* 
   Foreign exchange contracts    Unrealized appreciation on forward foreign currency exchange contracts      198     Unrealized depreciation on forward foreign currency exchange contracts      (586 ) 

Large Cap Core

    Equity contracts    Net Assets - Net unrealized appreciation      –     Net Assets - Net unrealized depreciation      (85 )* 

Large Cap Value

    Equity contracts    Net Assets - Net unrealized appreciation      –     Net Assets - Net unrealized depreciation      (17 )* 

Mid Cap Index

    Equity contracts    Net Assets–Net unrealized appreciation      –     Net Assets - Net unrealized depreciation      (694 )* 

Multi-Manager Global Listed Infrastructure

    Equity contracts    Net Assets - Net unrealized appreciation      –     Net Assets - Net unrealized depreciation      (462 )* 

Northern Engage360TM

    Equity contracts    Net Assets - Net unrealized appreciation      –     Net Assets - Net unrealized depreciation      (327 )* 
   Foreign exchange contracts    Unrealized appreciation on forward foreign currency exchange contracts      91     Unrealized depreciation on forward foreign currency exchange contracts      (91 ) 

Small Cap Core

    Equity contracts    Net Assets - Net unrealized appreciation      –     Net Assets - Net unrealized depreciation      (399 )* 

 

    

 

 

 

EQUITY FUNDS    244 
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EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

     ASSETS      LIABILITIES  
  Amounts in thousands    CONTRACT TYPE   

STATEMENTS OF

ASSETS LOCATION

    VALUE     

STATEMENTS OF

LIABILITIES LOCATION

      VALUE    

Small Cap Index

    Equity contracts    Net Assets - Net unrealized appreciation      $  –      Net Assets - Net unrealized depreciation      (285 )* 

Small Cap Value

    Equity contracts    Net Assets - Net unrealized appreciation      –      Net Assets - Net unrealized depreciation      (448 )* 

Stock Index

    Equity contracts    Net Assets - Net unrealized appreciation      –      Net Assets - Net unrealized depreciation      (3,269 )* 

U.S. Quality ESG

    Equity contracts    Net Assets - Net unrealized appreciation      –      Net Assets - Net unrealized depreciation      (89 )* 

 

  *

Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments’ footnotes. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

The Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements (“netting agreements”). Generally, netting agreements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. In the event of default where the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the defaulting party, realization of collateral by the Funds may be delayed or limited. In addition, the netting agreements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

As of September 30, 2021, gross amounts of assets and liabilities for forward foreign exchange contracts not offset in the Statements of Assets and Liabilities, related collateral and net amounts after taking into account netting agreements, by counterparty, are as follows:

 

            

GROSS AMOUNTS NOT OFFSET IN THE

STATEMENTS OF ASSETS AND LIABILITIES

  Amounts in thousands   COUNTERPARTY   

GROSS AMOUNTS OF ASSETS

PRESENTED IN STATEMENTS OF

ASSETS AND LIABILITIES

  

FINANCIAL

INSTRUMENTS

  

CASH

COLLATERAL

RECEIVED

   NET
  AMOUNT  

Emerging Markets Equity Index

   Citibank      $ 9     $ –     $ –     $ 9
  Goldman Sachs        69       –       (20 )       49
  Morgan Stanley        27       –       –       27
  Toronto-Dominion Bank        13       –       –       13
 

 

  
  Total      $ 118     $ –     $ (20 )     $ 98
 

 

  

Global Real Estate Index

   Citibank      $ 2     $ –     $ –     $ 2
  JPMorgan Chase        28       –       –       28
  Morgan Stanley        18       (5 )       –       13
 

 

  
  Total      $ 48     $ (5 )     $ –     $ 43
 

 

  

Global Sustainability Index

   BNP      $ 6     $ (5 )     $ –     $ 1
  BNY Mellon        2       –       –       2
  Citibank        – *       – *       –       –
  JPMorgan Chase        1       (1 )       –       –
  Morgan Stanley        6       (6 )       –       –
  UBS        – *       – *       –       –
 

 

  
  Total      $ 15     $ (12 )     $ –     $ 3
 

 

  

International Equity Index

   BNY Mellon      $ 69     $ (5 )     $ –     $ 64
  JPMorgan Chase        64       (64 )       –       –
  Morgan Stanley        57       (57 )       –       –
  Toronto-Dominion Bank        7       (7 )       –       –
 

 

 

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 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

NOTES TO THE FINANCIAL STATEMENTS     continued

 

             GROSS AMOUNTS NOT OFFSET IN THE
STATEMENTS OF ASSETS AND LIABILITIES
  Amounts in thousands   COUNTERPARTY    GROSS AMOUNTS OF ASSETS
PRESENTED IN STATEMENTS OF
ASSETS AND LIABILITIES		   FINANCIAL
INSTRUMENTS		   CASH
COLLATERAL
RECEIVED		    NET
        AMOUNT        
 

UBS

        $    1     $      –     $  –      $   1   
 

Total

        $198     $ (133 )     $ –      $ 65

Northern Engage360TM

  JPMorgan Chase        $  91     $   (91 )     $  –      $     –
             GROSS AMOUNTS NOT OFFSET IN THE
STATEMENTS OF ASSETS AND LIABILITIES
  Amounts in thousands   COUNTERPARTY    GROSS AMOUNTS OF LIABILITIES
PRESENTED IN STATEMENTS OF
ASSETS AND LIABILITIES		   FINANCIAL
INSTRUMENTS		   CASH
COLLATERAL
PLEDGED		   

NET

AMOUNT

Global Real Estate Index

   Morgan Stanley        $  (5 )     $      5     $ –      $   –
 

Toronto-Dominion Bank

        (7 )       –       –        (7 )
 

Total

        $(12 )     $      5     $ –      $  (7 )

Global Sustainability Index

   Bank of Montreal        $  (5 )     $      –     $ –      $  (5 )
  BNP        (5 )       5       –        –
  Citibank        (9 )       – *       –        (9 )
  JPMorgan Chase        (7 )       1       –        (6 )
  Morgan Stanley        (16 )       6       –        (10 )
  Toronto-Dominion Bank        (17 )       –       –        (17 )
 

UBS

        (5 )       – *       –        (5 )
 

Total

        $ (64 )     $      12     $ –      $ (52 )

International Equity Index

   BNP        $   (3 )     $       –     $ –      $   (3 )
  BNY Mellon        (5 )       5       –        –
  Citibank        (41 )       –       –        (41 )
  Goldman Sachs        (4 )       –       –        (4 )
  JPMorgan Chase        (284 )       64       –        (220 )
  Morgan Stanley        (98 )       57       –        (41 )
 

Toronto-Dominion Bank

        (151 )       7       –        (144 )
 

Total

        $(586 )     $  133     $ –      $ (453 )

Northern Engage360TM

  JPMorgan Chase        $  (91 )     $    91     $ –      $    –

 

  *

Amounts round to less than $1,000.    

The following tables set forth, by primary risk exposure, the Funds’ realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended September 30, 2021:

 

                      AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS                     
  Amounts in thousands    CONTRACT TYPE    STATEMENTS OF OPERATIONS LOCATION    VALUE  

Active M Emerging Markets Equity

    Equity contracts    Net realized gains (losses) on futures contracts      $ (364 ) 

Active M International Equity

    Equity contracts    Net realized gains (losses) on futures contracts      1,378  

Emerging Markets Equity Index

    Equity contracts    Net realized gains (losses) on futures contracts      (510 ) 
   Foreign exchange contracts    Net realized gains (losses) on forward foreign currency exchange contracts      (54 ) 

Global Real Estate Index

    Equity contracts    Net realized gains (losses) on futures contracts      975  
     Foreign exchange contracts    Net realized gains (losses) on forward foreign currency exchange contracts      (74 ) 

 

    

 

 

 

EQUITY FUNDS    246 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

                      AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS                     
    Amounts in thousands    CONTRACT TYPE    STATEMENTS OF OPERATIONS LOCATION    VALUE  

Global Sustainability Index

    Equity contracts    Net realized gains (losses) on futures contracts      $ 2,264  
   Foreign exchange contracts    Net realized gains (losses) on forward foreign currency exchange contracts      106  

Income Equity

    Equity contracts    Net realized gains (losses) on futures contracts      123  
   Equity contracts    Net realized gains (losses) on options written      173  

International Equity

    Equity contracts    Net realized gains (losses) on futures contracts      190  

International Equity Index

    Equity contracts    Net realized gains (losses) on futures contracts      5,330  
   Foreign exchange contracts    Net realized gains (losses) on forward foreign currency exchange contracts      (508 ) 

Large Cap Core

    Equity contracts    Net realized gains (losses) on futures contracts      216  

Large Cap Value

    Equity contracts    Net realized gains (losses) on futures contracts      75  

Mid Cap Index

    Equity contracts    Net realized gains (losses) on futures contracts      796  

Multi-Manager Global Listed Infrastructure

    Equity contracts    Net realized gains (losses) on futures contracts      1,331  

Northern Engage360TM

   Equity contracts    Net realized gains (losses) on futures contracts      1,034  
   Foreign exchange contracts    Net realized gains (losses) on forward foreign currency exchange contracts      134  

Small Cap Core

    Equity contracts    Net realized gains (losses) on futures contracts      (312 ) 

Small Cap Index

    Equity contracts    Net realized gains (losses) on futures contracts      (178 ) 

Small Cap Value

    Equity contracts    Net realized gains (losses) on futures contracts      2,847  

Stock Index

    Equity contracts    Net realized gains (losses) on futures contracts      30,221  

U.S. Quality ESG

    Equity contracts    Net realized gains (losses) on futures contracts      177  
         

            CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON             

DERIVATIVE CONTRACTS

        
    Amounts in thousands    CONTRACT TYPE    STATEMENTS OF OPERATIONS LOCATION    VALUE  

Active M Emerging Markets Equity

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts      $  (140 ) 

Active M International Equity

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts      (362 ) 

Emerging Markets Equity Index

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts      (2,279 ) 
   Foreign exchange contracts    Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts      168  

Global Real Estate Index

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts      (561 ) 
   Foreign exchange contracts    Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts      93  

Global Sustainability Index

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts      (734 ) 
   Foreign exchange contracts    Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts      (38 ) 

Income Equity

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts      (57 ) 
   Equity contracts    Net change in unrealized appreciation (depreciation) on options written      (14 ) 

International Equity

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts      (73 ) 

International Equity Index

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts      (1,428 ) 

 

 

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EQUITY FUNDS

 

  

    

NOTES TO THE FINANCIAL STATEMENTS     continued

 

         

            CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON             

DERIVATIVE CONTRACTS

      
  Amounts in thousands    CONTRACT TYPE    STATEMENTS OF OPERATIONS LOCATION    VALUE  
   Foreign exchange contracts    Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts    $ (32)

Large Cap Core

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts    (107)

Large Cap Value

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts    (26)

Mid Cap Index

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts    (668)

Multi-Manager Global Listed Infrastructure

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts    (540)

Northern Engage360TM

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts    (382)
   Foreign exchange contracts    Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts    (131)

Small Cap Core

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts    287

Small Cap Index

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts    675

Small Cap Value

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts    (1,872)

Stock Index

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts    (7,356)

U.S. Quality ESG

    Equity contracts    Net change in unrealized appreciation (depreciation) on futures contracts    (89)

Volume of derivative activity for the six months ended September 30, 2021*:

 

    

 

FOREIGN EXCHANGE
CONTRACTS

  

EQUITY

CONTRACTS

     

 

NUMBER

OF

TRADES

  

AVERAGE

NOTIONAL

AMOUNT**

  

NUMBER

OF

TRADES

  

AVERAGE

NOTIONAL

  AMOUNT**  

Active M Emerging Markets Equity

      –         $ –       40       $ 1,425      

Active M International Equity

      –       –       27       2,122  

Emerging Markets Equity Index

      39             296,188             47       3,949  

Global Real Estate Index

      67       7,945       137             1,033  

Global Sustainability Index

      108       7,064       306       372  

Income Equity

      –       –       57       415  

International Equity

      –       –       74       171  

International Equity Index

      137       36,163       188       1,286  

Large Cap Core

      –       –       20       472  

Large Cap Value

      –       –       17       292  

Mid Cap Index

      –       –       48       4,257  

Multi-Manager Global Listed Infrastructure

      –       –       75       2,187  

Northern Engage360TM

      163       2,828       41       542  

Small Cap Core

      –       –       35       1,473  

Small Cap Index

      –       –       61       2,754  

Stock Index

      –       –       20       23,418  

 

    

 

 

 

EQUITY FUNDS    248 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

 

FOREIGN EXCHANGE
CONTRACTS

  

EQUITY

CONTRACTS

     

 

NUMBER

OF

TRADES

  

AVERAGE

NOTIONAL

AMOUNT**

  

NUMBER

OF

TRADES

  

AVERAGE

NOTIONAL

AMOUNT**

U.S. Quality ESG

    –   $        –     24         $  1,060      

 

  *

Activity for the period is measured by number of trades during the period and average notional amount for foreign currency exchange and futures and written options equity contracts.

 

  **

Amounts in thousands.

11. INDEMNIFICATIONS AND WARRANTIES

In the ordinary course of their business, the Funds may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Funds. The maximum exposure to the Funds under these provisions is unknown, as this would involve future claims that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote.

12. LEGAL PROCEEDINGS

In 2007, the Large Cap Core, Large Cap Value and Stock Index Funds were shareholders of the Tribune Company (“Tribune”). In 2007, as a part of a leveraged buy-out transaction (the “LBO”), Tribune was converted from a public company to a privately-held company. Tribune later filed for bankruptcy in 2008. On December 7, 2010, Northern Funds was named as a defendant and a putative member of the proposed defendant class of former shareholders named in an adversary proceeding (the “Committee Action”) brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Committee”) in the U.S. Bankruptcy Court for the District of Delaware to avoid and recover the proceeds paid to the former shareholders in connection with the Tribune LBO as “actual” fraudulent transfers under Section 548 of the Bankruptcy Code. On June 2, 2011, a second suit was initiated by certain creditors of Tribune in the Delaware Superior Court with respect to claims related to the LBO (Niese et al. v. A.G. Edwards, Inc. et al.), in which Northern Funds was named as a defendant. On June 2, 2011, the indenture trustees, on behalf of certain noteholders of Tribune, filed a third suit and named Northern Funds as a defendant in the U.S. District Court for the Northern District of Illinois (Deutsche Bank Trust Co.et al. v. Ohlson Enterprises et al.) and a fourth suit named Northern Funds as a defendant in the U.S. District Court for the Southern District of New York (Deutsche Bank Trust Co. et al. v Sirius International Insurance Corp. et al.). The individual creditors’ actions sought to avoid and recover as constructive fraudulent transfers the same proceeds in connection with the Tribune LBO discussed above. Each of these cases, along with others brought by the indenture trustees and other individual creditors, was consolidated into a Multi-District Litigation proceeding in the Southern District of New York (the “District Court”). The Tribune bankruptcy plan was confirmed by the U.S

Bankruptcy Court on July 23, 2012, and became effective on December 31, 2012. The former shareholder defendants filed motions to dismiss the individual creditor actions, each of which was granted by the District Court on September 23, 2013. The District Court’s order dismissing the actions by the individual creditors was affirmed on appeal by the Second Circuit Court of Appeals on March 29, 2016 (the “Second Circuit Decision”). The Plaintiffs in the individual creditor actions filed a Petition for Writ of Certiorari requesting review of the Second Circuit Decision by the United States Supreme Court; however, the Supreme Court issued a statement on April 3, 2018, indicating a potential lack of a quorum and informing the parties that the Petition for Writ of Certiorari would be deferred to allow the Second Circuit time to consider whether to recall the mandate based on the Supreme Court decision in Merit Management Group, LP v. FTI Consulting, Inc. The Plaintiffs filed a motion with the Second Circuit to recall the mandate and vacate the Second Circuit decision, and the Second Circuit recalled the mandate on May 15, 2018. On December 19, 2019, the Second Circuit issued an amended decision that affirmed dismissal of the constructive fraudulent transfer claims brought by the individual creditors, holding that the safe harbor of Section 546(e) of the Bankruptcy Code applies. On February 6, 2020, the Second Circuit denied plaintiffs’ petition for a rehearing en banc. Plaintiffs filed a Petition for Writ of Certiorari with the United States Supreme Court on July 6, 2020 to seek review of the Second Circuit’s amended decision. On April 19, 2021, the Supreme Court denied the Plaintiffs’ Petition for a Writ of Certiorari.

On January 6, 2017, the District Court issued an opinion and order granting the motion to dismiss the actual fraudulent transfer claims in the Committee Action. The Plaintiff in the Committee Action later sought from the District Court leave to amend the complaint with an additional claim for constructive fraudulent transfer based upon the decision in Merit Management. The motion for leave to amend was denied by the District Court on April 23, 2019. On June 13, 2019, the District Court entered a final judgment in the Committee Action on the actual fraudulent transfer claims that were dismissed on January 6, 2017. On July 12, 2019, the Plaintifffiled a notice of appeal stating that it was appealing the final judgment and the April 23, 2019 decision and related orders to the Second Circuit Court of Appeals. On August 20, 2021, the Second Circuit issued a decision affirming the District Court’s (a) January 6, 2017 decision and order and

 

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  249 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

NOTES TO THE FINANCIAL STATEMENTS     continued

 

related final judgment dismissing the actual fraudulent transfer claims in the Committee Action and (b) April 23, 2019 decision and order denying the Plaintiff’s motion for leave to amend the complaint in the Committee Action to add constructive fraudulent transfer claims. On September 3, 2021, the Plaintiff filed a petition for rehearing seeking full Second Circuit review of the panel’s August 20, 2021 decision, The Second Circuit denied the petition for rehearing on October 7, 2021.

The value of the proceeds received by the Large Cap Core, Large Cap Value and Stock Index Funds in the LBO was approximately $308,000, $26,520,000 and $790,000, respectively. The value of the proceeds received by the Stock Index Fund includes proceeds of approximately $372,000 received by the Northern Institutional Funds Equity Index Portfolio, which was acquired by the Stock Index Fund in 2012. The Funds cannot predict the outcome of these proceedings, but an adverse decision could have a material impact on each Fund’s NAV. The Funds intend to vigorously defend these actions.

On or about February 14, 2020, Marc S. Kirschner, as Trustee for NWHI Litigation Trust (“Litigation Trustee”) and Wilmington Savings Fund Society, FSB, as indenture Trustee (“Indenture Trustee”) for several series of notes issued by Nine West Holdings, Inc. (“Nine West”), filed separate complaints (docket nos. 20-cv-01129 and 20-cv-01136, respectively ) in the United States District Court for the Northern District of Illinois against a group of defendants that includes three Northern Funds that had invested in The Jones Group Inc. (“Jones Group”) including the Small Cap Core Fund, Small Cap Index Fund and Small Cap Value Fund (together, the “Small Cap Funds”). The claim stems from a series of merger transactions (“Transactions”) entered into by Jones Group, Nine West and others in 2014 that allegedly rendered Jones Group insolvent. The matters in these proceedings were transferred from the United States District Court for the Northern District of Illinois to the United States District Court for the Southern District of New York to centralize the litigation, and were assigned to the Honorable Jed S. Rakoff for coordinated or consolidated pretrial proceedings. The Small Cap Funds allegedly received the following amounts as a result of the Transactions: Small Cap Core Fund ($134,265), Small Cap Index Fund ($683,610) and Small Cap Value Fund ($4,010,685). The Litigation Trustee and Indenture Trustee seek to clawback these proceeds for the benefit of the Trust and the noteholders, respectively, on the basis that they were fraudulent conveyances. On June 29, 2020, the former public shareholder defendants, including the Small Cap Funds, filed a motion to dismiss on the basis that the payments allegedly made to them in connection with the Transactions were shielded from the fraudulent conveyance claims under Section 546(e) of the Bankruptcy Code. On August 27, 2020, all fraudulent conveyance claims against the former public shareholder defendants were dismissed. Plaintiffs appealed from that decision and the actions are currently on

appeal before the U.S. Court of Appeals for the Second Circuit. The Small Cap Funds intend to continue to vigorously defend themselves against this action.

13. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The new guidance is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022, and the adoption of ASU 2020-04 is elective. Management does not believe this update has a material impact on the Funds’ financial statements and disclosures.

In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The effective date for compliance with Rule 2a-5 is September 8, 2022. Management is evaluating the impact of the adoption of Rule 2a-5 on the financial statements.

14. LIBOR TRANSITION

Certain of the Funds’ investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor compel banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. The FCA and ICE Benchmark Administrator have since announced that most LIBOR settings will no longer be published after December 31, 2021 and a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing the Secured Overnight Financing Rate ("SOFR") that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of

 

    

 

 

 

EQUITY FUNDS    250 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.

15. CORONAVIRUS (COVID-19) PANDEMIC

An outbreak of respiratory disease caused by a novel coronavirus was first detected in December 2019 and has spread internationally. The outbreak and efforts to contain its spread have resulted in closing borders and quarantines, restricting international and domestic travel, enhanced health screenings, cancelations, disrupted supply chains and customer activity, responses by businesses (including changes to operations and reducing staff), and have produced general concern and uncertainty. The impact of the coronavirus pandemic, and other epidemics and pandemics that may arise in the future could adversely affect national and global economies, individual companies and the market in general in a manner and for a period of time that cannot be foreseen at the present time and may adversely affect the value, volatility and liquidity of dividend and interest paying securities. In the event of a pandemic or an outbreak, there can be no assurance that the Funds and their service providers will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons, and could otherwise disrupt the ability of the Funds’ service providers to perform essential services. Certain economic and market conditions arising out of a pandemic or outbreak could result in a Fund’s inability to achieve its investment objectives, cause the postponement of reconstitution or rebalance dates for benchmark indices, adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, negatively impact a Fund’s performance, and cause losses on your investment in a Fund. Management is monitoring the development of the pandemic, which was ongoing as of the date of the financial statements, and is evaluating its impact on the financial position and operating results of the Funds.

16. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.

                        

 

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  251 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

FUND EXPENSES

 

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, if any, including redemption fees on certain exchanges and redemptions; and (2) ongoing costs, including management fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, April 1, 2021 through September 30, 2021.

ACTUAL EXPENSES

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled Expenses Paid 4/1/2021 - 9/30/2021 to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the tables below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5 percent per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5 percent hypothetical example with the 5 percent hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees or other costs such as advisory fees related to affiliated money market fund investments, but shareholders of other funds may incur such costs. For example, the information does not reflect redemption fees (See page 231), if any, in the Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, Global Sustainability Index, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate and Northern Engage360 TM Funds. If these fees were included, your costs would have been higher. The information also does not reflect reimbursements of advisory fees incurred in connection with the investment of uninvested cash in affiliated money market funds (See page 237),

which may result in different expense ratios in the Financial Highlights. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 

ACTIVE M EMERGING MARKETS EQUITY

 

   
  SHARES    EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		   

EXPENSES 

PAID* 

4/1/2021- 

9/30/2021 

Actual

        1.10 %       $1,000.00        $ 963.00    $5.41

Hypothetical (5% return before expenses)

        1.10 %       $1,000.00        $1,019.55    $5.57
ACTIVE M INTERNATIONAL EQUITY

 

   
  SHARES    EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		   

EXPENSES 

PAID* 

4/1/2021- 

9/30/2021 

Actual

        0.85 %       $1,000.00        $1,059.30    $4.39

Hypothetical (5% return before expenses)

        0.85 %       $1,000.00        $1,020.81    $4.31
EMERGING MARKETS EQUITY INDEX

 

   
  SHARES    EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		   

EXPENSES 

PAID* 

4/1/2021- 

9/30/2021 

Actual

        0.30 %       $1,000.00        $ 953.20    $1.47

Hypothetical (5% return before expenses)

        0.30 %       $1,000.00        $1,023.56    $1.52
GLOBAL REAL ESTATE INDEX

 

        
  SHARES    EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		   

EXPENSES 

PAID* 

4/1/2021- 

9/30/2021 

Actual

        0.48 %       $1,000.00        $1,067.10    $2.49

Hypothetical (5% return before expenses)

        0.48 %       $1,000.00        $1,022.66    $2.43

 

  *

Expenses are calculated using the Funds’ annualized expense ratios, which represent ongoing expenses as a percentage of net assets for the six months ended September 30, 2021. Expenses are equal to the Funds’ annualized expense ratio for the period April 1, 2021 through September 30, 2021, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 

    

 

 

 

EQUITY FUNDS    252 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

GLOBAL SUSTAINABILITY INDEX

 

 

     

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

   

ENDING

ACCOUNT

VALUE

9/30/2021

     

   EXPENSES   

PAID*

4/1/2021-

9/30/2021

 

  Class K

 

                         

Actual

      0.25 %      $1,000.00        $1,080.90        $1.30      

Hypothetical (5% return before expenses)

      0.25 %      $1,000.00        $1,023.82        $1.27  

 

  Class I

 

                         

Actual

      0.30 %      $1,000.00        $1,080.90        $1.56  

Hypothetical (5% return before expenses)

      0.30 %      $1,000.00        $1,023.56        $1.52  

GLOBAL TACTICAL ASSET ALLOCATION

 

 

  SHARES   

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

   

ENDING

ACCOUNT

VALUE

9/30/2021

     

EXPENSES

PAID*

4/1/2021-

9/30/2021

Actual

      0.26 %      $1,000.00        $1,036.40        $1.33  

Hypothetical (5% return before expenses)

      0.26 %      $1,000.00        $1,023.76        $1.32  

INCOME EQUITY

 

 

  SHARES   

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

   

ENDING

ACCOUNT

VALUE

9/30/2021

     

EXPENSES

PAID*

4/1/2021-

9/30/2021

Actual

      1.01 %      $1,000.00        $1,074.60      $5.25  

Hypothetical (5% return before expenses)

      1.01 %      $1,000.00        $1,020.00        $5.11  

INTERNATIONAL EQUITY

 

 

  SHARES   

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

   

ENDING

ACCOUNT

VALUE

9/30/2021

     

EXPENSES

PAID*

4/1/2021-

9/30/2021

Actual

      0.53 %      $1,000.00        $1,037.20        $2.71  

Hypothetical (5% return before expenses)

      0.53 %      $1,000.00        $1,022.41        $2.69  

INTERNATIONAL EQUITY INDEX

 

 

  SHARES   

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

   

ENDING

ACCOUNT

VALUE

9/30/2021

     

  EXPENSES  

PAID*

4/1/2021-

9/30/2021

Actual

      0.24 %      $1,000.00        $1,042.40        $1.23  

Hypothetical (5% return before expenses)

      0.24 %      $1,000.00        $1,023.87        $1.22  
LARGE CAP CORE

 

  SHARES    EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		         EXPENSES   
PAID*
4/1/2021-
9/30/2021

Actual

      0.45 %      $1,000.00        $1,092.80        $2.36      

Hypothetical (5% return before expenses)

      0.45 %      $1,000.00        $1,022.81        $2.28  

LARGE CAP VALUE

 

 

  SHARES    EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		      EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

      0.57 %      $1,000.00        $1,052.50        $2.93  

Hypothetical (5% return before expenses)

      0.57 %      $1,000.00        $1,022.21        $2.89  

MID CAP INDEX

 

 

  SHARES    EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		      EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

      0.15 %      $1,000.00        $1,017.30        $0.76  

Hypothetical (5% return before expenses)

      0.15 %      $1,000.00        $1,024.32        $0.76  

MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE

 

 

  SHARES    EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		      EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

      0.96 %      $1,000.00        $1,029.40        $4.88  

Hypothetical (5% return before expenses)

      0.96 %      $1,000.00        $1,020.26        $4.86  

MULTI-MANAGER GLOBAL REAL ESTATE

 

 

  SHARES    EXPENSE
RATIO		   BEGINNING
ACCOUNT
VALUE
4/1/2021		    ENDING
ACCOUNT
VALUE
9/30/2021		      EXPENSES
PAID*
4/1/2021-
9/30/2021

Actual

      0.92 %      $1,000.00        $1,110.30        $4.87  

Hypothetical (5% return before expenses)

      0.92 %      $1,000.00        $1,020.46        $4.66  

 

  *

Expenses are calculated using the Funds’ annualized expense ratios, which represent ongoing expenses as a percentage of net assets for the six months ended September 30, 2021. Expenses are equal to the Funds’ annualized expense ratio for the period April 1, 2021 through September 30, 2021, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  253 
  
 		   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

  

FUND EXPENSES    (continued)

  

SEPTEMBER 30, 2021 (UNAUDITED)

 

NORTHERN ENGAGE360TM

 

 

  SHARES   

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

     

ENDING

ACCOUNT

VALUE

9/30/2021

     

   EXPENSES   

PAID*

4/1/2021-

9/30/2021

Actual

      0.70 %      $1,000.00        $1,039.60        $3.58      

Hypothetical (5% return before expenses)

      0.70 %      $1,000.00        $1,021.56        $3.55  

SMALL CAP CORE

 

 

     

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

     

ENDING

ACCOUNT

VALUE

9/30/2021

     

EXPENSES

PAID

4/1/2021-

9/30/2021

  Class K                           

Actual

      0.49 %      $1,000.00        $1,014.40        $2.47  

Hypothetical (5% return before expenses)

      0.49 %      $1,000.00        $1,022.61        $2.48  
  Class I                           

Actual

      0.59 %      $1,000.00        $1,013.80        $2.98  

Hypothetical (5% return before expenses)

      0.59 %      $1,000.00        $1,022.11        $2.99  

 

SMALL CAP INDEX

 

 

  SHARES   

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

     

ENDING

ACCOUNT

VALUE

9/30/2021

     

EXPENSES

PAID*

4/1/2021-

9/30/2021

Actual

      0.15 %      $1,000.00        $ 996.50        $0.75  

Hypothetical (5% return before expenses)

      0.15 %      $1,000.00        $1,024.32        $0.76  

 

SMALL CAP VALUE

 

 

  SHARES   

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

     

ENDING

ACCOUNT

VALUE

9/30/2021

     

EXPENSES

PAID*

4/1/2021-

9/30/2021

Actual

      1.00 %      $1,000.00        $ 991.50        $4.99  

Hypothetical (5% return before expenses)

      1.00 %      $1,000.00        $1,020.05        $5.06  

 

STOCK INDEX

 

 

  SHARES   

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

     

ENDING

ACCOUNT

VALUE

9/30/2021

     

EXPENSES

PAID*

4/1/2021-

9/30/2021

Actual

      0.10 %      $1,000.00        $ 1,091.10        $0.52  

Hypothetical (5% return before expenses)

      0.10 %      $1,000.00        $1,024.57        $0.51  

U.S. QUALITY ESG

 

 

     

EXPENSE

RATIO

  

BEGINNING

ACCOUNT

VALUE

4/1/2021

     

ENDING

ACCOUNT

VALUE

9/30/2021

     

   EXPENSES   
PAID

4/1/2021-

9/30/2021

  Class K                           

Actual

      0.39 %      $1,000.00        $ 1,094.40        $ 2.05      

Hypothetical (5% return before expenses)

      0.39 %      $1,000.00        $ 1,023.11        $ 1.98  
  Class I                           

Actual

      0.49 %      $1,000.00        $ 1,094.30        $ 2.57  

Hypothetical (5% return before expenses)

      0.49 %      $1,000.00        $ 1,022.61        $ 2.48  

 

  *

Expenses are calculated using the Funds’ annualized expense ratios, which represent ongoing expenses as a percentage of net assets for the six months ended September 30, 2021. Expenses are equal to the Funds’ annualized expense ratio for the period April 1, 2021 through September 30, 2021, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 

 

 

EQUITY FUNDS    254 
   NORTHERN FUNDS SEMIANNUAL REPORT

 

 

EQUITY FUNDS     

 

  APPROVAL OF MANAGEMENT AGREEMENT AND

  SUB-ADVISORY AGREEMENTS

  

SEPTEMBER 30, 2021 (UNAUDITED)    

 

 

All Funds except Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate, and Northern Engage360TM Funds

The Board of Trustees (the “Board” or the “Trustees”) of Northern Funds (the “Trust”) oversees the management of the Trust, including review of the investment performance and expenses of the Emerging Markets Equity Index, Global Real Estate Index, Global Sustainability Index, Global Tactical Asset Allocation, Income Equity, International Equity, International Equity Index, Large Cap Core, Large Cap Value, Mid Cap Index, Small Cap Core, Small Cap Index, Small Cap Value, Stock Index and U.S. Quality ESG Funds (each a “Fund” and collectively, the “Funds”) at regularly scheduled meetings held during the Funds’ fiscal year. In addition, the Trustees determine annually whether to approve and continue the management agreement (the “Management Agreement”) between the Trust, on behalf of the Funds, and Northern Trust Investments, Inc. (“Northern”).

The Management Agreement was re-approved with respect to the Funds by the Board, including all of the Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of any party thereto (the “Independent Trustees”) voting separately, at the annual contract renewal meeting held on May 19-20, 2021 (the “Annual Contract Meeting”).

In advance of, and at, the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Management Agreement and Northern and its affiliates. This information included written materials and verbal presentations at a Board meeting held on February 10-11, 2021 and a Board meeting held on April 8, 2021 (the “February and April Board Meetings”). At the Annual Contract Meeting, the Trustees considered these reports and presentations and discussed the information that had been provided. Throughout the process, the Trustees also asked questions of and requested additional information from management. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law. They also met in executive sessions at the Annual Contract Meeting, and each of the other Board meetings, with their independent legal counsel without employees of Northern present.

In evaluating the Management Agreement, the Trustees reviewed the Funds’ Management Agreement. They discussed with counsel Northern’s reports, presentations and other information that had been provided to them at the February and April Board meetings and at this meeting, as well as their interactions with Northern throughout the year and in past years at various meetings. The Trustees noted that the evaluation process with respect to Northern and the Management Agreement was an on-going one throughout the year.

The materials reviewed by the Trustees included, without limitation: (i) information on the investment performance of the Funds in comparison to other mutual funds and performance benchmarks; (ii) compliance reports; (iii) information about Northern’s and its affiliates’ risk management processes, stress testing, credit research, business continuity and cyber-security programs; (iv) fees charged to and expenses borne by the Funds; (v) Northern’s profitability and costs and compensation paid to affiliates of Northern; (vi) the qualifications of Northern and its affiliates to provide services to the Funds; (vii) information regarding purchases and redemptions of the Funds’ shares; (viii) policies adopted by Northern regarding brokerage, including soft dollars, trade allocations and other matters; and (ix) the nature of the Funds’ shareholders. The Trustees also considered the nature, quality and extent of non-advisory services provided to the Funds by Northern and its affiliates.

More specifically, the Trustees reviewed, among other things, information relating to: (i) the terms of the Management Agreement; (ii) the Funds’ investment performance over different time periods in comparison to the investment performance of mutual fund peer groups and categories selected by Broadridge, an independent third-party provider of mutual fund data; (iii) the contractual and actual management fees and total expenses (after expense reimbursements and fee waivers) of the Funds in comparison to those borne by mutual fund peer expense groups and categories selected by Broadridge; (iv) the management fees charged to the Funds compared to the management fees charged by Northern to its other comparable institutional accounts; (v) Northern’s staffing for the Funds and the experience of the portfolio managers, credit research and other personnel; (vi) Northern’s financial resources and its ability to attract and retain portfolio management talent; (vii) Northern’s investments in technology to benefit the Funds; (viii) the fees paid by the Funds to Northern and its affiliates for services, and the expenses incurred by them in connection with the provision of those services; and (ix) the benefits received by Northern and its affiliates from their service relationships with the Funds. The Trustees were provided with a description of the methodology Broadridge used to determine the similarity of the Funds with the funds included in their respective peer expense groups and peer expense and performance universes. The Trustees also considered the Funds’ relationships to other mutual funds and exchange-traded funds advised and offered by Northern and other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry). In evaluating the Management Agreement for each of the Funds, the Trustees gave weight to various factors including those discussed below, but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors.

 

 

 

 

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   EQUITY FUNDS

 

EQUITY FUNDS

 

  

    

APPROVAL OF MANAGEMENT AGREEMENT AND
SUB-ADVISORY AGREEMENTS     (continued)

 

Nature, Extent and Quality of Services

The Trustees considered, as part of their review, the nature, extent and quality of the services provided by Northern. In this regard, they considered both the investment advisory services, and separately the administrative and other non-advisory services that are provided to the Funds by Northern and its affiliates. These services include acting as the Funds’ administrator and sub-administrator, custodian and transfer agent and providing other services necessary for the operation of the Funds and the Trust. The Trustees understood that the Management Agreement encompassed both the advisory and administrative functions being rendered by Northern and its affiliates. They considered the quality of Northern’s communications with and services to shareholders, as well as the expenditures made by Northern and its affiliates to improve the quality and scope of their services to the Funds. The Trustees considered the strength of Northern’s and its affiliates’ risk management processes. The Trustees also reviewed the compliance and administrative services provided to the Funds by Northern and its affiliates, including its oversight of the Funds’ day-to-day operations and fund accounting. The Trustees also noted that on a regular basis they received and reviewed information from the Chief Compliance Officer (“CCO”) regarding the Funds’ compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act. They also considered the quality of Northern’s compliance oversight program with respect to all of the Funds’ service providers and the continued involvement of Northern’s internal audit group in reviewing operations that support the Funds, as well as Northern’s responses to any compliance or operational issue raised during the year. The Trustees also took into account that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, including maintaining and monitoring its own and the Funds’ compliance programs, had expanded over time as a result of regulatory, market and other developments. In this regard, the Trustees also noted Northern’s initiatives undertaken in the past few years with respect to the Funds’ and their shareholders, including to address additional regulatory and reporting requirements. The Trustees took into account that each of the U.S. Government Money Market and U.S. Government Select Money Market Funds had maintained a stable net asset value.

The Trustees also considered the qualifications, background and responsibilities of Northern’s senior management and investment personnel. They also noted Northern’s recruitment and retention plans for attracting high quality investment professionals, as well as its portfolio management compensation structure and the consistency of investment approach with respect to the Funds. The Trustees also considered Northern’s and its affiliates’ strong financial position and stability. The Trustees concluded that Northern was able to commit, and had committed, substantial financial and other resources to the operations of the Funds and was able to continue to provide quality services to the Funds.

Performance

The Trustees considered the investment performance of each of the Funds, including whether it had operated within its respective investment objectives, as well as its compliance with its investment restrictions. For Funds that had been in existence for the applicable periods, the Trustees received information on the Funds’ investment performance for one, two, three, four, five and ten years, as well as performance for the most recent quarter and year-to-date. They compared the investment performance of the Funds to the performance of other registered funds and to rankings issued by Broadridge for certain time periods. The Funds were ranked by Broadridge in quintiles, ranging from first to fifth, where first is the most desirable quintile position and fifth is the least desirable. The Trustees also reviewed the Funds’ investment performance relative to their respective performance benchmarks.

The Trustees noted that the performance of each of the Funds was in the first, second or third quintiles relative to its respective Broadridge peer performance universe for the one-, three- and five- year periods ended January 31, 2021, with the exception of:

• the Global Real Estate Index Fund, which was in the fourth quintile for the one- and three-year periods;

• the Large Cap Core Fund, which was in the fourth quintile for the one-, three- and five-year periods;

• the Small Cap Value Fund, which was in the fifth quintile for the one-year period and the fourth quintile for the three- and five-year periods;

• the Global Sustainability Index Fund, which was in the fourth quintile for the one-year period; and

• the International Equity Fund, which was in the fifth quintile for the one-, three- and five-year periods.

They also considered that all of the non-index Funds underperformed against their respective benchmarks for those time periods, except the U.S. Quality ESG Fund and Large Cap Value Fund, which outperformed their benchmarks for the one-year period.

The Trustees took into account the portfolio managers’ discussions for the reasons for tracking differences of the index Funds and considered that each of them was appropriately tracking its respective index.

They also considered that none of the Funds, except for the Small Cap Value Fund, were in the least desirable less return, more expenses portion of the Broadridge three-year performance and expenses comparison, due to underperformance relative to its peer expense group for the three-year period.

 

 

 

EQUITY FUNDS    256 
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EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

The Trustees took into account senior management’s and portfolio managers’ discussion of the Funds’ performance and explanations for differences in investment parameters of certain Funds and their peers. They also considered the Funds’ investment performance relative to the investor base that the Funds are intended to serve. The Trustees noted the potential impact on performance of the relative risk parameters of the different Funds. Specifically, they took into consideration that Northern’s more risk averse investment strategies may cause certain fixed income Funds to underperform against their peers during certain market environments. In addition, the Trustees reviewed the consistency of Northern’s investment approach for the Funds and processes to address performance issues, if any. The Trustees expected and believed also that Northern was appropriately monitoring underperforming Funds. They noted the quarterly in-depth performance reviews had assisted them in that regard.

The Trustees concluded, based on the information received, that Northern was devoting appropriate resources to improving the Funds’ performance and monitoring any underperformance.

Fee Rates, Costs of Services and Profitability

The Trustees also evaluated the Funds’ contractual management fee rates and net (after expense reimbursements) management fee rates; the Funds’ total operating expense ratios; Northern’s contractual commitments to continue expense reimbursements for at least one year with respect to the Funds; and whether a consistent methodology was in place for determining the fees and expenses of the Funds. In addition, the Trustees considered actions taken by Northern in past years to reduce Fund expenses, such as other voluntary expense reimbursements, service provider and management fee reductions and reductions in the contractual expense limitations with respect to certain Funds. The Trustees also considered that, for those Funds that were sweeping uninvested cash into a Northern-affiliated money market Portfolio, Northern was in each case rebating back to the investing Fund all of the advisory fees received by Northern, if any, of the applicable money market Portfolio.

The Trustees reviewed information on the fee rates paid by the Funds under the Management Agreement and the Funds’ total operating expense ratios compared to similar information for mutual funds advised by unaffiliated investment management firms, as prepared by Broadridge. The Broadridge report compared the expenses of each Fund against its respective Broadridge peer expense group and expense universe. In comparing the Funds’ contractual and actual management fees to those of comparable funds, the Trustees noted that the Funds’ management fees include both advisory and administrative costs. Among other data, the Trustees noted that contractual management fees were equal to or lower than the Funds’ respective peer expense group median contractual management fees and actual management fees were equal to or lower than the Funds’ respective peer expense group and peer expense universe median actual management fees, respectively, except the Income

Equity Fund, whose contractual management fee was higher than its peer expense group median and actual management fee was higher than its peer expense universe median; the International Equity Index Fund, whose actual management fee was higher than its peer expense universe median; and the Small Cap Value Fund, whose contractual management fee was higher than its peer expense group median. All of the equity Funds’ actual expenses, after reimbursement and fee waivers, were in the first quintile of their respective peer expense group and expense universe, except the International Equity Index Fund, which was in the second quintile of its peer expense group and expense universe, and the Income Equity Fund, which was in the third quintile of its peer group and fourth quintile of its peer universe.

With respect to Global Tactical Asset Allocation Fund, contractual management fee was higher than its peer expense group median contractual management fee, and the actual management fee was higher than its peer expense group and peer expense universe median actual management fees, respectively. The Fund’s actual expenses, after reimbursement and fee waivers, were in the first quintile of its peer expense group and expense universe.

The Trustees took into account Northern’s discussion of the Funds’ expenses, and that Northern had reimbursed expenses and/or waived fees for most of the Funds. They also reviewed information comparing the Funds’ fee rates to the fee rates charged by Northern to similarly managed, private institutional accounts, if any. They noted that there were not applicable comparisons for every Fund. For Funds where there were applicable comparisons, the Trustees considered the difference in, and level of complexity of, services provided by Northern with regard to the private institutional accounts, as well as regulatory, operational and compliance differences, board and committee support provided by Northern to the Funds and other differences. The Trustees considered the fee comparisons in light of the differences in management of these different kinds of accounts. These comparisons assisted the Trustees in evaluating the reasonableness of the management fees paid by the Funds.

In addition, the Trustees considered the amount of assets in the Funds; the information provided by Northern relating to the costs of the services provided by it and its affiliates; and the profits realized by them through their relationship on a Fund-by-Fund basis and on an overall Trust basis and both before and after distribution and certain non-distribution costs. The Trustees considered Northern’s assumptions and methodology for allocating costs to each Fund, recognizing that cost allocation methodologies are inherently subjective and not audited.

The Trustees also determined that the management fees charged under the Management Agreement were based on services provided that were in addition to, rather than duplicative of, services provided under the management agreement of any affiliated funds in which the Funds invested in the prior year.

 

 

 

NORTHERN FUNDS SEMIANNUAL REPORT    
  257 
  
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EQUITY FUNDS

 

  

    

APPROVAL OF MANAGEMENT AGREEMENT AND
SUB-ADVISORY AGREEMENTS     (continued)

 

The Trustees also discussed information provided by Broadridge with respect to Northern’s profitability compared to other publicly traded advisers. They considered that comparisons of advisory agreement profitability across fund families are difficult because of numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees also considered Northern’s expense reimbursements during the year. They also took into account the nature of the Funds and the high quality of the services provided by Northern. The Trustees understood that Northern should be entitled to earn a reasonable level of profit in exchange for the level of services it provides to the Funds. The Trustees concluded that Northern’s profitability was not unreasonable based on the services and benefits provided and the costs assumed by Northern and its affiliates. They also noted that Northern appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Funds.

Economies of Scale

The Trustees considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflected these economies of scale for the benefit of shareholders. They took into account management’s discussion of the Funds’ management fee structure and considered Northern’s view that the Funds were sharing in economies of scale through the level at which the Funds’ management fees are set and through Northern’s contractual expense reimbursements that limit the expenses for the Funds to specific levels. The Trustees considered that the Income Equity Fund had breakpoints, thus ensuring that as this Fund grew, shareholders would receive reduced fee rates. The Trustees also noted that all of the non-index Funds had a quantitative active strategy. They agreed that breakpoints were not necessary with respect to the Funds (other than the Income Equity Fund) at this time based on the level of management fees and contractual expense reimbursements. The Trustees determined, on the basis of the foregoing, that the Funds’ current management fee structures were reasonable.

Other Benefits to Northern

The Trustees also reviewed other benefits accruing to Northern and its affiliates as a result of their relationship with the Funds. Those benefits included fees received by the affiliates for transfer agency, custodial and sub-administrative functions. The Trustees also considered that many of the Funds’ shareholders had other client relationships with Northern’s affiliates. In addition, the Trustees considered that the scale of the Funds provided opportunities to Northern to obtain securities trading advantages for its other advisory clients and that Northern and its affiliates benefit from their ability to leverage resources over a larger asset base. The Trustees also took into account the extent to which Northern benefited from receipt of research products and services generated by the Funds.

After deliberation, the Trustees concluded with respect to each of the Funds that the management fee paid by each of the Funds was reasonable in light of the services provided by Northern, its costs, the Funds’ asset levels and other factors including those discussed above and that renewal of the Management Agreement should be approved.

Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate, and Northern Engage360 TM Funds

The Board of the Trust oversees the management of the Trust, including review of the investment performance and expenses of the Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate, and Northern Engage360TM Funds (each a “Multi-Manager Fund” and collectively, the Multi-Manager Funds”) at regularly scheduled meetings held during the Multi-Manager Funds’ fiscal year. In addition, the Trustees determine annually whether to approve and continue (i) the management agreement (the “Multi-Manager Management Agreement”) between the Trust, on behalf of the Multi-Manager Funds, and Northern; and (ii) the sub-advisory agreements (“Sub-Advisory Agreements”) between Northern and each sub-adviser to the Multi-Manager Funds.

The Management and Sub-Advisory Agreements were re-approved with respect to the Multi-Manager Funds by the Board, including all of the Independent Trustees voting separately, at the Annual Contract Meeting.

In advance of, and at, the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Multi-Manager Management Agreement and Northern and its affiliates, and information relating to the Sub-Advisory Agreements each Sub-Advisor and their affiliates. This information included written materials and verbal presentations at the February and April Board Meetings. At the Annual Contract Meeting, the Trustees considered these reports and presentations and discussed the information that had been provided. Throughout the process, the Trustees also asked questions of and requested additional information from management. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law. They also met in executive sessions at the Annual Contract Meeting, and each of the other Board meetings, with their independent legal counsel without employees of Northern present.

 

 

 

EQUITY FUNDS    258 
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EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

Management Agreement

In evaluating the Multi-Manager Management Agreement, the Trustees discussed with counsel Northern’s reports, presentations and other information that had been provided to them at the February and April Board meetings and at this meeting, as well as their interactions with Northern throughout the year and in past years at various meetings. The Trustees noted that their evaluation process with respect to Northern and the Multi-Manager Management Agreement was on-going throughout the year.

The materials reviewed by the Trustees included, without limitation: (i) information on the investment performance of the Multi-Manager Funds in comparison to other mutual funds and performance benchmarks; (ii) compliance reports; (iii) information about Northern’s and its affiliates’ risk management processes and credit research, stress testing, business continuity and cyber-security programs; (iv) fees charged to and expenses borne by the Multi-Manager Funds; (v) Northern’s profitability and costs and compensation paid to affiliates of Northern; (vi) the qualifications of Northern and its affiliates to provide services to the Multi-Manager Funds; (vii) information regarding purchases and redemptions of the Multi-Manager Funds’ shares; (viii) policies adopted by Northern regarding brokerage, including soft dollars, trade allocations and other matters; and (ix) the nature of the shareholders in the Multi-Manager Funds. The Trustees also considered the nature, quality and extent of non-advisory services provided to the Multi-Manager Funds by Northern and its affiliates.

More specifically, the Trustees reviewed, among other things, information relating to: (i) the terms of the Multi-Manager Management Agreement and the multi-manager exemptive order; (ii) the Multi-Manager Funds’ investment performance over different time periods in comparison to the investment performance of mutual fund peer groups and categories selected by Broadridge, an independent third-party provider of mutual fund data; (iii) the contractual and actual management fees and total expenses (after expense reimbursements and fee waivers) of the Multi-Manager Funds in comparison to those borne by mutual fund peer expense groups and categories selected by Broadridge; (iv) the management fees charged to the Multi-Manager Funds compared to the management fees charged by Northern to its other comparable institutional accounts; (v) Northern’s staffing for the Multi-Manager Funds and the experience of the portfolio managers and other personnel; (vi) Northern’s financial resources and its ability to attract and retain portfolio management talent; (vii) Northern’s investments in technology to benefit the Multi-Manager Funds; (viii) the fees paid by the Multi-Manager Funds to Northern and its affiliates for services, and the expenses incurred by them in connection with the provision of those services; and (ix) the benefits received by Northern and its affiliates from their service relationships with the Multi-Manager Funds. The Trustees were provided with a description of the methodology Broadridge used to determine the similarity of the Multi-Manager Funds with the funds included in

their respective peer expense groups and peer expense and performance universes. The Trustees also took into account factors such as conditions and trends prevailing generally in the economy, the securities markets, and the industry. In evaluating the Multi-Manager Management Agreement for each of the Multi-Manager Funds, the Trustees gave weight to various factors including those discussed below, but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors.

Nature, Extent and Quality of Services

The Trustees considered, as part of their review, the nature, extent and quality of the services provided by Northern to the Multi-Manager Funds. In this regard, they considered both the investment advisory services, and separately the administrative and other non-advisory services that are provided to the Multi-Manager Funds by Northern and its affiliates. These services include acting as the Multi-Manager Funds’ administrator and sub-administrator, custodian and transfer agent and providing other services necessary for the operation of the Multi-Manager Funds and the Trust. The Trustees understood that the Multi-Manager Management Agreement encompassed both the advisory and administrative functions being rendered by Northern and its affiliates.

The Trustees considered, in evaluating whether to approve the Multi-Manager Management Agreement, that Northern engaged sub-advisers, subject to the Trustees’ approval, to manage the assets of the Multi-Manager Funds. They considered that Northern provided overall general investment management services to the Multi-Manager Funds, including managing the day-to-day operations of the Multi-Manager Funds, and also had the ultimate responsibility to oversee the sub-advisers, and to recommend their hiring, termination and replacement, subject to the Trustees’ approval. The Trustees discussed that Northern was also responsible for, among other things: (i) selecting each Multi-Manager Fund’s investment strategies; (ii) allocating and reallocating assets among the sub-advisers consistent with each Multi-Manager Fund’s investment objective and strategies; (iii) monitoring and evaluating each sub-adviser’s performance; (iv) compensating the sub-advisers; and (v) overseeing the sub-advisers’ compliance programs and compliance with the applicable Multi-Manager Fund’s investment objectives, policies and restrictions. The Trustees noted that Northern also managed the cash portion of each Multi-Manager Fund, in addition to providing the foregoing services.

In addition, the Trustees considered that Northern selects the sub-advisers to manage the Multi-Manager Funds on the basis of both qualitative and quantitative analyses that assess a number of factors. They noted that Northern allocates a portion of the assets of each Multi-Manager Fund to a sub-adviser selected through this process on the basis of a particular strategy assigned to it. Therefore, the Trustees considered that the sub-advisers are chosen not only based on their performance but for their

 

 

 

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  259 
  
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EQUITY FUNDS

 

  

    

APPROVAL OF MANAGEMENT AGREEMENT AND
SUB-ADVISORY AGREEMENTS     (continued)

 

anticipated investment synergy with the other sub-advisers managing assets of the same Multi-Manager Fund. The Trustees also considered that the prospectuses for the Multi-Manager Funds disclose Northern’s role in selecting the sub-advisers and that shareholders may consider this factor in determining whether to invest in a Multi-Manager Fund. The Trustees also considered that at the time of the meeting, Northern supervised a significant number of sub-advisers. The Trustees also took into account Northern’s expertise in managing multi-manager strategies and its investments in the multi-manager business.

The Trustees considered the quality of Northern’s communications with and services to shareholders, as well as the expenditures made by Northern and its affiliates to improve the quality and scope of their services to the Multi-Manager Funds. The Trustees believed that Northern had made significant commitments to address regulatory compliance requirements applicable to the Multi-Manager Funds. In this regard, they noted that Northern’s staff conducted thorough operational and compliance due diligence on prospective and existing sub-advisers and monitored the sub-advisers on a continuing basis throughout the year. They also took into account information regarding the effectiveness and resources of the compliance and due diligence teams.

The Trustees considered the strength of Northern’s and its affiliates’ risk management processes. The Trustees also reviewed the compliance and administrative services provided to the Multi-Manager Funds by Northern and its affiliates, including its oversight of the Multi-Manager Funds’ day-to-day operations and fund accounting. The Trustees also noted that on a regular basis they received and reviewed information from the CCO regarding the Multi-Manager Funds’ compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act. They also considered the quality of Northern’s compliance oversight program with respect to all of the Multi-Manager Funds’ service providers and the continued involvement of Northern’s internal audit group in reviewing operations that support the Multi-Manager Funds, as well as Northern’s responses to any compliance or operational issue raised during the year. The Trustees also took into account that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, including maintaining and monitoring its own and the Multi-Manager Funds’ compliance programs, had expanded over time as a result of regulatory, market and other developments. In this regard, the Trustees also noted Northern’s initiatives undertaken in the past few years with respect to the Multi-Manager Funds and their shareholders, including to address additional regulatory and reporting requirements.

The Trustees also considered the qualifications, background and responsibilities of Northern’s senior management and investment personnel. They also noted Northern’s recruitment and retention plans for attracting high quality investment professionals, as well as its portfolio management compensation structure and the consistency of investment approach with respect to the Multi-Manager Funds. The Trustees also considered Northern’s

and its affiliates’ strong financial position and stability. The Trustees concluded that Northern was able to commit, and had committed, substantial financial and other resources to the operations of the Multi-Manager Funds and was able to continue to provide quality services to the Multi-Manager Funds.

Performance

The Trustees considered the investment performance of each of the Multi-Manager Funds, including whether it had operated within its respective investment objectives, as well as its compliance with its investment restrictions. For Multi-Manager Funds that had been in existence for the applicable periods, the Trustees received information on the Multi-Manager Funds’ investment performance for one, two, three, four, five and ten years, as well as performance for the most recent quarter and year-to-date. The Trustees compared the investment performance of the Multi-Manager Funds to the performance of other registered funds and to rankings issued by Broadridge. The Multi-Manager Funds were ranked by Broadridge in quintiles, ranging from first to fifth, where first is the most desirable quintile position and fifth is the least desirable. The Trustees also reviewed the Multi-Manager Funds’ investment performance relative to their performance benchmarks.

The Trustees noted that the performance of each of the Active M Emerging Markets Equity Fund, Active M International Equity Fund, Multi-Manager Global Real Estate Fund and Northern Engage360TM Fund was in the first, second or third quintiles relative to its respective Broadridge peer performance universe for the one-, three- and five- year periods ended January 31, 2021, as applicable, while the Multi-Manager Global Listed Infrastructure Fund had performance in the fifth quintile for the three-year period.

They also considered the performance of the Multi-Manager Funds against their respective benchmarks for the one-, three- and five-year periods ended January 31, 2021, including that:

• the Northern Engage360TM Fund outperformed its respective benchmarks for the one-year period and underperformed its respective benchmarks for the three- and five-year periods, as applicable;

• the Active M Emerging Markets Equity Fund underperformed its benchmarks for the one-, three- and five-year periods; and

• the Active M International Equity Fund, Multi-Manager Global Listed Infrastructure Fund, and Multi-Manager Global Real Estate Fund outperformed their respective benchmarks for the one-, three- and five-year periods.

They took into account that the Multi-Manager Global Listed Infrastructure Fund appeared in the least desirable less return, more expenses portion of the Broadridge three-year performance and expense comparison, due to underperformance relative to its peer expense group for the three-year period.

 

 

 

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EQUITY FUNDS

 

    

SEPTEMBER 30, 2021 (UNAUDITED)

 

    

The Trustees also took into account senior management’s and the portfolio managers’ discussion of the Multi-Manager Funds’ performance and explanations for differences in investment parameters of certain Multi-Manager Funds and their peers. They also considered Northern’s continual monitoring of sub-advisers and their performance during the year, which included due diligence meetings. The Trustees expected and believed also that Northern was appropriately monitoring underperforming sub-advisers and Multi-Manager Funds. They noted the in-depth performance reviews had assisted them in evaluating performance issues with respect to any Multi-Manager Funds that were underperforming.

The Trustees concluded, based on the information received, that Northern was devoting appropriate resources to improving the Multi-Manager Funds’ performance and monitoring any underperformance.

Fee Rates, Costs of Services and Profitability

The Trustees also evaluated: the Multi-Manager Funds’ contractual and actual management (after expense reimbursements) fee rates; the Multi-Manager Funds’ total operating expense ratios; Northern’s contractual commitments to continue expense reimbursements for at least one year with respect to the Multi-Manager Funds; and whether a consistent methodology was in place for determining the fees and expenses of the Multi-Manager Funds. The Trustees also considered actions taken by Northern to reduce Fund expenses, such as service provider and management fee reductions on several of the Multi-Manager Funds over recent years. The Trustees also considered that, for those Multi-Manager Funds that were sweeping uninvested cash into an Northern-affiliated money market Portfolio, Northern was in each case rebating back to the investing Multi-Manager Fund all of the advisory fees that were received by Northern from the applicable money market Portfolio.

The Trustees reviewed information on the fee rates paid by the Multi-Manager Funds under the Multi-Manager Management Agreement and the Multi-Manager Funds’ total operating expense ratios compared to similar information for mutual funds advised by unaffiliated investment management firms, as prepared by Broadridge. The Broadridge report compared the expenses of each Multi-Manager Funds against its respective Broadridge peer expense group and expense universe. In comparing the Multi-Manager Funds’ contractual and actual management fees to those of comparable funds, the Trustees noted that the Multi-Manager Funds’ management fees include both advisory and administrative costs.

Among other data, the Trustees noted that for all of the Multi-Manager Funds the contractual management fees were higher than their respective Broadridge peer expense group median contractual management fees, and actual management fees were higher than their respective Broadridge peer expense group and expense universe median actual management fees,

respectively, with the exception of the Active M Emerging Markets Equity Fund and Northern Engage360TM Fund, whose actual management fees were lower than both their respective peer expense group median and expense universe median, and the Multi-Manager Global Real Estate Fund, whose actual management fees were equal to its peer expense universe median. They also noted that the actual expenses after reimbursement of the Multi-Manager Funds were in the first or second quintiles of their respective peer expense group and expense universe.

The Trustees received information describing the Multi-Manager Funds’ advisory fee structure and the amount retained by Northern after payment of the sub-advisory fees and the services provided by Northern under the Multi-Manager Management Agreement and in overseeing the sub-advisers. The Trustees also took into account that each of the Multi-Manager Funds utilized multiple sub-advisers.

They also reviewed information comparing the Multi-Manager Funds’ fee rates to the fee rates charged by Northern to other similarly managed, private institutional accounts, if any. They noted that there were not applicable comparisons for every Multi-Manager Fund. For Multi-Manager Funds with applicable comparisons, the Trustees considered the difference in, and level of complexity of, services provided by Northern with regard to the private institutional accounts, as well as regulatory, operational and compliance differences, board and committee support provided by Northern to the Multi-Manager Funds and other differences. The Trustees considered the fee comparisons in light of the differences in management of these different kinds of accounts. These comparisons assisted the Trustees in evaluating the reasonableness of the management fees paid by the Multi-Manager Funds.

In addition, the Trustees considered the amount of assets in each Multi-Manager Fund; the information provided by Northern relating to the costs of the services provided by it and its affiliates; and the profits realized by them through their relationship on a Fund-by-Fund basis and on an overall basis and both before and after distribution and certain non-distribution costs. It was noted that Northern had presented profitability information to the Trustees quarterly on a Fund-by-Fund basis as well as reports showing the expected impact on profitability by the addition of proposed sub-advisers, as required by the Multi-Manager Funds’ exemptive order. The Trustees considered Northern’s assumptions and methodology for allocating costs to each Multi-Manager Fund, recognizing that cost allocation methodologies are inherently subjective and not audited.

The Trustees also discussed information provided by Broadridge with respect to Northern’s profitability compared to other publicly traded advisers. They considered that comparisons of advisory agreement profitability across fund families are difficult because of numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees also considered Northern’s expense reimbursements

 

 

 

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APPROVAL OF MANAGEMENT AGREEMENT AND
SUB-ADVISORY AGREEMENTS     (continued)

 

during the year. They also took into account the nature of the Multi-Manager Funds and the high quality of the services provided by Northern. The Trustees understood that Northern should be entitled to earn a reasonable level of profit in exchange for the level of services it provides to the Multi-Manager Funds. The Trustees concluded that Northern’s profitability was not unreasonable based on the services and benefits provided and the costs assumed by Northern and its affiliates. They also noted that Northern appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Multi-Manager Funds.

Economies of Scale

The Trustees considered the extent to which economies of scale would be realized as the Multi-Manager Funds grow and whether fee levels reflected these economies of scale for the benefit of shareholders. The Trustees noted that the management fee for all of the Multi-Manager Funds have breakpoints, thus ensuring that as a Multi-Manager Fund’s assets grew, its shareholders would receive reduced fee rates. Materials provided to the Trustees indicated that one of the Multi-Manager Funds had the specified asset levels as of January 31, 2021 at which one or more breakpoints on its management fees were triggered. They took into account management’s discussion of the Multi-Manager Funds’ fee structure and considered Northern’s view that the Multi-Manager Funds were sharing in economies of scale through the level at which the Funds’ management fees are set and through Northern’s contractual expense reimbursements that limit the expenses for the Funds to specific levels.

The Trustees determined, on the basis of the foregoing, that the Multi-Manager Funds current management fee structures were reasonable.

Other Benefits to Northern

The Trustees also reviewed other benefits accruing to Northern and its affiliates as a result of their relationship with the Funds. Those benefits included fees received by the affiliates for transfer agency, custodial and sub-administrative functions. The Trustees also considered that many of the Multi-Manager Funds’ shareholders had other client relationships with Northern’s affiliates. In addition, the Trustees considered that the scale of some of the Funds provided opportunities to Northern to obtain securities trading advantages for its other advisory clients and that Northern and its affiliates benefit from their ability to leverage resources over a larger asset base. The Trustees also took into account the benefits from many of the sub-advisory fee structures where the fee is based on all assets managed by the sub-adviser for the Funds and Northern’s other clients.

After deliberation, the Trustees concluded with respect to each of the Multi-Manager Funds that the management fee paid by each of the Funds was reasonable in light of the services provided by

Northern, its costs and the Multi-Manager Funds’ asset levels, and other factors including those discussed above and that renewal of the Multi-Manager Management Agreement should be approved.

Sub-Advisory Agreements

The Trustees next considered the Sub-Advisory Agreements for the Multi-Manager Funds. The Trustees reviewed and discussed information and written materials from Northern and the sub-advisers regarding: (i) the nature and quality of the investment advisory services to be provided by the sub-advisers, including the experience and qualifications of the personnel providing such services; (ii) each sub-adviser’s financial condition, history of operations and ownership structure; (iii) the sub-advisers’ brokerage and soft dollar practices; (iv) the sub-advisers’ investment strategies and styles of investing; (v) the performance history of the sub-advisers with respect to the applicable Multi-Manager Fund; (vi) information with respect to each sub-adviser’s risk management and cybersecurity programs and each sub-adviser’s compliance policies and procedures (including their codes of ethics) and the CCO’s evaluations of such policies and procedures, as well as the sub-adviser’s regulatory history; (vii) the sub-advisers’ conflicts of interest in managing the Multi-Manager Funds, including each sub-adviser’s other financial or business relationships with Northern or its affiliates; and (viii) the terms of the existing sub-advisory agreements. The Trustees also reviewed and discussed Northern’s strategy for allocating assets among the various sub-advisers, as well as the current allocations of assets among the various sub-advisers.

In evaluating the sub-advisory agreements, the Trustees gave weight to various factors but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors. However, the Trustees relied upon the recommendations and performance evaluations of Northern with respect to each of the sub-advisers.

Nature, Extent and Quality of Services

The Trustees considered the information and evaluations provided by Northern with respect to each sub-adviser’s operations, qualifications and experience in managing the type of strategies for which the sub-adviser was engaged in connection with a Multi-Manager Fund. The Trustees also placed emphasis on the CCO’s compliance program and the compliance monitoring schedule for each sub-adviser. The Trustees concluded that each sub-adviser had provided, and/or was able to provide, quality services to the Multi-Manager Funds.

Fees, Expenses and Performance

With respect to the sub-advisory fees, the Trustees considered that the sub-advisers were each paid by Northern out of its advisory fees and not by the Multi-Manager Funds. The Trustees also believed, based on Northern’s representations, that each

 

 

 

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SEPTEMBER 30, 2021 (UNAUDITED)

 

    

sub-advisory agreement had been negotiated at arm’s-length among Northern and each sub-adviser and considered the reductions in certain of the sub-advisory fees in the past few years. In addition, the Trustees reviewed and compared each sub-adviser’s fees paid by Northern out of its advisory fees and fees paid to the sub-adviser by its other institutional accounts with similar strategies, if any. Finally, the Trustees also considered Northern’s representations that the fees to be paid to the sub-advisers were reasonable in light of the existing and anticipated quality of the services to be performed by them.

While the Trustees considered Northern’s profitability with respect to each Multi-Manager Fund, they did not consider the sub-advisers’ projected profitability as they did not consider it to be particularly relevant because Northern paid the sub-advisers out of its advisory fees. The Trustees considered that Northern had an incentive to negotiate the lowest possible sub-advisory fees.

The Trustees considered and evaluated the performance information presented with respect to each sub-adviser and Northern’s evaluation of each sub-adviser’s performance. This information was compared to performance information with respect to each Fund’s applicable performance benchmark. It was noted that each sub-adviser had a different style, and that these styles would underperform in various markets. The Trustees concluded, based upon the information provided, that most of the sub-advisers’ performance records were generally satisfactory and where there had been sub-adviser underperformance in the past, Northern had acted quickly to make changes to improve Fund performance, including by replacing sub-advisers.

Economies of Scale

The Trustees considered information prepared by Northern that showed that the levels of aggregate sub-advisory fee rates generally decreased as the Multi-Manager Funds’ assets increased, as most of the sub-advisers had breakpoints incorporated into their sub-advisory fee structures. However, the Trustees generally considered economies of scale with respect to the Multi-Manager Funds primarily at the management fee level given that Northern pays the sub-advisers out of its own management fees.

Other Benefits

The Trustees considered other benefits derived or to be derived by certain of the sub-advisers as a result of their relationship with the Multi-Manager Funds. These benefits included, in certain cases, research and other benefits in connection with brokerage commissions paid by the Multi-Manager Funds. The Trustees noted that they had received regular reports from the Trust’s CCO with respect to the quality of each sub-adviser’s trade execution on behalf of the Funds and soft dollar usage. The Trustees also considered the other relationships that certain of the sub-advisers had with Northern, including sub-advisory and/ or custodial relationships.

Based on the Trustees’ deliberations and the recommendations by Northern, the Trustees concluded that the fees paid to the sub-advisers on a Fund-by-Fund basis were reasonable in light of the services provided by each of them and that the sub-advisory agreements with respect to the Multi-Manager Funds should be reapproved for an additional one-year period.

 

 

 

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FOR MORE INFORMATION

 

PORTFOLIO HOLDINGS

Northern Funds files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s web site at sec.gov.

PROXY VOTING

Northern Funds’ Proxy Voting Policies and Procedures and each Fund’s portfolio securities voting record for the 12-month period ended June 30 are available upon request and without charge by visiting Northern Funds’ web site at northerntrust.com/funds or the SEC’s web site at sec.gov or by calling the Northern Funds Center at 800-595-9111.

    

 

 

 

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(b)

Copy of notice transmitted to stockholders in reliance on Rule 30e-3 under the 1940 Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not applicable.

Item 2. Code of Ethics.

Not applicable for this reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

 

(a)

The registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the report to shareholders filed under Item 1 of this report on Form N-CSR.

 

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

 

(a)(1)

Not applicable for this reporting period.

 

(a)(2)

Exhibit 99.CERT: Certifications pursuant to Section  302 of the Sarbanes-Oxley Act of 2002.

 

(a)(3)

Not Applicable.

 

(a)(4)

There has been no change to the registrant’s independent public accountant during the reporting period.

 

(b)

Exhibit 99.906 CERT: Certifications pursuant to Section  906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Northern Funds
By  

/s/ Peter K. Ewing

  Peter K. Ewing, President
  (Principal Executive Officer)

Date: December 1, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By  

/s/ Peter K. Ewing

  Peter K. Ewing, President
  (Principal Executive Officer)

Date: December 1, 2021

 

By  

/s/ Randal E. Rein

  Randal E. Rein, Treasurer
  (Principal Financial and Accounting Officer)

Date: December 1, 2021

Certifications

EX-99.CERT

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, Peter K. Ewing, certify that:

 

1.

I have reviewed this report on Form N-CSR of Northern Funds;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: December 1, 2021      

/s/ Peter K. Ewing

      Peter K. Ewing, President
      (Principal Executive Officer)

            EX-99.CERT

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

I, Randal E. Rein, certify that:

 

1.

I have reviewed this report on Form N-CSR of Northern Funds;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: December 1, 2021      

/s/ Randal E. Rein

      Randal E. Rein, Treasurer
      (Principal Financial and Accounting Officer)

 

Certifications Pursuant to Section 906

                EX- 99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

I, Peter K. Ewing, President/Chief Executive Officer of Northern Funds (the “Registrant”), certify that:

 

  1.

The Registrant’s periodic report on Form N-CSR for the period ended September 30, 2021 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date: December 1, 2021      

/s/ Peter K. Ewing

      Peter K. Ewing, President
      (Chief Executive Officer)

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

 

EX- 99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

I, Randal E. Rein, Treasurer/Chief Financial and Accounting Officer of Northern Funds (the “Registrant”), certify that:

 

  1.

The Registrant’s periodic report on Form N-CSR for the period ended September 30, 2021 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date: December 1, 2021      

/s/ Randal E. Rein

      Randal E. Rein, Treasurer
      (Chief Financial and Accounting Officer)

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.