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        <name>SANTANDER BANK AUT 4.806%</name>
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        <name>HSBC HLDGS. PLC F2F</name>
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        <name>INTERNATIONAL BUSIN 4.65%</name>
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        <name>SALESFORCE INC 4.65%</name>
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        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>COOPERATIEVE RABOBA 3.75%</name>
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        <name>FANNIE MAE POOL 3.00%</name>
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        <name>GENERAL DYNAMICS CO 3.75%</name>
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        <name>ELECTRICITE DE FRAN 4.50%</name>
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        <name>ONEMAIN FIN. CORP 5.375%</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC 3.0%</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE 4.0%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI CAP. AMERI 5.275%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MARATHON PETROLEUM 5.15%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOVERNMENT NATL. MT 5.00%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CIPHER COMPUTE LLC 7.125%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LYB INTL. FIN. III 5.125%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SANTANDER COMMER. 5.3078%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FORD MOTOR CREDIT C 4.97%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TORONTO-DOMINION B 3.913%</name>
        <lei>PT3QB789TSUIDF371261</lei>
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        <cusip>89115KAK6</cusip>
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          <ticker value="TD"/>
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        <fairValLevel>2</fairValLevel>
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        <name>HONDA AUTO RECEIVAB 5.21%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AON NORTH AMERICA I 5.15%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SYNCHRONY CARD FNDG 5.04%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO &amp; CO F2F</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PENNYMAC FINL. SER 7.125%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BLOCK INC 5.625%</name>
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        <name>FREDDIE MAC GOLD PO 2.50%</name>
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        <name>OBX 2024-NQM16 TRUS 5.53%</name>
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        <name>ZIMMER BIOMET HLDGS 4.70%</name>
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        <name>SANTANDER BANK AUT 5.151%</name>
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        <name>FANNIE MAE 3.0%</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DRIVE AUTO RECEIVAB 4.52%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SOCIETE GENERALE SA F2V</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BARCLAYS PLC F2F</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BANCO SANTANDER SA F2V</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TASEKO MINES LTD 8.25%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PATRICK INDS. INC 6.375%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ABBVIE INC 4.65%</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ORACLE CORP 4.45%</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>JOHN DEERE OWNER TS 4.96%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WORLD OMNI AUTO REC 5.27%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WASTE MGT. INC 4.50%</name>
        <lei>549300YX8JIID70NFS41</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ARTHUR J GALLAGHER 4.60%</name>
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        <name>HCA INC 5.00%</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <name>HUNTINGTON NATL. BANK F2F</name>
        <lei>2WHM8VNJH63UN14OL754</lei>
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        <name>INSTALLED BLDG. PR 5.625%</name>
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        <name>CITIZENS BANK NA/PROV F2F</name>
        <lei>DRMSV1Q0EKMEXLAU1P80</lei>
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          <ticker value="CFG"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP F2F</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS PLC F2F</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC HLDGS. PLC F2F</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ZEBRA TECHS. CORP 6.50%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HUNTINGTON INGALLS 5.353%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WEX INC 6.50%</name>
        <lei>T9M5IGROL1TL1G5OV478</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE 3.0%</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>NATWEST GRP. PLC F2V</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NATWEST GRP. PLC F2V</title>
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          <ticker value="NWG"/>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN EXPRESS CO F2F</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AMERICAN EXPRESS CO F2F</title>
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          <ticker value="AXP"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CREDIT AGRICOLE SA F2F</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
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          <ticker value="ACAFP"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CARDINAL HEALTH INC 4.70%</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
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          <ticker value="CAH"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CENCORA INC 4.625%</name>
        <lei>AI8GXW8LG5WK7E9UD086</lei>
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        <cusip>03073EAV7</cusip>
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          <ticker value="COR"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CARGILL INC 4.625%</name>
        <lei>QXZYQNMR4JZ5RIRN4T31</lei>
        <title>CARGILL INC 4.625%</title>
        <cusip>141781CE2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>DTE ENERGY CO 5.20%</name>
        <lei>549300IX8SD6XXD71I78</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CITIGROUP INC F2F</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC F2F</title>
        <cusip>17327CAW3</cusip>
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          <ticker value="C"/>
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        <curCd>USD</curCd>
        <valUSD>370888.95</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>NUTRIEN LTD 5.25%</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>NUTRIEN LTD 5.25%</title>
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          <ticker value="NTRCN"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-12</maturityDt>
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        <name>GOLDMAN SACHS GRP. IN F2F</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GOLDMAN SACHS GRP. IN F2F</title>
        <cusip>38141GD27</cusip>
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          <ticker value="GS"/>
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        <curCd>USD</curCd>
        <valUSD>364783.02</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.153000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CUMMINS INC 4.25%</name>
        <lei>ZUNI8PYC725B6H8JU438</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SANTANDER MTGE. AS 5.852%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BERRY GBL. INC 1.65%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MANUFACTURERS &amp; TRA 4.70%</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PHILIP MORRIS INTL 4.125%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DOMINION ENERGY INC 4.60%</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ALLY FINL. INC F2F</name>
        <lei>549300JBN1OSM8YNAI90</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>WESTLAKE AUTOMOBILE 4.86%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DELTA AIR LINES INC 4.95%</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CONSTELLATION ENERG 3.90%</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>HCA INC 4.125%</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GRAPHIC PACKAGING I 4.75%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED AIRLINES IN 4.625%</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>UNITED AIRLINES IN 4.625%</title>
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          <ticker value="UAL"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP F2F</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ASTRAZENECA FIN. L 4.875%</name>
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        <cusip>04636NAF0</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>WESTLAKE AUTOMOBILE 5.15%</name>
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        <cusip>96043LAF7</cusip>
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          <ticker value="WLAKE"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ECOLAB INC 4.30%</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>ECOLAB INC 4.30%</title>
        <cusip>278865BQ2</cusip>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>MONDELEZ INTL. INC 4.125%</name>
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        <name>FANNIE MAE 3.0%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FANNIE MAE 2.5%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC REMICS 3.50%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AIR CANADA 3.875%</name>
        <lei>4B4HI3CGXMBDC0G6BM51</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANK 2021-BNK37 VAR</name>
        <lei>N/A</lei>
        <title>BANK 2021-BNK37 VAR</title>
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          <isin value="US06540LBF31"/>
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        <fairValLevel>2</fairValLevel>
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        <name>AERCAP IRELAND CAP 4.125%</name>
        <lei>N/A</lei>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TYCO ELECTNCS. GRP. 4.50%</name>
        <lei>C33G1C5SYE2YM95EE712</lei>
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          <ticker value="TEL"/>
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        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>FREDDIE MAC 3.0%</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC 3.0%</title>
        <cusip>3131XDCF0</cusip>
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          <ticker value="FHLMC"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FS COMMER. MTGE. TST. VAR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EXETER AUTOMOBILE R 5.89%</name>
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          <ticker value="EART"/>
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        <fairValLevel>2</fairValLevel>
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        <name>DELL INTL. LLC / EM 4.75%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK LIFE GBL. 4.40%</name>
        <lei>635400DPNHEAUHB7ZI15</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CARVANA AUTO RECEIV 5.48%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NOVELIS CORP 3.875%</name>
        <lei>549300G5F3W3B52WYL23</lei>
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          <ticker value="HNDLIN"/>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMORGAN CHASE &amp; CO F2F</name>
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        <curCd>USD</curCd>
        <valUSD>993345.74</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.470000000000</annualizedRt>
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        <name>LLOYDS BANKING GRP. P F2V</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FS COMMER. MTGE. TST. VAR</name>
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          <ticker value="FS"/>
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        <valUSD>804969.76</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>PROVIDENT FNDG. MTGE. VAR</name>
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          <ticker value="PFMT"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chicago Board of Trade</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chicago Board of Trade</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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          <isin value="N/A"/>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Northern Institutional Liquid Asset Portfolio</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Institutional Liquid Asset Portfolio</title>
        <cusip>665279105</cusip>
        <identifiers>
          <isin value="US6652791053"/>
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        <units>NS</units>
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        <issuerCat>RF</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="8640.000000000000" isCashCollateral="Y"/>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Funds</ncom:nameOfApplicant>
      <ncom:signature>Randal E. Rein </ncom:signature>
      <ncom:signerName>Randal E. Rein </ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
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  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
